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December 19, 2012
10:10 EDTJAH, TGT, PWR, ONXX, HIG, TESO, SWN, QEP, HST, GWAY, YELP, AMTD, PBY, EGN, BIDU, EQT, BCR, SCHW, ATRSOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Antares Pharma (ATRS) initiated with a Buy at Jefferies... Baidu (BIDU) initiated with a Sell at Maxim... C.R. Bard (BCR) initiated with an Outperform at JMP Securities... Charles Schwab (SCHW) coverage assumed with an Outperform at William Blair... EQT Corporation (EQT) initiated with a Buy at Societe Generale... Energen (EGN) initiated with a Buy at Wunderlich... Greenway Medical (GWAY) initiated with a Market Perform at Wells Fargo... Hartford Financial (HIG) initiated with a Buy at MKM Partners... Host Hotels (HST) initiated with a Hold at Sandler O'Neill... Jarden (JAH) initiated with an Overweight at JPMorgan... Onyx Pharmaceuticals (ONXX) initiated with a Buy at UBS... Pep Boys (PBY) coverage transferred with a Hold at Stifel Nicolaus... QEP Resources (QEP) initiated with a Buy at Guggenheim... Quanta Services (PWR) initiated with a Buy at UBS... Southwestern Energy (SWN) initiated with a Buy at Societe Generale... TD Ameritrade (AMTD) initiated with an Outperform at William Blair... Target (TGT) initiated with a Hold at Stifel Nicolaus... Tesco (TESO) re-initiated with a Buy at Sidoti... Yelp (YELP) initiated with a Market Perform at Northland Securities.
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July 20, 2015
10:43 EDTYELPZillow slides to 52-week low after Barclays cuts to sell
The shares of Zillow (Z) are falling after Barclays downgraded the stock to Underweight, the firm's equivalent of a "Sell" rating, citing increased competition in the "local" segment of the Internet market. Zillow's websites advertise homes that are up for sale. WHAT'S NEW: In a note to investors earlier today, Barclays analyst Christopher Merwin wrote that, heading into second quarter results, he does not recommend Internet stocks that have been "challenged" and have relatively "cheap" valuations. These valuations are only "cheap" based on consensus estimates that are probably too high, the analyst believes. Based on that criteria, he downgraded Zillow to Underweight from Equal Weight. He also used the same criteria to downgrade Yelp (YELP), whose website features user reviews of local businesses, to Equal Weight from Overweight. Both companies are facing an "atypical level" of competition, driven by a favorable venture capital funding environment, Merwin indicated. The competition has driven down the companies' multiples, he believes. WHAT'S NOTABLE: Merwin recommended that investors buy the shares of small and mid cap Internet companies whose estimates are just beginning to be revised upwards by analysts. He identified IAC (IACI), which owns several dating websites, as one stock in this category. IAC should benefit from increased monetization of its popular Tinder dating app and the stabilization of its core dating websites, the analyst contended. Also poised for further positive estimate revisions are video game makers Electronic Arts (EA) and Activision Blizzard (ATVI), Merwin believes. The companies' increased revenue from digital games should mitigate the risk they face from slowing software growth as sales of new consoles slow, the analyst believes. He noted that 50% of both companies' revenue are now generated from digital games and identified Electronic Arts and Activision Blizzard as two of his top ideas. PRICE ACTION: In morning trading, Zillow fell 5% to $79 after hitting a 52-week low of $76.82 earlier in the session. Meanwhile, Yelp slid 1.6% to $34.40, IAC fell fractionally to $83.83, Electronic Arts added about 1% to $74.15 and activision Blizzard rose 0.5% to $25.93.
10:00 EDTYELPOn The Fly: Analyst Downgrade Summary
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09:52 EDTYELPYelp August volatility elevated as shares trend lower
Yelp July weekly call option implied volatility is at 49, August is at 69; compared to its 52-week range of 38 to 81, suggesting large August price movement.
09:42 EDTYELPYelp hits a new 52-week low, levels to watch
Shares are down over 3.8% to $33.62 at time of writing. At that price next support is at $33.35, the new low, and then at $32.88. Resistance is at $34.62. Barclays downgraded the stock to Equal Weight and cut its price target to $36.
