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DIS

Disney

$100.80

-0.57 (-0.56%)

, SKYAY

Sky

$74.22

-0.57 (-0.76%)

07:13
04/12/18
04/12
07:13
04/12/18
07:13

UK takeover panel rules Disney must offer to buy all of Sky, Reuters reports

Britain's Takeover Panel has ruled that Walt Disney (DIS) must bid for the whole of European pay-TV company Sky (SKYAY) if it it is successful in purchasing Twenty-First Century Fox (FOX, FOXA) assets, including its 39% stake in Sky, Reuters reports, citing the ruling. The panel said Disney must also match Fox's GBP10.75 per share offer for the shares in Sky it does not already own. Reference Link

DIS

Disney

$100.80

-0.57 (-0.56%)

SKYAY

Sky

$74.22

-0.57 (-0.76%)

FOX

21st Century Fox

$35.65

-0.15 (-0.42%)

FOXA

21st Century Fox

$36.18

-0.09 (-0.25%)

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    May

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    May

DIS Disney
$100.80

-0.57 (-0.56%)

03/14/18
MACQ
03/14/18
UPGRADE
MACQ
Outperform
Sky upgraded to Outperform from Neutral at Macquarie
Macquarie analyst Guy Peddy upgraded Sky (SKYAY) to Outperform from Neutral after he raised his FY19/20 and FY20/21 EPS by about 16% due to the lower EPL costs. His valuation analysis suggests the current 1075p offer from 21st Century Fox (FOXA) "materially undervalues" Sky and even Comcast's (CMCSA) indicative offer at 1250p "fractionally undervalues" it, Peddy tells investors. What happens next is up to Comcast and Disney (DIS), as Fox is just an intermediary, he added. Peddy raised his price target on Sky shares to 1450p, as he believes tension between those two could lift the offer price at least 10% above his fair value estimate of 1287p.
03/15/18
LOOP
03/15/18
INITIATION
Target $43
LOOP
Buy
21st Century Fox initiated with a Buy at Loop Capital
Loop Capital analyst Alan Gould started 21st Century Fox (FOXA) with a Buy rating and $43 price target. The analyst believes the company is set up as the "ideal acquisition target for either Disney (DIS) or Comcast (CMCSA) as they evolve their video businesses into a global, direct-to-consumer streaming service."
03/15/18
LOOP
03/15/18
INITIATION
Target $130
LOOP
Buy
Disney initiated with a Buy at Loop Capital
Loop Capital analyst Alan Gould started Disney (DIS) with a Buy rating and $130 price target. The analyst views the Disney/21st Century Fox (FOXA) deal as a "win/win," positioning Disney to be a more competitive player in the global streaming business.
04/11/18
JPMS
04/11/18
NO CHANGE
JPMS
JPMorgan boosts Disney estimates on 'Black Panther' strength
To reflect the strength of "Blank Panther," JPMorgan analyst Alexia Quadrani raised her Q2 earnings per share estimate for Disney to $1.68 from $1.57. The move has grossed $1.3B in global box office to date, far above the analyst's previous $775M estimate. The "significant outperformance" of "Black Panther" more than offsets softer results for "A Wrinkle in Time," Quadrani tells investors in a research note. The analyst is currently Not Rated on shares of Disney.
SKYAY Sky
$74.22

-0.57 (-0.76%)

