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VRX

Valeant

$15.69

-1.4659 (-8.54%)

, SPLK

Splunk

$57.38

-0.04 (-0.07%)

12:38
11/30/16
11/30
12:38
11/30/16
12:38

On The Fly: Top stock stories at midday

Stocks began the session with the Dow hitting a record high and moving past the 19,200 level for the first time. All three averages were higher in early trading, but the Nasdaq lost its momentum and is now in negative territory and the S&P is back to about unchanged. The story of the morning has been the OPEC meeting, which resulted in planned production cuts to begin in January that are greater than the market expected. ECONOMIC NEWS: In the U.S., the MBA mortgage market index sank 9.4%, with a 0.2% dip in the purchase index and a 16.2% plunge in the refinancing index for the week of November 25. ADP's employment report showed private sector employment increased by 216,000 jobs in November, which was above the consensus forecast for 160,000 job additions. Personal consumption rose 0.3% in October from a month earlier, while incomes advanced 0.6% in October. The Chicago PMI surged 7 points to 57.6 in November, which was above estimates of 52.0. The pending home sales index rose 0.1% to 110.0 in October, below consensus expectations for 0.8% growth. In Europe, German retail sales jumped 2.4% in October, beating forecasts of a 1.0% increase, while Euro-area inflation accelerated to 0.6% year-over-year in November from 0.5% in October. Additionally, the OPEC cartel reported an agreement, to take effect in January, to cut 1.2 million barrels a day from its present output, which will leave OPEC output at 32. 5 million barrels a day. COMPANY NEWS: Shares of Splunk (SPLK) have gained 4% after the company reported better than expected third quarter results and raised its fiscal year guidance... Conversely, shares of Valeant Pharmaceuticals (VRX) have dropped over 8% after The Wall Street Journal reported that talks to sell its Salix unit to Japan's Takeda Pharmaceutical (TKPYY) for roughly $10B have broken down over price disagreements and other matters... Meanwhile, the Organization of Petroleum Exporting Countries meeting in Vienna has agreed to cut its oil production for the first time in eight years amid a record supply glut. OPEC will reduce production by 1.2M barrels a day to 32.5M a day. Marathon Oil (MRO), Newfield Exploration (NFX), Transocean (RIG), Noble Corp. (NE), Murphy Oil (MUR), HESS (HES), Halliburton (HAL), ConocoPhillips (COP), Devon Energy (DVN) and many other energy names are trading higher following the news. MAJOR MOVERS: Among the notable gainers was GoPro (GPRO), which advanced about 2% after the company said it would cut about 15% of its workforce and close its entertainment division amid a continued sales decline. At the same time, GoPro said it experienced "solid" holiday demand in the U.S. for its HERO5 action camera. Also higher was Goldman Sachs (GS), which gained almost 4% after Deutsche Bank upgraded the stock to Buy, saying that leverage to higher rates is mostly reflected in bank stock prices following their post-election advance so far, but higher loan growth and fee volumes from a stronger economy may not be. Additionally, incoming Treasury Secretary, Steven Mnuchin, spent 17 years at Goldman and President-elect Donald Trump recently met with Goldman president Gary Cohn, who may also be up for an administration post. Among the noteworthy losers was American Eagle Outfitters (AEO), which fell over 14% after the apparel retailer reported quarterly comparable sales that fell below the same period a year-ago amid a "tough" retail environment. The owner of the American Eagle and Aerie brands also offered a weak forecast for its holiday quarter. Also lower after earnings was Autodesk (ADSK), which slipped more than 3% despite posting better than expected losses per share and revenue for the quarter. INDEXES: Near midday, the Dow was up 57.93, or 0.3%, to 19,179.53, the Nasdaq was down 40.38, or 0.75%, to 5,339.54, and the S&P 500 was up 0.79, or 0.04%, to 2,205.45.

VRX

Valeant

$15.69

-1.4659 (-8.54%)

SPLK

Splunk

$57.38

-0.04 (-0.07%)

TKPYY

Takeda Pharmaceutical Co. Ltd.

$20.97

-0.035 (-0.17%)

MRO

Marathon Oil

$17.92

2.965 (19.83%)

NFX

Newfield Exploration

$44.15

5.05 (12.92%)

RIG

Transocean

$12.72

1.695 (15.38%)

NE

Noble Corp.

$6.12

0.78 (14.61%)

MUR

Murphy Oil

$34.10

4.68 (15.91%)

HES

Hess Corp.

$55.75

6.7 (13.66%)

HAL

Halliburton

$53.61

5.82 (12.18%)

COP

ConocoPhillips

$48.74

4.51 (10.20%)

DVN

Devon Energy

$47.82

5.6588 (13.42%)

GPRO

GoPro

$9.83

0.02 (0.20%)

GS

Goldman Sachs

$219.28

7.53 (3.56%)

AEO

American Eagle

$16.28

-2.6335 (-13.93%)

ADSK

Autodesk

$75.26

0.08 (0.11%)

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VRX Valeant
$15.69

-1.4659 (-8.54%)

