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AMZN

Amazon.com

$1,551.97

24.73 (1.62%)

, AGN

Allergan

$157.01

-8.58 (-5.18%)

11:59
04/19/18
04/19
11:59
04/19/18
11:59

On The Fly: Top stock stories at midday

Stocks opened in negative territory and have remained there throughout the morning. The technology sector is the weak component, due in part to a disappointing forecast from a supplier to Apple's (AAPL) suppliers alongside brokerage firm research forecasting weakening iPhone demand. The Nasdaq is down roughly 0.8% for the morning, while the Dow is down just 0.4%, helped by strength in American Express (AXP). ECONOMIC EVENTS: In the U.S., initial jobless claims dipped 1,000 to 232,000 in the week ended April 14. The Philly Fed manufacturing index edged up 0.9 points to 23.2 in April. The leading economic indicators index rose 0.3% in March, as expected. COMPANY NEWS: Amazon (AMZN) CEO Jeff Bezos told investors that the company has exceeded 100M paid Prime members globally and has shipped more than 5B items with Prime worldwide. The good news for the e-commerce giant may not end there, as Morgan Stanley analyst Brian Nowak told investors that his analysis shows that Amazon gained U.S. apparel market share in 2017 and may achieve number one U.S. apparel market share in 2018 as Prime members and Millennials shift spending online and away from traditional brick and mortar retailers... Among some of the biggest companies reporting earnings last night and this morning, American Express, Alcoa (AA) and Kinder Morgan (KMI) advanced following their reports, while Philip Morris (PM) and Novartis (NVS) declined. Procter & Gamble (PG) is down 4% near noon after the consumer goods giant reported in-line Q3 core EPS and also announced it has agreed to acquire the Consumer Health business of Merck KGaA (MKGAY) for a price of approximately EUR 3.4B... In other M&A news, Shire (SHPG) confirmed that it has received three conditional proposals from Takeda (TKPYY) regarding a possible offer for the company, all of which it rejected, including the most recent offer valued at GBP46.50 per Shire share. Subsequent to media reports regarding other suitors interested in the company, Allergan confirmed that it is also in the early stages of considering a possible offer for Shire, though no offer has been made. Following the news, Allergan shares are down 5% while Shire shares trading in New York have gained 3%. Additionally, Qualcomm (QCOM) reported that, at the request of the Ministry of Commerce in China, the company and NXP Semiconductors (NXPI) have withdrawn and refiled the notice of acquisition regarding the companies' planned combination. In conjunction with the refiling, NXP and Qualcomm have agreed, among other things, to extend the end date of their purchase agreement from April 25 to July 25, 2018. MAJOR MOVERS: Among the noteworthy gainers was Adamas Pharmaceuticals (ADMS), which rose 4% after it announced "positive" data from its Phase 3 open-label study of GOCOVRI extended release capsules. Also higher was BNY Mellon (BK), which gained 5% after reporting quarterly results. Among the notable losers was Ichor Holdings (ICHR), which dropped 10% after it agreed to acquire IAN Engineering. Also lower was Sleep Number (SNBR), which fell over 15% after reporting quarterly results. INDEXES: Near midday, the Dow was down 94.83, or 0.38%, to 24,653.24, the Nasdaq was down 58.72, or 0.80%, to 7,236.51, and the S&P 500 was down 19.18, or 0.71%, to 2,689.46.

AMZN

Amazon.com

$1,551.97

24.73 (1.62%)

AGN

Allergan

$157.01

-8.58 (-5.18%)

SHPG

Shire

$168.61

6.09 (3.75%)

QCOM

Qualcomm

$53.14

-2.1 (-3.80%)

NXPI

NXP Semiconductors

$109.01

-3.97 (-3.51%)

PG

Procter & Gamble

$75.38

-2.0928 (-2.70%)

AXP

American Express

$102.02

6.86 (7.21%)

AA

Alcoa

$61.20

1.84 (3.10%)

KMI

Kinder Morgan

$16.70

0.53 (3.28%)

PM

Philip Morris

$84.16

-17.35 (-17.09%)

NVS

Novartis

$79.30

-2.42 (-2.96%)

MKGAY

Merck KGaA

$0.00

(0.00%)

TKPYY

Takeda Pharmaceutical

$0.00

(0.00%)

ADMS

Adamas Pharmaceuticals

$27.49

1.63 (6.30%)

BK

BNY Mellon

$55.11

2.85 (5.45%)

ICHR

Ichor Holdings

$21.82

-2.43 (-10.02%)

SNBR

Sleep Number

$30.81

-5.77 (-15.77%)

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AMZN Amazon.com
$1,551.97

24.73 (1.62%)

