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July 24, 2014
10:26 EDTCRUS, SKX, ATHN, IRBT, SWKS, CMG, INO, CROX, PBYIOptions with decreasing implied volatility
Options with decreasing implied volatility: INO PBYI UVXY CROX IRBT CMG SWKS SKX ATHN CRUS
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September 30, 2015
09:12 EDTCROXCrocs lowers Q3 revenue guidance to $270M-$280M from $280M-$290M
Consensus $286.69M. Crocs is hosting an Investor Day meeting in Boston beginning at approximately 9:00 am Eastern Time and ending at approximately 12:30 pm Eastern Time. In the presentation, the company is updating its Q3 consolidated revenue guidance to a range of $270M-$280M, reflecting unfavorable changes in foreign currency exchange rates totaling approximately $4M and the company's decision to hold back approximately $6M of orders to select China distributors in Q3. Also in the presentation, the company is reaffirming its mid-term operating margin target range of 10%-12% as early as 2018.
08:03 EDTCROXCrocs to host investor day
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05:06 EDTSWKSStocks with implied volatility movement; SWKS ETE
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September 29, 2015
11:38 EDTCMGMcDonald's rises as analysts weigh in on fast food sector
Shares of McDonald's (MCD) rose in morning trading after Credit Suisse upgraded the Big Mac maker to Outperform. Some McDonald's competitors were also active after Telsey Advisory initiated coverage on multiple companies in the quick-serve and fast casual restaurant space. WHAT'S NEW: Credit Suisse analyst Jason West upgraded McDonald's to Outperform and raised his price target on its shares to $112 from $110. West said that more improvements for the company are "forthcoming" even after CEO Steve Easterbrook announced positive operational and financial steps. The analyst added that checks suggest that U.S. same-store sales trends are beginning to turn as a result of operational and menu changes, as well as some new product wins. West said he sees 5%-6% possible upside to current 2016 expectations and views a favorable risk/reward of roughly 2%-3% downside as opposed to 20% upside, even if the turnaround is "fairly modest." NOTABLE INITIATIONS: Separately, Telsey Advisory Group analyst Bob Derrington initiated coverage of several companies in the restaurant sector, stamping Panera (PNRA) with an Outperform rating and a $225 price target. The analyst noted that the company's plan to become a better dining alternative continues to build traction and that same-store sales trends are likely to speed up in 2016 and 2017. Derrington initiated Jack in the Box (JACK) with an Outperform rating and a price target of $95, as he sees it being positioned for strong appreciation in the year ahead based on management's plan to revitalize and differentiate the Jack in the Box brand. The analyst also expects the company to further differentiate, improve the returns, and position its Qdoba brand for quick growth and recycle its franchise cash flow for better shareholder returns. Derrington initiated coverage of Chipotle (CMG) with a Market Perform rating and an $800 price target, saying that despite the firm's positive prospects due to better-than-most-peer same-store sales and revenue growth, the company's margin risk makes him take a more cautious approach to his rating of the stock. The analyst also tagged Buffalo Wild Wings (BWLD) with a Market Perform rating and a $220 price target, noting that the company's strong growth prospects seem to be reflected in its premium valuation. PRICE ACTION: In morning trading, McDonald's shares rose 1.6% to $97.49, Panera shares gained 0.9% to $191, Jack in the Box advanced 1.1% to $78.24, Chipotle added 1% to $715 and Buffalo Wild Wings were 1.3% higher at $195.68.
10:00 EDTCMGOn The Fly: Analyst Initiation Summary
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06:44 EDTCMGChipotle initiated with a Market Perform at Telsey Advisory
Target $800.
September 28, 2015
10:50 EDTSWKSAnalyst more upbeat on Intel, downgrades Qorvo following trip to Asia
After traveling to Asia, Pacific Crest analyst Michael McConenell was more upbeat on the outlook for Intel (INTC), as well as smartphone chip makers Avago (AVGO) and Skyworks (SWKS). The analyst downgraded another smartphone chip maker, Qorvo (QRVO), to Sector Weight from Overweight, warning that the company's results may miss expectations down the road. BULLISH: Shipments of notebook computers appear set to exceed expectations by 5%-10% this month, after more of the devices seem to have been manufactured in August and September than in previous months, according to McConnell. Meanwhile, cloud customers are sparking a significant rebound in data centers' semiconductor demand, the analyst stated. Moreover, motherboard manufacturers say they are seeing increased demand for their products from desktop PC makers, the analyst stated. All of these trends bode well for Intel, indicated McConnell, who kept a $35 price target and Overweight rating on the shares. Demand for Avago's products appears to have remained healthy, given the company's low exposure to China and the strong demand for Apple's (AAPL) iPhone 6S devices, the analyst stated. Another research firm, Craig-Hallum, recently estimated that Avago generates $6.75 of revenue per iPhone 6S sold, up from the $6.50 it obtained from the previous generation of iPhones. Pacific Crest's McConnell kept a $180 price target and Overweight rating on the shares of Avago. Skyworks should benefit from strong near-term demand trends, driven by a shift to module architectures, McConnell contended. According to the analyst, the company's 2016 outlook is also strong. BEARISH: Analysts' "out-quarter estimates" for Qorvo are too high, as they expect the company to grow 8.4% each quarter, versus only 5.9% for Skyworks, McConnell stated. Qorvo is facing several headwinds, including struggles with a key customer, Chinese smartphone maker Xiaomi, and its inability to obtain more revenue per each iPhone sold, the analyst stated. These headwinds will probably prevent Qorvo from meeting analysts' expectations, warned McConnell. Additionally, the company will be hurt by the slowdown in the growth of the Chinese smartphone market, predicted the analyst, who cut his rating on the stock to Sector Weight from Overweight. PRICE ACTION: In morning trading, Intel rose 1.2% to $29.16, Avago dropped 1.7% to $124.56, Skyworks fell 3.6% to $84.58 and Qorvo declined 8.5% to $43.61.
