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News Breaks
November 12, 2012
10:00 EDTYUM, MCD, JBT, ICPT, BERY, OVSC, DNDNOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Dendreon (DNDN) initiated with a Buy at Needham... OvaScience (OVSC) initiated with an Outperform at Leerink... Intercept Pharmaceuticals (ICPT) initiated with a Buy at BofA/Merrill... Berry Plastics (BERY) initiated with an Outperform at Wells Fargo... McDonald's (MCD) initiated with a Buy at Davenport... Yum! Brands (YUM) initiated with a Buy at Davenport... JBT Corporation (JBT) initiated with a Buy at Sidoti.
News For DNDN;OVSC;BERY;ICPT;MCD;YUM;JBT From The Last 14 Days
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November 25, 2015
16:01 EDTMCDOptions Update; November 25, 2015
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November 24, 2015
08:02 EDTMCDMcDonald's Wendy's poised to gain share from Burger King, says Wells Fargo
Wells Fargo believes that value offerings from Wendy's (WEN0 and McDonald's (MCD) will enable the companies to gain market share from Burger King (QSR).
November 23, 2015
10:54 EDTYUMBattleground: Analysts vary widely in assessing E. coli impact on Chipotle
Research firms had very different views on Chipotle's (CMG) outlook after the company announced late Friday afternoon that six new cases of E coli linked to its restaurants had been identified in four additional states, triggering a 12.5% decline in the shares. JPMorgan wrote that the selloff in the stock was overdone, as the E.Coli outbreak should have only "a limited impact" on the company's results. Similarly, research firm William Blair does not expect the casual dining company's results to be meaningfully impacted by the news. However, Bank of America/Merrill Lynch downgraded the stock two notches, to the firm's equivalent of a Sell, and Sterne Agee cut its rating on the name to Neutral, with both firms predicting that the new E.coli cases would meaningfully hurt Chipotle's results. BACKGROUND: Chipotle announced that it was informed by the federal government that six new cases of E.coli had been found which matched a previous strain of the disease linked to the company's restaurants. Five of the six newly diagnosed individuals reported that they had recently eaten at Chipotle restaurants, the company reported late Friday. The previous outbreak of E.coli had been restricted to Washington state and Oregon, but the new cases involved individuals living in California, New York, Minnesota and Ohio. BULLS: According to JPMorgan analyst John Ivankoe, the selloff in Chipotle's stock is overdone, as the E.coli outbreak seems to be "very contained and minor." The six additional cases do not mean that a "widespread outbreak" has occurred, wrote the analyst, who expects the company's comp sales to drop about 2% this quarter and to be flat in the first quarter of 2016 before rising 2% in both Q2 and Q3. Moreover, he believes that "numerous" initiatives that the company is undertaking could drive its comp sales higher. Ivankoe trimmed his price target on the name to $680 from $750 but kept an Overweight rating on the shares. William Blair analyst Sharon Zackfia says that if the 12.5% drop in the stock on Friday implies that 12.5% of the company's 2016 profits could be at risk, it appears investors expect the company's same-store sales to decline 7%-8% next year. Zackfia says that such a decline is "highly unlikely," and she believes that Chipotle's same-store sales could actually "firm" in 2016. The analyst, who expects the company to emerge "largely unscathed" from the outbreak, kept an Outperform rating on the stock. BEARS: BofA Merrill Lynch analyst Joseph Buckley lowered his rating on Chipotle two notches to Underperform, the firm's equivalent of Sell, from Buy. The new cases suggest that the E.coli outbreak is national and not just confined to the Pacific Northwest region, the analyst stated. Chipotle's same-store sales will drop 4% this quarter, as the short-term impact on the company could be magnified because it has benefited in the past from being seen as having high quality food, Buckley believes. However, the analyst added that he does not expect the E.coli outbreak to hurt the company over the longer term. Nonetheless, he slashed his price target on the name to $470 from $750. Also downgrading Chipotle was Sterne Agee analyst Lynne Collier, who cut her rating on the name to Neutral from Buy. The fact that the source of the problem has not been identified creates doubt about whether the bad news for the company is over, Collier believes. Although the new cases of E.coli appear to have occurred during the same time period as the previous reported cases, the company's sales could still be negatively affected for 6-12 months, wrote the analyst, who now expects its SSS to fall 2% this quarter. She lowered her 2016 EPS estimate for the company to $19.22 from $20.40. WHAT'S NOTABLE: Maxim Group upgraded its rating on Panera Bread (PNRA) to Buy from Hold, predicting that the restaurant operator would benefit from Chipotle's problems. The firm set a $210 price target on the shares. Yum! Brands' (YUM) Taco Bell and Jack in the Box's (JACK) Qdoba are other competitors of Chipotle. PRICE ACTION: In morning trading, Chipotle rebounded 6% to $568.33.
