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TMUS

T-Mobile

$60.46

-1.05 (-1.71%)

, S

Sprint

$6.99

0.055 (0.79%)

10:55
10/23/17
10/23
10:55
10/23/17
10:55

T-Mobile adds 1.3M customers as Un-carrier remains mum on potential Sprint deal

Shares of T-Mobile US (TMUS) climbed in morning trading after the company reported its eighteenth consecutive quarter of adding more than 1M total customers. While the carrier reported quarterly results, it skirted the topic of merger discussions with Sprint (S). QUARTERLY EARNINGS: T-Mobile's third quarter earnings per share of 63c handily beat analysts' consensus estimates of 46c, while revenue of $10.02B was essentially in-line with the $10.01B analysts expected. The "Un-carrier" reported 1.3M total net additions, its eighteenth straight quarter of adding more than 1M total customers, with 595,000 branded postpaid phone net additions and 226,000 branded prepaid net additions and 1.23% postpaid phone churn. Branded postpaid phone ARPU was $46.93 in Q3, down 2.5% from the year-ago period, while branded prepaid ARPU was $38.93, up 2.4% y/y. T-Mobile, which is 64% owned by Deutsche Telekom (DTEGY), raised and narrowed its postpaid net customer additions guidance for fiscal 2017 to 3.3M-3.6M from 3M-3.6M. T-Mobile also raised and narrowed adjusted EBITDA guidance for the second time this year to $10.8B-$11B from $10.5B-$10.9B. The three-year CAGRs guidance for net cash provided by operating activities and free cash flow from full year 2016 to full year 2019 remains unchanged at 15%-18% and 45%-48%, the company said. T-Mobile continues to expect that branded postpaid phone ARPU in FY17 will be generally stable compared to FY16. VLOG POST: Instead of hosting its typical earnings conference call, the company posted a video blog of CEO John Legere discussing the results. "With all the rumors and speculation out there, we decided that we wanted to make sure you all saw and focused on our Q3 results and not just on the rumors and speculation that seem to fill the news every day," Legere said. On October 6, Bloomberg reported that Sprint and T-Mobile are working out the final details on a merger agreement, which should be announced at the end of the month. On October 13, Nikkei reported that the merger agreement could be announced soon, citing a broad pact reached with SoftBank (SFTBF), which owns 83% of Sprint. On October 16, Reuters reported that, according to people familiar with the matter, the companies plan to announce the merger without any immediate asset divestitures in order to preserve their spectrum holdings, while Bloomberg said on Thursday that the merger would be delayed "for a few weeks." Sprint, which is scheduled to report its earnings on Wednesday, is also planning to skip its conference call and post a recorded message. T-MOBILE, SPRINT CONTINUE DUE DILIGENCE: CNBC's David Faber said this morning that T-Mobile and Sprint are continuing their due diligence on a potential merger and an announcement could be made by early to mid-November, according to sources. ANALYST COMMENTARY: In a note to clients, Jefferies said that T-Mobile's Q3 performance and guidance increase highlights the fundamental strength of the Un-carrier and thinks there is "very little downside here." PRICE ACTION: T-Mobile is up nearly 2% to $61.56 in morning trading. Shares are up over 7% year-to-date.

TMUS

T-Mobile

$60.46

-1.05 (-1.71%)

S

Sprint

$6.99

0.055 (0.79%)

DTEGY

Deutsche Telekom

$18.06

-0.09 (-0.50%)

SFTBF

SoftBank

$88.50

1.25 (1.43%)

  • 01

    Nov

  • 07

    Nov

  • 07

    Nov

TMUS T-Mobile
$60.46

-1.05 (-1.71%)

