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AAPL

Apple

$168.37

-6.37 (-3.65%)

, MSFT

Microsoft

$104.90

-4.27 (-3.91%)

19:30
12/09/18
12/09
19:30
12/09/18
19:30

Fly Intel: Top five weekend stock stories

Catch up on the weekend's top five stories with this list compiled by The Fly: 1. China has warned Canada that there would be severe consequences if it did not immediately release Huawei Technologies chief financial officer, calling the case "extremely nasty," according to Reuters. Meng Wanzhou was arrested in Canada on December 1 and faces extradition to the U.S., which alleges that she covered up her company's links to a firm that tried to sell equipment to Iran despite sanctions, the publication noted. Meanwhile, the executive has argued that she should be let out on bail while awaiting an extradition hearing due to severe hypertension and fears for her health while incarcerated in Canada, Reuters said in a separate article. According to reports, Huawei accounted for nearly 17% of Lumentum's (LITE) sales in FY17, about 15% of FY17 sales for Oclaro (OCLR) and 11% of FY17 sales for Finisar (FNSR). The company competes in China with ZTE (ZTCOY), Infinera (INFN) and Ciena (CIEN). 2. U.S.-China trade negotiations need to reach a successful end by March 1 or new tariffs will be imposed, Reuters reported, citing U.S. Trade Representative Robert Lighthizer, clarifying there is a "hard deadline." 3. When Microsoft (MSFT) leapfrogged Apple (AAPL) to become the world's most valuable company, the milestone carried a deeper significance about the future as Wall Street recognized the value of subscriptions over traditional sales, Alex Eule wrote in this week's edition of Barron's. The software industry has spent the past decade transitioning to a subscription model and for investors, the payoff has been significant, the report noted. Recurring payments have changed the way that Americans consume software, music, movies, television, fitness, clothing, and food, and even tractor maker Deere (DE) is trying to sell subscriptions to farmers, the publication added. 4. Disney's (DIS) "Ralph Breaks the Internet" stayed at number one for the third consecutive weekend, with another $16.1M for a domestic total of $140.9M and a global cume of $117.3M. The movie earned an A- CinemaScore and sports an 86% Rotten Tomatoes score. 5. PayPal (PYPL), Applied Materials (AMAT), Caterpillar (CAT), Lennar (LEN), Netflix (NFLX) and Palo Alto Networks (PANW) saw positive mentions in Barron's, while Deutsche Bank (DB) was mentioned cautiously.

AAPL

Apple

$168.37

-6.37 (-3.65%)

MSFT

Microsoft

$104.90

-4.27 (-3.91%)

DIS

Disney

$112.00

-1.385 (-1.22%)

PYPL

PayPal

$82.78

-3.07 (-3.58%)

AMAT

Applied Materials

$33.65

-1.04 (-3.00%)

CAT

Caterpillar

$123.54

-4.69 (-3.66%)

LEN

Lennar

$42.00

-0.43 (-1.01%)

NFLX

Netflix

$265.14

-17.66 (-6.24%)

PANW

Palo Alto Networks

$175.11

-6.73 (-3.70%)

DB

Deutsche Bank

$8.74

-0.155 (-1.74%)

LITE

Lumentum

$41.92

-2.81 (-6.28%)

OCLR

Bought by LITE

$8.27

-0.165 (-1.96%)

FNSR

Acquired by IIVI

$22.49

-0.53 (-2.30%)

ZTCOY

ZTE Corp.

$0.00

(0.00%)

CIEN

Ciena

$31.30

-0.95 (-2.95%)

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    Jan

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    Mar

AAPL Apple
$168.37

-6.37 (-3.65%)

