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ARNC

Arconic

$19.22

-0.62 (-3.13%)

, BX

Blackstone

$30.40

-1.33 (-4.19%)

06:12
10/30/18
10/30
06:12
10/30/18
06:12

Arconic's PE suitors worried about liability costs from massive fire, NYP says

Blackstone (BX) and Carlyle (CG), two of the potential private equity bidders for Arconic (ARNC), are said to be worried about the aluminum giant's liability costs from the Grenfell Tower fire, The New York Post reports, citing two sources close to the situation. The bidding group led by the private equity companies is trying to determine the total exposure "should the company face a sweeping judicial remedy" requiring Arconic to replace tiles in high-rise buildings in England, Germany and possibly the U.S., a source says. Reference Link

ARNC

Arconic

$19.22

-0.62 (-3.13%)

BX

Blackstone

$30.40

-1.33 (-4.19%)

CG

Carlyle Group

$18.85

-0.21 (-1.10%)

  • 30

    Oct

  • 05

    Nov

ARNC Arconic
$19.22

-0.62 (-3.13%)

09/17/18
09/17/18
DOWNGRADE

Neutral
Arconic downgraded to Neutral on valuation at Longbow
As previously reported, Longbow downgraded Arconic to Neutral from Buy. Analyst Chris Olin cites valuation, limited upside to EP&S Segment margins and recent checks that appear evenly balanced for his change in view.
09/17/18
LBOW
09/17/18
DOWNGRADE
LBOW
Neutral
Arconic downgraded to Neutral from Buy at Longbow
08/22/18
ARGS
08/22/18
NO CHANGE
ARGS
Hold
Argus looking for upgrade opportunity for Arconic
Argus analyst John Eade kept his Hold rating on Arconic but noted that he is looking to get more constructive on the company, stating that while the stock has outperformed the market over the past quarter, the performance over the past year has been much worse. Eade believes that the new management's key challenge is the rise in the input costs, but notes that he would consider returning the stock to the Buy list when margins show some signs of stabilizing.
10/10/18
MSCO
10/10/18
NO CHANGE
Target $22
MSCO
Equal Weight
Morgan Stanley says Arconic could rise to $28, or fall to $17, pending review
With Arconic expected to host an investor event in November where management is expected to share the results of their strategic review, Morgan Stanley analyst Rajeev Lalwani lays out three potential scenarios and the associated move in the stock that he sees in each theoretical case. In Scenario 1, which he views as most probable, Arconic will announce significant asset sales as it continues its shift toward becoming a pure-play A&D company. In such a scenario, Lalwani sees the stock trading at about $22 per share. In Scenario 2, the company announces a full buyout and he sees the stock moving up to about $28 per share. Lalwani puts the odds of this scenario at 30%. In Scenario 3, the company announces limited strategic activity beyond those noted to-date and in such a case Lalwani sees the stock falling to $17 per share to re-test its early 2018 lows. Ahead of the potential catalyst of the investor day and end of the review, Lalwani keeps an Equal Weight rating and $22 price target on Arconic.
BX Blackstone
$30.40

-1.33 (-4.19%)

