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February 6, 2013
Stocks on Wall Street were mixed as the averages moved in a tighter range than they had during the first two trading sessions of the week. A quiet economic calendar, a light news flow and modest trading volume resulted in a quieter day for the market... ECONOMIC EVENTS: In the U.S., the Department of Energy reported that crude supplies grew by 2.62M barrels, roughly in-line with forecasts. In Japan, the governor of its central bank offered to step down three weeks before the end of his term, fueling speculation that accelerated and more aggressive stimulus measures may follow and sparking a 3.8% run-up in the Nikkei average... COMPANY NEWS: Dow component Walt Disney (DIS) opened the session at all time highs after the company's quarterly results beat consensus estimates. Citigroup also raised its price target on Disney stock to $63 from $54, but shares finished off their early highs, up 23c, or 0.42%, to $54.52... Elan (ELN) shares slid $1.06, or 10.13%, to $9.40 after the company agreed to sell its 50% interest in the Tysabri multiple sclerosis drug to Biogen (BIIB) for $3.25B in cash and future royalty payments. Biogen shares rose $3.62, or 2.3%, to $160.98 following the announcement... MAJOR MOVERS: Among the notable gainers was BIOLASE (BIOL), up 55c, or 19.43%, to $3.38 after receiving FDA clearance for a soft tissue laser device. Also higher was Metals USA (MUSA), up $2.35, or 12.84%, to $20.65 after agreeing to be acquired by Reliance Steel (RS) for $20.65 per share. Reliance steel also gained $5.56, or 8.59%, to $70.25 following the news. Among those trading higher after earnings were Shutterfly (SFLY), up $6.81, or 20.27%, to $40.40 and Take-Two Interactive (TTWO), up $1.78, or 14.06%, to $14.44. Among the noteworthy losers was GameStop (GME), down $1.61, or 6.01%, to $25.20 following a report suggesting the next version of Microsoft's (MSFT) Xbox video game system will not allow used games to be resold. Among those trading lower after earnings were C.H. Robinson (CHRW), down $6.51, or 9.71%, to $60.50 and Calix (CALX), down 83c, or 9.75%, to $7.68... INDICES: The Dow was up 7.22, or 0.05%, to 13,986.52; the Nasdaq was down 3.10, or 0.10%, to 3,168.48; and the S&P 500 was up 0.83, or 0.05%, to 1,512.12.
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September 30, 2015
07:33 EDTCHRWC.H. Robinson downgraded to Sell from Neutral at Goldman
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06:14 EDTMSFTRackspace expected to partner with Amazon, WSJ reports
Rackspace Hosting (RAX) is expected to partner with Amazon (AMZN) to make it easier for corporate customers to move computing operations to Amazon Web Services from their own facilities, The Wall Street Journal reports. According to two sources, the partnership, which is similar to an agreement Rackspace signed with Microsoft (MSFT) in July, will be announced at a conference for AWS users next week. Reference Link
September 29, 2015
15:19 EDTDISDiscovery drops as investor day fails to dispell cord-cutting fears
Shares of Discovery Communications (DISCA) have dropped today as the company held its first-ever investor day amid ongoing concerns about the potential decline of pay TV. NEW GUIDANCE: Discovery Chief Financial Officer Andrew Warren updated the company's full year 2015 outlook, saying he expects constant currency adjusted earnings per share to grow in the low double digits. The company expects revenue for the year to grow 9%-10%, with free cash flow up in low single digits. Meanwhile, year over year currency headwinds were seen deducting $460M from revenue and 24c-29c from adjusted EPS. Discovery also established long-term guidance, saying it sees its adjusted EPS compound annual growth rate up in low double digits from 2015 to 2018, on a constant currency basis. "Third quarter results are on track, highlighted by strong U.S. advertising growth," Warren added. THREE BILLION SUBSCRIBERS: CEO David Zaslav commented during the investor day that the company is "confident in the long-term outlook for our business," adding that Discovery expects to reach 3B cumulative worldwide subscribers by year's end. The Chief Executive highlighted what he called five differentiators for Discovery's growth potential, including its ownership of a growing and diverse portfolio of content and IP "that uniquely positions Discovery for the changing media landscape." CORD CUTTING: Multiple Discovery executives showcased the company's European products, including Eurosport and the Eurosport Player OTT service, as well as the company's apparent first-mover advantage in Latin America. The seemingly increased attention on foreign initiatives comes as U.S. cord-cutting trends continue generating headlines, with Citi analyst Jason Bazinet arguing as recently as September 18 that Disney (DIS) would be the only cable network to make more money in a bundle-free world. According to media reports of today's Discovery event, Chief Executive Zaslav said "it's not rational" that media companies are selling so much of their content to streaming services like Netflix (NFLX) that threaten the appeal of cable bundles. The CEO added that Discovery has assumed a 1%-2% decline in pay TV over "the next couple of years," though he reassured investor day attendees that the company's adjusted operating income should be roughly flat even in a worst-case scenario. PRICE ACTION: Shares of Discovery crashed as much as 7% in early morning trading before seeing hesitant moves higher. The stock is down just under 4% to roughly $26.70 heading towards session close.
