|January 22, 2013|
|10:00 EDT||MTRX, NXY, VIP, APKT, STT, BMRN, MHK, GDP, RIMM, BKYF, WCC, PCP, ASML, VIAB||On The Fly: Analyst Upgrade Summary|
Today's noteworthy upgrades include: ASML (ASML) upgraded to Buy from Hold at ABN Amro... ASML (ASML) upgraded to Hold from Sell at Deutsche Bank... Bank of Kentucky (BKYF) upgraded to Outperform from Neutral at RW Baird... Goodrich Petroleum (GDP) upgraded to Outperform from Market Perform at BMO Capital... Precision Castparts (PCP) upgraded to Buy from Neutral at UBS... Research in Motion (RIMM) upgraded to Outperform from Sector Perform at Scotia Capital... Viacom (VIAB) upgraded to Buy from Neutral at Goldman... VimpelCom (VIP) upgraded to Overweight from Neutral at HSBC... WESCO (WCC) upgraded to Outperform from Neutral at Credit Suisse... Mohawk (MHK) upgraded to Outperform from Sector Perform at RBC Capital... State Street (STT) upgraded to Neutral from Underweight at JPMorgan... Nexen (NXY) upgraded to Hold from Sell at Canaccord... BioMarin (BMRN) upgraded to Buy from Hold at Stifel Nicolaus... Acme Packet (APKT) upgraded to Outperform from Market Perform at Northland Securities... Matrix Service (MTRX) upgraded to Overweight from Equal Weight at Stephens.
News For ASML;BKYF;GDP;PCP;RIMM;VIAB;WCC;VIP;MHK;STT;NXY;BMRN;APKT;MTRX From The Last 14 Days
|September 29, 2015|
|08:07 EDT||MHK||Mohawk has reached attractive entry point, says SunTrust|
SunTrust notes that Mohawk's stock has fallen to its lowest level since the spring. The firm thinks that the decline in the stock has created a buying opportunity.
|September 28, 2015|
|16:13 EDT||BMRN||BioMarin enrolls first patient in Phase 1/2 trial of BMN 270 for hemophilia|
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|07:25 EDT||GDP||Johnson Rice to hold a conference|
2015 Johnson Rice Energy Conference is being held in New Orleans, Louisiana on September 28-30.
|September 25, 2015|
|10:48 EDT||VIAB||Morgan 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.
|07:22 EDT||BMRN||European Society for Medical Oncology to hold a conference|
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|September 24, 2015|
|09:58 EDT||STT||State Street selected by Department of Finance Canada as collateral manager|
State Street announced that it has been selected by the Department of Finance Canada to act as collateral manager and custodian for the Government of Canada's currency swap program.
|September 23, 2015|
|08:26 EDT||BMRN||BioMarin October volatility increases on wide-price movement|
BioMarin October call option implied volatility is at 56, November is at 50; compared to its 52-week range of 33 to 64, suggesting large near term price movement.
|06:29 EDT||BMRN||Orphan drug pricing concerns overdone, says Leerink|
Leerink analyst Joseph Schwartz says his firm's Orphan Drug Payor survey contrasts with the recent bearish investor sentiment over the orphan drug business model. The survey of 30 payors indicates that the reimbursement landscape "remains highly favorable" for commercially insured patients and is able to withstand potential weakness caused by proposed changes to Medicare pricing, Schwartz tells investors in a research note. His analysis suggests a "surprisingly limited" impact to valuations of orphan drug companies should Medicare patients receive drug discounts. Schwartz views the pricing concerns stemming from Hillary Clinton's plan to combat high drug prices as overdone. He reiterates Outperform ratings on AMAG Pharmaceuticals (AMAG), BioMarin (BMRN), Raptor Pharmaceuticals (RPTP) and Retrophin (RTRX).
