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TWX

Acquired by T

$0.00

(0.00%)

, CMCSA

Comcast

$35.09

-0.4 (-1.13%)

16:53
08/12/18
08/12
16:53
08/12/18
16:53

Box Office Battle: 'The Meg' wins weekend with $44.5M debut

Warner Bros. (TWX) "The Meg" exceeded all expectations in its North America debut over the weekend, with $44.5M from 4,118 theaters, the biggest opening of all time for a live-action shark pic. The movie follows a group of scientists trying to stop a mammoth shark from causing destruction. "The Meg" earned a B+ CinemaScore and sports a 49% Rotten Tomatoes score. BOX OFFICE RUNNERS-UP: Viacom (VIAB) owned Paramount's "Mission: Impossible - Fallout" fell to second place in its third weekend with $20M from 3,888 theaters for a domestic total of $162M. Behind it was Disney's (DIS) "Christopher Robin," ending its second weekend with $12.4M for a domestic tally of $50M and $62.1M globally. Screen Gems' low-budget "Slender Man" placed number 4, with $11.3M from 2,358 theaters. Rounding out the top five, Spike Lee's Cannes Film Festival entry "BlacKkKlansman," grossed an estimated $10.8M from 1,512 theaters. Other publicly traded companies in filmmaking include 21st Century Fox (FOXA), Lionsgate's (LGF.A), Comcast (CMCSA; CMCSK), Sony (SNE) and Warner Bros. (TWX).

TWX

Acquired by T

$0.00

(0.00%)

CMCSA

Comcast

$35.09

-0.4 (-1.13%)

CMCSK

Comcast

$0.00

(0.00%)

SNE

Sony

$54.66

-0.72 (-1.30%)

FOX

21st Century Fox

$44.92

-0.1 (-0.22%)

FOXA

21st Century Fox

$45.48

-0.07 (-0.15%)

LGF.A

Lionsgate

$24.23

1.1 (4.76%)

DIS

Disney

$112.72

-1.45 (-1.27%)

VIAB

Viacom

$30.35

(0.00%)

VIA

Viacom

$35.83

0.475 (1.34%)

  • 11

    Sep

TWX Acquired by T
$0.00

(0.00%)

06/13/18
MSCO
06/13/18
NO CHANGE
MSCO
Morgan Stanley says AT&T ruling may help narrow public/private media value gap
Morgan Stanley analyst Benjamin Swinburne said the court approval of AT&T's (T) acquisition of Time Warner (TWX) without conditions recognized the reality of new competition in the form of content investments from players such as Netflix (NFLX), Google's (GOOGL) YouTube, Amazon (AMZN), Apple (AAPL) and Facebook (FB). This ruling sends a "clear message to other industry players" and market uncertainty on deal prospects could fall, which could mean that equity values will likely rise accordingly, Swinburne tells investors. He notes there remains a large gap, which may now narrow, between private market valuations and public multiples in many parts of media and cable, pointing to Discovery Inc. (DISCK) as an example illustrating that point.
06/13/18
06/13/18
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. Square (SQ) downgraded to Neutral from Buy at Buckingham with analyst Chris Brendler saying he is taking a "breather" following the year-to-date share outperformance but raised his price target to $65 from $55. 2. Yelp (YELP) downgraded to Sell from Hold at Aegis. 3. AT&T (T) was downgraded to Sell from Neutral at MoffettNathanson while Time Warner (TWX) was downgraded to Neutral from Buy at the firm. Time Warner was also downgraded to Market Perform from Outperform at Barrington. 4. Comcast (CMCSA) downgraded to Market Perform from Outperform at Raymond James. 5. Advaxis (ADXS) downgraded to Hold from Buy at Jefferies. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
06/13/18
06/13/18
UPGRADE
Target $41

Outperform
AT&T upgraded to Outperform on 'game changing' Time Warner deal at Oppenheimer
As previously reported, Oppenheimer analyst Timothy Horan upgraded AT&T (T) to Outperform from Perform, contending that the company's deal to buy Time Warner (TWX) is a "game-changer" that positions it as a "content powerhouse." The merger should be 15% accretive to free cash flow per share in FY21 based on his "conservative" estimates, Horan added. Horan also noted that historically, after underperforming through the regulatory process, AT&T shares trades up about 25% in the year following a merger. The analyst set a $41 price target on AT&T shares.
06/13/18
LOOP
06/13/18
DOWNGRADE
Target $100
LOOP
Hold
Time Warner downgraded to Hold from Buy at Loop Capital
Loop Capital analyst Alan Gould downgraded Time Warner (TWX) to Hold from Buy and lowered his price target to $100 from $107.50 after the affirmative federal judge ruling on AT&T (T) bid. Gould says he expects the merger to close by June 20th, and also recommends that investors shift their holdings to CBS (CBS), which may be the next attractive acquisition target in the industry.
CMCSA Comcast
$35.09

