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News Breaks
January 9, 2014
10:01 EDTACLS, DHT, NAT, MS, SCHW, TWTR, REXX, ADES, WU, ETFC, JPM, WWD, SRC, CYT, C, RJF, GS, XOMA, HAYN, CVS, BACOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: ADA-ES (ADES) initiated with a Buy at Brean Capital... CVS Caremark (CVS) initiated with an Outperform at Leerink... Cytec Industries (CYT) initiated with a Hold at Stifel... Haynes (HAYN) initiated with a Neutral at Credit Suisse... Rex Energy (REXX) initiated with an Outperform at Northland Securities... Spirit Realty (SRC) initiated with a Buy at Deutsche Bank... Twitter (TWTR) initiated with an Underperform at Cowen... Woodward (WWD) initiated with a Buy at Stifel... XOMA (XOMA) initiated with a Buy at Jefferies... Charles Schwab (SCHW) initiated with a Neutral at Nomura... Goldman Sachs (GS) initiated with a Neutral at Nomura... JPMorgan (JPM) initiated with a Neutral at Nomura... Morgan Stanley (MS) initiated with a Neutral at Nomura... Raymond James (RJF) initiated with a Buy at Nomura... E-Trade (ETFC) initiated with a Buy at Nomura... Bank of America (BAC) initiated with a Buy at Nomura... Citigroup (C) initiated with a Buy at Nomura... Western Union (WU) initiated with a Buy at BTIG... Nordic American Tanker (NAT) initiated with a Sell at Maxim... DHT Holdings (DHT) initiated with a Buy at Maxim... Axcelis (ACLS) initiated with a Buy at Needham.
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November 17, 2015
07:48 EDTMS, JPMBofa/Merrill to hold a conference
Banking & Financial Services Conference 2015 is being held in New York on November 17-18.
November 16, 2015
16:00 EDTTWTR, BACOptions Update; November 16, 2015
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14:06 EDTCCiti reports October credit loss 2.27% vs. 2.29% last month
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12:58 EDTTWTRStocks with call strike movement; VXX TWTR
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11:31 EDTGSBlackstone to sell GCA Services Group to Thomas H. Lee Partners and Goldman Sach
Blackstone (BX) announced that private equity funds it manages have agreed to sell GCA Services Group to a consortium of the Merchant Banking Division of Goldman Sachs (GS) and Thomas H. Lee Partners. The transaction is subject to customary closing conditions and is expected to close in the first quarter of 2016.
11:24 EDTBAC, JPM, CClearing House to hold a conference
Clearing House Annual Conference is being held in New York on November 16-18.
10:12 EDTBACBank of America reports October default rate 2.57% vs. 2.44% last month
Reports October delinquency rate 1.68% vs. 1.65% last month.
09:59 EDTCOmega bought Valeant in Q3, sold some SuneEdison
Leon Cooperman's Omega Advisors gave a quarterly update on its stakes in a filing this morning, disclosing its positions as of September 30. NEW STAKES: Pfizer (PFE), Valeant (VRX) Walgreens Boots Alliance (WBA), TerraForm Global (GLBL), Cigna (CI). INCREASED STAKES: Google Class A (GOOGL), Facebook (FB), Delta Air Lines (DAL). DECREASED STAKES: SunEdison (SUNE), Shire (SHPG), Citi (C), KAR Auction (KAR), LyondellBasell (LYB). LIQUIDATED STAKES: McKesson (MCK), 21st Century Fox (FOXA), General Motors (GM), QEP Resources (QEP), eBay (EBAY).