12/07/18
MSCO
12/07/18
NO CHANGE
Target $236
MSCO
Overweight
Apple price target lowered to $236 on China weakness at Morgan Stanley
Morgan Stanley analyst Katy Huberty lowered her FY19 iPhone units forecast to 200M from 213M after her recent meetings in Asia highlighted a weakening China smartphone market, especially at the high-end. However, her Google trends analysis suggests global demand for the new iPhones is holding up, at least relative to past cycles, after the XR launch in November, which leads her to conclude that iPhone revenue downside is "largely isolated to China." The analyst, who added that weak iPhone shipments on the back of lengthening replacement cycles doesn't translate to installed base and Services weakness, lowered her FY19 revenue forecast to $277B, or 4% year-over-year revenue growth. Huberty cut her price target on Apple shares to $236 from $253, but keeps an Overweight rating on the stock.
12/06/18
SUSQ
12/06/18
INITIATION
Target $90
SUSQ
Neutral
NXP Semiconductors initiated with a Neutral at Susquehanna
Susquehanna analyst Chris Roland initiated NXP Semiconductors (NXPI) with a Neutral rating and a price target of $90. The analyst expects the company to benefit from its "substantial auto exposure" but also warns that trade tensions, soft auto sales, and "contracting industry lead times" warrant a near-term pause. Roland adds that once the "Qualcomm (QCOM) hangover" subsides, NXP Semiconductors revenue will re-accelerate as the company refocuses on its core business. The analyst is further positive on the company's "diversification away from Apple (AAPL) and handsets, and focus on new growth opportunities including high-power RF's in 5G infrastructure".
12/06/18
UBSW
12/06/18
NO CHANGE
Target $210
UBSW
Buy
UBS cuts Apple target to $210 from $225 after surveying 6,900 consumers
UBS analyst Timothy Arcuri lowered his price target for Apple to $210 from $225 while keeping a Buy rating on the shares. The stock closed Tuesday down $8.13, or 4%, to $176.69. UBS Evidence Lab's 9th Global Smartphone Survey, which includes 6,900 consumers across five countries, indicates more lengthening of smartphone upgrade cycles, especially in Japan and the U.S., Arcuri tells investors in a research note. For iPhone, consumer purchase intention was "down across the board," most significantly in the U.S. and China, adds the analyst. Arcuri adds that new iPhone models, consistently 70%-75% of mix based on both purchase intent and ultimate unit sell-in in previous surveys, have fallen to 59% of the mix, the "lowest in the data set."
12/07/18
OTRG
12/07/18
NO CHANGE
OTRG
Phone buyer sources point to cuts in Apple iPhone XR orders, says OTR Global
OTR Global said its checks indicate that smartphone buyers and managers at network operators, retailers and distributors in China, Europe and India have mostly reduced their 1Q19 orders for Apple's iPhone XR as sell-through in Q4 has fallen below expectations. 13 of 15 Asian sources reported oversupply for iPhone XR and 4 of 7 Chinese sources noted reduced iPhone XR retail prices, OTR added.
MSFT Microsoft
$104.90

-4.27 (-3.91%)

