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AAPL

Apple

$159.76

-0.71 (-0.44%)

, AXP

American Express

$91.42

-0.6599 (-0.72%)

12:21
10/19/17
10/19
12:21
10/19/17
12:21

On The Fly: Top stock stories at midday

Stocks opened in negative territory and have remained there throughout the morning. Political concerns in Spain and worries about weakening growth in China were attributed as potential causes of the early weakness, though there may not be much "reason" beyond the market being due to pull back with the major averages at record levels. The Dow has cut its early losses in half, but the Nasdaq remains under pressure as shares of Apple (AAPL) are down following reports of reduced orders for the iPhone 8 and iPhone 8 Plus. ECONOMIC EVENTS: In the U.S., initial jobless claims dropped 22,000 to 222,000 in the week of October 14, marking a 44-year low. The Philly Fed manufacturing index rose 4.1 points to 27.9 in October. The leading economic index fell 0.2% to 128.6 in September. COMPANY NEWS: Shares of Apple have slid almost 2.5% following a foreign media report claiming the company reduced orders to suppliers for iPhone 8 models by over 50% for the rest of the year. However, Drexel Hamilton analyst Brian White said he would be an "aggressive buyer" of Apple shares amid the weakness, as he believes the staggered launch of the iPhone 8 and iPhone X is causing more confusing data points than in past cycles. He also notes that Apple has cut forecasts before "even during some of the best iPhone cycles"... American Express (AXP) reported better than expected revenue and earnings, raised its full-year profit outlook and announced that Stephen Squeri, who has been Vice Chairman since 2015 will succeed retiring CEO Kenneth Chenault... Verizon (VZ) is up over 2% at midday after the Dow member reported in-line earnings, postpaid phone gains and recovering wireless service revenue. Shares of Travelers (TRV), the other member of the blue chip index that reported earnings this morning, are fractionally higher near noon. MAJOR MOVERS: Among the notable gainers was Corbus Pharmaceuticals (CRBP), jumping 11% after reporting Phase 2 study results for its potential treatment of dermatomyositis. Also higher was Adobe (ADBE), gaining 11% after the company's fiscal 2018 guidance was significantly better than expected, with several analysts highlighting its strong margin trends. eBAY (EBAY) was among the noteworthy losers, dipping 2% after reporting Q3 earnings after the close last night. Also lower after reporting earnings today was Phillip Morris (PM), which is down 4% following the cigarette giant's guidance cut. Additionally, United Airlines (UAL) shares have dropped by more than 10% after the company reported Q3 results last night and updated its FY17 view. United's weakness is also weighing on the whole airline sector, as American (AAL) is down 4% and Delta (DAL) is down nearly 2%. INDEXES: Near midday, the Dow was down 38.95, or 0.17%, to 23,118.65, the Nasdaq was down 42.36, or 0.64%, to 6,581.86, and the S&P 500 was down 5.17, or 0.2%, to 2,556.09.

AAPL

Apple

$159.76

-0.71 (-0.44%)

AXP

American Express

$91.42

-0.6599 (-0.72%)

VZ

Verizon

$49.81

1.16 (2.38%)

TRV

Travelers

$130.89

0.87 (0.67%)

PM

Philip Morris

$108.30

-4.21 (-3.74%)

ADBE

Adobe

$153.00

2.62 (1.74%)

EBAY

eBay

$37.97

0.48 (1.28%)

CRBP

Corbus Pharmaceuticals

$7.00

-0.05 (-0.71%)

UAL

United Continental

$60.75

-7.24 (-10.65%)

AAL

American Airlines

$52.03

-0.04 (-0.08%)

DAL

Delta Air Lines

$51.75

-1.11 (-2.10%)

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AAPL Apple
$159.76

-0.71 (-0.44%)

