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VZ

Verizon

$50.48

0.21 (0.42%)

, YHOO

Tag AABA

$41.68

-0.11 (-0.26%)

13:02
10/19/16
10/19
13:02
10/19/16
13:02

On The Fly: What to watch in Verizon's earnings report

Verizon (VZ) is scheduled to report results of its third fiscal quarter before the market opens on Thursday, October 20, 2016, with a conference call scheduled for 8:30 am ET. What to watch for: YAHOO! ACQUISITION: Verizon's acquisition of Yahoo's (YHOO) operating business may be in jeopardy due to the recently exposed Yahoo hacking incident from 2014. Needham analyst Laura Martin indicated in an analyst note that the firm is worried that Verizon will walk away or renegotiate its acquisition price lower due to the incident, which was not disclosed at the time of the acquisition announcement. In the note, Martin told investors that VZ's general counsel stated that it has a "reasonable basis to believe Yahoo Inc's massive data breach of email accounts represents a material impact that could allow Verizon to withdraw from its $4.83B deal to buy the technology company." During Yahoo's third quarter earnings conference call, Yahoo Chief Executive Officer Marissa Mayer said, "We're working hard to retain their trust and are heartened by their continued loyalty as seen in our user engagement trends." According to a Bloomberg report from October 18, Yahoo is still working on the business integration and said "We are confident in Yahoo's value and we continue to work toward integration with Verizon." OTHER M&A NEWS: On August 1, Verizon announced that it will acquire Fleetmatics Group PLC (FLTX) for $60.00 per share, or $2.4B, in cash. On September 21, Recode reported that Verizon was in negotiations to acquire Vessel, a mobile video startup, citing sources. Most notably, in mergers and acquisitions news, are the rumors surrounding Twitter (TWTR). Reports in late September were speculating that Verizon could be a potential suitor for Twitter. On September 23, CNNMoney's Paul La Monica tweeted that Verizon spokesman Bob Varettoni told him, on the record, that the rumor that the company is interested in Twitter "is entirely false." MANAGEMENT CHANGES: On August 15, Verizon Enterprise Solutions appointed Vic Bhagat as the Chief Information Officer. On September 1, Chief Financial Officer Fran Shammo announced his plans to retire and will step down from his position as executive vice president and CFO, effective November 1. The company appointed senior vice president and CFO - Operations Finance Matthew Ellis his successor. Jim Norton, AOL's sales chief is also leaving the company and was appointed Chief Business Officer and president of revenue of Conde Nast.

VZ

Verizon

$50.48

0.21 (0.42%)

YHOO

Tag AABA

$41.68

-0.11 (-0.26%)

FLTX

Fleetmatics

TWTR

Twitter

$17.13

0.3 (1.78%)

  • 20

    Oct

  • 07

    Nov

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    Nov

  • 24

    Jan

VZ Verizon
$50.48

0.21 (0.42%)

10/19/16
PIPR
10/19/16
NO CHANGE
PIPR
Overweight
Piper's Munster says Verizon likely 'posturing' with talk about Yahoo deal
Piper Jaffray analyst Gene Munster called Yahoo's (YHOO) Q3 earnings report a "non-event," saying that the biggest question for the company right now remains the impact of its data breach on its agreement with Verizon (VZ). Media reports suggesting Verizon could use the breach to break the deal are likely "posturing" and a public negotiating tactic to try to get a lower price, said Munster, who adds that downside seems "somewhat limited" given the deal size. Munster, who noted that every $1B adjustment to the deal would represent about $1 to the stock, keeps an Overweight rating on Yahoo shares, citing the upside potential presented by its stake in Alibaba (BABA).
10/19/16
SUSQ
10/19/16
NO CHANGE
Target $48
SUSQ
Positive
Yahoo price target raised to $48 from $44 at Susquehanna
Susquehanna analyst Shyam Patil raised his price target on Yahoo (YHOO) to $48 from $44 following Q3 results. The analyst said the company tried to provide traffic metrics to show that the recent security breach did not effect search numbers. In addition, the analyst feels the market is pricing in a larger valuation cut than what would possibly occur if Verizon (VZ) was able to make a case to lower its takeover price. Patil reiterated his Positive rating on Yahoo shares.
09/23/16
RHCO
09/23/16
NO CHANGE
RHCO
Yahoo hack is probably not a material adverse change, says SunTrust
After Yahoo (YHOO) reported that over 500M of its accounts had been hacked, SunTrust analyst Robert Peck thinks that the news is probably not a material adverse change, or MAC, that would jeopardize the company's acquisition by Verizon (VZ). He notes that the sales contract says that a MAC will not be triggered by "any failure by Yahoo to meet its internal or published projections, budgets, plans, or forecasts of its revenues, earnings, or other financial performance or results of operations." The analyst says that the hack "may be manageable," since a majority of the victims could be e-mail users who are sticky. He keeps a Neutral rating on Yahoo.
09/23/16
BOFA
09/23/16
NO CHANGE
Target $55
BOFA
Buy
BofA thinks Verizon deal stays on track despite Yahoo data breach
Bank of America Merrill Lynch analyst Justin Post said that Yahoo's (YHOO) disclosure of the massive data breach impacting over 500M of its users is clearly a negative for the company that could result in email account closures, but he does not anticipate a major impact on Yahoo's business related to this breach, citing as evidence the fact that he is not aware of any significant business impairment or financial liability related to security breaches at LinkedIn (LNKD) in 2012 and at eBay (EBAY) in 2014. Post adds that the Target (TGT) data breach, which did include credit card info, is not directly comparable to Yahoo's breach. For Verizon (VZ) to back out of its acquisition agreement, Post thinks the company would need to assume Yahoo acted in bad faith during negotiations and that the Yahoo asset is impaired or comes with significant liability, neither of which he sees as being the case. The analyst keeps a Buy rating on Yahoo and bumped his target on the shares to $55 from $53, citing an increased price target on Alibaba (BABA) that a peer at the firm recently set.
YHOO Tag AABA
$41.68