11/29/16
DBAB
11/29/16
NO CHANGE
Target $24
DBAB
Hold
Deutsche weighs impact on Valeant should Salix be sold
Deutsche Bank analyst Gregg Gilbert hopes to hear closure soon on a potential sale of Salix by Valeant Pharmaceuticals. While a sale is not a "no-brainer" given the unit's growth and durability, a deal could improve Valeant's debt situation and add to its value, Gilbert tells investors in a research note. His preliminary analysis suggests that a sale of Salix for $10B coupled with de-levering would be "significantly" dilutive to earnings but accretive to Valeant's value. His analysis yields earnings dilution of 26%-27% in 2018- 2021 and an increase in the company's theoretical discounted cash flow value to $32 from $24. Gilbert continues to like the near-term setup in shares of Valeant but keeps a Hold rating on the shares with a $24 price target. The pharmaceutical closed yesterday up 44c to $17.44.
11/23/16
MZHO
11/23/16
DOWNGRADE
Target $11
MZHO
Underperform
Valeant downgraded to Underperform from Neutral at Mizuho
Mizuho analyst Irina Koffler downgraded Valeant Pharmaceuticals to Underperform, her firm's sell rating equivalent, and cut her price target for the shares to $11 from $25. The drugmaker closed yesterday at $17.83. Koffler believes growth challenges, 2017 guidance risk, legal overhangs and weaker asset divestitures create an unfavorable risk/reward profile. She expects the shares to trend lower over the next 6-12 months.
11/18/16
ADAM
11/18/16
NO CHANGE
Target $17
ADAM
Hold
Valeant negative headlines remain a risk, says Canaccord
Canaccord analyst Neil Maruoka noted yesterday's headlines regarding criminal charges against a former Valeant executive. He said although the charges are not pertinent to Valeant it underscores the negative headline risk that is associated with owning the shares. Maruoka said the company's lower guidance suggests growth headwinds into next year and believes the company still needs to sell assets to de-lever. Maruoka maintained his Hold rating and $17 price target on Valeant shares.
11/18/16
DBAB
11/18/16
NO CHANGE
Target $24
DBAB
Hold
Deutsche still likes near-term setup for Valeant shares
Deutsche Bank analyst Gregg Gilbert said yesterday that he still likes the near-term setup for shares of Valeant Pharmaceuticals after federal prosecutors announced criminal charges against former executive Gary Tanner and the former CEO of Philidor. It is "good to see" that Valeant and other senior executives were not charged, Gilbert told investors in a research note. The charges could be an important step forward as the company and new management team distance themselves from the past, Gilbert wrote. The analyst points out that the bar for 2016 has already been lowered and that new CFO Paul Herendeen thinks of guidance as a commitment. Gilbert keeps a Hold rating on Valeant with a $24 price target. The stock closed yesterday up 12c to $17.98.
SPLK Splunk
$57.38

-0.04 (-0.07%)

11/30/16
ADAM
11/30/16
NO CHANGE
Target $75
ADAM
Buy
Splunk growing into valuation, says Canaccord
Canaccord analyst Richard Davis noted Splunk reported a quarterly beat and modest raise and said the company's product and go-to-market efforts are going well. The analyst believes investors will begin to pay attention to the stock again and sees incremental buyers for the shares. Davis said that after three years of zero cumulative return, Splunk has grown into its valuation. Davis reiterated his Buy rating and $75 price target on Splunk shares.
11/30/16
WEDB
11/30/16
NO CHANGE
WEDB
Splunk reported 'strong' results, says Wedbush
Wedbush analyst Steve Koenig says that Splunk reported "strong" beat and raise results. The analyst thinks that the company's execution continues to be "solid," and he remains upbeat on its longer term outlook. The analyst reiterates an Outperform rating on the stock.
11/30/16
BOFA
11/30/16
NO CHANGE
Target $88
BOFA
Buy
Splunk price target raised to $88 from $67 at BofA/Merrill
BofA/Merrill analyst Kash Rangan raised Splunk's price target to $88 saying the company had a better than expected October quarter and offers solid growth with margin expansion. Rangan rates Splunk a Buy.
11/30/16
WBLR
11/30/16
NO CHANGE
WBLR
Outperform
Splunk 'blowout' results 'nothing short of impressive,' says William Blair
William Blair analyst Bhavan Suri called Splunk's quarterly results an "exceptional performance" that was "'nothing short of impressive" and said its calculated billings reflect very healthy business momentum. While some investors may have concerns about the deceleration in short-term deferred revenue growth, Suri attributes this to the company's accelerating cloud business, noting that most cloud contracts have smaller initial deal sizes and annual billing arrangements. Suri, who thinks Splunk is seeing solid traction across core use-cases, premium applications, and the cloud, keeps an Outperform rating on the stock.
TKPYY Takeda Pharmaceutical Co. Ltd.
$20.97

-0.035 (-0.17%)

06/08/16
RHCO
06/08/16
NO CHANGE
RHCO
Ultragenyx collaboration with Takeda 'exceptionally positive,' says SunTrust
After Ultragenyx (RARE) announced a development and commercialization collaboration for rare genetic diseases with Takeda (TKPYY), SunTrust says the deal terms are "exceptionally positive" for Ultragenyx. The firm notes that the latter company will receive both compounds and cash payments from Takeda, while Takeda will only get comemrcial rights in Asia. The firm keeps a Buy rating on Ultragenyx.
07/07/16
UBSW
07/07/16
INITIATION
UBSW
Neutral
Takeda Pharmaceutical initiated with a Neutral at UBS
UBS analyst Atsushi Seki started Takeda with a Neutral rating and Y4,600 price target.
09/14/16
SBSH
09/14/16
NO CHANGE
Target $4
SBSH
Neutral
Citi views Synergy Pharmaceuticals as potential target for Takeda
Citi analyst Liav Abraham calls Synergy Pharmaceuticals (SGYP) the most likely potential target for Takeda Pharmaceutical (TKPYY) among her coverage universe. The Financial Times earlier today reported that Takeda is ready to spend as much as $15B in acquisitions to expand its business in the United States. Abraham has a Neutral rating on Synergy with a $4 price target. The analyst sees Synergy as a potential target given the "extensive resources" needed to commercialize its lead asset, plecanatide, as well as Takdea's presence in the irritable bowel syndrome/chronic idiopathic constipation space. Shares of Synergy are up 6% to $5.18 in early trading.
09/15/16
WELS
09/15/16
NO CHANGE
WELS
Street underestimating potential of PRA Health deal, says Wells Fargo
Wells Fargo believes that the Street is underestimating the potential benefit to PRA Health (PRAH) of its deal with Takeda (TKPYY). The firm expects PRA's bookings over the next year to significantly exceed the industry average, causing 2017 and 2018 consensus estimates for the company to rise. Wells raised its price target on PRA to $65-$67 from $56-$59 and keeps an Outperform rating on the shares.
MRO Marathon Oil
$17.92