10/16/17
10/16/17
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. Apple (AAPL) was upgraded to Overweight from Sector Weight at KeyBanc and Pacific Crest. 2. Infinera (INFN) upgraded to Neutral from Sell at Citi with analyst Stanley Kovler saying the risk/reward is balanced with material downward revisions to estimates likely limited. 3. AstraZeneca (AZN) upgraded to Outperform from Neutral at Credit Suisse with analyst Rebekah Harper saying that after recent pipeline success for Tagrisso and Imfinzi, she sees a marked improvement in its strategic position in pricing power and replacement power. 4. KKR (KKR) upgraded to Buy from Neutral at Goldman Sachs with analyst Alexander Blostein citing a more stable, improving mix of balance sheet investments, lower concentration in large public holdings, and increased mix towards private holdings. 5. Groupon (GRPN) upgraded to Market Perform from Underperform at Cowen with analyst Thomas Champion saying he believes the shares currently look more attractive given the company's new management and cost controls, improved North America results, and balanced expectations for the second half of 2017. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/16/17
KEYB
10/16/17
UPGRADE
KEYB
Overweight
Apple upgraded to Overweight from Sector Weight at KeyBanc
KeyBanc analyst Andy Hargreaves upgraded Apple to Overweight from Sector Weight with a price target of $187. The shares closed Friday up 99c to $156.99. Apple is in the early stages of a "more aggressive market segmentation strategy" that will likely increase its gross profit per user and drive gross margin higher, Hargreaves tells investors in a research note. The analyst, however, remains "somewhat pessimistic" on iPhone unit growth volumes. Increased gross margin assumptions rise his earnings per share estimate for fiscal year 2018 to $11.68 from $11.07. The analyst believes initial iPhone mix is likely to suggest strong high-end demand. This report updates the firm to KeyBanc, which previously merged with Pacific Crest.
10/16/17
KEYB
10/16/17
NO CHANGE
KEYB
Apple supply chain to remain range-bound, says KeyBanc
KeyBanc analyst John Vinh says that because of supply constraints associated with the iPhone X, he anticipates Apple (AAPL) supply chain stocks will likely remain range-bound in the near term, given constraints make upside to estimates less likely, and constraints make it hard to assess true demand for the iPhone X. Additionally, his latest carrier survey indicates relatively lean iPhone 8 inventories despite muted demand and slightly higher demand for the iPhone 7. The analyst recommends investors continue to own Broadcom (AVGO), Cirrus Logic (CRUS), and Skyworks (SWKS).
10/19/17
DRXL
10/19/17
NO CHANGE
Target $208
DRXL
Buy
Drexel Hamilton 'aggressive buyers' of Apple on order cut report weakness
Drexel Hamilton analyst Brian White said he would be an "aggressive buyer" of Apple shares amid the weakness that he attributes to media reports around order cuts for the iPhone 8/8 Plus. He believes the staggered launch of the iPhone 8/8 Plus and iPhone X is causing more confusing data points relative to past cycles and notes that Apple has cut forecasts before "even during some of the best iPhone cycles." The analyst, who notes that consumers are waiting on the iPhone X, keeps a Buy rating and $208 price target on Apple shares, which are down 2.4% to $155.92 in early trading.
AXP American Express
$91.42

-0.6599 (-0.72%)

10/19/17
OPCO
10/19/17
NO CHANGE
Target $99
OPCO
Outperform
American Express price target raised to $99 from $93 at Oppenheimer
Oppenheimer analyst Ben Chittenden raised his price target for American Express to $99 from $93 after the company reported Q3 results. The analyst believes the bigger takeaway is that momentum seems to be picking up as management raised guidance to above the Street for Q4. Chittenden reiterates an Outperform rating on the shares.
10/19/17
FBCO
10/19/17
NO CHANGE
Target $84
FBCO
Underperform
American Express price target raised to $84 from $79 at Credit Suisse
Credit Suisse analyst Moshe Orenbuch raised his price target for American Express to $84 from $79 following quarterly results. Nonetheless, the analyst reiterates an Underperform rating on the shares.
10/19/17
RBCM
10/19/17
NO CHANGE
Target $68
RBCM
Underperform
American Express price target raised to $68 from $63 at RBC Capital
RBC Capital analyst Jason Arnold raised his price target on American Express to $68 following Q3 results that featured a lower tax rate of 26% relative to the more typical 32% rate offsetting a larger loss provision. The analyst keeps his Underperform rating, remaining concerned over high competition and a likely loss of the Starwood cobrand partnership.
10/19/17
SPHN
10/19/17
NO CHANGE
Target $89
SPHN
Equal Weight
American Express guidance raise, CEO change not surprises, says Stephens
Stephens analyst Vincent Caintic said he believes investors had expected American Express to raise its 2017 EPS guidance and that the appointment of Steve Squeri as its next CEO was also not a surprise. Squeri will likely not be materially different in strategy from outgoing CEO Ken Chenault, contends Caintic, who adds that he is concerned about the company's higher than expected provisions in Q3. The analyst keeps an Equal Weight rating on American Express shares, though he raised his price target on the stock to $89 from $82.
VZ Verizon
$49.81

1.16 (2.38%)

