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February 16, 2014
07:14 EDTAFSI, FOSL, WTW, ANGIOptions with decreasing implied volatility: WTW RAX ANGI UVXY FOSL
News For WTW;AFSI;ANGI;FOSL From The Last 14 Days
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November 12, 2015
12:02 EDTANGIOn The Fly: Top stock stories at midday
Stocks on Wall Street opened deep in negative territory but the averages began to pare their losses almost immediately. All eyes and ears were on Fed Chair Janet Yellen, who gave a welcoming speech at a Fed conference, though she did not discuss policy or the economy. Other Fed speakers talked about the lack of inflation as well as interest rate expectations, but their comments so far this morning have failed to clarify expectations for the December meeting. ECONOMIC EVENTS: In the U.S., initial jobless claims were unchanged at 276,000 in the week of November 7, versus expectations for 270,000 first-time claims. The JOLTS report showed job openings rebounded 149,000 to 5.53M in September. In Europe, European Central Bank president Mario Draghi, in remarks delivered in a hearing in the European Parliament, once again signaled that the bank is ready to boost stimulus at its December meeting as warranted. COMPANY NEWS: Shares of Angie's List (ANGI) jumped 12% after Barry Diller's IAC/InterActiveCorp (IACI), the parent company of HomeAdvisor, made public a $8.75 per share cash buyout offer. Yelp (YELP), which also connects people with local businesses via its web-based and mobile services, advanced 8% following the revelation of the takeout bid for Angie's List... Department store owner Kohl's (KSS), which was weak yesterday along with virtually every company in the space following Macy's (M) disappointing results, bounced back 6% after its third quarter report topped expectations on both the top and bottom lines... Advance Auto Parts (AAP) sunk 13% after its earnings missed the consensus forecast, its profit guidance was lowered, its CEO announced plans to retire and Starboard's CEO Jeff Smith was appointed to the company's board. MAJOR MOVERS: Among the notable gainers was Eros International (EROS), which rallied more than 8.5% after it called allegations of security laws violations "baseless and misleading." Also higher was Viacom (VIAB), which gained 2.5% after it quarterly earnings came in roughly in-line with consensus estimates. Among the noteworthy losers was Fairmount Santrol (FMSA), which fell 20% after reporting downbeat third quarter earnings and suspending its earnings guidance due to market uncertainty. Also lower was Flower Foods (FLO), which dropped 10% after it reported quarterly earnings and narrowed its fiscal 2015 guidance. INDEXES: Near midday, the Dow was down 147.82, or 0.84%, to 17,554.40, the Nasdaq was down 18.15, or 0.36%, to 5,048.87, and the S&P 500 was down 13.77, or 0.66%, to 2,061.23.
10:40 EDTANGIAngie's List upgraded to Outperform from Perform at Oppenheimer
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10:37 EDTANGIAngie's List surges after HomeAdvisor parent comes public with takeover bid
Shares of Angie's List (ANGI) are surging this morning after Barry Diller's IAC/InterActiveCorp (IACI) made public a $8.75 per share cash offer for the company. Angie's List helps facilitate transactions between more than 3M consumers nationwide and its collection of service providers in approximately 720 categories of service. WHAT'S NEW: IAC/InterActiveCorp offered to buy Angie's List for $8.75 per share in cash. IAC said it was also willing to consider combining Angie's List with its HomeAdvisor business through a tax-free stock-for-stock exchange. IAC said the combination of Angie's List with HomeAdvisor would "create the premier platform in the home services market" with over $700M in revenue. WHAT'S NOTABLE: On October 13, TCS Capital, one of Angie's List's largest shareholders with a 9.1% stake at that time, urged the company to consider a combination with HomeAdvisor, saying a deal could at least double or even triple the company's share price. TCS, which later raised its stake to 10.7%, said the interests of Angie's List's board "are not aligned with the vast majority of shareholders." In a letter sent to Angie's List's board on Wednesday, IAC suggested that Angie's board had rebuffed its offer. IAC Chief Executive Officer Joey Levin wrote in the letter that IAC was "disappointed by [Angie's List's] unwillingness to continue discussions with us following our [October 23] meeting. Levin said IAC's "strong preference" would have been to work with Angie's List on a cooperative basis, but made the offer and letter public as "we have been unable to develop any meaningful dialogue with you for many months now." Angie's List confirmed the receipt of the offer from IAC and said its board of directors and management team will "carefully review and evaluate IAC's proposal," adding that the company is committed to "acting in the best interests" of its investors. ANALYSTS' REACTION: Piper Jaffray analyst Gene Munster told investors in a research note that he expects the confidence around a near-term takeover of Angie's List to fade, expressing a belief that CEO Scott Durschlag and the board are "committed to righting the business before selling at a compressed multiple." Munster reiterated a Neutral rating and $6 price target on the stock. Raymond James analyst Aaron Kessler upgraded Angie's List to Market Perform from Underperform based on the belief that the proposed IAC deal "likely creates a floor valuation for shares." Kessler noted that if Angie's shareholders reject the deal, the stock could decline if there is continued softness in fundamentals. He does not expect other bidders for Angie's List. Cowen analyst John Blackledge said he believes Angie's List "fits" with IAC and HomeAdvisor, given that it is an underperforming asset, and believes it "makes sense" for IAC to take on an acquisition and integration process. PRICE ACTION: In morning trading, Angie's List is up 13.7% to $9.01, while IAC/InterActiveCorp is down about 0.5% to $65 per share. OTHERS TO WATCH: Yelp (YELP), which also connects people with local businesses via its web-based and mobile services, is up about 7% to $26.68.
