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News Breaks
July 30, 2014
HIGHER: Twitter (TWTR), up 25% after better than expected Q2 earnings results, upgraded at UBS, BofA Merrill Lynch and CRT Capital... Hess (HES), up 4.6% after reporting better than expected Q2 adjusted EPS, boosting its share buyback and announcing its intention to pursue the formation and initial public offering of a master limited partnership... United Continental (UAL), up 2.8% following upgrade to Overweight at JPMorgan. UP AFTER EARNINGS: Sprint (S), up 3.3%... Garmin (GRMN), up 9.4%... ZELTIQ (ZLTQ), up 24%... Aegerion (AEGR), up 14%... U.S. Steel (X), up 16%... Express Scripts (ESRX), up 3%... Amgen (AMGN), up 4.6%... SodaStream (SODA), up 8%. LOWER: DreamWorks Animation (DWA), down 11.8% after worse than expected Q2 loss, disclosing SEC investigating 'Turbo' writedown... IAC Interactive (IACI), down 3.4% after Q2 results miss expectations, unit acquires The Princeton Review. DOWN AFTER EARNINGS: Buffalo Wild Wings (BWLD), down 8.4%... Green Plains (GPRE), down 3.3%.
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September 30, 2015
05:10 EDTTWTRStocks with implied volatility movement; TWTR P
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September 29, 2015
13:23 EDTTWTRTwitter intends to go beyond 140-character limit, Re/code says
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13:07 EDTTWTRTwitter intends to go beyond 140-character limit, Re/code says
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12:41 EDTAEGRSarissa raises stake in Aegerion to 8.23% from 7.07%
12:33 EDTAMGNOn The Fly: Top stock stories at midday
Stocks on Wall Street were slightly higher at midday as the market seeks to break its losing streak, helped by an improvement in consumer confidence that came despite the recent market volatility. ECONOMIC EVENTS: In the U.S., consumer confidence unexpectedly rose in September. Analysts expected the consumer confidence reading to pull back to 96.8 from the prior 101.5 figure, but it actually strengthened to 103.0. The S&P/Case-Shiller 20-city composite home price index was up a seasonally adjusted 0.2% month over month in July, versus the consensus forecast for a rise of 0.1%. Stocks sold off in much of Asia last night, with China's Shanghai composite index sliding 2% while Japan's Nikkei dropped 4%, erasing year-to-date gains in the process. COMPANY NEWS: Shares of Yahoo (YHOO) advanced 3% after its board authorized the company to continue to pursue its spin-off of Aabaco Holdings, a newly formed independent registered investment company that will hold all of Yahoo's remaining holdings in Alibaba Group (BABA). MAJOR MOVERS: Among the notable gainers was Radius Health (RDUS), which rose nearly 10% after Ben Harrington of the Betaville blog stated during an appearance on Tip TV that he has heard that "something will be happening" in terms of M&A involving the company over the "next few weeks." Also higher were several recently beaten down biotech stocks that were seeing some bounceback, including Vertex Pharmaceuticals (VRTX), which gained 5%, and Biogen (BIIB), which advanced 4%. Notably, both of them, along with Amgen (AMGN), were mentioned in a note to investors by Cowen analyst Ken Cacciatore as "hypothetical" targets for Allergan (AGN). Among the noteworthy losers was OvaScience (OVAS), which dropped 38% after saying it now longer expects to meet its 2015 goal of 1,000 Augment cycles. Esperion (ESPR) also fell 38% after the company warned that the FDA could require it to undertake new studies before its ETC-1002 is approved. INDEXES: Near midday, the Dow was up 7.27, or 0.05%, to 16,009.16, the Nasdaq was up 7.38, or 0.16%, to 4,551.35, and the S&P 500 was up 4.56, or 0.24%, to 1,886.33.