-0.11 (-0.26%)

10/18/16
10/18/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: Yahoo (YHOO) downgraded to Hold from Buy at Needham with analyst Laura Martin saying shares now trade above her previous $40 price target. 2. Chipotle (CMG) downgraded to Underperform from Market Perform at Raymond James with analyst Brian Vaccaro saying he believes the lost sales, still down 15-20% after the initial E.coli incident, could prove to be permanent and reflect the "new normal," increasing downside risk in the stock. 3. Prudential (PRU) downgraded to Market Perform from Outperform at FBR Capital with analyst Randy Binner saying he's taking some risk off the table ahead of the third quarter earnings reports. 4. DDR Corp. (DDR) downgraded to Neutral from Outperform at Boenning & Scattergood with analyst Floris van Dijkum saying DDR could suffer higher than expected dilution due to asset sales like the recently closed upstate New York portfolio and said there could be more downward pressure on NAV based on further disposals. 5. Carrizo Oil & Gas (CRZO) downgraded to Neutral from Buy at Goldman analyst John Nelson citing valuation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/18/16
NEED
10/18/16
DOWNGRADE
NEED
Hold
Yahoo downgraded to Hold from Buy at Needham
Needham analyst Laura Martin downgraded Yahoo to Hold saying shares now trade above her previous $40 price target, she worries Verizon (VZ) will walk away or renegotiate the acquisition price lower due to the 2014 hacking event, and lowered FY16 estimates to the low end of guidance.
FLTX Fleetmatics

08/09/16
TIGR
08/09/16
DOWNGRADE
TIGR
Neutral
Fleetmatics downgraded to Neutral from Buy at Tigress Financial
Tigress Financial downgraded Fleetmatics (FLTX) to Neutral saying a competing takeover bid to Verizon (VZ) is unlikely to emerge.
08/09/16
SBSH
08/09/16
DOWNGRADE
Target $60
SBSH
Neutral
Fleetmatics downgraded to Neutral from Buy at Citi
Citi analyst Kenneth Wong downgraded Fleetmatics (FLTX) to Neutral citing the pending takeover by Verizon (VZ). The analyst believes another takeover bid is "highly unlikely."
08/04/16
LEHM
08/04/16
DOWNGRADE
Target $59
LEHM
Equal Weight
Fleetmatics downgraded to Equal Weight from Overweight at Barclays
Barclays analyst Saket Kalia downgraded Fleetmatics to Equal Weight citing limited upside following the Verizon takeout agreement. The analyst sees little probability of a competing offer.
08/02/16
RAJA
08/02/16
DOWNGRADE
RAJA
Market Perform
Fleetmatics downgraded to Market Perform from Outperform at Raymond James
Raymond James downgraded Fleetmatics (FLTX) after the company reached an agreement to be acquired by Verizon (VZ) for $60 per share in cash.
TWTR Twitter
$17.13

0.3 (1.78%)