09:22 EDTYELPOn The Fly: Pre-market Movers
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09:16 EDTHIGThe Hartford names Morris Tooker Chief Underwriting Officer
The Hartford has named A. Morris “Mo” Tooker as EVP and chief underwriting officer for the company’s property and casualty businesses, effective July 21. Tooker will report to Doug Elliot, president of The Hartford. Tooker will oversee underwriting across The Hartford’s Small Commercial, Middle Market, Large Commercial and Personal Lines segments. He will lead development of the company’s underwriting approach for new markets and growth areas.
05:44 EDTYELPZillow Group downgraded to Underweight from Equal Weight at Barclays
Barclays analyst Christopher Merwin downgraded Zillow Group (Z) to Underweight saying competition is increasing in local. Underweight is Barclays' equivalent to a sell rating. The real estate and rental marketplace owner closed Friday at $83.27. Merwin believes consensus growth estimates are likely too high heading into Zillow's Q2 results and cut his price target for the stock to $70 from $90. The analyst this morning also downgraded Yelp (YELP) to Equal Weight for similar reasons. His top U.S. Internet picks heading into Q2 earnings season are IAC (IACI), Activision Blizzard (ATVI) and Electronic Arts (EA). Merwin thinks Activision and Electronic Arts will receive more than half of their 2015 revenue from digital.
05:37 EDTYELPYelp downgraded to Equal Weight from Overweight at Barclays
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July 19, 2015
18:13 EDTTGTMacy's considered, rejected sale/lease-backs in past, WSJ says
Macy's (M) executives have considered sale/lease-backs "over the years" and have come to negative conclusions, reports the Wall Street Journal, citing people familiar with the company. The report comes in the wake of Starboard Value pressuring Macy's to spin off its real estate, and sources said the activist investor sees several options, including a REIT, a Hudson’s Bay’s-style real estate partnership, a sale/lease-back, or borrowing money against the properties. Separately, a source said Target (T) is still reluctant to relinquish control over its real estate. Reference Link
July 17, 2015
08:04 EDTSCHWCharles Schwab to host business news update conference call
Conference call will be held on July 24 11:30am. Webcast Link
06:11 EDTJAHJarden 16M share Secondary priced at $54.50
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July 16, 2015
09:08 EDTSCHWOn The Fly: Pre-market Movers
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08:54 EDTHIGBofA/Merrill U.S. life insurance analyst holds analyst/industry conference call
U.S. Life Insurance Analyst Weiss, along with Jill Hoffman, VP of Government Affairs and Felicia Smith, VP & Senior Counsel for Regulatory Affairs from the Financial Services Roundtable, discuss the Labor Department's recent proposal to impose fiduciary standards on the sale of retirement products on an Analyst/Industry conference call to be held on July 20 at 11 am.
08:50 EDTSCHWCharles Schwab CEO: Company gathered $37B of core net new assets in Q2
CEO Walt Bettinger said, “Our contemporary full-service investing model continues to appeal to clients and prospects, and helped us achieve strong quarterly operating results in the face of sideways equity markets and continuing low interest rates. We gathered $37B of core net new assets, the highest second quarter in our history, and maintained a 6% annualized organic growth rate despite seasonal tax outflows in April. Clients opened 280,000 new brokerage accounts, up 16% year-over-year and another second quarter record. Total client assets were $2.54T at quarter-end, up 6% from a year ago. Client assets under the guidance of a registered independent advisor or enrolled in one of our retail or other advisory solutions also rose 6% year-over-year, to $1.26T. At month-end June, we were serving 9.6M brokerage accounts, 1M banking accounts, and 1.5 million retirement plan participants, up 4%, 6% and 10%, respectively, from the second quarter of 2014.”
08:50 EDTSCHWCharles Schwab reports Q2 balance sheet assets $122.4B, up 18%
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08:47 EDTSCHWCharles Schwab reports Q2 EPS 25c, consensus 24c
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07:55 EDTHIGHartford shares could be worth $55 in a takeout, says Citi
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06:33 EDTJAHJarden announces offering of 14M shares of common stock
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06:31 EDTYELPBlue Calypso announces favorable 'Markman' rulings at District Court
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06:23 EDTJAHJarden sees Q2 revenue about $2B, consensus $1.96B
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