07:43 EDTSWKSSkyworks near-term demand trends strong, says Pacific Crest
Pacific Crest believes that Skyworks is benefiting from strong near-term demand trends, and the firm thinks the company will get a boost from the shift to module architectures. It's upbeat on the company's 2016 outlook and reiterates a $110 price target and Overweight rating on the shares.
September 27, 2015
16:11 EDTPBYIPuma Biotechnology reports Phase 3 results on neratinib for breast cancer
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September 25, 2015
16:17 EDTCRUSOn The Fly: Top stock stories for Friday
Stocks opened with sharp gains the day after Fed Chair Janet Yellen gave some clarity to the market by suggesting the Fed will most likely raise interest rates by the end of the year. During afternoon trading, the news flow slowed and the volume lightened on the buy side, leaving the sellers with the upper hand. The Nasdaq was the first index to move into negative territory, led by broad weakness in biotech stocks, while the Dow was helped to stay in the green by a big post-earnings move higher in Nike (NKE). The averages limped into the close, leaving the market with an interesting set-up to begin next week. Outside of stock news, it was certainly a headline packed day, as Speaker of the House John Boehner announced that he will resign at the end of October, Chinese President Xi Jinping continued his U.S. visit and Pope Francis addressed the United Nations while spending a second day in New York City. ECONOMIC EVENTS: In the U.S., the third estimate of second quarter GDP showed the economy grew 3.9% quarter-over-quarter, versus expectations for the GDP growth estimate to stay at 3.7%. Personal consumption in Q2 is now believed to have grown 3.6%, up from the prior estimate of 3.1%. The final University of Michigan consumer sentiment reading for September came in at 87.2, which was down from August's 91.9 but above the expected 86.2 reading... Federal Reserve Chair Janet Yellen said during a speech at UMass Amherst last night that the central bank remains inclined to hike rates this year. Yellen's remarks were incrementally hawkish, but welcomed by the market, since they helped clarify the message the Fed delivered a week ago. Of note, the Fed chair paused multiple times toward the end of her speech and received medical attention afterward, but returned to her regular schedule later in the evening, with the bank explaining that Yellen was dehydrated after a long day but was otherwise fine. COMPANY NEWS: Nike jumped $10.23, or 8.9%, to $125.02 after Thursday night's report of better than expected earnings and futures orders prompted numerous price target hikes at Street research firms. Additionally, Sterne Agee upgraded Nike to Buy from Neutral, saying it thinks the company is benefiting from its "global grass roots engagement with its customers," which enables it to meet its customers' needs and determine to what extent it can raise prices. The firm, which thinks that the company is continuing to gain share, has a $150 price target on the athletic gear giant... Biotech stocks, which were already having a bad week, ended the week on a down note, as the iShares NASDAQ Biotechnology Index (IBB) fell 4.9%, giving it a weekly decline of about 13%. Among the biggest large-cap losers in the space were Vertex (VRTX), which fell 7%, Regeneron (REGN), which dropped 6% and Celgene (CELG), which slid 4.8%. MAJOR MOVERS: Among the notable gainers was Jabil Circuit (JBL), which advanced $2.38, or 12.2%, to $21.88 after it reported higher than expected earnings and gave guidance for its November quarter that was significantly above expectations. Also higher was Cirrus Logic (CRUS), which gained $3.90, or 14.4%, to $31.03 after tear downs of Apple's (AAPL) iPhone 6S and 6S Plus led analysts to conclude that the chipmaker appears poised to obtain more revenue from the new devices than from the previous generation of the market-leading smartphone. Among the noteworthy losers was Finish Line (FINL), which fell $4.86, or 19.6%, to $19.91 after reporting second quarter revenue that missed expectations and saying it expects adjusted earnings this fiscal year to increase in a low single to mid single digits percentage from last year. Also lower following its earnings report was smartphone and software maker BlackBerry (BBRY), which slid 7.68% to $6.49 after the company posted a second quarter loss that was steeper than analysts expected. BlackBerry also confirmed press reports that it plans to launch a new phone that uses Google's (GOOG) Android operating system instead of its own proprietary BB10 OS. Shares of Aratana Therapeutics (PETX), which dropped $6.81, or 38.97%, to $10.68 after the company said that, based on "mixed clinical and scientific results," it does not believe that canine lymphoma products AT-004 and AT-005 in their current, first-generation forms will capture the desired lymphoma market opportunity. INDEXES: The Dow rose 113.35, or 0.7%, to 16,314.67, the Nasdaq fell 47.98, or 1.01%, to 4,686.50, and the S&P 500 added/slipped 0.90, or 0.05%, to 1,931.34.
