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November 12, 2012
10:00 EDTHES, VNO, NKTR, JCP, CAT, PBR, VRTX, KRC, GRMN, BMY, STRA, JNJ, IQNTOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Caterpillar (CAT) downgraded to Neutral from Overweight at JPMorgan... Garmin (GRMN) downgraded to Sell from Neutral at Goldman... Inteliquent (IQNT) downgraded to Underweight from Equal Weight at Morgan Stanley... J.C. Penney (JCP) downgraded to Underperform from Neutral at Credit Suisse... Johnson & Johnson (JNJ) downgraded to Hold from Buy at Jefferies... Kilroy Realty (KRC) downgraded to Neutral from Buy at BofA/Merrill... Nektar (NKTR) downgraded to Hold from Buy at Jefferies... Strayer Education (STRA) downgraded to Neutral from Overweight at JPMorgan... Vertex (VRTX) downgraded to Neutral from Outperform at Credit Suisse... Vornado (VNO) downgraded to Neutral from Buy at BofA/Merrill... Bristol-Meyers (BMY) downgraded to Market Perform from Outperform at BMO Capital... Petrobras (PBR) downgraded to Neutral from Buy at BofA/Merrill... Hess Corp. (HES) downgraded to Market Perform from Outperform at Howard Weil.
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November 23, 2015
15:00 EDTBMYFDA approves Bristol-Myers drug to treat form of kidney cancer
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08:34 EDTVRTXVertex names Michael J. Parini EVP, chief legal officer
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November 20, 2015
10:52 EDTJNJFDA approves new oral medication to treat multiple myeloma
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10:34 EDTVRTXVertex approval in Europe to bring gradual uptake, says Piper Jaffray
Piper Jaffray analyst Edward Tenthoff says Vertex Pharmaceuticals must now gain reimbursement in each individual country after the European Union approved Orkambi as expected. The approval will ultimately add around 12,000 homozygous F508del cystic fibrosis patients appropriate for the drug, but uptake will be gradual and dependent on the pace of reimbursement. He reiterates an Overweight rating on Vertex with a $180 price target.
05:36 EDTVRTXVertex receives EU approval for Orkambi
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November 19, 2015
10:26 EDTCATGoldman says sell Titan with ag and mining weakness expected to continue
Goldman Sachs downgraded Titan International (TWI) to Sell from Neutral today, saying that weakness in agriculture and mining would continue to weigh on the company's results. Goldman's downgrade comes after the company reported much weaker than expected results on November 6. Titan makes tires and wheels used in off-road vehicles which are utilized by farmers and mining and construction companies. WHAT'S NEW Titan derives 80% of its revenue from agriculture and mining, so the weakness in those sectors will continue to hurt its results going forward, wrote Goldman analyst David Tamberino. Additionally, farmers have less money to spend on capital projects, reducing the likelihood that they will adopt Titan's new LSW tires, according to the analyst. Given these factors and the January 2017 maturity of Titan's convertible note, the company could be faced with a cash crunch, the analyst warned. Moreover, Titan is facing increased competition, according to Tamberino. He sharply lowered his 2015-2017 earnings before interest, taxes, depreciation and amortization estimates for the company and slashed his price target on the name to $3 from $8. WHAT'S NOTABLE: Deere (DE), Caterpillar (CAT), and AGCO (AGCO) sell heavy machinery used in agriculture. PRICE ACTION: In early trading, Titan sank 11% to $4.50.
07:16 EDTGRMNGarmin to appeal ITC judgment in Johnson Outdoors investigation
Garmin International Inc., a unit of Garmin Ltd. (GRMN), announced that the International Trade Commission issued a final determination in the investigation brought by Johnson Outdoors (JOUT) against Garmin. The ITC concluded that first generation Garmin SideVu scanning sonar products were too similar to some claims of one of the three patents asserted by Johnson Outdoors. The ITC ordered that these Garmin products be excluded from import into the United States; however, the ITC is allowing Garmin to freely import these products temporarily and further recommended that Garmin be allowed to freely import modified products permanently. The ITC found that Garmin did not infringe Johnson Outdoors' two other patents. "Garmin disagrees with the ITC and plans to appeal the determination," said Andrew Etkind, Garmin vice president and general counsel. "Nevertheless, we do not expect the ruling to have any impact on Garmin customers or products. Garmin has already modified our software to address the ITC's ruling, and we are ready to ship those products today. The ruling will have no impact on Garmin products already purchased by our customers and dealers, or any products purchased going forward."
