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PFE

Pfizer

$37.17

0.055 (0.15%)

, JCP

J.C. Penney

$2.40

-0.04 (-1.64%)

07:30
07/10/18
07/10
07:30
07/10/18
07:30

Unusual put flow in option market yesterday

Notable put activity was cited Monday in Pfizer (PFE), J C Penney (JCP), Dave & Buster's (PLAY), PPL Corp. (PPL), and LendingClub (LC).

PFE

Pfizer

$37.17

0.055 (0.15%)

JCP

J.C. Penney

$2.40

-0.04 (-1.64%)

PLAY

Dave & Buster's

$50.40

1.47 (3.00%)

PPL

PPL Corp.

$28.10

-1.47 (-4.97%)

LC

LendingClub

$4.44

0.32 (7.77%)

  • 22

    Aug

  • 10

    Sep

PFE Pfizer
$37.17

0.055 (0.15%)

06/28/18
WELS
06/28/18
NO CHANGE
WELS
Wells says Amazon deal, Walgreens results have negative read for drug pricing
After Amazon (AMZN) agreed to acquire online pharmacy PillPack, reportedly for $1B, Wells Fargo analyst David Maris noted that he has long stated that Amazon would enter the pharmacy business and warned about the risk to drug pricing in such a scenario. Maris also noted that Walgreens (WBA) reported its U.S. retail pharmacy comparable store sales fell 1.2% in Q3, adding that retailers tend to push drugmakers on price when they feel pressure and the read-through from its report may be negative for drug pricing. Publicly traded large-cap drugmakers include AstraZeneca (AZN), Bristol-Myers (BMY), Eli Lilly (LLY), GlaxoSmithKline (GSK), Johnson & Johnson (JNJ), Merck (MRK), Novartis (NVS), Pfizer (PFE), Roche (RHHBY) and Sanofi (SNY).
06/13/18
MSCO
06/13/18
NO CHANGE
MSCO
HHS 'smoke signals' worth noting for drugmakers, says Morgan Stanley
After HHS Secretary Alex Azar spoke at a two-hour Senate hearing, Morgan Stanley analyst David Risinger noted that Azar suggested that U.S. drug pricing needs to move to a system without rebates and said payments from drugmakers to PBMs should be eliminated. In listing four HHS actions that could hurt manufacturers, Risinger pointed out that Azar said he is interested in removing 100% cap on Medicaid rebates; he would like to adjust the Part D protected drug classes so that plans can extract rebates from manufacturers; HHS wants to require manufacturers to disclose drug list prices in TV ads; and HHS is focused on transitioning Part B to lower-priced private sector management. In summary, the analyst said that for drugmakers there was "no fire, but smoke signals worth noting." Publicly traded large-cap drugmakers include AstraZeneca (AZN), Bristol-Myers (BMY), Eli Lilly (LLY), GlaxoSmithKline (GSK), Johnson & Johnson (JNJ), Merck (MRK), Novartis (NVS), Pfizer (PFE), Roche (RHHBY) and Sanofi (SNY).
06/08/18
06/08/18
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. Pfizer (PFE) and Eli Lilly (LLY) were initiated with an Overweight at Cantor Fitzgerald. 2. LivaNova (LIVN) initiated with a Buy at Stifel. 3. Occidental Petroleum (OXY) and Chevron (CVX) were initiated with a Buy at Mizuho while ConocoPhillips (COP) and Exxon Mobil (XOM) were initiated with a Neutral. 4. LeMaitre (LMAT) resumed with a Buy at Roth Capital. 5. Savara (SVRA) initiated with an Outperform, sees 300% upside, says Evercore ISI. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
06/19/18
MSCO
06/19/18
NO CHANGE
Target $43
MSCO
Overweight
Pfizer doesn't appear focused on large-scale M&A, says Morgan Stanley
After meeting with Pfizer's head of IR, Chuck Triano, Morgan Stanley analyst David Risinger said his key takeaway was that the company sees the potential for "mid single digit plus" sales growth starting early next decade. Given that Lyrica is the only major patent expiration Pfizer will face over the next several years and that it has upcoming organic growth drivers, management seems focused on bolt-on acquisitions in existing therapeutic areas and large-scale M&A does not appear to be a focus, Risinger added. He keeps an Overweight rating and $43 price target on Pfizer shares.
JCP J.C. Penney
$2.40