02/27/18
RBCM
02/27/18
NO CHANGE
RBCM
RBC says 21st Century Fox may let Comcast go ahead without counter-bid for Sky
After Comcast (CMCSA) proposed a cash offer for Sky (SKYAY) at a 16% premium to 21st Century Fox's (FOX) existing takeover bid, RBC Capital analyst Steven Cahall said that while he does not "profess to know the minds of the Murdochs" on the matter, he is inclined to think that Fox may let Comcast go ahead with its bid as the deal will no longer be "financially opportunistic" as it would have been. Adding that he was surprised Disney's (DIS) original deal for Fox included the Sky stake, Cahall said he's also "inclined to say" that Disney management "can live without Sky" and that the story is "unchanged, and arguably cleaner," without Sky. The analyst, who contends that Disney and Fox are best off letting Comcast "swoop in on Sky," has a Top Pick rating on Disney and an Outperform rating on 21st Century Fox.
02/28/18
02/28/18
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. Celgene (CELG) downgraded to Hold from Buy at SunTrust by analyst Yatin Suneja after the company received a refusal to file letter from the FDA on ozanimod for relapsing forms of multiple sclerosis. Suneja said that following pipeline setbacks in late 2017, ozanimod was central to his "bull thesis to re-accelerate growth" and provide "much needed diversification away from myeloma." Given the delay, he lowered his ozanimod peak sales estimate to $3.5B from $5B. The refusal to file letter could result in a 24-month or longer delay for ozanimod's launch in relapsing forms of multiple sclerosis, Suneja said. 2. Frontier Communications (FTR) downgraded to Hold from Buy at Jefferies by analyst Scott Goldman. With the dividend now suspended and EBITDA stabilization "still a work in progress," the shares have no near-term catalyst, Goldman said. He believes "significant challenges" remain for Frontier following the dividend suspension. 3. Comcast (CMCSA, CMCSK) downgraded to Neutral from Outperform at Macquarie by analyst Amy Young, who cited uncertainty around the M&A playbook and increased net leverage. Young said Comcast's intention to acquire Sky (SKYAY) diversifies its portfolio and increases international revenues to 25% of total from 9% currently, but exposes it to satellite TV, which faces secular pressures. The analyst views the 12x price tag for Sky as high, questions the synergies, and believes the unpredictability could cap near-term upside. 4. e.l.f. Beauty (ELF) downgraded to Market Perform from Outperform at BMO Capital by analyst Shannon Coyne, who cited the "near-term challenges in the mass category" and heightened competition yielding further pressure on results and the stock in the near term. The analyst also points to the management having lowered its expectations for the 3rd time in 6 months, adding that it may take some time for investor confidence to return. Despite the downgrade, the analyst believes that e.l.f "has material white space in existing and new retailers" as well as an "unmatched strong value proposition." 5. Maxim Integrated (MXIM) downgraded to Neutral from Outperform at Macquarie by analyst Srini Pajjuri, who said shares have significantly outperformed the SOX index year-to-date and believes healthy fundamentals are now backed in, combined with some M&A premium. Pajjuri believes further upside is limited on a fundamental basis and believes comps will get tougher in the second half of 2018 and sees risk of higher volatility in Consumer as Samsung GS9 builds fade. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
03/07/18
WELS
03/07/18
NO CHANGE
WELS
Wells Fargo expects bidding war for Sky
Wells Fargo analyst Marci Ryvicker expects a bidding war for Sky (SKYAY). The analyst believes Sky appears to be more accretive to Disney (DIS)-Fox (FOXA) but more strategic for Comcast (CMCSA; CMCSK). Ultimately, Ryvicker thinks the latter with win but not without a fight from Disney/Fox.
FOX 21st Century Fox
$35.65

-0.15 (-0.42%)

01/28/18
PIPR
01/28/18
NO CHANGE
PIPR
Growth of sports rights may be coming down, says Piper Jaffray
Piper Jaffray analyst Stan Meyers says he is starting to see some evidence that the growth of sports rights may be coming down toward a more reasonable rate. The analyst notes that only CBS (CBS), Fox (FOXA) and NBC (CMCSK; CMCSA) submitted bids for Thursday Night Football rights, with CBS and NBC submitting bids below their current rate of $450M per year, and Fox making a higher bid for the rights, in a likely effort to establish itself as a "live sports and news" network in the wake of selling a majority of assets to Disney (DIS). On the digital side, Facebook (FB) declined to make an offer for digital streaming rights to TNF, while Amazon (AMZN), which paid $50M this year, and Twitter (TWTR), which paid $10M last year did submit bids.
FOXA 21st Century Fox
$36.18

-0.09 (-0.25%)

TODAY'S FREE FLY STORIES

NVS

Novartis

$87.74

0.52 (0.60%)

, DBVT

DBV Technologies

$16.70

0.31 (1.89%)

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Conference/Events
American College of Allergy, Asthma & Immunology to hold a meeting »

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NVS

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DBVT

DBV Technologies

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REGN

Regeneron

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3.56 (1.04%)

SHPG

Shire

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TEVA

Teva

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SNY

Sanofi

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0.56 (1.26%)

GSK

GlaxoSmithKline

$40.35

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AZN

AstraZeneca

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CHD

Church & Dwight

$65.42

-0.39 (-0.59%)

BSX

Boston Scientific

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0.75 (2.06%)

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MSI

Motorola Solutions

$129.97

0.72 (0.56%)

18:48
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PCG

PG&E

$24.39

6.62 (37.25%)

18:23
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Periodicals
CPUC isn't ruling out board shuffle, breakup for PG&E, Bloomberg says »

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ABX

Barrick Gold

$13.04

0.05 (0.38%)

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Periodicals
Barrick Gold looking to add more copper, bullion assets, Reuters reports »

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WTR

Aqua America

$33.05

0.165 (0.50%)

17:57
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Hot Stocks
Aqua America CEO acquires over 25,000 common shares »

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XLRE

Real Estate SPDR

$33.45

0.445 (1.35%)

, XLB

S&P Select Materials SPDR

$55.23

0.53 (0.97%)

17:39
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17:39
General news
Week ending ETF scorecard: Real Estate leads, Consumer Discretionary slumps »

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XLRE

Real Estate SPDR

$33.45

0.445 (1.35%)

