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February 25, 2014
08:47 EDTJPM, OCN, FB, ICE, CVX, MSFT, PG, CMCSA, TGT, ORAN, LNKD, CBS, TWC, UL, FOXA, DISOn the Fly: Periodicals Wrap
WSJ: Broadcasters (DIS, CBS, CMCSA, FOXA) ask Supreme Court to shut down Aereo...LinkedIn (LNKD) expands in China, dealing with censorship...Procter & Gamble (PG), Unilever (UL) battle over hair care...Orange (ORAN), Microsoft (MSFT) in talks for Dailymotion partnership...REUTERS: Senate committee hearing set on Comcast (CMCSA), Time Warner Cable (TWC) deal...Target (TGT) expected to reduce buybacks due to data breach costs...BLOOMBERG: Chevron (CVX) looking into options for U.S. midstream business...ICE (ICE) renovates SMX, prepares to list own products...OTHER NEWS: Ocwen Financial (OCN) looks to sell $1B of new debt this year, FT reports...JPMorgan (JPM) planning to cut 'several thousand' jobs in mortgage business, FT reports...WhatsApp (FB) won't generate significant revenue anytime soon, Re/code reports.
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November 11, 2015
07:55 EDTCBSRBC Capital to hold a conference
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07:40 EDTCMCSA, CBSWells Fargo to hold a conference
6th Annual Media & Telecom Conference is being held in New York on November 10-11 with webcasted company presentations to begin on November 11 at 8 am; not all company presentations may be webcasted. Webcast Link
06:56 EDTCMCSAeOne joins Participant Media as investors in DreamWorks, Hollywood Reporter says
Entertainment One plans to join Participant Media and DreamWorks' stakeholder Reliance Entertainment in investing in DreamWorks, the Hollywood Reporter says, citing sources. The arrangement is expected to be revealed around the same time the deal between DreamWorks and Universal, a Comcast subsidiary, will be officially announced, possibly around Thanksgiving, the report says. Reference Link
06:19 EDTFBAppNexus talks to Goldman, other banks about IPO plans, Business Insider reports
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November 10, 2015
16:42 EDTCMCSAComcast initiated with a Neutral at SunTrust
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16:41 EDTTWCTime Warner Cable initiated with a Neutral at SunTrust
Target $202.
16:00 EDTFBOptions Update; November 10, 2015
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15:10 EDTDIS, FOXA, CMCSA, CBST-Mobile confirms unlimited streaming initiative 'Binge On'
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15:02 EDTFBFacebook introduces Instagram Partners program
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14:59 EDTDIS, FOXA, CMCSAT-Mobile introduces unlimited video streaming
During Tuesday's Uncarrier X press event, T-Mobile (TMUS) announced "Binge On," a new initiative allowing its customers to stream video without impacting their monthly data caps. The feature will support 24 video services at launch, including Netflix (NFLX), Time Warner's (TWX) HBO, and Hulu, a joint venture of Disney (DIS), Fox (FOX, FOXA) and Comcast (CMCSA, CMCSK). Reference Link
12:00 EDTDIS, FBAb InBev, HSBC, Google, among firms to testify at EU tax hearing, Reuters says
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11:06 EDTTGTBattleground: Wayfair pits noted short sellers against Wall Street analysts
Shares of Wayfair (W), which describes itself as "one of the world's largest online destinations for home furnishings and decor," are sharply lower following its report last night of its third quarter results. The company posted a loss that was not as bad as forecast, reported better than expected revenues and guided to higher than expected sales in its upcoming quarter, but its stock is falling as bears and bulls debate its prospects for future profitability. BEARS: Whitney Tilson of Kase Capital Management, who previously accused Lumber Liquidators (LL) of selling wood with dangerous levels of formaldehyde, is making the same claims against Ark Floors, a California importer that has sold its products via Wayfair and through (WMT), reported The New York Times. Jane Carpenter, a spokeswoman for Wayfair, said the company had previously removed all of Ark's laminate from its website and said it had sold just 10 orders for Ark products since December 2014, including one order through, the report noted. According to a letter that Tilson sent to investors last night, published on