-0.04 (-1.64%)

05/23/18
MSCO
05/23/18
NO CHANGE
Target $99
MSCO
Overweight
TJX results 'more impressive than first meets the eye,' says Morgan Stanley
Morgan Stanley analyst Kimberly Greenberger noted that Macy's (M), Kohl's (KSS) and J.C. Penney (JCP) chose to use a non-restated calendar when calculating 2018 comps for Q1, while TJX (TJX) "rightly" compared like-for-like weeks, or February 4-May 5 of this year versus February 5-May 6 of last year. When taking this into consideration, TJX's Q1 results are "more impressive than first meets the eye," contends Greenberger. She also noted that TJX management reiterated several times on the call the buying environment remains plentiful, refuting bear case concerns that improving department store sales are driving a lack of quality branded merchandise in the off-price market. Greenberger maintains an Overweight rating on TJX with a $99 price target.
05/22/18
PIPR
05/22/18
NO CHANGE
Target $3
PIPR
Neutral
J.C. Penney CEO departure increases near-term execution risk, says Piper Jaffray
Piper Jaffray analyst Erinn Murphy is concerned around increased execution risk in the near-term at J.C. Penney (JCP) following this morning's announcement that Chairman and CEO, Marvin Ellison, is leaving to become President and CEO of Lowe's (LOW). The analyst believes this resignation coupled with inconsistent execution over the past year raises risk to the turnaround story. Murphy reiterates a Neutral rating and $3 price target on J.C. Penney's shares.
05/22/18
BARD
05/22/18
NO CHANGE
Target $110
BARD
Outperform
Baird calls new Lowe's CEO 'big win' for shareholders
The naming of former Home Depot (HD) executive vice president of U.S. Stores, and J.C. Penney (JCP) CEO, Marvin Ellison as Lowe's (LOW) new CEO represents a best-case scenario and "big win" for Lowe's shareholders, Baird analyst Peter Benedict tells investors in a research note. The analyst expects the company to benefit greatly from Ellison's "extensive experience and understanding of the business. Benedict thinks Ellison is "uniquely qualified" to be the next leader of Lowe's and reiterates an Outperform rating on the shares with a $110 price target. The stock in early trading is up 38c to $87.77 while J.C. Penny is down 11c to $2.39.
05/18/18
RILY
05/18/18
NO CHANGE
Target $3
RILY
Neutral
J.C. Penney price target lowered to $3 from $4 at B. Riley FBR
B. Riley FBR analyst Jeff Van Sinderen lowered his price target for J.C. Penney to $3 citing the sales, comp and EBITDA misses in Q1. The analyst keeps a Neutral rating on the shares.
PLAY Dave & Buster's
$50.40

1.47 (3.00%)

