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Fly News Breaks for May 19, 2017
SBPH, TMO, CNDT, NVDA, IBM
May 19, 2017 | 10:23 EDT
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Bernstein initiated Nvidia (NVDA) with an Outperform and a $165 price target. 2. Cantor Fitzgerald initiated Thermo Fisher (TMO) with an Overweight rating and $194 price target. 3. Pacific Crest initiated IBM (IBM) with a Sector Weight rating. 4. Conduent (CNDT) initiated with a Market Perform rating and $18 price target at Cowen. 5. JMP Securities started coverage of Spring Bank Pharmaceuticals (SBPH) with a $20 price target and an Outperform rating. 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 NVDA;TMO;IBM;CNDT;SBPH From the Last 2 Days
NVDA
Sep 22, 2017 | 15:33 EDT
As bitcoin, ethereum and other cryptocurrencies get increasing attention from investors, Wall Street and its traditional banks continue to adjust to the shift. Catch up on this week's top stories highlighting the intersection of these old guard and new school areas of finance with this recap compiled by The Fly: 1. DIMON DOUBLES DOWN: Following comments by JPMorgan (JPM) CEO Jamie Dimon that bitcoin is a "fraud", JPMorgan Securities bought large amounts of Bitcoin XBT through Swedish Bitcoin exchanges on behalf of clients when the price dropped, according to a report. Dimon's remarks drew criticism from bitcoin experts, bankers and former JPMorgan executives, including former head of global macro Alex Gurevich. In a tweet, Gurevich said, "Jamie, you're a great boss and the GOAT bank CEO. You're not a trader or a tech entrepreneur. Please, STFU about trading $BTC." However, in an interview with CNBC India, Dimon doubled down on his comments saying cryptocurrencies "are kind of a novelty" and said governments would impede the growth of digital coins as currency requires government backing. "It's creating something out of nothing that to me is worth nothing," he said. "It'll end when people lose a lot of money." 2. DALIO CAUTIOUS TOO: In addition, Ray Dalio, founder of Bridgewater Associates, had similar views in an interview with CNBC on September 19, saying "bitcoin is a bubble". "It's not an effective storehold of wealth because it has volatility to it, unlike gold," he said. "Bitcoin is a highly speculative market." 3. SWITZERLAND SHUTTERS 'FAKE' E-COIN: Switzerland's financial watchdog FINMA shuttered the QUID PRO QUO Association, a provider of fraudulent cryptocurrency called E-Coins, which had secured funds of approximately 4M Swiss francs, or $4.2M, from several hundred users. The regulator, which is currently conducting investigations into roughly a dozen other potential fake virtual currencies, said E-Coin was not real as it was not stored on distributed networks using blockchain technology, instead being kept locally on the association's servers. 4. CHINA CONTINUES CRACKDOWN: Chinese authorities reportedly have decided on a comprehensive ban of channels trading in bitcoin, following a September 15 meeting in Beijing, going beyond plans to close commercial exchanges. The move comes as a surprise to industry executives, who thought authorities might shutter only commercial trading activity while allowing peer-to-peer bitcoin platforms. Amid China's cryptocurrency crackdown, bitcoin traders and blockchain-technology experts gathered for a two-day conference in Hong Kong, originally scheduled to be in Beijing, as conference organizer Bitkan wanted "to lower the risks of [the event] being canceled." John McAfee, founder of the McAfee antivirus, said "We are fugitives here," but added, "The creators designers and innovators will find a way around it. They always do and always will." 5. NVIDIA TO GAIN FROM CHINA BAN: In a September 15 research note, RBC Capital analyst Mitch Steves said he believes that Nvidia (NVDA) will be boosted by China's ban on cryptocurrency, since it is still legal there "to mine them with computing power," the analyst stated. He thinks that individuals in China who want to obtain cryptocurrency will purchase more crypto-related graphics processing units, benefiting Nvidia. The analyst believes that "decentralized exchanges" will be created for crypto trading in China. He keeps an Outperform rating on Nvidia. In prior research, Jefferies' analyst Mark Lipacis told investors that he estimates cryptocurrency revenues accounted for about 3% of quarterly sales for Advanced Micro Devices (AMD) and about 10% for Nvidia in the second quarter. PRICE ACTION: As of time of writing, Bitcoin is down about 1.9% this week, or $72, to $3,575 in U.S. dollars. Meanwhile, AMD shares rose 6% to $13.26 this week and Nvidia dropped 0.6% on a weekly basis to $179.24. Additionally, Bitcoin Investment Trust (GBTC) fell roughly 10% this week to $638.47. WANT BITCOIN NEWS ALERTS?: To receive alerts on stories relating to bitcoin and other cryptocurrencies, Fly subscribers can enter "Bitcoin" into the "Add symbols" box of their portfolios.
