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June 16, 2014
16:27 EDTKPTI, FIO, DWA, MDT, BLUE, SNDK, COVOn The Fly: Closing Wrap
Stocks on Wall Street were slightly higher as M&A news competed with Iraq for headlines. There was little reaction to the day’s economic data, including industrial production in May and the Empire State manufacturing report for June. The averages moved in a narrow range near the flat-line throughout the session, with each of the major averages managing to notch small gains. ECONOMIC EVENTS: In the U.S., industrial production increased 0.6% in May, versus an expected increase of 0.5%, while capacity utilization rose slightly to 79.1%. The NY Fed Empire state survey for June ticked up to a four-year high of 19.3, which was higher than expected. The NAHB homebuilder survey index climbed to 49 in June, beating expectations for it to rise from its previous reading of 45 to 47. COMPANY NEWS: A number of merger and acquisition deals were announced, headlined by a another pharmaceutical industry mega-merger. Medtronic (MDT) agreed to acquire Ireland's Covidien (COV) in a cash-and-stock transaction valued at $93.22 per Covidien share, or a total of approximately $42.9B based on Medtronic's closing stock price on June 13. Following the deal announcement, Covidien shares trading in New York rose $14.73, or 20.45%, to $86.75. Medtronic, which also raised its dividend by 9% this morning, was upgraded at both William Blair and JPMorgan, though its shares declined 67c, or 1.1%, to $60.03. MAJOR MOVERS: Among the notable gainers was Bluebird bio (BLUE), which surged $8.37, or 32.08%, to $34.46 after reporting data that Piper Jaffray believes solidifies LentiGlobin prospects in one indication and positions it attractively for another indication that is also being pursued for the drug. Also higher was Fusion-io (FIO), which jumped $2.08, or 22.41%, to $11.36, which was above the $11.25 per share in cash that SanDisk (SNDK) agreed to pay to acquire the company. Among the noteworthy losers was Karyopharm Therapeutics (KPTI), which fell $5.90, or 12.52%, to $41.22 after announcing that the FDA Center for Veterinary Medicine has found the effectiveness and safety technical sections complete to support conditional approval under a New Animal Drug Application for Karyopharm's compound Verdinexor for the treatment of canine lymphoma. As part of conditional marketing approval, the sponsor is required to conduct a full, often randomized, study, to confirm the activity of the conditionally approved agent within five years, Karyopharm noted. Also lower were shares of DreamWorks Animation (DWA), which dropped $3.00, or 10.97%, to $24.35 after its latest film, "How to Train Your Dragon 2," didn't do as well as analysts had expected in its box-office debut. INDEXES: The Dow was up 5.27, or 0.03%, to 16,781.01, the Nasdaq was up 10.45, or 0.24%, to 4,321.11, and the S&P 500 was up 1.62, or 0.08%, to 1,937.78.
News For COV;MDT;FIO;SNDK;DWA;KPTI;BLUE From The Last 14 Days
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November 27, 2015
06:59 EDTMDTMedtronic volatility flat into Q2 and outlook
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November 24, 2015
08:31 EDTMDTMedtronic remains a top tier performer in Med Device space, says Cowen
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November 20, 2015
11:45 EDTSNDKNimble Storage plummets to 52-week low after results, guidance trail estimates
Shares of Nimble Storage (NMBL), a flash storage solutions provider, are plunging after the company's third quarter results and fourth quarter outlook significantly trailed analysts' consensus estimates. WHAT'S NEW: Thursday night after the close, Nimble Storage reported Q3 adjusted earnings per share of (14c) and revenue of $80.7M, well below the consensus of (8c) and $87.44M, respectively. Q3 non-GAAP gross margin was 66.9% compared to 67.1% in the prior year period. GUIDANCE: Looking ahead to Q4, Nimble Storage forecast adjusted EPS of (13c)-(11c) and revenue of $87M-$90M, far below the estimates of 0c and $99.2M respectively. EXECUTIVE COMMENTARY: Suresh Vasudevan, Chief Executive Officer of Nimble Storage, noted that the company's enterprise investments were "taking longer to become fully productive" and that the shift in investment from commercial to enterprise business "impacted its commercial revenue growth more than they anticipated." Chief Financial Officer Anup Singh said, "We plan to make some key investments to drive growth that will constrain short-term profitability. We believe our planned investments will improve revenue growth as well as operating leverage over