06/12/18
BMOC
06/12/18
NO CHANGE
Target $64
BMOC
Outperform
Dave & Buster's price target raised to $64 from $49 at BMO Capital
BMO Capital analyst Andrew Strelzik raised his price target on Dave & Buster's to $64 after its Q1 earnings beat that was driven by stronger comps and restaurant margins. The analyst notes that he is also encouraged to see some stabilization of trends going into a more favorable content pipeline, including the launch of the first virtual reality game this week and another title likely launched by year end that could add 3%-4% to comps. Strelzik keeps his Outperform rating on Dave & Buster's, adding that he sees a higher likelihood of positive comps in the second half of this year.
06/12/18
PIPR
06/12/18
NO CHANGE
Target $56
PIPR
Overweight
Dave & Buster's price target raised to $56 from $50 at Piper Jaffray
Piper Jaffray analyst Nicole Miller Regan raised her price target for Dave & Buster's to $56 saying the company's Q1 results were "better-than-feared." The analyst remains a buyer of the stock, "albeit somewhat cautiously until trends become more consistent and eventually turn positive." Regan maintains an Overweight rating on shares of Dave & Buster's.
06/12/18
MAXM
06/12/18
NO CHANGE
Target $68
MAXM
Buy
Worst is behind for Dave & Buster's, says Maxim
Maxim analyst Stephen Anderson kept his Buy rating and $68 price target on Dave & Buster's after its Q1 results, saying the worst is behind for the company as it looks ahead to a "smooth" management transition. Anderson also expects Dave & Buster's to top its FY18 guidance, which was raised yesterday along with the earnings beat, anticipating increased EPS estimates thanks to the company's launch of VR gaming and a "revamped value platform".
07/09/18
RHCO
07/09/18
NO CHANGE
Target $62
RHCO
Buy
Dave & Buster's new VR game seeing strong demand, says SunTrust
SunTrust analyst Jake Bartlett keeps his Buy rating and $62 price target on Dave & Buster's, saying the initial customer demand since the nationwide launch of its "Jurassic World VR Expedition" game has been strong. Bartlett notes that the company's original plan was to run the game at night and weekends primarily, but the game is being offered "all day, every day", with added interest coming from the box office success of the new "Jurassic World" movie.
PPL PPL Corp.
$28.10

-1.47 (-4.97%)

03/06/18
RBCM
03/06/18
UPGRADE
Target $33
RBCM
Outperform
PPL Corp. upgraded to Outperform at RBC Capital on reduced RIIO-2 uncertainty
As reported earlier, RBC Capital analyst Shelby Tucker upgraded PPL Corp to Outperfrom from Sector Perform with a price target of $33. The analyst believes that the uncertainty around the impact of RIIO-2 price controls on the company's financials has been more than discounted in the stock price, while the equity needs due to tax reform have also been digested by investors. Tucker adds that the company represents an "attractive hedge during a rising rate environment in the U.S.", while its low valuation justifies a rating upgrade.
03/06/18
03/06/18
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. UPS (UPS) upgraded to Buy from Hold at Stifel with analyst David Ross saying after the recent share pullback, UPS' valuation is "reasonable" considering the risks ahead and the increased capital investments expected over the next several years. 2. PPL Corp. (PPL) upgraded to Outperform from Sector Perform at RBC Capital with analyst Shelby Tucker saying he believes that the uncertainty around the impact of RIIO-2 price controls on the company's financials has been more than discounted in the stock price, while the equity needs due to tax reform have also been digested by investors. 3. First Republic (FRC) upgraded to Overweight from Equal Weight at Barclays with analyst Matthew Keating saying he believes the impact of First Republic's "millennial strategies" on client household acquisition is underappreciated and that tax reform will not weigh the bank's businesses. 4. Herbalife Nutrition (HLF) upgraded to Buy from Neutral at Citi with analyst Beth Kite saying since January, the company has made capital allocation announcements, enacted several executive changes, and found out that Bill Ackman closed out his long-standing and well-publicized short position. 5. Mylan (MYL) upgraded to Overweight from Equal Weight at Morgan Stanley. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/09/18
EVER
05/09/18
UPGRADE
EVER
Outperform
PPL Corp. upgraded to Outperform from In Line at Evercore ISI
05/09/18
05/09/18
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. Fluor (FLR) upgraded to Buy from Neutral at BofA/Merrill with analyst Anna Kaminskaya saying she is more constructive on the energy and mining capex cycle, which should recover in the second half of 2018, as firms catch up on under investment over the past few years. 2. T2 Biosystems (TTOO) upgraded to Buy from Neutral at Janney Capital. 3. Adient (ADNT) upgraded to Buy from Neutral at Longbow with analyst Anthony Deem saying he believes shares are de-risked following the cut in 2020 guidance and views risk/reward as attractive given his confidence in the turnaround plan for the SS&M segment. 4. PPL Corp. (PPL) upgraded to Outperform from In Line at Evercore ISI. 5. Arconic (ARNC) upgraded to Buy from Neutral at Longbow with analyst Chris Olin saying the negative reaction to disappointing earnings and guidance, related to short-term headwinds, has created a favorable risk/reward profile, and sees upstream production capacity constraints supporting margin expansion over the next 2-3 years. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
LC LendingClub
$4.44