10/19/17
10/19/17
DOWNGRADE
Target $8

Neutral
Sprint downgraded to Neutral on minmal deal premium at Macquarie
As previously reported, Macquarie downgraded Sprint (T) to Neutral from Outperform with an $8 price target. Analyst Amy Young said a T-Mobile (TMUS) merger with Sprint could be imminent, but preliminary deal terms are not as attractive as she initially expected, especially speculation SoftBank may be willing to accept market price in an all-equity deal. Young sees Sprint upside as limited and the competitive landscape picking up into 2018 with the current iPhone cycle.
10/18/17
WELS
10/18/17
NO CHANGE
WELS
Wells Fargo 'surprised' tower stocks didn't react to SoftBank news
After it was reported that SoftBank (SFTBF) and Australian real estate company Lendlease formed a joint venture to purchase 8,000 cell tower sites in the U.S., Wells Fargo analyst Jennifer Fritzsche said she was "surprised" that tower company stocks did not react to this news. She had already thought if a T-Mobile (TMUS) and Sprint (S) merger deal was followed by T-Mobile CTO Neville Ray talking about network savings that the tower stocks "could take a hit," and this news may have given him "a much bigger arrow" in that quiver, she tells investors. Publicly traded tower companies include American Tower (AMT), Crown Castle (CCI) and SBA (SBAC).
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.
10/13/17
JPMS
10/13/17
NO CHANGE
Target $225
JPMS
Overweight
Netflix price target raised to $225 from $210 at JPMorgan
JPMorgan analyst Doug Anmuth raised his price target for Netflix (NFLX) shares to $225 ahead of the company's Q3 results on Monday, October 16. The analyst cites the recent price increase as well as the T-Mobile (TMUS) promotion for his higher target. He upped his estimate for Q3 U.S. net subscriber additions to 800,000 from 765,000 but lowered his Q4 estimate to 1.65M from 1.7M as he expects price increase-related churn to potentially offset the T-Mobile promotion. Netflix remains one of Anmuth's top two large-cap picks.
S Sprint
$6.99

0.055 (0.79%)

10/18/17
MACQ
10/18/17
DOWNGRADE
MACQ
Neutral
Sprint downgraded to Neutral from Outperform at Macquarie
10/19/17
10/19/17
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. Nike (NKE) downgraded to Neutral from Buy at Goldman Sachs with analyst Lindsay Drucker Mann saying shares will trade in a range as Nike works through excess inventory in the U.S. and next week's investor day is unlikely to be a positive catalyst. 2. Sprint (S) downgraded to Neutral from Outperform at Macquarie with analyst Amy Young saying a T-Mobile (TMUS) merger with Sprint could be imminent, but preliminary deal terms are not as attractive as she initially expected, especially speculation SoftBank (SFTBY) may be willing to accept market price in an all-equity deal. 3. Hain Celestial (HAIN) downgraded to Market Perform from Outperform at BMO Capital with analyst Amit Sharma saying valuation reflects a challenging operating environment. 4. Allergan (AGN) downgraded to Neutral from Buy at Mizuho. 5. MAA (MAA) downgraded to Market Perform from Outperform at JMP Securities with analyst Aaron Hecht saying shares are fairly valued as they approach his previous price target of $110. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
DTEGY Deutsche Telekom
$18.06

-0.09 (-0.50%)

09/01/17
SBSH
09/01/17
NO CHANGE
Target $77
SBSH
Buy
T-Mobile has upside with or without Sprint merger, says Citi
Citi analyst Michael Rollins says investor feedback has been mixed on the idea of T-Mobile (TMUS) possibly buying Sprint (S) at its current price or a premium. Investors are concerned that stand-alone T-Mobile can repurchase shares and create more value over the next five years without Sprint, Rollins tells investors in a research note. The analyst sees upside potential for T-Mobile shares with or without a Sprint merger and remains a buyer of the stock. The company should build "meaningful" cash and balance sheet flexibility over the next two years, Rollins contends. The analyst, however, continues to prefer a Sprint merger, even if T-Mobile pays a premium. He raised his price target for the shares to $77 from $70, which reflects a 75% probability of T-Mobile remaining a standalone company at a $75 per share value, and a 25% probability of an $81 per share M&A value. Rollins keeps a Buy rating on T-Mobile.
05/19/17
GSCO
05/19/17
UPGRADE
GSCO
Conviction Buy
Deutsche Telekom upgraded to Conviction Buy from Neutral at Goldman Sachs
01/23/17
JPMS
01/23/17
NO CHANGE
JPMS
JPMorgan says odds of T-Mobile, Sprint merger have 'increased dramatically'
JPMorgan analyst Philip Cusick believes T-Mobile (TMUS), Sprint (S) and DISH (DISH) are in play and that a combination of any of them could happen. In addition, each of the three companies could become targets for larger wireless players, domestic cable companies, Internet giants and foreign buyers, Cusick tells investors in a research note. He thinks the likelihood for a Sprint and T-Mobile tie-up in the near term has "increased dramatically" since September, from 10% to over 35%, including now a greater than 50% chance of announcement and 70% chance of approval if announced. Parents Softbank (SFTBY) and Deutsche Telekom (DTEGY) have increased their preference for a deal in the last six months and that the value of $5B of annual synergies "is enough to smooth over most disagreements on relative value," Cusick contends. He sees the most likely case as Sprint/Softbank buying T-Mobile, but feels a more even merger or even Deutsche Telekom/T-Mobile paying a premium to retain a majority of the combined company is possible.
09/26/17
JEFF
09/26/17
NO CHANGE
JEFF
Buy
T-Mobile shares could be worth over $90 with Sprint deal, says Jefferies
A merger between T-Mobile (TMUS) and Sprint (S) would make for a much stronger number three player in wireless and bring "massive" synergies, but regulatory approval, while not out of the question, remains uncertain, Jefferies analyst Mike McCormack tells investors in a research note. The analyst's initial pro forma analysis, which assumes an all-stock transaction at current market prices and synergies ramping to a $4.5B run rate in year three, suggests T-Mobile could be worth more than $90 per share in a deal scenario, or 43% above the current price. The stock closed yesterday down $1.17 to $62.89. McCormack also continues to see "significant value" in T-Mobile on a standalone basis. He has a Buy rating on the shares with an $80 price target.
SFTBF SoftBank
$88.50

