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Fly News Breaks for March 20, 2017
LPLA, INTC, GOOGL, SF, MBLY, GOOG, CAL, SONC
Mar 20, 2017 | 10:27 EDT
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Pivotal Research analyst Brian Wieser downgraded Alphabet (GOOGL) to Hold from Buy citing brand safety concerns and valuation following the recent rally in the shares. News last week that Havas, the sixth largest global media network, is pulling its spending from Google's YouTube and Google Display Network in the U.K. because Google was "unable to provide specific reassurances, policy and guarantees that their video or display content is classified either quickly enough or with the correct filters" is a big deal, Wieser tells investors. 2. Canaccord analyst Lynne Collier downgraded Sonic (SONC) to Hold from Buy, citing challenging industry sales, the potential for Street estimates to be too high in the midst of soft sales, a lack of upcoming catalysts, and increasing competition from non-traditional venues such as convenience stores. 3. Piper Jaffray analyst Alexander Potter downgraded Mobileye (MBLY) to Neutral saying that while demanding a higher buyout price may be justified, he "begrudgingly" concluded that the price Intel (INTC) is paying for the company is fair. The analyst raised his price target for Mobileye shares to $63.54 from $60 to reflect Intel's offer. 4. Susquehanna analyst Sam Poser downgraded Caleres (CAL) citing the company's "disappointing" results and his belief that the company will not be able to overcome industry headwinds. 5. Goldman Sachs analyst Conor Fitzgerald downgraded Stifel Financial (SF) to Neutral from Buy while raising his price target for the shares to $59 from $58. The analyst believes LPL Financial (LPLA), a stock he upgraded this morning to Conviction Buy, offers more upside at current valuations. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
News For GOOG;GOOGL;SONC;MBLY;INTC;CAL;SF;LPLA From the Last 2 Days
INTC
Aug 15, 2017 | 08:59 EDT
Bernstein analyst Stacy Rasgon identified a number of negative aspects in Intel's Q2 results, including a year-over-year decline in desktop prices "for the first time in years" and overshipment of notebook PC chips, which she says increases the risk of the company's 2H17 results. Rasgon thinks that the company's 2YH17 datacenter growth targets could be aggressive, and the analyst says that "the quality of Intel's earnings continue to deteriorate." Rasgon says that "alarm bells are starting to ring" on Intel. She keeps a $30 price target and an Underperform rating on the stock.
GOOGL, GOOG
Aug 15, 2017 | 06:25 EDT
Facebook (FB) has taken action against The Daily Stormer by deleting links to a post attacking Heather Heyer, a woman killed by a Charlottesville marcher, The Verge reports. The company said the article violated its terms of service. Facebook's move came on the same day that The Daily Stormer lost its domain registration on GoDaddy (GDDY) and Google (GOOG) and its YouTube channel over similar terms of service violations. Reference Link
INTC
Aug 15, 2017 | 04:54 EDT
Intel CEO Brian Krzanich said last night in a blog post, "Earlier today, I tendered my resignation from the American Manufacturing Council. I resigned to call attention to the serious harm our divided political climate is causing to critical issues, including the serious need to address the decline of American manufacturing. Politics and political agendas have sidelined the important mission of rebuilding America's manufacturing base. I have already made clear my abhorrence at the recent hate-spawned violence in Charlottesville, and earlier today I called on all leaders to condemn the white supremacists and their ilk who marched and committed violence. I resigned because I want to make progress, while many in Washington seem more concerned with attacking anyone who disagrees with them. We should honor - not attack - those who have stood up for equality and other cherished American values. I hope this will change, and I remain willing to serve when it does." Reference Link
GOOG, GOOGL
Aug 14, 2017 | 16:23 EDT
Stocks opened sharply higher and remained there throughout the entire. The market spent the opening hour drifting higher and when it finally found its level, it proceeded to move in a narrow trading range for several hours. With the market's advance, it put it back into positive territory for the month. The market is coming off its worst weekly performance and with its losses of roughly 1.5%, the dip was seen as a buying opportunity for investors looking to pick up perceived bargains. The move was broad based with equity market internals decidedly positive but with the oil sector under pressure and losing almost 2.0% of its value. ECONOMIC NEWS: In the U.S., the Treasury announced a $35B 4-week bill sale for Tuesday, a $10B cut from the $45B amount that was in place for the last four auctions. COMPANY NEWS: Following the violent rally in Charlottesville, Virginia over the weekend, shares of drug giant Merck (MRK) were in focus after chairman and CEO Kenneth Frazier announced his resignation from President Trump's American Manufacturing Council. In a statement, Frazier said that "as a matter of personal conscience," he feels as "responsibility to take a stand against intolerance and extremism." Shortly after the Merck executive announced the move, Trump responded by tweeting that, now that Frazier had resigned from the council, he will have more time to "LOWER RIPOFF DRUG PRICES!"... Meanwhile, Reuters reported that Neo-Nazi website The Daily Stormer had moved its domain registration to Google (GOOG) after prior host GoDaddy (GDDY) said it would cut ties with the site that promoted the rally in Charlottesville. A Google spokesperson later told CNBC that the internet giant had canceled The Daily Stormer's registration. GoDaddy shares rose 1.9% after the move... In earnings news, shares of Sysco (SYY) fell about 1% after the company reported quarterly earnings mostly in line with analysts' estimates. In slides that were presented on its quarterly earnings call, the company noted that it sees inflation continuing for the balance of calendar year 2018... In addition, CNBC reported that Apple (AAPL) and Aetna (AET) held secret talks last week to negotiate bringing free or discounted Apple Watches as a perk to the insurers 23M members. MAJOR MOVERS: Among the noteworthy gainers was Neff (NEFF), which advanced 19% after it received a "superior proposal" for an acquisition of the company for $25 per share in cash. The company noted that its board hasn't changed its recommendation in support of the previously agreed upon merger with H&E Equipment Services (HEES), whose shares slipped about 3% after the news. Also higher was Fiat Chrysler (FCAU), which gained 8.5% in New York after Automotive News reported that representatives of a Chinese car maker made a bid to purchase the company at a "small premium" over its market value. The report noted that the offer was rejected for not being high enough. Among the notable losers was Zynerba (ZYNE), which fell 8.7% after its Phase 2 STOP trial failed to meet its primary endpoint. Also lower was JD.com (JD), which slid 3.6% after it reported quarterly results. INDEXES: The Dow rose 135.12, or 0.62%, to 21,993.44, the Nasdaq gained 83.68, or 1.34%, to 6,340.23, and the S&P 500 advanced 24.46, or 1%, to 2,465.78.