0.32 (7.77%)

03/09/18
OPCO
03/09/18
NO CHANGE
Target $5
OPCO
Outperform
Oppenheimer a long-term buyer of LendingClub following meetings with CFO
Oppenheimer analyst Jed Kelly told investors in a research note that he continues to be a long-term buyer of LendingClub after hosting investor meetings with Tom Casey, the company's chief financial officer, and Artem Nalivayko. Investor Relations. Kelly, who has an Outperform rating and $5 price target on LendingClub, said that despite some near-term volatility around recent quarterly results, management remains "positive" in the long-term potential to extract greater value in the company's $9B-plus origination scale. According to Kelly, the company is aware of the challenge to drive efficient growth through paid marketing, and is "encouraged" by its structured programs, especially certificates, and "discussing internally how to better telegraph securitization progress to the Street." LendingClub has "limited enthusiasm" around buying smaller/sub- scale online lenders based on a current valuation disconnect, Kelly added.
03/27/18
UBSW
03/27/18
INITIATION
UBSW
Neutral
LendingClub initiated with a Neutral at UBS
UBS analyst Eric Wasserstrom initiated LendingClub with a Neutral rating and $4 price target, seeing in-line EPS and valuation for the company.
06/01/18
CHLM
06/01/18
NO CHANGE
Target $5
CHLM
Buy
Craig-Hallum sees LendingClub loan volumes accelerating
LendingClub's new credit model enables it to say "Yes" more often when underwriting, which should drive improved loan growth and operating margins, Craig-Hallum analyst Bradley Berning tells investors in a research note. The analyst raised his Q2 loan sale assumption to $2.63B from $2.46B, up 14% from Q1. The analyst, however, left his revenue and EBITDA estimates unchanged, and keeps a Buy rating on the shares with a $5 price target.
02/23/18
02/23/18
DOWNGRADE
Target $4

Neutral
LendingClub downgraded to Neutral on competitive concerns at Guggenheim
As previously reported, Guggenheim downgraded LendingClub to Neutral from Buy and maintained a $4 price target. Analyst Jeff Cantwell expects significant headwinds to top line growth and margin expansion due to an intensifying competitive environment in LendingClub's core consumer lending business, especially from balance sheet lenders. Further, the analyst said future legal expenses are not currently quantifiable and could serve as another headwind.

TODAY'S FREE FLY STORIES

OXY

Occidental Petroleum

$73.69

-3.24 (-4.21%)

11:48
10/15/18
10/15
11:48
10/15/18
11:48
Hot Stocks
Occidental confirms it will no longer pursue contract extension for ISND »

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  • 06

    Nov

CENX

Century Aluminum

$10.30

0.14 (1.38%)

11:45
10/15/18
10/15
11:45
10/15/18
11:45
Options
Century Aluminum call volume above normal and directionally bullish »

Bullish option flow…

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  • 25

    Oct

11:45
10/15/18
10/15
11:45
10/15/18
11:45
General news
Former Fed Chair Yellen said 3% growth is great »

Former Fed Chair Yellen…

DUK

Duke Energy

$80.57

0.6 (0.75%)

11:42
10/15/18
10/15
11:42
10/15/18
11:42
Hot Stocks
Duke Energy announces plans for new renewable energy program in South Carolina »

Duke Energy has proposed…

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  • 02

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    Nov

ENDP

Endo

$17.62

0.11 (0.63%)

11:35
10/15/18
10/15
11:35
10/15/18
11:35
Options
Endo put volume heavy and directionally bearish »

