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BMY

Bristol-Myers

$56.80

-3.185 (-5.31%)

13:31
01/11/17
01/11
13:31
01/11/17
13:31

Heavy trading in Bristol Myers as shares come under fire

Heavy trading in Bristol Myers as shares come under fire. The stock is down $3.06 to $56.92 in heavy trading of 10.7M shares amid braoder sector weakness and players seized the decline to open Jan 58 calls in recent trade for 54 and 56c per contract. 3.2K traded at that line. Mar 65, Feb 62.5, and Jan 57 calls are attracting buying interest as well. Feb 57.5 puts are most active in the name with 6.5K traded, including a 3.5K lot at $1.42 and an opening sale (shares were at $58.60 at that time). Total volume is double the normal at 32K calls and 21K puts.

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    Feb

BMY Bristol-Myers
$56.80

-3.185 (-5.31%)

12/19/16
JEFF
12/19/16
DOWNGRADE
Target $48
JEFF
Underperform
Merck downgraded to Underperform from Hold at Jefferies
Jefferies analyst Jeffrey Holford downgraded Merck (MRK) to Underperform, his firm's sell-rating equivalent. The analyst sees Pharmaceutical sector fundamentals weakening in 2017 amid political overhangs and an adverse macro environment. Potential dual eligible rebate reform is the most significant risk, Holford tells investors in a research note. Specific to Merck, the analyst expects further pressure on Keytruda in 2018, driven by share losses in non-small cell lung cancer to Bristol-Myers Squibb (BMY), AstraZeneca (AZN) and Roche (RHHBY). Merck screens poorly on many valuation metrics, Holford contends. He lowered his price target for the shares to $48 from $59. The stock closed Friday up 7c to $62.44. The analyst this morning also upgraded both Bristol-Myers Squibb (BMY) and Bayer (BAYRY) to Buy from Hold. His top picks in Pharmaceuticals are AbbVie (ABBV) and Eli Lilly (LLY) for the U.S. and AstraZeneca and Novartis (NVS) in Europe.
12/19/16
12/19/16
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. Bristol-Myers (BMY) and Bayer (BAYRY) were upgraded to Buy from Hold at Jefferies. 2. Costco (COST) upgraded to Buy from Neutral at Citi with analyst Kate McShane saying she sees a "clear path" to accelerating same-store-sales growth in fiscal 2017 as gasoline price deflation headwinds abate and benefits arise from the new co-branded credit card. 3. United Technologies (UTX) upgraded to Outperform from Neutral at Credit Suisse with analyst Julian Mitchell saying he believes consensus estimates are poised to move higher after years of heavy investment spending drive an earnings recovery. 4. ASML (ASML) upgraded to Buy from Neutral at BofA/Merrill with analyst Kai Korschelt saying a recent expert's call indicates progress with Extreme Ultraviolet/EUV lightsource optics & ecosystem and sees improving volume visibility from 2018 forward. 5. Gulfport Energy (GPOR) upgraded to Buy from Neutral at Guggenheim and to Overweight from Equal Weight at Stephens. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
01/11/17
JEFF
01/11/17
NO CHANGE
Target $48
JEFF
Buy
Merck filing for Keytruda could disrupt market, says Jefferies
Jefferies analyst Jeffrey Holford views Merck's (MRK) filing for Keytruda plus chemo in first line non-small cell lung cancer as a "positive surprise" that could disrupt market share dynamics in the near term, particularly for Bristol-Myers (BMY). The filing, however, does not materially change Merck's long term outlook, Holford tells investors in a research note. He believes approval risk is high given limited data and keeps an Underperform rating on Merck. The stock is up $1.78 to $61.70 in pre-market trading while Bristol-Myers is down $1.98 to $58.00.
01/11/17
GSCO
01/11/17
NO CHANGE
Target $70
GSCO
Neutral
Goldman sees Merck advantage for Keytruda in first-line NSCLC to be short-lived
Goldman Sachs analyst Jami Rubin said that if Merck's (MRK) chemo combo sBLA is approved, she would expect a "rapid uptake" for Keytruda in the first-line setting given there will be no requirement for PD-L1 testing. However, while Merck may benefit in the near-term in 2017, she is making no change to her 2018 estimates given imminent competition from potentially three other players, adding that she is also making no changes to her estimates for Bristol-Myers (BMY) as she has estimates for first-line non-small cell lung cancer only from 2018. Rubin maintains her Neutral rating and $70 price target on Merck shares.

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$NSD

NASDAQ Market Internals

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BX

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$32.26

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IBM

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3M

$207.83

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Intel

$36.00

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Under Armour

$18.29

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UA

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$16.75

0.09 (0.54%)

MRK

Merck

$62.70

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CPB

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$53.92

0.19 (0.35%)

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$NYE

NYSE Market Internals

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F

Ford

$10.81

-0.0337 (-0.31%)

13:08
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Periodicals
DHL, Ford unveil jointly manufactured electric delivery vehicle, AP reports »

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BX

Blackstone

$32.30

0.04 (0.12%)

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General Motors

$35.68

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GM

General Motors

$35.68

0.135 (0.38%)

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JPMorgan

$92.76

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BLK

BlackRock

$428.72

0.47 (0.11%)

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HBNC

Horizon Bancorp

$25.84

-0.2 (-0.77%)

13:01
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CBI

CB&I

$10.47

-0.72 (-6.43%)