NVDA
Sep 21, 2017 | 16:15 EDT
Stocks saw a quiet session a day after the week's biggest event, the Federal Reserve policy announcement, came and went mostly as expected. The Dow and S&P mostly drifted just below the flatline for most of the session before a late day dip pushed them to close near their worst levels. The Nasdaq, the laggard again today as has been the case in several recent sessions, closed with a loss of 0.5% to put it on pace for a weekly decline unless it rebounds tomorrow. ECONOMIC EVENTS: In the U.S., initial jobless claims fell 23,000 to 259,000 in the week ended September 16. The Philadelphia Fed business outlook survey rose to a robust 23.8 from 18.9 in August. The FHFA home price index for July rose 0.2%, versus the 0.4% increase that was expected. The leading index rose 0.4% to 128.8 in August following a 0.3% increase in the prior month. In Asia, Standard & Poor's downgraded China's sovereign rating to A+ from AA-, becoming the last of the three major rating agencies to do so. COMPANY NEWS: Equifax (EFX) remains in the headlines over its recent disclosure of a massive cybersecurity breach, with the latest coming from The Wall Street Journal, which reported that hackers entered the company's computer network69 in March of this year, more than four months before its security team uncovered them. Meanwhile, Securities and Exchange Commission Chairman Jay Clayton in a statement late Wednesday disclosed the agency itself was the victim of a hack in 2016... Following yesterday's report that Tesla (TSLA) is working with AMD (AMD) on self-driving Artificial Intelligence chips, several Wall Street analysts commented on the news. While some were bullish on the opportunity for AMD, others like Bank of America Merrill Lynch argued that Tesla's reported shift away from Nvidia (NVDA) has limited impact on either. Nvidia shares, though, ended the day almost 3% lower following the report... Google (GOOGL) announced a cooperation agreement that involves HTC receiving $1.1B after transferring certain R&D employees to Google's hardware team and a licensing agreement for HTC intellectual property. MAJOR MOVERS: Among the notable gainers was Calgon Carbon (CCC), which jumped 62% to $21.40 after agreeing to be acquired by Japan's Kuraray for $21.50 per share in a deal with an equity value of about $1.1B. Also higher was Impax (IPXL), which gained 10% after The Wall Street Journal reported that the company and Amneal Pharmaceuticals are in talks to combine to better compete in the generic drug market. Intercept Pharmaceuticals (ICPT) was among the noteworthy losers, dropping almost 25% after the FDA, in a new safety communication sent out today on the company's Ocaliva drug, said it identified 19 cases of death and warned of an increased risk of serious liver injury in certain patients. Also lower was Transocean (RIG), which fell 7% after announcing that a subsidiary of Chevron (CVX) elected to exercise its contractual option to terminate the drilling contract for an ultra-deepwater drillship. INDEXES: The Dow dropped 53.36, or 0.24%, to 22,359.23, the Nasdaq fell 33.35, or 0.52%, to 6,422.69, and the S&P 500 slid 7.64, or 0.3%, to 2,500.60.
