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CME Group

$149.54

1.71 (1.16%)

12:24
12/01/17
12/01
12:24
12/01/17
12:24

On The Fly: Top stock stories at midday

Stocks are currently deep in negative territory after reports that former National Security Advisor Michael Flynn has plead guilty to lying during the FBI probe of his relationship with Russia. ABC News has said Flynn has agreed to cooperate with the FBI and would testify against the president. However, the averages are off their worst levels as the Senate is about to vote on its version of a tax bill and Majority Leader Mitch McConnell has said Republicans have the votes needed to pass it. ECONOMIC EVENTS: In the U.S., Markit's manufacturing PMI fell 0.7 points to 53.9 in the final print for November. This compares to 53.8 in the preliminary reading and 54.6 in October. The ISM manufacturing index dipped 0.5 points to 58.2 in November from 58.7 in October. Construction spending jumped 1.4% in October, marking a third straight monthly increase. In Asia, China's Caixin manufacturing PMI for November came in at 50.8, roughly in-line with expectations. In Europe, the final Eurozone manufacturing PMI for rose a tick to 60.1 from the 60 flash reading for November. COMPANY NEWS: The U.S. Commodity Futures Trading Commission noted that the Chicago Mercantile Exchange (CME) and the CBOE Futures Exchange (CBOE) self-certified new contracts for bitcoin futures products, and the Cantor Exchange self-certified a new contract for bitcoin binary options. CME Group announced that the initial listing of its Bitcoin futures contract will launch Monday, December 18, while CBOE said its impending launch date of Cboe bitcoin futures, which will trade on CFE under the ticker symbol 'XBT,' will be announced shortly. MAJOR MOVERS: Among the notable gainers following their earnings reports were Ambarella (AMBA), which jumped 17%, and Nutanix (NTNX), which rose 8%. Among the noteworthy losers following their earnings reports were Genesco (GCO), which fell 20%, and Ulta Beauty (ULTA), which dropped 8%. INDEXES: Near midday, the Dow was down 125.05, or 0.52%, to 24,147.30, the Nasdaq was down 71.91, or 1.05%, to 6,802.06, and the S&P 500 was down 18.10, or 0.68%, to 2,629.48.

BTC

Bitcoin

CME

CME Group

$149.54

1.71 (1.16%)

CBOE

CBOE Holdings

$123.43

2.5 (2.07%)

NTNX

Nutanix

$32.80

0.28 (0.86%)

AMBA

Ambarella

$54.27

-0.19 (-0.35%)

GCO

Genesco

$24.85

-6.25 (-20.10%)

ULTA

Ulta Beauty

$221.71

-1.39 (-0.62%)

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BTC Bitcoin

11/29/17
STPT
11/29/17
NO CHANGE
STPT
Standpoint raises 2018 bitcoin price target to $20,000 from $14,000
Standpoint Research analyst Ronnie Moas raised his 2018 price target for bitcoin to $20,000 from $14,000. The current price is around $10,720 and the split-adjusted price is now $12,740 when factoring in Bitcoin Cash, Bitcoin Gold and Bitcoin Diamond, Moas tells investors in an intraday email. There is "no way to justify" gold investments equaling 40 times than that of bitcoin, the analyst argues. He thinks an argument can be made that bitcoin will be equal to gold in 10-15 years. Currently, gold has $7T in investments to bitcoin's $180B, according to Moas.
11/27/17
11/27/17
DOWNGRADE
Target $30

Sell
BTIG says sell Square after 'overdone' bitcoin-fueled rally
As previously reported, BTIG analyst Mark Palmer downgraded Square (SQ) to Sell from Neutral, as he believes the stock's valuation reflects "emphatic and unimpeded growth" but fails to factor in the risks facing the company from increasing competition from First Data's (FDC) Clover, Vantiv (VNTV) and others. Other concerns, such as macroeconomic and credit-related risks, "did not go away when some investors suddenly viewed its shares as a play on a trendy cryptocurrency" following the company's confirmation that it is testing allowing users to buy and sell bitcoin using its app, Palmer tells investors. He has a $30 price target on Square shares, which closed Friday at $48.86.
CME CME Group
$149.54

