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November 20, 2012
10:00 EDTIHG, SIVB, PENN, ADM, GMCR, ZIP, RIMM, JOY, AXL, MRK, WFM, PNR, EXPE, AKSOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: AK Steel (AKS) upgraded to Neutral from Sell at Goldman... American Axle (AXL) upgraded to Hold from Underperform at Jefferies... Archer Daniels (ADM) upgraded to Outperform from Market Perform at BMO Capital... Expedia (EXPE) upgraded to Equal Weight from Underweight at Barclays... Joy Global (JOY) upgraded to Market Perform from Underperform at BMO Capital... Penn National (PENN) upgraded to Neutral from Sell at Goldman... Pentair (PNR) upgraded to Outperform from Neutral at RW Baird... Research in Motion (RIMM) upgraded to Hold from Underperform at Jefferies... SVB Financial (SIVB) upgraded to Buy from Neutral at Citigroup... Whole Foods (WFM) upgraded to Buy from Neutral at Goldman... Zipcar (ZIP) upgraded to Buy from Neutral at Goldman... Intercontinental Hotels (IHG) upgraded to Overweight from Equal Weight at Barclays... Merck (MRK) upgraded to Buy from Neutral at MKM Partners... Green Mountain (GMCR) upgraded to Buy from Neutral at SunTrust.
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November 18, 2015
12:41 EDTGMCREarnings Watch: Keurig CEO still confident of long-term goals ahead of Q4 report
Keurig Green Mountain (GMCR) is scheduled to report fourth quarter results after the market close on Wednesday, November 18 with a conference call scheduled for 5:00 pm ET. Keurig Green Mountain, formerly Green Mountain Coffee Roasters, is engaged in the specialty coffee and coffee maker businesses and owns the "Keurig" brand of single-serve coffee makers and products. EXPECTATIONS: Analysts are looking for earnings per share of 71c on revenue of $1.03B, according to First Call. The consensus range for EPS is 68c-74c on revenue of $1.07B-$1.2B. LAST QUARTER: On August 5, Keurig Green Mountain reported third quarter adjusted EPS of 80c, beating analysts' estimates of 79c, on revenue of $969.6M, missing consensus estimates of $1.04B. The company forecast Q3 adjusted EPS of 70c-75c on a sales decline of low teens compared to the fourth quarter of fiscal 2014. The company forecast FY15 adjusted EPS to decline in mid-single digits and net sales growth to be flat to up low-single digits compared to FY14. NEWS: In conjunction with its last earnings release, Keurig Green Mountain announced a $1B share repurchase authorization and said that based upon its preliminary estimates for fiscal 2016, the company expects its hot business to deliver modest adjusted EPS growth over fiscal 2015 inclusive of the expected productivity savings. The company also announced plans to reduce its workforce by 5% over the next few years, which is expected to generate about $300M in savings over the next three years with approximately $100M of savings in FY16. Brian Kelley, the company's chief executive officer, said that the company can still reach its long-term EPS goals and noted that the company experts a stronger FY15 holiday season than FY14. Kelley said that the company's new countertop device, the Kold machine, will drive long-term growth following recent sales declines in its core business, Reuters reported in September. Dow Jones said on October 21 that David Einhorn's Greenlight Capital shorted Keurig Green Mountain again. STREET RESEARCH: Canaccord lowered its price target on Keurig Green Mountain to $59 from $65 in a November note to clients and said they can't recommend buying the shares until the K-cup risk stabilizes, which could be helped by a strong holiday brewer sales season. On November 11, shares were downgraded to Negative from Mixed at OTR Global. PRICE ACTION: Over the last three months, Keurig Green Mountain shares are down over 19%. Year-to-date, shares are down roughly 69%. In afternoon trading ahead of the company's earnings, shares are up fractionally to $40.43.
09:54 EDTWFMWhole Foods says 'bullish' on opportunities to build stores
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08:47 EDTGMCRKeurig Green Mountain expanding KOLD beverage lineup with cocktail mixers
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08:11 EDTMRKIMS Health forecasts global drug spending to increase 30% by 2020 to $1.4T
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07:01 EDTMRKThreshold enters into definitive co-promotion agreement with Merck
Threshold Pharmaceuticals (THLD) announced that it finalized a definitive Co-Promotion Agreement for evofosfamide with Merck (MRK) pursuant to the companies' License and Co-Development Agreement entered into on February 2, 2012. Under the terms of the License and Co-Development Agreement, Threshold may co-promote evofosfamide in the U.S. subject to FDA approval of evofosfamide. Evofosfamide is Threshold's investigational hypoxia-activated prodrug, which is currently the subject of two fully enrolled Phase 3 clinical trials in advanced soft tissue sarcoma and advanced pancreatic cancer for which Threshold expects to announce top-line data around the end of 2015. Under the commercial leadership of Merck KGaA, Darmstadt, Germany, the terms of the License and Co-Development Agreement give Threshold the right, at its own cost, to field and be responsible for its own sales force in collaboration with Merck KGaA, Darmstadt, Germany's sales force in the U.S. pursuant to the terms of the new Co-promotion Agreement. Merck KGaA, Darmstadt, Germany remains responsible for all other commercial and medical affairs functions associated with the launch and promotion of evofosfamide. The development milestone payment and royalty payment portions of the License and Co-Commercialization Agreement remain the same. To date Threshold has received upfront and milestone payments of $110 million and can earn additional potential milestone payments of up to $440M.
05:11 EDTGMCRStocks with implied volatility movement; GMCR CHK
Stocks with implied volatility movement; Keurig Green Mountain (GMCR) 94, Chesapeake (CHK) 99 according to iVolatility.