12/03/18
STFL
12/03/18
NO CHANGE
Target $190
STFL
Hold
After proxy, Stifel says Google could come back with bid for Red Hat
After Red Hat (RHT) filed a proxy on Friday evening related to its pending acquisition by IBM (IBM) that mentioned three other parties interested in a potential purchase, Stifel analyst Brad Reback said he believes that "Party A" in the filing is Microsoft (MSFT), that "Party B" is Google (GOOGL) and that "Party C" is Amazon (AMZN). If he is correct with that assessment of the identities of the parties, it is a clear indication that Red Hat shopped itself to the "logical players" during the negotiation process, said Reback, who believes there is still a chance Google may come back and make a bid for Red Hat given the change of leadership in the Google Cloud unit. The analyst, who views Red Hat as a unique asset with strong enterprise relationships, hybrid cloud capabilities, and an open source heritage, keeps a Hold rating and $190 price target on the stock given the existing deal with IBM.
11/29/18
WEDB
11/29/18
NO CHANGE
Target $140
WEDB
Outperform
Wedbush bullish on Microsoft into 2019 given Azure cloud momentum
Wedbush analyst Daniel Ives believes Microsoft remains in an "enviable" position heading into 2019 on the heels of its cloud success and is firing on all cylinders around its Office 365 and Azure strategic vision based on his recent checks. The analyst thinks the shift to cloud is a major secular trend that is significantly benefiting Microsoft in the field as a key tailwind and should continue its momentum heading into the next 12-18 months. Ives is bullish on the stock into 2019 given his thesis that Azure's cloud momentum is still in its early days of playing out with the company's massive installed base, Office 365 transition on consumer/enterprise providing growth tailwinds for the next 12 to 18 months at least, and newer integrated product initiatives around consumers and cloud services are still playing out within Redmond's ubiquitous installed base of consumers and enterprises worldwide. He reiterates an Outperform rating and $140 price target on the shares.
11/28/18
JEFF
11/28/18
NO CHANGE
Target $2300
JEFF
Buy
Jefferies pegs potential value of Amazon Web Services at $350B
The momentum of Amazon Web Services is evident with three days still left in the annual re:Invent Cloud conference, Jefferies analyst Brent Thill tells investors in a research note. Enterprise customers are making bigger commitments earlier with AWS, increasing partner deal sizes 3.5 times, says the analyst. He forecasts AWS revenue to hit $71B by 2020, potentially worth $350B versus Amazon's current market capitalization of $800B. Thill believes AWA is competing well against Oracle (ORCL) and Microsoft (MSFT). The analyst keeps a Buy rating on Amazon with a $2,300 price target.
11/26/18
WEDB
11/26/18
NO CHANGE
WEDB
Sony appeared to be video game hardware winner on Black Friday, says Wedbush
Wedbush analyst Michael Pachter notes that each of the four game retailers he tracked, namely Best Buy (BBY), GameStop (GME), Target (TGT) and Walmart (WMT) offered the Marvel's Spider-Man PlayStation 4 Bundle that included a slim PS4 with a 1TB hard drive and Sony's (SNE) Marvel's Spider-Man for $199.99, as well as the Microsoft's (MSFT) Xbox One S Minecraft Creators Bundle that included an Xbox One S with a 1TB hard drive, a Minecraft full game download, the Starter Pack, the Creators Pack, and 1,000 Minecoins for $199.99. Nintendo's (NTDOY) primary hardware offering was less compelling given that it was priced at the console's standard MSRP, he adds. The only sell-out that the analyst saw over Black Friday was the primary PS4 deal. Pachter expects the Black Friday deals to eventually translate into permanent price cuts for the base PS4 and Xbox One, possibly by this Christmas.
DIS Disney
$112.00

-1.385 (-1.22%)

11/29/18
IMPC
11/29/18
NO CHANGE
Target $32
IMPC
Outperform
Disney sale of sports networks should revalue MSG Networks, says Imperial
MSG Networks (MSGN), as the only pure-play regional sports networks security publicly traded, is "vastly under-covered and under-appreciated," Imperial Capital analyst David Miller tells investors in a research note. Disney (DIS) is selling off the Fox Regional Sports Networks, which the company must do per Department of Justice decree issued on June 27, adds the analyst. He believes that as the closest pure-play comparable to these networks, the terminal value of the transaction should lead to a revaluation of MSG Networks in the public markets. Miller keeps an Outperform rating on MSG Networks with a $32 price target.
11/28/18
GSCO
11/28/18
DOWNGRADE
GSCO
Neutral
Genting Malaysia downgraded to Neutral from Buy at Goldman Sachs
Goldman Sachs analyst Simon Cheung downgraded Genting Malaysia Bhd. (GMALF) to Neutral after the company sued Disney (DIS) and 21st Century Fox (FOXA) for pulling out of an agreement to sponsor a Fox World theme park outside Kuala Lumpur. Genting is seeking more than $1B in damages and claims Disney doesn't want to be associated with its gambling business. Goldman now sees uncertainty with the outdoor theme park and steps to the sidelines with respect to Genting Malaysia shares.
12/07/18
WOLF
12/07/18
INITIATION
Target $147
WOLF
Outperform
Disney initiated with an Outperform at Wolfe Research
Wolfe Research initiated Disney with an Outperform and $147price target.
12/07/18
NEED
12/07/18
NO CHANGE
NEED
Hold
Disney may need to lower FY19 estimates, says Needham
Needham analyst Laura Martin kept her Hold rating on Disney, warning that the company may need to lower its FY19 earnings guidance at its April investor meeting. The analyst cites the company's growing costs around "technology, content and marketing investments" in OTT services such as ESPN+ and Disney+, along with earnings dilution from the acquisition of 21st Century Fox. Martin also lowers her FY19 EPS view to $7.13 from $7.35 based on higher ESPN+ investments, rising programming costs related to college playoff games, and lower Studio segment revenue from tough comps related to last year's Thor, Coco, and Star Wars films.
PYPL PayPal
$82.78

-3.07 (-3.58%)

