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KR

Kroger

$21.58

0.24 (1.12%)

, ESRX

Express Scripts

$62.64

-1.03 (-1.62%)

07:30
09/13/17
09/13
07:30
09/13/17
07:30

Unusual put flow in option market yesterday

Notable put activity was cited Tuesday in Kroger (KR), Express Scripts (ESRX), Spectrum Brands (SPB), and United Natural Foods (UNFI).

KR

Kroger

$21.58

0.24 (1.12%)

ESRX

Express Scripts

$62.64

-1.03 (-1.62%)

SPB

Spectrum Brands

$106.38

1.76 (1.68%)

UNFI

United Natural Foods

$36.57

0.55 (1.53%)

  • 13

    Sep

  • 14

    Sep

  • 19

    Sep

  • 21

    Sep

  • 22

    Sep

  • 27

    Sep

  • 02

    Oct

  • 25

    Oct

KR Kroger
$21.58

0.24 (1.12%)

09/11/17
DBAB
09/11/17
DOWNGRADE
Target $21
DBAB
Hold
Kroger downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank analyst Shane Higgins downgraded Kroger to Hold and cut his price target for the shares to $21 from $26. The company's sales and earnings growth for the next few years are likely to be below historical averages as it enters a period of increased investment, which warrants a lower multiple, Higgins tells investors in a research note partially titled "Transformations are Never Easy."
09/11/17
09/11/17
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. Snap (SNAP) downgraded to Hold from Buy at Deutsche Bank with analyst Lloyd Walmsley saying the risk/reward is more balanced with the shares up 29% since August 11. 2. Owens Corning (OC) downgraded to Neutral from Buy at Nomura Instinet with analyst Michael Wood saying high expectations create a balanced risk/reward at current share levels. 3. Kroger (KR) downgraded to Hold from Buy at Deutsche Bank with analyst Shane Higgins saying the company's sales and earnings growth for the next few years are likely to be below historical averages as it enters a period of increased investment, which warrants a lower multiple. 4. Sony (SNE) downgraded to Neutral from Buy at Citi with analyst Kota Ezawa saying the shares, following the recent rally, are now around fair value. The analyst expects the company's earnings growth to slow. 5. Newell Brands (NWL) downgraded to Hold from Buy at Jefferies with analyst Kevin Grundy citing management's "recent cautionary commentary" on its outlook for the second half of 2018. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/12/17
PIVT
09/12/17
UPGRADE
PIVT
Buy
Kroger upgraded to Buy from Hold at Pivotal Research
Pivotal Research analyst Ajay Jain upgraded Kroger to Buy with an unchanged price target of $25. The supermarket owner closed yesterday up 28c to $21.34. Continued weakness in investor sentiment following Kroger's latest results presents a near-term buying opportunity, Jain tells investors in a research note. The analyst, while admitting it is difficult to call an absolutely bottom amid an increasingly competitive operating environment, says the stock's risk/reward is "finally improving."
09/12/17
09/12/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Comerica (CMA) upgraded to Overweight from Neutral at Piper Jaffray with analyst Brett Rabatin saying the bank's mid-quarter update is better than expected. 2. Alcoa (AA) upgraded to Buy from Hold at Deutsche Bank with analyst Jorge Beristain basing the upgrade on the firm's commodity team raising its 2018 aluminum price forecast by 12% to $2,072 per ton. 3. Kroger (KR) upgraded to Buy from Hold at Pivotal Research with analyst Ajay Jain saying continued weakness in investor sentiment following Kroger's latest results presents a near-term buying opportunity. 4. Comcast (CMCSA) upgraded to Buy from Neutral at MoffettNathanson with analyst Craig Moffett saying Comcast shares cheap following management comments on third quarter subscriber loses and the resulting stock selloff is overdone. 5. Inovalon (INOV) upgraded to Equal Weight from Underweight at Morgan Stanley with analyst Ricky Goldwasser saying that the company's presentation at the firm's healthcare conference provided a line of sight to organic earnings acceleration in the second half of the year. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
ESRX Express Scripts
$62.64

-1.03 (-1.62%)

