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December 20, 2012
09:18 EDTFOLD, CAG, ORCL, MDRX, DFS, JBL, ELOQ, ICE, BBBY, RAD, VVUS, NYXOn The Fly: Pre-market Movers
HIGHER AFTER EARNINGS: Rite Aid (RAD), up 17.3%... Jabil Circuit (JBL), up 5.4%... ConAgra (CAG), up 3.1%... ALSO HIGHER: NYSE Euronext (NYX), up 40.2% after acquisition by IntercontinentalExchange (ICE) for $33.12 per share in case and stock... Eloqua (ELOQ), up 30% after agreeing to be bought by Oracle (ORCL) for $23.50... VIVUS (VVUS), up 7.9% after Express Scripts (ESRX) adds Qsymia to formulary, takeover speculation fueled by Daily Mail report... LOWER AFTER EARNINGS: Bed Bath & Beyond (BBBY), down 5.8%... Discover (DFS), down 2.2%... ALSO LOWER: Amicus Therapeutics (FOLD), down 43.5% after drug doesn't show statistical benefit in study... Allscripts (MDRX), down 15.9% after evaluation of strategic alternatives ends without sale, CEO steps down.
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February 1, 2016
10:25 EDTRADWilliaOptions with increasing implied volatility: WMB ENDP RAD
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January 29, 2016
10:16 EDTRADOptions with increasing implied volatility: WMB W CERS RAD CRM GILD MNST
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07:31 EDTDFSBank, financial stocks look cheap, says Oppenheimer
After an index of bank stocks fell 19% since last summer, versus an 8% decline for the S&P, Oppenheimer says that "the group looks cheap." The firm says that banks' balance sheets will remain strong whether the economy is resilient or enters a downturn. The firm says that the banks' Q4 results were stable, and it expects the group to benefit from steady loan growth and slightly rising NIMs in 2016. Oppenheimer continues to recommend Bank of America (BAC), Citi (C), Goldman Sachs (GS), Discover (DFS), and Fifth Third (FITB)
January 28, 2016
12:20 EDTDFSOn The Fly: Top stock stories at midday
Stocks on Wall Street have moved all over the place in a wild morning of trading. The averages opened sharply higher as oil prices rose above $34 a barrel. The Dow opened with triple digit gains but following reports from Iraq that it would increase oil production, and refutations of rumors that OPEC might cut production, the commodity began to weaken, taking equities with it. The averages turned negative and it looked like another rout might be in the making. Before the market fell too far, it gathered itself and moved back into positive ground and the major averages are now in the green, but not far from where they ended yesterday's session. ECONOMIC EVENTS: In the U.S., initial jobless claims fell to 278,000 last week, versus the expected 281,000 first-time claims. Durable goods orders dropped 5.1% in December, versus expectations for a decrease of 0.7%. The core reading, which removes transportation items, was down 1.2%, versus expectations for a decline of 0.1%. The National Association of Realtors' pending home sales index for December rose 0.1%, versus expectations for it to be up 0.9%. COMPANY NEWS: Shares of Facebook (FB) surged 14.5% after the social media giant's fourth quarter earnings and revenue beat expectations. Wall Street analysts were nearly unanimous in their praise following the report, with a number increasing their price targets for its shares... Caterpillar (CAT) reported better than expected quarterly earnings, excluding certain items, but its revenue came in below the consensus forecast and the heavy equipment maker warned that it does not anticipate an improvement in the world economy or commodity prices in 2016. The stock, which had declined almost 20% in the last three months prior to this morning's report, rebounded about 2% this morning after the company jumped over its lowered profit hurdle... Shares of eBay (EBAY) and PayPal (PYPL) diverged after the recently-split companies reported their respective fourth quarter results and gave guidance, with eBay falling 13% and PayPal rising 7% near midday... The Dow Jones US Healthcare ETF (IYH) fell over 2% at midday after a number of big-names in the space gave disappointing guidance. Celgene (CELG) fell 5% following its Q4 report and fiscal year outlook, while Abbott (ABT) dropped 8% in the wake of its own results and guidance. MAJOR MOVERS: Among the notable gainers was Kinder Morgan (KMI), which rallied 8.5% after it was upgraded at Credit Suisse and Stifel. Also higher were Under Armour (UA), Dolby (DLB) and Deluxe (DLX), which gained 18%, 11% and 9%, respectively, after reporting quarterly earnings. Among the noteworthy losers was OSI Systems (OSIS), which fell 35% and was downgraded to Hold at BB&T following downbeat quarterly earnings. Also lower were Qualcomm (QCOM) and Discover (DFS), which each dropped about 7% after their quarterly earnings reports. INDEXES: Near midday, the Dow was up 1.37, or 0.01%, to 15,945.83, the Nasdaq was up 21.12, or 0.47%, to 4,489.28, and the S&P 500 was up 3.36, or 0.18%, to 1,886.31.
