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December 12, 2012
10:00 EDTMDLZ, RCL, TEVA, BXP, VOLC, ZIOP, XEL, SF, STX, PTEN, NVS, NOV, IEXOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: IDEX Corp. (IEX) downgraded to Hold from Buy at Brean Capital... National Oilwell (NOV) downgraded to Outperform from Buy at CLSA... Novartis (NVS) downgraded to Hold from Buy at Deutsche Bank... Patterson-UTI Energy (PTEN) downgraded to Outperform from Buy at CLSA... Seagate (STX) downgraded to Underweight from Neutral at JPMorgan... Stifel Financial (SF) downgraded to Underperform from Market Perform at Wells Fargo... Xcel Energy (XEL) downgraded to Neutral from Outperform at Macquarie... Ziopharm (ZIOP) downgraded to Hold from Buy at Jefferies... Boston Properties (BXP) downgraded to Hold from Buy at Stifel Nicolaus... Volcano (VOLC) downgraded to Neutral from Outperform at Credit Suisse... Teva (TEVA) downgraded to Market Perform from Outperform at Leerink... Royal Caribbean (RCL) downgraded to Neutral from Buy at Longbow... Mondelez (MDLZ) downgraded to Hold from Buy at Argus.
Check below for free stories on IEX;NOV;NVS;PTEN;STX;SF;XEL;ZIOP;VOLC;BXP;TEVA;RCL;MDLZ the last two weeks.
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August 8, 2014
10:00 EDTVOLCOn The Fly: Analyst Downgrade Summary
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06:51 EDTNVSJudge rules DOJ can pursue Novartis kickback suit, Reuters says
U.S. District Judge Colleen McMahon ruled that the U.S. Department of Justice is allowed to continue its False Claims Act lawsuit versus Novartis regarding allegations that the company used kickbacks to increase sales of medications covered by Medicare and Medicaid, according to Reuters, citing comments from McMahon. Reference Link
06:18 EDTVOLCVolcano downgraded to Perform from Outperform at Oppenheimer
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August 7, 2014
16:55 EDTZIOPZiopharm reports Q2 EPS (6c), consensus (13c)
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16:32 EDTVOLCVolcano sees Q3 EPS (4c)-(6c), consensus (4c)
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16:31 EDTVOLCVolcano still sees 2014 EPS (16c)-(19c), consensus (19c)
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16:30 EDTVOLCVolcano settles with St. Jude, to seek divestiture of Axsun
Volcano (VOLC) announced that it will be seeking a divestiture of its Axsun Technologies subsidiary. In addition, the company said that it and St. Jude Medical (STJ) have agreed to settle all existing litigation between the two companies. Under terms of the settlement with St. Jude Medical, the parties have agreed to dismiss their lawsuits with prejudice, with neither party admitting liability to the other. Each party will be granted a release of liability for alleged misconduct, granted a license to all patents-in-suite and granted a covenant not to sue as to various current and future products. As part of the settlement agreement, no financial payments will be made to either party by the other.
16:28 EDTVOLCVolcano reports Q2 EPS 1c, consensus (5c)
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15:10 EDTRCLRoyal Caribbean September puts active as shares near record high
Royal Caribbean September 55 and 57.5 puts are active on total put volume of 9,600 contracts (600 calls). August call option implied volatility is at 27, September is at 26, January is at 25; compared to its 26-week average of 27 according to Track Data. Active put volume suggests traders taking positions for downside price movement.
13:55 EDTTEVATeva won't be meaningfully hurt soon by new Copaxone filing, says BMO Capital
After Teva (TEVA) confirmed that it received the first paragraph IV notice for the 3x per week version of its Copaxone drug from Dr. Reddy's (RDY), BMO Capital said it had expected companies to seek to market a generic version of the latest Copaxone formulation, but was surprised that Dr. Reddy's took this action. The firm notes that Teva's decision to file a lawsuit against Dr. Reddy over the application will trigger a 30 month stay of approval of the generic version,. BMIO Capital says that investors should keep this issue on their radar, but the firm does not expect Teva to be meaningfully hurt in the near-term by this development. It keeps an Outperform rating on Teva.