XLB

S&P Select Materials SPDR

$55.23

0.53 (0.97%)

XLU

Utilities SPDR

$54.86

0.77 (1.42%)

XLI

Industrial Select Sector SPDR

$72.00

(0.00%)

XLV

Health Care Select Sector SPDR

$92.05

0.91 (1.00%)

XLF

Financial Select Sector

$26.78

0.03 (0.11%)

XLP

Consumer Staples Sector SPDR

$56.04

0.15 (0.27%)

XLE

Energy Select Sector SPDR

$67.23

0.76 (1.14%)

XLC

Communication Services Select Sector SPDR Fund

$44.88

-0.2 (-0.44%)

XLK

Technology Select Sector SPDR

$68.22

-0.1 (-0.15%)

XLY

Consumer Discretionary Sector SPDR

$106.37

-0.43 (-0.40%)

GLD

SPDR Gold Shares

$115.56

0.82 (0.71%)

SLV

iShares Silver Trust

$13.55

0.115 (0.86%)

USO

United States Oil Fund

$12.07

0.08 (0.67%)

UNG

United States Natural Gas Fund

$35.43

3.63 (11.42%)

HYG

iShares iBoxx $ High Yield Corporate Bond

$83.24

-0.27 (-0.32%)

LQD

iShares iBoxx $ Investment Grade Corporate Bond

$111.73

0.23 (0.21%)

TLT

iShares 20+ Year Treasury Bond Fund

$114.65

0.61 (0.53%)

IEF

iShares 7-10 Year Treasury Bond ETF

$101.13

0.3 (0.30%)

SHY

iShares 1-3 Year Treasury Bond

$83.13

0.08 (0.10%)

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AQST

Aquestive Therapeutics

$17.02

0.23 (1.37%)

17:36
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17:36
Hot Stocks
Aquestive receives CRL from FDA for tadalafil oral film »

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DAKT

Daktronics

$7.67

0.07 (0.92%)

17:35
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17:35
Hot Stocks
Daktronics adopts new shareholder rights agreement »

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TI

Telecom Italia

$6.02

0.12 (2.03%)

17:33
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17:33
Periodicals
Gubitosi viewed as frontrunner for Telecom Italia CEO job, Reuters says »

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MAXR

Maxar Technologies

$18.77

-0.59 (-3.05%)

17:30
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Maxar Technologies shareholders approve U.S. domestication »

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PLUG

Plug Power

$1.83

(0.00%)

17:28
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Syndicate
Breaking Syndicate news story on Plug Power »

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GSB

GlobalSCAPE

$4.55

-0.02 (-0.44%)

17:22
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Breaking Syndicate news story on GlobalSCAPE »

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EQIX

Equinix

$388.18

2.67 (0.69%)

17:19
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Hot Stocks
Equinix's Lee sells 2,792 common shares »

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LMT

Lockheed Martin

$301.06

-4.42 (-1.45%)

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Lockheed Martin awarded $282.09M Naval Sea Systems Command contract »

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TLGT

Teligent

$2.56

0.045 (1.79%)

17:16
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Hot Stocks
Teligent receives notification of deficiency from Nasdaq »

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STAF

Staffing 360 Solutions

$1.82

0.07 (4.00%)

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Syndicate
Breaking Syndicate news story on Staffing 360 Solutions »

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IMMR

Immersion

$9.56

-0.14 (-1.44%)

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Breaking Hot Stocks news story on Immersion »

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ATNX

Athenex

$11.95

0.74 (6.60%)

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TSRO

Tesaro

$34.96

8.39 (31.58%)

17:08
11/16/18
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17:08
Recommendations
Tesaro analyst commentary at Piper Jaffray »

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  • 03

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EEI

Ecology & Environment

$10.50

-2 (-16.00%)

17:05
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Hot Stocks
Ecology & Environment receives noncompliance notice from Nasdaq »

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AEE

Ameren

$69.29

0.01 (0.01%)

16:58
11/16/18
11/16
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16:58
Hot Stocks
Ameren exec Nelson sells $690,000 worth of common shares »

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EQS

Equus II Inc

$1.86

(0.00%)

16:56
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11/16
16:56
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16:56
Hot Stocks
Equus II Inc reports net assets of $46.6M as of September 30 »

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VAPO

Vapotherm

$17.10

-0.42 (-2.40%)

16:56
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16:56
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16:56
Hot Stocks
Breaking Hot Stocks news story on Vapotherm »

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  • 14

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COTY

Coty

$9.09

0.39 (4.48%)

16:55
11/16/18
11/16
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16:55
Hot Stocks
Coty CEO acquires 2.3M common shares »

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  • 03

    Mar

NVS

Novartis

$87.74

0.52 (0.60%)

16:54
11/16/18
11/16
16:54
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16:54
Upgrade
Novartis rating change at Goldman Sachs »

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