News For NDAQ;AAPL;BBRY;HD;GOOG;REGN;SNY;NVO;HEK;GMCR From The Last 14 Days
|October 4, 2015|
|18:23 EDT||GOOG||Google completes Alphabet merger|
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|13:54 EDT||GOOG||Google, Facebook set to continue dominating web ads, Barron's says|
Google (GOOG) and Facebook (FB) are likely to continue dominating online advertising, with Twitter (TWTR), Yahoo (YHOO), and LinkedIn (LNKD) increasingly becoming "distant rivals" as advertisers flock to the two biggest names in the space, Barron's contends in its 'Technology Trader' column. Shares of Google and Facebook "probably have decent upside from here," while the future of Angie's List (ANGI) and Yelp (YELP) looks "less certain," Barron's adds. Reference Link
|October 2, 2015|
|16:46 EDT||AAPL||Stocks end week higher after Friday reversal following disappointing jobs data|
U.S. markets fell sharply following a weaker than expected nonfarm payrolls report on Friday morning, but rallied back to finish the day, and the week, slightly higher. MACRO NEWS: In the U.S., 142,000 nonfarm jobs were added last month, missing expectations for 201,000 job additions. Average hourly earnings were flat month-over-month, compared to expectations for them to rise 0.2% in September. The unemployment rate held at 5.1%, as expected. Factory orders fell 1.7% in August, versus expectations for them to drop 1.2%. Personal income grew 0.3% in August, versus expectations for it to rise 0.4%. Personal spending rose 0.4% last month, versus expectations for growth of 0.3%. Consumer confidence unexpectedly rose in September, as a confidence reading strengthened to 103.0. Markit's manufacturing purchasing managers' index inched up to 53.1 in the final September reading, compared to the preliminary September figure of 53.0. ISM's manufacturing index fell to 50.2 in September, versus expectations for a reading of 50.6... Chinese markets will be closed for "Golden Week" from October 1 to October 7, but monthly manufacturing data was still released. The government's official manufacturing PMI ticked up to 49.8, beating expectations for a 49.6 reading, while the final Caixin/Markit PMI fell to 47.2 in September, though that was slightly improved from an earlier flash estimate of 47. In Japan, the central bank's quarterly tankan survey of large manufacturers for the September quarter came in at positive 12, compared with expectations for a positive 13 reading. Elsewhere in Asia, the Reserve Bank of India made a larger than expected cut to its interest rates, lowering its benchmark policy rate to 6.75% from 7.25%... In Europe, Markit's final Eurozone manufacturing PMI for September came in at 52.0, down from August's final 52.3 reading but still in expansion territory. COMPANY NEWS: Apple (AAPL) reported that it set a record by selling more than 13M new iPhone 6s and iPhone 6s Plus models in the first three days after launch of the devices. However, shares of the tech giant slid following the announcement... Biotech stocks continued recent declines, with Valeant (VRX) dropping after a group of Democratic congressmen urged additional scrutiny of the company's "price hike" business model... Re/code's Kara Swisher and Kurt Wagner reported, citing sources, that Twitter (TWTR) founder and interim CEO Jack Dorsey was set to be named permanent Chief Executive, possibly as soon as Thursday, but no announcement had been made by the company by the end of the week. Shares of Gap (GPS) and Ralph Lauren (RL) moved in opposite directions after an executive for one left to take over for an icon at the other. At least three research firms downgraded Gap shares to sell or equivalent ratings and the stock fell after Stefan Larsson stepped down as global president of Old Navy in order to become the new Chief Executive Officer of Ralph Lauren, while the latter company's shares were upgraded and traded higher in the wake of the executive shake-up... On the M&A front, Reynolds American (RAI) announced that the international rights to the Natural American Spirit brand name and associated trademarks will be sold to the Japan Tobacco Group in an all-cash transaction with a value of about $5B. Nexstar (NXST) proposed to acquire Media General (MEG) for a combination of cash and shares that was valued at $14.50 per Media General share before the proposal was made public on September 28. Media General, which previously announced an agreement to buy Meredith Corporation (MDP), said it would "carefully review and consider the proposal" with the help of its advisors. Shares of Rentrak (RENT) and comScore (SCOR) both advanced after the companies announced a stock-for-stock merger agreement... General Motors (GM) reported its U.S. sales grew 12% in September compared to the same month of last year. Additionally, the auto giant hosted a global business update event, where it announced two new car- and ride-sharing projects and confirmed its plans to jointly develop a commercially viable fuel cell vehicle with Honda (HMC) in the 2020 timeframe. Meanwhile, Ford (F) said its U.S. sales rose 23% in September and Fiat Chrysler's (FCAU) U.S. sales increased 14% last month... FXCM (FXCM) disclosed that it was the victim of a cybersecurity attack involving "a small number of unauthorized wire transfers from customer accounts" and Experian (EXPGY) announced that one of its units experienced an attack by hackers that exposed data from its client T-Mobile (TMUS)... Wynn Resorts (WYNN), Las Vegas Sands (LVS), MGM Resorts (MGM) and Melco Crown (MPEL) all advanced at the end of the week following reports that the Chinese government may provide economic support to the gaming center Macau, where the companies operate casinos. INDEXES: The Dow gained about 0.96% to close at 16,472.37, the S&P 500 rose about 1.02% to close at 1,951.36, and the Nasdaq advanced about 0.43% to close at 4,707.77.