09/20/17
OPCO
09/20/17
NO CHANGE
OPCO
Perform
Oppenheimer expects Sprint, T-Mobile merger to happen
Oppenheimer analyst Timothy Horan expect T-Mobile (TMUS) to merge with Sprint (S) in a stock-for-stock transaction at a $10 per share Sprint valuation. A T-Mobile/Sprint will be a better competitor to Verizon (VZ)/AT&T (T), the analyst says, adding that while the process is likely to have a few bumps and require time, he expects a merger to happen. Horan reiterates a Perform rating on Sprint's shares.
09/20/17
DBAB
09/20/17
NO CHANGE
DBAB
Sprint, T-Mobile merger unlikely to get regulatory approval, says Deutsche Bank
Deutsche Bank analyst Matthew Niknam continues to believe a potential merger between Sprint (S) and T-Mobile (TMUS) faces "significant hurdles" and is ultimately unlikely to get past regulatory concerns. Merits of the deal, however, are "unparalleled, and very tough to debate," Niknam tells investors in a research note following CNBC's report of progressing deal talks. He believes derivative stock reactions on the news, namely strength in AT&T (T) and Verizon (VZ) and weakness in the tower names, could be at risk of reversing. Among the towers, the analyst has Buy ratings on American Tower (AMT) and Crown Castle (CCI).
10/16/17
10/16/17
DOWNGRADE

Perform
Crown Castle downgraded to Perform at Oppenheimer
As previously reported, Oppenheimer analyst Timothy Horan downgraded Crown Castle (CCI) to Perform from Outperform saying that recent reports denote a T-Mobile (TMUS)/Sprint (S) merger is imminent, and as it represents 40% of revenues and will be aggressively slashing supplier spending, which will offset growth in 600 MHz, FirstNet, 5G. The analyst sees a 70% probability of the deal receiving approval with major concessions and likely also attacking the wireline market and better able to compete with Verizon (VZ)/AT&T (T) on coverage/capacity.
10/19/17
SBSH
10/19/17
NO CHANGE
Target $55
SBSH
Buy
Verizon shares to move up near-term on Q3 results, says Citi
Citi analyst Michael Rollins views this morning's Q3 results from Verizon Communications as positive citing the postpaid phone gains and recovering wireless service revenue. The quarter affirms the company's opportunity to improve the trajectory of wireless service revenue over the next 12 months while generating solid cash flow, Rollins tells investors in a post-earnings research note. The analyst expects Verizon shares to trade higher near-term on the back of these results. He keeps a Buy rating on the name with a $55 price target. Rollins notes Verizon's capex of $4.3B was just below his $4.4B forecast. Capex is now expected to be $16.8B, below the analyst's estimate of $17.0B.
TRV Travelers
$130.89

0.87 (0.67%)

09/11/17
JPMS
09/11/17
NO CHANGE
JPMS
Irma losses could be lower than expected, says JPMorgan
JPMorgan analyst Sarah DeWitt believes losses from Hurricane Irma could be at the lower end of the $20B-$60B expected range since the storm weakened faster than expected. The analyst estimates the impact to book values for the companies she covers should be a "manageable" 1%-2%. Among the property casualty insurers, the analyst views Validus (VR), Everest Re (RE) and XL Group (XL) as the most oversold. She lists those three along with RenaissanceRe (RNR), Travelers (TRV), Arch Capital (ACGL), Chubb (CB), Allstate (ALL) and Progressive (PGR) as the P&C insurers with the most exposure to U.S. hurricanes.
09/11/17
BUCK
09/11/17
INITIATION
Target $136
BUCK
Buy
Travelers initiated with a Buy at Buckingham
Buckingham analyst Amit Kumar initiated Travelers with a Buy and a $136 price target.
10/16/17
KBWI
10/16/17
UPGRADE
KBWI
Outperform
Travelers upgraded to Outperform from Market Perform at Keefe Bruyette
Keefe Bruyette analyst Meyer Shields upgraded Travelers to Outperform citing expectations for personal auto margin expansion and core commercial loss ratio stability.
09/11/17
LEHM
09/11/17
NO CHANGE
LEHM
Irma and Harvey insured losses expected to top $100B, says Barclays
Barclays analyst Jay Gelb notes initial indications are Hurricane Irma's impact on Florida could result in insured losses of up to $60B. Irma will likely be the largest storm to ever impact the U.S., although not as bad as if Miami suffered a direct hit, Gelb tells investors in a research note on the insurance space titled "Devastating Irma Impact on Insurers, But It Could Have Been Worse." All in, Irma and Harvey insured losses are expected to exceed $100B, Gelb points out. He believes the re/insurance stocks could suffer from near-term uncertainty regarding the extent of losses. Of the names he covers, the analyst expects Everest Re (RE), XL Group (XL), RenaissanceRe (RNR), Validus (VR) and Aspen Insurance (AHL) "to take the brunt of Irma losses." Book value declines of more than 20% could require equity capital raises, Gelb contends. He says Chubb (CB), Travelers (TRV) and Hartford Financial (HIG) have relatively less exposure while AIG (AIG) could have greater losses among the primary insurers.
PM Philip Morris
$108.30

-4.21 (-3.74%)

