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Fly News Breaks for March 20, 2017
Mar 20, 2017 | 08:39 EDT
Monness Crespi analyst James Cakmak initiated Snap with a Buy and a $25 price target.
News For SNAP From the Last 2 Days
Aug 16, 2017 | 10:38 EDT
Catch up on today's top analyst initiations with this list compiled by The Fly: 1. Alphabet (GOOG, GOOGL), GoDaddy (GDDY), (WIX), Alibaba (BABA), (AMZN), and Priceline (PCLN) were initiated with a Buy at SunTrust, while Snap (SNAP) was initiated with a Sell, and Twitter (TWTR) and eBay (EBAY) were initiated with a Hold. 2. HD Supply (HDS) reinstated with a Neutral at Goldman Sachs. 3. Shiloh Industries (SHLO) initiated with an Outperform at BMO Capital. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
Aug 16, 2017 | 07:40 EDT
As noted earlier, SunTrust started coverage of Snap with a $10 price target and a Sell rating. Analyst Youssef Squali believes the company's fiscal 2017 and fiscal 2018 results will probably come in below expectations, while the platform is not yet "a must-buy" for advertisers. Target $10.
Aug 15, 2017 | 10:34 EDT
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Snap (SNAP) upgraded to Overweight from Neutral at Cantor with analyst Kip Paulson saying he believes the risk/reward has shifted significantly following yesterday's expiration of the largest remaining lock-up period and the 8.5% share decline since Snap's second quarter earnings report. 2. GoPro (GPRO) upgraded to Neutral from Sell at Goldman Sachs with analyst Doug Clark saying GoPro is on track to launch a new HERO6 camera in the second half of 2017, and product launches have historically been a positive catalyst for the stock. 3. NetApp (NTAP) upgraded to Buy from Neutral at Longbow with analyst Joe Wittine citing a survey which showed that the company's share gains have continued. 4. American Eagle (AEO) upgraded to Buy from Neutral at FBR Capital with analyst Susan Anderson saying the valuation "has become very attractive." 5. Zynerba (ZYNE) upgraded to Buy from Neutral at Roth Capital with analyst Michael Higgins saying he was not bullish on yesterday's failed ZYN002 in osteoarthritis study. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
Aug 15, 2017 | 06:52 EDT
Cantor Fitzgerald analyst Kip Paulson upgraded Snap to Overweight with an unchanged price target of $15. The shares closed yesterday up 77c, or 6.5%, to $12.60. The analyst believes the risk/reward has shifted significantly following yesterday's expiration of the largest remaining lock-up period and the 8.5% share decline since Snap's Q2 earnings report. The company's engagement is growing daily active user estimates appear to be more achievable, and there could be "significant upside" to average revenue per user in 2018 and beyond, Paulson tells investors in a research note. He views Snap's current valuation as attractive.
Aug 14, 2017 | 12:16 EDT
Stocks opened sharply higher and have continued to drift higher throughout the morning. The strength has been attributed to both the easing of tensions with North Korea and investors who were looking to take advantage of last week's 1.5% drop. The drop accounted for the market's worst weekly performance of the year. Oil prices have drifted lower throughout the morning as it continues to struggle with the supply/demand balance. 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: Shares of drug giant Merck (MRK) were in focus, trading slightly higher at midday after chairman and chief executive officer 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, shares of Sysco (SYY) fell 1.2% 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, Snap (SNAP) shares gained nearly 5.2% after it confirmed the acquisition of Zenly for $213.3M in cash in a regulatory filing. In addition, while certain lockup agreements related to the company's IPO expired on July 31, Snap employees were subject to a pre-earnings blackout period and only today are able to sell an estimated 782M shares on the public markets for the first time. MAJOR MOVERS: Among the noteworthy gainers was Neff (NEFF), which advanced 18.5% 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 2% after the news. Also higher was Fiat Chrysler (FCAU), which gained 8.3% 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 8.3% after its Phase 2 STOP trial failed to meet its primary endpoint. Also lower was (JD), which slid roughly 3% after it reported quarterly results. INDEXES: Near midday, the Dow was up 150.83, or 0.69%, to 22,009.15, the Nasdaq was up 77.44, or 1.24%, to 6,333.99, and the S&P 500 was up 25.35, or 1.04%, to 2,466.67.
Aug 14, 2017 | 10:50 EDT
Active trading in Snap calls as shares bounce. The stock set new lows of $11.28 Monday morning, but is now up $1.13 to $12.96 on surging volume of 26M shares and 15% from its worst levels. 6.9K Jan2019 10 calls changed hands. Sep 14, Aug 12, and Aug 13.5 calls are next most active. Total volume is more than double the normal levels at 43K calls and 29K puts.
Aug 14, 2017 | 10:47 EDT
While some lockup agreements related to Snap (SNAP) IPO expired on July 31, employees were subject to a pre-earnings blackout period and only today are able to sell an estimated 782M shares on the public markets for the first time. LOCKUP EXPIRATION: The lockup agreements related to Snap's IPO expired on Saturday, July 29, with the first day of trading on Monday, July 31. With the lockup expiring before Snap's second quarter earnings release, employees were not able to sell any shares until their trading window opened today. In a research note ahead of the expiration, JPMorgan analyst Doug Anmuth told investors that he expected downside into and after that initial date. The analyst also pointed out that the 782M shares that become available today include about 600M from directors, executive officers, and other affiliates and approximately 182M from other employees. On August 31, another 20M shares could be up for grabs as the 180-day lockup period expires, he noted. While Anmuth acknowledged that Snap's product innovation continues with Snap Map and other new creative capabilities, and self-serve Snap Ads and on-demand geofilters on the advertising side, he expects Snap to remain disciplined around the quality of ads on its platform. Additionally, Anmuth noted that Snap shares also may lack specific valuation support, and earnings, EBITDA, and free cash flow are likely to remain negative the next couple years. PRICE ACTION: In late morning trading, shares of Snap have gained almost 10% to $12.97, but still trading below the $17 IPO price.
Aug 14, 2017 | 06:07 EDT
In a regulatory filing, Snap confirmed that in May, "We acquired Zenly SAS, a company that develops a location-based social media application that allows users to see where their friends are on a map. The purpose of the acquisition was to enhance the functionality of our platform. The total consideration paid was $213.3M in cash, of which $196.1M represents purchase consideration and includes $186.8M in cash paid to the sellers and $9.3M of liabilities due to the sellers. The remaining $17.2M of total consideration transferred represents compensation for future employment services. The allocation of purchase price is preliminary and is subject to additional information related to the liabilities that existed as of the acquisition date." Snap also confirmed that in July, it acquired an advertising measurement services company for $135.2M in cash. "The company was acquired to enhance advertising effectiveness. We are currently in the process of valuing the assets acquired and liabilities assumed in the transaction. Results of operations for the acquired company will be included in our consolidated financial statements from the date of acquisition." The Fly notes that Snap acquired Seattle-based Placed in July.
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