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June 25, 2014
16:24 EDTCBS, PXD, TSO, PSX, MPC, HFC, AERI, GTN, MEG, SBGI, ICPT, PVA, VLO, NXST, EPDOn The Fly: Closing Wrap
Stocks on Wall Street were higher despite a disappointing downward revision to the government's estimate of economic growth, or rather the lack thereof, in the first three months of the year. Stocks began the session in negative territory following the GDP and durable goods reports, but the major averages soon turned mixed and had all moved back across the flat-line by mid-morning. The market then stalled and drifted for several hours, but moved to the high end of its trading range near the end of the day. ECONOMIC EVENTS: In the U.S., the Bureau of Economic Analysis released its third and final estimate of real gross domestic product for the first quarter. The government now estimates that output in the U.S. declined at an annual rate of 2.9%, which was worse than the prior estimate of 1% contraction and significantly down from the fourth quarter of 2013, when real GDP grew 2.6%. The estimate of Q1 personal spending growth was knocked down to a 1.0% clip from the prior 3.1% pace. Durable goods orders dropped 1.0% in May, versus expectations for them to have been unchanged. Markit's services PMI surged to a record 61.2 for the flash June reading from May's 58.1 figure. COMPANY NEWS: A number of television network owners, most notably CBS (CBS), as well as several tv station owners advanced after the Supreme Court ruled that Aereo, a start-up service that streams tv shows over the Internet, had violated copyright laws. CBS rose $3.64, or 6.19%, to $62.48 following the ruling, while Nexstar Broadcasting (NXST) surged $5.80, or 13.49%, to $48.81, Sinclair Broadcast Group (SBGI) soared $4.56, or 15.6%, to $33.80, Media General (MEG) added $1.86, or 10.07%, to $20.33 and Gray Television (GTN) gained 94c, or 8.35%, to $12.20... Shares of a number of refiners, including Valero Energy (VLO), HollyFrontier (HFC), Marathon Petroleum (MPC), Phillips 66 (PSX), and Tesoro (TSO), were among the day's worst performers after the Commerce Department gave Pioneer Natural Resources (PXD) and Enterprise Products Partners (EPD) permission to export a light, processed form of oil called condensate. White House press secretary Josh Earnest said there have been no changes to the U.S. oil export policies, according to Bloomberg, but the move was widely viewed as a shift and a possible precursor to bigger changes on the horizon amid the shale energy revolution in the U.S. MAJOR MOVERS: Among the notable gainers was Aerie Pharmaceuticals (AERI), which rose $5.95, or 28.29%, to $26.98 after a trial of its once-daily glaucoma eye drop, Roclatan, achieved its primary efficacy endpoint. Also higher was Penn Virginia (PVA), which jumped $1.83, or 12.39%, to $16.60 after a major shareholder, the Soros Fund, called on the company to sell itself. Among the noteworthy losers was Intercept Pharmaceuticals (ICPT), which fell $19.96, or 7.3%, to $253.65 after the company said at a conference that data from the FLINT trial of the company's obeticholic acid for the treatment of nonalcoholic steatohepatitis is "unlikely" to come in July. Also lower were shares of cereal maker General Mills (GIS), which fell $1.94, or 3.61%, to $51.76 after the company's fourth quarter results missed analysts' consensus estimates. INDEXES: The Dow was up 49.38, or 0.29%, to 16,867.51, the Nasdaq was up 29.40, or 0.68%, to 4,379.76, and the S&P 500 was up 9.55, or 0.49%, to 1,959.53.
News For CBS;NXST;VLO;PVA;ICPT;SBGI;MEG;GTN;AERI;HFC;MPC;PSX;TSO;PXD;EPD From The Last 14 Days
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September 10, 2014
17:11 EDTVLO, TSO, HFCVenezuela's PDVSA seeks Citgo bids in potential $10B deal, Reuters says
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16:20 EDTHFCHollyFrontier announces $500M share buyback program
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15:24 EDTCBSCBS CEO Moonves says Nielsen has improved
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09:36 EDTMEGMedia General renews ABC affiliation agreement for WJBF-TV
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06:41 EDTTSO, HFC, VLOPDVSA aims for preliminary offers for Citgo by September-end, Reuters says
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05:56 EDTCBSStocks with implied volatility movement; UNG CBS
Stocks with implied volatility movement; United States Natural Gas Fund (UNG) 31, CBS (CBS) 25 according to iVolatility.