-0.4 (-1.13%)

08/06/18
08/06/18
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. Comcast (CMCSA) upgraded to Overweight from Neutral at Atlantic Equities with analyst Hamilton Faber saying he believes "the bulk of the M&A storm" has passed. 2. Qualcomm (QCOM) upgraded to Outperform from Market Perform at Cowen with analyst Matthew Ramsay citing the company's $30B buyback and saying he believes the shares offer a compelling risk/reward with effects of lower spending, solid customer performance, and potential QTL resolutions. 3. Square (SQ) upgraded to Buy from Neutral at Buckingham with analyst Chris Brendler saying the Q2 strong results reduced his concerns about high valuation and competition and said there is no reason why Square will not continue to report better-then-expected core revenue growth into 2020. 4. Parker-Hannifin (PH) upgraded to Outperform from In Line at Evercore ISI with analyst David Raso saying the company's recent operational struggles are behind it with this quarters report and views 2019 guidance as conservative. 5. Intercept (ICPT) upgraded to Buy from Sell at Goldman Sachs with analyst Salveen Richter saying Ocaliva in fatty liver disease nonalcoholic steatohepatitis is the crux of Intercept's value proposition and that he's positive into the Phase 3 Regenerate interim readout in the first half of 2019. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/27/18
JEFF
07/27/18
NO CHANGE
Target $41
JEFF
Buy
Comcast cable results remove bear thesis, says Jefferies
Jefferies analyst John Janedis thinks Comcast's cable results in Q2 "take the incremental bear thesis off the table." Broadband subscriber additions came in ahead of expectations, with average revenue per user growth the best in several quarters, Janedis tells investors in a research note. The analyst says the "sky is not falling" and that his Buy thesis is intact. He keeps a $41 price target for shares of Comcast.
07/25/18
JPMS
07/25/18
NO CHANGE
JPMS
Overweight
Invalidated patent 'not material' to TiVo court fight, says JPMorgan
JPMorgan analyst Sterling Auty noted that the USPTO's Patent Trial and Appeal Board has declared patent 8,433,696 held by TiVo (TIVO) to be invalid as it believes that the technology involves a variation of earlier know-how. While a "scary headline," the reality is this does not matter in terms of TiVo's court case with Comcast (CMCSA), since this patent was dropped from the case, said Auty, who keeps an Overweight rating on TiVo shares.
08/06/18
ATLE
08/06/18
UPGRADE
Target $42
ATLE
Overweight
Comcast upgraded to Overweight from Neutral at Atlantic Equities
Atlantic Equities analyst Hamilton Faber upgraded Comcast to Overweight from Neutral and raised his price target on the shares to $42 from $34 as he believes "the bulk of the M&A storm" has passed. The analyst notes that Comcast has pulled out of the race for Fox (FOXA), he now sees a plan B for NBCU and broadband trends have improved dramatically as the company embraces standalone services while mobile is also seeing excellent traction.
CMCSK Comcast
$0.00

(0.00%)

06/26/18
BUCK
06/26/18
INITIATION
BUCK
Neutral
Sky initiated with a Neutral at Buckingham
Earlier today, Buckingham analyst Michael Harrigan initiated Sky (SKYAY) with a Neutral rating and GBP14.50 price target with 3% upside, above Comcast's (CMCSA) GBP12.50 cash bid and a premium to 21st Century Fox's (FOXA) GBP10.75 bid to buy the 61% of Sky it does not already own. The analyst tells investors in a research note that a higher bid assessment could be triggered by the U.K. Takeover Panel exercising its authority to mandate a higher takeout bid if the price paid by Comcast or Disney (DIS) to buy the 21st Century Fox assets that are in play implies a higher bid.
07/13/18
07/13/18
NO CHANGE

