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December 7, 2012
10:05 EDTATHN, TSM, MPEL, AET, RHHBY, MCD, DST, SYT, AKROn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Acadia Realty Trust (AKR) upgraded to Outperform from Market Perform at BMO Capital... McDonald's (MCD) upgraded to Buy from Neutral at Janney Capital... Melco Crown (MPEL) upgraded to Overweight from Neutral at JPMorgan... Syngenta (SYT) upgraded to Neutral from Underweight at JPMorgan...Roche (RHHBY) upgraded to Overweight from Equal Weight at Morgan Stanley... TSMC (TSM) upgraded to Outperform from Neutral at Credit Suisse... DST Systems (DST) upgraded to Buy from Neutral at Sterne Agee... Aetna (AET) upgraded to Overweight from Neutral at JPMorgan... athenahealth (ATHN) upgraded to Outperform from Market Perform at Leerink.
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November 13, 2015
12:34 EDTSYTOn The Fly: Top stock stories at midday
Stocks on Wall Street were lower at midday following worse than expected retail sales data in the U.S. and a report showing that the Eurozone's economic growth slowed last quarter. ECONOMIC EVENTS: In the U.S., retail sales rose 0.1% in the month of October, versus expectations for an increase of 0.3%. When autos and gas are removed, the core reading was up 0.3%, versus expectations for a rise of 0.4%. Producer prices fell 0.4%, versus expectations for them to be up 0.2%. When food and energy are removed, the core reading was down 0.3%, versus expectations for it to be up 0.1%. Business inventories grew 0.3% in September while sales were flat compared to August. Consumer sentiment, as measured by the preliminary print from the University of Michigan survey, improved 3.1 points to 93.1 in November, which was better than the 91.5 reading that was expected. In Europe, data showed that eurozone's economy grew by just 0.3% in the third quarter, which was a slowdown from the 0.4% GDP growth recorded three months earlier and weaker than the 0.4% consensus growth forecast. COMPANY NEWS: Shares of retailers broadly declined on Friday morning following the weaker than expected retail sales data reported by the government as well as third quarter earnings reports from Nordstrom (JWN) and J.C. Penney (JCP). Each of the aforementioned department store operators slid following their reports, as did Macy's (M) and Kohl's (KSS), which reported on their own results earlier in the week. TJX Companies (TJX) and Ross Stores (ROST), which are both scheduled to report quarterly earnings next week, were also among those caught up in the weakness... Shares of Mylan (MYL) jumped 13% after the company's offer to acquire Perrigo (PRGO) failed, ending a seven-month fight between the two drugmakers. Perrigo Chief Executive Officer Joseph Papa said he was "delighted" that his company's shareholders rejected the offer and the company added that it will immediately commence its previously announced $2B share buyback program, but its shares slid 7% in the wake of the shareholder vote... Cisco (CSCO) fell 6% after its first quarter earnings and revenue beat expectations but its guidance for the new quarter disappointed. A number of analysts that had been bullish on the name trimmed their price targets in response but also recommended the post-earnings weakness as a buying opportunity. MAJOR MOVERS: Among the notable gainers was Syngenta (SYT), which rallied 5% after Bloomberg reported that the company rejected an initial $42B offer from ChemChina. Also higher was Yum! Brands (YUM), which gained 4% after it reported positive year over year same store sales growth for its China division in October. Among the noteworthy losers was GameStop (GME), which fell 14% after its stock was downgraded at Pacific Crest and NPD estimated that video game software sale declined 3% last month compared to the same month of last year. Also lower was Fossil (FOSL), which plunged 33% after the watchmaker gave lower than expected profit guidance for the upcoming quarter and said it continues to expect this fiscal year's results to be "significantly" negatively impacted by foreign currency changes. INDEXES: Near midday, the Dow was down 88.19, or 0.51%, to 17,359.88, the Nasdaq was down 34.22, or 0.68%, to 4,970.86, and the S&P 500 was down 9.24, or 0.45%, to 2,036.73.