|16:03 EDT||AAPL||Options Update; October 2, 2015|
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|14:09 EDT||AAPL||Apple November weekly volatility elevated |
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|14:08 EDT||AAPL||Apple acquires speech technology start-up VocalIQ, FT reports|
Apple confirmed that it has acquired speech technology start-up VocalIQ, whose software helps computers and people communicate in a more natural dialogue, reported Financial Times. "Apple buys smaller technology companies from time to time, and we generally do not discuss our purpose or plans," Apple stated. Reference Link
|11:55 EDT||GOOG||Google expects Alphabet merger to close today |
Google announced that it expects the Alphabet merger will close after the close of business today, October 2. Google anticipates that shares of Google Class C Capital Stock and shares of Google Class A Common Stock will begin trading as Alphabet Class C Capital Stock and Alphabet Class A Common Stock, respectively, on the NASDAQ on October 5. Shares of Alphabet Class C Capital Stock and shares of Alphabet Class A Common Stock will continue to be traded under the same ticker symbols under GOOG and GOOGL, respectively.
|11:18 EDT||REGN||Morgan Stanley downgrades select pharma stocks amid drug price scrutiny|
Morgan Stanley downgraded several stocks in the pharmaceutical sector, dropping drugmakers Valeant (VRX), Gilead (GILD) and Regeneron (REGN) to Equal Weight from Overweight. The firm also downgraded specialty pharmacy Diplomat Pharmacy (DPLO) to Equal Weight and cut its rating on drug distributor AmerisourceBergen (ABC) to Underweight, the firm's equivalent of a sell rating. WHAT'S NEW: Democrats' scrutiny of high drug prices may continue, warned Morgan Stanley analyst David Risinger. As a result, it is hard to predict when Valeant, which generated 14% of its Q2 sales rise from price increases, will see its P/E multiple rise, Risinger believes. The company's lower multiple will hinder its ability to conduct M&A and swap or issue equity, according to Risinger, who set a $200 price target on the stock. Morgan Stanley analyst Matthew Harrison downgraded Gilead, noting that U.S. hepatitis C volume growth has dropped in the last few months. Although Harrison thinks that the U.S. hepatitis C market is still strong, he believes that the data could cause the Street to become concerned about Gilead's fourth quarter and 2016 outlook. He set a $127 price target on the shares. Harrison also downgraded Regeneron, stating his belief that two other drug makers, Alexion (ALXN) and Vertex (VRTX), have stronger near-term appreciation potential. He added that Regeneron has a number of potential negative catalysts, including drug pricing concerns and his belief, based on physician feedback, that the launch of the company's cholesterol drug, Praluent, could miss expectations. He set a $593 price target on the shares. AmerisourceBergen, which provides pharmaceutical sourcing and distribution service to healthcare providers, is the most levered to branded price inflation and that attribute could weigh on the shares, said Risinger, who cut his price target to $93 from $120 on the stock. The uncertain outlook for drug prices could keep the stock range-bound, added the analyst. PRICE ACTION: In morning trading, Valeant dropped 2.3% to $175.50, Gilead declined 1% to $97.26, Regeneron was flat near to $472 per share and AmerisourceBergen slid 1.3% to $93.25.