11/15/18
11/15/18
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. PayPal (PYPL) initiated with an Overweight at Barclays. 2. Albemarle (ALB) initiated with a Neutral at Buckingham. 3. Galapagos NV (GLPG) initiated with a Strong Buy at Raymond James. 4. Mogo Finance (MOGO) initiated with a Buy at B. Riley FBR. 5. Altice USA (ATUS) initiated with a Buy at UBS. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
11/14/18
LEHM
11/14/18
INITIATION
LEHM
Overweight
Barclays initiates coverage of U.S. payment processors with PayPal as top pick
As noted earlier, Barclays analyst Ramsey El-Assal initiated a group of 20 U.S. companies in the Payments, Processing, and related IT Services sector with Overweight-rated PayPal (PYPL) as his Top Pick. The analyst cites the company's "100% exposure to high-growth digital channels" along with its "clean balance sheet substantial cash position" that bring it a "strategic opportunity. El-Assal is also particularly positive on Overweight-rated WorldPay (WP) based on its strong growth potential from its exposure to "tech-enabled channels" and merger synergies, FirstData (FDC) based on the accelerating growth of its merchant channels, and Square (SQ)," whose Subscription & Services segment is blurring the lines between Payments and software". The analyst contends that the extent of being "tech-enabled" is a key differentiator in the Payments industry, assigning an Overweight rating to Alliance Data Systems (ADS), ADP (ADP), Cardtronics (CATM), Fidelity National (FIS), First Data (FDC), Fiserv (FISV), Fleetcor Technologies (FLT), Global Payments (GPN), Green Dot (GDOT), Mastercard (MA), Total System Services (TSS), Visa (V), and WEX Inc (WEX). El-Assal assigns Equal-weight ratings to EVO Payments (EVOP) and Paychex (PAYX), stating that while the companies are "solid performers" in the space, their valuation is seen as more balanced. The analyst rates MoneyGram (MGI) and Western Union (WU) at Underweight, saying that the former will struggle to re-ignite positive growth as the costs associated with regulatory scrutiny weigh on its profits and the latter will be challenged by "periodic pricing pressure eroding margins over a long period of time."
11/27/18
NOMU
11/27/18
NO CHANGE
Target $103
NOMU
Buy
Fears of fraud at PayPal's Venmo are overblown, says Nomura Instinet
Nomura Instinet analyst Bill Carcache believes fears of fraud loss at PayPal's Venmo over overblown following Sunday's Wall Street Journal article. The analyst keeps a Buy rating on the shares with a $103 price target. In response to increasing fraud, Venmo temporarily suspended instant transfers, which were quickly reintroduced after updates, and generated $1B of volume in September, Carcache tells investors in a research note.
11/27/18
SPHN
11/27/18
NO CHANGE
Target $108
SPHN
Overweight
PayPal fraud issue at Venmo looks to be under control, says Stephens
After The Wall Street Journal reported over the holiday weekend that internal documents indicated PayPal experienced greater than expected fraud losses associated with its Venmo instant transfer feature, Stephens analyst Brett Huff noted that his take is that the fraud issue looks to be under control given that the article indicates fraud rates have been coming down. Even if it were assumed that the continued high levels of fraud outlined in the article of 0.35% continued, he thinks the negative financial impact that would occur would be fairly muted, Huff said. Separately, it was reported that the U.K.'s Competition Authority has concerns about PayPal's iZettle deal. However, Huff said he believes the company could have remediation ideas to help ease competitive worries. He reiterates an Overweight rating and $108 price target on PayPal shares.
AMAT Applied Materials
$33.65

-1.04 (-3.00%)

