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News Breaks
January 25, 2013
Today's noteworthy upgrades include: AMC Networks (AMCX) upgraded to Equal Weight from Underweight at Morgan Stanley... Autodesk (ADSK) upgraded to Conviction Buy from Sell at Goldman... eBay (EBAY) upgraded to Outperform from Market Perform at Bernstein... EQT Midstream Partners (EQM) upgraded to Outperform from Neutral at Credit Suisse... Horizon Bancorp (HBNC) upgraded to Outperform from Market Perform at Raymond James... JPMorgan (JPM) upgraded to Buy from Hold at Deutsche Bank... KLA-Tencor (KLAC) upgraded to Hold from Sell at Deutsche Bank... (NTES) upgraded to Buy from Neutral at UBS... QLogic (QLGC) upgraded to Equal Weight from Underweight at Morgan Stanley... STMicroelectronics (STM) upgraded to Outperform from Neutral at Exane BNP Paribas... Sony (SNE) upgraded to Buy from Neutral at BofA/Merrill... Tiffany (TIF) upgraded to Overweight from Neutral at HSBC... Union First Market (UBSH) upgraded to Outperform from Neutral at RW Baird... Silicon Graphics (SGI) upgraded to Buy from Neutral at Sterne Agee... Amgen (AMGN) upgraded to Buy from Hold at Argus... CF Industries (CF) upgraded to Buy from Hold at Dahlman Rose... Agrium (AGU)upgraded to Buy from Hold at Dahlman Rose... Panera Bread (PNRA) upgraded to Buy from Hold at Miller Tabak... Halliburton (HAL) upgraded to Buy from Neutral at Global Hunter... A. Schulman (SHLM) upgraded to Buy from Hold at Gabelli.
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September 28, 2015
10:37 EDTHALAnalysts sees upside for Halliburton as Baker Hughes deal moves forward
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08:53 EDTEBAYMercadoLibre downgraded to Sell from Neutral at Citi
Citi downgraded MercadoLibre (MELI) to Sell with an $80 price target citing unfavorable currency moves and slower growth assumptions for Brazil. The stock is three times more expensive than eBay (EBAY), Citi tell investors.
07:38 EDTEBAYBox to hold a user conference
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07:27 EDTAMGNFDA and the Parental Drug Association to co-host a conference
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06:48 EDTHALHalliburton and Baker Hughes announce additional divestiture proposals
Halliburton (HAL) and Baker Hughes (BHI) announced that the companies will market for sale additional businesses in connection with Halliburton's pending acquisition of Baker Hughes. Pursuant to the Merger Agreement, and in order to permit completion of Halliburton's acquisition of Baker Hughes, the following additional businesses are intended to be divested: Halliburton's expandable liner hangers business, which is part of the company's Completion & Production Division; Baker Hughes' core completions business, which includes: packers, flow control tools, subsurface safety systems, intelligent well systems, permanent monitoring, sand control tools and sand control screens; the Baker Hughes sand control business in the Gulf of Mexico, including two pressure pumping vessels; and Baker Hughes' offshore cementing businesses in Australia, Brazil, the Gulf of Mexico, Norway, and the United Kingdom. The combined 2013 revenue associated with all of the businesses intended to be divested was approximately $5.2B. The sale of these businesses will be subject to the negotiation of acceptable terms and conditions for the divestitures, the approval of the divesting company's board, and final approval of the Baker Hughes acquisition by competition enforcement authorities. Halliburton anticipates that the companies will complete the sales of these businesses in the same timeframe as, and the closing of the divestitures would be conditioned on, the closing of the pending Baker Hughes acquisition.