|10:50 EDT||SNY||Amicus plunges after saying unlikely to submit migalastat NDA by year end|
Shares of Amicus Therapeutics (FOLD) fell dramatically in morning trading after the company said it is unlikely to submit a New Drug Application for its Fabry disease treatment to the U.S. Food and Drug Administration by the end of the year. WHAT'S NEW: Amicus said this morning that it does not expect to be in the position to submit a New Drug Application for migalastat monotherapy, a treatment of Fabry disease, in the United States by the end of 2015 as a result of additional regulatory guidance from the FDA. The company said it received final FDA minutes from its September pre-NDA meeting and has had more follow-up meetings with the agency this week. Amicus said it plans to further evaluate several U.S. pathways to support submission requesting full approval, including gathering additional data. The FDA requested further integration of extant clinical data across studies, which requires more time to complete, the company said. WHAT'S NOTABLE: On September 15, Amicus Therapeutics said that, following a pre-NDA meeting with the FDA, it was still on track to submit an NDA for migalastat in the fourth quarter of 2015 under Accelerated Approval, which is only available to therapies for severe and life-threatening conditions that address "significant" unmet medical needs. In addition to the NDA submission, Amicus said it would submit for review the protocol for the Phase 4 study confirming "positive" effects of migalastat on gastrointestinal symptoms in patients. ANALYST OPINION: On September 16, Chardan analyst Gbola Amusa downgraded Amicus to Neutral from Buy, citing valuation and the stock's outperformance relative to the NASDAQ Biotechnology Index. At the time, Amusa said that Amicus' shares were near all-time highs and that he saw less scope for outperformance in the near-term. Amusa noted that, ahead of the Committee for Medicinal Products for Human Use's opinion on Amicus' Galafold, he thinks Amicus would be an "interesting" M&A target for Sanofi (SNY) and Shire (SHPG). Amusa said he sees a positive CHMP on Galafold by November or December, at which time the chances of Amicus getting acquired could increase. PRICE ACTION: Amicus Therapeutics dropped 32.07% to $9.28 in morning trading.
|10:23 EDT||GOOG||Analyst predicts Facebook-like turnaround for Twitter shares|
Twitter (TWTR) shares have been cut in half over the last six months, but an analyst at Deutsche Bank sees a positive sentiment swing like the one that Facebook (FB) has had since 2012 as possible for the microblog operator. POSITIVE NEWS COMING: Deutsche Bank analyst Ross Sandler says he remains "firmly in the bull camp" on Twitter. A host of positive news is forthcoming, including the October 6 launch of Moments, better than expected revenue in the Q3 earnings report, and the filing of the CEO role along with a board re-shuffle. These events should be positive for investor sentiment, Ross told investors in a research note. His channel checks continue to suggest "solid revenue trajectory" for Twitter in most markets, including U.S. direct sales, self-serve and international. Ross believes sentiment on Twitter has "swung too far to the negative," likening the current view on Twitter to where sentiment stood on Facebook in 2012 and recalling when Google (GOOG) went out of favor in the first half of 2015. Ross keeps a Buy rating on Twitter shares with a $50 price target. CEO REPORT: On September 30, Re/code's Kara Swisher and Kurt Wagner reported, citing sources, that Twitter founder and interim CEO Jack Dorsey was set to be named permanent Chief Executive, possibly as soon as yesterday, though no company announced has yet been made. Re/code also reported at the time that Dorsey will remain as CEO of Square, the payments company he also founded. MORE CAUTIOUS STANCE: On September 24, Citi analyst Mark May said his analysis indicated that consensus estimates for Twitter may be too high as they assume "meaningful increases" in monetization, which he believes may prove difficult to realize. May cut his 2015, 2016 and 2017 earnings per share estimates for Twitter well below the consensus estimates and also cut his 2016 revenue estimate to 3% below the consensus. The analyst moved the stock to Citi's "High Risk" designation, given Twitter's recent user trends and his belief that his estimates are unlikely to move up in the near-term, and kept a Neutral rating on the name. PRICE ACTION: Since April 6, Twitter shares have declined roughly 50%, though the stock rose about 1.8% to $25.13 in early trading this morning in a down market. Since closing at $17.73 on September 4, 2012, Facebook shares have advanced to $88.83 in morning trading today.