04/19/18
SBSH
04/19/18
NO CHANGE
Target $58
SBSH
Buy
Citi boosts eBay target to $58, raises to second top pick in Internet
eBay (EBAY) shares do not reflect the value of the recently announced new payment solution, Citi analyst Mark May tells investors in a research note. He estimates the solution will increase earnings by 20% in its first full-year and has a net present value of $8 per share. May raised his price target for eBay to $58 and $50 and elevated the stock four spots to become his second to pick in Internet, behind only Amazon.com (AMZN). He views eBay's valuation as attractive and keeps a Buy rating on the shares.
04/19/18
MSCO
04/19/18
NO CHANGE
Target $1550
MSCO
Overweight
Amazon gaining apparel market share in U.S., says Morgan Stanley
Morgan Stanley analyst Brian Nowak said his analysis shows that Amazon (AMZN) gained 1.5% of U.S. apparel market share in 2017, largely at the expense of department stores. He estimates Amazon is the second largest U.S. apparel retailer, trailing only Walmart (WMT), and expects the e-commerce giant to take the number one spot in terms of U.S. apparel market share in 2018. Cumulatively, Nowak estimates Sears (SHLD), Macy's (M) and J.C. Penney (JCP) lost 0.8% share in 2017, with shareholdings remaining roughly flat for Target (TGT) and Kohl's (KSS). He maintains an Overweight rating and $1,550 price target on Amazon shares.
04/19/18
PIPR
04/19/18
NO CHANGE
Target $1650
PIPR
Overweight
Amazon online retail segment could miss Q1 estimates, says Piper Jaffray
Piper Jaffray analyst Michael Olson says his firm's Amazon Search Index indicates Q1 online unit growth will be 21% year-over-year versus 23% in Q4, suggesting revenue that is slightly below Street expectations for the online retail segment. However, given the "strong cloud backdrop" and Piper's chief investment officer survey indicating an intent to accelerate spend, Amazon Web Services could partially offset any softness in retail, Olson tells investors in a pre-earnings research note. He also sees a high likelihood of "other" segment revenue upside in Q1 from advertising. Investors should own Amazon shares for the "plethora of topline tailwinds" and the potential for a return to margin expansion in the second half of 2018, Olson contends. He reiterates an Overweight rating on the shares with a $1,650 price target.
04/18/18
ARGS
04/18/18
NO CHANGE
ARGS
Hold
Netflix valuation remains 'significantly higher' than peers, says Argus
Argus analyst Joseph Bonner kept his Hold rating on Netflix (NFLX) but raised his FY18 EPS view to $2.89 from $2.73 after the company's Q1 earnings beat. The analyst says the company is benefiting from the "secular growth of internet-delivered on-demand video" but also warns that it is taking on more debt, resulting in a "stunning" cash-burn rate. Bonner adds that the market is still judging the company by its subscriber growth while overlooking the costs associated with the ramp in content production and content licensing. The analyst is also cautious on Netflix valuation as its trailing enterprise value to EBITDA multiple is 136-times relative to 29-times peer average and 48-times at Amazon (AMZN).
AGN Allergan
$157.01

-8.58 (-5.18%)

04/17/18
STFL
04/17/18
INITIATION
Target $192
STFL
Hold
Allergan initiated with a Hold at Stifel
Stifel analyst Annabel Samimy initiated Allergan with a Hold rating and $192 price target, as she believes the company has lost strategic direction for its Specialized Therapeutics and General Medicine franchises and faces increasing prospects for credible competition in established franchises, "even Botox." While Allergan's valuation is attractive, she believes its pipeline holds tangible clinical/commercial risk, Samimy tells investors.
04/19/18
04/19/18
NO CHANGE

BTIG says Allergan may be interested in Shire after insufficient Takeda offers
BTIG analyst Timothy Chiang noted that Shire (SHPG) is trading higher after news that at least one other company other than Takeda (TKPYY) is interested in acquiring Shire, and naming Allergan (AGN) as one of those possible suitors. Chiang also believes that other companies, such as Pfizer (PFE), could entering into the bidding for Shire. BTIG maintained a Buy rating and $195 price target on Shire shares.
04/18/18
LEHM
04/18/18
NO CHANGE
Target $230
LEHM
Overweight
Barclays sees 'significant challenges' for Botox biosimilar
Barclays analyst Douglas Tsao says that while he'd probably stop short of calling it "mission impossible," he sees "significant challenges" in the development of a biosimilar to Allergan's (AGN) Botox. Following a deep dive into the key issues Mylan (MYL) will likely face in developing a biosimilar Botox, the analyst and concluded that it seems "technically difficult and faces a long road ahead." Even a best case scenario puts timing out to 2023, Tsao tells investors in a research note. The analyst has an Overweight rating on Allergan with a $230 price target.
04/12/18
DBAB
04/12/18
NO CHANGE
Target $212
DBAB
Buy
Deutsche Bank likes current setup for shares of Allergan
Allergan shares at current levels likely reflect concerns about the growth and durability of core franchises, low expectations for current pipeline assets, and skepticism about the company's ability to bolster the pipeline, Deutsche Bank analyst Gregg Gilbert tells investors in a research note. His $212 price target includes value for only four late-stage pipeline assets, each with validating events in 2018. Removing these assets would reduce his target to $183, all else equal. Not all of the programs are likely to fail, Gilbert argues. As such, he likes the setup for the stock from here in the event of positive pipeline news and strong operational performance. He keeps a Buy rating on Allergan.
SHPG Shire
$168.61

6.09 (3.75%)

04/19/18
RILY
04/19/18
NO CHANGE
Target $200
RILY
Buy
Shire price target raised to $200 from $181 at B. Riley FBR
B. Riley FBR analyst David Buck raised his price target for Shire (SHPG) to $200 after the company rejected an approach from Takeda Pharmaceutical (TKPYY) and Allergan confirmed interest in a potential acquisition. The analyst keeps a Buy rating on the shares.
03/28/18
BOFA
03/28/18
NO CHANGE
BOFA
Buy
Still considerable value in Shire even in no Takeda bid scenario, says BofA/Merrill
BofA/Merrill analyst Graham Parry notes that Takeda (TKPYY) has said in a statement that it is considering an approach for Shire (SHPG) but that the consideration is at a preliminary and exploratory stage and no approach has been made to the board of Shire. The analyst continues to see considerable value in Shire with concerns over hemophilia more than priced into the stock and upsides from pipeline, notably SHP643 for HAE and SHP647 for Ulcerative colitis and Crohns, and the value of its plasma/immunology franchise overlooked. Even in a no bid scenario, Parry believes passage through hemophilia overhangs and increased awareness of the value in these assets should see Shire trade higher on 12-month view. He reiterates a Buy rating on Shire's shares.
03/29/18
JEFF
03/29/18
NO CHANGE
Target $172
JEFF
Buy
Shire investors may be amenable to $50B-plus bid, says Jefferies
With challenges in the hemophilia market near term, Shire (SHPG) investors could be amenable to another $50B-plus bid, similar to AbbVie's (ABBV) 2014 offer, Jefferies analyst David Steinberg tells investors in a research note. This would represent a 35% premium to Shire's recent near five-year low valuation, the analyst writes. He says "it remains to be seen" how Takeda Pharmaceutical (TKPYY) could structure a transaction for Shire given the companies' similar equity valuations. The analyst finds it possible that Takeda's disclosed interest could spark competitive bids from large cap pharma companies. He keeps a Buy rating on Shire with a $172 price target.
QCOM Qualcomm
$53.14