Fly Intel: Today's top analyst calls on Wall Street
Check out today's top analyst calls from around Wall Street, compiled by The Fly. VF CORP DOUBLE UPGRADE: BofA Merrill Lynch analyst Robert Ohmes upgraded VF Corp (VFC) to Buy from Underperform and raised his price objective to $96 from $65 ahead of the company's earnings report on July 20, telling investors in a research note that he believes Vans will be a "go-to-brand" for the back-to-school selling season. He said his channel checks indicate accelerating momentum in Vans, especially classic styles, and that the $50-$60 price point is attractive given consumers' shift to value. RAYMOND JAMES DOWNGRADES AT&T: Raymond James downgraded AT&T (T) to Market Perform from Outperform. Analyst Frank Louthan said he views the Department of Justice appeal of the Time Warner case as a negative and said it is a "frustrating delay." Louthan expects the suit to be a "significant overhang" for an extended period of time, which will limit share appreciation, but remains confident AT&T will prevail. AT&T is lower by 2% in late morning trading. STIFEL STARTS GALMED WITH A BUY: Stifel analyst Adam Walsh initiated Galmed (GLMD) with a Buy rating and $35 price target, calling it a "legitimate late-stage NASH play" after Aramchol recently proved itself in a Phase 2 trial as a clearly active and "very safe" compound for treating NASH. Galmed is trading higher by over 17% in late morning trading. MORGAN STANLEY HIKES WWE TARGET TO $100: Morgan Stanley analyst Benjamin Swinburne said that WWE (WWE), by securing rights fees in its new five-year agreements with NBC (CMCSA, CMCSK) and Fox (FOX, FOXA) that are 3.6 times higher than its prior five-year broadcast agreement with NBC, has gained a "massive increase" in earnings power and "extremely high" visibility into the associated revenue. Given the recently announced deals, he raised his price target on WWE shares to $100 from $58 and kept an Overweight rating on the stock. WILLIAM BLAIR CALLS KEMPER PULLBACK 'BUYING OPPORTUNITY': William Blair analyst Adam Klauber said he views shares of Kemper (KMPR) as "even more attractive" after the recent pullback, which he attributes to selling pressures from Infinity Property shareholders receiving Kemper stock. Klauber said Kemper "continues to be our top conviction idea," and kept an Outpeform rating on the name. Kemper is higher by 4.8% in late morning trading.
07/13/18
BERN
07/13/18
NO CHANGE
BERN
Bernstein 'not so sure' Comcast will give up on Fox assets
Bernstein analyst Todd Juenger said that it appears that the market is starting to believe Comcast (CMCSA) will give up on its bid to buy assets from 21st Century Fox (FOXA) and focus on Sky (SKYAY), but he said he is "not so sure" that is the case after only one counter from Disney (DIS). He does not believe Comcast would put forth a $35 bid unless it was prepared to bid up to near $45 per share, Juenger tells investors. If Comcast ups its bid, it either wins Fox at a high price or Disney is forced to pay more, which both seem better than giving up to him, Juenger stated. In any case, the "winner" will be left with increased leverage on a cyclical business late in the cycle at a time when it needs to invest significantly to build its direct-to-consumer business, added Juenger.
SNE Sony
$54.66

-0.72 (-1.30%)

01/23/18
01/23/18
DOWNGRADE

Neutral
Sony downgraded to Neutral on slowing dual-cam adoption at JPMorgan
As previously reported, JPMorgan downgraded Sony (SNE) to Neutral from Overweight, citing slowing adoption of dual-cams. The firm notes that reports indicate Apple's (AAPL) iPhone 6.05" LCD model will not have a dual-cam feature, which it sees presenting a material downside risk in dual-camera adoption in the second half of 2018.
04/20/18
PIPR
04/20/18
NO CHANGE
PIPR
March NPD video game software sales fell 25%, says Piper Jaffray
March NPD video game software sales declined 25% year-over-year due to a tough compare with the launch of Nintendo's (NTDOY) Switch console a year ago and its highly successful launch title, The Legend of Zelda, Piper Jaffray analyst Michael Olson tells investors in a research note. The top two titles in the month were Ubisoft's Far Cry 5 and Sony's (SNE) MLB: The Show, but combined, the two generated less revenue than last year's Zelda, Olson adds. He views this month's data as less relevant given the absence of a major launch from Activision Blizzard (ATVI), Electronic Arts (EA) or Take-Two (TTWO). However, Olson thinks the March NPD data is most positive for Activision and least favorable for EA, which he says faced difficult compares to the launch of Mass Affect: Andromeda the prior year. The analyst keeps Overweight ratings on Activision, EA and Take-Two.
05/07/18
UBSW
05/07/18
DOWNGRADE
UBSW
Neutral
Sony downgraded to Neutral from Buy at UBS
06/20/18
PIPR
06/20/18
NO CHANGE
PIPR
May NPD video game software sales rose 15%, says Piper Jaffray
May NPD video game software sales were up 15% year-over-year, driven by Sony (SNE) and Nintendo (NTDOY) launches of first-party titles, Piper Jaffray analyst Michael Olson tells investors in a research note. The analyst views May NPD data as less relevant for publishers since there were no major launches from Activision Blizzard (ATVI), Electronic Arts (EA) or Take-Two (TTWO). He maintains Overweight ratings on all three names.
FOX 21st Century Fox
$44.92

-0.1 (-0.22%)