2.965 (19.83%)

09/12/16
09/12/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Reynolds American (RAI) downgraded to Neutral from Buy at Goldman with analyst Judy Hong citing valuation and fading earnings momentum. 2. TrueCar (TRUE) downgraded to Underweight from Equal Weight at Morgan Stanley with analysts led by Brian Nowak citing valuation. 3. Marathon Oil (MRO) downgraded to Neutral from Outperform at Credit Suisse analyst Edward Westlake saying the company has down an excellent job increasing the resource base, lowering well costs, and said the STACK continues to get better, but continues to see more momentum in the purer play Permian names. 4. Whirlpool (WHR) downgraded to Hold from Buy at Gabelli with analyst Alvaro Lacayo saying the substantial rise of steel prices will likely negatively impact North American margins in the short-term. 5. Verifone (PAY) downgraded to In-Line from Outperform at Imperial Capital with analyst Saliq Khan citing a lack of EMV adoption and the challenging macro environment. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/30/16
ADAM
09/30/16
INITIATION
Target $16
ADAM
Hold
Marathon Oil initiated with a Hold at Canaccord
Canaccord analyst Stephen Berman initiated Marathon Oil with a Hold and a $16 price target due to unhedged exposure to oil and gas prices.
10/17/16
LEHM
10/17/16
DOWNGRADE
Target $17
LEHM
Equal Weight
Marathon Oil downgraded to Equal Weight from Overweight at Barclays
Barclays analyst Thomas Driscoll downgraded Marathon Oil to Equal Weight in a research note previewing Q3 earnings for the Exploration & Production space. The analyst believes a "growth shortfall" relative to peers could lead to the shares underperforming. Driscoll lowered his price target for the shares to $17 from $18.
11/18/16
SUSQ
11/18/16
INITIATION
Target $17
SUSQ
Neutral
Marathon Oil initiated with a Neutral at Susquehanna
Susquehanna initiated Marathon Oil with a Neutral and a $17 price target.
NFX Newfield Exploration
$44.15

5.05 (12.92%)

11/10/16
SOCG
11/10/16
UPGRADE
SOCG
Buy
Newfield Exploration upgraded to Buy from Hold at Societe Generale
10/31/16
MSCO
10/31/16
INITIATION
Target $52
MSCO
Equal Weight
Newfield Exploration initiated with an Equal Weight at Morgan Stanley
Morgan Stanley analyst Evan Calio initiated Newfield Exploration with an Equal Weight and a $52 price target saying shares appear fairly valued based on cash flow and production outlook.
10/14/16
EVER
10/14/16
DOWNGRADE
Target $52
EVER
Hold
Newfield Exploration downgraded to Hold from Buy at Evercore ISI
Evercore ISI analyst Stephen Richardson downgraded Newfield Exploration to Hold citing more balanced risk/reward and maintained its $52 price target on shares.
08/29/16
WILL
08/29/16
INITIATION
Target $58
WILL
Buy
Newfield Exploration initiated with a Buy at Williams Capital
Williams Capital analyst Gabriele Sorbara started Newfield Exploration with a Buy rating and $58 price target.
RIG Transocean
$12.72

1.695 (15.38%)

11/03/16
ADAM
11/03/16
UPGRADE
Target $11
ADAM
Buy
Transocean upgraded to Buy at Canaccord
As reported previously, Canaccord analyst Alex Brooks upgraded Transocean to Buy from Hold. The analyst noted the company reported very strong Q3 results due to its cost cutting efforts. Brooks said the current valuation is not compelling and its debt load is heavy, but with expectations low the risk/reward is favorable. Brooks raised his price target to $11 from $9 on Transocean shares.
11/03/16
11/03/16
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. Transocean (RIG) upgraded to Buy from Hold at Canaccord with analyst Alex Brooks noting the company reported very strong third quarter results due to its cost cutting efforts. 2. U.S. Steel (X) upgraded to Neutral from Underperform at BofA/Merrill and to Neutral from Sell at Clarksons Platou. 3. Targa Resources (TRGP) upgraded to Buy from Hold at Stifel with analyst Selman Akyoi citing what he sees as strong fourth quarter export guidance by the company as the primary reason for the upgrade. 4. LendingClub (LC) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst James Faucette saying LendingClub shares are inexpensive and its recent developments/investor survey indicates a stable outlook. 5. Finish Line (FINL) upgraded to Positive from Neutral at Susquehanna with analyst Sam Poser saying he views reports the company is looking to sell JackRabbit as a positive development and believes the company will benefit greatly from its added focus. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/26/16
10/26/16
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. Time Warner (TWX) upgraded to Overweight from Equal Weight at Barclays with analyst Kannan Venkateshwar saying AT&T (T) has a "number of ways" to deal with regulatory concerns over the merger. 2. Procter & Gamble upgraded to Outperform from Underperform at CLSA with analyst Caroline Levy saying she believes P&G is positioned long-term growth as benefits of six years of efficiency projects continue to yield savings and scale. 3. Transocean upgraded to Equal Weight from Underweight at Morgan Stanley with analyst Ole Slorer saying Transocean is executing on cost controls resulting in positive Earnings Before Interest, Tax, Depreciation and Amortization accretion of $600M in 2016 alone and sees an improved 2019 liquidity position as a result. 4. Philips (PHG) upgraded to Buy from Hold at HSBC with analyst Jan Keppeler citing the company's recovering margins. 5. Baker Hughes (BHI) upgraded to Outperform from Market Perform at Cowen with analyst Marc Bianchi saying cost cutting execution has been impressive with a total of $1B in savings, compared to guidance of $650M by year end 2016, and sees more to come. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/03/16
ADAM
11/03/16
UPGRADE
ADAM
Buy
Transocean upgraded to Buy from Hold at Canaccord
NE Noble Corp.
$6.12