-2.1 (-3.80%)

04/12/18
SBSH
04/12/18
INITIATION
Target $58
SBSH
Neutral
Qualcomm resumed with a Neutral at Citi
Citi analyst Christopher Danely resumed coverage of Qualcomm (QCOM) with a Neutral rating and $58 price target. The analyst believes the proposed acquisition of NXP Semiconductors (NXPI) could eventually drive earnings accretion of roughly 44% or $1.52, but he does not have confidence in the $500M in synergies. Danely expects a host of integration difficulties given differences in manufacturing, customer base, and NXP's merger with Freescale.
04/17/18
MSCO
04/17/18
NO CHANGE
Target $55
MSCO
Underweight
Qualcomm faces headwinds even if NXP deal gets approved, says Morgan Stanley
Morgan Stanley analyst James Faucette believes the market has built in a meaningful probability that China blocks Qualcomm's (QCOM) acquisition of NXP Semiconductors (NXPI), though he feels it is in China's best interest to approve the deal and he feels that is what will happen. However, even if the NXP deal gets approved, he continues to think the Apple (AAPL) lawsuit is unlikely to conclude before FY19 and he sees its as increasingly likely that licensing disputes with other non-paying OEM will be a persistent issue. Share gains made by MediaTek and the ZTE (ZTCOY) ban could create added EPS headwinds for Qualcomm, said Faucette, who maintains an Underweight rating on the stock.
04/12/18
SBSH
04/12/18
INITIATION
Target $127.5
SBSH
Neutral
NXP Semiconductors resumed with a Neutral at Citi
Citi analyst Christopher Danely resumed coverage of NXP Semiconductors (NXPI) with a Neutral rating and $127.50 price target. The analyst expects Qualcomm (QCOM) to close the acquisition of NXP at the current proposed price of $127.50 per share. He believes, however, that there is "some potential for the deal to break due to approval from China given the trade war." If the deal falls apart, Danely expects NXP shares to trade to $90.
04/05/18
04/05/18
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. Spotify (SPOT) initiated with a Buy at Canaccord and Stifel. 2. Trade Desk (TTD) initiated with an Overweight at Piper Jaffray. 3. Saul Centers (BFS) initiated with a Neutral at B. Riley FBR. 4. Capital One (COF) and American Express (AXP) were initiated with a Buy at Citi while Discover (DFS) and Synchrony (SYF) were initiated with a Neutral. 5. Intel (INTC) initiated with a Buy at UBS while Qualcomm (QCOM) was initiated with a Neutral. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
NXPI NXP Semiconductors
$109.01

-3.97 (-3.51%)

03/19/18
MSCO
03/19/18
INITIATION
Target $127.5
MSCO
Equal Weight
NXP Semiconductors reinitiated with an Equal Weight at Morgan Stanley
Morgan Stanley analyst Craig Hettenbach resumed coverage on NXP Semiconductors (NXPI) with an Equal Weight and $127.50 price target.
PG Procter & Gamble
$75.38

-2.0928 (-2.70%)

02/28/18
BREN
02/28/18
INITIATION
Target $78.5
BREN
Sell
Procter & Gamble initiated with a Sell at Berenberg
Berenberg analyst James Targett initiated Procter & Gamble with a Sell and $78.50 price target.
02/28/18
02/28/18
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. Dell Technologies (DVMT) initiated with a Buy at Deutsche Bank and an Outperform at Wells Fargo. 2. Procter & Gamble (PG) initiated with a Sell at Berenberg. 3. Surmodics (SRDX) initiated with a Buy at Needham. 4. Fortress Biotech (FBIO) initiated with a Buy at B. Riley FBR. 5. Madrigal Pharmaceuticals (MDGL) initiated with an Outperform at Cowen. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
01/16/18
01/16/18
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. Qualcomm (QCOM) upgraded to Buy from Neutral at Nomura Instinet with analyst Romit Shah saying with Broadcom's (AVGO) hostile takeover attempt now analogous to a "gun to the head," Qualcomm management is likely to more aggressively focus on driving shareholder value in order to remain a standalone franchise. 2. Twitter (TWTR) upgraded to Buy from Sell at Aegis with analyst Victor Anthony saying he believes 2018 will be an inflection point in owned and operated advertising for Twitter and he sees a return to double-digit growth in that area in 2019. 3. Procter & Gamble (PG) upgraded to Neutral from Sell at Goldman Sachs with analyst Jason English saying he no longer sees enough downside to estimates to drive material underperformance for the stock. 4. Northrop Grumman (NOC) and Curtiss-Wright (CW) were upgraded to Outperform from Market Perform at Wells Fargo. 5. Ciena (CIEN) was upgraded to Buy from Neutral at Goldman Sachs, while Adtran (ADTN) was upgraded to Neutral from Sell. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
04/04/18
LEHM
04/04/18
NO CHANGE
Target $84
LEHM
Equal Weight
Now not right time to get positive on P&G shares, says Barclays
Barclays analyst Lauren Lieberman says that while a challenging fiscal Q3 for Procter & Gamble (PG) is well telegraphed, she's now more cautious on the company's sales over the next two quarters given recent commentary from Walmart (WMT) around lower inventory levels. The analyst notes that Walmart accounted for 16% of P&G's sales in fiscal 2017. Despite the recent pullback in the shares, now is not the time to get become more constructive on Procter & Gamble, Lieberman tells investors in a research note. The analyst keeps an Equal Weight rating on the name with an $84 price target.
AXP American Express
$102.02

6.86 (7.21%)

