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November 15, 2012
11:31 EDTCHA, TWC, HAL, PRU, BHI, ESRX, ANFOn The Fly: Analysts Upgrade Summary
Today's noteworthy upgrades include: Abercrombie & Fitch (ANF) upgraded to Buy from Neutral at Sterne Agee and to Neutral from Underperform at Credit Suisse...Prudential (PRU) upgraded to Top Pick from Outperform at RBC Capital...Time Warner Cable (TWC) upgraded to Overweight from Neutral at JPMorgan...Express Scripts (ESRX) upgraded to Buy from Neutral at Citigroup...Halliburton (HAL) upgraded to Buy from Underperform at CLSA...China Telecom (CHA) upgraded to Outperform from Neutral at Credit Suisse...Baker Hughes (BHI) upgraded to Buy from Outperform at CLSA.
News For ANF;PRU;TWC;ESRX;HAL;CHA;BHI From The Last 14 Days
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November 19, 2015
14:26 EDTANFAbercrombie & Fitch technical comments ahead of earnings
The shares have been trading in a sideways but wide range since March of this year. Shares ahead of earnings are currently trading below an important support level, $20, which has held for most of this sideways trading period. A move back above $20 on good news would be a technical positive that could see the highs of the recent range tested. The first resistance level of significance is at the 30-day moving average at $20.93. The 30-day has nearly flattened out in recent months, bisecting the range. Next resistance above the 30-day would be at $21.68, $22.25, and $23.25. If the news is bearish, the shares could drift to the low end of the range. First support would be at $18.74. Below that support, additional downside objectives may be at $17.60 and $16.56. The 52-week low is at $15.42.
13:29 EDTANFEarnings Watch: Abercrombie reports amid ongoing turnaround, CEO search
Abercrombie & Fitch (ANF) is scheduled to report third quarter earnings before the market open on Friday, November 20 with a conference call scheduled for 8:30 am ET. Abercrombie & Fitch is a retailer of casual apparel for men, women and kids. EXPECTATIONS: Analysts are looking for earnings per share of 22c on revenue of $864.65M, according to First Call. The consensus range for EPS is 7c-44c on revenue of $832.7M-$897M. LAST QUARTER: On August 26, Abercrombie & Fitch reported second quarter adjusted EPS of 12c on revenue of $817.8M, beating consensus estimates of (4c) and $811.46M, respectively. The company added that same store sales for Q2 were down 4% year over year. Abercrombie & Fitch also said that it expected same store sales trends to improve in the second half of the year, skewed towards the fourth quarter. NEWS: The company said in its Q2 earnings release that it planned to open 15 full-price stores in fiscal 2015 in China, Japan, and the Middle East, six full price stores in North America, and ten new outlet stores in the U.S. The retailer also said that it expected to close roughly 60 stores in the U.S. during the fiscal year through natural lease expirations. On its Q2 conference call, Abercrombie & Fitch said that its board was "deeply engaged" in its search for a new chief executive officer and that someone will be appointed to the role "in due time." The company added on the call that it was still making adjustments to prices at the Abercrombie brand. STREET RESEARCH: On August 27, Stifel upgraded Abercrombie to Buy from Hold and maintained a $24 price target following the company's upbeat Q2 results. A day later, RBC Capital upgraded the company's stock to Sector Perform from Underperform and raised its price target to $20 from $17, saying that the fundamentals of the Hollister unit are improving while revenue was showing signs of rebounding. On September 24, Standpoint Research downgraded Abercrombie & Fitch to Hold from Buy. On October 19, Wunderlich upgraded the company's shares to Hold from Sell with a $21 price target, saying that there were signs of a business turnaround. On November 19, Susquehanna reiterated a Positive rating and $26 price target on the retailer's stock, saying it believes the company is well positioned for the holiday season. PRICE ACTION: Abercrombie & Fitch shares are flat at $19.75 in afternoon trading ahead of tomorrow's earnings report. The stock is up about 12.5% over the past three months.