08/09/18
08/09/18
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. Seagate (STX) downgraded to Sell from Neutral at Goldman Sachs by analyst Mark Delaney, who said that while Seagate has improved its product offerings in the last few years, hard disk drives remain a cyclical industry, and one "facing secular challenges in many parts of the market." 2. 21st Century Fox (FOXA) downgraded to Sector Perform from Outperform at RBC Capital by analyst Steven Cahall who noted that the stock is now trading near its M&A price and that he does not see any competitive bids emerging. 3. e.l.f. Beauty (ELF) downgraded to Hold from Buy at Jefferies by analyst Stephanie Wissink, who said she is disappointed with the company's "sales fall off," which she says "seems more systemic than previously assumed." e.l.f.'s profit advancement will reverse in the second half of the year amid stepped up brand investment. Shares were also downgraded to Underweight from Neutral at Piper Jaffray, who said she sees a "growing risk of shelf-space cuts into 2019" if underlying sales trends do not improve, at Citi to Neutral from Buy and at DA Davidson to Neutral from Buy. 4. Southern Company (SO) downgraded to Underperform from In Line at Evercore ISI by analyst Greg Gordon, who said he believes the shares are still not discounting enough risk after the company announced a $790M after-tax charge related to an increase in the cost estimate for constructing Vogtle Nuclear Plants 3 and 4. Shares were also downgraded to Underperform from Neutral at Credit Suisse, to Equal Weight from Overweight at Barclays and to Neutral from Buy at Guggenheim. 5. Schneider National (SNDR) downgraded to Underperform from Buy at BofA/Merrill by analyst Ken Hoexter, who cited "stretched" relative valuation. The analyst also downgraded Genesee & Wyoming (GWR) to Neutral from Buy, saying recent strength in shares has led to a premium multiple and sees minimal upside. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/09/18
08/09/18
NO CHANGE

Fly Intel: Today's top analyst calls on Wall Street
Check out today's top analyst calls from around Wall Street, compiled by The Fly. GOLDMAN CUTS SEAGATE TO SELL: Goldman Sachs analyst Mark Delaney downgraded Seagate Technology (STX) to Sell from Neutral and lowered his price target for the shares to $44 from $50, representing 20% downside from current levels. While Seagate has improved its product offerings in the last few years, hard disk drives remain a cyclical industry, and one "facing secular challenges in many parts of the market," Delaney said. He believes Seagate's fundamentals will peak in the second half of 2018 and decline in 2019. RBC CUTS FOX TO SECTOR PERFORM ON VALUATION: RBC Capital analyst Steven Cahall downgraded 21st Century Fox (FOXA) to Sector Perform from Outperform, but raised his price target to $49 from $45. The analyst noted that the stock is now trading near its M&A price and that he does not see any competitive bids emerging. Cahall adds that while the company is "undervalued", he awaits the separation to re-evaluate his stance. MORGAN STANLEY DOWNGRADES SEMI INDUSTRY: Morgan Stanley analyst Joseph Moore said he has become less constructive on semiconductor stocks through the year and he now believes elevated inventory levels and stretched lead times leave "no margin for error." Given his view that any lead time adjustment or demand slowdown could drive a "meaningful correction," Moore has downgraded his semiconductor industry view to Cautious from In-Line. He favors connector companies, like Amphenol (APH) and TE Connectivity (TEL) over analog/MCU at this point in the cycle, due to lower risk around lead time issues, Moore said. He also has a "strong preference" for high margin and more defensive models, such as Analog Devices (ADI) over lower margin and commodity exposed ones, like Cypress Semiconductor (CY) and ON Semiconductor (ON), he said. Despite his more cautious view on the space, Moore kept Overweight ratings on Nvidia (NVDA), Xilinx (XLNX) and Ambarella (AMBA), citing his view that they should benefit from secular growth in the area of AI, data center, and autonomous. SOUTHERN COMPANY GETS MULTIPLE DOWNGRADES AFTER Q2 REPORT: Barclays analyst Eric Beaumont downgraded Southern Company (SO) to Equal Weight and lowered his price target for the shares to $48 from $51. Credit Suisse analyst Michael Weinstein downgraded Southern Company to Underperform from Neutral and lowered his price target on the shares to $43 from $46. Guggenheim analyst Shahriar Pourreza downgraded Southern Company to Neutral from Buy and lowered his price target on the stock to $47 from $50. Evercore ISI analyst Greg Gordon downgraded Southern Company to Underperform from In Line and lowered his price target on Southern shares to $46 from $46.75.
FOXA 21st Century Fox
$45.48

-0.07 (-0.15%)

08/09/18
RBCM
08/09/18
DOWNGRADE
RBCM
Sector Perform
21st Century Fox downgraded to Sector Perform from Outperform at RBC Capital
08/09/18
RBCM
08/09/18
DOWNGRADE
Target $49
RBCM
Sector Perform
21st Century Fox downgraded to Sector Perform at RBC Capital on valuation
As reported earlier, RBC Capital analyst Steven Cahall downgraded 21st Century Fox to Sector Perform from Outperform but raised his price target to $49 from $45. The analyst notes that the stock is now trading near its M&A price and that he does not see any competitive bids emerging. Cahall adds that while the company is "undervalued", he awaits the separation to re-evaluate his stance.
LGF.A Lionsgate
$24.23

