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News Breaks
November 15, 2012
23:38 EDTJCP, CSCO, HPY, PETM, LMT, AMGN, HDJim Cramer's "Mad Money"
Cramer said it's downright infuriating, just when the housing market was beginning to recover, autos were getting stronger, retail sales were growing and banks looked like they were finally finding their footing, Congress has been able to undo it all and send our markets sharply lower. We're now facing the first congressionally mandated bear market we've ever seen, said Cramer, all because 536 people couldn't agree. For the year, U.S. stocks are now up just half of their counterparts in Europe, and Europe is in a recession. Cramer came up with three indicators to help investors figure out whether the effects of the fiscal cliff are baked into the markets and whether its time to begin buying back in. First: "Washington on TV" indicator. Anytime the president or member of Congress gets on the air, expect the markets to go lower. Second: Lockheed Martin (LMT), the defense contractor with a 5% dividend yield. If the U.S. falls over the fiscal cliff, Lockheed will get hurt by both defense spending cuts and a rise in dividend taxes, Cramer noted, making this stock uniquely positioned to feel the blow. Third: Investors can use Cisco (CSCO), Home Depot (HD) and Petsmart (PETM) as gauges for Washington's damage. Cramer said all three of these companies posted stellar earnings, so if they can't hold onto their gains, no one can. SELL BLOCK: Cramer reminded viewers some stocks go down because they deserve to, and that's certainly the case with J.C. Penney (JCP). The company remains a value trap and is showing no signs of improving. Penney has had three disappointing quarters in a row, Cramer noted, and sales still continue to decline, dramatically so, and the company's balance sheet is weakening. Then, continuing with his "Upside Surprise Party" series of stocks to buy as the markets continue to fall on fiscal cliff worries, Cramer recommended drug maker Amgen (AMGN). The company has a huge pipeline of new drugs on the way and a 1.7% yield. Trading at just 12x earnings with a 10.5% long-term growth rate, Cramer said he's never seen Amgen trade as low as it is right now. EXECUTIVE DECISION: Cramer sat down with Robert Carr, chairman and CEO of Heartland Payment Systems (HPY), our nation's fifth-largest payment processor. Heartland's most recent quarterly results included a 5c earnings beat on better-than-expected revenue with upside guidance. Cramer continued his recommendation and said Heartland Payment Systems is a great story. NO HUDDLE OFFENSE: Cramer offered his quick "Top 5" reasons why they shouldn't be sellers in Friday's market. First: stocks are already very oversold -- there will be a better time to sell later. Second: while many stocks will be impacted by the fiscal cliff, others, like international names, will not, which is why it's prudent to buy, not sell, into weakness. Third: everything gets baked into stock prices eventually, and stocks often bottom before big events occur, not after. Fourth: the higher taxes and spending cuts of the fiscal cliff won't be the end of the world for certain sectors, like health care and those that offer consumers a bargain. And, Fifth: companies with big dividends will likely be able to raise those dividends to cover, at least partially, any higher tax rates from the fiscal cliff. Reference Link
News For LMT;CSCO;HD;PETM;JCP;AMGN;HPY From The Last 14 Days
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September 24, 2015
08:04 EDTLMTLockheed Martin reports expiration of HSR waiting period for Sikorsky deal
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07:45 EDTCSCOCisco CEO confirms Inspur joint venture in China
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07:44 EDTHDAtlanta Society of Finance & Investmen Professionals holds breakfast meeting
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07:43 EDTLMTMarket overly negative on Aerojet Rocketdyne, says Oppenheimer
After Boeing (BA) rejected an unsolicited offer from Aerojet Rocketdyne (AJRD) for United Launch Alliance, a 50/50 joint venture of Boeing and Lockheed Martin (LMT), Oppenheimer thinks the market's reaction to the news ignores Aerojet's positive catalysts. The firm says that the news will not impact Aerojet's operations until 2019 and will probably not have an impact of more than about $115M. The firm keeps a $26 price target and Outperform rating on Aerojet.