11/16/18
RBCM
11/16/18
NO CHANGE
Target $38
RBCM
Sector Perform
Applied Materials price target lowered to $38 from $43 at RBC Capital
RBC Capital analyst Mitch Steves lowered his price target on Applied Materials to $38 and kept his Sector Perform rating after its "notably" lower Q1 guidance. The analyst believes that the stock price will remain capped given that the management is still not calling a bottom in expected revenue slowdown while also warning about some potential share loss related to the adoption of extreme ultraviolet, or EUV, technology for chip making. With "no near-term product cycle until middle of 2019", Steves also lowers his FY19 EPS view to $3.57 from $4.31.
11/16/18
SRCH
11/16/18
DOWNGRADE
SRCH
Hold
Applied Materials downgraded to Hold from Buy at Summit Insights
11/16/18
MSCO
11/16/18
NO CHANGE
Target $39
MSCO
Equal Weight
Applied Materials weakness surprising given peer commentary, says Morgan Stanley
Morgan Stanley analyst Joseph Moore said he was surprised at the weakness of Applied Materials' outlook given peer commentary and the fact that foundry spending isn't down anywhere near as much as Applied's foundry business has been this year, but he notes that the company pointed to some served market compression as lithography and other areas crowded them out. Meanwhile, Moore believes increases in equipment revenue from DRAM customers still appear to him to be a substantial risk factor for 2019. Moore keeps an Equal Weight rating on Applied Materials shares and lowered his price target to $39 from $54.
11/16/18
CHLM
11/16/18
NO CHANGE
Target $44
CHLM
Buy
Applied Materials price target cut to $44 from $65 at Craig-Hallum
Craig-Hallum analyst Christian Schwab maintained a Buy rating on Applied Materials but lowered his price target to $44 from $65 following Q4 results and a disappointing guide with continued near term challenges, particularly in spending from memory customers. Schwab tells investors in a research note that management would not call Q1 the bottom of the current cycle, and thus believes the timing and magnitude of a recovery lack some clarity.
CAT Caterpillar
$123.54

-4.69 (-3.66%)

12/03/18
BOFA
12/03/18
UPGRADE
Target $163
BOFA
Buy
Caterpillar upgraded to Buy from Neutral at BofA/Merrill
BofA/Merrill analyst Ross Gilardi upgraded Caterpillar to Buy and increased its price target to $163 from $140 citing attractive valuation as macro risks recede. Gilardi has increased conviction following Fed Chairman Powell's comments last week that were seemingly less hawkish on future interest rate cuts and the temporary cease fire in additional US-China tariff increases. The analyst sees potential for the multiple to recover given strong overall demand trends and opportunities for strong earnings growth in the years to come.
11/20/18
OTRG
11/20/18
NO CHANGE
OTRG
Mining equipment spending estimates raised since August, says OTR Global
OTR Global said earlier that after speaking to 30 mining industry executives from various global regions that miners have ramped up 2018 new equipment spending estimates and more expect 2019 spending increases than in August. New equipment spending in 2018 is now expected to be up 25%-28%, versus August estimates for a year-over-year increase of 18%-21%, said OTR. 2019 spending on new equipment is expected to be up 6%-9% year-over-year, the firm added.
12/03/18
BARD
12/03/18
NO CHANGE
Target $171
BARD
Outperform
Caterpillar elevated to Fresh Pick at Baird
Baird analyst Mig Dobre elevated Caterpillar to Fresh Pick as it is poised to benefit from a combination of continued demand growth into 2019, improved price/cost dynamics, strong seasonal and post mid-term tailwinds, attractive valuation and meaningful capital deployment/buyback potential. Dobre reiterated his Outperform rating and $171 price target on Caterpillar shares.
12/03/18
12/03/18
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. AT&T (T) upgraded to Outperform from Market Perform at Cowen and to Overweight from Neutral at JPMorgan. 2. Caterpillar (CAT) upgraded to Buy from Neutral at BofA/Merrill with analyst Ross Gilardi citing attractive valuation as macro risks recede. 3. First Solar (FSLR) upgraded to Neutral from Sell at Goldman Sachs with analyst Brian Lee saying the recent underperformance in the stock creates a more favorable risk/reward profile. 4. Stanley Black & Decker (SWK) upgraded to Outperform from Neutral at Baird with analyst Timothy Wojs saying the delay in the Chinese tariffs will be a net benefit on top of consensus estimates that were already properly reset for tariff and cost headwinds. 5. Roku (ROKU) upgraded to Buy from Neutral at DA Davidson with analyst Tom Forte saying the stock is "attractive" following reports of a 90-day U.S.-China trade truce reached this weekend as it alleviates a "significant near-term risk to shares," since all of the company's products are manufactured in China. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
LEN Lennar
$42.00

-0.43 (-1.01%)

10/29/18
WEDB
10/29/18
UPGRADE
WEDB
Outperform
Lennar upgraded to Outperform from Neutral at Wedbush
10/29/18
10/29/18
UPGRADE
Target $50