|10:03 EDT||AAPL||Target to begin selling Apple Watch at stores this week|
Target (TGT) announced that the Apple (AAPL) Watch is coming to Target stores this week and all stores by October 25. At Target.com, Apple Watch will be available beginning Oct. 18. Reference Link
|10:00 EDT||AAPL||On The Fly: Analyst Initiation Summary|
Today's noteworthy initiations include: Anthem (ANTM) initiated with a Buy at Citi... Apple (AAPL) initiated with a Buy at Drexel Hamilton... BioMarin (BMRN) initiated with an Outperform at Raymond James... Brookfield Property (BPY) initiated with a Buy at Evercore IS... Carbylan (CBYL) initiated with an Outperform at JMP Securities... Centene (CNC) initiated with a Buy at Citi... Cigna (CI) initiated with a Buy at Citi... Community Health (CYH) initiated with a Neutral at Citi... Diamondback Energy (FANG) initiated with a Buy at Evercore ISI... Domino's Pizza (DPZ) initiated with a Buy at Nomura... Envision Healthcare (EVHC) initiated with a Neutral at Citi... First Merchants (FRME) initiated with an Equal Weight at Stephens... FirstService (FSV) initiated with a Buy at Sidoti... HCA Holdings (HCA) initiated with a Neutral at Citi... Hibbett Sports (HIBB) initiated with a Market Perform at Barrington... Horizon Bancorp (HBNC) initiated with an Overweight at Stephens... LifePoint (LPNT) initiated with a Buy at Citi... MEDNAX (MD) initiated with a Neutral at Citi... Madison Square Garden (MSG) initiated with a Buy at BTIG... MainSource Financial (MSFG) initiated with an Overweight at Stephens... McDonald's (MCD) initiated with a Neutral at Nomura... MutualFirst Financial (MFSF) initiated with an Equal Weight at Stephens... Old Dominion (ODFL) initiated with a Buy at BofA/Merrill... PNC Financial (PNC) initiated with a Neutral at Hilliard Lyons... Papa John's (PZZA) initiated with a Buy at Nomura... Parsley Energy (PE) initiated with a Buy at Evercore ISI... PayPal (PYPL) initiated with a Sector Weight at Pacific Crest... RSP Permian (RSPP) initiated with a Buy at Evercore ISI... Radian Group (RDN) initiated with a Market Perform at Wells Fargo... Radius Health (RDUS) initiated with an Overweight at JPMorgan... Rogers Corporation (ROG) initiated with a Neutral at B. Riley... Smart & Final Stores (SFS) initiated with a Perform at Oppenheimer... Sprint (S) initiated with a Neutral at DA Davidson... State National (SNC) initiated with an Outperform at JMP Securities... T-Mobile (TMUS) initiated with a Buy at DA Davidson... Tenet (THC) initiated with a Neutral at Citi... UnitedHealth (UNH) initiated with a Buy at Citi... Universal Health (UHS) initiated with a Neutral at Citi... Wendy's (WEN) initiated with a Neutral at Nomura... Yum! Brands (YUM) initiated with a Buy at Nomura.
|10:00 EDT||REGN||On The Fly: Analyst Downgrade Summary|
Today's noteworthy downgrades include: AGCO (AGCO) downgraded to Underperform from Neutral at BofA/Merrill... AIG (AIG) downgraded to Market Perform with $63 target at FBR Capital... AmerisourceBergen (ABC) downgraded to Underweight from Equal Weight at Morgan Stanley... Astoria Financial (AF) downgraded to Hold from Buy at Sandler O'Neill... Capstone Turbine (CPST) downgraded to Hold from Buy at Craig-Hallum... Diplomat Pharmacy (DPLO) downgraded to Equal Weight from Overweight at Morgan Stanley... Fifth Third (FITB) downgraded to Neutral from Buy at Goldman... Gilead (GILD) downgraded to Equal Weight from Overweight at Morgan Stanley... Henkel (HENKY) downgraded to Neutral from Outperform at Exane BNP Paribas... Horsehead Holding (ZINC) downgraded to Perform from Outperform at Oppenheimer... LPL Financial (LPLA) downgraded to Sell from Neutral at UBS... MYR Group (MYRG) downgraded on electricity outlook at BB&T... Orion Marine (ORN) downgraded on reduced dredging awards at BB&T... QTS Realty Trust (QTS) downgraded to Hold from Buy at Stifel... Quanta Services (PWR) downgraded to Hold from Buy at BB&T... Regeneron (REGN) downgraded to Equal Weight from Overweight at Morgan Stanley... Ryanair (RYAAY) downgraded to Hold from Buy at HSBC... T. Rowe Price (TROW) downgraded to Neutral from Buy at UBS... Telekom Austria (TKAGY) downgraded to Hold from Buy at HSBC... Valeant (VRX) downgraded to Equal Weight from Overweight at Morgan Stanley.