0.78 (14.61%)

11/16/16
11/16/16
DOWNGRADE
Target $5

Underperform
Noble downgraded to Underperform on valuation, debt concerns at BofA/Merrill
As previously reported, BofA/Merrill downgraded Noble to Underperform from Neutral and maintained a $5 price target. Analyst Timna Tanners has increased concerns about Noble's upcoming debt maturities, 2018 rig utilization, and valuation. The analyst expects said Noble had three years left on a $2.5B revolver, but deteriorating earnings could result in a capital raise through debt and or equity sooner than expected.
11/16/16
BOFA
11/16/16
DOWNGRADE
BOFA
Underperform
Noble Corp. downgraded to Underperform from Neutral at BofA/Merrill
10/07/16
GHSC
10/07/16
DOWNGRADE
GHSC
Neutral
Noble Corp. downgraded to Neutral from Accumulate at Seaport Global
Seaport Global analyst Mark Brown downgraded Noble Corp to Neutral saying shares are now fairly valued and maintained its $6 price target.
10/03/16
10/03/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Netgear (NTGR) downgraded to Hold from Buy at BWS Financial with analyst Hamed Khorsand saying shares are up approximately 100% this year and are being valued as though there could be a continuous purchasing cycle for the latest products Netgear sells, which he does not believe to be the case. 2. TASER (TASR) downgraded to Neutral from Buy at Ladenburg. 3. Citrix (CTXS) downgraded to Sell from Neutral at UBS with analyst Brent Thill saying he believes the next part of the company's transition will be more difficult reflecting the GoTo spin-off; its fastest growing segment. 4. Robert Half (RHI) downgraded to Underperform from Neutral at Credit Suisse with analyst Anjaneya Singh citing fewer catalysts and increased downside risk in a slowing labor market. 5. Noble Corp. (NE) downgraded to Hold from Buy at Societe Generale with analyst Edward Muztafago citing recent share strength and lower earnings from reduced offshore spending. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
MUR Murphy Oil
$34.10

4.68 (15.91%)

07/13/16
07/13/16
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. Pandora (P) upgraded to Overweight from Neutral at Piper Jaffray with analyst Stan Meyers saying the company is nearing an inflection point and that "meaningful upside" lies ahead. 2. Murphy Oil (MUR) upgraded to Overweight from Equal Weight at Barclays with analyst Paul Cheng saying the global oil market is currently in the "midst of a continued upward trajectory" in which Brent could average $85 by the fourth quarter of 2017 and $80-$90 between 2018 and 2021. 3. NuVasive (NUVA) upgraded to Overweight from Neutral at JPMorgan with analyst Andrew Hanover saying the company's first quarter outperformance "was not a fluke." 4. PSEG (PEG) upgraded to Equal Weight from Underweight at Morgan Stanley with analyst Stephen Byrd saying he expects stronger post-2017 earnings power based on the company's significant pipeline of regulated investment opportunities and the upcoming rate case to be filed in 2017. 5. Wright Medical (WMGI) upgraded to Overweight from Neutral at JPMorgan with analyst Andrew Hanover saying Wright over the past year has transformed into the only publicly traded orthopedics company with a revenue base of over $500M and a projected top-line growth rate north of 10%. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
06/20/16
06/20/16
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. Under Armour (UA) upgraded to Buy from Neutral at Buckingham with the firm's analyst viewing risk/reward as favorable and expects pricing will stabilize in Q4, driving margin improvement and setting up Under Armour for 2017 earnings upside when it also begins to materially expand distribution. 2. Yelp (YELP) upgraded to Buy from Hold at Deutsche Bank with analyst Lloyd Walmsley saying the company is likely to exceed 2016 guidance and consensus estimates. The analyst raised his price target for the shares to $33 from $26 citing stabilized sales force productivity, more confidence in management and improvements in ad units. 3. Expedia (EXPE) upgraded to Overweight from Neutral at Atlantic Equities with analyst James Cordwell expecting material earnings growth from Expedia's non-core OTA assets, HomeAway, Orbitz, trivago. Even with conservative outlook for the core OTA business, Cordwell believes the diversification should also aid the stock's multiple. 4. Murphy Oil (MUR) upgraded to Market Perform from Underperform at Raymond James with analyst Pavel Molchanov believing Murphy's dividend is safe in conjunction with an increase today in the firm's 2017 oil price forecast. 5. Symantec (SYMC) upgraded to Buy from Sell at UBS with analyst Brent Thill double upgrading the stock arguing that the acquisition of Blue Coat Systems, while "not a silver bullet" for either party, will drive favorable near-term financials. Thill raised his price target for the shares to $24 from $16. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
06/20/16
06/20/16
UPGRADE

Market Perform
Murphy Oil upgraded to Market Perform, dividend safe, says Raymond James
As previously reported, Raymond James upgraded Murphy Oil to Market Perform from Underperform. Analyst Pavel Molchanov believes Murphy's dividend is safe in conjunction with an increase today in the firm's 2017 oil price forecast.
07/13/16
LEHM
07/13/16
UPGRADE
Target $42
LEHM
Overweight
Murphy Oil upgraded to Overweight from Equal Weight at Barclays
Barclays analyst Paul Cheng upgraded Murphy Oil to Overweight after raising his Americas Integrated Oil sector view to Positive. The global oil market is currently in the "midst of a continued upward trajectory" in which Brent could average $85 by Q4 of 2017 and $80-$90 between 2018 and 2021, Cheng tells investors in a research note. He believes the risks associated with Murphy Oil have been priced into the shares at current levels. The analyst upped his price target for the stock to $42 from $33.
HES Hess Corp.
$55.75

6.7 (13.66%)

