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TEVA

Teva

$18.59

-2.01 (-9.76%)

, JCP

J.C. Penney

$5.39

-0.05 (-0.92%)

07:30
08/08/17
08/08
07:30
08/08/17
07:30

Unusual put flow in option market yesterday

Notable put activity was cited Monday in Teva (TEVA), J C Penney (JCP), Nucor (NUE), Avis Budget (CAR), and RSP Permian (RSPP).

TEVA

Teva

$18.59

-2.01 (-9.76%)

JCP

J.C. Penney

$5.39

-0.05 (-0.92%)

NUE

Nucor

$57.86

0.38 (0.66%)

CAR

Avis Budget

$33.39

1.18 (3.66%)

RSPP

RSP Permian

$30.77

-0.34 (-1.09%)

  • 08

    Aug

  • 08

    Aug

  • 08

    Aug

  • 10

    Aug

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    Aug

  • 30

    Aug

TEVA Teva
$18.59

-2.01 (-9.76%)

08/07/17
08/07/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Teva (TEVA) downgraded to Underweight from Equal Weight at Morgan Stanley with analyst David Risinger saying he underappreciated generic pricing pressure risks on Teva's dividend and expects declining earnings power, combined with high leverage equal to result in a longer recovery. 2. Cummins (CMI) downgraded to Buy from Conviction Buy at Goldman Sachs. 3. RE/MAX Holdings (RMAX) downgraded to Equal Weight from Overweight at Stephens. 4. Intrepid Potash (IPI) downgraded to Sell from Neutral at UBS with analyst John Roberts saying that while bankruptcy risk has been "significantly reduced" since the share count was increased 60% with the March secondary, he remains concerned about the lack of long term growth in non-core income and "still depressed" core potash related income. Roberts cites valuation for his downgrade and raised his price target for Intrepid Potash shares to $2.50 from $2.00. 5. Eaton (ETN) downgraded to In Line from Outperform at Evercore ISI. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/04/17
08/04/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Fluor (FLR) was downgraded to Hold from Buy at Deutsche Bank and to Neutral from Buy at DA Davidson. 2. Teva (TEVA) was downgraded to Market Perform from Outperform at Cowen, to Neutral from Outperform at Credit Suisse, and to Underperform from Outperform at RBC Capital. 3. Ford (F) downgraded to Neutral from Buy at Nomura Instinet with analyst Anindya Das citing uncertainties surrounding North America and European growth. 4. Avon Products (AVP) downgraded to Hold from Buy at Deutsche Bank with analyst Faiza Alwy saying the Chief Executive Officer change suggests that a business recovery, should there be one, is more than 12 months away. 5. CommScope (COMM) was downgraded to Hold from Buy at Cross Research, to Neutral from Buy at Longbow, and to Equal Weight from Overweight at Barclays. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/07/17
MSCO
08/07/17
DOWNGRADE
MSCO
Underweight
Teva downgraded to Underweight from Equal Weight at Morgan Stanley
08/07/17
MSCO
08/07/17
DOWNGRADE
Target $16
MSCO
Teva downgraded to Underweight, bear case target $9 at Morgan Stanley
As previously reported, Morgan Stanley downgraded Teva to Underweight from Equal Weight and cut its price target to $16 from $36. Analyst David Risinger said he underappreciated generic pricing pressure risks on Teva's dividend and expects declining earnings power, combined with high leverage equal to result in a longer recovery. He expects core business generic headwinds and Copaxone generic competition to pressure Teva's long-term earnings power and cut his 2017 earnings estimate to $1.24 from $1.55, 2018 earnings estimate to $4.14 from $4.56, and 2019 earnings estimate to $3.79 from $4.50. Risinger's bear case price target on Teva is $9, which assumes much more severe Copaxone erosion and generic business downside.
JCP J.C. Penney
$5.39

-0.05 (-0.92%)