1.1 (4.76%)

03/15/18
LOOP
03/15/18
INITIATION
Target $36
LOOP
Buy
Lionsgate initiated with a Buy at Loop Capital
Loop Capital analyst Alan Gould started Lionsgate (LGF.B) with a Buy rating and $36 price target. The company operates in the "sweet spot" of the media industry, content creation, and is not as impacted by advertising or cord cutting, the analyst contends. The analyst views the recent pullback in the shares as a buying opportunity.
03/21/18
LOOP
03/21/18
NO CHANGE
Target $36
LOOP
Buy
Lionsgate shares offer attractive entry at current levels, says Loop Capital
After hosting a dinner with CFO James Barge, Loop Capital analyst Alan Gould continues to believe Lionsgate Entertainment is well positioned "operating in the sweet spot" of the media industry and content creation. The company offers an "attractive asset" in a consolidating industry environment, Gould tells investors in a research note. The analyst thinks lower expectations have created an attractive entry price. He keeps a Buy rating on Lionsgate with a $36 price target.
07/18/18
RHCO
07/18/18
UPGRADE
RHCO
Buy
Lionsgate upgraded to Buy from Hold at SunTrust
06/13/18
ARGS
06/13/18
NO CHANGE
Target $31
ARGS
Buy
Lionsgate price target lowered to $31 from $38 at Argus
Argus analyst Joseph Bonner lowered his price target on Lionsgate to $31, reflecting the management's flat earnings growth expectations in FY19 due to increased programming investments. The analyst is also lowering his FY19 EPS view to $1.30 from $1.42, while initiating FY20 EPS outlook of $1.40. Longer term, Bonner keeps his Buy rating on Lionsgate as the company ramps up its production in both the Motion Picture and Television segments and also points to its valuation of 1.9-times enterprise value to sales being 24% below peer average.
DIS Disney
$112.72

-1.45 (-1.27%)

07/17/18
RHCO
07/17/18
NO CHANGE
Target $415
RHCO
Hold
Netflix facing risks of increasing competition, says SunTrust
SunTrust analyst Matthew Thornton keeps his Hold rating and $415 price target on Netflix (NFLX) after its Q2 subscriber growth miss while discussing some of the key risks faced by the company. The analyst notes that Netflix could struggle with raising its monthly rates in the environment increasing competition, as Disney (DIS) prepares to launch its own subscription video on demand, SVOD, service in 2019 amid the proliferation of bundles that also include high-demand live sports. Thornton further notes that given a bigger HBO budget under AT&T (T) and the launch/bundling of more video content at Apple (AAPL), the ability of Netflix to raise rates may be more challenging than in recent years.
08/08/18
BMOC
08/08/18
NO CHANGE
Target $110
BMOC
Market Perform
Disney price target raised to $110 from $100 at BMO Capital
BMO Capital analyst Daniel Salmon raised his price target on Disney (DIS) to $110 after its Q3 results, saying the company offered some positive updates on its direct-to-consumer products which "could be bundled together eventually". The analyst adds that the stock could continue to drift higher if its 21st Century Fox (FOXA) deal remains on track, but prefers a neutral stance, citing the halted buyback program and potential volatility in the TV/film licensing revenue. Salmon also believes that Disney's Consumer Licensing and Retail segments face headwinds.
08/08/18
JEFF
08/08/18
NO CHANGE
Target $112
JEFF
Hold
Disney quarter better than headlines suggest, says Jefferies
Jefferies analyst John Janedis says that while not as good as hoped, Disney's Q3 results are better than the headlines suggest. The he narrative around direct-to-consumer remains positive even with the launch still over 12 months away, Janedis tells investors in a research note. He believes there was probably enough in the quarter to keep Disney shares from moving meaningfully lower. However, the analyst does not expect upwards earnings revisions in the near-term. Janedis keeps a Hold rating on Disney with a $112 price target.
07/20/18
UBSW
07/20/18
DOWNGRADE
Target $50
UBSW
Neutral
21st Century Fox downgraded to Neutral from Buy at UBS
UBS analyst John Hodulik downgraded 21st Century Fox (FOXA) after Comcast (CMCSA) conceded to Disney (DIS) regarding an acquisition. Hodulik raised his price target to $50 from $48 on 21st Century Fox shares.
VIAB Viacom
$30.35

(0.00%)

08/09/18
IMPC
08/09/18
NO CHANGE
IMPC
Imperial keeps Underperform rating on Viacom with $25 target
Viacom (VIAB) in Q3 missed on revenue due to a 3% decline in domestic affiliate fees and 3% decline in U.S. advertising, but earnings beat on "very nice cost containment," Imperial Capital analyst David Miller tells investors in a research note. The analyst keeps an Underperform rating on the shares with a $25 price target. The analyst has a "tough time" applying anything north of a 6.0 times enterprise value to EBITDA multiple on fiscal 2019, which a implies $25 per share, given Viacom's lack of appointment programming, lack of sports, and lack of any franchise presence in film with the exception of Mission Impossible and Transformers. Miller admits, though, that an acquisition of Viacom by CBS (CBS) could prove his call wrong.
08/07/18
08/07/18
NO CHANGE