09:42 EDTJPMJPMorgan reports October net credit losses 2.22% vs. 2.21% last month
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09:07 EDTCCiti completes OneMain sale
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09:06 EDTCVSDiplomat seen as compelling amid specialty pharmacy fallout
Shares of specialty pharmacy operator Diplomat Pharmacy (DPLO) and pharmacy benefit manager Express Scripts (ESRX) have each been knocked down by the negative news surrounding the sector amid the troubles faced by Valeant (VRX) and others, but an analyst at Leerink contends in a note to investors that the pullbacks in both stocks provide buying opportunities. BACKGROUND: Drugmaker Valeant and its prior specialty pharmacy partner, Philidor Rx Services, have been at the center of the firestorm engulfing the sector. Following claims that Philidor urged its employees to modify prescriptions to ensure more orders of Valeant-branded drugs rather than generics, as well as other allegations of wrongdoing, Express Scripts (ESRX) and peer CVS Health (CVS) terminated Philidor from their networks. The day after those termination announcements, Valeant said that it was severing all ties with Philidor and that the pharmacy planned to shut down operations as soon as possible, consistent with applicable laws. Valeant has subsequently said that Philidor has committed to cease operations by January 30, 2016, at the latest. More recently, Express Scripts, the nation's largest pharmacy benefit manager, announced that it stopped doing business with Linden Care, accusing it of being a "captive" pharmacy that dispenses mostly products made by Horizon Pharma (HZNP). In turn, Horizon called the idea that Linden Care is a captive pharmacy "entirely false," stating that "at best Express Scripts is being reckless in its allegations and at worse it is intentionally attempting to mislead investors." Express Scripts' move also impacted shares of Insys Therapeutics (INSY), which reportedly also used Linden Care to fulfill prescription for its drugs. DIPLOMAT LIKELY TO STAY IN-NETWORK: Leerink analyst David Larsen acknowledged that recent events indicate that Express Scripts appears to be evaluating certain retail pharmacies and their relationships with manufacturers, but he believes Diplomat's mix of drugs for diseases like multiple sclerosis, HIV, hepatitis C and cancer differentiate it as a "true" specialty pharmacy. Larsen does not think Diplomat is at risk of being excluded from the pharmacy networks of Express Scripts, CVS or UnitedHealth's (UNH) Optum, he tells investors. Larsen expects limited distribution agreements to stay an important channel strategy for drugmakers and believes these agreements are appropriate for high cost specialty drugs that require special handling and additional services to manage patient adherence. The analyst, who thinks Diplomat remains well positioned to deliver annual growth of over 30% in the next several years, keeps an Outperform rating on its shares. EXPRESS BUYING OPPORTUNITY: Larsen also thinks concerns around manufacturer and pharmacy relationships have put unwarranted pressure on shares of Express Scripts. He does not expect Express Scripts to disclose new lawsuits around rebate dollars owed over other manufacturer disputes and keeps an Outperform rating on the stock, which he views as having an "attractive" valuation. WHAT'S NOTABLE: Larsen also thinks that the specialty channel remains an opportunity for Walgreens Boots Alliance (WBA) and believes its proposed acquisition of Rite Aid (RAD) can strengthen its specialty offering. The analyst keeps an Outperform rating on Walgreens shares as well. PRICE ACTION: Over the last three months, Diplomat Pharmacy shares have declined 28%, Express Scripts has fallen 6% and Walgreens has dropped 14%.
08:58 EDTJPMAmerican Express slips following Marriott, Starwood deal announcement
Shares of American Express (AXP) are slipping in pre-market trading following the news that Marriott (MAR) and Starwood Hotels & Resorts (HOT) have agreed to merge. In early June, American Express and Starwood announced new benefits to the Starwood Preferred Guest credit card. Marriott, however, has its co-brand program with JPMorgan Chase (JPM) and the early weakness in American Express shares could reflect concern over a potential change in the merged hotels' co-brand relationships. In pre-market trading, AxEx shares are down about 0.5% to $70.88.
08:38 EDTCSpringleaf downgraded after settlement on acquisition reached at BMO Capital
As noted earlier, BMO Capital downgraded Springleaf to Market Perform from Outperform. The firm noted that it had recommended buying the stock based on its belief that the company's acquisition of OneMain from Citi (C) had a higher probability of closing than was reflected by the shares. The firm downgraded Spingleaf after the company reached a settlement with governments that will enable the deal to close.
08:10 EDTSRCSpirit Realty announces plan to relocate headquarters
Spirit Realty announced that its board approved the relocation of its headquarters from Scottsdale, Arizona to Dallas, Texas. The company anticipates that it will begin occupying the new headquarters in the summer of 2016 with the move finalized by the end of 2016.
07:40 EDTGSBuffett says lower stakes in Goldman, Wal-Mart doesn't reflect lower confidence
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07:36 EDTGSBerkshire Hathaway discloses new AT&T stake in quarterly update
Berkshire Hathaway gave a quarterly update on its stakes in a filing this morning. NEW STAKES: AT&T (T), Kraft Heinz (KHC), Liberty Lilac Group (LILA). INCREASED STAKES: Phillips 66 (PSX), Charter (CHTR), Liberty Media (LMCK), Suncor (SU), General Motors (GM). DECREASED STAKES: Goldman Sachs (GS), Wal-Mart (WMT), Deere (DE), Chicago Bridge & Iron (CBI), WABCO (WBC). LIQUIDATED STAKES: Viacom (VIAB).
07:24 EDTRJFSalomon to hold a conference
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06:48 EDTGSGoldman, Thomas H. Lee agree to buy GCA Services from Blackstone, Reuters says
According to sources, Reuters reports that the private equity unit of Goldman Sachs (GS) and Thomas H. Lee Partners have agreed to buy GCA Services Group, a facility management company, from Blackstone (BX) for about $1B, including debt. Goldman and Thomas H. Lee will have equal participation in the consortium that will buy GCA. Reference Link
06:18 EDTCVSDiplomat Pharmacy selloff brings 'compelling' entry point, says Leerink
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05:37 EDTCCiti appointed successor depository bank for Technip ADR program
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