|September 22, 2015|
|20:02 EDT||BMRN||Clinton vows $250 cap on monthly drug costs in blast against biotechs, insurers|
Democratic presidential candidate Hillary Clinton railed against biotech companies as well as health insurers at a community health care forum in Iowa on Tuesday. Clinton began her speech by praising the Affordable Care Act, but quickly noted that she wants to strengthen it due to what she called the rising cost of prescription drugs. She explained, "Our pharmaceutical and biotechnology industries deserve credit... [But] too often, these drugs cost a fortune. Now, sometimes there is a good reason for that. Scientific breakthroughs are often the result of major investment... so it may makes sense, for a short period of time, to have to charge a lot of money for a drug. But when a drug has no competition, when there aren't any other treatments that can do what it does, pharmaceutical companies can charge astronomical fees far beyond anything that it would take to recoup their investment, and far beyond what they charge consumers anywhere else in the world outside of America." Referencing the recent criticism against Turing Pharmaceuticals, Clinton went on to say that "pharmaceutical companies that acquire an existing affordable drug that people rely on, and then turn around and charge a fortune for it, [are just betting] on the fact that desperate people will find some way to pay for it." Preemptively responding to questions of whether greater regulation will dampen investment, Clinton commented that "some people worry that my proposals will threaten innovation, but I have designed a plan that will do exactly the opposite... Under my plan, drug companies that want to keep getting federal support will have to redirect more of their profits into meaningful investments in research and development." Clinton also criticized incremental drug improvements, saying that "too often, so-called new drugs are really old drugs that have just been tweaked a little bit, but then they're marketed as breakthrough drugs and they're sold for high prices." The Democratic candidate went on to condemn advertising in the drug industry, remarking that "I also want to tackle direct to consumer advertising... Other countries ban these ads because they are so often misleading. But at the very least, we shouldn't be encouraging them with corporate write-offs... Under my plan, we will instead use that taxpayer money to fund innovation... I would also like to make sure any ads the drug industry does run are approved by the FDA." Moving more broadly onto Medicaid and health insurers, Clinton stated, "I believe Medicare should be able to negotiate for lower prices for its members... I will require drug companies to provide higher rebates for prescription drugs to low income Medicare patients, just like they have to do for Medicaid patients... I think the insurance companies need to be put on notice." Providing more concrete details of her plan, Clinton concluded, "I will cap out of pocket drug costs for working families. You won't have to pay more than $250 a month for covered medications... Particularly for people who have a chronic illness. Also under my plan, you will be able to import cheaper drugs from other countries legally. If the medicine you need costs less in Canada, you should be able to buy it from Canada or any other country that meets our safety standards... I will also make sure we have more generics on the market [by boosting funding for] the FDA's office of generic drugs."
|17:35 EDT||BMRN||Hillary Clinton vows to cap out-of-pocket drug costs at $250 per month|
Presidential candidate Hillary Clinton said in a tweet that, "Under my plan, I'll cap out-of-pocket drug costs for families. You won't have to pay more than $250/month for covered medications." Reference Link
|08:23 EDT||BMRN||Analysts say buy select biotech stocks ahead of Clinton drug plan|
Ahead of Presidential candidate Hillary Clinton laying out her plan to tackle "price gouging" in the specialty drug market at an event in Iowa later today, analysts at research firms Jefferies and Piper Jaffray are recommending select biotech stocks that they view as buys amid the weakness in the space. DEBATE: Biotech stocks broadly declined yesterday, with the NASDAQ Biotechnology index (IBB) sliding roughly 4.4%, after privately-held Turing Pharmaceuticals made headlines by enacting a 5,000% price increase on a 62-year-old drug that fights complication of AIDS and cancer. Furor around the sudden price hike for Turing's Daraprim reignited 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. The news also follows Presidential candidate Bernie Sanders issuing a letter in August to Valeant (VRX) and Pfizer's (PFE) Hospira, in which he requested information on the "enormous" price increases of two drugs Valeant acquired earlier in the year. Presidential candidate Hillary Clinton sent the debate to center stage yesterday by criticizing the "outrageous" prices of specialty drugs and promising to lay out a plan today to tackle "price gouging" in the specialty drug market. Clinton's proposal, which she'll outline in a speech in Iowa later today, would force pharmaceutical companies to reinvest their profits into research, allow for more generic and imported drugs and allow Medicare to negotiate lower drug costs and cap out-of-pocket expenses, according to details of the plan shared with USA Today. Zeke