September 23, 2015
20:08 EDTCSCOChinese president visits U.S. amid cybersecurity, copyright worries
As part of his first official U.S. visit, Chinese president Xi Jinping held a meeting with American business leaders on Wednesday to address concerns of copyright infringement and cybersecurity, among numerous topics. In attendance were corporate giants from both nations, including Microsoft (MSFT), Apple (AAPL), Amazon (AMZN), Cisco (CSCO), Alibaba (BABA), Tencent (TCEHY), and Baidu (BIDU), according to media reports. COPYRIGHT CONCERNS: Responding to oft-cited concerns of copyright infringement by Chinese companies, Xi said China will "stand firm to protect" the intellectual property rights of American companies, according to Wall Street Journal coverage of the event. Note that in late 2014, China began establishing specialized courts to deliberate on intellectual property rights cases, and Xi commented Wednesday that "the newly established IPR courts are working smoothly. This means there will be much stronger IPR protection which will serve the interests of foreign businesses as well as Chinese companies." Chinese consumer electronics company Xiaomi is perhaps the most talked-about firm when it comes to the matter, with media outlets frequently criticizing its alleged "copying" of Apple design sensibilities. In mid-July, Xiaomi VP of global operations Hugo Barra told Bloomberg that the company is preparing to enter U.S. markets, though he cautioned that the launch could be "much more" than a year away as it seeks to build up its patent portfolio. CYBERSECURITY TENSIONS: Wednesday's meeting comes in the wake of numerous high-profile "hack attacks," with Sony (SNE), American Airlines (AAL), Anthem (ANTM), United Airlines (UAL), and Target (TGT) all reporting digital security breaches in recent years. Xi has consistently denied the involvement of state-backed hackers, but tensions have nevertheless arisen as cybersecurity firms such as FireEye (FEYE) and Palo Alto Networks (PANW) backtrace connections to the country. Cybersecurity intrusions originating from China have recently slowed ahead of Xi's visit, according to Reuters, with Kevin Mandia of security firm Mandiant telling the publication, "In my gut, I feel like the Chinese and the U.S. over the next couple of years are going to figure this out."
17:52 EDTLMTLockheed Martin awarded $120.4M government contract modification
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16:34 EDTCSCOOn The Fly: Top stock stories for Wednesday
Stocks began the day in quiet fashion and remained that way during the first hour of trading. Following the release of the weekly energy inventory report, the averages moved lower and looked to be possibly setting up for another selloff. Positive comments on China's economy by its President, who is visiting the U.S., brought out buyers, who pared the market's losses. The averages finished slightly in the red in a day marked by low volume as a number of market participants may have been absent in observance of the Jewish holiday of Yom Kippur. ECONOMIC EVENTS: In the U.S., Markit's flash manufacturing purchasing manager's index was flat at 53.0 in September, which was slightly better than the expectation for it to dip to 52.8. EIA inventory data showed a 1.93M barrel fall in crude oil inventories, versus expectations for a weekly drawdown of 1.25M barrels. In China, Markit's flash manufacturing PMI fell to 47.0 in September from 47.3 last month. In Europe, Markit's composite PMI for the eurozone came in at 53.9 in the first look for September, down from 54.3 in August and below expectations for a reading of 54.1. COMPANY NEWS: Shares of Volkswagen (VLKAY) trading in New York rebounded 6.5% to $27.10 following the resignation of Chief Executive Officer Martin Winterkorn, with the company's supervisory board subsequently praising the decision and saying it will consider his replacement at a meeting Friday. Prior to the CEO change news, the stock was downgraded at research firms JPMorgan, Deutsche Bank and Natixis to hold or equivalent ratings this morning. Accounting for today's advance, U.S.