05:08 EDTAMGNStocks with implied volatility movement; AMGN XLV
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September 27, 2015
19:39 EDTSNE'Hotel Transylvania 2' bites down in record-setting debut
Animated children's film "Hotel Transylvania 2" set a domestic record for September while "Maze Runner" and "Black Mass" dropped in their second weekends at the box office. WEEKEND LEADER: Sony's (SNE) computer animated comedy "Hotel Transylvania 2" grossed $47.5M during its domestic open for the weekend of September 27, beating expectations for $35M-$40M and setting a new record for September box office debuts. Adam Sandler, Selena Gomez, and others returned to provide voice acting for the monster-themed movie, which saw the biggest open yet for Sony Pictures Animation. BOX OFFICE RUNNERS-UP: With Robert DeNiro and Anne Hathaway in leading roles, Time Warner (TWX) subsidiary Warner Bros.' "The Intern" opened at $18.2M against estimates sales of $15M-$20M. Fox's (FOX, FOXA) "Maze Runner: The Scorch Trials" came in third with $14M after grossing $30.3M domestically during last weekend's debut. Meanwhile, Comcast (CMCSA, CMCSK) subsidiary Universal's "Everest" jumped to $13.1M after significantly expanding its screen count, while Warner Bros.' "Black Mass" rounded out this weekend's Top 5 at $11.5M.
12:43 EDTADSKAutodesk shares could rise 50% in 18 months, Barron's says
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September 25, 2015
17:33 EDTAMGNDelta Air Lines, Google, Amgen look attractively priced, Barron's says
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16:35 EDTQLGCQLogic sees $5M-$6M of pre-tax charges in FY16 from restructuring plan
On September 22, QLogic approved a restructuring plan designed to further align the company's future operating expenses with its current revenue expectations. The restructuring plan includes a workforce reduction and the consolidation and elimination of certain engineering activities. The company anticipates that the restructuring activities will be substantially completed during the company's fiscal 2016. In connection with the restructuring plan, the company expects to incur between $5M-$6M of pre-tax charges, including $3M-$4M of cash charges. The expected charges associated with the restructuring plan consist of approximately $2M of employee termination benefits and $3M-$4M of other costs, including costs related to a facility under a non-cancelable lease that the company intends to cease using as part of the restructuring plan. The company expects that the charges associated with the restructuring plan will be recorded in the company's fiscal 2016.
16:35 EDTSNEStocks end week lower as biotechs sink, Volkswagen crashes
Stocks ended the week lower after concerns about drug prices were reignited, sinking biotech stocks, an emissions scandal engulfed Volkswagen (VLKAY), dragging down shares of automakers and their suppliers, and Caterpillar (CAT) announced that it may eliminate as many as 10,000 jobs in the next three years as commodity prices continue to slump. MACRO NEWS: Following the Federal Reserve's decision last week to wait before raising rates, the central bank made a concerted effort to give the market more clarity this week. Over last weekend, three Federal Reserve officials - San Francisco Fed President John Williams, St. Louis Fed President James Bullard and Richmond Fed President Jeffrey Lacker - all argued that an interest-rate increase is still warranted this year. Then, on Thursday night, Fed Chair Janet Yellen said during a speech at UMass Amherst that the central bank remains inclined to hike rates this year. Yellen's remarks were incrementally hawkish, but welcomed by the market, since they helped clarify the message the Fed delivered a week ago... In the U.S., Markit's flash manufacturing purchasing manager's index was flat at 53.0 in September, which was slightly better than the expectation for it to dip to 52.8. Durable goods orders for August declined 2.0%, versus expectations for a drop of 2.3%. When transportation items were removed, the core reading was breakeven, versus expectations for a rise of 0.1%. The third estimate of second quarter GDP showed the economy grew 3.9% quarter-over-quarter, versus expectations for the GDP growth estimate to stay at 3.7%. Personal consumption in Q2 is now believed to have grown 3.6%, up from the prior estimate of 3.1%. The final University of Michigan consumer sentiment reading for September came in at 87.2, which was down from August's 91.9 but above the expected 86.2 reading... The Asian Development Bank cut its growth forecast