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February 22, 2013
10:00 EDTJIVE, ROLL, VSTM, XOM, BCEI, CR, VRX, OFG, CVX, TTS, USAC, FANG, PDCE, BRCMOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Broadcom (BRCM) initiated with an Overweight at Piper Jaffray... Chevron (CVX) initiated with a Buy at Canaccord... Exxon Mobil (XOM) initiated with a Hold at Canaccord... Oriental Financial (OFG) initiated with a Buy at Jefferies... PDC Energy (PDCE) initiated with an Outperform at Iberia... Verastem (VSTM) initiated with a Buy at Guggenheim... Valeant (VRX) initiated with a Buy at Aegis... Diamondback Energy (FANG) initiated with a Buy at Brean Capital... USA Compression (USAC) initiated with an Outperform at Raymond James... RBC Bearings (ROLL) reinstated with a Buy at BofA/Merrill... Crane (CR) initiated with a Buy at Ascendiant Capital... Tile Shop (TTS) initiated with an Outperform at Wedbush... Jive Software (JIVE) initiated with an Outperform at Northland Securities... Bonanza Creek (BCEI) initiated with a Buy at Brean Capital.
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August 28, 2015
13:35 EDTCVXChevron volatility elevated as WTI oil rally's 7% to $45
Chevron current 30-day call option implied volatility is at 33, compared to a one-month ago level of 22, suggesting large price movement as WTI crude oil trades above $45.
13:31 EDTXOMExxon Mobil volatility elevated as WTI oil rally's 7% to $45
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August 27, 2015
09:09 EDTXOMExxon Mobil volatility elevated as shares trade near four-year low
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08:28 EDTVSTMVerastem weakness overdone, says JMP Securities
After Verastem reported that 24% of the KRAS-mutated NSCLC patients in a study of its FAK inhibitor defactinib had experienced serious adverse events, JMP Securities notes that it did not ascribe any valuation for the drug as a treatment for this indication. Moreover, the firm does not believe that the study affects the outlook for the drug in other settings, and it says that, given the patients' late stage status, deaths among the participants "would not be seen as an anamoly." JMP adds that the drug met its primary endpoint in the study. JMP reiterates a $23 price target and Outperform rating on the shares.
August 26, 2015
16:26 EDTVSTMOn The Fly: Top stock stories for Wednesday
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15:16 EDTVSTMVerastem says VS-6063 results under embargo, believes study has met goals
Verastem issued the following statement in response to inquiries regarding the anticipated oral presentation of VS-6063 data from a Phase 2 study in patients with KRAS mutant non-small cell lung cancer, or NSCLC, at the 16th World Conference on Lung Cancer: "While updated results from the Phase 2 study of VS-6063 in KRAS mutant non-small cell lung cancer are under embargo until WCLC, Verastem believes the study has met its goals, with encouraging outcomes that the company plans to explore in future studies. The population explored in this study has refractory, advanced lung cancer, with a median of three prior therapies, and as many as eight prior therapies. The advanced stage of disease led, in some cases, to deaths even in the period between screening and prior to first dose of VS-6063. Two subjects reported as having grade 5 respiratory failure were on multiple concomitant medications and presented with multiple co-morbidities. Both were thoroughly evaluated and reported to the regulatory authorities in 2013 and 2014 when they occurred. The totality of safety and efficacy data seen to date with VS-6063 across multiple clinical trials, multiple tumor types and stages of treatment is promising. In addition, in the company's registration-directed COMMAND trial in mesothelioma, an independent data safety monitoring board has met and reviewed study data, including adverse events, three times and recommended no changes to study protocol. There have been over 300 patients treated to date with VS-6063, including patients on drug for more than one year. Verastem remains encouraged by the clinical potential of targeting cancer stem cells through FAK inhibition, and is unwavering in its commitment to delivering novel, safe and effective treatments to patients with unmet medical needs."
11:55 EDTVSTMVerastem safety concerns on NSCLC data misplaced, says Mizuho
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11:43 EDTVSTMVerastem selloff on 'placeholder' abstract ignores key driver, says Roth Capital
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10:51 EDTVSTMVerastem shares defended at Roth Capital
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09:24 EDTVSTMVerastem to present data at World Conference on Lung Cancer
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August 25, 2015
13:24 EDTXOMJudge approves $225M settlement in Exxon Mobil pollution case, AP says
A Superior Court judge has approved a $225M settlement between the state of New Jersey and Exxon Mobil related to pollution at oil refineries and retail gas stations, saying the deal is less than the $8.9B originally sought by the state but still a "reasonable compromise," reports the Associated Press. Reference Link
08:05 EDTVRXValeant names D. Robert Hale to board of directors
Valeant Pharmaceuticals International announced the addition of D. Robert Hale, Partner of ValueAct Capital, to its board of directors and the resignation of Jeffrey W. Ubben, CEO and CIO of ValueAct Capital, effective as of August 19, 2015. ValueAct Capital, an investment firm based in San Francisco with over $20B under management, owns approximately 4% of the outstanding stock of Valeant, and has been a shareholder in Valeant since 2006. As a Partner and member of the investment team of ValueAct Capital, Hale has worked closely with the board and management team of Valeant since January 2011. Hale will be the fourth Partner of ValueAct Capital to serve on the Valeant Board, following Mason Morfit, Brandon Boze, and Jeff Ubben.
