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AAPL

Apple

$177.10

-8.7 (-4.68%)

, BAC

Bank of America

$27.39

-0.375 (-1.35%)

08:55
11/21/18
11/21
08:55
11/21/18
08:55

Notable open interest changes for November 21st

Tuesday's total option volume of 24.3 million contracts resulted in net open interest growth of 3.99 million calls and 3.16 million puts. Apple (AAPL), Bank of America (BAC), General Electric (GE) and NVIDIA (NVDA) saw the greatest growth. Top five new positions opened include 96k Bank of America (BAC) 11/23 weekly 28 calls, 44k General Electric (GE) 11/23 weekly 6.5 puts, 31k Peabody Energy (BTU) Jan-19 36 puts, 31k Peabody Energy (BTU) Jan-19 36 calls and 26k Applied Materials (AMAT) Jan-19 40 puts.

AAPL

Apple

$177.10

-8.7 (-4.68%)

BAC

Bank of America

$27.39

-0.375 (-1.35%)

GE

General Electric

$7.67

-0.165 (-2.11%)

NVDA

Nvidia

$149.14

4.48 (3.10%)

  • 26

    Nov

  • 04

    Dec

  • 10

    Dec

  • 12

    Feb

AAPL Apple
$177.10

-8.7 (-4.68%)

11/16/18
MSCO
11/16/18
DOWNGRADE
MSCO
Equal Weight
TSMC downgraded to Equal Weight from Overweight at Morgan Stanley
Morgan Stanley analyst Charlie Chan downgraded TSMC (TSM) to Equal Weight from Overweight, stating that he is concerned that recent Apple (AAPL) iPhone supply chain order cuts "could be just the first wave" and weak orders from Apple "could be a new normal for TSMC" if next year's iPhone doesn't have attractive features. Chan, who doesn't think secular growth drivers are strong enough to differentiate the stock in a logic semi downcycle, lowered his price target on TSMC shares to NT$239 from NT$253.
11/15/18
MSCO
11/15/18
NO CHANGE
Target $253
MSCO
Overweight
Apple dip a buying opportunity amid supply chain 'noise,' says Morgan Stanley
Morgan Stanley analyst Katy Huberty called the 8.5% decline in Apple (AAPL) shares following Lumentum's (LITE) and Qorvo's (QRVO) negative pre-announcements this week a buying opportunity, noting that she is still bullish on the iPhone maker's Services growth. Services will "take the growth baton" from Devices as the smartphone market matures, contends Huberty. While she believes investors should focus on Services rather than iPhone units, Huberty also believes Apple's December quarter guidance incorporates the revisions made by Lumentum and Qorvo, adding that unit revisions are typically more severe for the supply chain than Apple given inventory fluctuations and the company's steps to ensure adequate supply early in a product launch. Huberty keeps an Overweight rating and $253 price target on Apple shares.
11/20/18
GSCO
11/20/18
NO CHANGE
Target $182
GSCO
Neutral
Apple price target lowered to $182 from $209 at Goldman Sachs
Following The Wall Street Journal's report yesterday about Apple seeing lower demand than the company had initially expected for its new iPhones, Goldman Sachs analyst Rod Hall noted that it appears that in addition to weakness in China and other emerging markets it also looks like the price and features of the iPhone XR may not have been well-received by non-U.S. users. While he believes the company likely included this more negative scenario in its guidance, Hall sees "material risk" to Apple's March quarter guidance if current demand trends continue, he tells investors. He lowered his price target on the shares to $182 from $209 to reflect a multiple more toward the middle of the stock's three year range and keeps a Neutral rating on Apple.
11/15/18
11/15/18
UPGRADE
Target $55

Equal Weight
Qualcomm upgraded to Equal Weight after expectations reset at Morgan Stanley
As previously reported, Morgan Stanley analyst James Faucette upgraded Qualcomm (QCOM) to Equal Weight from Underweight as he thinks consensus estimates now imply a more realistic scenario for QCT margins and that lowered expectations on a resolution with Apple (AAPL) gives room for the stock to react positively should legal proceedings trigger a settlement. He believes the stock's underperformance suggests the market has "appropriately" lowered expectations, Faucette added. He maintains a $55 price target on Qualcomm shares.
BAC Bank of America
$27.39

