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Fly News Breaks for March 20, 2017
SF, MBLY, GOOG, CAL, SONC, LPLA, INTC, GOOGL
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, GOOG, GOOGL
Jun 24, 2017 | 13:47 EDT
Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Trump and his administration with this weekly recap compiled by The Fly: 1. SENATE DRAFT OF OBAMACARE REPLACEMENT: Many healthcare stocks were strong on Thursday after Republican leaders in the Senate released a draft of their proposed bill to repeal-and-replace the Affordable Care Act, otherwise known as "ObamaCare." Jefferies analyst David Windley said the rally was appropriate given the "anemic" rewrite of the AHCA healthcare bill, while Leerink analyst Ana Gupte also said she views the draft version of the bill as better than expected. Stabilization of the Exchanges and risk stabilization is a direct positive for health insurers and indirect positive for facility operators, while the Senate bill maintains the House bill's plan to repeal all "ObamaCare" industry fees and taxes, which is a positive for Managed Care and Medical Technology players, Gupte noted. 2. BIOTECH BOUNCEBACK: Many biotech and pharmaceutical stocks outperformed the broader market this week amid reduced anxiety around White House drug control actions. In a report published Tuesday, the New York Times said a draft of an executive order on drug prices "is light on specifics" but clear in its philosophy that easing regulatory hurdles for the industry is the best path to get prices down. Leerink analyst Geoffrey Porges attributes the recent strength in the biotech sector to a lessening of the perceived fears of pricing regulations and a favorable tone from the FDA. However, he believes the sector could advance at least 15% more, as he foresees more positive operating results and still expects more industry consolidation. Among large cap biotech names, Porges maintains Outperform ratings on Regeneron (REGN), Celgene (CELG), Vertex (VRTX) and Alexion (ALXN). 3. STEEL: Deutsche Bank analyst Jorge Beristain upgraded U.S. Steel (X) and AK Steel (AKS), both to Buy from Hold, as he thinks underlying U.S. economic activity appears positive and supportive trade policy actions could be a catalyst to change investor perception of the metals space. Imports should subside once Section 232 is formerly released and signed into law. The Commerce Department's findings from its section 232 investigation into cheap steel imports are anticipated by the end of the month. If Commerce finds that cheap imports are a matter of national security, it will open the way for President Trump to implement sweeping trade reforms. 4. TECH COUNCIL: On Monday, the Trump Administration hosted the first meeting of the president's American Technology Council, which has been tasked to help transform and modernize the federal government. CEOs in attendance included Apple's (AAPL) Tim Cook, Amazon's Jeff Bezos (AMZN), Microsoft's (MSFT) Satya Nadella, IBM's (IBM) Ginni Rometty, MasterCard's (MA) Ajay Banga, Oracle's (ORCL) Safra Catz, VMware's (VMW) Pat Gelsinger, Intel's (INTC) Brian Krzanich, Akamai's (AKAM) Tom Leighton, SAP's (SAP) Bill McDermott, Qualcomm's (QCOM) Steven Mollenkopf, Adobe's (ADBE) Shantanu Narayen, Accenture's (ACN) Julie Sweet and Alphabet (GOOGL) Chairman Eric Schmidt. "Week in Review" is The Fly's weekly recap of its recurring series of "Trump Effect" exclusive stories.