04/19/18
PIPR
04/19/18
NO CHANGE
Target $116
PIPR
Neutral
American Express valuation fairly reflects growth profile, says Piper Jaffray
Piper Jaffray analyst Jason Deleeuw expects shares of American Express to rally today given the accelerated Q1 revenue growth, "better-than-feared" provision expense and 2018 outlook raise. The year-over-year comparisons get more difficult going forward, but American Express has strong momentum across its business, Deleeuw tells investors in a post-earnings research note. However, the analyst believes the stock's valuation fairly reflects his expectation for a low-teens earnings growth profile with potential upside limited by higher provisioning expense and a competitive card environment. He lowered his price target for the shares to $116 from $122 and keeps a Neutral rating on American Express.
04/19/18
BERN
04/19/18
NO CHANGE
Target $120
BERN
Outperform
American Express price target raised to $120 from $115 at Bernstein
Bernstein analyst Kevin St. Pierre raised his price target for American Express to $120 from $115 after a "strong" quarter. The analyst reiterates an Outperform rating on the shares.
04/19/18
JMPS
04/19/18
NO CHANGE
JMPS
Market Perform
AmEx Q1 EPS appears to be high-water mark for year, says JMP Securities
After American Express reported Q1 EPS that topped the consensus forecast, JMP Securities analyst David Scharf noted that American Express' average quarterly EPS for the remainder of the year is slightly below the Q1 level, even at the high end of management's 2018 guidance. He raised his 2018 EPS estimate to account for the flow-through of Q1 upside and also raised his 2019 estimate based on the increasing momentum in customer engagement. However, he keeps a Market Perform rating on American Express shares, which he views as fairly valued at current levels.
04/19/18
RBCM
04/19/18
NO CHANGE
Target $86
RBCM
Underperform
American Express price target raised to $86 from $81 at RBC Capital
RBC Capital analyst Jason Arnold raised his price target on American Express to $86 after the company beat on Q1 earnings beat and updated its FY18 outlook to the upper end of its prior guidance. Despite the stronger results however, the analyst remains concerned with the heightened competition, uncertainty around the pending Department of Justice lawsuit, and relative returns. Arnold keeps his Underperform rating on American Express, saying the upside/downside risk on shares is "less exciting".
AA Alcoa
$61.20

1.84 (3.10%)

04/19/18
JPMS
04/19/18
NO CHANGE
Target $86
JPMS
Overweight
Alcoa price target raised to $86 from $79 at JPMorgan
JPMorgan analyst Michael Gambardella raised his price target for Alcoa to $86 citing the impact of higher alumina prices and Midwest premiums. Further, the analyst thinks the company has optionality to create additional value by further investing in its third-party bauxite business and potentially returning cash to shareholders while further reducing its pension obligations. He keeps an Overweight rating on Alcoa following the company's Q1 results.
04/19/18
FBCO
04/19/18
NO CHANGE
Target $71
FBCO
Outperform
Alcoa price target raised to $71 from $61 at Credit Suisse
Credit Suisse analyst Curt Woodworth raised his price target for Alcoa to $71 form $61 as he believes its solid reduction in legacy liabilities and increased option value on idle capacity warrant multiple expansion. The analyst reiterates an Outperform rating on the shares.
04/11/18
GSCO
04/11/18
NO CHANGE
GSCO
Alcoa most positively exposed to higher post-tariff aluminum, says Goldman Sachs
Goldman Sachs analyst Matthew Korn writes that as part of the latest round of sanctions on Russia issued on April 6th, "the biggest significance" was the inclusion of RUSAL, which is "the third largest aluminum smelting company in the world - largest ex-China - and represents roughly 6% of global capacity and production". Korn sees the market friction as a result of these sanctions leading to higher aluminum prices, and names Alcoa as the producer with the most "direct positive exposure" if those price gains are sustained.
04/19/18
BMOC
04/19/18
NO CHANGE
Target $80
BMOC
Outperform
Alcoa price target raised to $80 from $63 at BMO Capital
BMO Capital analyst David Gagliano raised his price target on Alcoa to $80 after the company's Q1 earnings beat and a raise in its FY18 EBITDA target, saying his forecast for aluminum prices appears to be "increasingly conservative" given the "increasingly tight underlying market". Gagliano maintains his view of "compelling" risk/reward on Alcoa and sees $100 stock price as "fundamentally justifiable" due to the ongoing price spikes and potentially long-term aluminum deficit as a result of China's supply-side reforms. The analyst keeps his Outperform rating on Alcoa.
KMI Kinder Morgan
$16.70

0.53 (3.28%)

04/16/18
JEFF
04/16/18
NO CHANGE
Target $16
JEFF
Hold
Kinder Morgan price target lowered to $16 from $20 at Jefferies
In a research note titled "Stuck In The Middle With You," Jefferies analyst Christopher Sighinolfi lowered his price target Kinder Morgan to $16 from $20 ahead of the company's Q1 results. The analyst sees a balanced risk/reward profile and keeps a Hold rating on the shares. The stock holds upside if compared to premier midstream peers, but a "continued de-rate is implied by non-energy comps," Sighinolfi tells investors in a research note.
04/10/18
RBCM
04/10/18
NO CHANGE
Target $19
RBCM
Sector Perform
Kinder Morgan price target lowered to $19 from $22 at RBC Capital
RBC Capital analyst Elvira Scotto lowered her price target on Kinder Morgan to $19 and kept her Buy rating. Scotto says that while the short term impact of the potential cancellation of the Trans Mountain Expansion project has minimal effect on valuation and may actually improve leverage, it would be a negative development in the long run. The analyst further attributes her price adjustment to the potential FERC related impact to tariffs from the lower income tax rate and also models a lower Products Pipelines multiple on potential FERC cost of service impact.
03/27/18
SBSH
03/27/18
UPGRADE
SBSH
Buy
Kinder Morgan upgraded to Buy from Neutral at Citi
Citi analyst Eric Genco upgraded Kinder Morgan to Buy with a $21 price target.
03/21/18
BOFA
03/21/18
UPGRADE
Target $20
BOFA
Buy
Kinder Morgan upgraded to Buy from Neutral at BofA/Merrill
BofA/Merrill analyst Dennis Coleman upgraded Kinder Morgan to Buy and maintained a $20 price target saying shares should benefit from its C-Corp structure and stable base business.
PM Philip Morris
$84.16

-17.35 (-17.09%)