10:32 EDTRADOptions with increasing implied volatility: RAD GMCR
08:37 EDTICENYSE outlines plans to strengthen equity market structure
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08:32 EDTRADRite Aid reports January SSS down 1.4%
For the four weeks ended Jan. 23, 2016, same store sales decreased 1.4% over the prior-year period. January front-end same store sales decreased 1.9%. Pharmacy same store sales, which included an approximate 242 basis points negative impact from new generic introductions, decreased 1.2%. Prescription count at comparable stores decreased 1% over the prior-year period. Total drugstore sales for the four-week period decreased 1.3% with sales of $2B compared to $2.026B for the same period last year. Prescription sales accounted for 70.5% of drugstore sales, and third party prescription sales represented 97.7% of pharmacy sales.
08:13 EDTDFSDiscover shares should be bought on weakness, says Stifel
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07:14 EDTDFSDiscover outlook still positive despite miss, says Wells Fargo
After Discover reported lower than expected EPS, Wells Fargo blamed the miss on higher credit costs. The firm still expects the company to have about 1.3 percentage points of positive operating leverage this year, along with 2.3% core revenue growth, and it keeps an Outperform rating on the shares.
January 27, 2016
19:30 EDTDFSOn The Fly: After Hours Movers
UP AFTER EARNINGS: Facebook (FB), up 11.4%... Mellanox (MLNX), up 6.4%... Paypal (PYPL), up 5%... Crown Castle (CCI), up 2.2%... Citrix (CTXS), up 2.4%... Las Vegas Sands (LVS), up 1%... SanDisk (SNDK), up 1%. ALSO HIGHER: Radius Health (RDUS), up 1.2% after announcing a clinical collaboration with Novartis (NVS)... LinkedIn (LNKD) is up 2.4%, Alphabet (GOOG, GOOGL) is up 2.2% and 2.6%, respectively, Netflix (NFLX) is up 1%, (AMZN) is up 2%, and Twitter (TWTR) is up marginally after Facebook reported quarterly results... MGM Resorts (MGM) is up 2.2% and Wynn Resorts (WYNN) is up 2.2%. DOWN AFTER EARNINGS: ServiceNow (NOW), down 16.5%... eBay (EBAY), down 12.8%... United Rentals (URI), down 9.7%... Juniper Networks (JNPR), down 9.6%... Silicon Graphics (SGI), down 9.1%... Discover Financial (DFS), down 7.4%... InvenSense (INVN), down 6.1%... Core Laboratories (CLB), down 4.3%... Vertex Pharmaceuticals (VRTX), down 1.1%. ALSO LOWER: Incyte (INCY), down 12.8% after announcing that it will halt the Phase 2 sub-study of ruxolitinib or placebo in combination with regorafenib after a planned interim analysis of the high CRP subgroup demonstrated that ruxolitinib plus regorafenib did not show a sufficient level of efficacy to warrant continuation.
16:18 EDTDFSDiscover reports Q4 EPS $1.14, consensus $1.30
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14:34 EDTDFSNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include Facebook (FB), consensus 68c... Qualcomm (QCOM), consensus 90c... Texas Instruments (TXN), consensus 69c... McKesson (MCK), consensus $3.13... PayPal (PYPL), consensus 35c... Las Vegas Sands (LVS), consensus 65c... eBay (EBAY), consensus 50c... Crown Castle (CCI), consensus $1.10... Vertex (VRTX), consensus 17c... Discover (DFS), consensus $1.30... SanDisk (SNDK), consensus 89c... ServiceNow (NOW), consensus 8c... Lam Research (LRCX), consensus $1.43... Citrix Systems (CTXS), consensus $1.19... Hologic (HOLX), consensus 42c... Juniper (JNPR), consensus 59c... Cavium (CAVM), consensus 28c... Cirrus Logic (CRUS), consensus 81c.
11:20 EDTBBBYBed Bath & Beyond slips after Citi, Keybanc both say sell
Home goods retailer Bed Bath & Beyond (BBBY) is declining in late morning trading after being downgraded to Sell-equivalent ratings at both Keybanc and Citi. WHAT'S NEW: KeyBanc analyst Bradley Thomas downgraded Bed Bath & Beyond to Underweight from Sector Weight after his firm's work on housing showed growth has slowed. The analyst noted that the home furnishings sector is growing increasingly competitive, and he took a more cautious view on Hardline retailers whose growth is predicated primarily on same-store sales. Thomas kept a $35 price target on shares of Bed Bath & Beyond. Citi analyst Kate McShane downgraded Bed Bath & Beyond to Sell from Neutral on expectations the retailer's earnings will continue to decline over the next two years. McShane also noted that competition in home furnishings remains intense, while Bed Bath's e-commerce operations continue to be unprofitable. McShane cut her price target for the shares to $37 from $51. OTHERS TO WATCH: The analysts, in their respective notes, also opined on Bed Bath & Beyond's peers. Keybanc's Thomas downgraded Haverty Furniture (HVT) and Pier 1 Imports (PIR) to Sector Weight from Overweight. Meanwhile, Citi's McShane recommended a pair trade of long Dick's Sporting Goods (DKS), which the firm is Overweight on due to valuation, and short Bed Bath & Beyond. PRICE ACTION: Shares of Bed Bath & Beyond are down 1.6% to $43.34, while Haverty Furniture and Pier 1 Imports are down 3.8% and 3.9%, respectively. Dick's Sporting Goods, meanwhile, is down 0.7% to $37.84.
