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April 25, 2013
UP AFTER EARNINGS: Fusion-IO (FIO), up 18.2%... Akamai (AKAM), up 17.8%... Angie's List (ANGI), up 10.9%... Cliff's (CLF), up 7.6%... Biogen (BIIB), up 3.6%... Dow Chemical (DOW), up 3.3%... Western Digital (WDC), up 3.1%. ALSO HIGHER: Sony (SNE), up 4.3% after raising forecast for FY13 sales and profit... Vodafone (VOD), up 2.6% after Reuters say Verizon (VZ) may bid $100B for full control of Verizon Wireless JV... Cardinal Health (CAH), up 3.6% after signing new supply agreement with CVS Caremark (CVS)... DOWN AFTER EARNINGS: Zynga (ZNGA), down 9.5%... Melanox (MLNX), down 8.6%... Qualcomm (QCOM), down 4.6%... 3M (MMM), down 3.6%... Bristol-Myers (BMY), down 1.6%. ALSO LOWER: Intuit (INTU), down 13.4%, after cutting guidance.
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September 29, 2015
06:06 EDTBIIBBiogen volatility at 52-week highs
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September 28, 2015
16:09 EDTWDCWestern Digital initiated with a Buy at Sterne Agee CRT
Target $95.
14:08 EDTVZAOL announces the launch of LIVE by AOL
AOL announced the launch of LIVE by AOL, a comprehensive end-to-end service for the production, streaming, distribution and monetization of live events. LIVE by AOL brings together AOL's world-class video expertise with Verizon Digital Media Services to give content and media partners access to a complete suite of live experience solutions for all screens and devices. LIVE by AOL provides content and media partners with unprecedented distribution through the company's owned and operated properties, including, The Huffington Post, TechCrunch and more, in addition to a holistic and open network of over 1,700 publisher partners for live distribution across mobile, digital, over-the-top, and linear TV. In addition to LIVE's expansive reach, the solution also provides complete production capabilities, full content-preparation supported by cross-device, cloud-based encoding that is combined with Verizon Digital Media Services' high-performance stream delivery, and options to monetize through various advertising, sponsorship, and native integration options. "As the video landscape continues to evolve, live programming is the next frontier for innovation," said Jimmy Maymann, EVP and President, AOL Content & Consumer Brands. "LIVE by AOL not only unites the pillars of our business, but enables all of our content and media partners to tap into the power of live programming and bring that success to their own properties. As the lines between traditional television and online video blur, producing, distributing, and monetizing live content in the digital realm will be a deciding factor for those who successfully step into the next era of video."
13:42 EDTVZVerizon offers annual upgrade plan for iPhone users
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12:39 EDTDOWHuntsman plunges after warning of continued headwinds
Shares of chemical maker Huntsman (HUN) are plunging after warning that headwinds would impact its third quarter earnings. WHAT'S NEW: After the close on Friday, Huntsman warned that certain trends are expected to impact Q3 earnings. Trends expected to impact its earnings include lower titanium dioxide selling prices amid continued foreign currency headwinds, the company said. The company also noted continued soft demand in the Asia Pacific region. Huntsman said it also sees lower MTBE, or methyl tertiary butyl ether, margins as a result of lower oil prices and forecast continued lower MDI urethane component product margins in the Asia Pacific region. Peter Huntsman, the company's chief executive officer, said the company is "optimistic about the future" despite seeing headwinds in the short term. "Lower raw material prices impacted demand and margins in Q3, thus the accounting benefits will be delayed into the fourth quarter," added Huntsman. The company is anticipating fourth quarter adjusted EBITDA similar to Q3 at about $300M, similar to last year's level. The company is committed to a separation of the Pigments and Additives business by the end of 2016 or sooner. WHAT'S NOTABLE: On August 17, Goldman Sachs removed Huntsman from its Conviction Buy List and said investors remain skeptical on value proposition and free cash flow generation that could strengthen the balance sheet is likely several quarters away. The firm continued to rate shares a Buy with a $26 price target. PRICE ACTION: In midday trading, shares of Huntsman are down 23.08% to $10.70. OTHERS TO WATCH: Other chemical companies are trading lower, including Chemours (CC), which is down 7.8%, Kronos Worldwide (KRO), down 1.62%, Dow Chemical (DOW), falling 3.94% and DuPont (DD), down 2.06%%.