04/10/18
DBAB
04/10/18
INITIATION
Target $120
DBAB
Buy
Philip Morris initiated with a Buy at Deutsche Bank
Deutsche Bank analyst Gerry Gallagher started Philip Morris with a Buy rating and $120 price target. The analyst models for multi-year low double-digit/high-single digit earnings growth and believes the company's fiscal 2025 "aspirations are achievable."
04/10/18
04/10/18
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. Tesla (TSLA) initiated with a Sell at Vertical Group. 2. Philip Morris (PM) initiated with a Buy at Deutsche Bank. 3. Etsy (ETSY) initiated with a Buy at Loop Capital. 4. Zscaler (ZS) initiated with an Outperform at Credit Suisse and Baird, a Strong Buy at Needham, an Equal Weight at Morgan Stanley, Stephens, and Barclays, a Hold at Deutsche Bank, as well as a Neutral at BofA/Merrill and Goldman Sachs. 5. Equifax (EFX) initiated with an Underperform at BofA/Merrill. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
04/19/18
PIPR
04/19/18
NO CHANGE
Target $126
PIPR
Overweight
Philip Morris selloff looks 'excessive,' says Piper Jaffray
Piper Jaffray analyst Michael Lavery considers Philip Morris' underlying base earnings growth and incremental gains from iQOS to be attractive, though higher spending tempers incremental benefits near-term. While uncertainty about the long-term outlook for the business appears to be weighing on investor sentiment, and while management's communication around the issues does not appear to add sufficient clarity, the analyst believes the selloff in the shares appears to be "overdone." The business remains on track for high single-digit organic revenue growth and high single-digit EPS growth, which compares favorably to other names in consumer staples, he argues. Lavery reiterates an Overweight rating and $126 price target on the shares.
03/23/18
PIPR
03/23/18
NO CHANGE
PIPR
Recent selloff in Tobacco space is unjustified, says Piper Jaffray
The recent selloff in the Tobacco space is unjustified and current valuations offer an "attractive buying opportunity," Piper Jaffray analyst Michael Lavery tells investors in a research note. The analyst views Philip Morris (PM) and Altria Group (MO) as "long-term winners." Tobacco companies continue to enjoy strong pricing power, barriers to entry, and a favorable position with the retail trade, the analyst contends. His analysis suggests lower risk products are beneficial to category trends, and expects lower excise taxes versus cigarettes to remain in place.
NVS Novartis
$79.30

-2.42 (-2.96%)

04/19/18
WELS
04/19/18
NO CHANGE
WELS
Wells says bottom has not been reached in generics pricing
After Aceto (ACET) cited the continued intense competitive and pricing pressures in the generic industry when withdrawing its guidance last night, and Novartis (NVS) this morning reported that net sales at its generic unit Sandoz dropped 4% in the quarter, Wells Fargo analyst Davis Maris says he's not ready to call the bottom in generics pricing. Those that have are premature, Maris tells investors in a research note titled "Negative Read Throughs For Generics Continue." The Aceto and Sandoz pricing news shows the data continue to be negative for U.S. generic industry pricing, the analyst contends. He sees a negative read-through for companies with large U.S. commodity generic exposure, such as Teva (TEVA) and Mylan (MYL).
04/19/18
HCWC
04/19/18
NO CHANGE
Target $182
HCWC
Buy
H.C. Wainwright reiterates Buy on Ligand after Novartis reports Q1
H.C. Wainwright analyst Joseph Pantginis says the Promacta franchise remains strong after Ligand Pharmaceuticals (LGND) partner Novartis (NVS) reported Q1 sales Promacta revenue of $257M. The analyst projects 2018 is the year that Promacta officially reaches blockbuster status, or $1B in sales. Further, he points out that Retrophin (RTRX), another Ligand partner, earlier this month announced that the first patient has been enrolled into the Phase 3 Duplex study using sparsentan to treat patients with focal segmental glomerulosclerosis. Pantginis is encouraged by the start of the Phase 3 saying it has the potential to lock in a fixed 9% royalty to Ligand, if approved. He currently project peak sales of $825M but feels the drug could reach blockbuster status based on its first-to-market status. Pantginis keeps a Buy rating on Ligand Pharmaceuticals with a $182 price target.
04/18/18
BERN
04/18/18
NO CHANGE
BERN
Spark Therapeutics, uniQure may be potential takeout targets, says Bernstein
Following AveXis (AVXS) acquisition by Novartis (NVS), Bernstein analyst Vincent Chen says the potential next target should have a strong portfolio fit and innovation-oriented scientifically-minded management teams likely comfortable with the technology platform. For acquisition targets, the analyst sees two flavors, namely late stage more de-risked gene therapy companies, for which Spark (ONCE) comes to mind, and less costly but riskier earlier-stage platforms, for which uniQure (QURE), Voyager (VYGR) and REGENXBIO (RGNX) come to mind.
04/18/18
JEFF
04/18/18
DOWNGRADE
Target $218
JEFF
Hold
AveXis downgraded to Hold from Buy at Jefferies
Jefferies analyst Biren Amin downgraded AveXis (AVXS) to Hold while raising his price target for the shares to $218 from $141. The analyst's downgrade and new price target reflect the pending acquisition by Novartis (NVS).
MKGAY Merck KGaA
$0.00

(0.00%)

TKPYY Takeda Pharmaceutical
$0.00

(0.00%)

ADMS Adamas Pharmaceuticals
$27.49

1.63 (6.30%)

