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February 22, 2012
17:00 EDTATRI, FIRE, TOL, DELL, HSTM, GRMN, CETV, MGM, CHSOn The Fly: Closing Wrap
Stocks on Wall Street were lower, as the market took a breather from its steady move higher so far this year. The open was slightly lower following a weak pre-market session by the futures. The weakness was attributed to concerns over whether Greece could adhere to its austerity measures over the medium term, as well as disappointing manufacturing data from Europe and China. The market moved to its lowest levels of the session near mid-day, following statements by the Obama administration that corporate tax rates would be reduced but that interest would be taxed as ordinary income. The market quickly found a level where it sat for a couple of hours before moving back towards the flat line. There was little in the way of catalysts to move the buyers off the sidelines, as the domestic economic calendar remained quiet and there were few headlines of note from Europe... ECONOMIC EVENTS: Domestically, existing home sales rose by 4.3% in January, but the prior month's growth rate was revised lower. The resulting annual sales rate of 4.57M homes sold was down slightly from the annual rate of 4.61M reported a month ago. Also of note was a proposal from the Obama administration to cut the maximum U.S. corporate tax rate to 28% from 35% while eliminating many existing tax loopholes. Internationally, a euro zone composite PMI and a separate Chinese PMI reading both came in at 49.7, indicating contraction... MARKET NEWS: Dell (DELL) fell about 6% in heavy trading as it was downgraded to Neutral from Buy at Citigroup following its Q4 report. Citi cited weakening prospects for additional margin expansion and lowered its price target in the name to $19 from $20... Among others reporting earnings, winners included Chico's FAS (CHS) and Garmin (GRMN); losers included Toll Brothers (TOL) and MGM Resorts (MGM)... MAJOR MOVERS: Notable gainers included Healthstream (HSTM), up $5.21, or 30.05%, to $22.55, and SourceFire (FIRE), up $9.36, or 26.13%, to $45.18, following their earnings reports. Noteworthy losers included Central Euro Media (CETV), down $1.55, or 18.24%, to $6.95, and Newfield Exploration (NFX), down $5.37, or 12.71%, to $36.88, after disappointing quarterly results... INDICES: The Dow fell 27.02, or 0.21%, to 12,938.67; the Nasdaq slid 15.40, or 0.52%, to 2,933.17; and the S&P 500 dropped 4.55, or 0.33%, to 1,357.66.
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March 19, 2015
13:00 EDTMGMCasino operators jump after analyst starts with Buy ratings
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10:02 EDTMGM, HSTMOn The Fly: Analyst Initiation Summary
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07:36 EDTTOLToll Brothers management to meet with Deutsche Bank
Meeting to be held in Frankfurt on March 19 hosted by Deutsche Bank.
March 18, 2015
16:26 EDTHSTMHealthstream initiated with a Neutral at RW Baird
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16:23 EDTMGMMGM Resorts initiated with a Buy at Brean Capital
Target $27.
16:00 EDTMGMOptions Update; March 18, 2015
iPath S&P 500 VIX Short-Term Futures down 1.20 to 26.10. Option volume leaders: AAPL RAD PBR TWTR FB TSLA CLF BP MGM according to Track Data.
10:00 EDTMGMOn The Fly: Analyst Downgrade Summary
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09:13 EDTMGMMGM Resorts potential REIT conversion would unlock value, says Morgan Stanley
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08:28 EDTMGM, MGMMGM Resorts downgraded to Outperform from Buy at CLSA
CLSA downgraded MGM Resorts to Outperform and lowered its price target to $25 from $29 as part of Macau sector downgrade to reflect disappointing run rates year-to-date and expectations for more negative newsflow. See sector note for further information.
08:24 EDTMGM, MGMMacau sector downgraded at CLSA
CLSA downgraded the Macau sector given disappointing run rates year-to-date and expectations for more negative newsflow. The firm said the anti-corruption campaign continues to pressure VIP and premium mass customer visits. CLSA now expects 2015 EBITDA growth of -26%, lowered its view of VIP growth to -32% from -14%, reduced mass growth to -17% from -2%, and now expects new Cotai projects ROIC to average only +18, down from +35% previously. As part of the sector view change, the firm downgraded Las Vegas Sands (LVS), MGM Resorts (MGM), and Wynn Resorts (WYNN) to Outperform from Buy.
07:39 EDTTOLToll Brothers management to meet with Deutsche Bank
Meetings to be held in Geneva/Zurich on March 18 hosted by Deutsche Bank.
05:55 EDTMGMStocks with implied volatility movement; MGM CY
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March 17, 2015
16:26 EDTMGMOn The Fly: Closing Wrap
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16:00 EDTMGMOptions Update; March 17, 2015
iPath S&P 500 VIX Short-Term Futures down 11c to 27.30. Option volume leaders: AAPL RIG MGM HTZ TWTR TSLA CY KO NFLX C according to Track Data.
10:11 EDTMGMMGM Resorts trades sharply higher as activist suggests REIT conversion
Land and Buildings laid out a proposal to unlock value in the shares by pursuing a REIT conversion at MGM Resorts. At the current price of $21.36, the stock is up over 8.6%. Resistance initially is at the session high at $21.50, and then at $21.76. Support is at the 50-day moving average at $20.73.
09:25 EDTMGMLand and Buildings proposes REIT conversion for MGM Resorts
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March 16, 2015
16:37 EDTHSTMHealthstream closes acquisition of HealthLine
HealthStream announced that it has completed the acquisition of San Diego-based HealthLine Systems. The purchase price for the acquisition was approximately $88M, which was paid in cash.
10:02 EDTGRMNOn The Fly: Analyst Downgrade Summary
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07:28 EDTGRMNGarmin downgraded at Oppenheimer
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06:40 EDTGRMNGarmin downgraded to Perform from Outperform at Oppenheimer
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