-0.375 (-1.35%)

07/17/18
BARD
07/17/18
NO CHANGE
Target $30
BARD
Neutral
Baird would be buyers of Bank of America on weakness
Baird analyst David George said he would remain a buyer of Bank of America shares on any weakness, stating that its operating leverage was impressive in Q2 and should continue along with solid execution. George maintained his Neutral rating and $30 price target on Bank of America shares.
11/15/18
11/15/18
NO CHANGE

Morgan Stanley says 13F a 'clear signal' of value Buffett sees in financials
Following the release last night of 13F filings detailing the holdings of large investors, including Berkshire Hathaway (BRK.A), Morgan Stanley analyst Kai Pan noted that the filing from Warren Buffett's Berkshire revealed increased stakes in Bank of America (BAC), U.S. Bancorp (USB) and Goldman Sachs (GS) along with new stakes in JPMorgan (JPM), PNC Financial (PNC) and Travelers (TRV). The analyst sees these investments, along with the fact that Berkshire's s financial holdings stood at 46% of its overall $203B equity portfolio as of quarter end, as a "clear signal" of the value that Buffett sees in financials, Pan tells investors. He adds that he views Buffett's new stake in Oracle (ORCL) as another "notable" new purchase.
09/25/18
WOLF
09/25/18
INITIATION
Target $40
WOLF
Outperform
Bank of America initiated with an Outperform at Wolfe Research
Wolfe Research analyst Steven Chubak initiated Bank of America with an Outperform and $40 price target.
09/19/18
OPCO
09/19/18
NO CHANGE
OPCO
Outperform
U.S. banks 'in very good shape,' says Oppenheimer, favorites include BofA, Citi
Oppenheimer analyst Chris Kotowski tells investors in a research note that the U.S. banking group is on solid footing with balance sheets less risky than at any time over the last 33 years the firm covered the group and says his favorite bank stocks are Outperform-rated Bank of America (BAC), Citi (C), CIT (CIT) and Goldman Sachs (GS). However, Kotowski notes that banks are trading at an average relative P/E of just ~66% relative to the S&P 500 and returning to a historical avg valuation of 73%-80% range would imply over a thousand basis points of outperformance by the group. In his view, the U.S. banks are, on the whole, in "very good" shape.
GE General Electric
$7.67

-0.165 (-2.11%)

11/20/18
GDHS
11/20/18
NO CHANGE
Target $10
GDHS
Underperform
GE 'fire sale' of Baker Hughes stake a 'net negative,' says Gordon Haskett
Gordon Haskett analyst John Inch, who maintains an Underperform rating and $10 price target on General Electric (GE) shares, said the sale of Baker Hughes (BHGE) shares generates cash and in theory should be a credit "positive", but given that the sale is being done so far below book value leads him to conclude it is instead a net "negative." Even though GE should realize about $3.8B in proceeds from the sale, Inch believes the company's balance sheet could come under further stress given likely additional write-downs associated with the "fire sale" of Baker Hughes sales, he tells investors.
11/05/18
GDHS
11/05/18
NO CHANGE
Target $10
GDHS
Underperform
Gordon Haskett sees potential downside to $5 for General Electric shares
Gordon Haskett analyst John Inch, who maintains an Underperform rating and $10 price target on General Electric shares, estimates the stock could trade down to about $5 per share, assuming that GE Capital does not ultimately face insolvency, if the market were to value the stock increasingly on a free cash basis. Right now, it seems to him that most of the bullish analysts and investors are basing their upside views on a sum-of-the-parts valuation, Inch noted. However, he sees this as "academic" as GE cannot completely dismantle due to the fact it must maintain a sufficient base to support all of GE Capital's tens of billions of dollars of debt securities, Inch tells investors.
11/09/18
JPMS
11/09/18
NO CHANGE
Target $6
JPMS
Underweight
General Electric price target lowered to $6 from $10 at JPMorgan
In a research note wrapping up the company's Q3 results, JPMorgan analyst Stephen Tusa cut his price target for shares of General Electric to $6 from $10. The stock closed yesterday down 8c to $9.10. The outcome of GE's results was worse than expected "on almost all fronts," with forecasts for free cash flow and EBITDA "moving materially lower," Tusa writes. Further, a "material change" in language from the quarterly filing "suggests a negative step down in the leverage situation," he adds. The analyst believes, however, that the story is "not really about liquidity, it's about a deterioration in run rate fundamentals." On that front. Tusa expects the "anchor" on earnings, free cash flow and the dividend to all be down ~85% as "the dust continues to settle. He keeps an Underweight rating on General Electric shares.
11/13/18
GDHS
11/13/18
NO CHANGE
Target $10
GDHS
Underperform
General Electric liquidity risks could be escalating, says Gordon Haskett
Gordon Haskett analyst John Inch said that despite GE's assurances and those of other analysts that liquidity does not pose a risk, he believes liquidity issues could be escalating given the rapidly raising spreads in GE CDS, which he tells investors "could portend additional GE credit rating downgrades." GE's CEO asserted in interview yesterday that the company has no plans for an equity capital raise, but added "as conditions change in the future we might come back and reconsider that," noted Inch, who thinks that at current GE share price levels the "window to raise equity capital appears to have largely shut." Inch maintains an Underperform rating and $10 price target on GE shares.
NVDA Nvidia
$149.14