13:56 EDTSWKSSkyworks volatility low on tight price range
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12:10 EDTCROXCrocs volatility elevated into to host investor day
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11:25 EDTCRUS, SWKSCirrus leads iPhone suppliers higher as analysts dissect 6S
Cirrus Logic (CRUS), Skyworks (SWKS) and Qorvo (QRVO) are among the chipmakers that appear poised to obtain more revenue from Apple's (AAPL) iPhone 6S devices than from the previous generation of the market-leading smartphone. Research firms issued notes today based on their analysis of "teardowns" of the new phones after they went on sale for the first time, beginning in Australia. TEARDOWNS: Apple's common practice when rolling out its newest iPhone models is for Australia to be its first launch market. The unboxing of iPhones when they become available for sale for the first time anywhere in the world is a much anticipated event among the tech giant's fans, as well as by Apple-focused blogs and Wall Street analysts who follow the company. Websites like iFixit have become well known for their "teardowns" of the devices, where they purchase, take apart and analyze the way in which the device is made and how it differs from previous models. These teardowns are closely watched by analysts and can sometimes be catalysts for the stocks of iPhone component suppliers. CIRRUS: Barclays analyst Blayne Curtis says teardowns of Apple's iPhone 6S indicate Cirrus Logic secured both a smart codec and boosted amp win in the new phone. The company's content in each phone is likely towards the upper end of his $3.50-$4.00 estimate, Curtis tells investors, noting that he views this as better than expected. Curtis thinks the 6S content, coupled with the "several new growth drivers" Cirrus outlined at yesterday's technology day, could reverse the negative sentiment on the stock. He keeps an Overweight rating on the name with a $39 price target. OTHER WINNERS AND LOSERS: Skyworks and Qorvo saw their content rise 22% and 25% respectively, Curtis estimated. NXP Semiconductors (NXPI) is continuing to supply the NFC and Secure Element chips for the 6S devices, but is no longer providing the sensor hub, the analyst reported. The company will lose about 50c per iPhone as a result of this development, but it did know that it would no longer be providing the hub before it provided its guidance in July, according to Curtis. STMicroelectronics (STM) is no longer providing the secure MCU for the iPhone 6S, Curtis added. WHAT'S NOTABLE: Other companies that are supplying iPhone 6S components include Qualcomm (QCOM), Texas Instruments (TXN), and Avago (AVGO), iFixit reported. After conducting checks, Craig-Hallum analyst Anthony Stoss estimated that Skyworks will obtain about $6.50 of revenue per iPhone, up from about $5.50 previously, while Qorvo's revenue per device will rise to $6.25 from $5.75 and Avago will see its revenue per device increase to about $6.75 from about $6.50, Stoss believes. The firm kept Buy ratings on Skyworks, Avago, and Qorvo. PRICE ACTION: In morning trading, Cirrus shares jumped $4.36, or 16%, to $31.49, Skyworks added about 3% and Qorvo rose 4%. Meanwhile, NXP gained about 2% and STMicroelectronics advanced 2.5%.
10:47 EDTCRUSCirrus Logic volatility elevated on wide price movement
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10:12 EDTCRUSHigh option volume stocks
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10:07 EDTCRUSCirrus Logic jumps 13% with iPhone 6S content viewed as better than expected
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10:06 EDTCRUSCirrus Logic content in iPhone 6S better than expected, says Barclays
Barclays analyst Blayne Curtis says teardowns of Apple's (AAPL) iPhone 6S indicate Cirrus Logic (CRUS) secured both a smart codec and boosted amp win in the new phone. The company's content in each phone is likely towards the upper end of his $3.50-$4.00 estimate, Curtis tells investors in a research note. He views this as better than expected. Curtis thinks the 6S content, coupled with the "several new growth drivers" Cirrus outlined at yesterday's technology day, could reverse the negative sentiment on the stock. He keeps an Overweight rating on the name with a $39 price target. Cirrus is up $3.68 to $30.81 in early trading.
09:48 EDTSWKS, CRUSApple iPhone 6S Plus teardown reveals chip suppliers, iFixit reports
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09:47 EDTSWKSiPhone 6S teardown positive for Skyworks, Qorvo, says Craig-Hallum
Craig-Hallum analyst Anthony Stoss says Apple (AAPL) iPhone 6S teardowns indicate content increases for Skyworks (SWKS), Qorvo (QRVO) and Avago (AVGO). Ross estimates Skyworks' content in the phone rose to $6.50 versus $5.50 in the first versions of iPhone 6, Qorvo's content rose to $6.25 from $5.75 and Avago's content rose to $6.75 from $6.50. He believes RF content is increasing and reiterates Buy ratings on all three names.
08:33 EDTPBYIPuma Biotechnology has a conference call hosted by JPMorgan
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