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March 5, 2014
12:41 EDTXOM, PETM, ARWR, MXWL, XOMA, BOBEOn The Fly: Midday Wrap
Stocks on Wall Street were mixed at midday, with the Nasdaq leading and the Dow lagging. The averages have hovered in a narrow range around the flat-line, though consolidation is not necessarily surprising after yesterday’s powerful advance. The market has seen little volatility today despite the continued threat of an escalation of the situation in Ukraine. ECONOMIC EVENTS: In the U.S., ADP reported private payrolls rose 139K in February, which was below the expectation for 150K job additions. The ISM services index dropped to 51.6 in February, versus expectations for a more modest pullback to 53.5. The Federal Reserve is scheduled to release its latest "Beige Book" report on economic activity at 2:00 pm ET. In Europe, Eurostat's second estimate of fourth quarter growth in the region showed GDP rose by 0.3% in the eurozone countries and by 0.4% in the EU28, both of which were up from the prior quarter. Other data released overnight showed a surprise rebound in eurozone retail sales and an upward revision to the eurozone composite PMI. COMPANY NEWS: Energy major Exxon Mobil (XOM) slid 3% as the company hosted its annual analyst meeting and said it expects to invest $39.8B in 2014 but also forecast that its total production will be flat this year... Shares of PetSmart (PETM) fell 2% despite the company reporting better than expected fourth quarter earnings. Revenue for the pet goods and services retailer, however, fell short of expectations, as did the company's earnings outlook for its current quarter. On its earning call, PetSmart acknowledged that the start of its first quarter has been "challenged" due to weather, but also said it is seeing a "meaningful" difference in results between stores in weather-impacted markets and those where weather is less of a factor. MAJOR MOVERS: Among the notable gainers was Arrowhead Research (ARWR), which rose 25% after the company's shares were initiated with a Buy rating at Deutsche Bank and with an Outperform rating at RBC Capital. Also higher was Maxwell Technologies (MXWL), which was 22% higher after Piper Jaffray raised its price target on shares to $21 from $11. Among the noteworthy losers was drug maker XOMA (XOMA), which fell 26% after saying its does not intend to launch pivotal development for the broad erosive osteoarthritis of the hand, or EOA, indication for a drug based on the results of its Phase 2 trial program. Also lower were shares of restaurant operator and packaged foods maker Bob Evans (BOBE), which fell over 8% after the company's third quarter earnings missed estimates and it lowered its fiscal 2014 outlook. INDEXES: Near midday, the Dow was down 36.66, or 0.22%, to 16,359.22, the Nasdaq was up 5.76, or 0.13%, to 4,357.73, and the S&P 500 was little changed near 1,873.93.
News For XOM;PETM;ARWR;MXWL;XOMA;BOBE From The Last 14 Days
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August 14, 2014
11:46 EDTARWROptions with decreasing implied volatility
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August 13, 2014
10:33 EDTARWROptions with decreasing implied volatility
Options with decreasing implied volatility: RPTP ARWR ZU ICPT MNKD UBNT OLED RAX UVXY VNDA
10:20 EDTARWRHigh option volume stocks
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09:15 EDTARWROn The Fly: Pre-market Movers
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07:56 EDTARWRArrowhead should trade up on Hep B data, says RBC Capital
RBC Capital said Arrowhead's initial top-line Phase IIa data showed good knockdown of s-antigen, durability, and safety. The firm expects shares to trade up on the news and notes doctors say increased doses and time could lead to higher cures of Hep B. Shares are Outperform rated.
07:36 EDTARWRArrowhead shares recommended after ARC-520 data at Deutsche Bank
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06:35 EDTARWRArrowhead shares likely weak on lack of data, says Piper Jaffray
Piper Jaffray expects shares of Arrowhead to be under pressure following the company's Q3 results given the lack of data for ARC-520 for the treatment of hepatitis-B virus infection. Piper keeps an Overweight rating on the stock with a $24 price target.
August 12, 2014
19:02 EDTARWROn The Fly: After Hours Movers
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16:16 EDTARWRArrowhead Research provides update on phase 2a study of ARC-520
Arrowhead Research completed its dosing of 1mg/kg and 2mg/kg dose cohorts. The company's initial blinded data suggest that the magnitude of HBsAg knockdown is similar to non-human primate studies, including the chronically infected chimpanzee reported on previously. ARC-520 continues to be well tolerated, with no dropouts or serious adverse events reported. The overall rate of AEs has been lower in the phase 2a than in the phase 1 normal volunteer study and safety labs continue to show no indication of end organ toxicity. The company received IRB and DSMB approvals to proceed and began enrolling an additional dose cohort at 3 mg/kg in the Phase 2a patient study.
16:13 EDTARWRArrowhead Research reports Q3 EPS (22c), consensus (22c)
Total operating expenses for the quarter were $12.7M, compared to $6.4M for the quarter ended June 30, 2013. The company’s cash and investments of cash were $188.5M at June 30.
15:31 EDTPETMPetSmart holder JANA again accuses board of avoiding 'genuine' strategic review
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14:47 EDTMXWLMaxwell mentioned positively at Piper Jaffray
10:00 EDTMXWLOn The Fly: Analyst Initiation Summary
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07:46 EDTXOMJacobs receives contract from Exxon Mobil
Jacobs Engineering (JEC) announced that it was awarded a contract from ExxonMobil (XOM)Chemical to provide engineering, procurement and construction services as part of a multi-billion dollar ethane cracker project in ExxonMobil’s Baytown, Texas complex and associated premium product facilities in Mont Belvieu, Texas. Company officials did not disclose the contract value. Under the terms of the contract, Jacobs is providing site enabling works and interconnections services for the two sites. Jacobs’ scope of work includes site preparation of 350 acres for the ethane cracker in Baytown and 100 acres for the product facilities in Mont Belvieu.
07:01 EDTMXWLMaxwell initiated with an Outperform at Northland
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August 11, 2014
17:37 EDTXOMExxon Mobil awarded $373.92M government contract
Exxon Mobile Fuels Lubricants & Specialties Marketing Co. has been awarded a maximum $373.92M fixed-price with economic-price-adjustment, indefinite-delivery/indefinite-quantity contract for aviation turbine fuel and naval fuel. This contract was a competitive acquisition with 16 offers received. This is a one-year base contract with a 30-day carry-over period and no option periods. Locations of performance are Virginia and California, with an Oct. 30, 2015 performance completion date. Using service is Defense Logistics Agency Energy.
10:10 EDTBOBEBob Evans: Proxy firms concur in not recommending change in control at company
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09:31 EDTXOMExxon Mobil management to meet with Oppenheimer
Meeting to be held in the Midwest on August 13 hosted by Oppenheimer.
08:01 EDTBOBESandell says ISS, Glass Lewis support board change at Bob Evans
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07:05 EDTPETMDeutsche Bank discusses LBO chatter in Retail space
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