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May 22, 2014
10:23 EDTTMUS, SRPT, MDVN, FQVLF, CTL, T, VZ, S, PRTA, HCLP, CSOD, CTIC, AES, ULTI, SA, NPSP, FTR, CBPO, CF, WINOn The Fly: Analyst Initiation Summary
AES Corp. (AES) initiated with an Equal Weight at Morgan Stanley... AT&T (T) initiated with a Market Perform at Bernstein... CF Industries (CF) initiated with a Neutral at UBS... Cell Therapeutics (CTIC) initiated with a Buy at Ladenburg... CenturyLink (CTL) initiated with a Market Perform at Bernstein... China Biologic (CBPO) initiated with a Buy at Jefferies... Cornerstone OnDemand (CSOD) initiated with an Outperform at FBR Capital... First Quantum Minerals (FQVLF) initiated with an Underweight at HSBC... Frontier Communications (FTR) initiated with a Market Perform at Bernstein... Hi-Crush Partners (HCLP) initiated with an Outperform at Cowen... Medivation (MDVN) initiated with a Buy at Stifel... NPS Pharmaceuticals (NPSP) coverage resumed with a Buy at Janney Capital... Prothena (PRTA) initiated with a Buy at Ladenburg... Sarepta (SRPT) initiated with a Buy at Roth Capital... Seabridge Gold (SA) initiated with a Speculative Buy at Canaccord... Sprint (S) initiated with a Market Perform at Bernstein... T-Mobile (TMUS)initiated with a Market Perform at Bernstein... Ultimate Software (ULTI) initiated with a Market Perform at FBR Capital... Verizon (VZ) initiated with an Outperform at Bernstein... Windstream (WIN) initiated with an Outperform at Bernstein.
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November 18, 2015
16:45 EDTSOn The Fly: Top stock stories for Wednesday
Stocks on Wall Street were higher from the opening bell onward despite housing starts data that was weaker than expected. Investors waited for the release of the FOMC minutes and saw what they had suspected; that the Fed was reinforcing its message that the December meeting is an option for the central bank to begin raising interest rates. The visibility on rates gave investors confidence, leading to a late-day rally that saw the averages close at their highs. ECONOMIC EVENTS: In the U.S., the minutes from the Fed's last FOMC meeting showed that most participants expect that rate hike conditions will be met by their December meeting. The Fed repeated its constant refrain, though, that the actual decision would depend on the implications for the medium-term outlook from recent economic data. Housing starts fell 11.0% to a 1.06M pace in October, weaker than the expected rate of 1.16M. Building permits, however, rose 4.1% to a 1.15M rate, versus an expected rise of 3.8%. COMPANY NEWS: Shares of Target (TGT) fell 4.3% to $69.78 after the retailer reported in-line quarterly sales and profits and narrowed the range of its fiscal year earnings view. Target, which guided for same-store sales in the new quarter to be up 1%-2%, added that it sees "indications of heavy inventory levels" at some competitors into the holiday season... Shares of Apple (AAPL) climbed 3.17% to $117.29 after Goldman Sachs added the stock to its Conviction Buy List, predicting that investors should begin to focus on the company's monetization and recurring revenue opportunities over the next year, which would be a boon to its valuation... Raymond James analyst Pavel Molchanov downgraded Exxon Mobil to Underperform, the firm's equivalent to a "Sell" rating, saying he expects a modest oil recovery in 2016 but that Exxon's limited leverage to oil prices will act as a hindrance during a recovery. Despite Molchanov predicting Exxon shares to be a source of funds for investors turning more constructive on oil in 2016, the stock rose about 1% to $80.74 today amid a rally in oil prices. MAJOR MOVERS: Among the notable gainers was Fairchild (FCS), which jumped $1.52, or 8.5%, to $19.40 after agreeing to be acquired for $20 per share by ON Semiconductor (ON), whose stock fell 7.9% to $9.89 after the news. Also higher were Canadian Pacific (CP) and Norfolk Southern (NSC), with the two railway operators advancing a respective 5.8% and 6.35% after Canadian submitted a bid to acquire Norfolk, though the latter immediately criticized the offer as "low-premium." Additionally, ConAgra (CAG) gained 4% to $40.93 after announcing plans to separate into two independent public companies. Among the noteworthy losers was Qualcomm (QCOM), which dropped $4.98, or 9.4%, to $48.00 after disclosing that Korea's Fair Trade Commission alleged the company does not "properly negotiate" aspects of its licenses and may be violating Korean competition law. Also lower was Sprint (S), which fell 9.3%, to $3.99 after announcing a 50% discount for new customers switching from competing wireless carriers. GoPro (GPRO) declined 5.1% to $19.81 after research firm Piper Jaffray noted that the company has been offering discounts on its cameras, including featuring them on "flash sale" sites, and cut its price target on the stock to $15 per share. INDEXES: The Dow rose 247.66, or 1.42%, to 17,737.16, the Nasdaq gained 89.19, or 1.79%, to 5,075.20, and the S&P 500 advanced 33.14, or 1.62%, to 2,083.58.