06:50 EDTVZVerizon's go90 wins $80M from backers, NY Post reports
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05:35 EDTBIIBBiogen implied volatility of 52 at upper end of index mean range
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05:07 EDTVODVodafone says asset exchange talks with Liberty Global have ended
On June 5, Vodafone Group (VOD) confirmed that it was in the early stages of discussions with Liberty Global (LBTYA) regarding a possible exchange of selected assets between the two companies. Vodafone today announced that discussions with Liberty Global have terminated.
September 27, 2015
19:39 EDTSNE'Hotel Transylvania 2' bites down in record-setting debut
Animated children's film "Hotel Transylvania 2" set a domestic record for September while "Maze Runner" and "Black Mass" dropped in their second weekends at the box office. WEEKEND LEADER: Sony's (SNE) computer animated comedy "Hotel Transylvania 2" grossed $47.5M during its domestic open for the weekend of September 27, beating expectations for $35M-$40M and setting a new record for September box office debuts. Adam Sandler, Selena Gomez, and others returned to provide voice acting for the monster-themed movie, which saw the biggest open yet for Sony Pictures Animation. BOX OFFICE RUNNERS-UP: With Robert DeNiro and Anne Hathaway in leading roles, Time Warner (TWX) subsidiary Warner Bros.' "The Intern" opened at $18.2M against estimates sales of $15M-$20M. Fox's (FOX, FOXA) "Maze Runner: The Scorch Trials" came in third with $14M after grossing $30.3M domestically during last weekend's debut. Meanwhile, Comcast (CMCSA, CMCSK) subsidiary Universal's "Everest" jumped to $13.1M after significantly expanding its screen count, while Warner Bros.' "Black Mass" rounded out this weekend's Top 5 at $11.5M.
16:24 EDTQCOMQualcomm commits to invest $150M in Indian startups
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September 25, 2015
16:35 EDTSNEStocks end week lower as biotechs sink, Volkswagen crashes
Stocks ended the week lower after concerns about drug prices were reignited, sinking biotech stocks, an emissions scandal engulfed Volkswagen (VLKAY), dragging down shares of automakers and their suppliers, and Caterpillar (CAT) announced that it may eliminate as many as 10,000 jobs in the next three years as commodity prices continue to slump. MACRO NEWS: Following the Federal Reserve's decision last week to wait before raising rates, the central bank made a concerted effort to give the market more clarity this week. Over last weekend, three Federal Reserve officials - San Francisco Fed President John Williams, St. Louis Fed President James Bullard and Richmond Fed President Jeffrey Lacker - all argued that an interest-rate increase is still warranted this year. Then, on Thursday night, Fed Chair Janet Yellen said during a speech at UMass Amherst that the central bank remains inclined to hike rates this year. Yellen's remarks were incrementally hawkish, but welcomed by the market, since they helped clarify the message the Fed delivered a week ago... 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. Durable goods orders for August declined 2.0%, versus expectations for a drop of 2.3%. When transportation items were removed, the core reading was breakeven, versus expectations for a rise of 0.1%. The third estimate of second quarter GDP showed the economy grew 3.9% quarter-over-quarter, versus expectations for the GDP growth estimate to stay at 3.7%. Personal consumption in Q2 is now believed to have grown 3.6%, up from the prior estimate of 3.1%. The final University of Michigan consumer sentiment reading for September came in at 87.2, which was down from August's 91.9 but above the expected 86.2 reading... The Asian Development Bank cut its growth forecast for the region, citing a weaker outlook for China and India and a delayed recovery in the world's advanced economies. The bank now sees the Chinese economy growing 6.8% this year and 6.7% next year, down from its previous forecasts of 7.2% and 7%, respectively. Markit's flash manufacturing PMI for China fell to 47.0 in September from 47.3 last month. Meanwhile, Japanese Prime Minister Shinzo Abe unveiled new economic targets, including a goal for a 20% increase in the target size of the Japanese economy to 600T yen, though he gave no timeframe for achieving this aspiration... 