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February 4, 2013
12:16 EDTBRO, HUM, APKT, CS, CYBX, ORCL, YOKU, GCI, SONSOn The Fly: Midday Wrap
Stocks on Wall Street were sharply lower at midday, with the major averages giving back most or all of Friday's gains. The indices began the session deep in negative territory and remain that way near the lunch hour. There was little on the domestic economic calendar to account for the weakness, but some market participants were attributing the move to profit-taking following a strong start to the year along with political concerns resurfacing in Europe... ECONOMIC EVENTS: In the U.S., the ISM New York area reading of 56.7 was ahead of the expected reading of 53.0. A separate report showed factory orders increased 1.8% in December, versus an expected increase of 2.3%. In Europe, Spanish and Italian government bond yields rose following political developments in both countries. Spain's opposition Socialist Party called on Prime Minister Mariano Rajoy to resign over a corruption scandal, while in Italy former PM Silvio Berlusconi's popularity is seeing a resurgence, which may threaten the reforms implemented by the outgoing government. In Asia, a report over the weekend showed China's non-manufacturing PMI ticked up to 56.2 from 56.1 last month... COMPANY NEWS: Shares of Acme Packet (APKT) surged 22.2% and traded at the $29.25 price it agreed to in a deal to be acquired by Oracle (ORCL). Several companies offering solutions in the same technology area advanced as well, particularly Sonus Networks (SONS), which climbed over 13%. Meanwhile, Oracle slid a bit more than 2% following the deal announcement... Among companies reporting earnings this morning, Humana (HUM) advanced while Gannett (GCI) declined... MAJOR MOVERS: Among the notable gainers was Cyberonics (CYBX), which rallied 8% after a former employee dropped a lawsuit against the company. Also higher were shares of Brown & Brown (BRO), which rose 5.5% after it reported quarterly results after the bell Friday and was upgraded to Outperform at Raymond James this morning. Among the noteworthy losers were Youku Tudou (YOKU), which fell over 6% after Maxim downgraded shares to a Sell rating, and Credit Suisse (CS), down nearly 6% as well following an initiation of coverage with a Hold rating at Canaccord... INDICES: Near noon, the Dow was down 139.75, or 1.00%, to 13,870.04; the Nasdaq was down 41.09, or 1.29%, to 3,138.01; and the S&P 500 was down 15.94, or 1.05%, to 1,497.23.
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November 19, 2015
10:58 EDTHUMAnalysts say possible exchange exit positive for battered UnitedHealth
The shares of health insurer UnitedHealth (UNH) and a number of other companies in the sector are falling after the Dow member lowered its fiscal 2015 profit guidance, citing weakness in individual health insurance policies it markets through exchanges. WHAT'S NEW: UnitedHealth lowered its fiscal 2015 earnings per share guidance to $6 from $6.25-$6.35. Analysts' consensus estimate was $6.31. The company identified policies sold to individuals through exchanges as the culprit. UnitedHealth said it expects to lose 26c per share on these policies in 2015 and 2016. The insurer stated that its other businesses were performing in-line with expectations and showing strength. UnitedHealth said it has pulled back on its marketing efforts for individual exchange products in 2016 and indicated that it would consider offering fewer individual policies through exchanges in 2017. UnitedHealth provided fiscal 2016 EPS guidance of $7.10-$7.30, versus the consensus outlook of $7.28. ANALYST REACTION: Any weakness in UnitedHealth and other health insurers today on the news from UnitedHealth creates a strong buying opportunity, Leerink Swann analyst Ana Gupte wrote in a note to investors today. The government will either reform the exchanges to make them more profitable for the insurers or they will exit the market, Gupte predicted. Moreover, the downside risk for health insurers Aetna (AET), Anthem (ANTM), Humana (HUM), and Cigna (CI) from today's news are low, since their Q3 and 2016 outlooks already incorporated the negative trends cited by UnitedHealth, the analyst stated. Mizuho Securities analyst Sheryl Skolnick was more cautious, predicting that the news would "rattle" the health insurance sector. United Health is more "insulated" than its peers from the weakness of the exchanges because its exposure to the market is relatively limited and its business is more diversified than that of its peers, according to Skolnick, who kept a $150 price target and Buy rating on the stock. Meanwhile, Piper Jaffray analyst Sean Wieland says UnitedHealth reducing its exchange exposure should be accretive to shareholder value. The company's participation in exchanges is not essential to its growth strategy, according to Wieland. The issues cited for the guidance cut likely applies to all Managed Care companies, therefore UnitedHealth should outperform peers given its limited exposure to exchanges, contends Wieland, who reiterated an Overweight rating on the stock with a $149 price target. PRICE ACTION: In morning trading, UnitedHealth fell 4% to $112.49, Aetna declined 4.4% to $102.18, Humana gave back 2.4% to $167, Anthem fell 6.6% to $128.20, and Cigna slid 3.8% to $130.
