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January 16, 2014
09:12 EDTUNH, SRPT, APO, YHOO, HPQ, AMRN, AMGN, NUS, CEC, JCP, BBY, CSX, ILMN, BLK, SCHW, COn The Fly: Pre-market Movers
UP AFTER EARNINGS: Charles Schwab (SCHW), up 3%... BlackRock (BLK), up 1.5%. ALSO HIGHER: CEC Entertainment (CEC), up 13% after acquired by Apollo (APO) affiliate for $54 per share... HP (HPQ), up 2% after upgraded at BofA Merrill Lynch... Sarepta Therapeutics (SRPT), up 16% after announcing that data from a study of eteplirsen demonstrates continued stability in walking test... Illumina (ILMN), up 4.8% after in agreement with Amgen (AMGN) to develop oncology companion diagnostic test. DOWN AFTER EARNINGS: Citigroup (C), down 2.6%... CSX (CSX), down 6%.... UnitedHealth (UNH), down 0.5%. ALSO LOWER: Best Buy (BBY), down 30% after reporting domestic Holiday same-store sales fell 0.9%... Yahoo (YHOO), down 2% after COO Henrique de Castro to leave company effective January 16 after reportedly clashing with CEO Mayer... J.C. Penney (JCP), down 3.9% after announcing plans to close 33 underperforming stores and cut 2K jobs... after reporting earnings and revenue that just slightly missed estimates... Nu Skin (NUS), down 16.3% after responding to People's Daily article that called it a "pyramid scheme"... Amarin (AMRN), down 9.6% after the FDA delayed its ANCHOR SPA appeal, shares downgraded at MKM Partners.
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September 24, 2015
10:13 EDTBLKHigh option volume stocks
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09:36 EDTHPQGabelli continues to believe Stratasys is a strategic fit for Hewlett-Packard
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07:10 EDTCBanks clash with regulators over energy lending, WSJ reports
Banks are fighting with regulators over loan reviews that might compress the flow of net credit to the oil patch, the Wall Street Journal reports. The disagreement is focused on the narrow issue of loans secured by oil and gas companies' reserves, but it highlights the point of how postcrisis regulation of the financial industry impacts sectors outside of Wall Street, the report says. Caught in between banks and regulators are the small and medium exploration and production companies that rely on credit lines using their energy reserves as collateral, the report says. Publicly traded companies in the space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
September 23, 2015
13:41 EDTCCiti to close remaining 17 branches in Massachusetts, Boston Globe reports
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10:24 EDTSRPTOptions with increasing implied volatility
Options with increasing implied volatility: SNCR PTCT SRPT AMZN CREE CMG ISRG QLIK SNKD BIIB JNPR
09:05 EDTAMGNAmgen and Allergan's lung cancer biosimilar candidate meets Phase 3 endpoints
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07:08 EDTJCPJ.C. Penney names John Tighe chief merchant
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06:37 EDTJCPJ.C. Penney seeks new chief merchant to replace Sweney, WSJ reports
J.C. Penney is searching for a new chief merchant, The Wall Street Journal reports, citing sources familiar with the matter. The new executive would replace Elizabeth Sweney, who has held the role since 2012. It is unclear whether the new chief merchant would be an internal or external candidate, but one source says that an announcement relating to the role will be made "early Wednesday morning." Reference Link
06:32 EDTHPQHP's employee shift ultimatum not going as planned, Business Insider reports
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05:30 EDTBBYStocks with implied volatility below IV index mean; LULU BBY
Stocks with implied volatility below IV index mean; lululemon (LULU) 38, Best Buy (BBY) 32 according to iVolatility.
September 22, 2015
20:02 EDTUNH, AMGNClinton 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 EDTAMGNHillary 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
16:00 EDTCOptions Update; September 22, 2015
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12:14 EDTHPQOn The Fly: Top stock stories at midday
Stocks began the session deep in negative territory and have remained there throughout the morning. There has been little in the way of buying as the downward pressure in the market has not shown any sign of letting up. There is also little in the way of explanation as to why the market is so weak other than continued disappointment in the Fed's interest rate decision and the ongoing concern over China's economic growth. ECONOMIC EVENTS: In the U.S., the FHFA home price index rose 0.6% to 224.5 in July, which was better than the 0.4% rise that was expected. The Richmond Fed factory index fell to -5 in September, versus the reading of 2 that was expected. COMPANY NEWS: Shares of Groupon (GRPN) slumped 2.5% after the online and mobile deal provider said it plans to cut more than 1,000 jobs relating primarily to the company's international operations. The news is the latest in a recent run of job cut announcements, after HP Enterprise said last week that it expects 25,000-30,000 people to leave the company and Johnson Controls (JCI) recently announced plans to reduce its global salaried workforce by as many as 3,000 people... Lloyd Blankfein, Goldman Sachs (GS) chairman and CEO, disclosed that he was told by doctors that he has 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. MAJOR MOVERS: Among the notable gainers was Weatherford (WFT), which rose 9.6% after stating that it has decided not to pursue its previously announced concurrent public offerings of ordinary shares of the company and mandatorily exchangeable subordinated notes. Also higher was Vascular Biogenics (VBLT), which gained 15% to around $9.30 per share after the stock was initiated with a Buy rating and $25 price target at Chardan. Among the noteworthy losers following their earnings reports were ConAgra (CAG) and Carnival (CCL), which each fell more than 5%, and Red Hat (RHT), which slid 2%. Also lower were shares of Staples (SPLS) and Office Depot (ODP), which fell 7% and 8%, respectively, after the New York Post said a top FTC regulator may be leaning toward recommending against approving their merger agreement. INDEXES: Near midday, the Dow was down 263.77, or 1.6%, to 16,246.42, the Nasdaq was down 99.52, or 2.06%, to 4,729.44, and the S&P 500 was down 32.51, or 1.65%, to 1,934.46.
10:14 EDTSRPTOptions with decreasing implied volatility
Options with decreasing implied volatility: CVC ADXS SRPT ATML YY SCTY OLN ADBE RHT ASNA
10:01 EDTHPQHP acquisition of Stratasys would make sense, says Jefferies
Jefferies noted that HP (HPQ) management, during the company's recent analyst meeting, said they were looking to partner with or acquire a 3D printing company. Analyst Jason North believes a larger acquisition is most attractive, as it would speed HP's time to the market by 1-2 years as the company acquires a sales channel. North said Stratasys (SSYS) makes the most sense given its strong reseller network, FDM jetting, stereolithography and direct metal laser sintering potential, and other technologies. The firm rates Stratasys a Buy with a $44 price target on shares.
08:37 EDTUNHAetna, Anthem CEOs set to testify to Senate committee, WSJ reports
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08:23 EDTAMGNAnalysts 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%.
07:29 EDTHPQHP coverage assumed with a Neutral at Goldman
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05:18 EDTBBYStocks with implied volatility below IV index mean; LULU BBY
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