06/30/16
BOFA
06/30/16
NO CHANGE
Target $85
BOFA
Buy
Hess Corp. price target raised to $85 from $75 at BofA/Merrill
09/12/16
KLRG
09/12/16
INITIATION
Target $65
KLRG
Accumulate
Hess Corp. initiated with an Accumulate at KLR Group
KLR Group analyst John Gerdes started Hess Corp. with an Accumulate rating and $65 price target.
09/12/16
WOLF
09/12/16
DOWNGRADE
WOLF
Peer Perform
Hess Corp. downgraded to Peer Perform from Outperform at Wolfe Research
Wolfe Research downgraded Hess to Peer Perform citing lack of catalysts and views the stock as a value trap following the latest dry hole in Guyana.
09/12/16
09/12/16
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Hess Corp. (HES) initiated with an Accumulate at KLR Group. 2. Verifone (PAY) initiated with a Buy at BTIG. 3. VF Corp. (VFC) resumed with a Market Perform at Wells Fargo. 4. Demand Media (DMD) initiated with a Buy at Craig-Hallum. 5. Owens & Minor (OMI) reinitiated with a Neutral at BofA/Merrill. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
HAL Halliburton
$53.61

5.82 (12.18%)

11/01/16
ARGS
11/01/16
NO CHANGE
ARGS
Baker Hughes price target raised to $65 from $56 at Argus
Argus analyst Bill Selesky raised his price target on Baker Hughes (BHI) after the company agreed to combine with GE's (GE) oil and gas unit. The analyst expects the new company to compete more effectively with Halliburton (HAL) and Schlumberger (SLB). He expects Baker Hughes to be boosted by GE's digital technology, and keeps a Buy rating on Baker Hughes.
11/15/16
JEFF
11/15/16
UPGRADE
Target $96
JEFF
Buy
Schlumberger upgraded to Buy from Hold at Jefferies
Jefferies analyst Brad Handler upgraded Schlumberger to Buy and raised his price target for the shares to $96 from $89. Schlumberger's "margin experience is supportive of company guidance," Handler tells investors in a research note. Halliburton (HAL) remains the analyst's top pick in Oil Services & Equipment.
11/21/16
OPCO
11/21/16
NO CHANGE
OPCO
Oppenheimer recommends buying Technology, Energy ahead of breakout
Oppenheimer analyst Ari Wald says that the S&P 500's bullish reversal of its eight-week downtrend is confirming the start of a year-end rally, and cyclical stocks should be owned given resuming strength in the index's long-term trend. The analyst thinks the current opportunity is to buy Technology and Energy ahead of a breakout, namely Apple (AAPL), Seagate (STX), Skyworks (SWKS), Western Digital (WDC), Apache (APA), Chevron (CVX), Halliburton (HAL), and Helmerich & Payne (HP).
11/22/16
CLVD
11/22/16
NO CHANGE
CLVD
Cleveland sees Halliburton's 2017 below expectations
Cleveland Research analyst Bryan Merolla sees Halliburton's 2017 outlook below expectations given recent lower commodity prices as feedback continues to point to sustained oil prices in the $55-$60 range necessary for meaningful activity growth. Should activity levels rise slower than expected, The analyst views it as unlikely that margins can see significant improvement due to continued overcapacity in the market for most service lines, particularly pressure pumping.
COP ConocoPhillips
$48.74

4.51 (10.20%)

11/28/16
11/28/16
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. Deere (DE) upgraded to Neutral from Underweight at Piper Jaffray with analyst Brett Wong saying investors will likely continue to pay "lofty multiples" since a bottom of the cycle is close. 2. ConocoPhillips (COP) upgraded to Conviction Buy from Neutral at Goldman with analyst Neil Mehta saying ConocoPhillips offers the most attractive free cash yield among U.S. majors/E&P and believes the company will grow its production through the ned of the decade. 3. Comerica (CMA) upgraded to Buy from Hold at Jefferies with analyst Ken Usdin saying the company's earnings are likely to benefit more than peers from higher short-term interest rates and a potentially lower Federal tax rate. 4. DuPont Fabros (DFT) upgraded to Outperform from Neutral at Baird with analyst David Rodgers citing its future development opportunity, solid corporate execution, and valuation. 5. Horizon Pharma (HZNP) upgraded to Buy from Neutral at Citi analyst Liav Abraham saying the risk/reward as favorable into the upcoming pivotal data for Actimmune in Friederich's Ataxia. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/28/16
GSCO
11/28/16
UPGRADE
GSCO
Conviction Buy
ConocoPhillips upgraded to Conviction Buy from Neutral at Goldman
Goldman analyst Neil Mehta upgraded ConocoPhillips to Conviction Buy and raised its price target to $54 from $47. Mehta said ConocoPhillips offers the most attractive free cash yield among US majors/E&P and believes the company will grow its production through the ned of the decade. Further, the analyst expects capex to stay low and expects capital returns to grow in 2017-18, with 4%-10% dividend growth, and a $1B/yr buyback.
11/15/16
11/15/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. FedEx (FDX) downgraded to Hold from Buy at Stifel with analyst David Ross citing valuation, as well as concerns about the "still-fragile global economic environment" and the integration of its TNT acquisition. 2. Abercrombie & Fitch (ANF) downgraded to Underperform at FBR Capital while the firm also downgraded American Eagle (AEO) to Market Perform from Outperform. 3. Amplify Snack Brands (BETR) downgraded to Perform from Outperform at Oppenheimer and to Neutral from Outperform at Credit Suisse. 4. BP (BP) downgraded to Outperform from Buy at CLSA while the firm also downgraded ConocoPhillips (COP) to Underperform from Outperform. 5. Cheesecake Factory (CAKE) downgraded to Hold from Buy at Maxim with analyst Stephen Anderson saying he sees the company's above-peer comps, market share gains, and solid new unit development prospects as being priced in after the 22% jump in the stock from its late October low. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/15/16
LYON
11/15/16
DOWNGRADE
Target $47
LYON
Underperform
ConocoPhillips downgraded to Underperform at CLSA
As previously reported, CLSA downgraded ConocoPhillips to Underperform and maintained its $47 price target. Analyst Asit Sen said ConocoPhillips' lack of Delaware/Midland exposure is a significant negative when compared to peers and prefers more aggressive moves to lower debt instead of the $3B announced buyback.
DVN Devon Energy
$47.82