September 9, 2014
10:10 EDTEPDOn the Fly: Analyst Initiation Summary
Today's noteworthy initiations include: AMC Entertainment (AMC) initiated with a Hold at Topek... AMRI (AMRI) initiated with an Overweight at JPMorgan... Alcoa (AA) initiated with an Outperform at Bernstein... Alumina (AWC) initiated with a Market Perform at Bernstein... American Airlines (AAL) initiated with an Outperform at Credit Suisse... Catalent (CTLT) initiated with a Buy at BofA/Merrill... Chimerix (CMRX) initiated with a Buy at Cantor... Delta Air Lines (DAL) initiated with an Outperform at Credit Suisse... Enable Midstream (ENBL) initiated with an Outperform at BMO Capital... Enbridge Energy (EEP) initiated with a Market Perform at BMO Capital... Endocyte (ECYT) initiated with a Buy at Cantor... EnerNOC (ENOC) initiated with an Outperform at Pacific Crest... Enterprise Products (EPD) initiated with an Outperform at BMO Capital... Good Times Restaurants (GTIM) initiated with a Buy at Roth Capital... JetBlue (JBLU) initiated with an Underperform at Credit Suisse... Kinder Morgan Energy (KMP) initiated with a Market Perform at BMO Capital... MEI Pharma (MEIP) initiated with a Buy at Cantor... ONEOK Partners (OKS) initiated with a Market Perform at BMO Capital... Southwest (LUV) initiated with a Neutral at Credit Suisse... Spectra Energy Partners (SEP) initiated with an Outperform at BMO Capital... TC PipeLines (TCP) initiated with a Market Perform at BMO Capital... TECO Energy (TE) initiated with a Neutral at Citigroup... Targa Resources Partners (NGLS) initiated with a Market Perform at BMO Capital... United Continental (UAL) initiated with an Outperform at Credit Suisse... Weibo (WB) initiated with a Buy at T.H. Capital... Williams Partners (WPZ) initiated with a Market Perform at BMO Capital.
07:09 EDTEPDEnterprise Products initiated with an Outperform at BMO Capital
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06:10 EDTAERIAerie Pharmaceuticals receives $125M investment from Deerfield Management
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06:05 EDTAERIAerie Pharmaceuticals issues $125M in convertible notes to Deerfield Management
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September 8, 2014
11:57 EDTCBSCBS confirms James Corden as host of "The Late Late Show"
The CBS Television Network announced that James Corden will be the new host of THE LATE LATE SHOW. Corden – a multi-faceted performer, host, writer and producer with accomplishments that span television, theater, film and comedy – will take the reins of the daily late night show in 2015. He is a Tony Award-winning performer on Broadway, a BAFTA-winning star of a UK television series, a feature film actor with two releases this year, and an acclaimed host, writer and producer in several genres of television.
11:07 EDTCBSCBS picks James Corden for "Late Late Show," Variety reports
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September 5, 2014
10:19 EDTPVAPenn Virginia a Top Pick for buyout appeal at SunTrust
SunTrust said Penn Virginia is a top pick for a buyout and believes the odds of a deal increase as more of the Eagle Ford acreage is developed. The firm has strong confidence in upcoming well results and notes the company has one of the highest average Eagle Ford Oil well IP rates of anyone. Shares are Buy rated with a $28 price target.
