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August 12, 2014
HIGHER: Intercept (ICPT), up 46% after upgraded at Leerink and Citigroup following OCA data. Conatus Pharmaceuticals (CNAT), which also develops treatments for liver disease, up 8.5%... Fontegra Financial (FRF), up 40% after Tiptree Financial (TIPT) to acquire the company for $10.00 per share in cash... Insys Therapeutics (INSY), up 15.4% after submiting NDA for new formula of Dronabinol Oral Solution, saying it is on track to submit at least four IND applications with the FDA in the second half of 2014... Exact Sciences (EXAS), up 8% after announcing FDA approved for Cologuard... Abercrombie & Fitch (ANF), up 2.7% after upgraded at Stifel. UP AFTER EARNINGS: Kate Spade (KATE), up 5.5%... Noah Holdings (NOAH), up 3%... ReneSola (SOL), up 5%... Supernus (SUPN), up 14%. LOWER: NII Holdings (NIHD), down 54.5% after warning it needs to make "key decisions" to address liquidity, "likely" to file a voluntary petition for relief under Chapter 11 of the Bankruptcy Code... Dendreon (DNDN), down 23.6% after warning that its alternatives could leave shareholders with no ownership... magicJack (CALL), down 10.3%, downgraded at Canaccord following Q2 results... Hi-Crush Partners (HCLP), down 4.7% after filing to sell 3.26M common units representing limited partners... Triangle Capital (TCAP), down 3.8% after filing to sell 4M shares of common stock. DOWN AFTER EARNINGS: Nuance (NUAN), down 9.4%... Flowers Foods (FLO), down 7.8%.
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November 11, 2014
06:52 EDTINSYInsys Therapeutics reports Q3 non-GAAP EPS 63c, consensus 29c
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November 10, 2014
18:32 EDTCALLOn The Fly: After Hours Movers
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16:31 EDTFRFFontegra Financial reports Q3 EPS 18c, consensus 18c
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16:22 EDTCALLmagicJack reports Q3 EPS 18c, consensus 13c
Reports Q3 revenue $25.8M, consensus $27.48M.
15:26 EDTINSYNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings DR Horton (DHI), consensus 48c; Sabre (SABR), consensus 26c; AECOM Technology (ACM), consensus 82c; CST Brands (CST), consensus 57c; Qiwi plc (QIWI), consensus 36c; INSYS Therapeutics (INSY), consensus 29c.
12:36 EDTANFAbercrombie, American Eagle sink after analyst downgrades
Shares of specialty teen apparel retailers Abercrombie & Fitch (ANF) and American Eagle Outfitters (AEO) are falling after a number of analysts issued negative notes on the companies. WHAT'S NEW: Oppenheimer analyst Anna Andreeva downgraded Abercrombie & Fitch to Perform from Outperform. The company's earnings outlook has become less clear as its U.S. brand has not yet become popular, and retail brand turnarounds usually take awhile, Oppenheimer analyst Anna Andreeva wrote in a note to investors. Additionally, Abercrombie's international business, which has deteriorated further this year, faces "mounting uncertainty,” the analyst stated. The analyst slashed her price target on the name to $30 from $50. Meanwhile, Barclays analyst Matthew McClintock downgraded American Eagle Outfitters to Equal Weight from Overweight. McClintock has become more pessimistic about the outlook for American Eagle's comparative store sales in the second half of 2014, given recent data points from a number of retailers, including Abercrombie & Fitch, Kohl's (KSS), Wal-Mart (WMT), J.C. Penney (JCP), and Ann Inc. (ANN). The analyst said he saw no reason why American Eagle should significantly outperform the overall apparel sector. McClintock cut his price target on the name to $11 from $15. Meanwhile, the analyst lowered his rating on the Softline Retail sector to Negative from Positive, as he believes that the sector, which includes companies that sell products like apparel, towels, and jewelry - is facing structural difficulties that are likely to persist for the next several years. Separately, research firm Janney Capital downgraded Abercrombie to Neutral from Buy in a note to investors today. PRICE ACTION: In early afternoon trading, Abercrombie & Fitch sank 3.5% to $28.50 and American Eagle dropped 4% to $12.40.