12:33 EDTBIIBOn The Fly: Top stock stories at midday
Stocks on Wall Street were slightly higher at midday as the market seeks to break its losing streak, helped by an improvement in consumer confidence that came despite the recent market volatility. ECONOMIC EVENTS: In the U.S., consumer confidence unexpectedly rose in September. Analysts expected the consumer confidence reading to pull back to 96.8 from the prior 101.5 figure, but it actually strengthened to 103.0. The S&P/Case-Shiller 20-city composite home price index was up a seasonally adjusted 0.2% month over month in July, versus the consensus forecast for a rise of 0.1%. Stocks sold off in much of Asia last night, with China's Shanghai composite index sliding 2% while Japan's Nikkei dropped 4%, erasing year-to-date gains in the process. COMPANY NEWS: Shares of Yahoo (YHOO) advanced 3% after its board authorized the company to continue to pursue its spin-off of Aabaco Holdings, a newly formed independent registered investment company that will hold all of Yahoo's remaining holdings in Alibaba Group (BABA). MAJOR MOVERS: Among the notable gainers was Radius Health (RDUS), which rose nearly 10% after Ben Harrington of the Betaville blog stated during an appearance on Tip TV that he has heard that "something will be happening" in terms of M&A involving the company over the "next few weeks." Also higher were several recently beaten down biotech stocks that were seeing some bounceback, including Vertex Pharmaceuticals (VRTX), which gained 5%, and Biogen (BIIB), which advanced 4%. Notably, both of them, along with Amgen (AMGN), were mentioned in a note to investors by Cowen analyst Ken Cacciatore as "hypothetical" targets for Allergan (AGN). Among the noteworthy losers was OvaScience (OVAS), which dropped 38% after saying it now longer expects to meet its 2015 goal of 1,000 Augment cycles. Esperion (ESPR) also fell 38% after the company warned that the FDA could require it to undertake new studies before its ETC-1002 is approved. INDEXES: Near midday, the Dow was up 7.27, or 0.05%, to 16,009.16, the Nasdaq was up 7.38, or 0.16%, to 4,551.35, and the S&P 500 was up 4.56, or 0.24%, to 1,886.33.
09:30 EDTGMEGameStop says plans to hire over 28,000 seasonal associates nationwide
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08:57 EDTBIIBCowen lists Vertex, Biogen and Amgen as hypothetical Allergan targets
Cowen analyst Ken Cacciatore noted that the price agreed for Allergan's (AGN) generic divestiture to Teva (TEVA) is fixed and that the cash value from this deal has not depreciated in any way while the corresponding valuations of potential targets have corrected, increasing the potential value creation available for Allergan as it decides how to deploy its capital. To illustrate the value creation that Allergan's capital deployment could generate, Cacciatore estimates the type of accretion potential that might be seen if the company were to buy Vertex with an acquisition price of $36.5B, if it were to acquire Biogen (BIIB) at a price of $91B or if it were to purchase Amgen (AMGN) with an acquisition price of $140B. Although the market correction has lowered Allergan's stock, the decline could be viewed as a near-term positive, given that a key component of its strategy and business model is to seek to aggressively deploy its capital, Cacciatore argues in a note to investors. The analyst keeps an Outperform rating and $400 price target on Allergan shares.