09/28/17
GSCO
09/28/17
UPGRADE
Target $135
GSCO
Conviction Buy
Philip Morris upgraded to Conviction Buy from Buy at Goldman Sachs
Goldman Sachs analyst Judy Hong upgraded Philip Morris (PM) to Conviction Buy and reiterates the stock as her top pick in within tobacco. The company offers a "rare innovation product cycle story within Staples" along with the strongest global positioning in next generation products, Hong tells investors in a research note where she also upgraded Brown-Forman (BF.B) to Neutral. The analyst views Philip Morris' IQOS as a "game-changer for Global Tobacco." She raised her price target for the shares to $135 from $133. Hong also highlights Mondelez (MDLZ), Estee Lauder (EL) and Kimberly-Clark (KMB) as top multinational picks.
10/06/17
WELS
10/06/17
NO CHANGE
WELS
Nicotine study could pressure tobacco stocks, says Wells Fargo
Dr. Dorothy Hatsukami's 1,250 patient, 20 week Phase III study, which suggested an immediate reduction in nicotine levels by the FDA would be more effective than a gradual reduction in terms of discouraging compensatory behavior, could create near-term headline risk for tobacco stocks, Wells Fargo analyst Bonnie Herzog tells investors in an intraday research note after XXII Century Group announced the results. Investors may worry the data could precipitate sharper declines in combustible cigarette volumes, the analyst contends. She continues to believe, however, that such an outcome would only accelerate conversion to reduced-risk products such as iQOS, which she notes does not appear to have been a part of the study. Publicly traded companies in the tobacco space include Altria Group (MO), British American Tobacco (BTI) and Philip Morris (PM).
09/28/17
09/28/17
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. McDonald's (MCD) upgraded to Buy from Neutral at Longbow with analyst Alton Stump citing better than expected third quarter U.S. comparable store sales trends. 2. Philip Morris (PM) upgraded to Conviction Buy from Buy at Goldman Sachs with analyst Judy Hong saying the company offers a "rare innovation product cycle story within Staples" along with the strongest global positioning in next generation products. 3. BlackRock (BLK) upgraded to Conviction Buy from Buy at Goldman Sachs with analyst Alexander Blostein saying he expects an acceleration in annual operating income growth given improving trends in active, easing pressures on blended fee rates, and scaling of its tech platform which should lead to sustainable multiple improvement. 4. Potbelly (PBPB) upgraded to Overweight from Neutral at Piper Jaffray with analyst Nicole Miller Regan saying she believes a "compelling" turnaround is building. 5. Huntsman (HUN) upgraded to Outperform from Market Perform at Wells Fargo with analyst Frank Mitsch saying the recent weakness in the shares is a buying opportunity. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/10/17
WELS
10/10/17
NO CHANGE
Target $140
WELS
Outperform
Philip Morris recent stock pullback overdone, says Wells Fargo
Wells Fargo analyst Bonnie Herzog says that the recent Phillip Morris stock pullback is overdone, making risk/reward look more favorable. The analyst recommends buying ahead of Q3 results as she expects strong iQOS performance, resilience in key combustible cigarette markets, and the continued success of its premiumization strategy. Herzog reiterates an Outperform rating and $140 price target on the shares.
ADBE Adobe
$153.00

2.62 (1.74%)

10/19/17
RBCM
10/19/17
NO CHANGE
Target $177
RBCM
Outperform
Adobe price target raised to $177 from $157 at RBC Capital
RBC Capital analyst Ross MacMillan raised his price target on Adobe to $177 following Q3 results. He says his prior forecasts were too conservative given the incremental margins of the Digital Media business, but the latest outlook is a reminder of Adobe's pricing power and pace of innovation. MacMillan keeps his Outperform rating on Adobe.
10/19/17
10/19/17
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. Adobe (ADBE) upgraded to Hold from Sell at Pivotal Research with analyst Brian Wieser saying the company's fiscal 2018 guidance was significantly better expected and offers strong margin trends. 2. ANGI Homeservices (ANGI) upgraded to Outperform from Market Perform at Wells Fargo with analyst Peter Stabler saying the Angie's List and HomeAdvisor combination position the new company for further category share gains in an expanding U.S. market and potential for accelerated growth in earlier stage international markets. 4. Mercer (MERC) upgraded to Outperform from Sector Perform at RBC Capital with analyst Paul Quinn citing a stronger than expected pulp market. The analyst also raised his price target on the shares to $15 from $12. 5. Grainger (GWW) upgraded to Neutral from Underweight at Atlantic Equities. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/19/17
KEYB
10/19/17
NO CHANGE
Target $178
KEYB
Overweight
Adobe growth, margin levers remain underappreciated, says KeyBanc
KeyBanc analyst Brent Bracelin raised his price target for Adobe as he believes the company's growth and margin levers remain underappreciated. The analyst noted that alongside a host of new Creative Cloud innovations unveiled at the Adobe MAX user conference, where the company raised prices for the first time in five years, management outlined the FY18 financial targets. He reiterates an Overweight rating on the shares.
10/19/17
FBCO
10/19/17
NO CHANGE
Target $190
FBCO
Outperform
Adobe price target raised to $190 from $170 at Credit Suisse
Credit Suisse analyst Michael Nemeroff raised his price target for Adobe to $190 from $170 following the company's financial analyst meeting during its Adobe MAX user conference, where management highlighted its product strategies, updated its addressable market opportunity, and provided an update to financial targets, including preliminary F2018 guidance that was above consensus. The analyst reiterates an Outperform rating on the shares.
EBAY eBay
$37.97