NVDA
Sep 21, 2017 | 12:23 EDT
The S&P and Dow were slightly lower near midday, while the Nasdaq slid further, repeating the trend of underperformance seen from the tech-heavy index in recent days. If today's modest pullback holds into the close it will break the winning streak for the Dow, which has risen for ten straight sessions. Trading is thin, with some of the lack of volume likely due to reduced participation given the Jewish holiday of Rosh Hashanah. ECONOMIC EVENTS: In the U.S., initial jobless claims fell 23,000 to 259,000 in the week ended September 16. The Philadelphia Fed business outlook survey rose to a robust 23.8 from 18.9 in August. The FHFA home price index for July rose 0.2%, versus the 0.4% increase that was expected. The leading index rose 0.4% to 128.8 in August following a 0.3% increase in the prior month. In Asia, Standard & Poor's downgraded China's sovereign rating to A+ from AA-, becoming the last of the three major rating agencies to do so. COMPANY NEWS: Equifax (EFX) remains in the headlines over its recent disclosure of a massive cybersecurity breach, with the latest coming from The Wall Street Journal, which reported that hackers entered the company's computer network in March of this year, more than four months before its security team uncovered them. Meanwhile, Securities and Exchange Commission Chairman Jay Clayton in a statement late Wednesday disclosed the agency itself was the victim of a hack in 2016... Following yesterday's report that Tesla (TSLA) is working with AMD (AMD) on self-driving Artificial Intelligence chips, several Wall Street analysts commented on the news. While some were bullish on the opportunity for AMD, others like Bank of America Merrill Lynch argued that Tesla's reported shift away from Nvidia (NVDA) has limited impact on either. Nvidia shares, though, were down 3% near noon on the heels of the report... Google (GOOGL) announced a cooperation agreement that involves HTC receiving $1.1B after transferring certain R&D employees to Google's hardware team and a licensing agreement for HTC intellectual property. MAJOR MOVERS: Among the notable gainers was Calgon Carbon (CCC), which jumped 62% after agreeing to be acquired by Japan's Kuraray for $21.50 per share in a deal with an equity value of about $1.1B. Also higher was Andarko (APC), which gained 7% after announcing a $2.5B share repurchase program. Intercept Pharmaceuticals (ICPT) was among the noteworthy losers, dropping 9% after the FDA, in a new safety communication sent out today on the company's Ocaliva drug, said it identified 19 cases of death and warned of an increased risk of serious liver injury in certain patients. Also lower was Transocean (RIG), which slipped 7% after announcing that a subsidiary of Chevron (CVX) elected to exercise its contractual option to terminate the drilling contract for an ultra-deepwater drillship. INDEXES: Near midday, the Dow was down 24.62, or 0.11%, to 22,387.97, the Nasdaq was down 19.09, or 0.3%, to 6,436.95, and the S&P 500 was down 3.13, or 0.12%, to 2,505.11.
NVDA
Sep 21, 2017 | 10:42 EDT
Following yesterday's report that Tesla (TSLA) is working with AMD (AMD) on self-driving Artificial Intelligence chips, several Wall Street analysts commented on the news. While some were bullish on the partnership, with Jefferies analyst Mark Lipacis saying it would be "a critical win" for AMD, others like Bank of America Merrill Lynch argued that Tesla's reported shift to AMD from Nvidia (NVDA) has limited impact on either. PARTNERSHIP REPORT: According to a report by CNBC last night, Tesla is using AMD intellectual property as it progresses toward developing its own Artificial Intelligence chip for autonomous driving in its cars. More than 50 people within Tesla are working on the initiative, which will likely reduce its reliance on Nvidia products, the report added. 'CRITICAL WIN' FOR AMD: In a research note to investors this morning, Jefferies' Lipacis pointed out that a partnership between Tesla and AMD would make sense, given that former chief AMD MPU architect Jim Keller left AMD to become Tesla's Head of Autopilot in early 2016. While the analyst would not expect shipments of AMD chips to Tesla to have a material impact near-term to the former's bottom line, he thinks this would constitute "a critical win" for AMD as it would support his thesis that with its parallel processing GPUs, AMD is a beneficiary of the "4th Tectonic Shift" in computing. Additionally, Lipacis believes the headline risk to Nvidia in the near-term will not be favorable, but does not see a clear long-term risk. The analyst reiterated a Buy rating and $19 price target on AMD shares. Meanwhile, his peer at Deutsche Bank argued that if the CNBC report is true, any meaningful financial benefit to AMD would likely be observed "many years into the future." Analyst Ross Seymore pointed out that AMD would be the third preferred processor provider to Tesla within the last year as the electric carmaker transitioned from Mobileye to Nvidia in the second half of 2016. 'LITTLE RISK' TO NVIDIA: Tesla's partnership with AMD is a headline rather than estimate risk for Nvidia and its Automotive Platform estimates before calendar 2019/fiscal 2020, by which time other partners seem likely to more than offset any Tesla-related losses, B. Riley analyst Craig Ellis told investors. The analyst argued that the development has the potential to be a "modest fundamental and psychological negative" for Nvidia in the intermediate-term, but he believes the company remains the dominant autopilot solutions provider with a "substantial competitive moat and very strong developer momentum." Ellis added that Nvidia has announced autopilot partnerships with Mercedes-Benz (DDAIF), Toyota (TM), Volkswagen's (VLKAY) Audi group and Volvo (VOLVY) year-to-date. Meanwhile, BofA Merrill Lynch analyst Vivek Arya said that the reports Tesla is considering a shift to internal chips from Nvidia's will have limited material impact on either near-term. The analyst pointed out that Tesla accounts for less than 1% of Nvidia sales and has a much bigger opportunity with other automakers, such as Toyota and Audi. Meanwhile, the potential win for AMD is "more positive for perception than in numbers." In a research note of his own, RBC Capital analyst Mitch Steves told investors that he views this announcement as similar to dynamics he anticipates occurring in the Data center, namely AMD winning some share while Nvidia remains as the "de-facto standard and market share leader." Overall, the analyst noted that he views the announcement as a near-term concern that should not impact Nvidia's story over the next several years. Steves expects Nvidia to continue to work with Tesla and remain the dominant chip provider to the automaker. PRICE ACTION: Shares of AMD, which spiked late yesterday, are about 1% lower to $13.60 in morning trading. Meanwhile, Nvidia's stock has dropped over 4% to $178.17.