05:15 EDTGRMNJohnson Outdoors, Hummingbird receive favorable ITC ruling against Garmin
Johnson Outdoors (JOUT) confirmed that the full International Trade Commission, or ITC, has affirmed the initial determination by the Administrative Law Judge that Garmin (GRMN) violated section 337 of the Tariff Act of 1930 by importing and selling SideVu sonars, which the ITC affirmed infringe a Johnson Outdoors Inc. side scan sonar patent used in certain Humminbird fishfinders. The ITC affirmed that: All three patents asserted by Johnson Outdoors are valid and enforceable Numerous models of Garmin's SideVu sonars directly infringe six Johnson Outdoors patent claims. The ITC also issued: A limited exclusion order barring Garmin's infringing SideVu sonar systems and components thereof which are manufactured overseas from import into the United States; A cease and desist order prohibiting Garmin from selling or distributing any infringing product or component thereof from its inventory. The orders will go into effect pending the mandatory review by the U.S. trade representative.
November 18, 2015
15:49 EDTGRMNFCC documents point to new Garmin 'smart TV' streaming device
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12:01 EDTBMYBristol-Myers Squibb says Opdivo data shows 'superior' overall survival
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08:27 EDTIQNTThree Part Advisors to hold a conference
Southwest IDEAS Investor Conference is being held in Dallas, Texas on November 18-19 with webcasted company presentations to begin on November 18 at 8:20 am; not all company presentations may be webcasted. Webcast Link
08:11 EDTBMY, JNJIMS Health forecasts global drug spending to increase 30% by 2020 to $1.4T
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08:11 EDTJNJAduro Biotech receives milestone payment from Janssen
Aduro Biotech (ADRO) announced that it has received a milestone payment from Janssen Biotech (JNJ) for Aduro's submission of an Investigational New Drug, or IND, Application to the FDA for ADU-741, a LADD immunotherapy product candidate for the treatment of prostate cancer. The IND will enable Janssen, Aduro's license partner for ADU-741, to initiate a multi-center Phase 1 trial to evaluate the safety and immunogenicity of intravenous administration of ADU-741 in patients with metastatic castration-resistant prostate cancer.
07:05 EDTGRMNGarmin announces GAD 27 integrated controller
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05:41 EDTVRTXVertex receives 2 EU approvals for Kalydeco
Vertex Pharmaceuticals announced that the European Commission has approved expansion of the indication for Kalydeco to include children ages 2 to 5 with cystic fibrosis, or CF, who have one of nine gating mutations in the cystic fibrosis transmembrane conductance regulator, or CFTR, gene and to include people with CF ages 18 and older who have an R117H mutation. Ivacaftor was previously approved in the European Union, or EU, for use in people with CF ages 6 and older who have one of nine gating mutations. In Europe, approximately 125 children with CF ages 2 to 5 have one of the nine gating mutations included in today's approval and approximately 350 adults with CF have an R117H mutation. Vertex will now begin the country-by-country reimbursement approval processes for each new indication.
November 17, 2015
10:47 EDTBMYBristol-Myers strength attributed to sale chatter
The move higher in shares of Bristol-Myers (BMY) is being attributed by traders to chatter of a sale. The stock is up 2%, or $1.06, to $66.08 in morning trading. The unconfirmed talk has the company possibly approaching Gilead (GILD) about buyout interest. Bristol's market capitalization is just above $110B while Gilead's is just above $150B. Shares of Gilead are up 74c to $104.55.