10:18 EDTRHHBYRoche receives FDA approval for cobas EGFR mutation test
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09:34 EDTRHHBYFDA approves Roche's cobas EGFR Mutation Test
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09:21 EDTMCDWendy's '4 for $4' a hit, McDonald's promo may be next
An analyst at Citi believes Wendy's (WEN) has seen strong results from its ongoing "4 for $4" promotion, prompting him to add the stock to the firm's Focus List and predict that the company's same-store sales growth this quarter will beat expectations. 4 FOR $4: Under an ongoing promotion that was launched in October, Wendy's offers a junior bacon cheeseburger, four piece chicken nuggets, fries, and a drink for $4. Citi analyst Gregory Badishkanian told investors in a research note this morning that his analysis and talks with those in the fast-food industry suggest that the promotion continues to drive strong results, leading to a rise in transactions at Wendy's with little to no impact on restaurants' average check total. Badishkanian predicts Wendy's will post fourth quarter same-store sales growth of at least 4%, versus the First Call consensus forecast of 2.7% and the 3.3% growth implied by the high-end of the company's fiscal year guidance. INDUSTRY VALUE FOCUS: Wendy's management has emphasized value offerings recently, but other quick service restaurant peers are also increasing their focus on value, Badishkanian noted. The analyst sees a good chance that McDonald's (MCD) will roll-out a "2 for $2" promotion soon, which he believes could have a "modest" impact on Wendy's, but more of an impact on Restaurant Brands' (QSR) Burger King. Badishkanian predicts McDonald's same-store sales growth should accelerate further in the fourth quarter, but not at the expense of Wendy's. He keeps a Buy rating on Wendy's shares with an $11 price target. WHAT'S NOTABLE: Yum! Brands (YUM), which also competes in the quick service food space with its KFC, Pizza Hut and Taco Bell brands, is rallying this morning after reporting last night that its China division's same-store sales grew an estimated 5% in October. PRICE ACTION: Wendy's stock has gained over 5% in the last month, closing yesterday at $9.63 per share. In that same period, McDonald's shares have risen over 8% while Restaurant Brands has declined 3%.
November 12, 2015
19:00 EDTSYTOn The Fly: After Hours Movers
UP AFTER EARNINGS: USA Technologies (USAT), up 15.9%... Blue Buffalo (BUFF), up 7.3%... Planet Fitness (PLNT), up 12.3%... Darling Ingredients (DAR), up 8.1%... Applied Materials (AMAT), up 3.8%... Lipocine (LPCN), up 19.9% after reporting quarterly results and that the FDA has assigned a Prescription Drug User Fee Act goal date of June 28, 2016. ALSO HIGHER: Syngenta (SYT), up 14.5% after Bloomberg reported that the company rejected an initial $42B bid from ChemChina... Yum! Brands (YUM), up 4.1% after reporting that October China Same-Store Sales are up 5%. DOWN AFTER EARNINGS: bebe stores (BEBE), down 10.5%... Nordstrom (JWN), down 20.3%... Fossil (FOSL), down 14.7%... Cisco (CSCO), down 4.8%... El Pollo LoCo (LOCO), down 8.7%... Tahoe Resources (TAHO), down 7.2%. ALSO LOWER: Paycom Software (PAYC), down 5.2%... Netflix (NFLX) down 1% after Dow Jones reported that Hulu, a joint venture of Disney (DIS), Comcast (CMCSA, CMCSK), and Fox (FOX, FOXA), is in discussions to sell a stake in the company to Time Warner (TWX)... TJX Companies (TJX), down 4%, Burlington Stores (BURL), down 5.3%, Macy's (M), down 1.6%, Target (TGT), down 1.9%, J.C. Penney (JCP), down 1.4%, and Kohl's (KSS), down 1.3%, after Nordstrom reported quarterly results and cut its fiscal 2015 guidance.
18:48 EDTMCDMcDonald's CEO: Pace of change had slowed within company, NYT reports
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18:29 EDTSYTSyngenta rejects initial $42B bid from ChemChina, Bloomberg says
Syngenta rejected that offer citing regulatory risk, however Syngenta and ChemChina are continuing talks, Bloomberg added. Syngenta is also talking to other suitors and has had previous discussions with both DuPont (DD) and Monsanto (MON) earlier this year. Reference Link
17:10 EDTSYTSyngenta rejects initial $42B bid from ChemChina, Bloomberg says
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11:50 EDTRHHBYRoche to restructure manufacturing network for small molecules
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November 11, 2015
14:34 EDTAETAMA voices 'significant concerns' with insurers' proposed mergers
The American Medical Association, in a letter to the Assistant Attorney General of the Department of Justice's Antitrust Division, stated that its analyses of the proposed health insurance mergers, namely Aetna's (AET) proposed acquisition of Humana (HUM) and Anthem's (ANTM) proposed acquisition of Cigna (CI), "reveal significant concerns with respect to the impact on consumers in terms of health care access, quality, and affordability." Accordingly, the AMA urges the Department of Justice to block the proposed mergers, the group stated.