GOOG, GOOGL
Aug 14, 2017 | 15:16 EDT
Tiger Global disclosed in an SEC filing its holdings as of June 30. Tiger's five new buys during the second quarter included, by size of position, Netshoes (NETS), Altice (ATUS), JC Penney (JCP), Okta (OKTA), and Cloudera (CLDR). Tiger exited three positions during the quarter, including by size of previous position, Netease (NTES), Mercadolibre (MELI), and Elf Beauty (ELF). Tiger increased its stake in six holdings, including by size of previous position, Microsoft (MSFT), TransDigm (TDG), Apollo Global (APO), FleetCor (FLT), and Comcast (CMCSA). Tiger reduced its stake in seventeen holdings, including by size of previous position, Charter (CHTR), Fiat Chrysler (FCAU), Domino's (DPZ), Alphabet (GOOG), and Alphabet (GOOGL). Tiger's top holdings as of June 30, in order of size, were Priceline (PCLN), JD.com (JD), Amazon (AMZN), TransDigm, and Apollo Global.
GOOG, GOOGL
Aug 14, 2017 | 10:29 EDT
Leon Cooperman's Omega Advisors disclosed in an SEC filing its holdings as of June 30. Omega made 21 new buys during the second quarter, including, by order of size, MaxLinear (MXL), Ocwen Financial (OCN), Covanta (CVA), L Brands (LB) and Trinity Industries (TRN). Omega exited 24 positions during the quarter, including by size of previous position, Walgreens Boots Alliance (WBA), TRI Pointe (TPH), Williams Partners (WPZ), Humana (HUM) and Pandora Media (P). The fund increased its stake in 19 holdings, including by size, Microsoft (MSFT), Sinclair Broadcast (SBGI), Valvoline (VVV), Nabors Industries (NBR) and Zynga (ZNGA). Omega reduced its stake in 16 holdings, including by size, HRG Group (HRG), Altisource Portfolio Solutions (ASPS), Arris (ARRS) and Lowe's (LOW). Omega's top holdings as of June 30, in order of size, were Alphabet Class A (GOOGL), First Data (FDC), United Continental (UAL), AerCap (AER) and Dow Chemical (DOW).
INTC
Aug 14, 2017 | 09:10 EDT
MUFG Securities Technology Tour travels throughout Silicon Valley, CA and Seattle, WA on August 14-17.
GOOG, GOOGL
Aug 14, 2017 | 06:23 EDT
Google has bought Seattle-based startup company Senosis Health which focuses on turning smartphones into monitoring devices that collect health data to diagnose pulmonary function, hemoglobin counts and other health information, GeekWire reports, citing sources familiar with the deal. The company's apps, which include SpiroSmart and SpiroCall, HemaApp and OsteoApp, were being reviewed by the FDA earlier this year. Reference Link
GOOGL, GOOG
Aug 14, 2017 | 06:17 EDT
Waymo, Google's self-driving car division, has been granted a patent which might make pedestrians safer in the event of a crash and outlines a type of car shell which would "soften" before a crash, Quartz reports. Reference Link
GOOG, GOOGL
Aug 14, 2017 | 05:52 EDT
Dan Loeb's Third Point disclosed in an SEC filing Friday after the close its holdings as of June 30. Third Point made eight new buys during the second quarter, including, by order of size, BlackRock (BLK), Alibaba (BABA), NXP Semiconductors (NXPI), Vulcan Materials (VMC) and Alexion Pharmaceuticals (ALXN). Third Point exited 13 positions during the quarter, including by size of previous position, JPMorgan (JPM), Salesforce (CRM), Qualcomm (QCOM), Zayo Group (ZAYO) and Rice Energy (RICE). The fund increased its stake in 11 holdings, including by size, Alphabet Class A (GOOGL), Facebook (FB), Bank of America (BAC), Anthem (ANTM) and Parsley Energy (PE). Third Point reduced its stake in 8 holdings, including by size, Charter Communications (CHTR), Sherwin-Williams (SHW), Humana (HUM), Mohawk Industries (MHK) and Constellation Brands (STZ). Third Point's top holdings as of June 30, in order of size, were Baxter (BAX), Dow Chemical (DOW), BlackRock, Alibaba and Alphabet.
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