0.48 (1.28%)

10/19/17
BARD
10/19/17
NO CHANGE
Target $38
BARD
Outperform
eBay progress overshadowed by high expectations, says Baird
Baird analyst Colin Sebastian noted eBay reported Q3 results that were better than expected and showed the fastest Marketplace growth in three years. However, he notes that expectations were high heading into the report. The analyst said management believes its Marketplace turnaround remains on track with further improvement in core growth expected in Q4. Sebastian, who said he would be an opportunistic buyer on pullbacks, reiterated his Outperform rating and $38 price target on eBay shares.
10/18/17
BMOC
10/18/17
NO CHANGE
Target $40
BMOC
Market Perform
eBay price target raised to $40 from $36 at BMO Capital
BMO Capital analyst Daniel Salmon raised his price target on eBay to $40, saying the revenue in Promoted Listings business will rise about 190% in FY17. Salmon says the company's decision to discontinue third-party product listings ads across eBay will result in greater adoption of Promoted Listings, which he sees as a $1B opportunity. The analyst maintains a Market Perform rating on eBay, awaiting more signs of acceleration in gross merchandise volume.
10/19/17
SBSH
10/19/17
NO CHANGE
Target $43
SBSH
Buy
eBay momentum and fundamentals remain solid, says Citi
Citi analyst Mark May says that while eBay's Q3 results were slightly below the most bullish expectations, and some investors expected more from the Q4 revenue outlook, the company's underlying momentum and fundamentals remain solid. May sees continued improving core sales growth, a disciplined capital allocation strategy and an attractive valuation. He keeps a Buy rating on eBay with a $43 price target. The shares in premarket trading are down 5% to $36.20.
10/19/17
RBCM
10/19/17
NO CHANGE
Target $39
RBCM
eBay price target raised to $39 from $36 at RBC Capital
RBC Capital analyst Mark Mahaney raised his price target on eBay to $39, noting the latest Q3 results showed some acceleration in U.S. Marketplace. Mahaney keeps his Sector Perform rating on eBay saying that Q4 guidance implies some modest topline deceleration.
CRBP Corbus Pharmaceuticals
$7.00

-0.05 (-0.71%)

09/20/17
CANT
09/20/17
NO CHANGE
Target $24
CANT
Overweight
Corbus data 'encouraging supportive' for prior study, says Cantor
Cantor Fitzgerald analyst Elemer Piros reiterates an Overweight rating and $24 price target on Corbus Pharmaceuticals, following release of abstracts from the American College of Rheumatology meeting scheduled for November 3-8. Previously placebo-treated patients in one abstract began to demonstrate a meaningful response when treated with anabasum, while previously treated anabasum patients continued to improve response, Piros tells investors in a research note. He views these data as "encouraging supportive" for the prior Phase 2 study.
05/09/17
CANT
05/09/17
NO CHANGE
Target $24
CANT
Corbus poised to enter late stage development in 2017, says Cantor
Cantor Fitzgerald analyst Elemer Piros reiterates an Overweight rating and $24 price target on Corbus Pharmaceuticals' following its Q1 report, stating that the company is poised to enter late stage development in 2017 and noting that anabasum has fast track status and is eligible for priority review and submission through a rolling NDA.
09/29/17
NBLE
09/29/17
INITIATION
NBLE
Buy
Corbus Pharmaceuticals coverage assumed with a Buy at Noble Financial
Noble Financial analyst Caroline Palomeque assumed coverage of Corbus with a $16 price target and a Buy rating. The analyst believes that the launch of several trials of the company's Anabasum drug and the announcement of data on the drug from several other trials will be positive catalysts for the stock.
09/29/17
09/29/17
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. Regeneron (REGN) assumed with an Overweight at Piper Jaffray. 2. MasterCard (MA) and Visa (V) were initiated with an Overweight at Cantor Fitzgerald. 3. Liberty Global (LBTYA, LBTYK) and Liberty Global LiLAC (LILA) were initiated with a Buy at Buckingham. 4. Corbus Pharmaceuticals (CRBP) coverage assumed with a Buy at Noble Financial. 5. Medpace (MEDP) initiated with a Market Perform at Raymond James. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
UAL United Continental
$60.75