|10:00 EDT||GOOG||On The Fly: Analyst Upgrade Summary |
Today's noteworthy upgrades include: Alexion (ALXN) upgraded to Overweight from Equal Weight at Morgan Stanley... BlackRock (BLK) upgraded to Buy from Neutral at UBS... Dunkin' Brands (DNKN) upgraded to Outperform from Underperform at CLSA... EnPro (NPO) upgraded to Buy from Neutral at Sidoti... Finish Line (FINL) upgraded to Neutral from Sell at Goldman... FutureFuel (FF) upgraded to Buy from Neutral at Roth Capital... Google (GOOG) upgraded to Outperform from Perform at Oppenheimer... Johnson Controls (JCI) upgraded to Buy from Neutral at Nomura... Kennametal (KMT) upgraded to Neutral from Underperform at BofA/Merrill... Lufthansa (DLAKY) upgraded to Buy from Hold at HSBC... Martin Marietta (MLM) upgraded to Buy from Neutral at Longbow... Northern Trust (NTRS) upgraded to Neutral from Sell at UBS... PMC-Sierra (PMCS) upgraded to Positive from Neutral at Susquehanna... Pfizer (PFE) upgraded to Overweight from Equal Weight at Morgan Stanley... Realogy (RLGY) upgraded to Buy from Neutral at Citi... Sarepta (SRPT) upgraded to Outperform from Neutral at Wedbush... Summit Materials (SUM) upgraded to Buy from Neutral at Goldman... TreeHouse (THS) upgraded to Buy from Neutral at BofA/Merrill... Vertex (VRTX) upgraded to Overweight from Equal Weight at Morgan Stanley.
|09:36 EDT||AAPL||Active equity options trading on open|
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|09:13 EDT||GMCR||On The Fly: Pre-market Movers|
HIGHER: Wynn Resorts (WYNN), up 6.7% after reports indicate Chinese government may enact new policies to support Macau's economy. Shares of fellow Macau casino operators Las Vegas Sands (LVS) and MGM Resorts (MGM) are also higher in pre-market trading. UP AFTER EARNINGS: Micron (MU), up 3.3%... CalAmp (CAMP), up 9%. DOWN AFTER EARNINGS: Progress Software (PRGS), down 14.5%. ALSO LOWER: Valeant (VRX), down 4.5% after being downgraded to Equal Weight from Overweight at Morgan Stanley... Keurig Green Mountain (GMCR), down 3.4% after disclosing that its president of U.S. sales and marketing resigned... AIG (AIG), down 3% after being downgraded to Market Perform from Outperform at FBR Capital... Gilead (GILD), down 2% following a downgrade to Equal Weight at Morgan Stanley.
|07:47 EDT||GOOG||Deutsche Bank remains 'firmly' in the Twitter bull camp|
Deutsche Bank analyst Ross Sandler says he remains "firmly in the bull camp" on Twitter (TWTR). A host of positive news is forthcoming, including the October 6 launch of Moments, better than expected revenue in the Q3 earnings report, and the filing of the CEO role along with a board re-shuffle. These events should be positive for investor sentiment, Ross tells investors in a research note. His channel checks continue to suggest "solid revenue trajectory" for Twitter in most markets, including U.S. direct sales, self-serve and international. Ross believes the "sentiment pendulum" for Twitter has "swung too far to the negative." He likens the current view on Twitter to when Facebook (FB) in 2012 and Google (GOOG) in the first half of 2015 went out of favor. Ross keeps a Buy rating on the stock with a $50 price target. Twitter closed yesterday down $2.27 to $24.67.
|07:26 EDT||AAPL||Apple initiated with a Buy at Drexel Hamilton|
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|07:23 EDT||GOOG||Google upgraded to Outperform from Perform at Oppenheimer|
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|07:18 EDT||GOOG||Google upgraded to Outperform from Perform at Oppenheimer|
Oppenheimer analyst Jason Helfstein upgraded Google (GOOG) to Outperform citing valuation with his sum-of-the-parts analysis yielding a $700 price target. The search giant closed yesterday up $2.87 to $611.29. Google's YouTube usage is accelerating, growing at the fastest pace in over two years, Helfstein tells investors in a research note. He points out that the company's new ad products will compete directly with Facebook's (FB) app-install ads and "Custom Audiences." Concerns over ad-blocking are less an issue for Google as it controls Chrome and Android, the analyst contends. His price target of $700 represents a $30 increase.