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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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November 17, 2015
07:40 EDTVRXValeant price target cut to $98 from $200 at Morgan Stanley
Morgan Stanley analyst David Risinger cut Valeant estimates and lowered his price target to $98 from $200 to account for the negative impact of Philidor and uncertainty in U.S. growth. Risinger believes Valeant is a "real" company selling "real" drugs despite Philidor and other controversies, but cannot ignore the investigation risks or quantify the costs at this time. The analyst continues to rate shares Equal Weight, despite low valuation, until visibility increases.
06:43 EDTVRXPhilidor effects may be longer-lasting for Valeant, says Deutsche Bank
After surveying 25 dermatologists that prescribe Valeant's products and are familiar with the specialty pharmacy Philidor, Deutsche Bank analyst Gregg Gilbert believes the Philidor controversy could have longer-lasting effects relative to the short-term disruption that Valeant management has suggested. The analyst awaits Valeant's guidance changes for Q4 and 2016 that are coming in December. The stock could have "significant upside" over the next year if Valeant delivers on its targets, Gilbert tells investors in a research note. Nonetheless, he keeps a Hold rating on the stock with a $136 price target. Shares of Valeant closed yesterday down $2.12 to $73.29.
November 16, 2015
19:12 EDTVRXCongressman seeks interview with Valeant execs linked to Philidor, Reuters says
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17:02 EDTCVXPoint72 added to lululemon position, subtracted from Netflix position
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16:53 EDTVRX, BRCMPaulson reduced stake in Valeant
Paulson & Co. gave a quarterly update on its stakes in a filing this afternoon. NEW STAKES: Perrigo (PRGO), CIT Group (CIT), Precision Castparts (PCP), Cameron (CAM), and Altera (ALTR). INCREASED STAKES: Teva (TEVA), Post Holdings (POST), Starwood Hotels (HOT), LivaNova (LIVN), and Synergy Pharmaceuticals (SGYP). DECREASED STAKES: Valeant (VRX), Shire (SHPG), Whiting Petroleum (WLL), Computer Sciences (CSC), and Oasis Petroleum (OAS). LIQUIDATED STAKES: Houghton Mifflin Harcourt (HMHC), Broadcom (BRCM), and Sprint (S).
13:24 EDTVRXCooperman's Omega no longer owns Valeant, CNBC reports
Leon Cooperman's Omega Advisors no longer owns Valeant and hasn't for some time, CNBC's Scott Wapner reports, citing a source. Omega earlier today disclosed that it owned over 484,000 shares of Valeant as of September 30.
10:25 EDTBRCMUBS trims Apple target, says iPhone partner cut production forecast
Hon Hai, which manufactures Apple's (AAPL) iPhones, expects to assemble significantly fewer iPhones this quarter than in the same period in 2014, UBS wrote in a note to investors today. WHAT'S NEW: Hon Hai Precision Industry, also known as Foxconn, is expected to assemble 10% fewer iPhones this quarter than in the same period in 2014, said UBS analyst Steven Milunovich, citing work from fellow UBS analyst Arthur Hsieh. Previously, companies that supply force touch components for iPhones saw a 10%-15% reduction in their orders, the analyst reported. These developments "are not encouraging," but Apple had previously ordered a large number of iPhones for Q4, according to Milunovich. Overall iPhone demand "could still be decent," he believes. However, the analyst lowered his iPhone sales estimate for Apple's March quarter to 61M from 62.5M, asserting that iPhone sales on China's November 11 Singles Day holiday may have come in below expectations. Based on October search volumes, he continues to believe that demand for iPhone units in the fourth quarter of the calendar year will be 75M, in-line with the consensus outlook. Milunovich trimmed his price target on Apple to $140 from $150 but kept a Buy rating on the shares. WHAT'S NOTABLE In a note to investors on November 10, Credit Suisse reported that it was cutting its estimates for 2016 iPhone sales. The firm expects sales of the device to fall 10.4% in the first quarter versus the same period in 2015, and it predicts that iPhone sales will decline 5.5% year-over-year in 2016. Suppliers with greater than 10% exposure to Apple include Avago (AVGO), SanDisk (SNDK), Analog Devices (ADI), Broadcom (BRCM), Texas Instruments (TXN), NXP Semiconductors (NXPI) and Fairchild (FCS), Credit Suisse reported. The firm said it continues to have a negative view of the smartphone sector. PRICE ACTION: In early trading, Apple added nearly 1% to $113.34.