10:00 EDTBBBYOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: BG Group (BRGYY) downgraded to Neutral from Outperform at Credit Suisse... Bed Bath & Beyond (BBBY) downgraded to Sell from Neutral at Citi... Bill Barrett (BBG) downgraded to Neutral from Buy at Ladenburg... Brown & Brown (BRO) downgraded to Underweight at Morgan Stanley... Buffalo Wild Wings (BWLD) downgraded to Neutral from Buy at BTIG... Canadian National (CNI) downgraded to Market Perform from Outperform at Raymond James... DreamWorks (DWA) downgraded to Sell from Hold at Topeka... FirstMerit (FMER) downgraded at RBC Capital... Gentex (GNTX) downgraded to Neutral from Outperform at Baird... Haverty Furniture (HVT) downgraded to Sector Weight from Overweight at KeyBanc... Hercules Technology (HTGC) downgraded to Neutral from Buy at Compass Point... Horizon Technology (HRZN) downgraded to Market Perform from Outperform at Raymond James... Installed Building downgraded to Sector Weight from Overweight at KeyBanc... Jarden (JAH) downgraded to Neutral from Buy at Citi... K+S (KPLUF) downgraded to Sell from Hold at Berenberg... La-Z-Boy (LZB) downgraded at BB&T... Legacy Reserves (LGCY) downgraded to Market Perform from Outperform at FBR Capital... Medivation (MDVN) downgraded to Hold from Buy at Canaccord... Merck (MRK) downgraded to Neutral from Buy at BofA/Merrill... Metaldyne Performance (MPG) downgraded to Neutral from Outperform at Baird... Pier 1 Imports (PIR) downgraded to Sector Weight from Overweight at KeyBanc... Priceline (PCLN) downgraded to Neutral from Buy at Goldman... Profire Energy (PFIE) downgraded to Neutral from Buy at Chardan... Regeneron (REGN) downgraded to Hold at Canaccord... Starwood (HOT) downgraded to Underperform from Outperform at CLSA... Swiss Re (SSREY) downgraded to Equal Weight from Overweight at Morgan Stanley... TSYS (TSS) downgraded to Equal-Weight from Overweight at First Analysis... Talmer Bancorp (TLMR) downgraded to Sector Perform from Outperform at RBC Capital... TopBuild (BLD) downgraded to Sector Weight from Overweight at KeyBanc... TripAdvisor (TRIP) downgraded to Sell from Neutral at Goldman... VMware (VMW) downgraded to Hold from Buy at Summit Research... W.R. Grace (GRA) downgraded to Buy from Conviction Buy at Goldman... WEC Energy (WEC) downgraded to Neutral from Conviction Buy at Goldman... Welltower (HCN) downgraded to Underperform from Market Perform at BMO Capital... Yamana Gold (AUY) downgraded to Neutral from Overweight at JPMorgan.
09:12 EDTBBBYOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Biogen (BIIB), up 5.6%... Hawaiian Holdings (HA), up 6.7%... Capital One (COF), up 1.5%. ALSO HIGHER: Capnia (CAPN), up 34.1% after entering into an exclusive distribution agreement with Bemes... Fate Therapeutics (FATE), up 18.6% after announcing that the FDA has cleared the company's investigational new drug application for ProTmune... Raptor Pharmaceutical (RPTP), up 12.1% after being upgraded to Buy from Neutral at Citi... Aquinox (AQXP), up 5.6% after Baker Bros. buys 140,786 shares in the company... Sunedison (SUNE), up 7.4% after SunEdison and Greenlight Capital announced that they have mutually agreed to corporate governance initiatives... Citizens Financial Group (CFG), up 3% after it will be added to the S&P 500... Terex (TEX), up 5.2% after being upgraded to Neutral from Underweight at JPMorgan. DOWN AFTER EARNINGS: Tupperware Brands (TUP), down 11.4%... VMware (VMW), down 6.5%... Textron (TXT), down 9.9%... Cliffs Natural (CLF), down 5.8%... Boeing (BA), down 6.2%... Fiat Chrysler (FCAU), down 3%... Apple (AAPL), down 3.4%. ALSO LOWER: Priceline (PCLN), down 2.9% after being downgraded to Neutral from Buy at Goldman... Bed Bath & Beyond (BBBY), down 4.2% after being downgraded at Citi and KeyBanc... Tripadvisor (TRIP), down 5.5% after being downgraded to Sell from Neutral at Goldman.
06:46 EDTBBBYBed Bath & Beyond downgraded to Sell from Neutral at Citi
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05:49 EDTBBBYBed Bath & Beyond downgraded to Underweight from Sector Weight at KeyBanc
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January 26, 2016
10:32 EDTRADOptions with increasing implied volatility: CLDX SNDK GMCR RAD
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09:55 EDTMDRXLeerink /healthcare tech analysts hold analyst/industry conference call
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08:34 EDTICEIntercontinentalExchange names Ben jackson as Chief Commercial Officer
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