Fly Intel: Today's top analyst calls on Wall Street
Check out today's top analyst calls from around Wall Street, compiled by The Fly. BOFA CUTS ZILLOW TO NEUTRAL: BofA Merrill Lynch analyst Nat Schindler downgraded Zillow (Z, ZG) to Neutral from Buy and cut its price target to $60 from $70 following the Q2 report and reduction in guidance. Schindler said the quarter indicated Zillow is taking longer than expected to ramp up the Homes business, Rentals revenue missed and the outlook was cut, and other revenue also missed, indicating the new construction opportunity is also taking longer to materialize. Zillow Class A shares are down about 17% in late morning trading. MORGAN STANLEY SAYS WAYMO COULD BE WORTH $175B: Morgan Stanley analyst Brian Nowak increased his enterprise value estimate for Alphabet's (GOOG, GOOGL) Waymo unit from $75B for ride sharing only to $175B given his analyses for two other emerging business models, logistics and licensing. He believes Waymo remains on track to launch an autonomous ride hailing service in Phoenix this year and believes this business could be worth about $80B over the long-term. Given his view of Waymo being a key part of Alphabet's long-term value, Nowak raised his sum of the parts valuation to $1,550 from $1,400. He has an Overweight rating and $1,325 price target on Alphabet shares. GOLDMAN RAISES NVIDIA TARGET AHEAD OF EARNINGS: Goldman Sachs analyst Toshiya Hari raised his price target for Nvidia (NVDA) to $324 from $310 ahead of quarterly results. Unlike the past 10 quarters where the company handily beat Street estimates and raised guidance, the analyst expects a "noisy" quarter with the focal points being the upcoming product transition in Gaming, the current product transition in Datacenter, weakness in cryptocurrency mining, and potential disruption from the virus attack at TSMC (TSM). That said, Hari noted that his long-term bull thesis on Nvidia remains intact and reiterated a Buy rating on the shares. ARGUS CUTS CBS TO HOLD: Argus analyst Joseph Bonner downgraded CBS (CBS) to Hold from Buy, noting significant downside risks for the company from both the sexual harassment allegations against CEO Moonves and the board's attempts to prevent the Viacom (VIA, VIAB) merger. Bonner noted that if the Moonves allegations are proven true, he would be immediately dismissed, which could end the board's bid to remain independent and thereby inflict damage on the shareholders.
08/07/18
ARGS
08/07/18
DOWNGRADE
ARGS
Hold
CBS downgraded to Hold at Argus
As reported earlier, Argus analyst Joseph Bonner downgraded CBS (CBS) to Hold, noting significant downside risks for the company from both the sexual harassment allegations against CEO Moonves and the board's attempts to prevent the Viacom (VIAB) merger. Bonner notes that if the Moonves allegations are proven true, he would be immediately dismissed, which could end the board's bid to remain independent and thereby inflict damage on the shareholders. As part of his research note discussing the "mounting risks", Bonner also lowers his CBS FY18 EPS estimate to $5.25 from $5.29.
08/06/18
LOOP
08/06/18
NO CHANGE
Target $33
LOOP
Hold
Viacom affiliate revenue to come down, says Loop Capital
Loop Capital analyst Alan Gould kept his Hold rating and $33 price target on Viacom (VIAB) ahead of its Q3 results but lowered his EPS estimate by 5c to $1.05 and his FY19 EPS view to $4.50 from $4.75. The analyst cites a more cautious outlook on future affiliate negotiations and a reduced TV revenue with no major affiliate renewal deals expected until the second half of 2019. Though Gould notes that valuation on the stock is inexpensive, he also expects any potential CBS (CBS) tie-up not to yield a premium paid by either side.
VIA Viacom
$35.83

0.475 (1.34%)