August 24, 2015
09:45 EDTCVXOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Bank of America (BAC) upgraded to Outperform from Market Perform at Keefe Bruyette... Bristol-Myers (BMY) upgraded to Neutral from Underweight at Piper Jaffray... Chevron (CVX) upgraded to Neutral from Underperform at BofA/Merrill... Abercrombie & Fitch (ANF) upgraded to Overweight from Neutral... Nike (NKE) upgraded to Outperform from Market Perform at Telsey Advisory... DreamWorks (DWA) upgraded to Buy from Neutral at B. Riley... Caesarstone (CSTE) upgraded to Overweight from Equal Weight at Barclays... TransAlta (TAC) upgraded to Outperform from Market Perform at BMO Capital... Sarepta (SRPT) upgraded to Overweight from Neutral at Piper Jaffray... AutoZone (AZO) upgraded to Buy from Neutral at BofA/Merrill... Royal Dutch Shell (RDS.A) upgraded to Buy from Hold at Jefferies... Allscripts (MDRX) upgraded to Buy from Hold at Argus... China Unicom (CHU) upgraded to Buy from Hold at Jefferies... Ross Stores (ROST) upgraded to Buy from Neutral at Buckingham.
07:07 EDTCVXChevron upgraded to Neutral from Underperform at BofA/Merrill
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06:22 EDTBRCMTSMC pursuing 16nm chip orders, DigiTimes reports
According to market sources, DigiTimes reports that TSMC (TSM) has been "actively" seeking 16nm FinFET chip orders. In addition to securing a portion of Apple's (AAPL) A9 chip orders, TSMC has also received orders from AMD (AMD), Broadcom (BRCM), LG, Nvidia (NVDA) and Avago (AVGO), the sources say, noting that TSMC failed to maintain orders for Qualcomm's (QCOM) flagship mobile chips, as it has placed orders for the Snapdragon 820 series with Samsung (SSNLF). Reference Link
August 23, 2015
17:49 EDTCVX, XOMIran to increase oil production as BP, Shell express interest, Bloomberg says
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August 21, 2015
16:48 EDTJIVEFrancisco Partners reports 5.6% stake in Jive Software
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16:34 EDTVRXMarket enters correction territory in worst week in four years
For the week, stocks plummeted amid concerns about a slowing Chinese economy and declining oil prices. MACRO NEWS: Monday, the Empire State manufacturing index crashed to -14.92 in August after rebounding to 3.86 in July from June's -1.98. The consensus estimate was 4.75, and the surprising drop puts the index at its lowest point since April 2009... Meanwhile, the NAHB homebuilder sentiment index rose to 61 in August from 60 in June, matching consensus estimates... Tuesday, July housing starts edged up 0.2% to 1.206M, beating consensus estimates for 1.180M in the best reading since October 2007. Building permits, however, fell 16.3% to 1.119M against expectations for 1.230M, while single family starts rose 12.8% and multifamily numbers fell 17.0%... Wednesday, the July consumer price index edged up 0.1% against expectations for 0.2% reading. The core reading, which excludes food and energy, also came in at 0.1% versus consensus estimates of 0.2%... Meanwhile, FOMC minutes showed no definitive indication of a September rate hike... Thursday, initial jobless claims rose to 277,000 from a revised 273,000, bringing the 4-week moving average to 271,500... The Philadelphia Fed index rose 2.6 points to 8.3 in August, beating expectations for a 7.5 reading... Friday, the PMI Manufacturing Index Flash for August came in at a level of 52.9, below the prior level of 53.8 and the consensus level of 54.2. COMPANY NEWS: Monday, Liberty Interactive (QVCA) announced an agreement to acquire zulily (ZU) for $18.75 per share in a deal valuing the online shopping site at $2.4B. The acquisition will be attributed to Liberty's QVC tracking stock, though the companies specified that QVC and zulily will operate as separate brands... Amazon (AMZN) founder and CEO Jeff Bezos downplayed a recent New York Times critique of the company's workplace practices, telling employees in an email that "the article doesn't describe the Amazon I know or the caring Amazonians I work with every day..." Tuesday, Wal-Mart (WMT) cut its full year earnings outlook, with company executives on a subsequent conference call expressing confidence in China but noting that Brazil and U.K. remain challenging markets for the company... Wednesday, Seagate Technology (STX) agreed to acquire Dot Hill Systems (HILL) for $9.75 per share, noting that it expects the deal to be non-GAAP EPS accretive in fiscal 2016... Thursday, Valeant (VRX) agreed to acquire Sprout Pharmaceuticals for roughly $1B in cash plus a profit-sharing agreement, adding that it expects to bring the company's recently-approved female sexual dysfunction drug Addyi to the U.S. by Q4... Friday, Steiner Leisure (STNR) entered into a definitive merger agreement where an affiliate of Catterton will acquire all of the outstanding shares of Steiner for $65 per share in cash. INDEXES: For the week, the Dow lost about 5.79% to close at 16,459.75, the Nasdaq declined about 6.71% to close at 4,706.04, and the S&P 500 fell about 5.73% to close at 1,970.89.
16:01 EDTXOMOptions Update; August 21, 2015
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12:23 EDTCVXJim Chaos says he doesn't like Chevron, Royal Dutch Shell
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