Bearish flow noted in…

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  • 08

    Nov

  • 27

    Nov

11:34
10/15/18
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11:34
10/15/18
11:34
General news
6-Month Bill Auction Total Amount data reported »

6-Month Bill Auction…

11:34
10/15/18
10/15
11:34
10/15/18
11:34
General news
3-Month Bill Auction Total Amount data reported »

3-Month Bill Auction…

LTHM

Livent

$16.11

-0.14 (-0.86%)

11:31
10/15/18
10/15
11:31
10/15/18
11:31
Initiation
Livent initiated  »

Livent initiated with a…

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PX

Praxair

$158.82

2.62 (1.68%)

, LNEGY

Linde

$0.00

(0.00%)

11:27
10/15/18
10/15
11:27
10/15/18
11:27
Hot Stocks
Linde, Praxair announce squeeze-out of remaining Linde shareholders »

Linde (LNEGY) and Praxair…

PX

Praxair

$158.82

2.62 (1.68%)

LNEGY

Linde

$0.00

(0.00%)

03/08/13
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03/06/13
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CVS

CVS Health

$73.76

-0.73 (-0.98%)

11:25
10/15/18
10/15
11:25
10/15/18
11:25
Conference/Events
Economic Club of Washington, D.C. to hold luncheon meeting »

Luncheon Meeting with…

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  • 15

    Oct

  • 15

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  • 15

    Oct

S

Sprint

$6.35

-0.04 (-0.63%)

11:20
10/15/18
10/15
11:20
10/15/18
11:20
Options
Size ratio spread in Sprint »

Size ratio spread in…

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  • 12

    Nov

  • 13

    Nov

11:20
10/15/18
10/15
11:20
10/15/18
11:20
General news
FX Action: USD-JPY »

FX Action: USD-JPY has…

$NSD

NASDAQ Market Internals

$0.00

(0.00%)

11:17
10/15/18
10/15
11:17
10/15/18
11:17
Technical Analysis
NASDAQ market internals summary »

Volume is average for…

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HBAN

Huntington Bancshares

$14.29

-0.08 (-0.56%)

11:17
10/15/18
10/15
11:17
10/15/18
11:17
Technical Analysis
Technical Take: Huntington Bancshares breaks support »

The shares are down 0.7%…

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  • 23

    Oct

  • 25

    Oct

PAR

PAR Technology

$20.31

-0.69 (-3.29%)

11:16
10/15/18
10/15
11:16
10/15/18
11:16
Hot Stocks
Voss Capital supports ADW's call for PAR Technology board to pursue alternatives »

Voss Capital, LLC, which…

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$NYE

NYSE Market Internals

$0.00

(0.00%)

11:16
10/15/18
10/15
11:16
10/15/18
11:16
Technical Analysis
NYSE market internals summary »

Volume is below average…

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WB

Weibo

$59.01

-0.67 (-1.12%)

11:15
10/15/18
10/15
11:15
10/15/18
11:15
Options
Weibo put volume heavy and directionally bearish »

Bearish flow noted in…

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11:15
10/15/18
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11:15
10/15/18
11:15
General news
Breaking General news story  »

3-Month Bill Auction to…

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10/15
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11:15
General news
Breaking General news story  »

6-Month Bill Auction to…

11:13
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11:13
Hot Stocks
Breaking Hot Stocks news story  »

Bio Rad Laboratories…

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General news
Treasury announced a $25 B 8-week bill for the inaugural sale Tuesday »

Treasury announced a $25…

TXT

Textron

$65.88

0.81 (1.24%)

11:06
10/15/18
10/15
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TRU Simulation + Training, FlightSafety International enter LOI to form JV »

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  • 18

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11:05
10/15/18
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Hot Stocks
Breaking Hot Stocks news story  »

Bio Rad Laboratories…

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General news
Today's U.S. reports »

Today's U.S. reports…

MANU

Manchester United

$21.87

0.59 (2.77%)

11:03
10/15/18
10/15
11:03
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11:03
Periodicals
Manchester United target for possible takeover by Saudi prince, The Sun says »

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