06/21/17
GDHS
06/21/17
NO CHANGE
GDHS
Nike-Amazon pact yet another department store headwind, says Gordon Haskett
Gordon Haskett analyst noted the reports of Nike (NKE) nearing a deal to sell directly on Amazon (AMZN), which he said wouldn't impact trends overnight but would represent another headwind for department stores, particularly J.C. Penney (JCP) and Kohl's (KSS), where the brand has a larger penetration than at Macy's (M) and Nordstrom (JWN). He keeps an Accumulate rating on Nordstrom, a Hold rating on Macy's and Reduce rating on both J.C. Penney and Kohl's.
06/26/17
GDHS
06/26/17
UPGRADE
Target $4.5
GDHS
Accumulate
J.C. Penney upgraded to Hold from Reduce at Gordon Haskett
Gordon Haskett analyst Chuck Grom upgraded J.C. Penney to Hold from Reduce with a $4.50 price target.
07/12/17
SBSH
07/12/17
NO CHANGE
Target $5
SBSH
Neutral
J.C. Penney price target raised to $5 from $4.50 at Citi
Citi analyst Paul Lejuez raised his price target for J.C. Penney to $5 from $4.50 after the retailer announced that Q2 sales had "significantly improved" versus Q1. The analyst upped his FY17 earnings per share estimate to 53c from 40c and keeps a Neutral rating on Penny.
05/15/17
05/15/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Tesla (TSLA) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Adam Jonas saying the bull thesis on Tesla centers around the company becoming the next Amazon (AMZN) or Apple (AAPL), Jonas tells investors in a research note. The analyst, however, questions if the risks of taking on the tech giants is sufficiently discounted in the share price. He expects "much larger and more well capitalized" competitors to unveil strategies that directly address sustainable transport and mobility. 2. J.C. Penney (JCP) was downgraded to Hold from Buy at Deutsche Bank, to Neutral from Outperform at Baird, and to Neutral from Buy at Buckingham. 3. STMicroelectronics (STM) downgraded to Hold from Buy at Stifel. 4. Level 3 (LVLT) and CenturyLink (CTL) were downgraded to Underperform from Market Perform at Raymond James. 5. TSMC (TSM) downgraded to Neutral from Outperform at Credit Suisse with analyst Randy Abrams saying headwinds from excess inventory, slower China smartphones, and Qualcomm (QCOM) shifts to Samsung (SSNLF) could pressure sales and margins. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
NUE Nucor
$57.86

0.38 (0.66%)

07/20/17
07/20/17
NO CHANGE

Cowen would be buying Steel stock weakness
Cowen said the lackluster earnings from Steel Dynamics (STLD) and Nuecor (NUE) is causing weakness in the steel sector. The firm's analyst would use the weakness to buying opportunity given the reports are backwards looking, HRC prices are moving higher, service center inventories are low, and an announcement on steel tariffs is imminent. The firm would not want to be short the group and reiterates outperform ratings on TimkenSteel (TMST) and Steel Dynamics
07/18/17
MSCO
07/18/17
NO CHANGE
MSCO
Morgan Stanley more bullish on second half steel pricing
Following a dinner with steel participants last week, Morgan Stanley analyst Evan Kurtz said he is more bullish on second half 2017 steel pricing. The takeaways were that imports are likely to dip significantly in September and October due to traders not wanting to take the risk of being an "import of record" with the threat of tariffs. Further, the analyst said inventories are low, so even with stable demand, the market could get tight, the analyst wrote. Kurtz raised his HRC forecast for the second half to $625/st from $570/st, and raised his scrap forecast by $30/t. The analyst recommends buying Overweight rated U.S. Steel (X), Steel Dynamics (STLD) and Nucor (NUE).
07/13/17
MSCO
07/13/17
NO CHANGE
MSCO
Morgan Stanley says its time to buy Steels
Morgan Stanley analyst Evan Kurtz met with steel executives last night and came away more bullish on potential second half 2017 pricing strength. Kurtz said steel buyers have been keeping inventories low given the uncertainty of the 232 investigation and he expects imports to drop sharply in September and October as importers likely look to reduce risk from potential 232 penalties ahead. The analyst said demand appears steady and many steel buyers have yet to complete Q3 purchases, and he expects scrap to remain stable near-term. Kurts believes Overweight rated U.S. Steel (X), Steel Dynamics(STLD), and Nucor (NUE) could be strong second half performers given positioning and leverage.
07/03/17
BMOC
07/03/17
NO CHANGE
BMOC
Steel stocks still have positive risk/reward ratio, says BMO Capital
BMO Capital analyst David Gagliano says that "during the past two weeks, the majority of the steel lead-indicators we monitor have either stabilized or started to move higher." He adds that the Trump administration may levy tariffs which will cause imports to drop significantly over the next three to six months. As a result, the analyst believes that the steel stocks "continue to provide a favorable risk/reward opportunity." Publicly traded steel stocks include AK Steel (AKS), United States Steel (X), Nucor Corporation (NUE), and Steel Dynamics (STLD).
CAR Avis Budget
$33.39

1.18 (3.66%)