NVDA
Sep 21, 2017 | 09:20 EDT
HIGHER: Calgon Carbon (CCC), up 61.7% after Calgon Carbon and Japan's Kuraray announced that their respective board have unanimously approved, and the parties have entered into, a definitive merger agreement under which Kuraray will acquire Calgon Carbon for $21.50 per share in cash... Anadarko Petroleum (APC), up 5.2% after announcing a $2.5B share repurchase program and reaffirming its production guidance... Blue Apron (APRN), up 4.4% after Plated was acquired by Albertsons... AMD (AMD), up 2.3% following a CNBC report that the company is working with Tesla (TSLA) on an AI chip. LOWER: NVIDIA (NVDA), down 1.9% following the report that AMD is working with Tesla... Juno Therapeutics (JUNO), down 3.7% after filing to sell $225M in common stock.
NVDA
Sep 21, 2017 | 08:05 EDT
BofA/Merrill analyst Vivek Arya said news reports Tesla (TSLA) is considering a shift to AMD's (AMD) internal chips from Nvidia's (NVDA) will have limited material impact on either near-term. The analyst said Tesla accounts for less than 1% of Nvidia sales and has a much bigger opportunity with other automakers such as Toyota and Audi and the potential win for AMD is more positive for perception than in numbers. Arya maintains a Buy rating on Nvidia given its data center and gaming franchises and potential growth opportunities in autonomous cars. He maintains a Buy rating on AMD to reflect potential share gains in server and PC markets, and for incremental opportunities to leverage IP in other markets.
NVDA
Sep 21, 2017 | 05:49 EDT
Tesla's (TSLA) partnership with AMD (AMD) on a new custom chip for autonomous vehicles, as reported yesterday by CNBC, is a headline rather than estimate risk for Nvidia (NVDA), B. Riley analyst Craig Ellis tells investors in a research note. The news has potential to be a "modest fundamental and psychological negative" for Nvidia in the intermediate-term, but the company remains the dominant autopilot solutions provider with a "substantial competitive moat and very strong developer momentum," Ellis argues. He sees little risk to Nvidia's 2017 and 2018 Auto Platform estimates and reiterates a Buy rating on the shares with a $200 price target. The analyst notes the company year-to-date announced autopilot partnerships with Mercedes-Benz, Toyota, Volkswagen's Audi group and Volvo.
NVDA
Sep 21, 2017 | 05:43 EDT
Citi analyst Atif Malik says he received several investor inquiries about Nvidia's (NVDA) relationship with Tesla (TSLA) after CNBC report yesterday that the electric carmaker is working with Global Foundries, AMD's (AMD) manufacturing foundry directly on custom built chips for self-driving cars. The analyst notes that Tesla currently uses Nvidia's Drive PX2 as part of its autopilot self-driving system. The news is not a surprise and Tesla likely wants to be more vertically integrated and examine all options for artificial intelligence hardware, Malik tells investors in a research note. Further, Tesla's current silicon team leader Jim Keller was formerly at AMD, Malik points out. He adds that Tesla at a recent Citi conference indicated it feels great about its relationship with Nvidia. The analyst estimates Tesla is less than 1% of Nvidia's overall sales currently. He keeps a Buy rating on the shares with a $185 price target. Nvidia closed yesterday down 1% to $185.84.
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