5.6588 (13.42%)

08/16/16
BOFA
08/16/16
NO CHANGE
BOFA
Energy Sector raised to Overweight from Market Weight at BofA/Merrill
BofA/Merrill's commodity strategist team upgraded the Energy Sector to Overweight saying most of the selloff in oil prices is behind us and oil production continues to fall as investment and rig counts have dropped. The team said the oil market deficit will last through 2020 unless oil prices are sustained above $80/bbl and expects earnings expectations to continue to move higher.
08/23/16
ARGS
08/23/16
NO CHANGE
ARGS
Devon Energy price target raised to $51 from $41 at Argus
Argus analyst Bill Selesky,increased his price target on Devon after the company reported higher than expected Q2 EPS. The analyst continues to believe that the company's liquids production is underappreciated by investors, while its valuation is attractive. He keeps a Buy rating on the shares.
08/24/16
DBAB
08/24/16
NO CHANGE
DBAB
Buy
Deutsche Bank ups targets on four energy explorers
Deutsche Bank analyst Ryan Todd said he remains constructive on a tightening oil and gas market into 2017 as non-U.S. and non-OPEC declines continue and raised his price targets on four names in the exploration space citing expectations for production efficiency gains to keep up. Todd increased his price target on Devon Energy (DVN) to $55 from $45, on Pioneer Natural (PXD) to $210 from $180, on EOG Resources (EOG) to $105 from $96 and on Marathon Oil (MRO) to $21 from $20. The firm has Buy ratings on all four stocks.
09/06/16
RAJA
09/06/16
DOWNGRADE
RAJA
Market Perform
Devon Energy downgraded to Market Perform from Outperform at Raymond James
Raymond James analyst led by John Freeman downgraded Devon Energy to Market Perform citing valuation and believes the positive catalysts have largely played out and reflected in the share price.
GPRO GoPro
$9.83

0.02 (0.20%)

11/09/16
11/09/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. JPMorgan (JPM) downgraded to Neutral from Outperform at Baird with analyst David George noting the stock's outperformance and the higher re-rating of its valuation multiple. 2. GoPro (GPRO) downgraded to Neutral from Outperform at Wedbush, to Market Perform from Outperform at Raymond James, and to Sell from Neutral at Dougherty. 3. Universal Health (UHS) downgraded to Neutral from Buy at BofA/Merrill, to Neutral from Buy at Mizuho, and to Market Perform from Outperform at Avondale. 4. Globus Medical (GMED) downgraded to Market Perform from Outperform at JMP Securities, to Perform from Outperform at Oppenheimer, and to Market Perform from Outperform at William Blair. 5. Delphi (DLPH) and Magna (MGA) were downgraded to Underperform from Buy at BofA/Merrill while the firm downgraded Lear (LEA), American Axle (AXL), Adient (ADNT), and BorgWarner (BWA) to Underperform from Neutral. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/09/16
RAJA
11/09/16
DOWNGRADE
RAJA
Market Perform
GoPro downgraded to Market Perform from Outperform at Raymond James
11/09/16
11/09/16
DOWNGRADE

Market Perform
GoPro downgraded to Market Perform after drone recall at Raymond James
As previously reported, Raymond James downgraded GoPro to Market Perform from Outperform following the company's announcement of an immediate recall of the roughly 2,500 Karma drones purchased since launch on October 23.. Analyst Tavis McCourt is concerned about GoPro's brand image following a 12-18 month period of product management missteps and its ability to broaden its product portfolio into different areas. McCourt didn't make any changes to 2016 estimates but is less comfortable in potential upside and sustainability of growth in 2017 and beyond.
11/09/16
DOTC
11/09/16
DOWNGRADE
DOTC
Sell
GoPro downgraded to Sell from Neutral at Dougherty
Dougherty downgraded GoPro to Sell from Neutral and lowered its price target to $6 following the drone recall. The analyst is concerned about management's multiple operational stumbles, weak Hero 5 demand, and elevated valuation.
GS Goldman Sachs
$219.28

7.53 (3.56%)

11/30/16
11/30/16
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. Goldman Sachs (GS) upgraded to Buy from Hold at Deutsche Bank with analyst Matt O'Connor saying leverage to higher rates is mostly reflected in bank stock prices following their post-election advance so far, but that higher loan growth and fee volumes from a stronger economy may not be. 2. Charles River upgraded to Equal Weight from Underweight at Barclays with analyst Douglas Tsao saying Charles River is the biggest beneficially of the increased biopharma R&D and views valuation as balanced at current levels. 3. Celanese (CE) upgraded to Buy from Neutral at Goldman with analyst Robert Koort saying he believes Celanese is poised to outperform given continued strong execution by management with focus on mix improvement, strong cash flow generation, and shareholder friendly deployment. 4. MAA (MAA) upgraded to Outperform from Market Perform at BMO Capital with analyst John Kim citing valuation. 5. Super Micro Computer (SMCI) upgraded to Buy from Neutral at DA Davidson with analyst Mark Kelleher saying he expects the company to report strong December quarter results and predicts that it will benefit from the rollout of Intel's (INTC) Sky Lake product and the strong growth of its own storage product. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/30/16
11/30/16
UPGRADE