09/25/18
ARGS
09/25/18
NO CHANGE
Target $46
ARGS
Buy
Blackstone price target raised to $46 from $39 at Argus
Argus analyst Stephen Biggar raised his price target on Blackstone to $46 and kept his Buy rating after its Investor Day presentation on Friday, citing the company's outlined plans to grow its assets under management to $1T from $439B currently. The analyst states that Blackstone is seeing "sees considerable growth in real estate, private equity, infrastructure, tactical opportunities and credit assets", adding that while the $1T target is "aggressive", it is also achievable, requiring "continuing cooperative economic environment and fundraising efforts". Biggar also anticipates Blackstone's "fee-related earnings component to grow significantly over the next two years" as its flagship funds reach key milestones, helping reduce earnings volatility and yielding "more consistent" dividend payouts.
09/24/18
MSCO
09/24/18
NO CHANGE
Target $48
MSCO
Overweight
Blackstone price target raised to $48 from $42 at Morgan Stanley
Morgan Stanley analyst Michael Cyprys said he came away from Blackstone's investor day more positive on the company's superior AUM and fee growth and ability to innovate. Blackstone also said a C-Corp conversion is under active consideration, which is a more positive stance than in it has expressed in the past, Cyprys tells investors. Based on expectations for strong growth in AUM, management fees and performance fee, along with the rising prospects for C-Corp conversion, Cyprys raised his price target on Blackstone shares to $48 from $42 and keeps an Overweight rating on the stock.
09/24/18
SBSH
09/24/18
NO CHANGE
Target $47.5
SBSH
Buy
Blackstone price target raised to $47.50 from $43 at Citi
Citi analyst William Katz raised his price target for Blackstone to $47.50 following last week's investor day. The analyst left constructive on the Alternatives sector and impressed by the "multitude of earnings drivers" at Blackstone. He's encouraged by the company's "growing competitive moat and longer-term opportunities" and keeps a Buy rating on the shares.
09/24/18
JMPS
09/24/18
NO CHANGE
Target $43
JMPS
Outperform
Blackstone price target raised to $43 after investor day at JMP Securities
JMP Securities analyst Devin Ryan raised his price target on Blackstone shares to $43 from $39 following the company's investor day, from which he said the primary takeaway was the company's detailed roadmap for growth to $1T+ of AUM over the next eight years from $439B of total assets today. Ryan, who said Blackstone communicated a "clear line of sight" into $2 of fee-related earnings over the longer-term, keeps an Outperform rating on Blackstone shares.
CG Carlyle Group
$18.85

-0.21 (-1.10%)

03/12/18
03/12/18
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. Time Warner (TWX) upgraded to Buy from Neutral at UBS with analyst John Hodulik saying while he expects the takeover by AT&T (T) to receive regulatory approval, he believes the current environment would make Time Warner's assets "highly attractive" to other media companies and Internet-based competitors were the deal to be blocked. 2. Carlyle Group (CG) and Apollo Global (APO) were upgraded to Buy from Neutral at Citi. 3. Merck (MRK) upgraded to Outperform from Market Perform at Leerink with analyst Seamus Fernandez saying Keytruda will continue to dominate the first-line non-small cell lung cancer market. 4. SAP (SAP) upgraded to Outperform from In Line at Evercore ISI with analyst Stewart Materne III saying that he believes the risk/reward is more attractive at current levels following the stock's 6% pullback. 5. Aratana Therapeutics (PETX) upgraded to Buy on valuation at CL King with the firm citing favorable risk/reward. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
03/27/18
SBSH
03/27/18
NO CHANGE
SBSH
Citi says AkzoNobel free to think more strategically about M&A after divestiture
After AkzoNobel (AKZOY) announced the sale of its Specialty Chemicals business to Carlyle Group (CG) and GIC, Citi analyst P.J. Juvekar said the divestiture frees up the company to think more strategically about M&A. Akzo could go after Axalta (AXTA) again, but unless Akzo is prepared to pay a significant premium a deal is unlikely, said Juvekar. He thinks a price in the mid to high $30 range would be needed to get Axalta to the negotiating table. Akzo has thus far resisted a sale to PPG (PPG), but Juvekar thinks PPG would be interested if a deal were to be a friendly one.
08/14/18
MSCO
08/14/18
NO CHANGE
Target $31
MSCO
Overweight
Carlyle's fee-related earnings ramp on track, says Morgan Stanley
Morgan Stanley analyst Michael Cyprys reiterated an Overweight rating on Carlyle Group and raised his price target slightly to $31, telling investors that fee-related earnings are on track to grow by over 50% over the next two quarters after doubling in the past two quarters. The analyst sees significant value in accrued carry receivable balance that should crystallize at a faster pace in 2019, driving an increase in cash performance fees.
09/17/18
ADAM
09/17/18
NO CHANGE
Target $85
ADAM
Buy
Esterline being taken private makes most sense, says Canaccord
Canaccord analyst Ken Herbert noted reports Esterline (ESL) is exploring a sale and be believes it is part of an industry-wide consolidation. The analyst thinks an acquisition by TransDigm (TDG) would be a long shot, but he believes they could be interested in any opportunities as part of a restructuring. He believes an acquisition by the Carlyle Group (CG) or some other private equity firm makes the most sense. Herbert reiterated his Buy rating and $85 price target on Esterline shares.