07/31/18
07/31/18
DOWNGRADE
Target $50

Market Perform
Cowen worried about 'unquantifiable variables,' downgrades CBS to Market Perform
As previously reported, Cowen analyst Doug Creutz downgraded CBS (CBS) to Market Perform from Outperform, stating that the combination of the legal fight with National Amusements, the potential for a recombination with Viacom (VIAB) and the allegations of sexual harassment against CEO Les Moonves create "too many unquantifiable variables." He noted that his downgrade is not based on any evaluation of the claims made against Moonves, but reflects the added overhang of an investigation of uncertain length with an uncertain outcome, which Creutz sees making share outperformance difficult. He lowered his price target on CBS shares to $50 from $69.
08/03/18
JPMS
08/03/18
NO CHANGE
Target $75
JPMS
Overweight
CBS fundamentals are 'clearly not the issue,' says JPMorgan
Fundamentals are "clearly not the issue" for CBS (CBS) shares as the company continues to deliver or exceed expectations on comp growth, content sales, and over-the-top offerings, JPMorgan analyst Alexia Quadrani tells investors in a post-earnings research note titled "Another Beat and Favorable Outlook But That is Not the Near-Term Story." Unfortunately, the near term focus will remain on potential management changes, a court battle to determine who really controls the strategic direction of the company and how well CBS is positioned longer-term as a standalone or combined with Viacom (VIAB), the analyst adds. As such, the analyst sees CBS shares as range-bound in the near-term. However, over the longer-term, Quadrani believes "it is hard to ignore the obvious disconnect between valuation and the ongoing healthy earnings growth profile for the next few years." She reiterates an Overweight rating on CBS with a $75 price target.

TODAY'S FREE FLY STORIES

KR

Kroger

$30.07

-0.22 (-0.73%)

12:40
11/15/18
11/15
12:40
11/15/18
12:40
Options
$18.6M block of Kroger calls »

$18.6M block of Kroger…

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SYF

Synchrony

$26.42

-0.49 (-1.82%)

12:35
11/15/18
11/15
12:35
11/15/18
12:35
Conference/Events
Synchrony management to meet with Jefferies »

Meeting to be held in San…

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  • 15

    Nov

CSIQ

Canadian Solar

$14.62

0.89 (6.48%)

12:32
11/15/18
11/15
12:32
11/15/18
12:32
Upgrade
Canadian Solar rating change  »

Canadian Solar upgraded…

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  • 15

    Nov

LVS

Las Vegas Sands

$52.58

0.13 (0.25%)

12:30
11/15/18
11/15
12:30
11/15/18
12:30
Options
Short-term call write in Las Vegas Sands »

Short-term call write in…

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ORTFD

Biome Grow

$0.00

(0.00%)

, ACB

Aurora Cannabis

$6.54

0.39 (6.34%)

12:29
11/15/18
11/15
12:29
11/15/18
12:29
OnTheFly
Rising High: A talk with Canada's next cannabis conglomerate »

Welcome to "Rising High,"…

ORTFD

Biome Grow

$0.00

(0.00%)

ACB

Aurora Cannabis

$6.54

0.39 (6.34%)

CVSI

CV Sciences

$0.00

(0.00%)

CNTTF

CannTrust Holdings

$0.00

(0.00%)

CGC

Canopy Growth

$35.77

1.57 (4.59%)

CRON

Cronos Group

$8.66

0.54 (6.65%)

CANN

General Cannabis

$0.00

(0.00%)

IGC

India Globalization Capital

$0.00

(0.00%)

TLRY

Tilray

$108.29

6.18 (6.05%)

MLCPF

MediPharm Labs

$0.00

(0.00%)

03/08/13
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  • 29

    Nov

NE

Noble Corp.

$4.33

0.14 (3.34%)

12:25
11/15/18
11/15
12:25
11/15/18
12:25
Conference/Events
Noble Corp. management to meet with Jefferies »

Meeting to be held in San…

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  • 15

    Nov

12:25
11/15/18
11/15
12:25
11/15/18
12:25
General news
Euro$ interest rate futures are mostly firmer »

Euro$ interest rate…

PFG

Principal Financial

$48.15

-0.14 (-0.29%)

12:25
11/15/18
11/15
12:25
11/15/18
12:25
Conference/Events
Principal Financial to host investor day »

Investor Day to be held…

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  • 15

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  • 03

    Dec

ROK

Rockwell Automation

$169.50

2.26 (1.35%)

12:25
11/15/18
11/15
12:25
11/15/18
12:25
Conference/Events
Rockwell Automation to host investor meeting »

Investor meeting to be…

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  • 15

    Nov

ANET

Arista Networks

$237.49

8.22 (3.59%)

, CSCO

Cisco

$46.08

1.73 (3.90%)

12:25
11/15/18
11/15
12:25
11/15/18
12:25
Conference/Events
Piper Jaffray tech/IT hardware analyst to hold analyst/industry conference call »

Technology/IT Hardware…

ANET

Arista Networks

$237.49

8.22 (3.59%)

CSCO

Cisco

$46.08

1.73 (3.90%)

JNPR

Juniper

$28.17

0.03 (0.11%)

NTCT

NetScout

$26.22

0.92 (3.64%)

03/08/13
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  • 15

    Nov

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    Nov

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    Dec

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    Dec

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    Dec

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    Jan

AAPL

Apple

$190.15

3.34 (1.79%)

, QCOM

Qualcomm

$54.91

0.965 (1.79%)

12:21
11/15/18
11/15
12:21
11/15/18
12:21
Periodicals
Apple seeks to hire engineers near Qualcomm's home base, Bloomberg says »