14:25 EDTAETAMA urges DOJ to block Humana, Aetna deal, Bloomberg says
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10:41 EDTATHNLeerink healthcare analyst holds an analyst/industry conference call
Analyst Larsen, along with Linda White, President & CEO of Deaconess Health System, discuss Evolent and relevant companies ATHN, CERN, MDRX and QSII, and the increase in demand for population health management on an Analyst/Industry conference call to be held on November 12 at 2:30 pm.
10:23 EDTMCDPiper, UBS say McDonald's can keep rising following analyst day
Analysts were mostly upbeat about McDonald's (MCD) in the wake of the company's analyst day meeting yesterday, with Piper Jaffray recommending that investors buy the stock and UBS saying that the company's momentum is encouraging. However, Sterne Agee CRT kept a Neutral rating on the shares, citing an uncertain outlook in the U.S. and high valuation. BACKGROUND: At its meeting, McDonald's estimated that its systemwide sales would rise 3%-5% in fiscal 2016, with operating income growth of 5%-7%, excluding some items. The company said it expects to return all of its free cash to shareholders over the long-term and reported that its U.S. restaurants were performing well so far in the fourth quarter. The fast food giant announced that it had decided not to seek to form a REIT but would look to become 95% franchised over the longer term. ANALYST REACTION: By franchising more of its restaurants, McDonald's will lower its costs and cause the stock's multiple to expand, wrote Piper Jaffray analyst Nicole Miller Regan. The company is gaining market share and recently implemented strategies that have caused its cash flow to rise, according to Regan, who kept a $130 price target and Overweight rating on the shares. McDonald's operating momentum is building, and its core fundamentals are moving in the right direction, wrote UBS analyst Keith Siegner. The company's same-store sales are rising faster than those of its peers and its margins should rise going forward, the analyst believes. Additionally, the fast food chain's capital structure has become more stable and efficient, which should enable the stock's multiple to rise, said Siegner who raised his price target on the name to $125 from $122 and kept a Buy rating on the shares. Also upbeat was Credit Suisse. McDonald's "tone was clearly positive," as the performance of its U.S. and key international businesses continue to improve, believes the firm, which raised its price target on the name to $128 from $118. However, Sterne Agee CRT was less optimistic. The firm's analyst, Lynne Collier, said she was more positive about the stock following the investor meeting, but continues to believe that the outlook for the company's traffic in the U.S. is uncertain. Additionally, Collier contended that the stock's valuation is reflecting expectations for "a sharp improvement in fundamentals." She kept a Neutral rating on the shares. PRICE ACTION: In early trading, McDonald's rose 0.8% to $114.19.
08:38 EDTMCDMcDonald's price target raised to $128 from $118 at Credit Suisse
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08:14 EDTMCDMcDonald's outlook has improved, says Sterne Agee CRT
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07:38 EDTMCDMcDonald's momentum continues, outlook encouraging, says UBS
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07:01 EDTAKRAcadia Realty Trust board declares special cash dividend of 25c
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07:01 EDTAKRAcadia Realty Trust increases quarterly dividend to 25c from 24c
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06:36 EDTMCDPiper still a buyer of McDonald's after analyst day
Piper Jaffray analyst Nicole Miller Regan says she remains a buyer of McDonald's following yesterday's analyst day. Management again reiterated confidence in positive global same-store sales trends and their current strategies will lead to strong cash flow, Regan tells investors in a research note. She believes leveraging the company's global franchise network should allow for multiple expansion. The analyst reiterates an Overweight rating on McDonald's with a $130 price target.
05:54 EDTTSMTSMC board approves capital appropriations of $4B for capacity expansion
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