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CBS

CBS

$52.32

-1.49 (-2.77%)

, VIAB

Viacom

$28.48

0.22 (0.78%)

11:51
05/17/18
05/17
11:51
05/17/18
11:51

CBS denied bid to block Redstone challenge to voting-control plan, THR reports

A judge in Delaware Chancery Court rejected CBS' (CBS) motion for a restraining order to stop Shari Redstone from interfering with its board meeting where it will consider a proposal to dilute the voting power of National Amusements, the company through which Redstone controls both CBS and Viacom (VIAB), reported The Hollywood Reporter. Following the news, CBS shares have fallen 6% while Class B Viacom shares are up about 1%. Reference Link

CBS

CBS

$52.32

-1.49 (-2.77%)

VIAB

Viacom

$28.48

0.22 (0.78%)

VIA

Viacom

$33.90

-0.05 (-0.15%)

  • 18

    May

CBS CBS
$52.32

-1.49 (-2.77%)

05/17/18
BOFA
05/17/18
DOWNGRADE
BOFA
Neutral
CBS downgraded to Neutral from Buy at BofA/Merrill
05/17/18
05/17/18
DOWNGRADE
Target $58

Neutral
CBS downgraded to Neutral on lawsuit overhang at BofA/Merrill
As previously reported, BofA/Merrill downgraded CBS to Neutral from Buy and cut its price target to $58 from $78. Analyst Jessica Reif said the lawsuit brought by CBS and the special committee alleging a breach of fiduciary duty by the National Amusements Inc. is a significant overhang for shares and will constrain outperformance until a ruling. Further, Reif sees increased risk that CEO Leslie Moonves could leave the company, which would elevate execution risk.
05/17/18
WELS
05/17/18
NO CHANGE
WELS
Market Perform
CBS shares likely return to mid-$60's with no merger, says Wells Fargo
Wells Fargo analyst Marci Ryvicker sees three potential paths unfolding for CBS (CBS) and Viacom (VIAB). The first being CBS remaining a standalone company with Les Moonves in charge. In this scenario the analyst sees CBS shares re-rating to $64, but ultimately being worth $78, and Viacom retreating to $26.50, but being worth $35-$39. The second scenario has CBS and Viacom merging with Moonves in charge. Under this, the new CBS is worth $55 per share with Viacom taken out at $32, Ryvicker tells investors in a research note. Her third scenario has CBS and Viacom merging with Bob Bakish in charge. The analyst values the new CBS at $44 per share in this scenario. At this point, Ryvicker favors a go-it-alone strategy for CBS. She also likes what Bakish is doing at Viacom. The analyst keeps Market Perform rating on both stocks, however, citing the lack of visibility on the outcome or timing.
05/17/18
05/17/18
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. Molson Coors (TAP) downgraded to Hold from Buy at Stifel with analyst Mark Swartzberg saying he sees multiple expansion as unlikely because U.S. beer industry volume trends are getting worse, the company's U.S. share trends are not improving, and demographics favor continued pressure on per capita alcohol consumption. 2. Progressive (PGR) downgraded to Market Perform from Outperform at Keefe Bruyette with analyst Meyer Shields citing valuation. 3. CBS (CBS) downgraded to Neutral from Buy at BofA/Merrill with analyst Jessica Reif saying the lawsuit brought by CBS and the special committee alleging a breach of fiduciary duty by the National Amusements Inc. is a significant overhang for shares and will constrain outperformance until a ruling. 4. Canadian National (CNI) downgraded to Neutral on valuation at Macquarie with analyst Konark Gupta citing valuation. 5. Jounce Therapeutics (JNCE) downgraded to Market Perform from Outperform at Wells Fargo with analyst Jim Birchenough saying overall response rates for JTX-2011 monotherapy in gastric cancer and in triple negative breast cancer, as well as for JTX-2011 plus Opdivo in gastric cancer and in triple negative breast cancer are "underwhelming" and "not competitive with other investigational drugs." This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
VIAB Viacom
$28.48

0.22 (0.78%)