-7.24 (-10.65%)

09/27/17
STFL
09/27/17
NO CHANGE
STFL
Big 4 airlines' exposure to Spirit lower than thought, says Stifel
Stifel analyst Joseph DeNardi believes that sell side analysts at other firms may be overstating the degree of overlap that the "Big 4" airlines - American Airlines (AAL), Delta (DAL), Southwest (LUV) and United Continental (UAL) - have with Spirit (SAVE) by not accurately adjusting to include only routes operated within the same time period as competitors. Adjusting to within a 2 hour time channel, he estimates only 5% of United's and Delta's total ASMs are directly exposed to Spirit, while 8% of American's ASMs and 11% of Southwest's are exposed, he tells investors. If United is hoping to influence Spirit's growth, it may choose to continue to compete aggressively, but if its goal is to improve margins, he would expect pricing to stabilize, DeNardi tells investors.
09/20/17
09/20/17
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. Johnson & Johnson (JNJ) downgraded to Sell from Neutral at Goldman Sachs with analyst Jami Rubin saying pressure on key products combined with still-slow MD&D growth and continued strains on the consumer will leave the company with below average, long-term growth. 2. United Continental (UAL) downgraded to Market Perform at Raymond James with analyst Savanthi Syth saying an improvement in relative profitability versus legacy peers is likely to take longer than previously expected. 3. Ingersoll-Rand (IR) downgraded to Neutral from Overweight at JPMorgan with analyst C. Stephen Tusa saying he sees more relative upside and better risk/rewards elsewhere in the Electrical Equipment and Multi Industry sector. The analyst expects the company's solid execution to continue and raised his price target for the shares to $98 from $96. 4. L Brands (LB) downgraded to Market Perform from Outperform at Cowen with analyst Oliver Chen saying he sees risk to its comparable sales growth and margins if the company can not achieve elevated pricing. 5. Yahoo Japan (YAHOY) downgraded to Hold from Buy at Jefferies with analyst Hiroko Sato citing a lack of catalysts. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/25/17
MACQ
09/25/17
INITIATION
Target $64
MACQ
Neutral
United Continental initiated with a Neutral at Macquarie
Macquarie analyst Susan Donofrio initiated American Airlines with a Neutral and $64 price target. The analyst believes management's focus on regaining lost domestic market share will likely lead to financial underperformance.
09/21/17
UBSW
09/21/17
NO CHANGE
UBSW
Recent correction in airline stocks overdone, says UBS
UBS analyst Darryl Genovesi noted that United Continental (UAL) and Alaska Air (ALK) are down about 20% while Delta (DAL) and American (AAL) have fallen about 10% so far in Q3 as the fare-matching narrative has re-surfaced and estimates for fuel costs have risen. However, he views the recent correction as overdone and thinks the airline group as a whole, which was cheap before, is cheaper now without the forward earnings growth outlook being any worse. Genovesi, who doesn't see evidence of a demand drop off in the travel agency data he tracks, thinks Q3 RASM weakness is predominantly "self-inflicted" by oversupply. Other publicly traded companies in the space include JetBlue (JBLU) and Southwest (LUV).
AAL American Airlines
$52.03

-0.04 (-0.08%)

10/06/17
DBAB
10/06/17
DOWNGRADE
Target $38
DBAB
Hold
Spirit Airlines downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank analyst Michael Linenberg downgraded Spirit Airlines (SAVE) to Hold and lowered his price target for the shares to $38 from $42. The company's revenue outlook "may face greater downside risk" than peers given the competitive intensity of its markets, Linenberg tells investors in a research note previewing September quarter earnings for Airlines. His favorite names in the sector are Delta Air Lines (DAL), American Airlines (AAL) and Southwest (LUV).
10/03/17
JPMS
10/03/17
NO CHANGE
JPMS
Delta Air Lines estimates lowered on Hurricane Irma impact, says JPMorgan
JPMorgan analyst Jamie Baker lowered his Q3 EPS estimate for Delta Air Lines (DAL) to $1.52 from $1.60 after the company lowered its Q3 operating margin guidance, given the impact of Hurricane Irma. Despite the downward revision, Baker maintained an Overweight rating and $63 price target on Delta shares. Baker also noted that American Airlines (AAL) was likely to guide down as well, as American has a higher percentage of capacity traveling through Florida than Delta, 15.7% to 12.7%, respectively.
09/25/17
MACQ
09/25/17
INITIATION
Target $47
MACQ
Neutral
American Airlines initiated with a Neutral at Macquarie
Macquarie analyst Susan Donofrio initiated American Airlines with Neutral and $47 price target telling investors the company's financial performance could be pressured given its exposure to current price "skirmishes" between Spirit and United.
DAL Delta Air Lines
$51.75