06/13/17
WELS
06/13/17
NO CHANGE
Target $83.5
WELS
Outperform
Wells says Mallinckrodt exploring all options, including going private
After hosting CEO Mark Trudeau for an open Q&A session, Wells Fargo analyst David Maris says Mallinckrodt (MNK) continues to look at a range of strategic options to deliver shareholder value, and that all options, including going private, are on the table. Management did an "excellent job" in correcting the record following "erroneous" short-seller presentations, Maris tells investors in a research note. Management detailed Mallinckrodt's relationship with Express Scripts (ESRX) and explained that it is not strained, Maris writes. The analyst notes Trudeau spoke with Express Scripts CEO Timothy Wentworth a week ago about the relationship and that it seems "solid and mutually positive," despite recent negative comments about Acthar from the pharmacy benefit manager's Chief Medical Officer. Maris has an Outperform rating on Mallinckrodt with an $83.50 price target. The stock in premarket trading is up 2% to $42.40 as social media passes around Wells Fargo's comments about the company exploring all options, including going private. As the Wall Street Journal's Charley Grant points out on Twitter, Mallinckrodt said last month at a conference that it is exploring options to drive shareholder value.
06/26/17
COWN
06/26/17
NO CHANGE
Target $17
COWN
Market Perform
Diplomat shares 'overreacting' to potential DIR fee pressure, says Cowen
Cowen analyst Charles Rhyee noted his prior observation following meetings with Express Scripts (ESRX) that the company plans to be more aggressive with DIR fees. However, he estimates a maximum potential downside of $1.36 per Diplomat Pharmacy (DPLO) share in such a scenario, or a bit over 7% of Friday's closing price, making today's pullback an overreaction in his view. He keeps a Market Perform rating and $17 price target on Diplomat shares, which remain down about 8.5% at $16.82 but are well off their earlier lows.
06/27/17
BARD
06/27/17
NO CHANGE
Target $20
BARD
Outperform
Diplomat Pharmacy and entire supply chain have reimbursement risk, says Baird
Baird analyst Eric Coldwell noted Diplomat Pharmacy (DPLO) shares were lower yesterday based on a competitor's research note that suggested Express Scripts (ESRX) was cutting reimbursement in certain commercial plans and is kicking the tires on a DIR rollout in Part D. The analyst believes that would be not only negative for Diplomat but for all in the supply chain. The fact that others were not hit as hard is confusing to Coldwell, but he hopes for clarification from the company's IR day tomorrow. Coldwell maintained his Outperform rating and $20 price target on Diplomat Pharmacy shares.
07/28/17
WELS
07/28/17
NO CHANGE
Target $9
WELS
Underperform
Insurers are dropping Valeant's top products, says Wells Fargo
United Healthcare's (UNH) formulary is no longer covering Valeant Pharmaceuticals' (VRX) number three branded drug Solodyn and will also now exclude Retin-A brand, its number four branded drug, Wells Fargo analyst David Maris tells investors in a research note. The analyst estimates the two drugs represented approximately $214M of Valeant's sales in 2016. Maris also points out that Glumetza, Valeant's number eight branded drug, and Relistor were removed in July from CVS/Caremark's (CVS) formulary. These two drugs had approximately $119M in 2016 revenues. Maris notes his counterpart Peter Costa estimates that United Healthcare covers approximately 17% of the U.S. and CVS covers approximately 33%. Express Scripts (ESRX) is releasing its 2018 national formulary next week, Costa adds. Maris keeps an Underperform rating on shares of Valeant with a $9 price target. The stock in premarket trading is down 33c, or 2%, to $16.80.
SPB Spectrum Brands
$106.38

1.76 (1.68%)

01/10/17
BOFA
01/10/17
DOWNGRADE
BOFA
Neutral
Spectrum Brands downgraded to Neutral from Buy at BofA/Merrill
01/10/17
01/10/17
DOWNGRADE
Target $130

Neutral
Spectrum Brands downgraded to Neutral on difficult 2017 at BofA/Merrill
As previously reported, BofA/Merrill downgraded Spectrum Brands to Neutral and lowered its price target to $135 from $130. Analyst Olivia Tong is taking a more cautious stance on near-term momentum given difficult 1H 2017 comps, an unexpected sales deceleration in the September quarter, and little momentum in Appliances and Pet businesses.
03/14/17
RBCM
03/14/17
INITIATION
RBCM
Outperform
Spectrum Brands initiated with an Outperform at RBC Capital
RBC Capital analyst Nik Modi started Spectrum Brands with an Outperform rating and $160 price target.
05/03/17
WELS
05/03/17
NO CHANGE
WELS
Spectrum Brands weakness creates attractive entry point, says Wells Fargo
Wells Fargo says that the 7.5% drop in Spectrum following its Q2 miss creates an attractive entry point. The firm says that the miss "largely reflected" one-time difficulties, and did not represent a deterioration in the company's fundamentals. Wells expects the company's 2H17 results to be boosted by seasonality, and it thinks the company has multiple, positive catalysts, including "the new H&G and European Battery capacity, distribution wins, AutoCare and H&G international expansion." It keeps an Outperform rating on the shares.
UNFI United Natural Foods
$36.57

0.55 (1.53%)