1.71 (1.16%)

07/12/17
SBSH
07/12/17
INITIATION
Target $140
SBSH
Buy
CME Group initiated with a Buy at Citi
Citi analyst Ben Herbert started CME Group with a Buy rating and $140 price target. "Deep" franchises in Energy, Fed Fund Futures and Treasury Futures and Options make CME the best positioned U.S. exchange, the analyst contends.
09/08/17
LEHM
09/08/17
INITIATION
Target $139
LEHM
Overweight
CME Group initiated with an Overweight at Barclays
Barclays analyst Jeremy Campbell started CME Group with an Overweight rating and $139 price target. The analyst initiated U.S. Brokers, Asset Managers & Exchanges with a Neutral industry view.
07/12/17
SBSH
07/12/17
DOWNGRADE
Target $16
SBSH
Sell
Virtu Financial downgraded to Sell from Neutral at Citi
Citi analyst Ben Herbert downgraded Virtu Financial (VIRT) to Sell and lowered his price target for the shares to $16 from $17 after taking over lead coverage from William Katz. The analyst has concerns over peak penetration, dividend pressure and the likely reduction of consensus estimates. He recommends a pair trade of long CME Group (CME), short Virtu.
08/16/17
DBAB
08/16/17
NO CHANGE
Target $135
DBAB
Buy
CME Group reiterated as top exchange pick at Deutsche Bank
Deutsche Bank analyst Brian Bedell reiterates CME Group as his top exchange pick after hosting investor meetings with management. The company's "multiple organic growth opportunities" make the stock much more than just a play on interest rates or macro volatility, Bedell tells investors in a research note. He keeps a Buy rating on CME with a $135 price target.
CBOE CBOE Holdings
$123.43

2.5 (2.07%)

10/16/17
RBCM
10/16/17
DOWNGRADE
Target $108
RBCM
Sector Perform
CBOE Holdings downgraded to Sector Perform at RBC Capital on limited upside
As previously noted, RBC Capital analyst Peter Lenardos downgraded CBOE Holdings to Sector Perform from Outperform but also raised his price target to $108 from $100. Lenardos says he remains impressed with sustained momentum in the company's high margin proprietary trading volume and anticipates a sector-wide multiple expansion, but the 45% year-to-date stock price appreciation captures its near-term upside.
09/08/17
LEHM
09/08/17
INITIATION
Target $105
LEHM
Equal Weight
CBOE Holdings initiated with an Equal Weight at Barclays
Barclays analyst Jeremy Campbell started CBOE Holdings with an Equal Weight rating and $105 price target. The analyst initiated U.S. Brokers, Asset Managers & Exchanges with a Neutral industry view.
10/16/17
RBCM
10/16/17
DOWNGRADE
RBCM
Sector Perform
CBOE Holdings downgraded to Sector Perform from Outperform at RBC Capital
10/05/17
WELS
10/05/17
NO CHANGE
Target $120
WELS
Outperform
CBOE Holdings price target raised to $120 from $106 at Wells Fargo
Wells Fargo raised its price target for CBOE Holdings to $120 from $106 on valuation. The analyst reiterates an Outperform rating on the shares.
NTNX Nutanix
$32.80

0.28 (0.86%)