-listed shares of Volkwagen are still down nearly 29% since last Friday, when the EPA publicly accused the automaker of equipping certain diesel cars sold in the U.S. with software that circumvented emissions standards... Against the backdrop of China's President Xi Jinping visiting the U.S., Boeing (BA) announced deals to sell 300 planes to three Chinese companies and set up an aircraft factory in China. The deals are possibly worth tens of billions of dollars in total and represent the largest total order the planemaker has received from Chinese companies, according to Reuters. The Wall Street Journal reported, citing people familiar with the matter, that Cisco (CSCO) plans to announce a partnership with Chinese server maker Inspur Group during President Xi Jinping's visit. MAJOR MOVERS: Among the notable gainers was First Niagara (FNFG), which advanced $1.30, or 14.5%, to $10.26 following a Bloomberg report that the company is exploring a sale. DealReporter noted that potential suitors include Toronto-Dominion Bank (TD), Huntington Bancshares (HBAN) and New York Community Bancorp (NYCB). BioMed Realty (BMR) gained $2.36, or 12.3%, to $21.54 after Bloomberg reported that the company is in talks to sell itself and has attracted attention from firms including Blackstone (BX). Heron Therapeutics (HRTX) rose $7.25, or 21.6%, to $40.81 after announcing that its Phase 2 study of HTX-011 for post-operative pain met its primary endpoint. Shares of a competitor Pacira (PCRX) declined 7.65% after the news, with several analysts remarking that Heron's data compares favorably versus Pacira's Exparel drug. Summit Midstream Partners (SMLP) declined $3.90, or 18.2%, to $17.52 following a Bloomberg report that Energy Capital Partners is seeking to sell its stake in the company. Synchronoss (SNCR) fell 10.75% to $33.37 after research firm Baird said it has become "increasingly concerned" that Verizon (VZ) is "no longer fully committed" to the white-label cloud product it offers in conjunction with the cloud services provider. INDEXES: The Dow fell 50.58, or 0.31%, to 16,279.89, the Nasdaq lost 3.98, or 0.08%, to 4,752.74, and the S&P 500 declined 3.98, or 0.2%, to 1,938.76.
09:18 EDTCSCOPaulson Institute and CCPIT to co-host U.S.-China Business Roundtable
The Paulson Institute and the China Council for the Promotion of International Trade (CCPIT) provide an opportunity for U.S. and Chinese business leaders to discuss issues facing the two countries in a roundtable being held in Seattle, Washington on September 23.
09:05 EDTAMGNAmgen and Allergan's lung cancer biosimilar candidate meets Phase 3 endpoints
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07:08 EDTJCPJ.C. Penney names John Tighe chief merchant
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06:37 EDTJCPJ.C. Penney seeks new chief merchant to replace Sweney, WSJ reports
J.C. Penney is searching for a new chief merchant, The Wall Street Journal reports, citing sources familiar with the matter. The new executive would replace Elizabeth Sweney, who has held the role since 2012. It is unclear whether the new chief merchant would be an internal or external candidate, but one source says that an announcement relating to the role will be made "early Wednesday morning." Reference Link
06:21 EDTCSCOCisco preps for Inspur deal to bolster China business, WSJ reports
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September 22, 2015
20:02 EDTAMGNClinton vows $250 cap on monthly drug costs in blast against biotechs, insurers
Democratic presidential candidate Hillary Clinton railed against biotech companies as well as health insurers at a community health care forum in Iowa on Tuesday. Clinton began her speech by praising the Affordable Care Act, but quickly noted that she wants to strengthen it due to what she called the rising cost of prescription drugs. She explained, "Our pharmaceutical and biotechnology industries deserve credit... [But] too often, these drugs cost a fortune. Now, sometimes there is a good reason for that. Scientific breakthroughs are often the result of major investment... so it may makes sense, for a short period of time, to have to charge a lot of money for a drug. But when a drug has no competition, when there aren't any other treatments that can do what it does, pharmaceutical companies can charge astronomical fees far beyond anything that it would take to