TODAY'S FREE FLY STORIES

BX

Blackstone

$33.40

-0.59 (-1.74%)

12:35
11/12/18
11/12
12:35
11/12/18
12:35
Options
Blackstone put volume heavy and directionally bearish »

Bearish flow noted in…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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ATHN

Athenahealth

$132.00

11.63 (9.66%)

12:26
11/12/18
11/12
12:26
11/12/18
12:26
Downgrade
Athenahealth rating change  »

Athenahealth downgraded…

03/08/13
Wedge Partners
03/08/13
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03/06/13
Citigroup
03/06/13
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USO

United States Oil Fund

$12.90

0.205 (1.61%)

12:20
11/12/18
11/12
12:20
11/12/18
12:20
Options
Vote of confidence in US Oil Fund as shares tick higher »

Vote of confidence in US…

03/08/13
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03/08/13
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03/06/13
Citigroup
03/06/13
Barclays

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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

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

Volume is above average…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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$NYE

NYSE Market Internals

$0.00

(0.00%)

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

Volume is average for…

03/08/13
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03/08/13
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03/06/13
Citigroup
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Barclays

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DB

Deutsche Bank

$9.80

-0.315 (-3.11%)

12:15
11/12/18
11/12
12:15
11/12/18
12:15
Options
Deutsche Bank put volume heavy and directionally bearish »

Bearish flow noted in…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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C

Citi

$64.55

-1.18 (-1.80%)

12:13
11/12/18
11/12
12:13
11/12/18
12:13
Periodicals
Citi seeks bigger Paris office ahead of Brexit, FT reports »

Citigroup is eyeing a…

03/08/13
Wedge Partners
03/08/13
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03/06/13
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03/06/13
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  • 14

    Nov

  • 14

    Nov

  • 14

    Jan

  • 15

    Apr

  • 13

    Jul

CSLT

Castlight Health

$2.68

-0.01 (-0.37%)

12:11
11/12/18
11/12
12:11
11/12/18
12:11
Conference/Events
Castlight Health management to meet with William Blair »

Meeting to be held in…

03/08/13
Wedge Partners
03/08/13
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03/06/13
Citigroup
03/06/13
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  • 13

    Nov

  • 14

    Nov

  • 27

    Nov

AAPL

Apple

$195.42

-8.89 (-4.35%)

, LITE

Lumentum

$38.36

-17.59 (-31.44%)

12:09
11/12/18
11/12
12:09
11/12/18
12:09
OnTheFly
Fly Intel: Wall Street's top stories at midday »

Stocks opened in negative…

AAPL

Apple

$195.42

-8.89 (-4.35%)

LITE

Lumentum

$38.36

-17.59 (-31.44%)

BABA

Alibaba

$142.11

-2.75 (-1.90%)

PCG

PG&E

$33.72

-6.17 (-15.47%)

EIX

Edison International

$55.03

-5.96 (-9.77%)

SAP

SAP

$101.49

-6.84 (-6.31%)

ATHN

Athenahealth

$132.04

11.67 (9.70%)

APTI

Apptio

$37.60

12.76 (51.37%)

OPK

Opko Health

$3.70

0.595 (19.16%)

BTI

British American Tobacco

$38.56

-3.18 (-7.62%)

GNC

GNC Holdings

$3.36

-0.87 (-20.57%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 12

    Nov

  • 12

    Nov

  • 12

    Nov

  • 12

    Nov

  • 12

    Nov

  • 12

    Nov

  • 13

    Nov

  • 14

    Nov

  • 15

    Nov

  • 26

    Nov

PHG

Philips

$37.67

-0.58 (-1.52%)

12:04
11/12/18
11/12
12:04
11/12/18
12:04
Hot Stocks
Philips announces first U.S. patient enrolled in ILLUMENATE BTK IDE study »

Royal Philips announced…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 12

    Nov

MSI

Motorola Solutions

$127.46

-2.24 (-1.73%)

, MSFT

Microsoft

$106.99

-2.55 (-2.33%)

12:02
11/12/18
11/12
12:02
11/12/18
12:02
Hot Stocks
Motorola Solutions selects Microsoft Azure Government cloud for Command »

Motorola Solutions (MSI)…

MSI

Motorola Solutions

$127.46

-2.24 (-1.73%)