10:23 EDTHUMUnitedHealth selloff on guidance presents buying opportunity, says Leerink
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07:46 EDTHUMOptions expected to be active; UNH AET ANTM CI WCG HUM HNT CNC
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November 18, 2015
14:05 EDTORCLOracle continues to believe Cloud will become bigger part of software offering
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10:29 EDTORCLOptions with increasing implied volatility
Options with increasing implied volatility: TERP CSC SGMS RH BBRY ULTA SNDK ORCL NKE VNET
November 16, 2015
10:30 EDTSONSSonus management to meet with Drexel Hamilton
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10:00 EDTORCLOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Alliant Energy (LNT) upgraded to Outperform from Market Perform at Wells Fargo... AmerisourceBergen (ABC) upgraded to Equal Weight from Underweight at Morgan Stanley... Amphenol (APH) upgraded to Buy from Neutral at Goldman... CA Technologies (CA) upgraded to Neutral from Sell at Citi... Cempra (CEMP) upgraded to Overweight from Equal Weight at Morgan Stanley... Edgewell Personal Care (EPC) upgraded to Neutral from Sell at Goldman... Eli Lilly (LLY) upgraded on improved growth outlook at BMO Capital... MiMedx (MDXG) upgraded to Strong Buy from Buy at Needham... NVIDIA (NVDA) upgraded to Buy from Hold at Canaccord... New York REIT (NYRT) upgraded to Buy from Hold at Evercore ISI... Oracle (ORCL) upgraded to Conviction Buy from Buy at Goldman... Perrigo (PRGO) upgraded to Buy from Neutral at UBS... Semtech (SMTC) upgraded to Buy from Neutral at B. Riley... Tullow Oil (TUWOY) upgraded to Buy from Neutral at UBS... Wabtec (WAB) upgraded to Outperform on valuatoin at Raymond James.
09:53 EDTORCLOracle rallies, levels to watch
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09:37 EDTORCLActive equity options trading on open
Active equity options trading on open: AAPL FB ORCL BAC SUNE FDX FCX EXPE NFLX MU AMZN INTC TSLA
07:23 EDTORCLOracle upgraded to Conviction Buy from Buy at Goldman
Goldman added Oracle to the Conviction Buy List and increased its price target to $47 from $45 on shares following checks that indicate cloud revenue growth will accelerate in second half 2016. Analyst Heather Bellini said investors continue to have concerns about management's cloud guidance but field work provides increasing confidence Oracle will be successful in achieving 2016 bookings targets and expects management to guide towards accelerating revenue growth and gross margin expansion in 2017. Bellini sees 2016 as a bottom in non-GAAP operating margins and expects the Street's focus to shift towards cloud execution, leading to multiple expansion.
November 13, 2015
08:06 EDTGCIJournal Media Group sees Q4 revenue down in high single digits
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November 12, 2015
16:11 EDTGCIUSA TODAY Sports Media Group, GPI enter into multi-year content partnership
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07:47 EDTCSCredit Suisse expected to begin job cuts in fixed income today, Reuters reports
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November 11, 2015
17:31 EDTBROBrown & Brown enters into ASR agreement for up to $75M in common stock
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14:34 EDTHUMAMA 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 EDTHUMAMA urges DOJ to block Humana, Aetna deal, Bloomberg says
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09:59 EDTORCLOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Amedisys (AMED) downgraded to Neutral from Buy at Mizuho... Apple Hospitality REIT (APLE) downgraded to Neutral from Buy at Ladenburg... BioCryst (BCRX) downgraded to Underperform from Neutral at BofA/Merrill... Boot Barn (BOOT) downgraded to Hold from Buy at BB&T... C1 Financial (BNK) downgraded to Market Perform from Outperform at Raymond James... Clarcor (CLC) downgraded to Market Perform from Outperform at Avondale... EMC (EMC) downgraded to Market Perform from Outperform at Wells Fargo... Eaton (ETN) downgraded on near-term challenges at Argus... Keurig Green Mountain (GMCR) downgraded to Negative from Mixed at OTR Global... Lennox (LII) downgraded to Neutral from Overweight at JPMorgan... Mediaset (MDIUY) downgraded to Hold from Buy at HSBC... MetLife (MET) downgraded to Equal Weight from Overweight at Morgan Stanley... Metaldyne Performance (MPG) downgraded to Equal Weight from Overweight at Barclays... Oracle (ORCL) downgraded to Equal Weight from Overweight at Morgan Stanley... Penn Virginia (PVA) downgraded to Hold from Buy at Canaccord... Rex Energy (REXX) downgraded to Market Perform from Outperform at Northland... Rice Energy (RICE) downgraded to Neutral from Buy at Goldman... Rockwell Automation (ROK) downgraded to Underperform from Outperform at CLSA... Sabra Health Care (SBRA) downgraded to Neutral from Buy at SunTrust... SanDisk (SNDK) downgraded to Market Perform from Outperform at Bernstein... Vestas Wind (VWDRY) downgraded to Hold from Buy at HSBC.
09:46 EDTCSCredit Suisse to begin U.K. trading layoffs Thursday, Bloomberg reports
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08:05 EDTORCLOracle downgraded to Equal Weight from Overweight at Morgan Stanley
Morgan Stanley analyst Keith Weiss downgraded Oracle to Equal Weight from Overweight and maintained his $45 price target on shares. Weiss said strong cloud bookings have failed to drive multiple expansion due to the long conversion into revenue growth. He also cites a larger than expected impact on earnings from the cloud transition and lack of visibility into the duration of those impacts. Additionally, the analyst said there are rising concerns about the core database business given the increasingly competitive environment. Weiss expects Oracle to deliver 10-12% total returns, inline with the market, and said shares need improvement from the cloud business and/or a robust database cycle to drive shares significantly higher.
06:49 EDTCSWells Fargo 'pleased' with status of Credit Suisse recruitment deal, WSJ says
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