13:00
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Options
Notable put spread in Chicago Bridge and Iron as shares tumble »

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CPB

Campbell Soup

$53.94

0.21 (0.39%)

12:56
08/16/17
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12:56
Hot Stocks
Campbell Soup CEO resigns from President Trump's council »

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PG

Procter & Gamble

$92.68

0.475 (0.52%)

12:56
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BX

Blackstone

$32.30

0.04 (0.12%)

, BLK

BlackRock

$429.21

0.96 (0.22%)

12:55
08/16/17
08/16
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12:55
Periodicals
Trump's Strategic and Policy Forum to disband, CNBC says »

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BX

Blackstone

$32.30

0.04 (0.12%)

BLK

BlackRock

$429.21

0.96 (0.22%)

IBM

IBM

$142.81

0.744 (0.52%)

MMM

3M

$207.94

0.76 (0.37%)

INTC

Intel

$36.00

-0.34 (-0.94%)

UAA

Under Armour

$18.26

0.0402 (0.22%)

UA

Under Armour

$16.77

0.105 (0.63%)

MRK

Merck

$62.87

0.37 (0.59%)

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UIS

Unisys

$8.23

0.225 (2.81%)

12:55
08/16/17
08/16
12:55
08/16/17
12:55
Conference/Events
Unisys to host webinar »

SVP & CTO El-Sadany…

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AROW

Arrow Financial

$32.05

-0.55 (-1.69%)

12:53
08/16/17
08/16
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Hot Stocks
Arrow Financial names Edward Campanella CFO »

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BX

Blackstone

$32.30

0.041 (0.13%)

, BLK

BlackRock

$429.20

0.95 (0.22%)

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BX

Blackstone

$32.30

0.041 (0.13%)

BLK

BlackRock

$429.20

0.95 (0.22%)

IBM

IBM

$142.81

0.742 (0.52%)

MMM

3M

$208.11

0.93 (0.45%)

MRK

Merck

$62.90

0.4 (0.64%)

INTC

Intel

$36.00

-0.34 (-0.94%)

UA

Under Armour

$16.78

0.119 (0.71%)

UAA

Under Armour

$18.28

0.055 (0.30%)

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HRG

HRG Group

$15.89

0.1 (0.63%)

12:50
08/16/17
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Options
$4.9M call buyer in HRG Group »

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AERI

Aerie Pharmaceuticals

$52.40

1.8 (3.56%)

12:45
08/16/17
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Periodicals
Aerie approval jeopardized by manufacturing problems, STAT reports »

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BX

Blackstone

$32.32

0.0566 (0.18%)

, BLK

BlackRock

$429.21

0.96 (0.22%)

12:42
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Periodicals
Strategic and Policy Forum members on verge of disbanding, NY Times reports »

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BX

Blackstone

$32.32

0.0566 (0.18%)

BLK

BlackRock

$429.21

0.96 (0.22%)

IBM

IBM

$142.61

0.54 (0.38%)

MMM

3M

$208.18

1 (0.48%)

INTC

Intel

$36.00

-0.34 (-0.94%)

UAA

Under Armour

$18.29

0.07 (0.38%)

UA

Under Armour

$16.79

0.13 (0.78%)

MRK

Merck

$62.84

0.34 (0.54%)

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AAPL

Apple

$162.42

0.8 (0.49%)

12:41
08/16/17
08/16
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Periodicals
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UNH

UnitedHealth

$193.33

-1.17 (-0.60%)

12:40
08/16/17
08/16
12:40
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12:40
Recommendations
UnitedHealth analyst commentary  »

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MU

Micron

$29.68

0.44 (1.50%)

12:40
08/16/17
08/16
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12:40
Options
20K Micron Sep 33 - 36 call spreads bought for 32c »

20K Micron Sep 33 - 36…

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12:30
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SF Fed says "Good News on Wage Growth," »

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MMM

3M

$208.13

0.95 (0.46%)

12:29
08/16/17
08/16
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Hot Stocks
3M CEO resigns President Trump's Manufacturing Jobs Initiative »

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AAPL

Apple

$161.60

1.75 (1.09%)

12:25
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Ireland shuns EU petition that it collect EUR 13B from Apple »

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MMM

3M

$208.12

0.94 (0.45%)

12:25
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Breaking Hot Stocks news story on 3M »

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AMZN

Amazon.com

$982.74

-0.56 (-0.06%)

, TGT

Target

$56.21

1.86 (3.42%)

12:23
08/16/17
08/16
12:23
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12:23
General news
On The Fly: Top stock stories at midday »

Stocks opened in positive…

AMZN

Amazon.com

$982.74

-0.56 (-0.06%)

TGT

Target

$56.21

1.86 (3.42%)

LPLA

LPL Financial

$46.07

0.07 (0.15%)

URBN

Urban Outfitters

$16.82

-0.91 (-5.13%)

A

Agilent

$61.71

2.325 (3.92%)

NEFF

Neff

$24.58

-1.575 (-6.02%)

HEES

H&E Equipment

$21.09

0.16 (0.76%)

DORM

Dorman Products

$68.96

-6.53 (-8.65%)

AAPL

Apple

$161.60

1.75 (1.09%)

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VIX

Volatility Index S&P 500 Options

12:20
08/16/17
08/16
12:20
08/16/17
12:20
Options
Heavy trading in VIX calls on expiration Wednesday »

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