time. We expect that it will take several quarters to realize the impact of these investments and have factored that into our guidance for Q4 FY16." ANALYST REACTION: Friday morning there was a wealth of analyst commentary, with eleven separate firms downgrading Nimble Storage. Conversely, Piper Jaffray analyst Andrew Nowinski said Nimble Storage was oversold following the company's Q3 miss and push out of its break-even point beyond 2016. Estimates and the stock's valuation have been de-risked, Nowinski told investors in a post-earnings research note. He kept an Overweight rating on the name and lowered his price target for Nimble to $20 from $37. Jefferies analyst James Kisner recommended using the significant pullback in shares of Nimble Storage as a buying opportunity. Despite the missed Q3 revenue and disappointing Q4 guidance, Nimble's hybrid storage technology remains well differentiated and the total addressable market is large, Kisner told investors in a post-earnings research note. He cut his price target for shares to $20 from $33 and kept a Buy rating on the name. After Nimble reported weaker than expected results, Sterne Agee CRT still believes that the company has "a healthy franchise" in the $75,000-$125,000 price range. The firm continues to believe that the company's Hybrid product is differentiated from competing systems. It kept a Buy rating on the shares. PRICE ACTION: In late morning trading, Nimble Storage fell $10.37, or over 50%, to $10.02 on more than seven times its average daily trading volume. As the session unfolds, the stock continues to hit fresh 52-week lows. Over the past 12 months, the stock is down approximately 62%. OTHERS TO WATCH: Other flash storage solutions providers include Pure Storage (PSTG), down 13%, NetApp (NTAP), up fractionally, SanDisk (SNDK), down fractionally, and Violin Memory (VMEM) down over 6%.
05:22 EDTMDTStocks with implied volatility movement; MDT UNH
Stocks with implied volatility movement; Medtronic (MDT) 25, UnitedHealth (UNH) 30 according to iVolatility.
November 19, 2015
10:25 EDTBLUEPiper Jaffray healthcare analyst holds an analyst/industry conference call
Sr Research Analyst Schimmer, along with Dr. Alan Cohen, member of the Medical Advisory Board of the Cooley's Anemia Foundation, discuss the emerging treatment options for Beta Thalassemia and Sickle Cell and emerging clinical data for key programs including Bluebird and Bellicum Pharmaceuticals on an Analyst/Industry conference call to be held on November 20 at 1 pm.
November 18, 2015
10:29 EDTSNDKOptions with increasing implied volatility
Options with increasing implied volatility: TERP CSC SGMS RH BBRY ULTA SNDK ORCL NKE VNET
10:02 EDTBLUEOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Align Technology (ALGN) initiated with an Overweight at Piper Jaffray... Allegion (ALLE) initiated with a Buy at BofA/Merrill... Atara Biotherapeutics (ATRA) assumed with a Neutral at Goldman... Bankrate (RATE) initiated with a Buy at Topeka... Boulder Brands (BDBD) initiated with a Buy at Wunderlich... (CRCM) initiated with a Hold at Topeka... Coeur Mining (CDE) initiated with a Hold at Noble Financial... E.W. Scripps (SSP) initiated with an Equal Weight at Stephens... Etsy (ETSY) initiated with a Hold at Topeka... Euronet (EEFT) initiated with a Hold at Feltl... Fulton Financial (FULT) initiated with a Neutral at JPMorgan... Gray Television (GTN) initiated with an Overweight at Stephens... HP Enterprise (HPE) initiated with a Market Perform at Raymond James... Halozyme (HALO) initiated with a Buy at Citi... Incyte (INCY) initiated with a Buy at Goldman... Inventure Foods (SNAK) initiated with a Buy at Wunderlich... Isis Pharmaceuticals (ISIS) initiated with a Neutral at Goldman... Kite Pharma (KITE) initiated with a Buy at Goldman... Landec (LNDC) initiated with a Buy at Wunderlich... Lendingtree (TREE) initiated with a Buy at Topeka... Media General (MEG) initiated with an Equal Weight at Stephens... Meredith (MDP) initiated with an Equal Weight at Stephens... Nexstar (NXST) initiated with an Overweight at Stephens... OSI Systems (OSIS) initiated with a Buy at BB&T... PriceSmart (PSMT) initiated with an Outperform at Scotia Howard Weil... Qorvo (QRVO) initiated with an Outperform at JMP Securities... Seattle Genetics (SGEN) initiated with a Sell at Goldman... Sinclair Broadcast (SBGI) initiated with an Equal Weight at Stephens... TEGNA (TGNA) initiated with an Overweight at Stephens... Tribune Media (TRCO) initiated with an Equal Weight at Stephens... Xenia Hotels & Resorts (XHR) initiated with an Outperform at JMP Securities... bluebird bio (BLUE) initiated with a Buy at Goldman.