11:38 EDTBWLDMcDonald's rises as analysts weigh in on fast food sector
Shares of McDonald's (MCD) rose in morning trading after Credit Suisse upgraded the Big Mac maker to Outperform. Some McDonald's competitors were also active after Telsey Advisory initiated coverage on multiple companies in the quick-serve and fast casual restaurant space. WHAT'S NEW: Credit Suisse analyst Jason West upgraded McDonald's to Outperform and raised his price target on its shares to $112 from $110. West said that more improvements for the company are "forthcoming" even after CEO Steve Easterbrook announced positive operational and financial steps. The analyst added that checks suggest that U.S. same-store sales trends are beginning to turn as a result of operational and menu changes, as well as some new product wins. West said he sees 5%-6% possible upside to current 2016 expectations and views a favorable risk/reward of roughly 2%-3% downside as opposed to 20% upside, even if the turnaround is "fairly modest." NOTABLE INITIATIONS: Separately, Telsey Advisory Group analyst Bob Derrington initiated coverage of several companies in the restaurant sector, stamping Panera (PNRA) with an Outperform rating and a $225 price target. The analyst noted that the company's plan to become a better dining alternative continues to build traction and that same-store sales trends are likely to speed up in 2016 and 2017. Derrington initiated Jack in the Box (JACK) with an Outperform rating and a price target of $95, as he sees it being positioned for strong appreciation in the year ahead based on management's plan to revitalize and differentiate the Jack in the Box brand. The analyst also expects the company to further differentiate, improve the returns, and position its Qdoba brand for quick growth and recycle its franchise cash flow for better shareholder returns. Derrington initiated coverage of Chipotle (CMG) with a Market Perform rating and an $800 price target, saying that despite the firm's positive prospects due to better-than-most-peer same-store sales and revenue growth, the company's margin risk makes him take a more cautious approach to his rating of the stock. The analyst also tagged Buffalo Wild Wings (BWLD) with a Market Perform rating and a $220 price target, noting that the company's strong growth prospects seem to be reflected in its premium valuation. PRICE ACTION: In morning trading, McDonald's shares rose 1.6% to $97.49, Panera shares gained 0.9% to $191, Jack in the Box advanced 1.1% to $78.24, Chipotle added 1% to $715 and Buffalo Wild Wings were 1.3% higher at $195.68.
10:00 EDTGRMN, BWLDOn The Fly: Analyst Initiation Summary
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08:57 EDTAMGNCowen lists Vertex, Biogen and Amgen as hypothetical Allergan targets
Cowen analyst Ken Cacciatore noted that the price agreed for Allergan's (AGN) generic divestiture to Teva (TEVA) is fixed and that the cash value from this deal has not depreciated in any way while the corresponding valuations of potential targets have corrected, increasing the potential value creation available for Allergan as it decides how to deploy its capital. To illustrate the value creation that Allergan's capital deployment could generate, Cacciatore estimates the type of accretion potential that might be seen if the company were to buy Vertex with an acquisition price of $36.5B, if it were to acquire Biogen (BIIB) at a price of $91B or if it were to purchase Amgen (AMGN) with an acquisition price of $140B. Although the market correction has lowered Allergan's stock, the decline could be viewed as a near-term positive, given that a key component of its strategy and business model is to seek to aggressively deploy its capital, Cacciatore argues in a note to investors. The analyst keeps an Outperform rating and $400 price target on Allergan shares.
06:09 EDTBWLDBuffalo Wild Wings initiated with a Market Perform at Telsey Advisory
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05:42 EDTAMGNAmgen implied volatility of 45 at upper end of index mean range
September 28, 2015
16:07 EDTGRMNGarmin initiated with a Neutral at Sterne Agee CRT
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15:24 EDTAMGNAmgen volatility at 52-week high
Amgen October weekly call option implied volatility is at 66, October is at 51, November is a 43; compared to its 52-week range of 20 to 42, suggesting larger near term price movement after presidential candidate Hilary Clinton announced plans last week to cap prescription drug prices.
13:42 EDTSVerizon offers annual upgrade plan for iPhone users
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11:57 EDTTWTRInvestors have confidence in Dorsey as next Twitter CEO, NY Times says
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11:51 EDTTWTRStocks with call strike movement; TWTR FCX
Twitter (TWTR) December 29 call option implied volatility increased 4% to 59, Freeport McMoRan (FCX) January 10 call option implied volatility increased 7% to 74 according to iVolatility.
09:03 EDTIACIElectus acquires global distribution rights for the film "Jerusalem"
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07:27 EDTAMGNFDA and the Parental Drug Association to co-host a conference
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05:56 EDTDWADreamWorks pullback brings 'compelling' entry point, says Piper Jaffray
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05:08 EDTAMGNStocks with implied volatility movement; AMGN XLV
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September 27, 2015
20:20 EDTSSprint says will not participate in 600 MHz spectrum auction
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