12/01/17
MAXM
12/01/17
NO CHANGE
Target $51
MAXM
Buy
Nutanix price target raised to $51 from $39 at Maxim
Maxim analyst Nehal Chokshi raised his price target on Nutanix to $51 and kept his Buy rating after yesterday's earnings beat. Chokshi says the company's latest guidance removes hardware related revenue from his models, improving the sales productivity metric from 32% to 39% in FY19.
12/01/17
OPCO
12/01/17
NO CHANGE
Target $40
OPCO
Outperform
Nutanix price target raised to $40 from $34 at Oppenheimer
Oppenheimer analyst Ittai Kidron raised his price target for Nutanix to $40 saying the company last night reported another strong quarter ahead of expectations. The "clear highlight" was management's commitment to a software-focused model going forward, Kidron tells investors in a post-earnings research note. The analyst us bullish on the transition and looks forward to a "large gross margin boost over time." He maintains an Outperform rating on Nutanix.
12/01/17
PIPR
12/01/17
NO CHANGE
Target $40
PIPR
Overweight
Nutanix price target raised to $40 from $28 at Piper Jaffray
Piper Jaffray analyst Andrew Nowinski raised his price target for Nutanix to $40 saying the company's transition to a software model highlighted its "solid" Q1 results. The transition will result in "significant" gross and operating margin expansion, and should ultimately drive a "re-rating of the multiple," Nowinski tells investors in a research note. He reiterates an Overweight rating on Nutanix.
11/29/17
BARD
11/29/17
NO CHANGE
Target $41
BARD
Outperform
Nutanix price target raised to $41 from $31 at Baird
Baird analyst Jayson Noland raised his price target on Nutanix to $41 from $31 ahead of tomorrow's Q1 report. The analyst said despite its recent share appreciation, the stock still has room to run. He sees multiple expansion as the company shifts to software-only sales. Noland reiterated his Outperform rating on Nutanix.
AMBA Ambarella
$54.27

-0.19 (-0.35%)

12/01/17
ADAM
12/01/17
NO CHANGE
Target $67
ADAM
Buy
Ambarella share price undervalues computer vision IP, says Canaccord
Canaccord analyst Matthew Ramsay noted Ambarella reported solid Q3 results driven by strength in several end markets including both professional and home security, automotive, and wearable cameras. The analyst believes that although near-term bumps remain, the current share price undervalues the company's computer vision IP, growth potential, and engineering teams. Ramsay reiterated his Buy rating and raised his price target to $67 form $65 on Ambarella shares.
12/01/17
MSCO
12/01/17
NO CHANGE
Target $60
MSCO
Overweight
Ambarella commentary on computer vision 'notably stronger,' says Morgan Stanley
Morgan Stanley analyst Joseph Moore said Ambarella's commentary on its computer vision chip was notably stronger and he expects to get much more detail in the coming months, pointing to January's Consumer Electronics Show as an important upcoming catalyst. Ambarella management said they had sampled the first version of the CV chip to automotive and surveillance customers and there is a possibility they could announce auto development relationships for CV in 2018, maybe even the first half of the year, noted Moore, who maintains an Overweight rating and $60 price target on Ambarella shares.
10/13/17
ADAM
10/13/17
NO CHANGE
Target $65
ADAM
Buy
Ambarella share price undervalues computer vision IP, says Canaccord
Canaccord analyst Matthew Ramsay noted Ambarella shares have been volatile since its last earnings report and he believes the bumps are likely to remain over the near-term. However, he believes the challenges have caused investors to undervalue its long-term computer vision hardware and software intellectual property and growth potential in more stable security and automotive markets. Ramsay reiterated his Buy rating and raised his price target to $65 from $58 on Ambarella shares.
09/27/17
MSCO
09/27/17
NO CHANGE
Target $60
MSCO
Overweight
Morgan Stanley ups Ambarella 'bull case' to $115 on computer vision opportunity
Morgan Stanley analyst Joseph Moore said that after spending three days on a road show with Ambarella management he came away with more appreciation for the potential of the company's computer vision opportunity, where it could become a market leader. If early company claims prove accurate, he sees a "bull case" for the stock up to $115, though he cautions that even in the bull case revenue traction in ADAS will likely take multiple years. The analyst, who has a $60 base case price target on Ambarella, keeps an Overweight rating on the shares.
GCO Genesco
$24.85

-6.25 (-20.10%)

