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February 19, 2013
09:13 EDTMRGE, CI, SPLS, AEO, WLP, UNH, OMX, PERY, BBY, AET, HUM, ODP, ESRXOn The Fly: Pre-market Movers
HIGHER: Office Depot (ODP), up 28.8%, OfficeMax (OMX), up 22.3%, after WSJ says companies in advanced talks to merge. Rival Staples (SPLS) also up 14.8% after report... Merge Healthcare (MRGE), up 8.1% after quarterly report, concluding evaluation of strategic alternatives... Best Buy (BBY), up 4.8% after upgrades at Stifel Nicolaus, Barclays... American Eagle (AEO), up 3.4% following postive Barron's mention... LOWER: Humana (HUM), down 9.1% Unitedhealth (UNH), down 4.9%, Cigna (CI), down 4.7%, Aetna (AET), down 3%, Wellpoint (WLP), down 2.7%, after Centers for Medicare and Medicaid Services proposes policies to lower Medicare drug costs... UP AFTER EARNINGS: Express Scripts (ESRX), up 4.1%... DOWN AFTER EARNINGS: Perry Ellis (PERY), down 7.5%.
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November 17, 2015
15:13 EDTSPLSNotable companies reporting before tomorrow's open
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10:20 EDTAEOOptions with increasing implied volatility
Options with increasing implied volatility: SGMS HZNP CSC ULTA RH BURL GME AEO BBRY TIF
10:17 EDTESRXHouse Judiciary Committee to hold a hearing
The Subcommittee on Regulatory Reform, Commercial and Antitrust Law holds a hearing entitled, "The State of Competition in the Pharmacy Benefit Manager and Pharmacy Marketplaces" with Vice President Bricker of Express Scripts and Senior Vice President Pons of CVS Health on November 17 at 3 pm. Webcast Link
09:05 EDTUNHOptumRx acquires AxelaCare
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07:39 EDTSPLSStaples volatility elevated into Q3 and outlook
Staples November call option implied volatility is at 87, December is at 68, January is at 60; compared to its 52-week range of 22 to 78, suggesting large near term price movement into the expected release of Q3 results on November 18.
November 16, 2015
10:00 EDTBBYOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Abengoa (ABGB) downgraded to Hold from Buy at Canaccord... Best Buy (BBY) downgraded to Sector Perform from Outperform at RBC Capital... CDTi (CDTI) downgraded to Neutral from Buy at Roth Capital... CNH Industrial (CNHI) downgraded to Underweight from Neutral at JPMorgan... Clayton Williams (CWEI) downgraded to Sell from Neutral at Roth Capital... Disney (DIS) downgraded to Neutral from Buy at Guggenheim... Endo (ENDP) downgraded to Neutral from Buy at Mizuho... Five Below (FIVE) downgraded to Hold from Buy at Deutsche Bank... Garrison Capital (GARS) downgraded to Market Perform from Outperform at William Blair... General Growth (GGP) downgraded to Hold from Buy at Evercore ISI... Helmerich & Payne (HP) downgraded to Hold from Buy at Evercore ISI... Kosmos (KOS) downgraded on investor sentiment, costs at RBC Capital... MannKind (MNKD) downgraded to Neutral from Buy at Griffen Securities... Media General (MEG) downgraded to Hold from Buy at Evercore ISI... Progressive (PGR) downgraded to Sell from Neutral at Goldman... Sabra Health Care (SBRA) downgraded on challenges, investor sentiment at Stifel... Simon Property (SPG) downgraded to Hold from Buy at Evercore ISI... Springleaf (LEAF) downgraded after settlement on acquisition reached at BMO Capital... Steiner Leisure (STNR) downgraded to Market Perform from Outperform at William Blair... Taubman Centers (TCO) downgraded to Hold from Buy at Evercore ISI... TerraForm Power (TERP) downgraded to Neutral from Buy at UBS... UniCredit (UNCFF) downgraded to Neutral from Buy at Citi... Violin Memory (VMEM) downgraded to Hold from Buy at Maxim... Vipshop (VIPS) downgraded to Equal Weight from Overweight at Morgan Stanley... Wolseley (WOSYY) downgraded to Hold from Buy at Deutsche Bank.
09:59 EDTCIOmega bought Valeant in Q3, sold some SuneEdison
Leon Cooperman's Omega Advisors gave a quarterly update on its stakes in a filing this morning, disclosing its positions as of September 30. NEW STAKES: Pfizer (PFE), Valeant (VRX) Walgreens Boots Alliance (WBA), TerraForm Global (GLBL), Cigna (CI). INCREASED STAKES: Google Class A (GOOGL), Facebook (FB), Delta Air Lines (DAL). DECREASED STAKES: SunEdison (SUNE), Shire (SHPG), Citi (C), KAR Auction (KAR), LyondellBasell (LYB). LIQUIDATED STAKES: McKesson (MCK), 21st Century Fox (FOXA), General Motors (GM), QEP Resources (QEP), eBay (EBAY).