10:00 EDTANGIOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Angie's List (ANGI) upgraded to Market Perform from Underperform at Raymond James... CGI Group (GIB) upgraded to Buy from Hold at Societe Generale... Devon Energy (DVN) upgraded to Buy from Neutral at Guggenheim... EP Energy (EPE) upgraded to Neutral from Sell at Citi... Franco-Nevada (FNV) upgraded to Buy from Hold at Canaccord... Galena (GALE) upgraded on commercial business divestment at Oppenheimer... KPN (KKPNY) upgraded to Buy from Hold at HSBC... Macy's (M) upgraded to Buy from Neutral at Northcoast... Magic Software (MGIC) upgraded to Overweight from Equal Weight at Barclays... Range Resources (RRC) upgraded on valuation, 2016 outlook at RBC Capital... Raytheon (RTN) upgraded to Buy from Hold at Argus... Trend Micro (TMICY) upgraded to Buy from Neutral at Nomura.
09:21 EDTANGIOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Kohl's (KSS), up 5.4%... NetEase (NTES), up 6.3%... SunPower (SPWR), up 3.4%. ALSO HIGHER: Angie's List (ANGI), up 12.1% after after IAC (IAC) proposes to acquire the company... OHR Pharmaceutical (OHRP), up 7.4% after submitting a Special Protocol Assessment request to the FDA for OHR-102... Galena Biopharma (GALE) up 6.2% after being upgraded to Outperform from Perform at Oppenheimer... MannKind (MNKD), up 5.4% after confirming a planned stock sale. DOWN AFTER EARNINGS: Freshpet (FRPT), down 25%... Advance Auto Parts (AAP), down 11.1%... Viacom (VIAB), down marginally. ALSO LOWER: Derma Sciences (DSCI), down 30.4% after ending its Phase 3 clinical trials with aclerastide, DSC127, for diabetic foot ulcer healing... Sunedison (SUNE), down 11.2% after being downgraded to Sell from Neutral at Axiom.
08:09 EDTFOSLFossil volatility increases into Q3 and outlook
Fossil November weekly call option implied volatility is at 195, November is at 100, December is at 55; compared to its 52-week range of 20 to 61, suggesting large near term price movement into the expected release of Q3 results today.
06:42 EDTANGIAngie's List volatility low into IAC proposes to acquire
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05:41 EDTANGIPiper's Munster sees Angie's List takeout optimism fading
Piper Jaffray analyst Gene Munster expects the optimism around a near-term takeout of Angie's List (ANGI) to fade. IAC (IACI) last night announced a proposal to acquire Angie's for $8.75 per share, or a 10% premium to the stock's closing price. Angie's new CEO Scott Durchslag and board are committed to turning around the business before selling at a "compressed multiple," Munster told investors last night in a research note. He reiterates a Neutral rating on Angie's with a $6 price target. The stock rallied 11%, or 87c, to $8.79 in after-hours trading last night.
05:34 EDTWTWStocks with implied volatility below IV index mean; WTW SKX
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November 11, 2015
20:45 EDTANGIAngie's List upgraded to Market Perform from Underperform at Raymond James
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19:18 EDTANGIOn The Fly: After Hours Movers
UP AFTER EARNINGS: Popeyes Louisiana Kitchen (PLKI), up 4.9%. ALSO HIGHER: Angie's List (ANGI), up 10.7% after after IAC (IAC) proposes to acquire the company... NCR (NCR), up 3.6% after the Wall Street Journal reported that Blackstone is close to a deal for a minority stake in the company. DOWN AFTER EARNINGS: Digital Ally (DGLY), down 26%... Freshpet (FRPT), down 17.2%... Flowers Foods (FLO), down 3.6%. ALSO LOWER: Shell Midstream (SHLX), down 4.2% after offering 8M common units.
18:18 EDTANGIAngie's List confirms $8.75 per share InterActiveCorp offer
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17:28 EDTANGIYelp up 2.5% after IAC proposes Angie's List acquisition
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16:12 EDTANGIAngie's List up 9.3% after IAC proposes to acquire the company
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16:11 EDTANGIIAC proposes to acquire Angie's List for $8.75 per share
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16:09 EDTANGIIAC proposes to acquire Angie's List for $8.75 per share
13:45 EDTFOSLOptions with increasing put volume: CG NBG BV JWN ASNA SYF FOSL
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09:28 EDTAFSIOn The Fly: Pre-market Movers
UP AFTER EARNINGS: AlarmCom (ALRM), up 13.3%... Full House Resorts (FLL), up 7.4%. ALSO HIGHER: J.C. Penney (JCP), up 3.2% after reporting third quarter Same-Store Sales up 6.4%... Amira Nature Foods (ANFI), up 32.2% after an independent review found that allegations against the company are unsubstantiated... Intrexon (XON), up 1.9% after being upgraded to Neutral from Underperform at Mizuho. DOWN AFTER EARNINGS: Boot Barn (BOOT), down 16.6%... Westport Innovations (WPRT), down 12.8%... Macy's (M), down 9.8%. ALSO LOWER: Horizon Pharma (HZNP), down 14.3% following a lawsuit and allegations by Express Scripts (ESRX)... AmTrust Financial (AFSI), down 5.5% after 5M share Secondary priced at $64.00... Premier (PINC), down 1.6% after 4.03M share Spot Secondary priced at $34.50.
09:25 EDTAFSIAmTrust secondary provides buying opportunity, says FBR Capital
FBR Capital analyst Randy Binner views last night's secondary offering from AmTrust Financial Services as providing another buying opportunity into the name. AmTrust has a history of raising capital shortly before announcing M&A transactions, Binner tells investors in a research note. The analyst notes that following a 7.4% pullback the week after the last capital raise in January, the stock rallied 23.8%. He thinks AmTrust could trade in a similar pattern this time around and keeps an Outperform rating on the name.
08:48 EDTAFSIAmTrust 5M share Secondary priced at $64.00
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