Buy
Deutsche ups Goldman Sachs to Buy, says stronger economy not yet priced in
As previously reported, Deutsche Bank analyst Matt O'Connor upgraded Goldman Sachs (GS) to Buy from Hold, offering the opinion that leverage to higher rates is mostly reflected in bank stock prices following their post-election advance so far, but that higher loan growth and fee volumes from a stronger economy may not be. After having updated his earnings models to more closely reflect a combination of stronger economic growth, higher interest rates and lower regulations and tax rates, O'Conner said Goldman is now one of his top, listing Huntington Bancshares (HBAN) and Wells Fargo (WFC) as his top large regional bank choices.
11/29/16
DBAB
11/29/16
UPGRADE
DBAB
Buy
Goldman Sachs upgraded to Buy from Hold at Deutsche Bank
11/29/16
KBWI
11/29/16
UPGRADE
Target $240
KBWI
Outperform
Goldman Sachs upgraded to Outperform from Market Perform at Keefe Bruyette
Keefe Bruyette analyst Brian Kleinhanzl upgraded Goldman Sachs to Outperform saying the company should benefit more than peers from a better trading environment. The analyst raised his price target for the shares to $240 from $185.
AEO American Eagle
$16.28

-2.6335 (-13.93%)

11/30/16
STFL
11/30/16
NO CHANGE
Target $22
STFL
Buy
American Eagle selloff a buying opportunity, says Stifel
Stifel analyst Richard Jaffe attributes the selloff in shares of American Eagle following its Q3 report to investor expectations for the company to have issued a better outlook for the Holiday season. While acknowledging the company's Q4 guidance is below his estimate and consensus, Jaffe said he still believes the company's momentum is "strong and sustainable" and there are several initiatives in place to further drive sales and margin expansion. The analyst, who views the dip as a buying opportunity, keeps a Buy rating and $22 price target on American Eagle, which is down about 14% to $16.19 in early trading.
11/23/16
DBAB
11/23/16
DOWNGRADE
Target $13
DBAB
Sell
Abercrombie & Fitch downgraded to Sell from Hold at Deutsche Bank
Deutsche Bank analyst Tiffany Kanaga downgraded Abercrombie & Fitch (ANF) to Sell saying the Abercrombie brand turnaround is yet to gain traction. In a research note partially titled "Pre-Thanksgiving Rally Full of Stuffing, Not Meat," Kanaga writes that she expects a "prolonged recovery" for the Abercrombie brand. American Eagle (AEO) remains her preferred way to play the teen apparel space. The analyst cut her price target for Abercrombie shares to $13 from $14. The retailer closed yesterday up 73c to $15.49.
11/15/16
FBRC
11/15/16
DOWNGRADE
Target $19
FBRC
Market Perform
American Eagle downgraded to Market Perform from Outperform at FBR Capital
FBR Capital analyst Susan Anderson downgraded American Eagle (AEO) to Market Perform citing heightened promotional trends. The analyst cut her price target for the shares to $19 from $22. Anderson this morning also downgraded Francesca's (FRAN) and Abercrombie & Fitch (ANF) to Underperform from Market Perform.
ADSK Autodesk
$75.26

0.08 (0.11%)

11/22/16
WEDB
11/22/16
NO CHANGE
WEDB
Autodesk checks mixed, says Wedbush
After conducting checks with resellers, Wedbush analyst Steve Koenig thinks that Autodesk's net subscriber additions were "strong" in Q3, while its revenue outlook for 2H16 "looks middling." The analyst adds that the company's Q3 revenue appears to have been "mostly in-line with muted...expectations," while there were "isolated reports" of November beginning weaker than expected. He raised his price target on the shares to $70 from $60 and reiterates a Neutral rating.
11/21/16
BARD
11/21/16
NO CHANGE
Target $85
BARD
Outperform
Autodesk price target raised to $85 from $75 at Baird
Baird analyst Steven Ashley raised his price target on Autodesk to $85 from $75 following mixed channel check results that were consistent with guidance. The analyst remains bullish on the shares as he believes there will be a steady stream of positive forward-looking metrics beginning next quarter, including subscriber growth, ARR, and deferred revenue. Ashley reiterated his Outperform rating on Autodesk shares.
09/14/16
EVER
09/14/16
INITIATION
Target $80
EVER
Buy
Autodesk initiated with a Buy at Evercore ISI
Target $80.
08/30/16
08/30/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Autodesk (ADSK) downgraded to Sell from Neutral at Rosenblatt, as analyst Kirk Adams believes the shares are "priced for perfection" through fiscal year 2020. 2. Pacific Crest analyst Rob Owens downgraded Imperva (IMPV) to Sector Weight from Overweight, saying the company's fundamentals continue to be challenged. The analyst sees a "limited number" of strategic suitors for Imperva and thinks the current share price could prevent "meaningful upside" should a buyer step in. Owens coupled the downgrade with upgrades this morning of Barracuda (CUDA) and Fortinet (FTNT) to Overweight. 3. ManTech (MANT) downgraded to Underperform from Market Perform at Wells Fargo, with analyst Ed Caso citing valuation. Caso believes the shares are "ahead of themselves" and he keeps a $33-$34 price target range for the name. 4. Signet Jewelers (SIG) downgraded to Neutral from Overweight at JPMorgan by analyst Anne Samuel, citing fundamental headwinds after the company lowered its 2017 outlook. 5. Seaport Global analysts led by Mike Kelly downgraded Rice Energy (RICE) and Marathon Oil (MRO), each to Neutral from Buy, 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.

TODAY'S FREE FLY STORIES

FRT

Federal Realty

$141.66

-0.12 (-0.08%)

12:26
12/09/16
12/09
12:26
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12:26
Conference/Events
Federal Realty management to meet with Canaccord »

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  • 09

    Dec

MNST

Monster Beverage

$43.05

-1.42 (-3.19%)

12:25
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12:25
Options
Monster Beverage call volume above normal and directionally bullish »

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$NYE

NYSE Market Internals

12:16
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NYSE market internals summary »

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$NSD

NASDAQ Market Internals

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NASDAQ market internals summary »

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ITIC

Investors Title Company

$155.05

1.15 (0.75%)

12:15
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12/09
12:15
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12:15
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Breaking Hot Stocks news story on Investors Title Company »

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UTX

United Technologies

$109.53

1.1 (1.01%)

12:14
12/09/16
12/09
12:14
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12:14
Hot Stocks
USW affirms 1,300 Carrier jobs still going to Mexico, only 730 jobs staying »