4.48 (3.10%)

11/20/18
11/20/18
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. Exxon Mobil (XOM) downgraded to Underperform from Market Perform at Raymond James with analyst Pavel Molchanov saying Exxon Mobil is "one of the least appealing ways to play" the firm's bullish oil call, particularly following the recent oil price selloff. 2. Skyworks (SWKS) downgraded to Underperform from Neutral at BofA/Merrill with analyst Vivek Arya citing limited content gains in 2019 iPhones. 3. Micron (MU) downgraded two notches to Underperform from Outperform at Baird with analyst Tristan Gerra saying he now models eight consecutive quarters of gross margin and EPS contraction given the continued deterioration in both DRAM and NAND memory pricing. 4. Nvidia (NVDA) downgraded to Underperform from Neutral at Exane BNP Paribas. 5. Western Digital (WDC) downgraded to Neutral from Positive at Susquehanna with analyst Mehdi Hosseini saying he has lost confidence in the company's ability to benefit from SSD substitution of HDDs. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/20/18
EXAN
11/20/18
DOWNGRADE
EXAN
Underperform
Nvidia downgraded to Underperform from Neutral at Exane BNP Paribas
11/16/18
ARGS
11/16/18
NO CHANGE
ARGS
Buy
Nvidia weakness a buying opportunity, says Argus
11/16/18
11/16/18
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. Home Depot (HD) downgraded to Neutral from Buy at BofA/Merrill with analyst Elizabeth Suzuki saying peak growth has passed. 2. J.C. Penney (JCP) downgraded to Sell from Hold at Argus with analyst John Eade saying he anticipates continued losses for the stock for the next two years while also warning that at a current share price below $2, the company is operating with a more elevated risk. 3. Nvidia (NVDA) was downgraded to Neutral from Buy at B. Riley FBR and to Buy from Conviction Buy at Goldman Sachs. 4. Michael Kors (KORS) downgraded to Perform from Outperform at Oppenheimer with analyst Brian Nagel saying he is "concerned" that ongoing challenges with inventory management and replenishment at the company's namesake brand and softness within fashion watches will weigh on top-line trends and potentially margins, just as management begins the integration of Versace. 5. TSMC (TSM) was downgraded to Equal Weight from Overweight at Morgan Stanley while UMC (UMC) was downgraded to Underweight from Equal Weight. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

NHI

National Health Investors

$80.44

0.31 (0.39%)

06:08
12/10/18
12/10
06:08
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06:08
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National Health Investors announces $25.35M development project in Wisconsin »

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BIG

Big Lots

06:07
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12/10
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06:07
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SUBC

Subsea 7 SA

$0.00

(0.00%)

06:07
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FTI

TechnipFMC

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WAGE

WageWorks

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COF

Capital One

$82.66

-1.93 (-2.28%)

06:06
12/10/18
12/10
06:06
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06:06
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  • 11

    Dec

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    Dec

RDWR

Radware

$22.34

-0.35 (-1.54%)