10:17 EDTKATEOptions with decreasing implied volatility
Options with decreasing implied volatility: RMTI ACHN RPRX ARCP SALE ZU KING UBNT KATE AWAY
10:14 EDTDNDN, CALLHigh option volume stocks
High option volume stocks: UN PAGP PHH RGLS DF URA CERS DNDN LGF CALL
10:04 EDTANFOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Abercrombie & Fitch (ANF) downgraded at Oppenheimer... American Eagle (AEO) downgraded to Neutral from Buy at B. Riley... BP (BP) downgraded to Neutral from Overweight at JPMorgan... Callon Petroleum (CPE) downgraded to Neutral from Buy at SunTrust... EP Energy (EPE) downgraded to Hold from Buy at Deutsche Bank... Eaton Vance (EV) downgraded at Sterne Agee... Ecopetrol (EC) downgraded to Underperform from Sector Perform at RBC Capital... General Mills (GIS) downgraded to Sector Perform from Outperform at RBC Capital... Genworth (GNW) downgraded to Market Perform from Outperform at Keefe Bruyette... MasTec (MTZ) downgraded to Hold from Buy at BB&T... Ocean Rig UDW (ORIG) downgraded to Neutral from Buy at Guggenheim... Performant Financial (PFMT) downgraded at Morgan Stanley... Petrobras (PBR) downgraded to Market Perform from Outperform at Cowen... R.R. Donnelley (RRD) downgraded to Hold from Buy at Benchmark Co.... Rex Energy (REXX) downgraded to Market Perform from Outperform at BMO Capital... Salix (SLXP) downgraded to Neutral from Buy at Mizuho... Siemens (SIEGY) downgraded to Neutral from Overweight at JPMorgan... Solazyme (SZYM) downgraded to Equal Weight from Overweight at Morgan Stanley... Stonegate Mortgage (SGM) downgraded to Market Perform at FBR Capital... Syngenta (SYT) downgraded to Neutral from Overweight at HSBC... ViaSat (VSAT) downgraded to Hold from Buy at Needham... Vistaprint (VPRT) downgraded to Neutral from Buy at SunTrust... Walter Investment (WAC) downgraded at Sterne Agee... WesBanco (WSBC) downgraded to Market Perform from Outperform at Keefe Bruyette... Whiting USA Trust II (WHZ) downgraded to Underperform at Raymond James... Wipro (WIT) downgraded to Sell from Buy at UBS... XOMA (XOMA) downgraded to Neutral from Buy at Ladenburg... Yanzhou Coal (YZC) downgraded to Sell from Hold at Deutsche Bank.
09:35 EDTDNDNActive equity options trading
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09:20 EDTDNDNOn The Fly: Pre-market Movers
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08:36 EDTICPTIntercept price target lowered to $125 from $172 at FBR Capital
FBR Capital lowered its price target for Intercept shares to $125 saying its talks with experts and cardiologists indicate the company's OCA drug is unlikely to be a "silver bullet" for the treatment of nonalcoholic steatohepatitis. FBR notes that while OCA appears to improve the liver, the drug worsens many of the other derangements like lipid and glucose homeostasis. FBR decreased the probability of success in NASH to 55% from 60%, and lowered its peak OCA sales estimate to $5.2B. It keeps an Underperform rating on Intercept shares.
07:50 EDTANFAbercrombie & Fitch downgraded at Oppenheimer
As noted earlier, Oppenheimer downgraded to Abercrombie & Fitch Perform from Outperform. The firm downgraded the stock, citing lack of visibility, following the company's negative preannouncement. Target to $30 from $50.
07:01 EDTCALLmagicJack November volatility elevated into Q3 and outlook
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06:36 EDTTCAPTriangle Capital invests $24.5M in oOrchid Underwriters Agency
Triangle Capital announced that it closed a $24.5M investment in Orchid Underwriters Agency, consisting of subordinated debt and equity. Orchid is a specialty underwriter of excess and surplus insurance for high-value properties in U.S. and Caribbean coastal regions.
06:34 EDTANFAbercrombie & Fitch downgraded to Neutral from Buy at Janney Capital
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05:52 EDTDNDNDendreon files for Chapter 11 bankruptcy
Dendreon announced that it has reached agreements on the terms of a financial restructuring with certain holders of the company’s 2.875% Convertible Senior Notes due 2016 representing approximately 84% of the $620M aggregate principal amount of the 2016 Notes. Under the terms of the agreements, the financial restructuring may take the form of a stand-alone recapitalization or a sale of the company or its assets. The transactions under the agreements will enable continued delivery of Provenge without disruption or impact to access for providers and appropriate patients in need of this revolutionary personalized immunotherapy treatment, Dendreon said. To implement the financial restructuring, Dendreon filed voluntary petitions under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware on November 10. Dendreon said it has "significant liquidity to support all of its operations during the restructuring process," with approximately $100M of cash, cash equivalents and investments on hand as of November 7, and does "not anticipate the need to raise any incremental financing in connection with the restructuring process." The stock closed Friday up 11c to 94c.
05:48 EDTANFU.S. Retail Softlines industry cut to Negative at Barclays
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05:40 EDTANFAbercrombie & Fitch downgraded to Perform from Outperform at Oppenheimer
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November 9, 2014
11:56 EDTICPTIntercept announces additional data for OCA in primary biliary cirrhosis
Intercept Pharmaceuticals announced new analyses of data from clinical trials on obeticholic acid, OCA, in patients with primary biliary cirrhosis, PBC. Six posters, including posters with new analyses of data from POISE – the first Phase 3 trial in PBC in two decades – are being presented at today's poster session at the American Association for the Study of Liver Disease, AASLD, Annual Meeting. OCA, Intercept's lead product candidate, is a bile acid analog and first-in-class agonist of the farnesoid X receptor, FXR, in development for PBC, nonalcoholic steatohepatitis, NASH, primary sclerosing cholangitis, PSC, and other chronic liver diseases.
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