10:13 EDTJCPJ.C. Penney management to meet with Buckingham
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10:00 EDTHESOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Airgas (ARG) downgraded on valuation at KeyBanc... BHP Billiton (BHP) downgraded to Neutral from Buy at Clarksons Platou... Chesapeake (CHK) downgraded to Neutral from Buy at Sterne Agee CRT... ChipMOS (IMOS) downgraded to Equal Weight from Overweight at Morgan Stanley... Clovis (CLVS) downgraded to Neutral from Conviction Buy at Goldman... Cooper Companies (COO) downgraded to Market Perform from Outperform at Wells Fargo... Five Below (FIVE) downgraded to Neutral from Buy at Sterne Agee CRT... Grainger (GWW) downgraded to Underweight from Neutral at Atlantic Equities... Hess Corp. (HES) downgraded to Perform from Outperform at Oppenheimer... J Sainsbury (JSAIY) downgraded to Neutral from Buy at Citi... Kindred Biosciences (KIN) downgraded to Market Perform from Outperform at BMO Capital... Leju (LEJU) downgraded to Neutral from Buy at BofA/Merrill... Lombard Medical (EVAR) downgraded to Equal Weight from Overweight at Barclays... Osiris (OSIR) downgraded to Sell from Hold at Brean Capital... Polaris Industries (PII) downgraded on anemic ORV growth at Wedbush... SQM (SQM) downgraded to Hold from Buy at HSBC... Southwestern Energy (SWN) downgraded to Underperform from Neutral at Sterne Agee CRT... Starwood (HOT) downgraded to Outperform from Buy at CLSA... Urban Outfitters (URBN) downgraded to Hold from Buy at Cantor... WM Morrison (MRWSY) downgraded to Sell from Neutral at Citi... adidas (ADDDY) downgraded to Sector Perform from Outperform at RBC Capital... athenahealth (ATHN) downgraded to Underweight from Equal Weight at Barclays.
09:02 EDTGRMNAnalyst pans competing products, says buy Fitbit
Shares of previous high-flier Fitbit (FIT) have dropped about 30% in the last two weeks following the company's third quarter earnings report, but an analyst at Bank of America upgraded his view of the fitness tracker maker this morning, saying that now is the time to buy ahead of fourth quarter results that may be boosted by the "underwhelming" new products being launched by its competitors. UNDERWHELMING COMPETITION: Fitbit's sales guidance for this holiday quarter looks conservative, contends Bank of America analyst Nat Schindler, who notes that the company only had the launch of one new product last December but will have the Charge, Charge HR and Surge to drive sales this season. Schindler also notes that the company's international advertising has expanded into more countries ahead of the holidays this year. Key, however, may be the "underwhelming" lineup of new or updated fitness trackers launched by competitors, such as the Microsoft's (MSFT) Band 2, Jawbone's UP4 and Sony's (SNE) Smartband 2, many of which have only minor improvements and no "must have" features to pull consumers away from Fitbit, Schindler told investors in his research note. PLATFORM PICKING UP STEAM: The analyst also pointed out that Fitbit now has more than 20 companies signed onto its health and wellness platform, including big names like Target (TGT) and Barclays (BCS), which he believes should help drive revenue beats in the upcoming fiscal year due to increased device sales. Also, the additional dashboard data should help Fitbit maintain long-term user engagement, said Schindler. APPLE WATCH: Apple's (AAPL) Apple Watch is largely viewed as the biggest potential competitive threat to Fitbit's offerings, but on the fitness tracker maker's last earnings call CEO James Park said Fitbit's products differ from those of its competitors in several key aspects, including pricing, cross-platform compatibility, brand awareness and product line breadth. Other wearables makers include Garmin (GRMN) and Samsung. PRICE ACTION: Since the day after Fitbit's last earnings report after the market close on November 2, its shares have fallen about 29.5% to close yesterday at $28.80. In pre-market trading this morning, Fitbit shares rose 2% to $29.40.
06:56 EDTHESHess Corp. downgraded to Perform from Outperform at Oppenheimer
Oppenheimer analyst Fadel Gheit downgraded Hess Corp. to Perform citing continued deficit spending in a sub-$70 oil price environment. The analyst removed his $75 price target for shares.
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