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News For DELL;MSFT;BBRY;LNKD;CMG From The Last 14 Days
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February 3, 2016
10:41 EDTCMGWells Fargo says history on Chipotle's side, Deutsche disagrees
The shares of Chipotle Mexican Grill (CMG) are falling after the company last night reported lower than expected revenue and divulged that its same-store sales had plunged more than 14% last quarter. However, a number of firms responded positively following the report, with Wells Fargo upgrading the stock and Piper Jaffray recommending that patient investors buy the shares. Conversely, Deutsche Bank and Jefferies continue to express caution about the company's outlook. WHAT'S NEW: Chipotle reported Q4 EPS of $2.17, versus the consensus outlook of $1.86. However, the company's revenue came in slightly below expectations and its same-store sales plunged 14.6% versus the same period a year earlier, in-line with its previous guidance. Chipotle's sales have plunged after an E coli outbreak in multiple states was traced to its restaurants. Yesterday, the company said that the E.coli incidents are over, but warned that the upcoming year would be "difficult" in comparison with its historical performance. BULLISH TAKE: Wells Fargo analyst Jeff Farmer upgraded Chipotle to Outperform from Market Perform. After studying the impact of food borne illness outbreaks on restaurant chains, Farmer says that same-store sales declines can be cut in half six months after incidents occur. Moreover, the same-store sales of affected companies can rise 12-15 months after the incident, the analyst stated. Although Chipotle's bottom line will be pressured as it spends more to improve its sales, the company's stock can rise as its same-store sales rebound, according to Farmer, who raised his price target range on the shares to $500-$530 from $420-$450. Agreeing with Farmer, Piper Jaffray analyst Nicole Miller Regan wrote that the company's increased spending would weigh on its bottom line this year, but that its strategic initiatives support a positive outlook on the stock over the longer term. The company will have a number of near-term positive catalysts, including interim comp sales updates and its employee meeting next week, said Regan, who kept an Overweight rating on the shares but cut her price target to $479 from $500. BEARISH TAKE: Comparisons between Chipotle and other companies that experienced similar situations are "irrelevant," since "no concept has been so loved and (then) so abandoned," wrote Deutsche Bank analyst Karen Short. She believes that consumers were already becoming less enthusiastic about Chipotle before the E.coil outbreak, and she kept a Hold rating on the shares following its report. Jefferies analyst Andy Barish lowered his price target on the stock to $390 from $420, forecasting that the company's results would be "volatile" while its outlook will remain "uncertain" going forward. The analyst kept a Hold rating on the restaurant chain's stock. PRICE ACTION: In morning trading, Chipotle dropped 7% to $442.50.
10:00 EDTCMGOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: ADT Corp. (ADT) upgraded to Equal Weight from Underweight at Morgan Stanley... Badger Meter (BMI) upgraded to Outperform from Neutral at Baird... Boot Barn (BOOT) upgraded to Buy from Neutral at B. Riley... Chipotle (CMG) upgraded to Outperform from Market Perform at Wells Fargo... Dow Chemical (DOW) upgraded to Top Pick from Outperform at RBC Capital... Electro Scientific (ESIO) upgraded to Buy from Hold at Needham... Hyatt (H) upgraded to Outperform from Market Perform at Wells Fargo... Intel (INTC) upgraded to Neutral from Sell at Goldman... Mallinckrodt (MNK) upgraded to Buy from Neutral at Mizuho... Michael Kors (KORS) upgraded to Neutral from Sell at Citi... NeoPhotonics (NPTN) upgraded to Strong Buy from Outperform at Raymond James... PGT, Inc. (PGTI) upgraded to Buy from Hold at Craig-Hallum... Performance Sports Group (PSG) upgraded to Outperform from Neutral at Wedbush... Superior Drilling (SDPI) upgraded to Buy from Neutral at Roth Capital... Syntel (SYNT) upgraded to Buy from Hold at Maxim... Valley National (VLY) upgraded to Overweight from Neutral at Piper Jaffray... Willis Towers Watson (WLTW) upgraded to Buy from Neutral at SunTrust.
09:37 EDTCMGActive equity options trading on open
Active equity options trading on open: AAPL BAC FB YHOO GILD CMG NFLX GOOGL QCOM
09:19 EDTCMGOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Boot Barn (BOOT), up 20.7%... Oclaro (OCLR), up 8.2%... Edwards Lifesciences (EW), up 5.8%... Natural Health (NHTC), up 5.7%... Viavi Solutions (VIAV), up 2.8%. ALSO HIGHER: Conatus (CNAT), up 18.8% after the FDA has granted Fast Track designation to the company's emricasan development program for the treatment of liver cirrhosis... Marvell Technology (MRVL), up 3.3% after Starboard Value disclosed a 6.7% activist stake in the company... Syngenta (SYT), up 2.9% after ChemChina offers to acquire the company in a transaction valued over $43B. DOWN AFTER EARNINGS: Navios Maritime Partners (NMM), down 33.5%... National-Oilwell Varco (NOV), down 7.9%... Chipotle (CMG), down 5.7%... Yahoo (YHOO), down 1.9%... Mondelez (MDLZ), down 4.4%... Illumina (ILMN), down 4.6%... Alexion Pharmaceuticals (ALXN), down 3.5%... Merck (MRK), down fractionally.