08:40 EDTBLUEbluebird bio December volatility up into clinical updates
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08:32 EDTBLUEGoldman sees bluebird shares doubling on 'one-shot' gene therapy
Following a three and a half year rally for biotech stocks, and a more recent sector pullback from July's record high levels, Goldman Sachs analyst Salveen Richter said in a new note to investors that he has a Neutral view of the small- to mid-cap biotech space. Richter believes select small- to mid-cap biotech stocks should continue to outperform the broader market, but thinks stock picking is essential and laid out for investors who he thinks the winning and losing stocks in the space are likely to be. BUY BLUEBIRD: bluebird bio's (BLUE) innovative platform, which is designed to cure genetic diseases by introducing functional gene copies into a patient, makes it the "leading gene therapy play," contends Richter. bluebird's key value driver is LentiGlobin, a gene therapy for rare blood disorders, beta-thalassemia major and sickle cell disease, the analyst points out. Richter, who notes that bluebird has a major upcoming catalyst in the form of clinical updates from three Phase I/II studies of LentiGlobin in beta-thalassemia and sickle cell disease, set a 12-month price target of $165 on the stock, giving it 107% upside from current levels if his target is achieved. OTHERS TO BUY: Richter also recommends that investors own leading names in three areas of innovation, namely orphan diseases, gene therapy/editing, and immuno-oncology. In those areas, he identifies BioMarin (BMRN) as an orphan drug stock to buy, Incyte (INCY) as the best-positioned biotech immuno-oncology play for 2016 and Kite Pharma as a stock to own for the company's engineered T-cell platform focused on cancer. He set Buy rating on each of the three aforementioned names. SELL SEATTLE GENETICS: The only stock in the small- to mid-cap biotech space that Richter initiated coverage of with a Sell rating is Seattle Genetics (SGEN). The analyst acknowledges that the company is currently a leader in the antibody drug conjugate field, but thinks the consensus view of future competition for its Adcetris drug is "optimistic" and that the outlook for the rest of its pipeline is unclear. Richter set a 12-month price target of $33 on the stock, giving it 27% downside from current levels if his target is achieved. The analyst also began coverage of Atara Biotherapeutics (ATRA), Isis Pharmaceuticals (ISIS) and Juno Therapeutics (JUNO) with Neutral ratings, as he sees them all as having interesting drug platforms, but also believes their prospects are appropriately reflected in current valuations of their stocks. PRICE ACTION: Over the last six month, bluebird bio shares have fallen nearly 50%, but the stock has still more than doubled from where it was one year ago. In the last six months Seattle Genetics has risen 13%, bringing its gains over a one year timeframe to 28%.
08:19 EDTSNDKRBC Capital to hold a tour
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06:24 EDTBLUEbluebird bio initiated with a Buy at Goldman
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November 17, 2015
09:14 EDTMDTMedtronic announces FDA approval, launch of MyCareLink Smart Monitor
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November 16, 2015
11:49 EDTBLUELate-breaker ASH abstract to drive interest in bluebird, says Cowen
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11:30 EDTBLUEbluebird bio ASH late-breaker abastract data a positive, says Wedbush
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10:25 EDTSNDKUBS 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.
07:39 EDTSNDKNetlist says appeals court upholds validity of LRDIMM patent against Inphi
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