06/16/17
JEFF
06/16/17
NO CHANGE
Target $39
JEFF
Buy
Jefferies does not expect higher bid for Whole Foods
Jefferies analyst Christopher Mandeville does not see a higher bid coming for Whole Foods (WFM) given the premium paid by Amazon.com (AMZN). The analyst believes the synergies from the deal are "unclear at this time." He also expects grocery stocks to remain under pressure following today's news. Further, United Natural Foods' (UNFI) relationship with Whole Foods is now "more questionable than ever," Mandeville tells investors in a research note.
06/19/17
PIVT
06/19/17
NO CHANGE
Target $32
PIVT
Sell
Amazon could renegotiate or terminate United Natural contract, says Pivotal
Pivotal Research analyst Ajay Jain said regardless of the change of control provisions under United Natural Foods' (UNFI) contract with Whole Foods (WFM), there is no way to characterize the acquisition by Amazon (AMZN) as a non-event. Based on Albertson's United Foods contract cancellation in 2015, the analyst believes it will not be difficult for Amazon to renegotiate or terminate the United Natural Foods contract, if it so pleases. Jain said Whole Foods has more leverage over United Natural and the ability to demand further pricing concessions and will have more control over the supply chain through Amazon, making it unlikely the current agreement is truly binding. Jain rates United Natural Foods a Sell with a $32 price target.
06/29/17
OPCO
06/29/17
NO CHANGE
OPCO
Perform
Opco sees limited near-term risks to United Natural's deal with Whole Foods
After spending time with management, Oppenheimer analyst Rupesh Parikh says he continues to see limited near-term risks related to United Natural Foods' contract with Whole Foods (WFM). The company has change of control language in place to protect its interests and the contract goes through 2025, Parikh tells investors in a research note. He adds that United Natural could benefit if Whole Foods succeeds in driving more volume to stores post the Amazon (AMZN) takeover. The analyst cautions, however, that post-2025 concerns represent an overhang for now and that it is unclear whether Amazon would build its own logistics network to service Whole Foods stores. Parikh keeps a Perform rating on United Natural. He says he left the meetings with management confident in management's ability to outperform peers through stronger execution and opportunistic acquisitions.
08/11/17
SPHN
08/11/17
INITIATION
SPHN
Equal Weight
United Natural Foods initiated with an Equal Weight at Stephens

TODAY'S FREE FLY STORIES

$NSD

NASDAQ Market Internals

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NASDAQ market internals summary »

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$NYE

NYSE Market Internals

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NYSE market internals summary »

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HCA

HCA Holdings

$76.15

-1.53 (-1.97%)

13:15
09/19/17
09/19
13:15
09/19/17
13:15
Options
HCA Holdings put volume heavy and directionally bearish »

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13:15
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13:15
General news
Fed Policy Outlook: FOMC began its 2-day meeting »

Fed Policy Outlook: FOMC…

ICPT

Intercept

$95.75

0.87 (0.92%)

13:11
09/19/17
09/19
13:11
09/19/17
13:11
Conference/Events
Intercept management to meet with Jefferies »

Meeting to be held in New…

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  • 19

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WHR

Whirlpool

$170.86

0.02 (0.01%)

13:10
09/19/17
09/19
13:10
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13:10
Hot Stocks
Whirlpool ticks lower after August appliance data »

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TIF

Tiffany

$90.95

1.98 (2.23%)

13:05
09/19/17
09/19
13:05
09/19/17
13:05
Options
Tiffany call volume above normal and directionally bullish »

Bullish option flow…

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  • 03

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13:00
09/19/17
09/19
13:00
09/19/17
13:00
General news
FOMC forecast revisions »

FOMC forecast revisions…

PTLA

Portola Pharmaceuticals

$56.57

1.62 (2.95%)

12:58
09/19/17
09/19
12:58
09/19/17
12:58
Recommendations
Portola Pharmaceuticals analyst commentary  »

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  • 02

    Feb

KR

Kroger

$21.29

-0.1501 (-0.70%)

12:55
09/19/17
09/19
12:55
09/19/17
12:55
Options
Kroger put volume heavy and directionally bearish »

Bearish flow noted in…

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PTLA

Portola Pharmaceuticals

$56.57

1.62 (2.95%)

12:51
09/19/17
09/19
12:51
09/19/17
12:51
Recommendations
Portola Pharmaceuticals analyst commentary  »

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  • 02

    Feb

FCAU

Fiat Chrysler

$17.10

0.275 (1.64%)

12:49
09/19/17
09/19
12:49
09/19/17
12:49
Hot Stocks
FCA US recalling 443,712 U.S.-market heavy-duty pickups, medium-duty trucks »

FCA US LLC is voluntarily…

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MSFT

Microsoft

$75.16

-0.15 (-0.20%)

12:48
09/19/17
09/19
12:48
09/19/17
12:48
Hot Stocks
Microsoft Azure IP Advantage available in China on October 1 »

Microsoft said on its…

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  • 22

    Sep

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    Oct

AA

Alcoa

$45.77

0.86 (1.91%)