05/22/17
RILY
05/22/17
UPGRADE
Target $56
RILY
Buy
Genesco upgraded to Buy from Neutral at B. Riley
B. Riley analyst Mitch Kummetz upgraded Genesco to Buy saying Journeys is well positioned and that he's bullish on back-to-school. The analyst lowered his price target for the shares to $56 from $65.
08/28/17
SUSQ
08/28/17
DOWNGRADE
SUSQ
Neutral
Genesco downgraded to Neutral from Positive at Susquehanna
05/25/17
RHCO
05/25/17
NO CHANGE
RHCO
Genesco weakness a buying opportunity, says SunTrust
SunTrust analyst Pamela Quintiliano would be a buyer of Genesco shares on today's weakness following the disappointng Q1 report and guidance. The analyst said trends have improved quarter-to-date with the warm weather, online growth is above expectations at both Journeys and Lids, markdowns at Journey should not be severe, and the company should begin to see the benefits in digital investments next year. Quintiliano rates Genesco a Buy with a $76 price target.
05/26/17
RHCO
05/26/17
NO CHANGE
RHCO
Genesco should be bought on weakness, says SunTrust
After Genesco reported lower than expected Q1 EPS, SunTrust analyst Pamela Quintiliano notes that the company's traffic has improved in Q2. She expects the company's business to rebound further in 2H17 and recommends buying the shares on weakness.
ULTA Ulta Beauty
$221.71

-1.39 (-0.62%)

12/01/17
RBCM
12/01/17
NO CHANGE
Target $225
RBCM
Sector Perform
Ulta Beauty price target lowered to $225 from $250 at RBC Capital
RBC Capital analyst Brian Tunick lowered his price target on Ulta Beauty to $225 after yesterday's earnings, saying that while comps were in line with lowered expectations, the gross margin decline was the "sticking point" of the report amid unfavorable product shift and loyalty program promotions. Tunick keeps his Sector Perform rating, noting that although the company can maintain its EPS growth rate, the upside in the stock may be limited on slowing fundamentals of beauty product category growth.
12/01/17
WELS
12/01/17
NO CHANGE
Target $220
WELS
Market Perform
Ulta Beauty price target lowered to $220 from $242 at Wells Fargo
Wells Fargo analyst Ike Boruchow lowered his price target for Ulta Beauty to $220 saying that while the Q3 comps were "robust" once again, last night marked the second straight quarter the company did not beat its comp plan. The analyst, however, believes the larger issue is Ulta missing its gross margin plan for the third time in the past four quarters. The shares will remain "under some pressure as the market grapples with how to value this growth story which is clearly transitioning into a more stable profile," Boruchow tells investors in a post-earnings research note. He keeps a Market Perform rating on Ulta Beauty.
12/01/17
JPMS
12/01/17
NO CHANGE
Target $270
JPMS
Overweight
JPMorgan sees only 'modest pressure' for Ulta Beauty shares
JPMorgan analyst Christopher Horvers believes shares of Ulta Beauty will only see "modest pressure" today given that the company reported better than guided comps ex-hurricane in Q3 and provided an outlook for relatively improved merchandise margin performance. Further, management re-committed to 20%-plus earnings growth in 2018, Horvers tells investors in a post-earnings research note. He believes these "will likely stave off what could have been a tough day for the stock" given the 110 basis point decline in gross margin for Q3. The analyst keeps an Overweight rating on Ulta Beauty with a $270 price target. The shares in premarket trading are down 6% to $207.66.
12/01/17
MSCO
12/01/17
NO CHANGE
Target $235
MSCO
Equal Weight
Ulta Beauty price target lowered to $235 after 'mixed bag' Q3 at Morgan Stanley
Morgan Stanley analyst Simeon Gutman said Ulta Beauty offered a "mixed bag" in terms of its Q3 results, with in-line comparable sales growth but much weaker gross margins than it has had in some time. The analyst, who said competitive pressures seem to be intensifying, lowered his price target on Ulta to $235 from $245 and keeps an Equal Weight rating on the shares.

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