recoup their investment, and far beyond what they charge consumers anywhere else in the world outside of America." Referencing the recent criticism against Turing Pharmaceuticals, Clinton went on to say that "pharmaceutical companies that acquire an existing affordable drug that people rely on, and then turn around and charge a fortune for it, [are just betting] on the fact that desperate people will find some way to pay for it." Preemptively responding to questions of whether greater regulation will dampen investment, Clinton commented that "some people worry that my proposals will threaten innovation, but I have designed a plan that will do exactly the opposite... Under my plan, drug companies that want to keep getting federal support will have to redirect more of their profits into meaningful investments in research and development." Clinton also criticized incremental drug improvements, saying that "too often, so-called new drugs are really old drugs that have just been tweaked a little bit, but then they're marketed as breakthrough drugs and they're sold for high prices." The Democratic candidate went on to condemn advertising in the drug industry, remarking that "I also want to tackle direct to consumer advertising... Other countries ban these ads because they are so often misleading. But at the very least, we shouldn't be encouraging them with corporate write-offs... Under my plan, we will instead use that taxpayer money to fund innovation... I would also like to make sure any ads the drug industry does run are approved by the FDA." Moving more broadly onto Medicaid and health insurers, Clinton stated, "I believe Medicare should be able to negotiate for lower prices for its members... I will require drug companies to provide higher rebates for prescription drugs to low income Medicare patients, just like they have to do for Medicaid patients... I think the insurance companies need to be put on notice." Providing more concrete details of her plan, Clinton concluded, "I will cap out of pocket drug costs for working families. You won't have to pay more than $250 a month for covered medications... Particularly for people who have a chronic illness. Also under my plan, you will be able to import cheaper drugs from other countries legally. If the medicine you need costs less in Canada, you should be able to buy it from Canada or any other country that meets our safety standards... I will also make sure we have more generics on the market [by boosting funding for] the FDA's office of generic drugs."
17:35 EDTAMGNHillary Clinton vows to cap out-of-pocket drug costs at $250 per month
Presidential candidate Hillary Clinton said in a tweet that, "Under my plan, I'll cap out-of-pocket drug costs for families. You won't have to pay more than $250/month for covered medications." Reference Link
10:56 EDTCSCOAnalysts disagree on Infoblox outlook
The shares of network controller maker Infoblox (BLOX) are retreating after Deutsche Bank downgraded the stock to Hold in a note to investors today. However, Stifel gave a divergent opinion on the stock yesterday, recommending it as a Buy. BUY: Research firm Stifel yesterday initiated coverage of Infoblox with a Buy rating, saying that the company is poised to benefit from "the tremendous growth of IP-based devices in enterprises." Infoblox has significant growth potential and is the leader in its markets, wrote Stifel, adding that the company should be boosted by its new products and better sales execution going forward. It set a $23 price target on the stock. HOLD: Infoblox still has to work hard to sell its IP Address management system and its Domain Name System, or DNS, product, Deutsche Bank analyst Vijay Bhagavath indicated. Moreover, the company will probably have to increase the amount of money it spends on sales initiatives in fiscal 2016, putting a lid on its earnings power, the analyst warned. Also likely to hurt Infloxblox in fiscal 2016 are its transition to an "as a service model," which is likely to cause analysts to lower their estimates for the company and Cisco's (CSCO) launch of an OpenDNS product for companies, according to Bhagavath, who cut his price target on Infoblox to $20 from $30. PRICE ACTION: In morning trading, Infoblox fell 3.7% to $17.11.