04/04/18
LEER
04/04/18
INITIATION
Target $31
LEER
Outperform
Adamas Pharmaceuticals initiated with an Outperform at Leerink
Leerink analyst Geoffrey Porges started Adamas Pharmaceuticals with an Outperform rating and $31 price target as he believes the recent pullback in the stock from the low-mid $30s offers an attractive opportunity for longer term investors that believe that Gocovri will ultimately succeed in capturing market share of the large PD dyskinesia market.
03/15/18
MZHO
03/15/18
NO CHANGE
Target $49
MZHO
Buy
Adamas weakness on generic filer a buying opportunity, says Mizuho
Mizuho analyst Irina Koffler recommends using the weakness in shares of Adamas Pharmaceuticals after an undisclosed generic filer submitted an amended new drug application to sell a generic version of Gocovri as a buying opportunity. The drug is protected from generic competition until August 2024, at the earliest, Koffler tells investors in a research note. She keeps a Buy rating on Adamas with a $49 price target.
03/27/18
BOFA
03/27/18
INITIATION
Target $39
BOFA
Buy
Adamas Pharmaceuticals initiated with a Buy at BofA/Merrill
BofA/Merrill analyst Tazeen Ahmad started Adamas Pharmaceuticals with a Buy rating and $39 price target. The analyst's survey of 25 neurologists indicates favorable near-term sales growth for Gocovri. He also sees upside potential from the multiple sclerosis and epilepsy indications in the company's pipeline.
02/21/18
NORL
02/21/18
NO CHANGE
NORL
Outperform
Adamas Pharmaceuticals weakness a buying opportunity, says Northland
Northland analyst Carl Byrnes said he views Adamas Pharmaceuticals' weakness as a buying opportunity, stating that Gocovri is the only efficacious treatment for levodopa-induced dyskinesia and that Osmotica's Osmolex is not approved for the LID indication. Byrnes maintains his Outperform rating on Adamas shares.
BK BNY Mellon
$55.11

2.85 (5.45%)

03/07/18
03/07/18
UPGRADE
Target $58

Neutral
BNY Mellon upgraded to Neutral on balanced risk/reward at BofA/Merrill
As previously reported, BofA/Merrill upgraded BNY Mellon to Neutral from Underperform and raised tis price target to $58 from $54. Analyst Michael Carrier expects this week's investor Day to be a positive event, highlighting growth initiatives, cost efficiencies and capital management. Carrier views risk/reward as more balanced saying business trends are decent, but some headwinds remain.
03/12/18
GSCO
03/12/18
DOWNGRADE
Target $60
GSCO
Neutral
BNY Mellon downgraded to Neutral on valuation at Goldman Sachs
Goldman analyst Alexander Blostein downgraded BNY Mellon to Neutral from Buy citing valuation reflects near-term earnings growth and maintained a $60 price target.
03/07/18
BOFA
03/07/18
UPGRADE
BOFA
Neutral
BNY Mellon upgraded to Neutral from Underperform at BofA/Merrill
01/19/18
01/19/18
UPGRADE
Target $64

Overweight
Morgan Stanley upgrades BNY Mellon, says reaction to investments overblown
As previously reported, Morgan Stanley analyst Betsy Graseck upgraded BNY Mellon to Overweight from Equal Weight, contending that the negative reaction in the stock following management's report of plans to reinvest the "vast majority" of tax savings is overblown. However, Graseck previously highlighted that new CEO Charlie Scharf could slow the pace of operating leverage and lower taxes provide an excellent opportunity to reinvest in the business without sacrificing EPS growth, she tells investors. Given that trust banks are at the nexus of "the next big wave of Fin-Tech disruption," namely corporate payments, Graseck believes tech investments should drive share gains for BNY Mellon, she added. The analyst raised her price target on BNY Mellon shares to $64 from $60.
ICHR Ichor Holdings
$21.82

-2.43 (-10.02%)

04/05/18
DBAB
04/05/18
NO CHANGE
Target $38
DBAB
Buy
Ichor Holdings P/E ratio does not make sense, says Deutsche Bank
Deutsche Bank analyst Sidney Ho believes Ichor Holdings' (ICHR) price-to-earnings ratio at 5.5 times does not make sense. While Ichor may trade at a discount to its key customers at 11 times because of its market capitalization and high customer concentration, the current 50% valuation discount is unwarranted, Ho tells investors in a research note. He also does not see why Ichor should trade at a large discount to its closest competitor in the space, UCTT (UCTT). Ho reiterates a Buy rating on Ichor Holdings with a $38 price target.
02/15/18
COWN
02/15/18
NO CHANGE
COWN
Outperform
Applied Materials commentary positive for wafer fab companies, says Cowen
Cowen analyst Karl Ackerman said Applied Materials' (AMAT) commentary following its solid Q1 results is positive for wafer fabrication companies Ichor Holdings (ICHR) and Ultra Clean (UCTT). The commentary indicated a healthy wafer fab equipment environment through 2019, suggesting the strong selloff amid fears of a material deceleration in equipment spending is overblown. Ackerman raised his estimates and reiterated his Outperform rating on both Ichor Holdings and Ultra Clean shares.
03/26/18
NORL
03/26/18
INITIATION
Target $42
NORL
Outperform
Ichor Holdings initiated with an Outperform at Northland
Northland initiated Ichor Holdings with an Outperform and $42 price target.
02/13/18
NEED
02/13/18
UPGRADE
Target $42
NEED
Strong Buy
Ichor Holdings upgraded to Strong Buy at Needham on stock price pullback
As reported earlier, Needham analyst Y. Edwin Mok upgraded Ichor Holdings to Strong Buy from Buy with a $42 price target. Mok notes that the selloff after a "solid" Q4 earnings report based on fears of a peaking business is unfounded, while the stock price already reflects some anticipated slowdown in earnings growth. The analyst adds that there are growth drivers being ignored by the market, such as revenue synergies from the company's acquisitions and the company's proprietary Liquid Delivery Module winning new designs.
SNBR Sleep Number
$30.81

-5.77 (-15.77%)

11/27/17
WEDB
11/27/17
NO CHANGE
WEDB
Black Friday promotions ratchet higher, says Wedbush
Wedbush analyst Seth Basham notes that as holiday shopping continues to shift online to the detriment of many brick and mortar retailers, Black Friday promotions in home furnishings and home improvements ratcheted higher this year at most retailers under his coverage. Based on his detailed analysis, the analyst found more aggressive promotions from Bed Bath & Beyond (BBBY), Pier 1 Imports (PIR), Wayfair (W), Home Depot (HD), Lowe's (LOW) and Sleep Number (SNBR). The analyst also points out that he leans positive on Wayfair and Williams-Sonoma (WSM).
04/19/18
04/19/18
DOWNGRADE

