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March 1, 2013
06:05 EDTGRPN, CMCSA, NWSA, RAD, GLNCY, VZ, TWX, WAG, DTV, DIS, CVC, CVSOn the Fly: Periodicals Wrap-Up
WALL STREET JOURNAL: Drugstore chains (CVS, WAG, RAD) are branching out into health-care services, as a way to counter a slowdown in prescription drug sales and evolve beyond just dispensing pills. They see big opportunities as millions of uninsured Americans pick up health coverage next year. The upside is in making sure current patients stay on their medications or providing alternative venues for medical treatment, even if it is done virtually, the Wall Street Journal reports...What happens when the "bundle" begins to unravel? The question is taking on intense importance for the cable-TV business (CVC, TWX, NWSA, DIS, VZ, CMCSA, DTV). Attacks on the bundle approach have escalated. Now pay-TV executives, as well as its customers, are openly pondering a world where the bundle no longer reigns, even though such a scenario could be years away, the Wall Street Journal reports...REUTERS: Glencore (GLNCY) supplied thousands of tons of alumina to the Iranian Aluminum Co. (Iralco) that has provided aluminum to Iran's nuclear program, intelligence and diplomatic sources say, Reuters reports...The $85B in across-the-board "sequestration" cuts designed to hit most U.S. government programs were set to begin today. What they were not likely to do, at least as far as financial markets were concerned, was cause enough damage to derail a U.S. economy that has been gaining momentum, Reuters reports...BLOOMBERG: The firing of Groupon (GRPN) CEO Andrew Mason puts pressure on Chairman Eric Lefkofsky to find a replacement who can create a money-making business after the daily-deal provider lost $723.8M in the past three years, Bloomberg reports...Two Chinese Manufacturing indexes revealed a slower-than-estimated pace of expansion, a signal that the nationís economic recovery may be losing steam, Bloomberg reports.
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November 18, 2015
09:34 EDTGRPNActive equity options trading on open
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06:16 EDTCMCSAComcast dumps YES Network, WSJ reports
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05:40 EDTRADStocks with implied volatility below IV index mean; YUM RAD
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November 17, 2015
10:17 EDTCVSHouse Judiciary Committee to hold a hearing
The Subcommittee on Regulatory Reform, Commercial and Antitrust Law holds a hearing entitled, "The State of Competition in the Pharmacy Benefit Manager and Pharmacy Marketplaces" with Vice President Bricker of Express Scripts and Senior Vice President Pons of CVS Health on November 17 at 3 pm. Webcast Link
09:14 EDTTWXDolby, VUDU to release Warner Bros. titles for Dolby Vision
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09:04 EDTCMCSAComcast: Over 1M multifamily residents using Xfinity services delivered by ACN
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08:56 EDTTWXTime Warner announces proposed debt offering
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06:41 EDTCMCSANBC comedy streaming service beta starts December 3, Engadget reports
Comcast's NBC will make its comedy streaming service available as a free public beta beginning December 3, Engadget reports. Reference Link
November 16, 2015
17:02 EDTTWXPoint72 added to lululemon position, subtracted from Netflix position
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15:53 EDTTWXJANA Partners reduces stakes in Rackspace, Qualcomm
JANA Partners gave a quarterly update on its stakes in a filing this afternoon. NEW STAKES: Mattel (MAT), Zoetis (ZTS), and Aramark (ARMK). INCREASED STAKES: ConAgra Foods (CAG). DECREASED STAKES: Rackspace (RAX), Qualcomm (QCOM), Time Warner (TWX), Starz (STRZA), and Lions Gate (LGF). LIQUIDATED STAKES: Johnson Controls (JCI), Precision Castparts (PCP), AerCap Holdings (AER), United Rentals (URI), and HD Supply Holdings (HDS).
12:01 EDTDIS'Star Wars: The Force Awakens' to be available as Dolby Cinema experience
Dolby Laboratories (DLB) and The Walt Disney Studios (DIS) announced that Star Wars: The Force Awakens, in theatres December 18, will be available as a Dolby Cinema experience.