06:06 EDTBIIBBiogen volatility at 52-week highs
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06:01 EDTMSFTMicrosoft to host conference call
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September 28, 2015
16:34 EDTMSFTMicrosoft to change financial reporting structure
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13:13 EDTMSFTMicrosoft comments on privacy, Windows 10 on blog
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12:06 EDTMSFTMicrosoft acquires Adxstudio, terms not disclosed
Bob Stutz -- Corporate VP, Microsoft Dynamics CRM -- disclosed in a blog post that Microsoft has acquired has reached a definitive agreement to acquire key product and technology assets of Adxstudio Inc., a provider of Web portals, online engagement solutions and application lifecycle management solutions for Microsoft Dynamics CRM. Stutz says, "With this acquisition of our long-time partner, our customers will immediately be able to take advantage of new and exciting ways to engage with customers online." Terms of the deal have not been disclosed. Reference Link
10:43 EDTMSFTMicrosoft planning Google Cardboard VR competitor, TNW News says
Microsoft (MSFT) is working on a competitor to Google's (GOOG) Cardboard Virtual Reality program, TNW News reports. The Seattle-based tech giant is inviting participants to an event in Russia on October 17, offering cardboard headsets to those with "successful" suggestions, the report says. Microsoft is already developing its HoloLens "mixed reality" technology, the report says. Reference Link
10:00 EDTCHRWOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: ANI Pharmaceuticals (ANIP) upgraded on valuation at Roth Capital... AbbVie (ABBV) upgraded to Neutral from Sell at Citi... Astec (ASTE) upgraded to Accumulate from Neutral at Global Hunter... Atmel (ATML) upgraded to Strong Buy from Outperform at Raymond James... BAE Systems (BAESY) upgraded to Outperform from Market Perform at Bernstein... BG Group (BRGYY) upgraded on valuation at BMO Capital... Boston Scientific (BSX) upgraded to Buy from Hold at Needham... C.H. Robinson (CHRW) upgraded to Buy from Hold at BB&T... Citi (C) upgraded to Buy from Hold at Jefferies... Diamond Offshore (DO) upgraded to Hold from Sell at Deutsche Bank... Endologix (ELGX) upgraded to Buy from Neutral at BTIG... Infosys (INFY) upgraded to Hold from Sell at Societe Generale... J.C. Penney (JCP) upgraded on confidence in CEO, initiatives at Sterne Agee CRT... Knowles (KN) upgraded to Market Perform from Underperform at FBR Capital... Lexicon (LXRX) upgraded to Hold from Sell at Gabelli... MTN Group (MTNOY) upgraded to Buy from Hold at Deutsche Bank... Natera (NTRA) upgraded to Outperform from Neutral at Wedbush... Omnicell (OMCL) upgraded to Buy from Neutral at Sidoti... RBC Bearings (ROLL) upgraded to Buy from Accumulate at Global Hunter... Raptor Pharmaceuticals (RPTP) upgraded to Perform from Underperform at Oppenheimer... Regal Entertainment (RGC) upgraded to Buy from Neutral at B. Riley... Repsol (REPYY) upgraded on valuation at BMO Capital... Star Bulk Carriers (SBLK) upgraded to Buy from Hold at Deutsche Bank... Stoneridge (SRI) upgraded to Buy from Hold at BB&T... Transocean (RIG) upgraded to Hold from Sell at Deutsche Bank... Vertex (VRTX) upgraded to Buy from Hold at Argus... Wabash (WNC) upgraded to Buy from Accumulate at Global Hunter.
09:36 EDTDIS Active equity options trading on open
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06:50 EDTCHRWC.H. Robinson upgraded to Buy from Hold at BB&T
BB&T upgraded C.H. Robinson to Buy with a $81 price target. Analyst Thomas Albrecht believes C.H. Robinson's 50-50 mix of committed and spot volumes is ideal for the current environment as many small carriers have increased their dependence upon larger brokers to get shipping loads. Additionally, Albrecht said trucking capacity is growing and larger truck OEM backlogs will lead to continued fleet growth at least into next spring.
05:35 EDTBIIBBiogen implied volatility of 52 at upper end of index mean range
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September 25, 2015
18:13 EDTMSFTGates Foundation files lawsuit against Petrobras, auditor, WSJ says
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12:38 EDTBIIBOptions with increasing implied volatility
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07:55 EDTBIIBBiogen, Sobi receive position opinion for Elocta from CHMP
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07:32 EDTBIIBBiogen, Sobi receive positive CHMP opinion for Elocta for Hemophilia A
Biogen and Swedish Orphan Biovitrum AB received a positive recommendation from the European Medicines Agency's Committee for Medicinal Products for Human Use for the marketing authorization of ELOCTA. ELOCTA is a recombinant factor VIII Fc fusion protein product for the treatment of hemophilia A that, if approved, would be the first hemophilia A treatment with prolonged circulation available in the European Union. The positive opinion was based on results from the pivotal, Phase 3 A-LONG clinical study, which examined the efficacy, safety and pharmacokinetics of rFVIIIFc in previously treated males 12 years of age and older with severe hemophilia A, and from the Phase 3 Kids A-LONG clinical study, which evaluated the efficacy and safety of rFVIIIFc in previously treated male children with hemophilia A under 12 years of age. The Committee's positive opinion is now referred to the EC, which grants marketing authorization for medicines in the EU. ELOCTA is the European trade name for rFVIIIFc, which is also known as ELOCTATE in the U.S., Canada, Australia, New Zealand and Japan, where it is approved for the treatment of hemophilia A. Commonly reported adverse drug reactions in the clinical studies were arthralgia, malaise, myalgia, headache and rash. Development of Factor VIII neutralizing antibodies may occur following administration of ELOCTA. Biogen and Sobi are collaboration partners in the development and commercialization of ELOCTA/ELOCTATE for hemophilia A. Last year, Sobi exercised its opt-in right to assume final development and commercialization of ELOCTA in the Sobi territories. Biogen leads development for ELOCTA/ELOCTATE, has manufacturing rights, and has commercialization rights in North America and all other regions in the world excluding the Sobi territories.
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