for the region, citing a weaker outlook for China and India and a delayed recovery in the world's advanced economies. The bank now sees the Chinese economy growing 6.8% this year and 6.7% next year, down from its previous forecasts of 7.2% and 7%, respectively. Markit's flash manufacturing PMI for China fell to 47.0 in September from 47.3 last month. Meanwhile, Japanese Prime Minister Shinzo Abe unveiled new economic targets, including a goal for a 20% increase in the target size of the Japanese economy to 600T yen, though he gave no timeframe for achieving this aspiration... In Europe, Markit's composite PMI for the eurozone came in at 53.9 in the first look for September, down from 54.3 in August and below expectations for a reading of 54.1. COMPANY NEWS: Biotech stocks declined after privately-held Turing Pharmaceuticals made headlines by enacting a 5,000% price increase on its treatment for toxoplasmosis, reigniting a debate around drug prices that previously embroiled costly Hepatitis C drugs including AbbVie's (ABBV) Viekira Pak and Gilead's (GILD) Sovaldi and Harvoni. Presidential candidate Hillary Clinton sent the debate to center stage by criticizing the "outrageous" prices of specialty drugs and laying out a plan to tackle "price gouging" in the specialty drug market. The NASDAQ Biotechnology index fell roughly xxx% for the week amid the attention paid to Turing's drug and Clinton's response... Volkswagen (VLKAY) shares trading in New York fell sharply to begin the week and ended the week far from where they'd been last Friday before the EPA said it found manipulations that violate U.S. environmental standards while testing certain of the automaker's diesel cars. The EPA said Volkswagen may face civil penalties of $37,500 for each vehicle not in compliance with federal clean air rules, which could total as much as $18B, according to Reuters. In the wake of the scandal, Chief Executive Officer Martin Winterkorn resigned, with the company's supervisory board subsequently praising the decision and selecting Matthias Mueller, the former head of Porsche (POAHY), as Winterkorn's successor as the company's new CEO... Caterpillar (CAT) shares dropped after the heavy machinery maker announced plans for job cuts and lowered its revenue guidance for this year and next. Caterpillar said that it would lay off 4,000-5,000 of its employees between now and the end of 2016 and could lay off up to 10,000 employees by 2018. Caterpillar cut its fiscal year 2015 revenue forecast by $1B and said its sees its fiscal year 2016 revenue to be 5% below this year, adding that it expects revenue declines in all three large segments next year... Online and mobile deal provider Groupon (GRPN) said it plans to cut 1,100 jobs relating primarily to the company's international operations... Nike jumped after the athletic gear giant reported better than expected earnings and futures orders, prompting numerous price target hikes and at least one upgrade at Street research firms. Among other companies reporting earnings this week, BlackBerry (BBRY), ConAgra (CAG), Carnival (CCL), and CarMax (KMX) fell immediately following their quarterly reports... Apple (AAPL), which has previously been reported to be working on an electric car via its "Project Titan," is speeding up those efforts and setting 2019 as a target to ship its first vehicle, according to The Wall Street Journal... Against the backdrop of China's President Xi Jinping visiting the U.S., Boeing (BA) announced deals to sell 300 planes to three Chinese companies and set up an aircraft factory in in the Asian nation, while Cisco (CSCO) announced a partnership with Chinese server maker Inspur Group... Lloyd Blankfein, Goldman Sachs (GS) Chairman and CEO, disclosed that he was diagnosed with lymphoma. "Fortunately, my form of lymphoma is highly curable and my doctors' and my own expectation is that I will be cured," Blankfein stated in an open letter that was shared by the bank... GoPro (GPRO) finished the week about xxx% lower after Barron's contended in a feature article last weekend that the company's stock could plunge another 30% to $25 as Apple, Sony (SNE) and others pressure the company's "one-hit wonder" products... On the M&A front, Atmel (ATML) agreed to be acquired by German chipmaker Dialog Semiconductor in a deal valued at roughly $4.6B and Starwood Waypoint (SWAY) announced a stock-for-stock merger agreement with Colony American Homes. INDEXES: The Dow lost about 0.43% to close at 16,314.67, the S&P 500 fell about 1.35% to close at 1,931.34, and the Nasdaq declined about 2.89% to close at 4,686.50.