Seeking Alpha, he stated that Wayfair is currently his largest short position "by far." Tilson noted that Wayfair competes head-to-head versus Amazon (AMZN), Home Depot (HD), Target (TGT), and Williams-Sonoma (WSM) and he believes the company's chances of "ever reaching breakeven, much less earning a profit, much less earning enough of a profit to justify a $4B market cap are close to zero," he wrote. Tilson predicts the stock will be below $10 within a year. Short-selling blog Citron Research, which has also previously disclosed a short position in Wayfair, linked to a Wall Street Journal article in an October 20 tweet, saying UPS (UPS) "destroys" Wayfair's core model of free shipping on oversized items. The Journal article detailed the shipping giant's plans to charge websites that share "generous shipping discounts with vendors." BULLS: Piper Jaffray analyst Neely Tamminga raised her price target for Wayfair to $73 from $60 this morning, saying the company posted "exceptional" growth in Q3 amid an otherwise "lackluster" retail environment. After the New York Times article citing Wayfair's association with a vendor viewed as at-risk given a short-seller's testing of laminate flooring, Tamminga points out that all laminate flooring accounts for 0.2% of the company's sales. She continues to recommend Wayfair as a top pick for 2015. Analysts at Wells Fargo previously said in September that reports on Wayfair by short sellers included many inaccuracies. For example, Wells said that shorts' view that Wayfair loses money on every transaction relies on a "flawed view" of the company's customer acquisition costs and payback. Shorts compare Wayfair with Overstock (OSTK), but Wayfair is growing much more quickly that the latter company, Wells stated. According to the firm, which kept an Outperform rating on the shares, Wayfair has by far the highest organic revenue growth rate among U.S. consumer companies. PRICE ACTION: In morning trading, Wayfair fell $5.08, or 11.2%, to $40.50 per share.
10:53 EDTTGTWhitney Tilson sees Wayfair trading below $10 within a year
Noted short-seller Whitney Tilson explained in a Seeking Alpha post why Wayfair (W) is his largest short position. He predicts the stock will be below $10 within a year. The online retailer is trading down $4.74 to $41.10 after reporting Q3 results. A New York Times article on one of Wayfair's vendors producing potentially toxic Chinese-made laminate flooring shows the company's business model is "completely out of control," Tilson argues. In addition, the odds of the online retailer ever reaching breakeven are "close to zero," he contends, citing the competition Wayfair faces from (AMZN), Home Depot (HD), Target (TGT) and Williams-Sonoma (WSM). Reference Link
10:02 EDTJPMHackers linked to JPMorgan breach indicted in U.S., Reuters reports
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09:37 EDTFB, TGTActive equity options trading on open
Active equity options trading on open: AAPL TGT VLO BAC FB W RAX V PHM
09:04 EDTCMCSAComcast extends fiber network to the Modesto Business Park
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07:20 EDTMSFTMicrosoft price target raised to $64 from $53 at Piper Jaffray
Piper Jaffray analyst Katherine Egbert raised her price target for Microsoft to $64 saying the newly released Halo 5: Guardians appears to be the company's most successful Halo so far. Microsoft is on its way towards a "more growth-oriented phase of life" with growth coming from Halo, Windows10 and other products, Egbert tells investors in a research note. She keeps an Overweight rating on the name.
07:12 EDTMSFTMicrosoft to offer cloud services from the UK
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06:36 EDTJPMBank of America cuts info flow from data to certain financial sites, WSJ reports
Bank of America (BAC) is on a list of banks that will temporarily cut off the flow of information to certain websites and mobile applications that collect consumer financial data, the Wall Street Journal reports, citing people familiar with the matter. The Journal previously reported that JP Morgan (JPM) and Wells Fargo (WFC) have engaged in similar practices. The move reflects the tension between big banks and tech firms over these services, the report says. Reference Link
06:16 EDTFBFacebook to appeal Belgian court ruling, Reuters reports
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