1.25 (1.43%)

10/18/17
KEYB
10/18/17
NO CHANGE
KEYB
KeyBanc says Softbank JV won't compete with primary business of tower operators
KeyBanc said it does not view Softbank's (SFTBF) joint venture with Australia's Lendlease as competitive to the tower operators' primary business, noting that the venture is likely to focus on rooftop sites in urban markets, but tower businesses generate the vast majority of their revenue on sites located outside urban areas. Publicly traded tower companies include American Tower (AMT), Crown Castle (CCI) and SBA (SBAC).
10/19/17
BERN
10/19/17
INITIATION
BERN
Outperform
SoftBank initiated with an Outperform at Bernstein
Bernstein analyst Chris Lane started SoftBank with an Outperform rating as he believes the company has a "bright future."
09/29/17
09/29/17
NO CHANGE

SoftBank eyes acquisitions to create $300B asset-management arm, Bloomberg says
SoftBank Group (SFTBF) is looking at further acquisitions in the financial sector in an effort to establish a $300B asset management arm that would include its $93B Vision Fund over the next four to five years, Bloomberg reports, citing people familiar with the matter. SoftBank, which agreed to acquire Fortress Investment Group (FIG) for $3.3B in February, is mulling investments in the space such as acquiring traditional investment firms or taking stakes in major private equity shops like KKR (KKR). Reference Link

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HPQ

HP Inc.

$22.47

0.355 (1.61%)

17:47
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THC

Tenet

$13.34

0.17 (1.29%)

17:47
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LPNT

LifePoint

$43.85

0.65 (1.50%)

17:47
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LHCG

LHC Group

$67.98

1.46 (2.19%)

17:46
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HLS

HealthSouth

$48.46

0.85 (1.79%)

17:46
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17:46
Initiation
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HCA

HCA Healthcare

$75.89

1.28 (1.72%)

17:46
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11/21
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17:46
Initiation
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AMED

Amedisys

$54.97

2.29 (4.35%)

17:45
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17:45
Initiation
Amedisys initiated  »

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HPQ

HP Inc.

$22.46

0.34 (1.54%)

17:45
11/21/17
11/21
17:45
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17:45
Hot Stocks
HP Inc. sees printing segment continuing to make 'significant' progress »

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17:45
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Federal Reserve Chair…

AXTA

Axalta Coating

$33.87

0.33 (0.98%)

, AKZOY

AkzoNobel

$30.57

0.085 (0.28%)

17:38
11/21/17
11/21
17:38
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17:38
Periodicals
Nippon made all-cash offer to buy Axalta Coating, Reuters reports »

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AXTA

Axalta Coating

$33.87

0.33 (0.98%)

AKZOY

AkzoNobel

$30.57

0.085 (0.28%)

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TIVO

TiVo

$17.65

0.15 (0.86%)

, CMCSA

Comcast

$36.42

0.59 (1.65%)

17:34
11/21/17
11/21
17:34
11/21/17
17:34
Hot Stocks
TiVo wins ITC patent lawsuit against Comcast »

TiVo (TIVO) has won its…

TIVO

TiVo

$17.65

0.15 (0.86%)

CMCSA

Comcast

$36.42

0.59 (1.65%)

CMCSK

Comcast

03/08/13
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GME

GameStop

$16.73

0.29 (1.76%)

, AXTA

Axalta Coating

$33.87

0.33 (0.98%)

17:27
11/21/17
11/21
17:27
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17:27
Hot Stocks
On The Fly: After Hours Movers »

UP AFTER EARNINGS:…

GME

GameStop

$16.73

0.29 (1.76%)

AXTA

Axalta Coating

$33.87

0.33 (0.98%)

AKZOY

AkzoNobel

$30.57

0.085 (0.28%)

EXEL

Exelixis

$26.05

0.4 (1.56%)

GES

Guess

$17.95

0.17 (0.96%)

CAL

Caleres

$30.99

0.05 (0.16%)

HPQ

HP Inc.