09:59 EDTVRXOmega bought Valeant in Q3, sold some SuneEdison
Leon Cooperman's Omega Advisors gave a quarterly update on its stakes in a filing this morning, disclosing its positions as of September 30. NEW STAKES: Pfizer (PFE), Valeant (VRX) Walgreens Boots Alliance (WBA), TerraForm Global (GLBL), Cigna (CI). INCREASED STAKES: Google Class A (GOOGL), Facebook (FB), Delta Air Lines (DAL). DECREASED STAKES: SunEdison (SUNE), Shire (SHPG), Citi (C), KAR Auction (KAR), LyondellBasell (LYB). LIQUIDATED STAKES: McKesson (MCK), 21st Century Fox (FOXA), General Motors (GM), QEP Resources (QEP), eBay (EBAY).
09:06 EDTVRXDiplomat seen as compelling amid specialty pharmacy fallout
Shares of specialty pharmacy operator Diplomat Pharmacy (DPLO) and pharmacy benefit manager Express Scripts (ESRX) have each been knocked down by the negative news surrounding the sector amid the troubles faced by Valeant (VRX) and others, but an analyst at Leerink contends in a note to investors that the pullbacks in both stocks provide buying opportunities. BACKGROUND: Drugmaker Valeant and its prior specialty pharmacy partner, Philidor Rx Services, have been at the center of the firestorm engulfing the sector. Following claims that Philidor urged its employees to modify prescriptions to ensure more orders of Valeant-branded drugs rather than generics, as well as other allegations of wrongdoing, Express Scripts (ESRX) and peer CVS Health (CVS) terminated Philidor from their networks. The day after those termination announcements, Valeant said that it was severing all ties with Philidor and that the pharmacy planned to shut down operations as soon as possible, consistent with applicable laws. Valeant has subsequently said that Philidor has committed to cease operations by January 30, 2016, at the latest. More recently, Express Scripts, the nation's largest pharmacy benefit manager, announced that it stopped doing business with Linden Care, accusing it of being a "captive" pharmacy that dispenses mostly products made by Horizon Pharma (HZNP). In turn, Horizon called the idea that Linden Care is a captive pharmacy "entirely false," stating that "at best Express Scripts is being reckless in its allegations and at worse it is intentionally attempting to mislead investors." Express Scripts' move also impacted shares of Insys Therapeutics (INSY), which reportedly also used Linden Care to fulfill prescription for its drugs. DIPLOMAT LIKELY TO STAY IN-NETWORK: Leerink analyst David Larsen acknowledged that recent events indicate that Express Scripts appears to be evaluating certain retail pharmacies and their relationships with manufacturers, but he believes Diplomat's mix of drugs for diseases like multiple sclerosis, HIV, hepatitis C and cancer differentiate it as a "true" specialty pharmacy. Larsen does not think Diplomat is at risk of being excluded from the pharmacy networks of Express Scripts, CVS or UnitedHealth's (UNH) Optum, he tells investors. Larsen expects limited distribution agreements to stay an important channel strategy for drugmakers and believes these agreements are appropriate for high cost specialty drugs that require special handling and additional services to manage patient adherence. The analyst, who thinks Diplomat remains well positioned to deliver annual growth of over 30% in the next several years, keeps an Outperform rating on its shares. EXPRESS BUYING OPPORTUNITY: Larsen also thinks concerns around manufacturer and pharmacy relationships have put unwarranted pressure on shares of Express Scripts. He does not expect Express Scripts to disclose new lawsuits around rebate dollars owed over other manufacturer disputes and keeps an Outperform rating on the stock, which he views as having an "attractive" valuation. WHAT'S NOTABLE: Larsen also thinks that the specialty channel remains an opportunity for Walgreens Boots Alliance (WBA) and believes its proposed acquisition of Rite Aid (RAD) can strengthen its specialty offering. The analyst keeps an Outperform rating on Walgreens shares as well. PRICE ACTION: Over the last three months, Diplomat Pharmacy shares have declined 28%, Express Scripts has fallen 6% and Walgreens has dropped 14%.