08:23 EDTAMGNAnalysts say buy select biotech stocks ahead of Clinton drug plan
Ahead of Presidential candidate Hillary Clinton laying out her plan to tackle "price gouging" in the specialty drug market at an event in Iowa later today, analysts at research firms Jefferies and Piper Jaffray are recommending select biotech stocks that they view as buys amid the weakness in the space. DEBATE: Biotech stocks broadly declined yesterday, with the NASDAQ Biotechnology index (IBB) sliding roughly 4.4%, after privately-held Turing Pharmaceuticals made headlines by enacting a 5,000% price increase on a 62-year-old drug that fights complication of AIDS and cancer. Furor around the sudden price hike for Turing's Daraprim reignited a debate around drug prices that previously embroiled costly Hepatitis C drugs including AbbVie's (ABBV) Viekira Pak and Gilead's (GILD) Sovaldi and Harvoni. The news also follows Presidential candidate Bernie Sanders issuing a letter in August to Valeant (VRX) and Pfizer's (PFE) Hospira, in which he requested information on the "enormous" price increases of two drugs Valeant acquired earlier in the year. Presidential candidate Hillary Clinton sent the debate to center stage yesterday by criticizing the "outrageous" prices of specialty drugs and promising to lay out a plan today to tackle "price gouging" in the specialty drug market. Clinton's proposal, which she'll outline in a speech in Iowa later today, would force pharmaceutical companies to reinvest their profits into research, allow for more generic and imported drugs and allow Medicare to negotiate lower drug costs and cap out-of-pocket expenses, according to details of the plan shared with USA Today. Zeke Emanuel, chair of medical ethics and health policy at the University of Pennsylvania, appeared on Nightly Business Report to discuss the problem of high drug prices and his suggested solutions. During his interview, Emanuel contended that giving Medicare the ability to negotiate drug prices may drive up prices for everyone else. DEFENSES: The Jefferies Biotechnology research team, led by Brian Abrahams, Eun Yang and Biren Amin, say their Washington D.C. consultants indicate the recent political rhetoric around drug pricing is unlikely to result in any substantive future policy changes that would impact biotech sector fundamentals. As such, they recommend using yesterday's selloff to buy select companies including Celgene (CELG), BioMarin (BMRN) and Alkermes (ALKS). Pricing concerns are nothing new, and will likely continue to be a headwind for the sector, the analysts tell investors in a research note. Hillary Clinton's proposal to combat drug pricing is likely to include "some combination of old and tried policies that have been out there for a few years," they write. The analysts also like shares of AMAG Pharmaceuticals (AMAG), Alder Biopharmaceuticals (ALDR) and Cempra (CEMP). Meanwhile, Piper Jaffray analyst Edward Tenthoff recommends buying shares of Vertex Pharmaceuticals (VRTX) following yesterday's selloff. Tenthoff believes that drugs like Vertex's Orkambi will maintain premium pricing because of the disease modifying value to patients and payors. Orkambi is approved to treat cystic fibrosis in patients 12 years and older. The analyst reiterates an Overweight rating on Vertex with a $163 price target. DOWNGRADE: Brean Capital analyst Difei Yang downgraded Horizon Pharma (HZNP) to Hold saying "unsettling recent developments" make the stock's premium valuation no longer justified. The public discussion on high drug prices is a negative for the company while its attempt to acquire Depomed (DEPO) is unlikely to result in a completed deal, Yang tells investors in a research note. Further, Horizon's prescription trends are showing weakness, said Yang, who views the stock as more risky than in the past. PRICE ACTION: Horizon closed yesterday down $2.93, or 9.2%, at $28.99, while Vertex dropped $5.97, or 4.8%, to $118.19. A number of the biggest stocks in biotechnology were also weak yesterday, with Gilead sliding about 2.5%, Amgen (AMGN) dropping 2.3%, Celgene declining 2.8% and Biogen (BIIB) falling more than 5.5%.
September 21, 2015
09:27 EDTJCPJ.C. Penney says to hire 30,000 seasonal associates
J.C. Penney said in a tweet that it will hire 30,000 seasonal associates. Reference Link
07:12 EDTCSCOSplunk to hold a users conference
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06:55 EDTPETMKKR, Hellman & Friedman eyeing Petco deal, NY Post reports
KKR (KKR) and Hellman & Friedman are "sniffing out" Petco for a potential acquisition, the New York Post reports. The firms made preliminary offers for the company last week and are viewed as the strongest bidders, the report says. Rival PetSmart (PETM) is also pursuing a deal, the report adds. Reference Link
06:29 EDTPETMPetco exploring possibility of being acquired by PetSmart, Reuters reports
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