Emanuel, chair of medical ethics and health policy at the University of Pennsylvania, appeared on Nightly Business Report to discuss the problem of high drug prices and his suggested solutions. During his interview, Emanuel contended that giving Medicare the ability to negotiate drug prices may drive up prices for everyone else. DEFENSES: The Jefferies Biotechnology research team, led by Brian Abrahams, Eun Yang and Biren Amin, say their Washington D.C. consultants indicate the recent political rhetoric around drug pricing is unlikely to result in any substantive future policy changes that would impact biotech sector fundamentals. As such, they recommend using yesterday's selloff to buy select companies including Celgene (CELG), BioMarin (BMRN) and Alkermes (ALKS). Pricing concerns are nothing new, and will likely continue to be a headwind for the sector, the analysts tell investors in a research note. Hillary Clinton's proposal to combat drug pricing is likely to include "some combination of old and tried policies that have been out there for a few years," they write. The analysts also like shares of AMAG Pharmaceuticals (AMAG), Alder Biopharmaceuticals (ALDR) and Cempra (CEMP). Meanwhile, Piper Jaffray analyst Edward Tenthoff recommends buying shares of Vertex Pharmaceuticals (VRTX) following yesterday's selloff. Tenthoff believes that drugs like Vertex's Orkambi will maintain premium pricing because of the disease modifying value to patients and payors. Orkambi is approved to treat cystic fibrosis in patients 12 years and older. The analyst reiterates an Overweight rating on Vertex with a $163 price target. DOWNGRADE: Brean Capital analyst Difei Yang downgraded Horizon Pharma (HZNP) to Hold saying "unsettling recent developments" make the stock's premium valuation no longer justified. The public discussion on high drug prices is a negative for the company while its attempt to acquire Depomed (DEPO) is unlikely to result in a completed deal, Yang tells investors in a research note. Further, Horizon's prescription trends are showing weakness, said Yang, who views the stock as more risky than in the past. PRICE ACTION: Horizon closed yesterday down $2.93, or 9.2%, at $28.99, while Vertex dropped $5.97, or 4.8%, to $118.19. A number of the biggest stocks in biotechnology were also weak yesterday, with Gilead sliding about 2.5%, Amgen (AMGN) dropping 2.3%, Celgene declining 2.8% and Biogen (BIIB) falling more than 5.5%.
|08:00 EDT||BMRN||Jefferies sees buying opportunities in select biotech names|
Analysts at Jefferies say their Washington D.C. consultants indicate the recent political rhetoric around drug pricing is unlikely to result in any substantive future policy changes that would impact biotech sector fundamentals. As such, they recommend using yesterday's selloff to buy select companies including Celgene (CELG), BioMarin (BMRN) and Alkermes (ALKS). Pricing concerns are nothing new, and will likely continue to be a headwind for the sector, the analysts tell investors in a research note. Hillary Clinton's proposal to combat drug pricing is likely to include "some combination of old and tried policies that have been out there for a few years," they write. The analysts also like shares of AMAG Pharmaceuticals (AMAG), Alder Biopharmaceuticals (ALDR) and Cempra (CEMP). The Jefferies Biotechnology research team is led by Brian Abrahams, Eun Yang and Biren Amin.
|September 21, 2015|
|13:31 EDT||VIAB||After Emmys, analyst sees 'growing threat' to established content creators|
Netflix (NFLX), Time Warner (TWX), and Viacom (VIA) shares fell in midday trading following last night's Emmy Awards, while Amazon (AMZN) climbed. An analyst called the combined nominations for Netflix and Amazon a an indication that emerging over-the-top streaming services have become a "growing threat to the establishment." WHAT'S NEW: HBO, a Time Warner network, dominated the 67th Annual Emmy Awards, walking away with 43 awards overall, including 29 Creative Emmys, while Netflix won four awards, as did Viacom's Comedy Central. Amazon, meanwhile, achieved its first-ever Emmy wins with five total awards. Following HBO's performance at the annual awards show, Netflix Chief Executive Officer Reed Hastings tweeted: "Congrats @HBO on supporting so much Emmy-winning talent. Your leadership of great television is inspiring." Netflix was nominated for 34 awards, while Amazon was nominated for 12. STREET RESEARCH: Cantor Fitzgerald analyst Youssef Squali said that while Netflix's four Emmys this year was "somewhat disappointing" considering last year's seven, the service's performance at the awards show was "notable," particularly since the company has long been underestimated by bigger and more established content creators. Squali said that the combined 46 nominations for both Netflix and Amazon is a "clear indication" that emerging over-the-top streaming services have become a "growing threat to the establishment" and that it's "a matter of time" before such services begin to rival and possibly exceed their "linear cousins." The analyst sees Netflix gaining strong momentum heading into the second half of fiscal 2015 and 2016 and reiterated a Buy rating on the company's stock with a $125 price target. PRICE ACTION: Netflix shares are down 1.95% to $100.62 in afternoon trading. Meanwhile, Time Warner is down 0.29% to $69.44, Viacom is down 2.42% to $45.58, and Amazon is up 0.94% to $545.32.