-1.11 (-2.10%)

10/12/17
10/12/17
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. Delta Air Lines (DAL) upgraded to Outperform from In-Line at Imperial Capital with analyst Michael Derchin saying the company is likely to grow unit revenues in fiscal year 2018 due to pricing power in its key domestic hubs and improving international results. 2. Transocean (RIG) upgraded to Buy from Neutral at Citi with analyst Scott Gruber saying if an upturn is forthcoming, Transocean should outperform given a "diminution" of concern toward its balance sheet and more new contract catalysts. 3. Canadian Pacific (CP) upgraded to Overweight from Neutral at JPMorgan with analyst Brian Ossenbeck saying he sees a shift to stronger volume growth as the company laps contract losses and records some new contract wins. 4. Infinity upgraded to Outperform from Market Perform at Wells Fargo with analyst Jim Birchenough saying the IPI-549 monotherapy data have a "reasonable likelihood" of proof-of-concept response rate, and with likely validation of tumor macrophage targeting in immunooncology and a unique mechanism of action, upside potential is not reflected in the current stock price. 5. Kroger (KR) upgraded to Equal Weight from Underweight at Stephens with analyst Ben Bienvenu saying he believes the pursuit of strategic alternatives for the convenience store business has potential to unlock value and that the risk/reward is more balanced following the stock's recent pullback. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/12/17
IMPC
10/12/17
UPGRADE
Target $63
IMPC
Outperform
Delta Air Lines upgraded to Outperform from In-Line at Imperial Capital
Imperial Capital analyst Michael Derchin upgraded Delta Air Lines to Outperform and raised his price target for the shares to $63 from $50. The company is likely to grow unit revenues in fiscal year 2018 due to pricing power in its key domestic hubs and improving international results, the analyst tells investors in a research note.

TODAY'S FREE FLY STORIES

MKSI

MKS Instruments

$103.50

-0.35 (-0.34%)

, BRCD

Brocade

18:01
11/17/17
11/17
18:01
11/17/17
18:01
Hot Stocks
S&P announces changes to S&P MidCap 400, S&P SmallCap 600 indices »

S&P Dow Jones Indices…

MKSI

MKS Instruments

$103.50

-0.35 (-0.34%)

BRCD

Brocade

IVR

Invesco Mortgage

$17.36

0.07 (0.40%)

AVGO

Broadcom

$271.86

-0.25 (-0.09%)

TCMD

Tactile Systems

$25.98

-0.23 (-0.88%)

LMOS

Lumos Networks

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 28

    Nov

  • 06

    Dec

WGL

WGL Holdings

$84.32

-0.14 (-0.17%)

18:01
11/17/17
11/17
18:01
11/17/17
18:01
Earnings
WGL Holdings reports Q4 adjusted EPS (17c), consensus (19c) »

Reports Q4 revenue…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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TCMD

Tactile Systems

$25.98

-0.23 (-0.88%)

, LMOS

Lumos Networks

17:58
11/17/17
11/17
17:58
11/17/17
17:58
Hot Stocks
Tactile Systems to replace Lumos Networks in S&P 600 at open on 11/22 »

EQT Infrastructure…

TCMD

Tactile Systems

$25.98

-0.23 (-0.88%)

LMOS

Lumos Networks

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 28

    Nov

IVR

Invesco Mortgage

$17.36

0.07 (0.40%)

, MKSI

MKS Instruments

$103.50

-0.35 (-0.34%)

17:56
11/17/17
11/17
17:56
11/17/17
17:56
Hot Stocks
Breaking Hot Stocks news story on Invesco Mortgage, MKS Instruments »

Invesco Mortgage to…

IVR

Invesco Mortgage

$17.36

0.07 (0.40%)

MKSI

MKS Instruments

$103.50

-0.35 (-0.34%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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MKSI

MKS Instruments

$103.50

-0.35 (-0.34%)

, BRCD

Brocade

17:55
11/17/17
11/17
17:55
11/17/17
17:55
Hot Stocks
MKS Instruments to replace Brocade in S&P 400 at open on 11/22 »

S&P 500 constituent…

MKSI

MKS Instruments

$103.50

-0.35 (-0.34%)

BRCD

Brocade

AVGO

Broadcom

$271.86

-0.25 (-0.09%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 06

    Dec

UQM

UQM Technologies

$1.18

0.015 (1.29%)

17:24
11/17/17
11/17
17:24
11/17/17
17:24
Syndicate
Breaking Syndicate news story on UQM Technologies »

UQM Technologies files to…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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GS

Goldman Sachs

$238.02

-1.35 (-0.56%)

17:23
11/17/17
11/17
17:23
11/17/17
17:23
Periodicals
Goldman Sachs has $510M lawsuit dismissed, Reuters reports »