$22.46

0.34 (1.54%)

CRM

Salesforce

$108.80

1.43 (1.33%)

HPE

HP Enterprise

$14.12

0.03 (0.21%)

03/08/13
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SSY

SunLink Health Systems

$1.52

0.03 (2.01%)

17:27
11/21/17
11/21
17:27
11/21/17
17:27
Hot Stocks
SunLink Health Systems commences tender offer to repurchase 1.56M shares »

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TYHT

Shineco

$3.26

-0.27 (-7.65%)

17:26
11/21/17
11/21
17:26
11/21/17
17:26
Syndicate
Breaking Syndicate news story on Shineco »

Shineco files $25M mixed…

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RMNI

Rimini Street

$7.54

0.0842 (1.13%)

17:22
11/21/17
11/21
17:22
11/21/17
17:22
Syndicate
Rimini Street files to sell 22.11M shares of common stock for holders »

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CRM

Salesforce

$108.80

1.43 (1.33%)

17:20
11/21/17
11/21
17:20
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17:20
Earnings
Breaking Earnings news story on Salesforce »

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GME

GameStop

$16.74

0.31 (1.89%)

17:18
11/21/17
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  • 21

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GME

GameStop

$16.73

0.29 (1.76%)

, NTDOY

Nintendo

$49.83

-0.228 (-0.46%)

17:16
11/21/17
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17:16
Hot Stocks
GameStop: Xbox One X has already had 'strong start' »

GameStop (GME) says it…

GME

GameStop

$16.73

0.29 (1.76%)

NTDOY

Nintendo

$49.83

-0.228 (-0.46%)

MSFT

Microsoft

$83.72

1.19 (1.44%)

ATVI

Activision Blizzard

$64.50

0.57 (0.89%)

03/08/13
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  • 21

    Nov

CRM

Salesforce

$108.80

1.43 (1.33%)

, AMZN

Amazon.com

$1,139.49

13.18 (1.17%)

17:14
11/21/17
11/21
17:14
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17:14
Hot Stocks
Salesforce: Amazon.com continues to be key partner in International expansion »

Says International…

CRM

Salesforce

$108.80

1.43 (1.33%)

AMZN

Amazon.com

$1,139.49

13.18 (1.17%)

03/08/13
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  • 21

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ALGT

Allegiant Travel

$138.40

0.85 (0.62%)

17:14
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11/21
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17:14
Hot Stocks
Allegiant Travel reaches tentative agreement with TWU »

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GME

GameStop

$16.73

0.29 (1.76%)

, NTDOY

Nintendo

$49.83

-0.228 (-0.46%)

17:12
11/21/17
11/21
17:12
11/21/17
17:12
Hot Stocks
GameStop: Q4 hardware sales to be driven by Switch, Xbox One X »

GameStop (GME) says Q4…

GME

GameStop

$16.73

0.29 (1.76%)

NTDOY

Nintendo

$49.83

-0.228 (-0.46%)

MSFT

Microsoft

$83.72

1.19 (1.44%)

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  • 21

    Nov

JE

Just Energy

$4.43

-0.05 (-1.12%)

17:10
11/21/17
11/21
17:10
11/21/17
17:10
Hot Stocks
Just Energy launches operations in Japan »

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MS

Morgan Stanley

$49.38

0.27 (0.55%)

, OZM

Och-Ziff Capital

$3.11

-0.01 (-0.32%)

17:10
11/21/17
11/21
17:10
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Hot Stocks
Breaking Hot Stocks news story on Morgan Stanley, Och-Ziff Capital »

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MS

Morgan Stanley

$49.38

0.27 (0.55%)

OZM

Och-Ziff Capital

$3.11

-0.01 (-0.32%)

03/08/13
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GME

GameStop

$16.73

0.29 (1.76%)

, NTDOY

Nintendo

$49.83

-0.228 (-0.46%)

17:09
11/21/17
11/21
17:09
11/21/17
17:09
Hot Stocks
GameStop: Q3 results driven by strong Switch demand, fall software lineup »

GameStop (GME) says…

GME

GameStop

$16.73

0.29 (1.76%)

NTDOY

Nintendo

$49.83

-0.228 (-0.46%)

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  • 21

    Nov

CLS

Celestica

$10.67

-0.09 (-0.84%)

17:04
11/21/17
11/21
17:04
11/21/17
17:04
Hot Stocks
Celestica expands operations in Oradea, Romania »

Celestica Inc announced…

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