09:18 EDTMSFTCitigroup to hold an analyst/industry conference call
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08:58 EDTMSFTTableau initiated with a Sell at Maxim
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07:48 EDTMSFTMicrosoft confirms purchase of SwiftKey in blog post
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07:43 EDTCMGChipotle taking positive steps, outlook still upbeat, says SunTrust
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07:41 EDTMSFTCiti lowers 2016 PC estimates to down 6% from down 2%
Citi analyst Jim Suva says recent data points indicate above normal PC inventories and "materially below seasonal demand" in early 2016. The analyst cut his 2016 PC estimates to down 6% from down 2%, well below IDC's estimate of down 3%. Suva believes there is a lack of evidence to suggest that Microsoft's (MSFT) Windows' 10 launch will drive a PC refresh in 2016. The analyst cut his estimates and price target for HP Inc. (HPQ) and kept a Neutral rating on the name.
07:27 EDTCMGDownside risk remains for Chipotle estimates, says Stephens
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07:21 EDTCMGDeutsche remains cautious on Chipotle with $400 target
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07:00 EDTCMGChipotle price target lowered to $390 from $420 at Jefferies
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06:56 EDTCMGPiper says patient investors should continue buying Chipotle
Piper Jaffray analyst Nicole Miller Regan says that while Chipotle Mexican Grill's Q4 results were better than expected, Q1 trends through January were down more than expected on weather, continued negative publicity and difficult compares. Regan expects Chipotle's spending on strategic initiatives to "substantially reduce" FY16 earnings expectations and she cut her price target for the shares to $479 from $500. The analyst, however, says patient investors should continue to buy the stock. She keeps an Overweight rating on Chipotle. Wells Fargo this morning upgraded the stock to Outperform.
06:23 EDTMSFTMicrosoft's SwiftKey buy more to do with AI, Re/code reports
Microsoft's acquisition of the U.K.'s SwiftKey was less about the mechanics of entering text on a touchscreen and more about the increasing role that context is playing in artificial intelligence, Re/code reports. The company has been looking more deeply into AI, including with Cortana, the report says. Reference Link
05:57 EDTMSFTMicrosoft ships 6M Surface tablets in 2015, DigiTimes reports
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05:41 EDTCMGChipotle upgraded to Outperform from Market Perform at Wells Fargo
Wells Fargo analyst Jeff Farmer upgraded Chipotle Mexican Grill to Outperform saying two decades of food safety case studies indicate that the majority of restaurant concepts that have experienced a food safety issue see the return of sustained same-store-sales growth within 12-15 months of the incident. Following Chipotle's Q4 results, Farmer raised his price target range for the shares to $500-$530 from $420-$450. The stock closed yesterday up $3.36 to $476.00.
05:08 EDTLNKDStocks with implied volatility above IV index mean; FEYE TWTR
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February 2, 2016
19:22 EDTCMGOn The Fly: After Hours Movers
UP AFTER EARNINGS: Boot Barn (BOOT), up 16.5%... Wabash National (WNC), up 9.7%... Oclaro (OCLR), up 6.8%... Myriad Genetics (MYGN), up 8%... Ultimate Software Group (ULTI), up 6.2%... Natural Health (NHTC), up 6.2%... Edwards Lifesciences (EW), up 6.2%... Viavi Solutions (VIAV), up 2.4%... Gilead Sciences (GILD), up just under 1%. DOWN AFTER EARNINGS: Match Group (MTCH), down 7.3%... Yahoo (YHOO), down 1.2%... Chipotle (CMG), down 7.1%. ALSO LOWER: Barnes & Noble (BKS), down 2.4% after General Growth (GGP) CEO Sandeep Mathrani announced that Amazon (AMZN) is going to open 300-400 brick-and-mortar bookstores.
18:23 EDTMSFTMicrosoft to acquire Swiftkey for $250M, FT says
Microsoft will pay roughly $250M to acquire Swiftkey, a developer of AI-driven smartphone typing technology, reports the Financial Times, citing sources. The deal is set to be announced this week, said the report. Reference Link
18:17 EDTCMGChipotle expands restaurant audit program, says consumer data leveling off
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