11:33 EDTVZ, T, TMUS, SSprint announces launch of LTE Plus network
In celebration of the launch of its new LTE Plus network, Sprint (S) is introducing the biggest wireless offer in U.S. history - 50% off the price of most Verizon (VZ), AT&T (T) and T-Mobile (TMUS) rate plans, the company says. New customers can sign up for this offer nationwide Nov. 20 through Jan. 7, 2016. LTE Plus, available today in 77 major markets, takes advantage of Sprint's rich triband spectrum portfolio, and it uses some of the world's most advanced technologies in wireless, such as carrier aggregation and antenna beamforming. Customers who switch get 50 percent off most current rate plan prices from their current carrier. AT&T, T-Mobile and Verizon customers switching to Sprint also can take advantage of iPhone Forever, where they are eligible to upgrade every time a new iPhone launches. Customers must port one line, and can add up to 9 additional lines on the account. Customers must choose from the 50 percent off rate plans available from their current carrier. Cricket and MetroPCS customers also can switch and save 50 percent off their parent company's postpaid rates. 50 percent off pricing remains valid until Jan. 8, 2018, for activations between Nov. 20, 2015, and Jan. 7, 2016.
08:18 EDTULTIRoth Capital to hold a conference
Roth Capital Tech Corporate Access Day to be held in New York on November 18.
08:14 EDTHCLPRBC Capital to hold a conference
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November 17, 2015
16:21 EDTSSprint to hold a press conference with a conference call hookup
Sprint CEO Claure makes a major announcement and will answer questions from participating journalists at a Press Conference to be held on November 18 at 12:15 pm.
10:00 EDTCSODKronos and Cornerstone OnDemand announce strategic global alliance
Kronos Incorporated and Cornerstone OnDemand nnounced that the companies have formed a strategic global alliance. As part of a strategic global alliance, Kronos and Cornerstone will collaborate on new business opportunities involving Cornerstone's unified talent management platform and Kronos' global workforce management solutions as well as develop integrations to create a seamless experience for customers while enabling the sharing of data and valuable insights between systems.
10:00 EDTCFOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: CF Industries (CF) upgraded to Positive at Susquehanna... ExlService (EXLS) upgraded to Buy from Neutral at BofA/Merrill... Fitbit (FIT) upgraded to Buy at BofA/Merrill... Forward Air (FWRD) upgraded to Outperform at Baird... HD Supply (HDS) upgraded to Positive from Neutral at Susquehanna... Hannover Re (HVRRY) upgraded to Overweight from Underweight at JPMorgan... Moody's (MCO) upgraded to Buy from Neutral at UBS... PRA Group (PRAA) upgraded to Strong Buy from Market Perform at Raymond James... Plum Creek Timber (PCL) upgraded to Outperform from Sector Perform at RBC Capital... Shire (SHPG) upgraded to Outperform from Market Perform at Leerink... Yandex (YNDX) upgraded to Overweight from Equal Weight at Morgan Stanley... Zayo Group (ZAYO) upgraded to Buy from Neutral at MoffettNathanson.
09:20 EDTTMUST-Mobile shares attractive, likley to be acquired, says Cowen
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08:44 EDTSRPTSarepta says eteplirsen study shows 'positive' results
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07:47 EDTCFCF Industries upgraded to Positive at Susquehanna
As reported previously, Susquehanna upgraded CF Industries from Positive to Neutral. The firm cited accretion from OCI. Susquehanna raised its price target to $58 from $57 on CF Industries shares.