12:06 EDTTEVATeva will continue to defend COPAXONE intellectual property rights
Teva (TEVA) confirmed that it has received the first paragraph IV notice for its three-times-a-week COPAXONE 40 mg/mL product from Dr. Reddy’s Laboratories (RDY). Teva will continue to vigorously defend its COPAXONE intellectual property rights against infringement wherever they are challenged. Teva intends to file a lawsuit for patent infringement against Dr. Reddy’s within the 45 day period provided under the Hatch-Waxman Act. The filing of the lawsuit will trigger a 30 month stay of FDA approval of Dr. Reddy’s ANDA. COPAXONE 40 mg/mL is protected by two Orange Book patents that expire in 2030.
10:20 EDTTEVAMylan says litigation ins ongoing in India regarding Teva
Mylan (MYL) said that it expects Teva's (TEVA) efforts to seek an injunction will "as ineffective as it was in U.S. courts." The company said it will not provide further comment on the matter. Mylan said it will also postpone its 2014 Investor Day due to the ongoing nature of the Abbott (ABT) transaction. It expects its fully realized savings and profit from new products will not be realized till 2015. Comments taken from Q2 earnings conference call.
08:38 EDTNVSEnanta's HCV NS5A inhibitor EDP-239 advances into combination studies
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August 6, 2014
10:26 EDTMDLZMondelez expects revenue to improve 'modestly' in 2H14
Says snacking trends remain in the company's favor. Says will continue pricing to offset input costs. Says new biscuit facility in Mexico is on track to open in Q4.
10:17 EDTMDLZMondelez believes commodity inflation impact will be temporary
Says experienced cocoa and dairy inflation, which has been magnified by weakening currency in many emerging markets. Says this made the company take significant price increases in chocolate. Says this has been even more challenging then expected for the company. Says half of input costs are due to currency. Says pricing issue is affecting the broader industry. Says saw negative effects on the company's share performance for Q2 due to competitors not increasing their prices as Mondelez had. Believes that this impact will be temporary. Expects coffee will become a tailwind for the company in 2H14. Says pricing effect on revenue is temporary and sees the effect to revert in the coming months. Says knew the environment would be challenging for the quarter and the company had taken measures to compensate for that to help protect its bottom line in FY14 and set the stage for profitable growth in FY15 and beyond. Comments made during the company's Q2 earnings conference call
10:05 EDTMDLZMondelez expects to return $2B-$3B to shareholders in FY14
Says market likely to soften even more in 2H14 and especially in Q3. Says on track to deliver 2013-2014 combined free cash flow ex-items target of $3.7B. Expects to repurchase $1B-$2B of shares in FY14. Sees improvement in 2H14 being driven by coffee pricing and easier China comparison. Says global category growth unlikely to improve in 2H14. Says 2H14 growth tempered by challenging operating environment and slower resolution of customer disputes. Maintains high-12% adjusted OI margin. Says aims to further focus its portfolio on snacks and expects its coffee deal to close in FY15. Comments taken from slides from the company's Q2 earnings conference call presentation.
08:06 EDTMDLZMondelez backs FY14 adjusted EPS $1.73-$1.78 consensus $1.72
Sees FY14 organic net revenue growth of 2%-2.5%; Sees FY14 adjusted operating income growth in high single digit growth on constant currency basis. Sees FY14 adjusted operating income margin in high 12% range. The company adds, "We anticipate revenue growth to improve in the second half as coffee pricing headwinds reverse and we cycle more favorable comparisons in China, but we expect the challenging operating environment to continue."
08:03 EDTMDLZMondelez increases quarterly dividend by 7% to 15c
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08:03 EDTMDLZMondelez reports Q2 adjusted EPS 40c, consensus 39c
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07:34 EDTSFStifel Financial reports Q2 EPS 68c, consensus 67c
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