A $510M lawsuit that…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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VICL

Vical

$1.94

-0.02 (-1.02%)

17:18
11/17/17
11/17
17:18
11/17/17
17:18
Hot Stocks
Breaking Hot Stocks news story on Vical »

Biotechnology Value Fund…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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LGND

Ligand

$140.31

-1.4 (-0.99%)

17:18
11/17/17
11/17
17:18
11/17/17
17:18
Hot Stocks
Ligand director sells 5,000 common shares »

In a regulatory filing,…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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LGND

Ligand

$140.31

-1.4 (-0.99%)

17:17
11/17/17
11/17
17:17
11/17/17
17:17
Hot Stocks
Ligand CFO sells 6,559 common shares »

In a regulatory filing,…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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LGND

Ligand

$140.31

-1.4 (-0.99%)

17:17
11/17/17
11/17
17:17
11/17/17
17:17
Hot Stocks
Ligand CEO sells 5,269 common shares »

In a regulatory filing,…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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MBI

MBIA

$9.01

0.13 (1.46%)

17:15
11/17/17
11/17
17:15
11/17/17
17:15
Hot Stocks
Breaking Hot Stocks news story on MBIA »

Fine Capital Partners…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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RBCN

Rubicon

$8.07

0.1218 (1.53%)

17:03
11/17/17
11/17
17:03
11/17/17
17:03
Hot Stocks
Breaking Hot Stocks news story on Rubicon »

Bandera Partners reports…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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ANCB

Anchor Bancorp

$24.75

-0.1 (-0.40%)

17:02
11/17/17
11/17
17:02
11/17/17
17:02
Hot Stocks
Anchor Bancorp announces stock repurchase program, 10b5-1 trading plan »

Anchor Bancorp announced…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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GIFI

Gulf Island Fabrication

$12.30

-0.1 (-0.81%)

16:58
11/17/17
11/17
16:58
11/17/17
16:58
Syndicate
Breaking Syndicate news story on Gulf Island Fabrication »

Gulf Island Fabrication…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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MPB

Mid Penn Bancorp

$31.09

0.59 (1.93%)

16:51
11/17/17
11/17
16:51
11/17/17
16:51
Hot Stocks
Mid Penn Bancorp, Scottdale shareholders approve merger »

Mid Penn Bancorp and The…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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CALD

Callidus Software

$28.95

0.3 (1.05%)

16:49
11/17/17
11/17
16:49
11/17/17
16:49
Initiation
Callidus Software initiated at First Analysis »

Callidus Software…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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GIFI

Gulf Island Fabrication

$12.30

-0.1 (-0.81%)

16:46
11/17/17
11/17
16:46
11/17/17
16:46
Hot Stocks
Breaking Hot Stocks news story on Gulf Island Fabrication »

Piton Capital Partners…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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GE

General Electric

$18.21

-0.04 (-0.22%)

16:42
11/17/17
11/17
16:42
11/17/17
16:42
Hot Stocks
General Electric CEO acquires 60,000 common shares »

In a regulatory filing…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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NRE

Northstar Realty Europe

$14.20

0.05 (0.35%)

16:33
11/17/17
11/17
16:33
11/17/17
16:33
Syndicate
Breaking Syndicate news story on Northstar Realty Europe »

Northstar Realty Europe…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 28

    Nov

  • 29

    Nov

  • 30

    Nov

FHN

First Horizon

$18.40

0.1 (0.55%)

, CBF

Capital Bank

$39.95

0.25 (0.63%)

16:33
11/17/17
11/17
16:33
11/17/17
16:33
Hot Stocks
First Horizon, Capital Bank agree to sell two branches to Apex Bank »

First Horizon (FHN) and…

FHN

First Horizon

$18.40

0.1 (0.55%)

CBF

Capital Bank

$39.95

0.25 (0.63%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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LII

Lennox

$194.25

-0.75 (-0.38%)

16:32
11/17/17
11/17
16:32
11/17/17
16:32
Hot Stocks
Lennox executive sells 2,500 common shares »

In a regulatory filing,…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 28

    Nov

TBNK

Territorial Bancorp

$30.99

0.21 (0.68%)

16:31
11/17/17
11/17
16:31
11/17/17
16:31
Hot Stocks
Territorial Bancorp declares special cash dividend of 30c per share »

Payable on December 20.…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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TRTN

Triton International

$40.07

-0.77 (-1.89%)

16:30
11/17/17
11/17
16:30
11/17/17
16:30
Hot Stocks
Triton International's Hanau sells 10,000 common shares »

In a regulatory filing,…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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16:30
11/17/17
11/17
16:30
11/17/17
16:30
Options
Preliminary option volume of 21.1M today »

Preliminary option volume…

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