MSFT

Microsoft

$106.99

-2.55 (-2.33%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 12

    Nov

  • 12

    Nov

  • 13

    Nov

  • 26

    Nov

  • 28

    Nov

  • 03

    Mar

NAV

Navistar

$29.95

-0.34 (-1.12%)

, CMI

Cummins

$144.61

1.51 (1.06%)

12:01
11/12/18
11/12
12:01
11/12/18
12:01
Periodicals
EPA seeks to 'significantly' cut nitrogen oxide from heavy trucks, Reuters says »

The EPA on Monday intends…

NAV

Navistar

$29.95

-0.34 (-1.12%)

CMI

Cummins

$144.61

1.51 (1.06%)

03/08/13
Wedge Partners
03/08/13
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03/06/13
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03/06/13
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  • 29

    Nov

  • 30

    Nov

EAF

GrafTech

$14.22

-1.86 (-11.57%)

12:00
11/12/18
11/12
12:00
11/12/18
12:00
Hot Stocks
GrafTech falls -11.6% »

GrafTech is down -11.6%,…

03/08/13
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03/08/13
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03/06/13
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03/06/13
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PCG

PG&E

$33.59

-6.3 (-15.79%)

12:00
11/12/18
11/12
12:00
11/12/18
12:00
Hot Stocks
PG&E falls -15.8% »

PG&E is down -15.8%,…

03/08/13
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03/06/13
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03/06/13
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  • 12

    Nov

  • 12

    Nov

GNC

GNC Holdings

$3.39

-0.845 (-19.98%)

12:00
11/12/18
11/12
12:00
11/12/18
12:00
Hot Stocks
GNC Holdings falls -19.8% »

GNC Holdings is down…

03/08/13
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03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
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UVXY

ProShares Trust Ultra VIX Short Term Futures ETF

$54.60

4.55 (9.09%)

12:00
11/12/18
11/12
12:00
11/12/18
12:00
Hot Stocks
ProShares Trust Ultra VIX Short Term Futures ETF rises 9.2% »

ProShares Trust Ultra VIX…

03/08/13
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03/08/13
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03/06/13
Citigroup
03/06/13
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LABD

Daily S&P Biotech Bear 3x Shares

$39.51

4.09 (11.55%)

12:00
11/12/18
11/12
12:00
11/12/18
12:00
Hot Stocks
Daily S&P Biotech Bear 3x Shares rises 11.6% »

Daily S&P Biotech…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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BCS

Barclays

$8.76

-0.39 (-4.26%)

12:00
11/12/18
11/12
12:00
11/12/18
12:00
Options
Put buyers in Barclays and implied volatility reaches 52-week highs »

Put buyers in Barclays…

03/08/13
Wedge Partners
03/08/13
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03/06/13
Citigroup
03/06/13
Barclays

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BSTI

Best Inc.

$6.10

0.92 (17.76%)

12:00
11/12/18
11/12
12:00
11/12/18
12:00
Hot Stocks
Best Inc. rises 17.0% »

Best Inc. is up 17.0%, or…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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  • 12

    Nov

  • 13

    Nov

JPM

JPMorgan

$109.16

-2.08 (-1.87%)

11:58
11/12/18
11/12
11:58
11/12/18
11:58
Periodicals
Bank of France works with JPMorgan to boost gold bullion services, Reuters says »

The Bank of France has…

03/08/13
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03/08/13
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03/06/13
Citigroup
03/06/13
Barclays

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  • 26

    Feb

11:55
11/12/18
11/12
11:55
11/12/18
11:55
Conference/Events
UBS alternative energy analyst to hold an analyst/industry conference call »

Alternative Energy…

11:53
11/12/18
11/12
11:53
11/12/18
11:53
Conference/Events
RBC Capital chemicals analyst to hold a group luncheon »

Chemicals Analyst…

11:51
11/12/18
11/12
11:51
11/12/18
11:51
Conference/Events
UBS alternative energy analyst to hold an analyst/industry conference call »

Alternative Energy…

11:50
11/12/18
11/12
11:50
11/12/18
11:50
Conference/Events
RBC Capital media analyst to hold a group luncheon »

Media Analyst Cahall…

CZR

Caesars

$8.13

-0.39 (-4.58%)

11:50
11/12/18
11/12
11:50
11/12/18
11:50
Options
Caesars option volume heavy as shares test two year lows »

Caesars option volume…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

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