Market Perform
Sleep Number downgraded to Market Perform at Raymond James
As previously reported, Raymond James downgraded Sleep Number to Market Perform from Outperform following the Q1 miss and guidance. Analyst Budd Bugatch said he does not have confidence to forecast the acceleration needed to maintain his above consensus earnings estimates and said near-term trends could remain choppy, with ongong promotional activity from Mattress Firm, and Chinese mattress import growth.
04/19/18
RAJA
04/19/18
DOWNGRADE
RAJA
Market Perform
Sleep Number downgraded to Market Perform from Outperform at Raymond James
12/06/17
STFL
12/06/17
NO CHANGE
STFL
Stifel says Steinhoff news may be good for Tempur Sealy, bad for Leggett & Platt
Stifel analyst John Baugh noted that Steinhoff shares are down more than 60% in Frankfurt after its CEO resigned amid an investigation into irregular accounting practices. He believes the news could benefit Tempur Sealy (TPX), a sales competitor to Steinhoff's Mattress Firm, and could also benefit Sleep Number (SNBR) to a lesser extent. Baugh also thinks this could be bad news for Leggett & Platt (LEG), which has Steinhoff as an important customer.

TODAY'S FREE FLY STORIES

CMCSA

Comcast

$37.91

0.1 (0.26%)

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Comcast

$0.00

(0.00%)

14:32
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14:32
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14:32
Periodicals
Comcast outbids Fox in battle for Sky, Reuters reports »

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CMCSA

Comcast

$37.91

0.1 (0.26%)

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Comcast

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FOX

21st Century Fox

$43.97

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FOXA

21st Century Fox

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Sky

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CoBiz Financial

$23.44

0.01 (0.04%)

13:36
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CoBiz Financial to host special shareholder meeting »

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BOK Financial

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-0.08 (-0.08%)

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CoBiz Financial

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0.01 (0.04%)

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AMRH

AMERI Holdings

$1.44

-0.04 (-2.70%)

13:30
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BRK.A

Berkshire Hathaway

$331,710.00

-1090 (-0.33%)

13:26
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13:26
Periodicals
Berkshire Hathaway still looks underpriced, Barron's says »

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BioLargo

$0.00

(0.00%)

13:11
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CZWI

Citizens Community Bancorp

$14.13

0.03 (0.21%)

12:56
09/22/18
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12:56
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12:56
Conference/Events
Citizens Community Bancorp to host special shareholder meeting »

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SF

Stifel Financial

$54.86

-0.78 (-1.40%)

12:50
09/22/18
09/22
12:50
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12:50
Conference/Events
Stifel Financial to host special shareholder meeting »

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PBCT

People's United

$17.94

-0.055 (-0.31%)

, FBNK

First Connecticut

$30.95

0.1 (0.32%)

12:47
09/22/18
09/22
12:47
09/22/18
12:47
Conference/Events
First Connecticut to host special shareholder meeting »

Special shareholder…

PBCT

People's United

$17.94

-0.055 (-0.31%)

FBNK

First Connecticut

$30.95

0.1 (0.32%)

03/08/13
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ASPS

Altisource

$34.10

-0.09 (-0.26%)

12:44
09/22/18
09/22
12:44
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12:44
Conference/Events
Altisource to host special shareholder meeting »

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AAPL

Apple

$217.65

-2.35 (-1.07%)

, CSCO

Cisco

$48.51

0.77 (1.61%)

12:36
09/22/18
09/22
12:36
09/22/18
12:36
Periodicals
Apple, Microsoft among stocks with solid dividends, Barron's says »

Technology stocks are not…

AAPL

Apple

$217.65

-2.35 (-1.07%)

CSCO

Cisco

$48.51

0.77 (1.61%)

IBM

IBM

$151.29

0.12 (0.08%)

MSFT

Microsoft

$114.70

1.13 (0.99%)

ORCL

Oracle

$51.08

0.65 (1.29%)

03/08/13
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    Nov

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    Mar

CAT

Caterpillar

$156.39

0.38 (0.24%)

, AMAT

Applied Materials

$39.62

0.22 (0.56%)

12:28
09/22/18
09/22
12:28
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12:28
Periodicals
Caterpillar, KeyCorp among stocks to buy as bond yields rise, Barron's says »

As the economy improves,…

CAT

Caterpillar

$156.39

0.38 (0.24%)

AMAT

Applied Materials

$39.62

0.22 (0.56%)

BWA

BorgWarner

$45.24

-0.53 (-1.16%)

KEY

KeyCorp

$20.78

0.02 (0.10%)

PH

Parker-Hannifin

$190.52

0.01 (0.01%)

03/08/13
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BSX

Boston Scientific

$37.76

-0.07 (-0.19%)

, ISRG

Intuitive Surgical

$556.70

-4.43 (-0.79%)

10:34
09/22/18
09/22
10:34
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10:34
Periodicals
'Good time' to think about device markers, Barron's says »

Medical technology stocks…

BSX

Boston Scientific

$37.76

-0.07 (-0.19%)

ISRG

Intuitive Surgical

$556.70

-4.43 (-0.79%)

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TLRY

Tilray

$123.16

-53.365 (-30.23%)

10:20
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10:20
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Marijuana stocks 'the new Bitcoin,' Barron's says »

Led by Tilray, the…

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AAPL

Apple

$217.65

-2.35 (-1.07%)

, WMT

Walmart

$95.85

0.1 (0.10%)

09:05
09/22/18
09/22
09:05
09/22/18
09:05
Hot Stocks
Week in review: How Trump's policies moved stocks »

Catch up on the top…

AAPL

Apple

$217.65

-2.35 (-1.07%)

WMT

Walmart

$95.85

0.1 (0.10%)

DE

Deere

$152.82

-1.24 (-0.80%)

AGCO

Agco

$60.24

-0.9 (-1.47%)

ADM

Archer Daniels

$50.33

(0.00%)

MOS

Mosaic

$32.33

0.02 (0.06%)

CF

CF Industries

$52.82

-0.48 (-0.90%)

SPWR

SunPower

$7.88

-0.18 (-2.23%)

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AERI

Aerie Pharmaceuticals

$58.50

0.1 (0.17%)

, AGN

Allergan

$191.34

-1.11 (-0.58%)