10:05 EDTICPTOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Actavis (ACT) initiated with a Buy at ISI Group... Akamai (AKAM) initiated with a Buy at UBS... Alexion (ALXN) initiated with a Buy at SunTrust... Allegion (ALLE) initiated with a Buy at Buckingham... Allergan (AGN) initiated with a Buy at ISI Group... Aviat Networks (AVNW) initiated with a Neutral at H.C. Wainwright... Celgene (CELG) initiated with a Buy at SunTrust... EZCORP (EZPW) initiated with a Hold at Jefferies... Eaton (ETN) initiated with a Neutral at Buckingham... Emerson (EMR) initiated with a Neutral at Buckingham... HMS Holdings (HMSY) initiated with an Overweight at Stephens... Incyte (INCY) initiated with a Buy at SunTrust... Ingersoll-Rand (IR) initiated with a Neutral at Buckingham... Insmed (INSM) initiated with an Outperform at Cowen... Intercept (ICPT) initiated with an Outperform at Cowen... Johnson & Johnson (JNJ) initiated with an Outperform at BMO Capital... Lennox (LII) initiated with a Neutral at Buckingham... Mylan (MYL) initiated with a Hold at ISI Group... Orion Engineered Carbons (OEC) initiated with a Buy at Goldman... Parker-Hannifin (PH) initiated with a Buy at Buckingham... Pentair (PNR) initiated with a Neutral at Buckingham... Pharmacyclics (PCYC) initiated with a Neutral at SunTrust... Rockwell Automation (ROK) initiated with a Neutral at Buckingham... Sabre (SABR) initiated with an Outperform at Oppenheimer... Santander Consumer (SC) initiated with a Buy at Jefferies... Springleaf (LEAF) initiated with a Buy at Jefferies... Susser Petroleum (SUSP) initiated with a Neutral at Credit Suisse... Teva (TEVA) initiated with a Buy at ISI Group... Valeant (VRX) initiated with a Buy at ISI Group... WESCO (WCC) initiated with a Neutral at Buckingham... Watsco (WSO) initiated with a Neutral at Buckingham... Weyerhaeuser (WY) initiated with a Neutral at JPMorgan... World Acceptance (WRLD) initiated with a Hold at Jefferies.
06:30 EDTICPTIntercept initiated with an Outperform at Cowen
Target $420.
06:28 EDTAERIAerie Pharmaceuticals to host investor day
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September 4, 2014
08:54 EDTTSOTesoro sees moderate global economic growth , 2-2.5% US GDP growth
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September 3, 2014
09:54 EDTSBGISinclair Broadcast acquisition in Las Vegas a positive, says Wells Fargo
Wells Fargo says that with today's announcement, Sinclair Broadcast is gaining a Big-4 affiliation in Las Vegas while still keeping programming for its other two networks. The firm views the move as a "great deal at a great price" and keeps an Outperform rating on the stock.
08:33 EDTSBGISinclair Broadcast to acquire KSNV in Las Vegas for $120M
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07:34 EDTAERIAerie Pharmaceuticals initiates Phase 3 registration trial of Rhopressa
Aerie Pharmaceuticals announced that on August 29, dosing commenced of the first patients enrolled in the company’s Phase 3 registration trial in Canada of Rhopressa, a novel once-daily, triple-action eye drop being tested for its ability to lower intraocular pressure in patients with glaucoma or ocular hypertension. The study, named “Rocket 3,” is designed to evaluate safety and tolerability of Rhopressa in patients over a 12 month period and is part of a broad Phase 3 program being conducted by Aerie. The company recently announced the commencement of two Phase 3 trials in the United States, “Rocket 1” and “Rocket 2,” which are focused on demonstrating non-inferiority of IOP lowering for Rhopressa compared to timolol, the most widely used comparator in registration trials for glaucoma. Aerie anticipates total enrollment of approximately 1,300 patients in the three Phase 3 trials of Rhopressa. Pending progress of the Rhopressa Phase 3 program and regulatory approvals, Aerie intends to commercialize Rhopressa in North American markets with its own sales force and will seek commercialization partners in other key territories, including Japan and possibly Europe. Aerie fully owns its product candidates, has no licenses, and has patent protection for both use and composition of matter through 2030.
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