05:57 EDTCFCF Industries upgraded to Positive from Neutral at Susquehanna
November 16, 2015
16:53 EDTSPaulson reduced stake in Valeant
Paulson & Co. gave a quarterly update on its stakes in a filing this afternoon. NEW STAKES: Perrigo (PRGO), CIT Group (CIT), Precision Castparts (PCP), Cameron (CAM), and Altera (ALTR). INCREASED STAKES: Teva (TEVA), Post Holdings (POST), Starwood Hotels (HOT), LivaNova (LIVN), and Synergy Pharmaceuticals (SGYP). DECREASED STAKES: Valeant (VRX), Shire (SHPG), Whiting Petroleum (WLL), Computer Sciences (CSC), and Oasis Petroleum (OAS). LIQUIDATED STAKES: Houghton Mifflin Harcourt (HMHC), Broadcom (BRCM), and Sprint (S).
09:03 EDTTMUSGabelli to hold a symposium
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07:36 EDTTBerkshire 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).
07:16 EDTCFHayman Capital gives quarterly update on stakes
NEW STAKES: Impax (IPXL), CF Industries (CF), GW Pharmaceuticals (GWPH), ProNAi Therapeutics (DNAI). INCREASED STAKES: BioMarin (BMRN), NMI Holdings (NMIH), Vertex (VRTX), Endo (ENDP). DECREASED STAKES: Mylan (MYL). LIQUIDATED STAKES: Perrigo (PRGO), Oasis Petroleum (OAS), Whiting Petroleum (WLL), Newfield Exploration (NFX), SM Energy (SM).
07:16 EDTSRPTFDA likely feels compelled to approve at least one DMD drug, says Leerink
Leerink analyst Joseph Schwartz says the FDA likely feels compelled to approve at least one of the exon skipping drugs to treat Duchenne muscular dystrophy in this review cycle. There is so much public attention and vocal demand in the DMD community, Schwartz tells investors in a research note. The FDA advisory panel on BioMarin's (BMRN) drisapersen is on November 24 while the panel on Sarepta's (SRPT) eteplirsen is tentatively scheduled for January 22, 2016. The greatest likelihood is that both drugs are approved, Schwartz contends. Shares of BioMarin have "significant" upside potential on a positive panel vote as many investors still doubt that drisapersen is approvable based on existing data, and approval would "greatly aid" the company's goal to reach profitability, the analyst argues. He reiterates an Outperform rating on BioMarin and a Market Perform rating on Sarepta. Jefferies analyst Eun Yang said on Friday that regulatory experts she spoke with see a high likelihood of a positive FDA panel vote BioMarin.
November 13, 2015
18:09 EDTSSprint to restructure into four regional hubs, slash jobs, Bloomberg says
Sprint is creating four regional hubs and cutting some jobs to focus on service quality and customer retention in 19 major U.S. markets, part of CEO Marcelo Claure's restructuring efforts, Bloomberg reports. Reference Link
15:32 EDTSRPTSarepta CEO says having BioMarin go first with AdCom is an advantage
Sarepta (SRPT) interim CEO Edward Kaye said BioMarin (BMRN) having to go first with its advisory committee meeting for its own DMD drug will allow Sarepta time to assess the committee's comments and questions on their drug and formulate responses. Kaye is speaking on CNBC.
08:01 EDTAESAES Corp. announces first deployment of Advancion 4
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07:57 EDTSRPTExperts see positive FDA panel for BioMarin, says Jefferies
Jefferies analyst Eun Yang says regulatory experts she spoke with see a high likelihood of a positive FDA panel vote BioMarin's (BMRN) Kyndrisa, a treatment for Duchenne Muscular Dystrophy. The panel meeting is November 24 and the FDA action date for the drug is December 27. The experts point to a favorable risk/benefit profile for Kyndrisa as well as no current treatment option for DMD as supporting their confidence of FDA approval, Yang tells investors in a research note. The experts see a post-marketing study for Kyndrisa as likely necessary, she adds. On competitor Sarepta's (SRPT) DMD treatment eteplirsen, experts' views are "somewhat mixed," Yang adds. She has a Buy rating on BioMarin with a $166 price target. A positive panel vote could boost shares by 20% and bring increased confidence in BioMarin's three additional candidates targeting additional DMD patients, she contends. The orphan drug developer closed yesterday down $4.35 to $106.80.
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