06:06
12/10/18
12/10
06:06
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06:06
Hot Stocks
Radware announces major deal with global cloud provider »

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SWKS

Skyworks

$67.56

-3.04 (-4.31%)

06:06
12/10/18
12/10
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06:06
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Skyworks rating change  »

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QRVO

Qorvo

$61.16

-1.58 (-2.52%)

06:05
12/10/18
12/10
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06:05
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Qorvo rating change  »

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  • 11

    Dec

IMOS

ChipMOS

$17.20

-0.69 (-3.86%)

06:05
12/10/18
12/10
06:05
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06:05
Earnings
Breaking Earnings news story on ChipMOS »

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GV

Goldfield Corp

$2.32

-0.035 (-1.49%)

06:05
12/10/18
12/10
06:05
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06:05
Hot Stocks
Goldfield Corp announces resumption of stock repurchase program »

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SCWX

Secureworks

$15.65

-1.52 (-8.85%)

06:05
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06:05
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NSANY

Nissan

$0.00

(0.00%)

06:05
12/10/18
12/10
06:05
12/10/18
06:05
Periodicals
Ghosn, Nissan formally indicted in Japan, Bloomberg reports »

Carlos Ghosn and Nissan…

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  • 07

    Jan

SNN

Smith & Nephew

$37.97

0.76 (2.04%)

06:05
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12/10
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06:05
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ADS

Alliance Data

$180.43

-6.725 (-3.59%)

06:04
12/10/18
12/10
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  • 11

    Dec

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    Dec

SNCR

Synchronoss

06:04
12/10/18
12/10
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06:04
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ABB

ABB

$18.86

-0.375 (-1.95%)

06:04
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  • 23

    May

EQT

EQT Corporation

$18.42

0.41 (2.28%)

06:04
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Rice leadership team sends letter to EQT Corporation detailing path forward »

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  • 13

    Dec

X

U.S. Steel

$21.30

-0.7 (-3.18%)

06:03
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TVTY

Tivity Health

$40.60

-0.27 (-0.66%)

, NTRI

Nutrisystem

$34.19

-1.07 (-3.03%)

06:02
12/10/18
12/10
06:02
12/10/18
06:02
Hot Stocks
Breaking Hot Stocks news story on Tivity Health, Nutrisystem »

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TVTY

Tivity Health

$40.60

-0.27 (-0.66%)

NTRI

Nutrisystem

$34.19

-1.07 (-3.03%)

03/08/13
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SPX

S&P 500

$0.00

(0.00%)

, SPY

SPDR S&P 500 ETF Trust

$263.68

-5.98 (-2.22%)

06:01
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12/10
06:01
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06:01
Periodicals
President Xi tells lieutenants to 'follow through' on Trump agreement, WSJ says »

Chinese officials have…

SPX

S&P 500

$0.00

(0.00%)

SPY

SPDR S&P 500 ETF Trust

$263.68

-5.98 (-2.22%)

03/08/13
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NGVT

Ingevity

$85.15

-5.32 (-5.88%)

05:58
12/10/18
12/10
05:58
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05:58
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Ingevity to acquire Capa caprolactone division of Perstorp Holding AB »

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TSM

TSMC

$36.52

-0.33 (-0.90%)

05:58
12/10/18
12/10
05:58
12/10/18
05:58
Hot Stocks
TSMC reports November revenue NT$98.39B, up 5.6% y/y »

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COR

CoreSite Realty

$97.28

-2 (-2.01%)

, DLR

Digital Realty

$115.80

-1.135 (-0.97%)

05:53
12/10/18
12/10
05:53
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05:53
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CoreSite Realty, Digital Realty, Equinix rating change  »

CoreSite Realty…

COR

CoreSite Realty

$97.28

-2 (-2.01%)

DLR

Digital Realty

$115.80

-1.135 (-0.97%)

EQIX

Equinix

$386.76

-6.1 (-1.55%)

03/08/13
Wedge Partners
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03/06/13
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03/06/13
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  • 10

    Dec

APDN

Applied DNA Sciences

$1.08

0.02 (1.89%)

05:52
12/10/18
12/10
05:52
12/10/18
05:52
Hot Stocks
Applied DNA Sciences signs joint development agreement with Everledger »

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  • 11

    Dec

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