04/30/18
BARD
04/30/18
NO CHANGE
Target $33
BARD
Neutral
Twitter's new partnerships highlight 'growing relevance,' says Baird
Disney's (DIS) and Viacom's (VIAB) announced live content/streaming partnerships with Twitter (TWTR) highlight Twitter's "growing relevance as a distribution platform," Baird analyst Colin Sebastian tells investors in a research note. He believes the partnerships should provide tailwinds for Twitter's video advertising business. Video accounts for greater than 50% of Twitter ad revenue and is its fastest growing ad format, Sebastian points out. The analyst says Disney and Viacom represent two of the company's biggest partnership wins to-date. He keeps a Neutral rating on Twitter with a $30 price target. The stock closed the trading day up 4.5% to $30.31.
05/07/18
SPHN
05/07/18
NO CHANGE
Target $58
SPHN
Equal Weight
CBS-Viacom deal could work at Class B shareholders' expense, says Stephens
Stifel analyst Kyle Evans contends that CBS (CBS) posted the kind of quarter that should fundamentally separate the company from many media peers. However, he said there is no more clarity following its report on whether its Class A shareholders will push for a combination with Viacom (VIAB) that "undermines Class B holders." Evans lowered his price target on CBS to $58 from $64 and maintains an Equal Weight rating on the stock.
05/15/18
SBSH
05/15/18
NO CHANGE
Target $66
SBSH
Buy
Citi drops likelihood of CBS-Viacom merger to 25% from 50%
Citi analyst Jason Bazinet dropped his likelihood of a CBS (CBS), Viacom (VIAB) merger to 25% from 50% after CBS filed a Delaware lawsuit asking for a restraining order to prevent Shari Redstone from interfering with a special CBS board meeting. The analyst now sees a lower chance of CBS acquiring Viacom. As such, he increased his price target for CBS shares to $66 from $61 and lowered his price target for Viacom shares to $29 from $30.
VIA Viacom
$33.90

-0.05 (-0.15%)

03/28/18
SBSH
03/28/18
UPGRADE
Target $30
SBSH
Neutral
Viacom upgraded to Neutral from Sell at Citi
Citi analyst Jason Bazinet upgraded Viacom (VIAB) to Neutral and raised his price target for the shares to $30 from $26. The analyst assigns a 50% probability of a merger with CBS (CBS) and believes Viacom shares would be worth $30 under such a scenario.

TODAY'S FREE FLY STORIES

DTEA

DAVIDsTEA

$3.45

0.05 (1.47%)

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  • 14

    Jun

LFGR

Leaf Group

$10.00

0.05 (0.50%)

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    May

MU

Micron

$55.48

2.11 (3.95%)

16:38
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  • 21

    May

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    May

NWPX

Northwest Pipe

$21.72

0.1 (0.46%)

16:36
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Northwest Pipe awarded Southern Water Supply contract »

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FMC

FMC Corporation

$91.30

-0.22 (-0.24%)

16:35
05/21/18
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Hot Stocks
FMC Corporation announces executive leadership appointments »

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IRDM

Iridium

$11.65

0.1 (0.87%)

16:34
05/21/18
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16:34
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Iridium to be recognized by IMO as a mobile satellite services provider in GMDSS »

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  • 12

    Jun

CERN

Cerner

$60.75

-0.6 (-0.98%)

16:34
05/21/18
05/21
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16:34
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Cerner electronic health record selected by Columbus Regional Healthcare System »

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  • 12

    Jun

TPR

Tapestry

$44.98

0.5 (1.12%)

16:33
05/21/18
05/21
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16:33
Hot Stocks
Tapestry announces departure of Stuart Weitzman creative director »

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  • 22

    May

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    May

  • 26

    Jun

TWOU

2U

$95.50

-0.16 (-0.17%)

16:33
05/21/18
05/21
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16:33
Syndicate
2U announces $300M common stock offering »

2U, Inc. announced that…

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NDSN

Nordson

$139.50

4.45 (3.30%)