|13:17 EDT||BMRN||RBC reminds biotech investors that Republicans still control Congress|
RBC Capital analyst Michael Yee notes that biotech indices are under pressure after Hillary Clinton tweeted about an upcoming plan to fight specialty drug pricing. The news follows a Wall Street Journal story about a private company dramatically increasing the price of their drug and another confirmed progressive multifocal leukoencephalopathy case for Biogen (BIIB), Yee tells investors in an intraday research note. Next year's election is likely to turn up the noise around drug pricing, creating headline risk for the biotech space, the analyst cautions. However, he reminds investors that Republicans control Congress, making it unlikely that "anything material" will get signed into law. Biotech names moving lower in today's trading include Biogen, AbbVie (ABBV), Gilead (GILD), Alkermes (ALKS), BioMarin (BMRN), Amicus (FOLD) and PTC Therapeutics (PTCT).
|13:01 EDT||VIAB||Viacom to cut back on primetime commercials in October, Variety reports|
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|10:00 EDT||PCP||On The Fly: Analyst Downgrade Summary|
Today's noteworthy downgrades include: AB InBev (BUD) downgraded to Sector Perform from Outperform at RBC Capital... Aircastle (AYR) downgraded to Underperform from Buy at BofA/Merrill... Atmel (ATML) downgraded to Hold from Buy at Craig-Hallum... Boston Properties (BXP) downgraded to Neutral from Buy at Mizuho... Buenaventura (BVN) downgraded to Neutral from Outperform at Credit Suisse... CARBO Ceramics (CRR) downgraded to Underperform from Sector Perform at Iberia... Cameron (CAM) downgraded to Sector Perform from Outperform at Iberia... D.R. Horton (DHI) downgraded to Hold from Buy at Deutsche Bank... General Finance Corp (GFN) downgraded on pricing pressures at Oppenheimer... Greenbrier (GBX) downgraded to Market Perform from Outperform at Wells Fargo... HCP (HCP) downgraded to Sell from Neutral at Goldman... Helmerich & Payne (HP) downgraded to Sector Perform from Outperform at Iberia... ImmunoGen (IMGN) downgraded to Underweight on IMGN 853 risk at Morgan Stanley... Janus Capital (JNS) downgraded to Underweight from Equal Weight at Morgan Stanley... Key Energy (KEG) downgraded to Sector Perform from Outperform at Iberia... Melco Crown (MPEL) downgraded to Underperform from Neutral at Macquarie... Olympic Steel (ZEUS) downgraded to Sector Weight from Overweight at KeyBanc... Potash (POT) downgraded to Underperform from Neutral at Macquarie... Precision Castparts (PCP) downgraded following acquisition at RBC Capital... Rocky Brands (RCKY) downgraded to Neutral from Buy at B. Riley... Sirona Dental (SIRO) downgraded to Equal Weight from Overweight at Stephens... Tribune Publishing (TPUB) downgraded to Underperform from Neutral at Macquarie... Trinity Industries (TRN) downgraded on lower growth outlook at Wells Fargo... Waddell & Reed (WDR) downgraded to Underweight from Equal Weight at Morgan Stanley... WisdomTree (WETF) downgraded to Equal Weight from Overweight at Morgan Stanley... ZS Pharma (ZSPH) downgraded to Equal Weight on valuation at Morgan Stanley.
|09:14 EDT||VIAB||Netflix CEO congratulates HBO on Emmy dominance|
Netflix (NFLX) CEO Reed Hastings tweeted out: "Congrats @HBO on supporting so much Emmy-winning talent. Your leadership of great television is inspiring." Time Warner's (TWX) HBO dominated the Emmy awards ceremony with 43 awards over all, including 29 Creative Emmys last week. Viacom's (VIA) Comedy Central, with four wins, was the network with the second-highest number of awards last night. Meanwhile, Hastings' won Netflix won four awards and Amazon (AMZN) earned its first-ever Emmy wins with two awards for its series "Transparent." Reference Link
|07:36 EDT||BMRN||BioMarin, Dr. Reddy's Labs reach settlement over Kuvan generic|
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|07:26 EDT||PCP||Precision Castparts downgraded following acquisition at RBC Capital|
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|06:32 EDT||PCP||Precision Castparts downgraded to Sector Perform from Outperform at RBC Capital|