06:51 EDTCVX, XOMBig energy firms saw 70% earnings dip for first nine months, WSJ says
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06:08 EDTXOMExxon Mobil, Rosnet partnership is 'long-term,' Reuters reports
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November 13, 2015
16:08 EDTVRXRuane reports 10.52% passive stake in Valeant
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06:23 EDTXOMExxon Mobil to start drilling in Liberia in 2017, Reuters reports
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05:13 EDTXOMStocks with implied volatility movement; XRT XOM
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November 12, 2015
16:00 EDTXOMOptions Update; November 12, 2015
iPath S&P 500 VIX Short-Term Futures up 1.28 to 20.18. Option volume leaders: GE AAPL MNKD XOM BAC FB SUNE CSCO NFLX SYF BABA MSFT
10:25 EDTJIVEOptions with decreasing implied volatility
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10:00 EDTPDCEOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: 51job (JOBS) downgraded to Neutral from Buy at Citi... Amdocs (DOX) downgraded to Equal Weight from Overweight at Barclays... Anadarko (APC) downgraded to Accumulate from Buy at Tudor Pickering... Axiom says SunEdison (SUNE) credibility 'impaired,' cuts to Sell... BBVA Banco Frances (BFR) downgraded to Market Perform at Raymond James... Black Diamond Group (BDIMF) downgraded to Outperform from Strong Buy at Raymond James... CACI (CACI) downgraded to Hold from Buy at Noble Financial... Cimarex Energy (XEC) downgraded to Equal Weight from Overweight at Stephens... Crown Holdings (CCK) downgraded to Market Perform from Outperform at Wells Fargo... Energias de Portugal (EDPFY) downgraded to Hold from Buy at HSBC... Enterprise Financial Services (EFSC) downgraded to Neutral from Buy at DA Davidson... Freshpet (FRPT) downgraded to Neutral from Outperform at Credit Suisse... Hanover Insurance (THG) downgraded to Neutral from Overweight at Piper Jaffray... Kayne Anderson (KED) downgraded to Hold from Buy at Stifel... MAM Software (MAMS) downgraded to Neutral from Buy at B. Riley... Man Group (MNGPY) downgraded to Sector Perform from Outperform at RBC Capital... PDC Energy (PDCE) downgraded to Equal Weight from Overweight at Stephens... Parsley Energy (PE) downgraded to Sector Perform from Outperform at Iberia... Quanta Services (PWR) downgraded to Neutral from Outperform at Baird... Santander Brasil (BSBR) downgraded to Underweight from Neutral at JPMorgan... SeaWorld (SEAS) downgraded to Underperform at BofA/Merrill... SunEdison (SUNE) downgraded to Sell from Neutral at Axiom... UniCredit (UNCFF) downgraded to Market Perform from Outperform at Keefe Bruyette... VF Corp. (VFC) downgraded on negative outlook, valuation at Sterne Agee CRT.
08:53 EDTPDCEPDC Energy downgraded to Equal Weight from Overweight at Stephens
Stephens analyst Ben Wyatt downgraded PDC Energy to Equal Weight citing valuation and maintained his $61 price target on shares.
08:02 EDTVRXSynergy Pharmaceuticals still a saleable asset, says Canaccord
Canaccord still views Synergy Pharmaceuticals (SGYP) as a saleable asset, with Valeant (VRX) or Shire (SHPG) seen as the most obvious buyers. The firm also sees the cost of the launch of plecanatide as lower than expected and sees no need for the company to raise capital until at least the end of 2016. Canaccord reiterated its Buy rating and $19 price target on Synergy Pharmaceuticals shares.
06:12 EDTVRXAckman responds to Munger's Valeant criticism with Coke critique, Bloomberg says
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