12:45
09/19/17
09/19
12:45
09/19/17
12:45
Options
Alcoa call volume above normal and directionally bullish »

Bullish option flow…

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NDLS

Noodles & Company

$4.15

-0.25 (-5.68%)

12:37
09/19/17
09/19
12:37
09/19/17
12:37
Conference/Events
Noodles & Company management to meet with SunTrust »

Meeting to be held in…

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  • 19

    Sep

ENDP

Endo

$8.34

-0.26 (-3.02%)

, JNJ

Johnson & Johnson

$135.14

-0.24 (-0.18%)

12:37
09/19/17
09/19
12:37
09/19/17
12:37
Hot Stocks
Schneiderman, coalition of AGs expand multistate probe into opioid crisis »

New York Attorney General…

ENDP

Endo

$8.34

-0.26 (-3.02%)

JNJ

Johnson & Johnson

$135.14

-0.24 (-0.18%)

TEVA

Teva

$17.14

0.15 (0.88%)

AGN

Allergan

$218.48

-3.06 (-1.38%)

ABC

AmerisourceBergen

$80.24

-0.43 (-0.53%)

CAH

Cardinal Health

$66.37

-0.7 (-1.04%)

MCK

McKesson

$150.02

1.6 (1.08%)

03/08/13
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03/06/13
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  • 21

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    Oct

LXRX

Lexicon

$12.81

0.44 (3.56%)

, IPSEY

Ipsen

$33.04

-0.36 (-1.08%)

12:37
09/19/17
09/19
12:37
09/19/17
12:37
Hot Stocks
Lexicon announces European Commission approves Xermelo »

Lexicon Pharmaceuticals…

LXRX

Lexicon

$12.81

0.44 (3.56%)

IPSEY

Ipsen

$33.04

-0.36 (-1.08%)

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  • 25

    Sep

12:35
09/19/17
09/19
12:35
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12:35
General news
Today's U.S. reports »

Today's U.S. reports…

LEG

Leggett & Platt

$45.25

-0.635 (-1.38%)

12:34
09/19/17
09/19
12:34
09/19/17
12:34
Conference/Events
Leggett & Platt management to meet with SunTrust »

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  • 19

    Sep

AMZN

Amazon.com

$974.19

-12.6 (-1.28%)

, VIA

Viacom

$37.45

-0.4 (-1.06%)

12:32
09/19/17
09/19
12:32
09/19/17
12:32
Periodicals
Viacom leak may have compromised digital properties, Gizmodo reports »

A security researcher…

AMZN

Amazon.com

$974.19

-12.6 (-1.28%)

VIA

Viacom

$37.45

-0.4 (-1.06%)

VIAB

Viacom

$27.32

-0.35 (-1.26%)

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  • 22

    Oct

ACTG

Acacia Research

12:32
09/19/17
09/19
12:32
09/19/17
12:32
Hot Stocks
Acacia Research shares trade higher amid insider buying »

A number of insiders at…

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GDOT

Green Dot

$48.82

0.79 (1.64%)

12:30
09/19/17
09/19
12:30
09/19/17
12:30
Conference/Events
Green Dot management to meet with SunTrust »

Meeting to be held in…

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  • 19

    Sep

ADBE

Adobe

$155.77

1.28 (0.83%)

12:30
09/19/17
09/19
12:30
09/19/17
12:30
Options
Adobe attracts a pre-earnings call writer »

Adobe attracts a…

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  • 19

    Sep

  • 22

    Oct

ENDP

Endo

$8.34

-0.26 (-3.02%)

, JNJ

Johnson & Johnson

$134.95

-0.43 (-0.32%)

12:28
09/19/17
09/19
12:28
09/19/17
12:28
Hot Stocks
Michigan AG says 41 state attorneys general now involved in opioid probe »

Michigan Attorney General…

ENDP

Endo

$8.34

-0.26 (-3.02%)

JNJ

Johnson & Johnson

$134.95

-0.43 (-0.32%)

TEVA

Teva

$17.14

0.15 (0.88%)

AGN

Allergan

$218.49

-3.05 (-1.38%)

ABC

AmerisourceBergen

$80.20

-0.47 (-0.58%)

CAH

Cardinal Health

$66.36

-0.71 (-1.06%)

MCK

McKesson

$149.89

1.47 (0.99%)

03/08/13
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  • 21

    Sep

  • 22

    Sep

  • 22

    Sep

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    Sep

  • 27

    Sep

  • 17

    Oct

EFX

Equifax

$94.55

0.17 (0.18%)

12:27
09/19/17
09/19
12:27
09/19/17
12:27
Periodicals
Massachusetts Attorney General files lawsuit against Equifax, Reuters reports »

The State of…

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  • 22

    Oct

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