The United Steelworkers,…

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  • 14

    Dec

ITIC

Investors Title Company

$155.05

1.15 (0.75%)

12:10
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12/09
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12:10
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Breaking Hot Stocks news story on Investors Title Company »

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INVN

InvenSense

$10.44

2.17 (26.24%)

12:10
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12/09
12:10
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12:10
Options
Sweep call buyers in Invensense before a trading halt »

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  • 05

    Jan

PBH

Prestige Brands

$47.19

0.66 (1.42%)

12:10
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12/09
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12:10
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Breaking Hot Stocks news story on Prestige Brands »

Manor Road Capital…

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  • 09

    Jan

  • 09

    Jan

PPC

Pilgrim's Pride

$18.30

-0.08 (-0.44%)

, HRL

Hormel Foods

$34.24

0.15 (0.44%)

12:09
12/09/16
12/09
12:09
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12:09
Hot Stocks
USDA raises red meat and poultry production forecast for 2016 »

In the World Agricultural…

PPC

Pilgrim's Pride

$18.30

-0.08 (-0.44%)

HRL

Hormel Foods

$34.24

0.15 (0.44%)

SAFM

Sanderson Farms

$85.38

-0.88 (-1.02%)

TSN

Tyson Foods

$60.99

-0.605 (-0.98%)

03/08/13
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03/06/13
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  • 09

    Dec

  • 15

    Dec

ANDE

Andersons

$42.25

0.95 (2.30%)

, POT

Potash

$19.67

0.39 (2.02%)

12:07
12/09/16
12/09
12:07
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12:07
Hot Stocks
USDA U.S. wheat, corn estimates unchanged in December report »

In the World Agricultural…

ANDE

Andersons

$42.25

0.95 (2.30%)

POT

Potash

$19.67

0.39 (2.02%)

MOS

Mosaic

$30.85

0.6741 (2.23%)

DD

DuPont

$74.85

0.165 (0.22%)

SYT

Syngenta

$80.25

0.2 (0.25%)

CMP

Compass Minerals

$80.41

-0.09 (-0.11%)

CF

CF Industries

$30.25

-0.12 (-0.40%)

AGU

Agrium

$108.81

2.16 (2.03%)

BG

Bunge

$73.41

0.01 (0.01%)

MON

Monsanto

$104.79

0.09 (0.09%)

ADM

Archer Daniels

$46.32

0.35 (0.76%)

IPI

Intrepid Potash

$2.68

0.29 (12.13%)

03/08/13
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  • 13

    Dec

  • 27

    Jan

MMYT

MakeMyTrip

$23.85

-0.7 (-2.85%)

12:06
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12/09
12:06
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12:06
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Breaking Hot Stocks news story on MakeMyTrip »

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NEP

NextEra Energy Partners

$25.25

0.3645 (1.46%)

12:05
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12/09
12:05
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12:05
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Breaking Hot Stocks news story on NextEra Energy Partners »

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CLDX

Celldex

$3.74

-0.02 (-0.53%)

12:05
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12/09
12:05
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Breaking Hot Stocks news story on Celldex »

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PSX

Phillips 66

$87.35

-0.28 (-0.32%)

, CVX

Chevron

$115.51

0.3406 (0.30%)

12:04
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12:04
Hot Stocks
Phillips 66 announces 2017 capital budget of $2.7B »

Phillips 66 (PSX)…

PSX

Phillips 66

$87.35

-0.28 (-0.32%)

CVX

Chevron

$115.51

0.3406 (0.30%)

DPM

DCP Midstream

$35.39

0.225 (0.64%)

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  • 13

    Dec

CME

CME Group

$122.29

1.44 (1.19%)

12:02
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Hot Stocks
CME Group appoints Julie Winkler as Chief Commercial Officer »

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TTPH

Tetraphase

$4.63

0.14 (3.12%)

12:01
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Technical Analysis
Tetraphase moves higher on unconfirmed takeover chatter »

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ARNC

Arconic

$21.57

0.66 (3.16%)

12:00
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Options
Arconic attracts bullish flow »

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  • 14

    Dec

NRE

Northstar Realty Europe Corp.

$12.19

0.42 (3.57%)

, NSAM

NorthStar Asset Management

$15.16

0.16 (1.07%)

11:59
12/09/16
12/09
11:59
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11:59
Periodicals
Bow Street offers to buy Northstar Realty Europe for $13/share, Reuters reports »

Bow Street, a hedge fund…

NRE

Northstar Realty Europe Corp.

$12.19

0.42 (3.57%)

NSAM

NorthStar Asset Management

$15.16

0.16 (1.07%)

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  • 06

    Dec

TTPH

Tetraphase

$4.63

0.14 (3.12%)

11:57
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12/09
11:57
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11:57
Rumors
Rumor moving shares of Tetraphase »

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INVN

InvenSense

$8.33

0.06 (0.73%)

11:55
12/09/16
12/09
11:55
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11:55
Periodicals
Japan's TDK in talks to acquire InvenSense, Reuters reports »

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  • 05

    Jan

SHLD

Sears

$12.76

0.64 (5.28%)

11:55
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11:55
Options
Sears put volume heavy and directionally bearish »

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INVN

InvenSense

$8.34

0.07 (0.85%)

11:53
12/09/16
12/09
11:53
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11:53
Hot Stocks
Breaking Hot Stocks news story on InvenSense »

Invensense trading…

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  • 05

    Jan

INSW

International Seaways

$14.21

0.67 (4.95%)

11:50
12/09/16
12/09
11:50
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11:50
Hot Stocks
Breaking Hot Stocks news story on International Seaways »

BlueMountain Capital…

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INVN

InvenSense

$8.34

0.065 (0.79%)

11:48
12/09/16
12/09
11:48
12/09/16
11:48
Periodicals
Breaking Periodicals news story on InvenSense »

InvenSense in acquistion…

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  • 05

    Jan

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