Apple (AAPL) is seeking…

AAPL

Apple

$190.15

3.34 (1.79%)

QCOM

Qualcomm

$54.91

0.965 (1.79%)

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ALRM

Alarm.com

$48.09

0.1 (0.21%)

12:21
11/15/18
11/15
12:21
11/15/18
12:21
Conference/Events
Alarm.com management to meet with Jefferies »

Meeting to be held in the…

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  • 15

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  • 05

    Dec

VIPS

Vipshop

$5.80

0.45 (8.41%)

12:20
11/15/18
11/15
12:20
11/15/18
12:20
Options
Vipshop calls lead puts 13:1 after earnings »

Vipshop calls lead puts…

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  • 15

    Nov

  • 10

    Dec

WMT

Walmart

$99.34

-2.24 (-2.21%)

, CSCO

Cisco

$46.05

1.7 (3.83%)

12:18
11/15/18
11/15
12:18
11/15/18
12:18
OnTheFly
Fly Intel: Wall Street's top stories at midday »

Stocks opened in negative…

WMT

Walmart

$99.34

-2.24 (-2.21%)

CSCO

Cisco

$46.05

1.7 (3.83%)

QURE

uniQure

$33.30

10.51 (46.12%)

ORCL

Oracle

$49.83

0.99 (2.03%)

BRK.A

Berkshire Hathaway

$323,600.00

-800 (-0.25%)

PCG

PG&E

$19.51

-6.15 (-23.97%)

DDS

Dillard's

$62.78

-10.85 (-14.74%)

NTAP

NetApp

$69.18

-8.87 (-11.36%)

BRK.B

Berkshire Hathaway

$215.41

-0.61 (-0.28%)

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  • 15

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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

12:17
11/15/18
11/15
12:17
11/15/18
12:17
Technical Analysis
NASDAQ market internals summary »

Volume is above average…

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$NYE

NYSE Market Internals

$0.00

(0.00%)

12:16
11/15/18
11/15
12:16
11/15/18
12:16
Technical Analysis
NYSE market internals summary »

Volume is average for…

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BSX

Boston Scientific

$36.15

-0.06 (-0.17%)

12:15
11/15/18
11/15
12:15
11/15/18
12:15
Options
Boston Scientific put volume heavy and directionally bearish »

Bearish flow noted in…

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  • 15

    Nov

  • 27

    Nov

IEP

Icahn Enterprises

$66.47

-1.42 (-2.09%)

, AMZN

Amazon.com

$1,577.51

-21.65 (-1.35%)

12:14
11/15/18
11/15
12:14
11/15/18
12:14
Hot Stocks
Pep Boys expands tire installation for Amazon customers nationally »

Pep Boys announced that…

IEP

Icahn Enterprises

$66.47

-1.42 (-2.09%)

AMZN

Amazon.com

$1,577.51

-21.65 (-1.35%)

03/08/13
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03/06/13
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03/06/13
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  • 28

    Nov

  • 04

    Dec

AXP

American Express

$107.91

0.14 (0.13%)

12:05
11/15/18
11/15
12:05
11/15/18
12:05
Hot Stocks
American Express reports October net write-off rate 2.0% vs. 2.0% last month »

Reports October 30 days…

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  • 12

    Dec

ECA

Encana

$7.83

0.06 (0.77%)

12:05
11/15/18
11/15
12:05
11/15/18
12:05
Hot Stocks
Encana VP David Glen Hill buys 10K shares of company stock »

Encana VP David Glen Hill…

03/08/13
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MLCO

Melco Resorts & Entertainment

$16.89

0.44 (2.67%)

12:05
11/15/18
11/15
12:05
11/15/18
12:05
Options
Melco Resorts call volume above normal and directionally bullish »

Bullish option flow…

03/08/13
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PCG

PG&E

$19.62

-6.04 (-23.54%)

12:00
11/15/18
11/15
12:00
11/15/18
12:00
Hot Stocks
PG&E falls -23.2% »

PG&E is down -23.2%,…

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03/06/13
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UGAZ

VelocityShares 3x Long Natural Gas ETN

$132.90

-119.38 (-47.32%)

12:00
11/15/18
11/15
12:00
11/15/18
12:00
Hot Stocks
VelocityShares 3x Long Natural Gas ETN falls -47.8% »

VelocityShares 3x Long…

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RYB

RYB Education

$7.38

-9.43 (-56.10%)

12:00
11/15/18
11/15
12:00
11/15/18
12:00
Hot Stocks
RYB Education falls -54.5% »

RYB Education is down…

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03/06/13
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SWCH

Switch

$7.98

0.91 (12.87%)

12:00
11/15/18
11/15
12:00
11/15/18
12:00
Hot Stocks
Switch rises 12.9% »

Switch is up 12.9%, or…

03/08/13
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