04:55
09/22/18
09/22
04:55
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04:55
Conference/Events
European Society of Retina Specialists to hold a conference »

18th Congress of EURETINA…

AERI

Aerie Pharmaceuticals

$58.50

0.1 (0.17%)

AGN

Allergan

$191.34

-1.11 (-0.58%)

ALIM

Alimera Sciences

$1.07

(0.00%)

BABY

Natus Medical

$34.45

-0.2 (-0.58%)

BHC

Bausch Health

$24.92

-0.07 (-0.28%)

BAYRY

Bayer

$0.00

(0.00%)

ELXMF

Ellex Medical Lasers

$0.00

(0.00%)

GKOS

Glaukos

$58.78

-1.69 (-2.79%)

IRIX

IRIDEX

$6.52

0.08 (1.24%)

JNJ

Johnson & Johnson

$142.85

0.85 (0.60%)

NITE

Nightstar Therapeutics

$25.64

-1.71 (-6.25%)

NVS

Novartis

$85.46

-0.505 (-0.59%)

OCUL

Ocular Therapeutix

$6.45

0.03 (0.47%)

RHHBY

Roche

$0.00

(0.00%)

SHPG

Shire

$178.32

-1.68 (-0.93%)

STAA

STAAR Surgical

$47.00

-0.9 (-1.88%)

TMDI

Titan Medical

$2.24

0.02 (0.90%)

TTNP

Titan Pharmaceuticals

$0.22

-0.2833 (-56.66%)

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CDTI

CDTi

$0.34

0.01 (3.08%)

18:15
09/21/18
09/21
18:15
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18:15
Hot Stocks
CDTi sees September 21 as effective date of reverse stock split »

CDTi Advanced Materials…

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DUK

Duke Energy

$79.82

-0.81 (-1.00%)

18:08
09/21/18
09/21
18:08
09/21/18
18:08
Hot Stocks
Duke Energy restored nearly 1.8M outages in NC, SC during past week »

Duke Energy crews today…

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JNJ

Johnson & Johnson

$142.85

0.85 (0.60%)

18:01
09/21/18
09/21
18:01
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18:01
Hot Stocks
Johnson & Johnson's Janssen discloses phase 3 study results of Esketamine »

The Janssen…

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UAL

United Continental

$89.94

0.8 (0.90%)

17:39
09/21/18
09/21
17:39
09/21/18
17:39
Periodicals
United pilots refuse contract changes on regional routes, Reuters says »

United Airlines pilots…

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  • 21

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XLE

Energy Select Sector SPDR

$75.11

0.5132 (0.69%)

, XLU

Utilities SPDR

$53.04

0.2049 (0.39%)

17:36
09/21/18
09/21
17:36
09/21/18
17:36
General news
Week ending ETF Scorecard: Materials outperform, Utlilites slump »

S&P500 SECTORS:…

XLE

Energy Select Sector SPDR

$75.11

0.5132 (0.69%)

XLU

Utilities SPDR

$53.04

0.2049 (0.39%)

IYR

DJ US Real Estate Index Fund

$81.88

-0.06 (-0.07%)

XLP

Consumer Staples Sector SPDR

$55.02

0.1285 (0.23%)

XLY

Consumer Discretionary Sector SPDR

$116.98

-0.4288 (-0.37%)

XLB

S&P Select Materials SPDR

$60.54

-0.1312 (-0.22%)

XLF

Financial Select Sector

$28.73

-0.1175 (-0.41%)

XLV

Health Care Select Sector SPDR

$94.26

0.1571 (0.17%)

XLK

Technology Select Sector SPDR

$74.68

-0.2056 (-0.27%)

XLI

Industrial Select Sector SPDR

$79.71

0.2338 (0.29%)

GLD

SPDR Gold Trust

$113.48

-0.77 (-0.67%)

SLV

iShares Silver Trust

$13.44

-0.01 (-0.07%)

USO

United States Oil Fund

$14.95

0.145 (0.98%)

UNG

United States Natural Gas Fund

$24.60

0.235 (0.96%)

HYG

iShares iBoxx $ High Yield Corporate Bond

$86.24

0.05 (0.06%)

LQD

iShares iBoxx $ Investment Grade Corporate Bond

$114.72

0.04 (0.03%)

TLT

iShares 20+ Year Treasury Bond Fund

$117.12

-0.02 (-0.02%)

IEF

iShares 7-10 Year Treasury Bond ETF

$101.00

0.03 (0.03%)

SHY

iShares 1-3 Year Treasury Bond

$83.05

0.02 (0.02%)

IWD

iShares Russell 1000 Value

$129.51

0.13 (0.10%)

IWF

iShares Russell 1000 Growth

$155.30

-0.55 (-0.35%)

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OHGI

One Horizon Group

$0.18

-0.0088 (-4.63%)

17:34
09/21/18
09/21
17:34
09/21/18
17:34
Syndicate
Breaking Syndicate news story on One Horizon Group »

One Horizon Group files…

03/08/13
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CYTX

Cytori Therapeutics

$0.41

-0.033 (-7.38%)

17:31
09/21/18
09/21
17:31
09/21/18
17:31
Syndicate
Breaking Syndicate news story on Cytori Therapeutics »

Cytori Therapeutics files…

03/08/13
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NEM

Newmont Mining

$31.56

0.05 (0.16%)

17:22
09/21/18
09/21
17:22
09/21/18
17:22
Syndicate
Breaking Syndicate news story on Newmont Mining »

Newmont Mining files…

03/08/13
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03/08/13
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03/06/13
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    Oct

CB

Chubb

$139.87

-0.05 (-0.04%)

17:22
09/21/18
09/21
17:22
09/21/18
17:22
Hot Stocks
Chubb CEO Greenberg sells $8.6M in common stock »

Chubb CEO Evan Greenberg…

03/08/13
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03/06/13
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VTVT

vTv Therapeutics

$0.80

0.0096 (1.21%)

17:21
09/21/18
09/21
17:21
09/21/18
17:21
Hot Stocks
vTv says FDA advised that azeliragon efficacy be shown in at least 2 trials »

According to a regulatory…

03/08/13
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