08:38 EDTANFAbercrombie & Fitch well positioned for holidays, says Susquehanna
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05:09 EDTBHIStocks with implied volatility movement; BHI SUNE
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November 18, 2015
15:40 EDTESRXCongressman says U.S. may need look at pharmacy competition, dealReporter says
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08:37 EDTBHI, HALBaker Hughes has superior risk/reward ratio, says BMO Capital
BMO Capital believes that Baker Hughes (BHI) has one of the best risk/reward ratios in its coverage universe. The firm thinks the stock will rise 25% if its acquisition by Halliburton closes, and fall only 9%-14% in the medium term if the deal falls through. BMO now sees an 80% chance of the deal closing, up from 70% previously.
November 17, 2015
14:46 EDTANFAbercrombie & Fitch volatility elevated into Q3 and outlook
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13:03 EDTTWCTime Warner Cable management to meet with Jefferies
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10:17 EDTESRXHouse Judiciary Committee to hold a hearing
The Subcommittee on Regulatory Reform, Commercial and Antitrust Law holds a hearing entitled, "The State of Competition in the Pharmacy Benefit Manager and Pharmacy Marketplaces" with Vice President Bricker of Express Scripts and Senior Vice President Pons of CVS Health on November 17 at 3 pm. Webcast Link
November 16, 2015
17:10 EDTTWCSoros took stake in Paypal, liquidated Herbalife stake
Soros Fund Management gave a quarterly update on its stakes in a filing this afternoon. NEW STAKES: Paypal (PYPL), CIT Group (CIT), Schlumberger (SLB), Kraft Heinz (KHC), and Amazon (AMZN). INCREASED STAKES: Allergan (AGN), Lions Gate (LGF), Energen (EGN), Southwest Airlines (LUV), and Qunar Cayman Islands (QUNR). DECREASED STAKES: LyondellBasell (LYB), YPF (YPF), Time Warner Cable (TWC), Dow Chemical (DOW), and Monsanto (MON). LIQUIDATED STAKES: Herbalife (HLF), Lennar (LEN), DR Horton (DHI), United Continental (UAL), and Nice Systems (NICE).
09:06 EDTESRXDiplomat 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%.
06:18 EDTESRXDiplomat Pharmacy selloff brings 'compelling' entry point, says Leerink
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November 15, 2015
12:59 EDTBHI, HALBaker Hughes shares could gain, lose 30% on merger verdict, Barron's says
Shares of Baker Hughes (BHI) could gain 27% if its combination with Halliburton (HAL) gains regulatory approval, but "there is too much uncertainty" to take that bet, as a negative verdict on the merger could send Baker plunging 20%-30%, Barron's contends in a 'Trader Extra' column. Investors searching for less risky arbitrage deals may instead take a look at Berkshire Hathaway's (BRK.A, BRK.B) offer for Precision Castparts (PCP), argues the publication. Reference Link
November 13, 2015
17:04 EDTTWCThird Point gives quarterly update on stakes
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13:04 EDTBHIBaker Hughes reports U.S. rig count down 4 to 767 rigs
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08:23 EDTTWCSeaport Global to hold a conference
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November 12, 2015
19:41 EDTTWCAT&T, Verizon ask FCC to limit Charter/Time Warner Cable merger, Bloomberg says
A trade group for AT&T (T) and Verizon (VZ) petitioned the FCC to limit Charter's (CHTR) coordination with other cable companies if the merger with Time Warner Cable (TWC) is allowed to proceed, reports Bloomberg. USTelecom also asked the FCC for restrictions on John Malone, Charter's largest shareholder. Reference Link
19:29 EDTTWCDISH files reply with FCC on proposed Charter/Time Warner Cable merger
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10:08 EDTTWCCharter CEO says confident in getting approval for Time Warner Cable deal
Charter CEO Tom Rutledge is speaking on CNBC.
05:23 EDTESRXStocks with implied volatility movement; HZNP ESRX
Stocks with implied volatility movement; Horizon Pharma (HZNP) 123, Express Scripts (ESRX) 32 according to iVolatility.
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