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: Biotech stocks declined after privately-held Turing Pharmaceuticals made headlines by enacting a 5,000% price increase on its treatment for toxoplasmosis, reigniting 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. Presidential candidate Hillary Clinton sent the debate to center stage by criticizing the "outrageous" prices of specialty drugs and laying out a plan to tackle "price gouging" in the specialty drug market. The NASDAQ Biotechnology index fell roughly xxx% for the week amid the attention paid to Turing's drug and Clinton's response... Volkswagen (VLKAY) shares trading in New York fell sharply to begin the week and ended the week far from where they'd been last Friday before the EPA said it found manipulations that violate U.S. environmental standards while testing certain of the automaker's diesel cars. The EPA said Volkswagen may face civil penalties of $37,500 for each vehicle not in compliance with federal clean air rules, which could total as much as $18B, according to Reuters. In the wake of the scandal, Chief Executive Officer Martin Winterkorn resigned, with the company's supervisory board subsequently praising the decision and selecting Matthias Mueller, the former head of Porsche (POAHY), as Winterkorn's successor as the company's new CEO... Caterpillar (CAT) shares dropped after the heavy machinery maker announced plans for job cuts and lowered its revenue guidance for this year and next. Caterpillar said that it would lay off 4,000-5,000 of its employees between now and the end of 2016 and could lay off up to 10,000 employees by 2018. Caterpillar cut its fiscal year 2015 revenue forecast by $1B and said its sees its fiscal year 2016 revenue to be 5% below this year, adding that it expects revenue declines in all three large segments next year... Online and mobile deal provider Groupon (GRPN) said it plans to cut 1,100 jobs relating primarily to the company's international operations... Nike jumped after the athletic gear giant reported better than expected earnings and futures orders, prompting numerous price target hikes and at least one upgrade at Street research firms. Among other companies reporting earnings this week, BlackBerry (BBRY), ConAgra (CAG), Carnival (CCL), and CarMax (KMX) fell immediately following their quarterly reports... Apple (AAPL), which has previously been reported to be working on an electric car via its "Project Titan," is speeding up those efforts and setting 2019 as a target to ship its first vehicle, according to The Wall Street Journal... 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 in the Asian nation, while Cisco (CSCO) announced a partnership with Chinese server maker Inspur Group... Lloyd Blankfein, Goldman Sachs (GS) Chairman and CEO, disclosed that he was diagnosed with lymphoma. "Fortunately, my form of lymphoma is highly curable and my doctors' and my own expectation is that I will be cured," Blankfein stated in an open letter that was shared by the bank... GoPro (GPRO) finished the week about xxx% lower after Barron's contended in a feature article last weekend that the company's stock could plunge another 30% to $25 as Apple, Sony (SNE) and others pressure the company's "one-hit wonder" products... On the M&A front, Atmel (ATML) agreed to be acquired by German chipmaker Dialog Semiconductor in a deal valued at roughly $4.6B and Starwood Waypoint (SWAY) announced a stock-for-stock merger agreement with Colony American Homes. INDEXES: The Dow lost about 0.43% to close at 16,314.67, the S&P 500 fell about 1.35% to close at 1,931.34, and the Nasdaq declined about 2.89% to close at 4,686.50.
13:36 EDTQCOMQualcomm volatility low as shares trend lower
Qualcomm (QCOM) current 30-day call option implied volatility is at 26, compared to a one-month ago level of 38, suggesting decreasing price movement for the chipmaker that appear poised to obtain more revenue from Apple's (AAPL) iPhone 6S devices.