10:00 EDTDISOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Abengoa (ABGB) downgraded to Hold from Buy at Canaccord... Best Buy (BBY) downgraded to Sector Perform from Outperform at RBC Capital... CDTi (CDTI) downgraded to Neutral from Buy at Roth Capital... CNH Industrial (CNHI) downgraded to Underweight from Neutral at JPMorgan... Clayton Williams (CWEI) downgraded to Sell from Neutral at Roth Capital... Disney (DIS) downgraded to Neutral from Buy at Guggenheim... Endo (ENDP) downgraded to Neutral from Buy at Mizuho... Five Below (FIVE) downgraded to Hold from Buy at Deutsche Bank... Garrison Capital (GARS) downgraded to Market Perform from Outperform at William Blair... General Growth (GGP) downgraded to Hold from Buy at Evercore ISI... Helmerich & Payne (HP) downgraded to Hold from Buy at Evercore ISI... Kosmos (KOS) downgraded on investor sentiment, costs at RBC Capital... MannKind (MNKD) downgraded to Neutral from Buy at Griffen Securities... Media General (MEG) downgraded to Hold from Buy at Evercore ISI... Progressive (PGR) downgraded to Sell from Neutral at Goldman... Sabra Health Care (SBRA) downgraded on challenges, investor sentiment at Stifel... Simon Property (SPG) downgraded to Hold from Buy at Evercore ISI... Springleaf (LEAF) downgraded after settlement on acquisition reached at BMO Capital... Steiner Leisure (STNR) downgraded to Market Perform from Outperform at William Blair... Taubman Centers (TCO) downgraded to Hold from Buy at Evercore ISI... TerraForm Power (TERP) downgraded to Neutral from Buy at UBS... UniCredit (UNCFF) downgraded to Neutral from Buy at Citi... Violin Memory (VMEM) downgraded to Hold from Buy at Maxim... Vipshop (VIPS) downgraded to Equal Weight from Overweight at Morgan Stanley... Wolseley (WOSYY) downgraded to Hold from Buy at Deutsche Bank.
09:26 EDTGRPNGroupon closes operations in Nordic countries, Breakit reports
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09:06 EDTCVS, RADDiplomat 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%.
08:03 EDTCMCSAComcast to add 400 new jobs in early 2016 at St. Paul office
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06:19 EDTDISTV programmers negotiate promotional deals with Netflix, WSJ says
Television programmers are negotiating with Netflix (NFLX) over promotional content and branding opportunities, the Wall Street Journal reports. For example, Disney's (DIS) ABC negotiated a deal where Netflix subscribers watching the ABC program "How to Get Away with Murder" will first watch a four second shot of star Viola Davis alongside an ABC logo right before watching the show, the report says. Reference Link
06:18 EDTDISDisney downgraded to Neutral from Buy at Guggenheim
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06:18 EDTCVSDiplomat Pharmacy selloff brings 'compelling' entry point, says Leerink
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06:16 EDTCVCAltice targeting NYC internet expansion for Cablevision, NY Post reports
Altice (ATCEY), which sees its takeover of Cablevision (CVC) closing next year, is in discussions over expanding the cable company's fiber optic network to tis 3.1M customers in the New York City area, the New York Post reports. Altice has held talks with the New York City Department of Information Technology and the Public Service Commission, noting the company's progress in developing high-speed service in France and Portugal, the report says. Reference Link
November 15, 2015
17:09 EDTTWX'Spectre' stays uncatchable while Christmas-themed 'Coopers' outperforms
"Spectre" and "The Peanuts" remained in first and second place, respectively, at the domestic box office while Christmas comedy "Love The Coopers" topped expectations heading into the holiday period. WEEKEND LEADER: Sony's (SNE) "Spectre" grossed $35.4M in the U.S. for the weekend of November 15, falling roughly 50% from its $73M domestic open. Globally speaking, the latest James Bond film has pulled in $543.8M in just its second week at the box office. BOX OFFICE RUNNERS-UP: Fox's (FOX, FOXA) "The Peanuts Movie" earned $24.2M, as Charlie Brown and friends fell somewhat short of analyst expectations for $28.7M. Meanwhile, Lionsgate's (LGF) Christmas-themed comedy "Love The Coopers" debuted at $8.4M, beating estimates of $5.2M-$8M despite harsh reviews. Rounding out the weekend's Top 5 were Fox's "The Martian" with $6.7M and newcomer "The 33" at $5.8M. Analyst expectations ranged $5.5M-$10M for the disaster survival drama from Time Warner's (TWX) Warner Bros.
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