10/19/16
10/19/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Twitter (TWTR) upgraded to Hold from Sell at Loop Capital with analyst Blake Harper saying downside is limited, even if the Q3 results disappoint, as there is "essentially a floor on the value of shares given the M&A speculation." 2. Costco (COST) upgraded to Buy from Neutral at Northcoast with analyst Chuck Cerankosky saying he expects a stronger earnings improvement in 2018 and believes the performance will reflect a $5 membership increase in the US and Canada. 3. Yum! Brands (YUM) upgraded to Outperform from Neutral at Credit Suisse with analyst Jason West citing a bullish outlook for the "New Yum" non-China, which will begin to trade on a standalone basis on November 1. 4. America's Car-Mart (CRMT) upgraded to Buy from Underperform at BofA/Merrill with analyst Elizabeth Suzuki saying she believes competition in the subprime auto market is beginning to ease and said she is seeing signs of credit tightening at other subprime lenders which should benefit Car-Mart. 5. Alon USA Partners (ALDW) and Western Refining (WNR) upgraded to Buy from Neutral at Citi. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/19/16
LOOP
10/19/16
UPGRADE
LOOP
Hold
Twitter upgraded to Hold from Sell at Loop Capital
Loop Capital analyst Blake Harper upgraded Twitter to Hold from Sell while maintaining a $16 price target for the shares. Downside is limited, even if the Q3 results disappoint, as there is "essentially a floor on the value of shares given the M&A speculation," Harper tells investors in a research note. The analyst sees a likelihood of the board and its bankers pushing through a sale by the end of the year. Twitter closed yesterday up 10c to $16.83.
10/14/16
RAJA
10/14/16
NO CHANGE
RAJA
Raymond James said Salesforce not bidding for Twitter a significant positive
Raymond James said reports Salesforce (CRM) will not bid for Twitter (TWTR) is a significant positive for shares and could set the stage for a sustained stock recovery and breakout in the stock.
10/11/16
10/11/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Twitter (TWTR) upgraded to Hold from Sell at Evercore ISI with analyst Ken Sena citing the recent pullback in the shares. 2. Tyson Foods (TSN) upgraded to Outperform from Market Perform at BMO Capital with analyst Kenneth Zaslow saying he thinks that the company's "strong underlying fundamentals" should enable its fiscal 2017 profits to beat expectations, and he says that the shares are undervalued. 3. Virgin America (VA) upgraded to Neutral from Underweight at JPMorgan with analyst Jamie Baker saying regulatory approval of the pending Alaska Air (ALK) takeover "remains more likely than not." 4. Cummins (CMI) was upgraded to Conviction Buy from Neutral and Caterpillar (CAT) was upgraded to Buy from Neutral at Goldman. 5. Carbonite (CARB) upgraded to Outperform from Perform at Oppenheimer with analyst Brian Schwartz saying he sees "substantial upside" from current levels due to valuation and fundamentals. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

CVS

CVS Health

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ALNY

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$NSD

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$NYE

NYSE Market Internals

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SWKS

Skyworks

$107.93

0.44 (0.41%)

14:15
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Skyworks put volume heavy and directionally bearish »

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SPY

SPDR S&P 500 ETF Trust

$249.89

-0.08 (-0.03%)

, SPX

S&P 500

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PZRX

PhaseRx

$0.78

0.055 (7.64%)

14:11
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SNY

Sanofi

$49.34

0.24 (0.49%)

14:10
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  • 18

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SPX

S&P 500

14:06
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Fed details plans to being reducing balance sheet »

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VRX

Valeant

$14.06

0.29 (2.11%)

14:05
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09/20
14:05
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Options
Valeant call volume above normal and directionally bullish »

Bullish option flow…

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SPY

SPDR S&P 500 ETF Trust

$249.87

-0.1 (-0.04%)

, SPX

S&P 500

14:04
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General news
Federal Reserve maintains median projection for year-end funds rate at 1.4% »

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SPY

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$249.87

-0.1 (-0.04%)

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SPX

S&P 500

14:02
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General news
Fed says economic activity rising moderately this year »

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SPLK

Splunk

$68.25

-0.24 (-0.35%)

, SYMC

Symantec

$34.16

0.39 (1.15%)

14:02
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Breaking Periodicals news story on Splunk, Symantec »

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SPLK

Splunk

$68.25

-0.24 (-0.35%)

SYMC

Symantec

$34.16

0.39 (1.15%)

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  • 22

    Oct

SPX

S&P 500

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14:01
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RNVA

Rennova Health

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MLCO

Melco Resorts & Entertainment

$23.78

0.77 (3.35%)

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MOH

Molina Healthcare

$62.33

0.21 (0.34%)

, UNH

UnitedHealth

$195.34

0.69 (0.35%)

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MOH

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UNH

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0.69 (0.35%)

CNC

Centene

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WCG

WellCare

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CI

Cigna

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ANTM

Anthem

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0.46 (0.25%)

HNT

Health Net

HUM

Humana

$238.58

-1.46 (-0.61%)

AET

Aetna

$154.56

-1.48 (-0.95%)

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JCI

Johnson Controls

$40.12

1.075 (2.75%)

13:45
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Johnson Controls call volume above normal and directionally bullish »

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13:45
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