13:17 EDTSNEFly Watch: 'Hotel Transylvania 2' expected to top weekend box office
Sony's (SNE) animated sequel "'Hotel Transylvania 2," which is opening in 3,600 theaters, is expected to win this weekend's box office with a domestic gross of $35M-$40M. The next bunch of films are all expecting similar grosses in the mid-to-high teens. Time Warner (TWX) subsidiary Warner Bros.' comedy "The Intern," starring Robert DeNiro and Anne Hathaway, is estimated to open in the $15M-$20M range in 3,305 theaters. Comcast (CMCSA, CMCSK) subsidiary Universal's "Everest," which opened last weekend on IMAX (IMAX), is expanding to over 3,000 theaters this weekend and is estimated to gross in the range of $15M-$17M. Fox's (FOX, FOXA) "Maze Runner: The Scorch Trials," which grossed $30.3M domestically for the weekend of September 20, is expected to earn an estimated $16M in its second weekend of release. Warner Bros.' Whitey Bulger biopic "Black Mass," which took in $23.4M in its domestic opening last weekend, is expected to gross $12.5M-$13M this weekend. Additionally, Lions Gate's (LGF) drug cartel drama "Sicario" is playing in about 50 theaters ahead of the film's wide release on October 2.
12:38 EDTBIIBOptions with increasing implied volatility
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11:25 EDTQCOMCirrus leads iPhone suppliers higher as analysts dissect 6S
Cirrus Logic (CRUS), Skyworks (SWKS) and Qorvo (QRVO) are among the chipmakers that appear poised to obtain more revenue from Apple's (AAPL) iPhone 6S devices than from the previous generation of the market-leading smartphone. Research firms issued notes today based on their analysis of "teardowns" of the new phones after they went on sale for the first time, beginning in Australia. TEARDOWNS: Apple's common practice when rolling out its newest iPhone models is for Australia to be its first launch market. The unboxing of iPhones when they become available for sale for the first time anywhere in the world is a much anticipated event among the tech giant's fans, as well as by Apple-focused blogs and Wall Street analysts who follow the company. Websites like iFixit have become well known for their "teardowns" of the devices, where they purchase, take apart and analyze the way in which the device is made and how it differs from previous models. These teardowns are closely watched by analysts and can sometimes be catalysts for the stocks of iPhone component suppliers. CIRRUS: Barclays analyst Blayne Curtis says teardowns of Apple's iPhone 6S indicate Cirrus Logic secured both a smart codec and boosted amp win in the new phone. The company's content in each phone is likely towards the upper end of his $3.50-$4.00 estimate, Curtis tells investors, noting that he views this as better than expected. Curtis thinks the 6S content, coupled with the "several new growth drivers" Cirrus outlined at yesterday's technology day, could reverse the negative sentiment on the stock. He keeps an Overweight rating on the name with a $39 price target. OTHER WINNERS AND LOSERS: Skyworks and Qorvo saw their content rise 22% and 25% respectively, Curtis estimated. NXP Semiconductors (NXPI) is continuing to supply the NFC and Secure Element chips for the 6S devices, but is no longer providing the sensor hub, the analyst reported. The company will lose about 50c per iPhone as a result of this development, but it did know that it would no longer be providing the hub before it provided its guidance in July, according to Curtis. STMicroelectronics (STM) is no longer providing the secure MCU for the iPhone 6S, Curtis added. WHAT'S NOTABLE: Other companies that are supplying iPhone 6S components include Qualcomm (QCOM), Texas Instruments (TXN), and Avago (AVGO), iFixit reported. After conducting checks, Craig-Hallum analyst Anthony Stoss estimated that Skyworks will obtain about $6.50 of revenue per iPhone, up from about $5.50 previously, while Qorvo's revenue per device will rise to $6.25 from $5.75 and Avago will see its revenue per device increase to about $6.75 from about $6.50, Stoss believes. The firm kept Buy ratings on Skyworks, Avago, and Qorvo. PRICE ACTION: In morning trading, Cirrus shares jumped $4.36, or 16%, to $31.49, Skyworks added about 3% and Qorvo rose 4%. Meanwhile, NXP gained about 2% and STMicroelectronics advanced 2.5%.
