Today's noteworthy initiations include: ACADIA (ACAD) initiated with a Buy at BofA/Merrill... BioDelivery Sciences (BDSI) initiated with an Overweight at Piper Jaffray... DCP Midstream (DPM) initiated with a Hold at Deutsche Bank... Depomed (DEPO) initiated with an Overweight at Piper Jaffray... GCP Applied Technologies (GCP) initiated with a Neutral at Goldman... Newell Rubbermaid (NWL) initiated with a Buy at Gabelli... Spectra Energy Partners (SEP) initiated with a Buy at Deutsche Bank... Spectra Energy (SE) initiated with a Hold at Deutsche Bank.

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The company said, "In January 2024, the company announced an organizational realignment, which is expected to strengthen the company's front-end commercial capabilities, such as consumer understanding and brand communication, in support of the Where to Play / How to Win choices the company unveiled in June of 2023 (the "Realignment Plan"). In addition to improving accountability, the Realignment Plan should further unlock operational efficiencies and cost savings, reduce complexity and free up funds for reinvestment. As part of the organizational realignment, the company made several organizational design changes, which entailed: standing up a cross-functional brand management organization, realigning business unit finance to fully support the new global brand management model, further simplifying and standardizing regional go-to-market organizations, and centralizing domestic retail sales teams, the digital technology team, business-aligned accounting personnel, the Manufacturing Quality team, and the Human Resources functions into the appropriate center-led teams to drive standardization, efficiency and scale with a One Newell approach. The company will also further optimize Newell's real estate footprint and pursue other cost reduction initiatives. These actions are expected to be substantially implemented by the end of 2024. Once the organizational design changes are fully executed, the company expects to realize annualized pretax savings in the range of $65 million to $90 million, net of reinvestment, with $55 million to $70 million expected in 2024. Restructuring and related charges associated with these actions are estimated to be in the range of $75 million to $90 million and are expected to be substantially incurred by the end of 2024. During the first quarter 2024, the company incurred restructuring and related charges of $22 million related to the Realignment Plan."

Sees Q2 revenue down 7%-9%, consensus $2.03B. Sees Q2 normalized operating margin 9.1%-9.6%.

Loop Capital upgraded Sea Limited to Buy from Hold with a price target of $92, up from $59. The stock's valuation pressure the last two years is mainly because of aggressive competition and share loss to TikTok, the analyst tells investors in a research note. However, the firm says the recent announcement of a commission rate increase by the combined TikTok-Tokopedia, its first move since merging to satisfy Indonesian regulators, "has sparked a revaluation" Sea shares. Loop believes this signals that the shift to sustained profitable growth is "finally underway" and serves as a significant catalyst for revaluation of Sea Limited. With "competitive rationality" setting in, Loop moved from its "broken stock" valuation framework for Sea.