16:20 EDTCFD.E. Shaw reports 5.3% passive stake in CF Industries
13:17 EDTSNEFly Watch: 'Hotel Transylvania 2' expected to top weekend box office
Sony's (SNE) animated sequel "'Hotel Transylvania 2," which is opening in 3,600 theaters, is expected to win this weekend's box office with a domestic gross of $35M-$40M. The next bunch of films are all expecting similar grosses in the mid-to-high teens. Time Warner (TWX) subsidiary Warner Bros.' comedy "The Intern," starring Robert DeNiro and Anne Hathaway, is estimated to open in the $15M-$20M range in 3,305 theaters. Comcast (CMCSA, CMCSK) subsidiary Universal's "Everest," which opened last weekend on IMAX (IMAX), is expanding to over 3,000 theaters this weekend and is estimated to gross in the range of $15M-$17M. Fox's (FOX, FOXA) "Maze Runner: The Scorch Trials," which grossed $30.3M domestically for the weekend of September 20, is expected to earn an estimated $16M in its second weekend of release. Warner Bros.' Whitey Bulger biopic "Black Mass," which took in $23.4M in its domestic opening last weekend, is expected to gross $12.5M-$13M this weekend. Additionally, Lions Gate's (LGF) drug cartel drama "Sicario" is playing in about 50 theaters ahead of the film's wide release on October 2.
11:25 EDTSTMCirrus leads iPhone suppliers higher as analysts dissect 6S
Cirrus Logic (CRUS), Skyworks (SWKS) and Qorvo (QRVO) are among the chipmakers that appear poised to obtain more revenue from Apple's (AAPL) iPhone 6S devices than from the previous generation of the market-leading smartphone. Research firms issued notes today based on their analysis of "teardowns" of the new phones after they went on sale for the first time, beginning in Australia. TEARDOWNS: Apple's common practice when rolling out its newest iPhone models is for Australia to be its first launch market. The unboxing of iPhones when they become available for sale for the first time anywhere in the world is a much anticipated event among the tech giant's fans, as well as by Apple-focused blogs and Wall Street analysts who follow the company. Websites like iFixit have become well known for their "teardowns" of the devices, where they purchase, take apart and analyze the way in which the device is made and how it differs from previous models. These teardowns are closely watched by analysts and can sometimes be catalysts for the stocks of iPhone component suppliers. CIRRUS: Barclays analyst Blayne Curtis says teardowns of Apple's iPhone 6S indicate Cirrus Logic secured both a smart codec and boosted amp win in the new phone. The company's content in each phone is likely towards the upper end of his $3.50-$4.00 estimate, Curtis tells investors, noting that he views this as better than expected. Curtis thinks the 6S content, coupled with the "several new growth drivers" Cirrus outlined at yesterday's technology day, could reverse the negative sentiment on the stock. He keeps an Overweight rating on the name with a $39 price target. OTHER WINNERS AND LOSERS: Skyworks and Qorvo saw their content rise 22% and 25% respectively, Curtis estimated. NXP Semiconductors (NXPI) is continuing to supply the NFC and Secure Element chips for the 6S devices, but is no longer providing the sensor hub, the analyst reported. The company will lose about 50c per iPhone as a result of this development, but it did know that it would no longer be providing the hub before it provided its guidance in July, according to Curtis. STMicroelectronics (STM) is no longer providing the secure MCU for the iPhone 6S, Curtis added. WHAT'S NOTABLE: Other companies that are supplying iPhone 6S components include Qualcomm (QCOM), Texas Instruments (TXN), and Avago (AVGO), iFixit reported. After conducting checks, Craig-Hallum analyst Anthony Stoss estimated that Skyworks will obtain about $6.50 of revenue per iPhone, up from about $5.50 previously, while Qorvo's revenue per device will rise to $6.25 from $5.75 and Avago will see its revenue per device increase to about $6.75 from about $6.50, Stoss believes. The firm kept Buy ratings on Skyworks, Avago, and Qorvo. PRICE ACTION: In morning trading, Cirrus shares jumped $4.36, or 16%, to $31.49, Skyworks added about 3% and Qorvo rose 4%. Meanwhile, NXP gained about 2% and STMicroelectronics advanced 2.5%.