November 20, 2015
06:16 EDTMCDMcDonald's to pay $355K in penalties to settle immigration discrimination suit
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November 18, 2015
07:42 EDTICPTIntercept PBC treatment revenue likely to beat expectations, says Oppenheimer
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05:40 EDTYUMStocks with implied volatility below IV index mean; YUM RAD
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November 17, 2015
11:54 EDTJBTJBT Corporation management to meet with Seaport Global
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06:12 EDTMCDMcDonald's to launch "McPick 2" menu on January 4, WSJ says
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05:33 EDTYUMStocks with implied volatility below IV index mean; YUM QCOM
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November 16, 2015
07:56 EDTYUMTaco Bell committed to serving cage-free eggs in U.S. restaurants by end of 2016
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06:11 EDTMCD, YUMTaco Bell to stop using eggs laid by caged hens by 2017, Reuters reports
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November 15, 2015
15:08 EDTICPTIntercept reports analysis of Phase 3 obeticholic acid study, other data
Intercept announced results from three studies in primary biliary cirrhosis, recently renamed primary biliary cholangitis, for presentation at the American Academy for the Study of Liver Diseases annual meeting. The studies evaluate investigational use of obeticholic acid, Intercept's lead farnesoid X receptor agonist. In a presentation titled, "Clinical Epidemiology of Primary Biliary Cirrhosis based on a Large U.S. Laboratory Database: Incidence and Trends in Serum Alkaline Phosphatase," an analysis of a clinical database of more than 575,000 patients who received an anti-mitochondrial antibody test showed that, of those patients, 6,107 were classified as having probable PBC based on a positive AMA test and ALP greater than the upper limit of normal at any time prior to AMA testing or up to one month following AMA testing. The study found that 69% of those likely PBC patients continued to have elevated ALP two years after the first positive AMA test. Meanwhile, a presentation titled "A Trial-Based Model of Liver Transplant and Liver-Related Death in Patients with Primary Biliary Cirrhosis" includes an analysis of data from the Phase 3 POISE trial of OCA in PBC using the UK-PBC predictive model of transplant-free survival based on ALP, bilirubin, alanine transaminase, albumin and platelet count. Risk was assessed at 5, 10 and 15 years based on a 12-month change from baseline in patients treated with OCA plus or minus ursodiol or placebo plus or minus ursodiol at the end of the POISE study. The UK-PBC risk algorithm showed a significantly lower risk of liver transplant or liver-related death in OCA-treated patients compared to placebo. Lastly, a presentation titled "Physician versus Patient Perceptions of Medical Care Quality in Primary Biliary Cirrhosis" showed that patients may not be properly informed about their ALP scores and the nature of PBC symptoms.
14:38 EDTICPTIntercept reports analyses of OCA in fatty liver patients
Intercept Pharmaceuticals announced new results from the non-invasive evaluation of liver fibrosis in patients from the FLINT trial of obeticholic acid, or OCA, for the treatment of nonalcoholic steatohepatitis, or NASH. In the trial, treatment with once daily 25 mg OCA was shown to reverse fibrosis in a "significant proportion" of biopsy-proven NASH patients, as observed by repeat liver biopsy at the end of the double-blind treatment phase at week 72, according to the company. Post-hoc analysis evaluated the early predictive value of three known non-invasive fibrosis tests -- FIB-4, APRI and NFS -- in identifying patients who experienced improvement in fibrosis. Each was assessed at baseline and over the course of treatment and then correlated with histologic changes observed in the OCA and placebo patients. The analysis demonstrated that OCA treatment of NASH patients led to a statistically significant decrease in FIB-4 from baseline as compared to placebo. Further, a decline in FIB-4 of 10% after 24 weeks of treatment predicted improvement in fibrosis by at least one stage as assessed by biopsy at 72 weeks, according to Intercept. Similarly, OCA-treated patients experienced a significant decrease in APRI as compared to placebo, and a 34% reduction in APRI at 24 weeks predicted improvement in fibrosis by at least one stage at 72 weeks. On average, OCA treatment reduced the FIB-4 score to less than 1.3 and the APRI score to less than 0.5, the respective cut-off values associated with advanced fibrosis, while placebo patients remained above these cut-offs. While NFS declined in the OCA-treated patients and increased in the placebo patients, it did not appear to be sensitive to changes in fibrosis, the company said.

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