November 17, 2015
12:11 EDTEXPEExpedia management to meet with Guggenheim
Meeting to be held in FT. Lauderdale on November 18 hosted by Guggenheim.
08:04 EDTMRKMerck to present new KEYTRUDA findings at upcoming congresses
Merck announced that data investigating the use of KEYTRUDA, the company's anti-PD-1 therapy, in advanced non-small cell lung cancer, melanoma, classical Hodgkin lymphoma, multiple myeloma, and ER-positive/HER2-negative breast cancer will be presented at four medical congresses through the end of this year. In total, data from more than 30 abstracts will be presented at the Society for Melanoma Research 2015 Congress in San Francisco, Nov. 18 - 21; the 57th American Society of Hematology Annual Meeting in Orlando, Florida, Dec. 5 - 8; the San Antonio Breast Cancer Symposium, Dec. 8 - 12; and the European Society for Medical Oncology Asia 2015 Congress in Singapore, Dec. 18 - 21. By the end of 2015, data on the anti-tumor activity of KEYTRUDA will have been presented across more than 20 tumor types. "The field of immuno-oncology holds great potential across a broad spectrum of cancers," said Dr. Roy Baynes, senior vice president and head of global clinical development, Merck Research Laboratories. "Data for KEYTRUDA being presented at these scientific meetings include a first-time comparison to chemotherapy in advanced non-small cell lung cancer, novel combination data in advanced melanoma as well as first-time data in two additional tumor types, namely multiple myeloma and hormone receptor positive breast cancer, further demonstrating our deep commitment to advancing cancer treatment."
07:58 EDTGMCRKeurig Green Mountain volatility elevated into Q4 and outlook
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06:57 EDTEXPEExpedia enters strategic technology partnership with SilverRail Technologies
SilverRail Technologies and Expedia announced a strategic technology partnership to power Expedia's global expansion in the rail business. SilverRail's global rail ticketing platform simplifies the process of accessing multiple rail companies through a standard interface. This will enable Expedia to deliver a simple, consistent search and booking experience to which their customers have become accustomed. Development has already begun, with platform launch expected in 2016.
November 16, 2015
17:02 EDTAXLPoint72 added to lululemon position, subtracted from Netflix position
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11:31 EDTIHGMarriott announces plans to buy Starwood in $12.2B cash and stock deal
Shares of Marriott International (MAR) and Starwood Hotels & Resorts (HOT) fell after the two companies announced that Marriott will acquire Starwood in a cash and stock deal valued at $12.2B. WHAT'S NEW: Under the terms of the agreement, Starwood shareholders will receive 0.92 shares of Marriott Class A common stock and $2 in cash for each share of Starwood stock. When the deal closes, Starwood stakeholders will own roughly 37% of the combined entity's stock, the companies said. Marriott expects the deal to be earnings accretive by the second year after the merger, excluding the impact of transaction and transition costs. Marriott president and chief executive officer Arne Sorenson will remain in both positions following the merger. The transaction, which has been approved unanimously by the boards of both companies, is expected to close in mid-2016. In a statement announcing the deal, Marriott said it remains committed to its management and franchise strategy. Additionally, Marriott said it expects to deliver at least $200M in annual cost savings in the second full year after closing. Marriott expects to return at least $2.25B in dividends and share repurchases to investors, and believes it can reutrn "at least as much" in the first year following the closing. WHAT'S NOTABLE: On a conference call discussing the deal, Sorenson said that Starwood brands will "remain in place" and that he is focused on increasing appeal to younger travelers. Sorenson also said that the agreement includes a $400M break-up fee. Marriott chief financial officer Carl Berquist added that Starwood will continue its asset sale program. Starwood Chairman Bruce Duncan said that "all possible options" were considered and the company spoke to a "wide range" of interested parties. OTHER BIDDERS: On November 2, CNBC's David Faber reported that Starwood and rival Hyatt (H) were still in talks over a potential merger deal and that deal was about "a week away." In addition, The Wall Street Journal reported on October 27 that Shanghai Jin Jiang International Hotels, HNA Group and China Investment Corporation were vying for government clearance to submit an offer to acquire Starwood. On July 30, media reports emerged that Starwood had reached out to possible suitors about a buyout, including InterContinental (IHG), Wyndham Worldwide (WYN), and several sovereign wealth funds. Intercontinental denied it was involved in any such discussions with Starwood the day the story was reported. STREET RESEARCH: In response to the acquisition news, RBC Capital Markets analyst Wes Golladay said that Marriott may look to convert some of Starwood's hotels, likely older Sheratons, to its new Delta brand. PRICE ACTION: In morning trading, Marriott declined 0.14% to $72.64 and Starwood fell 6.25% to $70.24. OTHERS TO WATCH: Hyatt rallied 3.4%, InterContinental was down 1.77% and Wyndham Worldwide lost 2.07% following the deal announcement. American Express (AXP), which announced new benefits to the Starwood Preferred Guest credit card in early June, slipped 0.62% in morning trading.
10:07 EDTEXPEExpedia shares defended at Cowen
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09:37 EDTEXPEActive equity options trading on open
Active equity options trading on open: AAPL FB ORCL BAC SUNE FDX FCX EXPE NFLX MU AMZN INTC TSLA
08:35 EDTMRKMerck to present Phase 2 hep C therapy data at The Liver Meeting
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07:24 EDTMRKSalomon to hold a conference
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November 15, 2015
15:19 EDTMRKMerck reports integrated analysis of six trials of elbasvir/grazoprevir
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15:15 EDTMRKMerck reports Phase 3 data on elbasvir/grazoprevir in patients injecting drugs
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November 13, 2015
16:45 EDTPNRTrian gives quarterly update on stakes
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08:02 EDTMRKMerck: DMC recommends anacetrapib study continue with no changes
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