16:33
05/21/18
05/21
16:33
05/21/18
16:33
Earnings
Nordson sees Q3 EPS $1.47-$1.63, consensus $1.91 »

Sees Q3 revenue growth…

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  • 22

    May

  • 06

    Jun

NDSN

Nordson

$139.50

4.45 (3.30%)

16:32
05/21/18
05/21
16:32
05/21/18
16:32
Earnings
Nordson reports Q2 adjusted EPS $1.56, consensus $1.43 »

Reports Q2 revenue $554M,…

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  • 22

    May

  • 06

    Jun

SMCI

Super Micro Computer

$23.85

0.2 (0.85%)

16:32
05/21/18
05/21
16:32
05/21/18
16:32
Hot Stocks
Super Micro Computer announces listing requirement notice from Nasdaq »

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DAR

Darling Ingredients

$18.45

0.275 (1.51%)

16:31
05/21/18
05/21
16:31
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16:31
Hot Stocks
Darling Ingredients acquires assets of Kruger Commodities »

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MU

Micron

$55.48

2.11 (3.95%)

, INTC

Intel

$54.32

0.82 (1.53%)

16:31
05/21/18
05/21
16:31
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16:31
Hot Stocks
Micron, Intel announce production, shipment of 4bits/cell 3D NAND tech »

Micron (MU) and Intel…

MU

Micron

$55.48

2.11 (3.95%)

INTC

Intel

$54.32

0.82 (1.53%)

03/08/13
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03/06/13
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03/06/13
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  • 21

    May

  • 22

    May

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    May

HTLF

Heartland Financial

$55.70

0.55 (1.00%)

16:31
05/21/18
05/21
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16:31
Hot Stocks
Heartland Financial completes FBLB purchase, sees immediate accretion to EPS »

Heartland Financial USA…

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  • 24

    Sep

SAIL

SailPoint

$22.43

-0.16 (-0.71%)

16:30
05/21/18
05/21
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16:30
Syndicate
SailPoint announces common stock offering for holders »

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  • 24

    May

16:30
05/21/18
05/21
16:30
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16:30
Options
Preliminary option volume of 17.0M today »

Preliminary option volume…

FBK

FB Financial

$43.62

0.61 (1.42%)

16:28
05/21/18
05/21
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16:28
Syndicate
FB Financial files to sell 3.2M shares of common stock for holders »

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  • 05

    Jun

  • 24

    Sep

MS

Morgan Stanley

$54.37

0.45 (0.83%)

, DQ

Daqo New Energy

$65.37

0.515 (0.79%)

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MS

Morgan Stanley

$54.37

0.45 (0.83%)

DQ

Daqo New Energy

$65.37

0.515 (0.79%)

03/08/13
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  • 23

    May

  • 22

    Jun

APA

Apache

$44.27

0.36 (0.82%)

16:26
05/21/18
05/21
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16:26
Recommendations
Apache analyst commentary  »

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IGT

International Game

$29.75

-0.655 (-2.15%)

16:25
05/21/18
05/21
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16:25
Hot Stocks
International Game sees FY18 adjusted EBITDA $1.7B-$1.78B »

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IGT

International Game

$29.75

-0.655 (-2.15%)

16:24
05/21/18
05/21
16:24
05/21/18
16:24
Earnings
International Game reports Q1 adjusted EPS 15c, consensus 27c »

Reports Q1 revenue…

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SQ

Square

$56.37

1.33 (2.42%)

16:23
05/21/18
05/21
16:23
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16:23
Syndicate
Breaking Syndicate news story on Square »

Square files to sell…

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  • 22

    May

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    May

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    May

SAIL

SailPoint

$22.43

-0.16 (-0.71%)

16:23
05/21/18
05/21
16:23
05/21/18
16:23
Syndicate
Breaking Syndicate news story on SailPoint »

SailPoint files to sell…

03/08/13
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  • 24

    May

RP

RealPage

$59.45

-0.1 (-0.17%)

16:22
05/21/18
05/21
16:22
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16:22
Syndicate
Breaking Syndicate news story on RealPage »

RealPage files automatic…

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  • 12

    Jun

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