10:48 EDTAMCXMorgan Stanley cautious on media, but sees several stocks punished too hard
Morgan Stanley cut its price targets on a number of media companies, citing the impact of cord cutting and skinny bundles. The firm also reduced its outlook for the pay-TV sector due to its belief that the adoption of skinny bundles will accelerate, while the outlook for cable TV ads has deteriorated slightly, given macro pressures. The firm kept a Cautious view on the media sector, but also identified several stocks in the space that it thinks have been punished too harshly by investors recently. WHAT'S NEW: TV networks in general, and cable networks in particular, have the highest margins in media and are encountering increased top and bottom line competitive pressures, Morgan Stanley analyst Benjamin Swinburne believes. On the top line, they are being hit by ratings and ad pressures as well as cord cutting and distribution consolidation, the analyst stated. Meanwhile, their profit is being hurt by the increased need to obtain new content and intensified competition for content from new sources like Netflix (NFLX) and Google's (GOOG) YouTube, Swinburne said. However, the analyst thinks that media stocks are "starting to get" cheap, given the leverage that many of the companies carry. Swinburne cuts his price target on 21st Century Fox (FOXA) to $31 from $37, on AMC Networks (AMCX) to $86 from $88, on CBS (CBS) to $46 from $56, on Time Warner (TWX) to $72 from $87 and on Viacom (VIAB) to $48 from $60. He kept Overweight ratings on Fox, AMC and CBS, an Equal Weight rating on Time Warner and an Underweight rating on Viacom. OVERDONE DECLINES: Swinburne believes that the declines in three media stocks - CBS, 21st Century Fox, and AMC Networks - have been overdone, while the decline in Comcast's (CMCSA) stock has also been excessive. CBS and 21st Century Fox are "best positioned for the skinny bundle" and have the cheapest valuations relative to their growth rates, Swinburne believes. Meanwhile, AMC Networks has "content momentum" and its EPS can exceed expectations, the analyst believes. Comcast is gaining share in the broadband Internet market, could take share in video soon, and has sufficient scale and offerings to benefit from the increased popularity of skinny bundles, according to the analyst, who kept an Overweight rating on the stock. The media sector could benefit from consolidation going forward, added Swinburne, who recommended that investors interested in buying potential takeover targets in the space focus on AMC Networks, MSG Networks (MSG) and Dreamworks Animation (DWA). He kept Overweight ratings on all three of those stocks. OTHERS TO WATCH: Besides Comcast, other pay TV companies include DISH Network (DISH) and Charter Communications (CHTR). PRICE ACTION: In early trading, Fox A shares lost 0.5% to $25.83, AMC fell 0.3% to $73.29, CBS added 0.2% to $41, Time Warner was little changed at $67.66 and Comcast A shares added 0.6% to $57.17.
10:00 EDTKLACOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: 3M (MMM) upgraded to Outperform from Neutral at Credit Suisse... ACE Limited (ACE) upgraded to Buy from Neutral at Goldman... Applied Materials (AMAT) upgraded to Buy from Outperform at CLSA... Autoliv (ALV) upgraded to Sector Perform from Underperform at RBC Capital... Bed Bath & Beyond (BBBY) upgraded to Market Perform at Telsey Advisory... Box (BOX) upgraded to Buy at Canaccord... Chevron (CVX) upgraded to Peer Perform from Underperform at Wolfe Research... CyberArk (CYBR) upgraded to Buy from Neutral at Nomura... Exelon (EXC) upgraded to Buy from Neutral at Guggenheim... General Growth (GGP) upgraded to Outperform from Market Perform at BMO Capital... Intel (INTC) upgraded on positive checks, developments at JMP Securities... KLA-Tencor (KLAC) upgraded to Outperform from Underperform at CLSA... Lam Research (LRCX) upgraded to Buy from Outperform at CLSA... Marvell (MRVL) upgraded to Buy from Hold at Craig-Hallum... Nike (NKE) upgraded on share gains at Sterne Agee CRT... Spirit Airlines (SAVE) upgraded to Outperform from Market Perform at Cowen... United Rentals (URI) upgraded to Neutral from Underperform at BofA/Merrill.
08:59 EDTADSKAutodesk, Workday, Veeva weakness present buying opportunities, says Canaccord
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08:24 EDTKLAC, KLACKLA-Tencor upgraded to Outperform from Underperform at CLSA
CLSA upgraded KLA-Tencor to Outperform with a $55 price target. Analyst Mark Heller said the Semicap Equipment sector is trading at the biggest discount to the S&P 500 since mid-2012. Heller expects KLA-Tencor to benefit from the ramp of 10nm at the foundries and also from the launch of its new Gen 5 inspection tool in 2016 and views downside as limited.
07:28 EDTAMGNAmgen receives CHMP positive opinions for two treatment options
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07:22 EDTAMGNEuropean Society for Medical Oncology to hold a conference
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