INTC
Jun 23, 2017 | 16:41 EDT
The S&P finished the week mildly higher than where it began though the Nasdaq had a winning week as the bounceback in mega-cap tech names continued and the biotech sector saw new found strength. MACRO NEWS: In the U.S., the current account deficit widened $2.8B to $116.8B in the first quarter, though that was not as wide as the nearly $124B deficit that was forecast by economists polled by Bloomberg. Existing home sales bounced 1.1% to a 5.62M rate in May, which was a little better than projected. New home sales rose 2.9% to a 610,000 home rate in May following big upward revisions in the prior three months that made for a strong report. Initial jobless claims rose 3,000 to 241,000 in the week ended June 17. The FHFA home price index rose 0.7% in April to 248.2. The leading index rose 0.3% to an all time high of 127.0 in May. Markit's flash composite PMI for June came in at 53.0, down from 53.6 in May... In Europe, the U.K. and EU commenced formal Brexit negotiations. Emmanuel Macron's party secured a solid majority in the French parliament, although this was largely expected. The flash manufacturing PMI came in better than expected at 57.3, but services fell short of the consensus forecast with a reading of 55.7... In Asia, Japan's manufacturing flash PMI for June fell to 52 from 53.1 in May. COMPANY NEWS: Many biotech and pharmaceutical stocks outperformed the broader market this week amid reduced anxiety around White House drug control actions. In a report published Tuesday, the New York Times said a draft of an executive order on drug prices "is light on specifics" but clear in its philosophy that easing regulatory hurdles for the industry is the best path to get prices down. Leerink analyst Geoffrey Porges attributes the recent strength in the biotech sector to a lessening of the perceived fears of pricing regulations and a favorable tone from the FDA. However, he believes the sector could advance at least 15% more, as he foresees more positive operating results and still expects more industry consolidation. Among large cap biotech names, Porges maintains Outperform ratings on Regeneron (REGN), Celgene (CELG), Vertex (VRTX) and Alexion (ALXN)... Hospital stocks and shares of health insurers were strong on Thursday after Republican leaders in the Senate released a draft of their proposed bill to repeal-and-replace the Affordable Care Act, otherwise known as "ObamaCare." Hospital operators that saw strength include HCA Holdings (HCA), LifePoint (LPNT) and Tenet Healthcare (THC)... The Federal Reserve released results of its supervisory bank stress tests, finding that all 34 participating bank holding companies exceed the minimum requirements in the hypothetical stress scenario. Several of the biggest financial institutions that participated include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), and Wells Fargo (WFC), though the bigger news for those mega-cap banks will be next week's Comprehensive Capital Analysis and Review, or CCAR, announcements, which will determine how they can increase dividends and buy back stock... Boeing (BA) kicked off the Paris Air Show with a number of announcements, including several new orders and the official launch of the 737 MAX 10 aircraft. By the end of the show, Boeing said commercial customers announced incremental orders and commitments during the week for a total of 571 Boeing airplanes, valued at $74.8B at list prices... American Airlines (AAL) disclosed that state-owned Qatar Airways has expressed its interest in acquiring an approximately 10% stake in the U.S. air carrier... Shares of Nike (NKE) advanced 2% on Wednesday after Goldman Sachs analyst Lindsay Drucker Mann and NPD Group's Sports Industry Analyst Matt Powell pointed to signs that the sportswear giant and Amazon (AMZN) could be nearing a direct-sales deal... Intel (INTC) shares dipped about 1% that day, and AMD (AMD) shares rose by over 10%, after the latter announced the launch of its EPYC series data center processors. Analysts were upbeat on the processors and several mentioned the increased competitive threat they represent to Intel's data center business... In M&A news, EQT Corporation (EQT) announced an agreement to acquire Rice Energy (RICE) for total consideration of approximately $6.7B in cash and stock. EQT will also assume or refinance approximately $1.5B of net debt and preferred equity. Novadaq Technologies (NVDQ) agreed to be acquired by Stryker (SYK) for $11.75 per share in cash. Private equity firm Pamplona Capital Management announced a deal to buy Parexel International (PRXL) for $88.10 per share in cash in a transaction valued at approximately $5B, including Parexel's net debt. According to The Wall Street Journal, Pamplona beat out Parexel rivals, including LabCorp (LH) and Icon (ICLR), with a higher offer... Oracle (ORCL) jumped about 8.5% on Thursday and saw many Wall Street firms raise their price targets on the stock following the company's report of better than expected Q4 results. Among other companies that announced quarterly results this week, La-Z-Boy (LZB) and Red Hat (RHT) advanced immediately following their reports, while Steelcase (SCS), Accenture (ACN), Bath & Beyond (BBBY) and BlackBerry (BBRY) declined. INDEXES: The Dow gained about 0.05% to close at 21,394.76, the S&P 500 rose about 0.2% to close at 2,438.30, and the Nasdaq advanced about 1.8% to close at 6,265.25.
GOOGL, GOOG
Jun 23, 2017 | 06:19 EDT
Alphabet's (GOOG, GOOGL) Waymo has hired Satish Jeyachandran, former director of hardware engineering at Tesla (TSLA), to lead its hardware team, handling development of cameras, radar, lidar and computer vision, Bloomberg reports, citing his LinkedIn. The hire comes as the company's mobility division nears commercializing its autonomous vehicle technology. Reference Link
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