08/04/17
JPMS
08/04/17
INITIATION
Target $39
JPMS
Overweight
Avis Budget initiated with an Overweight at JPMorgan
JPMorgan analyst Samik Chatterjee started Avis Budget with an Overweight rating and $39 price target. The analyst highlights the company's experienced management team and sees upside from its ownership of Zipcar.
06/27/17
MKMP
06/27/17
NO CHANGE
MKMP
Autonomous vehicle deals positive for car rental companies, says MKM Partners
After Avis (CAR) announced a multi-year deal with on autonomous vehicles with Alphabet's (GOOG, GOOGL) Waymo and news reports stated that Hertz (HTZ) is working with Apple (AAPL) on autonomous vehicles, MKM Partners analyst Christopher Agnew says the news should ease investors' concerns about car rental companies no longer existing in five to ten years. The analyst believes that car rental companies will become "more relevant" following the launch of autonomous vehicles due to their fleet management skills. He keeps Buy ratings on Hertz and Avis.
08/04/17
08/04/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Square (SQ) initiated with a Neutral at Wedbush. 2. Avis Budget (CAR) was initiated with an Overweight at JPMorgan while Hertz (HTZ) was initiated with a Neutral at the firm. 3. IBM (IBM) initiated with a Neutral at Wedbush. 4. Amtech Systems (ASYS) initiated with a Buy at Roth Capital. 5. Franklin Financial Network (FSB) initiated with a Market Perform at Hovde Group. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
06/26/17
DBAB
06/26/17
NO CHANGE
DBAB
Buy
Avis announcement of Waymo management pact a positive, says Deutsche Bank
Deutsche Bank analyst Chris Woronka said he views news of the multi-year fleet management contract with Alphabet's (GOOG) Waymo as a positive for Avis Budget (CAR) that came as a surprise to most. He sees the deal as an indication that logistics management and access to on-airport real estate are real assets for the rental car companies, adding that he expects news flow on Avis' involvement in autonomous driving to increase as more of these vehicles hit the road. Woronka keeps a Buy rating on Avis shares.
RSPP RSP Permian
$30.77

-0.34 (-1.09%)

06/15/17
WOLF
06/15/17
INITIATION
Target $45
WOLF
Outperform
RSP Permian initiated with an Outperform at Wolfe Research
Wolfe Research initiated RSP Permian with an Outperform and a $45 price target.
06/01/17
FBCO
06/01/17
INITIATION
Target $59
FBCO
Outperform
RSP Permian initiated with an Outperform at Credit Suisse
Credit Suisse analyst Nitin Kumar initiated RSP Permian with an Outperform and a $59 price target saying Street estimates underestimate growth potential and urges investors to look past deployment of development capital in the Delaware Basin and towards potential resource estimate upside.
07/25/17
ROTH
07/25/17
NO CHANGE
Target $44
ROTH
Buy
RSP Permian price target lowered to $44 from $64.50 at Roth Capital
Roth Capital analyst John White lowered his price target for RSP Permian to $44 from $64.50 on valuation. The analyst reiterates a Buy rating on the shares.
07/19/17
BOFA
07/19/17
INITIATION
Target $45
BOFA
Buy
RSP Permian reinstated with a Buy at BofA/Merrill
BofA/Merrill analyst Asit Sen reinstated RSP Permian with a Buy and a $45 price target.

TODAY'S FREE FLY STORIES

SPX

S&P 500

$0.00

(0.00%)

, SPY

SPDR S&P 500 ETF Trust

$290.96

1.55 (0.54%)

18:58
09/18/18
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18:58
Periodicals
China to place new tariffs on $60B in U.S. exports, WSJ says »

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S&P 500

$0.00

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SPY

SPDR S&P 500 ETF Trust

$290.96

1.55 (0.54%)

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SQ

Square

$87.97

1.1 (1.27%)

18:55
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Square seeks to bring 'omnichannel' experience to restaurants, CNBC says »

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MSFT

Microsoft

$113.24

1.05 (0.94%)

18:48
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Hot Stocks
Microsoft confirms raised quarterly dividend payment to 46c from 42c per share »

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KL

Kirkland Lake Gold

$17.57

-0.64 (-3.51%)

18:39
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18:39
Hot Stocks
Kirkland Lake Gold acquires shares of Osisko Mining »

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MSFT

Microsoft

$113.24

1.05 (0.94%)

18:39
09/18/18
09/18
18:39
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18:39
Hot Stocks
Breaking Hot Stocks news story on Microsoft »