09:06 EDTESRX, UNHDiplomat seen as compelling amid specialty pharmacy fallout
Shares of specialty pharmacy operator Diplomat Pharmacy (DPLO) and pharmacy benefit manager Express Scripts (ESRX) have each been knocked down by the negative news surrounding the sector amid the troubles faced by Valeant (VRX) and others, but an analyst at Leerink contends in a note to investors that the pullbacks in both stocks provide buying opportunities. BACKGROUND: Drugmaker Valeant and its prior specialty pharmacy partner, Philidor Rx Services, have been at the center of the firestorm engulfing the sector. Following claims that Philidor urged its employees to modify prescriptions to ensure more orders of Valeant-branded drugs rather than generics, as well as other allegations of wrongdoing, Express Scripts (ESRX) and peer CVS Health (CVS) terminated Philidor from their networks. The day after those termination announcements, Valeant said that it was severing all ties with Philidor and that the pharmacy planned to shut down operations as soon as possible, consistent with applicable laws. Valeant has subsequently said that Philidor has committed to cease operations by January 30, 2016, at the latest. More recently, Express Scripts, the nation's largest pharmacy benefit manager, announced that it stopped doing business with Linden Care, accusing it of being a "captive" pharmacy that dispenses mostly products made by Horizon Pharma (HZNP). In turn, Horizon called the idea that Linden Care is a captive pharmacy "entirely false," stating that "at best Express Scripts is being reckless in its allegations and at worse it is intentionally attempting to mislead investors." Express Scripts' move also impacted shares of Insys Therapeutics (INSY), which reportedly also used Linden Care to fulfill prescription for its drugs. DIPLOMAT LIKELY TO STAY IN-NETWORK: Leerink analyst David Larsen acknowledged that recent events indicate that Express Scripts appears to be evaluating certain retail pharmacies and their relationships with manufacturers, but he believes Diplomat's mix of drugs for diseases like multiple sclerosis, HIV, hepatitis C and cancer differentiate it as a "true" specialty pharmacy. Larsen does not think Diplomat is at risk of being excluded from the pharmacy networks of Express Scripts, CVS or UnitedHealth's (UNH) Optum, he tells investors. Larsen expects limited distribution agreements to stay an important channel strategy for drugmakers and believes these agreements are appropriate for high cost specialty drugs that require special handling and additional services to manage patient adherence. The analyst, who thinks Diplomat remains well positioned to deliver annual growth of over 30% in the next several years, keeps an Outperform rating on its shares. EXPRESS BUYING OPPORTUNITY: Larsen also thinks concerns around manufacturer and pharmacy relationships have put unwarranted pressure on shares of Express Scripts. He does not expect Express Scripts to disclose new lawsuits around rebate dollars owed over other manufacturer disputes and keeps an Outperform rating on the stock, which he views as having an "attractive" valuation. WHAT'S NOTABLE: Larsen also thinks that the specialty channel remains an opportunity for Walgreens Boots Alliance (WBA) and believes its proposed acquisition of Rite Aid (RAD) can strengthen its specialty offering. The analyst keeps an Outperform rating on Walgreens shares as well. PRICE ACTION: Over the last three months, Diplomat Pharmacy shares have declined 28%, Express Scripts has fallen 6% and Walgreens has dropped 14%.
06:32 EDTBBYBest Buy downgraded to Sector Perform from Outperform at RBC Capital
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06:18 EDTESRXDiplomat Pharmacy selloff brings 'compelling' entry point, says Leerink
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06:02 EDTCIAnthem announces ISS recommends shareholders vote "For" Cigna acquisition
Anthem (ANTM) announced that Institutional Shareholder Services has issued a report recommending that Anthem shareholders vote to approve the issuance of Anthem stock in the proposed acquisition of Cigna (CI) at the company's special meeting of shareholders to be held on Thursday, December 3, 2015. Anthem's board unanimously recommends that Anthem shareholders vote "FOR" the proposal to issue Anthem common stock to acquire Cigna, which is necessary to complete the transaction.
05:30 EDTODPStocks with implied volatility above IV index mean; ODP CRM
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November 13, 2015
17:09 EDTODPStarboard reports 8.9% stake in Office Depot
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15:22 EDTODP, SPLSOffice Depot, Staples offer tranfer of corporate contracts, WSJ says
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15:07 EDTODP, SPLSStaples, Office Depot in talks to transfer contracts to Essendant to appease FTC
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12:36 EDTBBYBest Buy volatility elevated into Q3 and outlook
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05:24 EDTODPStocks with implied volatility above IV index mean; ODP CRM
Stocks with implied volatility above IV index mean; Office Depot (ODP) 108, Salesforce (CRM) 48 according to iVolatility.
November 12, 2015
11:35 EDTODP, SPLSEU extends Staples, Office Depot investigation to March 2, Reuters says
Antitrust regulators in the European Union have extended their investigation into office suppler Staples' (SPLS) offer to acquire rival Office Depot (ODP) by a few weeks to March 2, says Reuters. Reference Link
05:27 EDTODPStocks with implied volatility above IV index mean; ODP NBG
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05:23 EDTESRXStocks with implied volatility movement; HZNP ESRX
Stocks with implied volatility movement; Horizon Pharma (HZNP) 123, Express Scripts (ESRX) 32 according to iVolatility.
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