10:00 EDTMMMOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: 3M (MMM) upgraded to Outperform from Neutral at Credit Suisse... ACE Limited (ACE) upgraded to Buy from Neutral at Goldman... Applied Materials (AMAT) upgraded to Buy from Outperform at CLSA... Autoliv (ALV) upgraded to Sector Perform from Underperform at RBC Capital... Bed Bath & Beyond (BBBY) upgraded to Market Perform at Telsey Advisory... Box (BOX) upgraded to Buy at Canaccord... Chevron (CVX) upgraded to Peer Perform from Underperform at Wolfe Research... CyberArk (CYBR) upgraded to Buy from Neutral at Nomura... Exelon (EXC) upgraded to Buy from Neutral at Guggenheim... General Growth (GGP) upgraded to Outperform from Market Perform at BMO Capital... Intel (INTC) upgraded on positive checks, developments at JMP Securities... KLA-Tencor (KLAC) upgraded to Outperform from Underperform at CLSA... Lam Research (LRCX) upgraded to Buy from Outperform at CLSA... Marvell (MRVL) upgraded to Buy from Hold at Craig-Hallum... Nike (NKE) upgraded on share gains at Sterne Agee CRT... Spirit Airlines (SAVE) upgraded to Outperform from Market Perform at Cowen... United Rentals (URI) upgraded to Neutral from Underperform at BofA/Merrill.
09:48 EDTQCOMApple iPhone 6S Plus teardown reveals chip suppliers, iFixit reports
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07:55 EDTBIIBBiogen, Sobi receive position opinion for Elocta from CHMP
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07:32 EDTBIIBBiogen, Sobi receive positive CHMP opinion for Elocta for Hemophilia A
Biogen and Swedish Orphan Biovitrum AB received a positive recommendation from the European Medicines Agency's Committee for Medicinal Products for Human Use for the marketing authorization of ELOCTA. ELOCTA is a recombinant factor VIII Fc fusion protein product for the treatment of hemophilia A that, if approved, would be the first hemophilia A treatment with prolonged circulation available in the European Union. The positive opinion was based on results from the pivotal, Phase 3 A-LONG clinical study, which examined the efficacy, safety and pharmacokinetics of rFVIIIFc in previously treated males 12 years of age and older with severe hemophilia A, and from the Phase 3 Kids A-LONG clinical study, which evaluated the efficacy and safety of rFVIIIFc in previously treated male children with hemophilia A under 12 years of age. The Committee's positive opinion is now referred to the EC, which grants marketing authorization for medicines in the EU. ELOCTA is the European trade name for rFVIIIFc, which is also known as ELOCTATE in the U.S., Canada, Australia, New Zealand and Japan, where it is approved for the treatment of hemophilia A. Commonly reported adverse drug reactions in the clinical studies were arthralgia, malaise, myalgia, headache and rash. Development of Factor VIII neutralizing antibodies may occur following administration of ELOCTA. Biogen and Sobi are collaboration partners in the development and commercialization of ELOCTA/ELOCTATE for hemophilia A. Last year, Sobi exercised its opt-in right to assume final development and commercialization of ELOCTA in the Sobi territories. Biogen leads development for ELOCTA/ELOCTATE, has manufacturing rights, and has commercialization rights in North America and all other regions in the world excluding the Sobi territories.
06:49 EDTMMM3M upgraded to Outperform from Neutral at Credit Suisse
Credit Suisse upgraded 3M to Outperform and raised its price target to $160 from $155. Analyst Julian Mitchell believes risk/reward is attractive following the share pullback and said it is one of the few stocks in the group that can growth earnings at a double-digit pace next year without a sharp improvement in the macro environment. Mitchell believes shares now reflect negative factors and not positives, including management's willingness to use the balance sheet to shore up earnings growth.
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