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OMAB

OMA Airports

$56.18

2.13 (3.94%)

18:23
09/18/18
09/18
18:23
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18:23
Downgrade
OMA Airports rating change  »

OMA Airports downgraded…

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CE

Celanese

$113.41

-0.03 (-0.03%)

18:01
09/18/18
09/18
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18:01
Hot Stocks
Celanese raises prices for acetate tow in Eastern Europ and Asia by $1/kg »

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WYNN

Wynn Resorts

$132.97

0.56 (0.42%)

17:58
09/18/18
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Periodicals
Wynn sued over allegations of rigging Boston casino bid, Bloomberg says »

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GLD

SPDR Gold Trust

$113.43

-0.18 (-0.16%)

17:48
09/18/18
09/18
17:48
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Hot Stocks
SPDR Gold Trust holdings fall to 742.23MT from 742.53MT »

This is the lowest level…

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JAZZ

Jazz Pharmaceuticals

$161.89

0.92 (0.57%)

17:35
09/18/18
09/18
17:35
09/18/18
17:35
Recommendations
Jazz Pharmaceuticals analyst commentary  »

Jazz Pharmaceuticals…

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RIG

Transocean

$11.93

0.335 (2.89%)

17:29
09/18/18
09/18
17:29
09/18/18
17:29
Initiation
Transocean initiated  »

Transocean initiated with…

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NE

Noble Corp.

$6.15

0.19 (3.19%)

17:26
09/18/18
09/18
17:26
09/18/18
17:26
Initiation
Noble Corp. initiated  »

Noble Corp. initiated…

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  • 24

    Sep

CCOEY

Capcom

17:24
09/18/18
09/18
17:24
09/18/18
17:24
Periodicals
Capcom shutting down Vancouver studio, Kotaku says »

Capcom Vancouver,…

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BBY

Best Buy

$77.70

0.67 (0.87%)

17:24
09/18/18
09/18
17:24
09/18/18
17:24
Syndicate
Breaking Syndicate news story on Best Buy »

Best Buy files automatic…

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DO

Diamond Offshore

$17.86

0.55 (3.18%)

17:22
09/18/18
09/18
17:22
09/18/18
17:22
Initiation
Diamond Offshore initiated  »

Diamond Offshore…

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TSM

TSMC

$43.57

-0.2 (-0.46%)

17:20
09/18/18
09/18
17:20
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17:20
Upgrade
TSMC rating change  »

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WHD

Cactus

$35.93

1.24 (3.57%)

17:17
09/18/18
09/18
17:17
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17:17
Initiation
Cactus initiated  »

Cactus initiated with an…

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ZTCOY

ZTE Corp.

$0.00

(0.00%)

17:15
09/18/18
09/18
17:15
09/18/18
17:15
Periodicals
Senators seek punishment if ZTE strays from deal, Reuters says »

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AKCA

Akcea Therapeutics

$26.58

1.73 (6.96%)

17:15
09/18/18
09/18
17:15
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17:15
Syndicate
Breaking Syndicate news story on Akcea Therapeutics »

Akcea Therapeutics files…

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  • 06

    Oct

OIS

Oil States

$30.85

0.55 (1.82%)

17:13
09/18/18
09/18
17:13
09/18/18
17:13
Initiation
Oil States initiated  »

Oil States initiated with…

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NOV

National Oilwell

$44.55

0.44 (1.00%)

17:07
09/18/18
09/18
17:07
09/18/18
17:07
Initiation
National Oilwell initiated  »

National Oilwell…

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  • 26

    Oct

FET

Forum Energy

$11.20

0.275 (2.52%)

17:03
09/18/18
09/18
17:03
09/18/18
17:03
Initiation
Forum Energy initiated  »

Forum Energy initiated…

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  • 24

    Sep

ARES

Ares Management

$22.30

0.7 (3.24%)

17:02
09/18/18
09/18
17:02
09/18/18
17:02
Hot Stocks
Ares Management and Starwood Energy sign agreement to sell interest in HTP »

Ares EIF, the power and…

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TKR

Timken

$48.65

-0.05 (-0.10%)

17:01
09/18/18
09/18
17:01
09/18/18
17:01
Hot Stocks
Timken completes acquisition of Rollon Group »

The Timken Company…

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DRQ

Dril-Quip

$49.90

0.8 (1.63%)

16:58
09/18/18
09/18
16:58
09/18/18
16:58
Initiation
Dril-Quip initiated  »

Dril-Quip initiated with…

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03/06/13
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03/06/13
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