Outperform
Lennar upgraded to Outperform on possible divestitures, rising demand at Wedbush
As previously reported, Wedbush analyst Jay McCanless upgraded Lennar to Outperform from Neutral and lowered his price target on the stock to $50 from $56 on potential divestitures and rising demand. The analyst believes the pullback in the shares has discounted a buyer's strike in key West Coast geographies and potential near-term headwinds from the recent hurricanes including unusually tight labor availability, municipal and utility delays, and a slower pace of community openings.
11/28/18
JPMS
11/28/18
NO CHANGE
JPMS
JPMorgan remains cautious on Homebuilders after new home sales miss
JPMorgan analyst Michael Rehaut remains cautious on Homebuilding stocks after October new home sales fell 9%, below the Street's estimate of 4%. The analyst expects a "fairly tepid" recovery in housing starts to continue in 2019 and believes the current softness may last for a few more months. Further, he thinks builder fundamentals will moderate over the next two years. His Overweight-rated builders include Lennar (LEN), LGI Homes (LGIH) and William Lyon Homes (WLH). His Overweight-rated names in building products include Masonite (DOOR), Fortune Brands (FBHS) and Stanley Black & Decker (SWK).
11/30/18
WEDB
11/30/18
NO CHANGE
WEDB
Outperform
Wedbush still 'cautiously positive' on homebuilders
Wedbush analyst Jay McCanless said he is maintaining a "cautiously positive" stance on homebuilders, telling investors in a research note that the drivers of housing demand include demographics, a lack of supply, rising job creation, and consumer confidence, which appear to be heading in the direction for affordably priced housing. As a result, McCanless says he would focus on names with a growing presence in entry level and price points at or below local median names, including D.R. Horton (DHI), Meritage Homes (MTH) and Lennar (LEN).
NFLX Netflix
$265.14

-17.66 (-6.24%)

11/16/18
IMPC
11/16/18
NO CHANGE
Target $459
IMPC
Outperform
Imperial parts with consensus, raises Netflix estimates for Q4
Imperial Capital analyst David Miller says he is "parting with consensus and guidance" and raising his Q4 domestic subscriber net additions estimate for Netflix from 1.50M to 1.55M and international subscriber net additions estimate from 6.10M to 6.25M. The reason is due not only to returning episodic installments of "House of Cards" and "Narcos," but also series originally intended for international audiences that are "quickly finding viewers" in the U.S., Miller tells investors in a research note. Examples are "Elite," filmed in Spain with an all-Spanish cast, "3%," a sci-fi drama filmed and set in Brazil, The Rain, another drama filmed and set in Denmark, and Dark, a crime drama filmed and set in German, says the analyst. Miller also increased his Q4 estimate for revenue to $4.22B and for net income to 28c per share from 26c. Consensus estimates currently sit at $4.20B and 24c per share, he points out. Miller keeps an Outperform rating on Netflix with a $459 price target, which represents 58% upside from current share levels.
11/16/18
MKMP
11/16/18
NO CHANGE
Target $415
MKMP
Buy
Netflix, Amazon price targets raised at MKM Partners
MKM Partners analyst Rob Sanderson raised his price targets on Buy rated Netflix (NFLX) and Amazon (AMZN) to $415 from $395 and $2,240 from $2,215 respectively as part of his broader research note titled "Victims of Risk-off Environment; Recommend Buying Weakness". The analyst states that these stocks have been among the weaker performers in the underperforming Internet sector, but should become "excellent performers" over the next 12 months if his view attributing the recent correction in the broader market to a late-cycle pause amidst geo-political uncertainty and Fed concerns proves to be correct. As part of this research note, Sanderson also keeps his Buy rating on Spotify (SPOT) but lowers its price target to $200 from $245, applying a 25-times forward earnings multiple in rolling out his valuation to 2022, with added currency related pressure against the "much less contentious" expected renewal rates in 2019.
11/29/18
NEED
11/29/18
INITIATION
Target $20
NEED
Buy
comScore resumed with a Buy at Needham
Needham analyst Laura Martin resumed coverage of comScore (SCOR) with a Buy rating and $20 price target. The analyst recommends purchase of the stock at current price levels saying comScore is a pure-play way to invest in the shift toward streaming and over-the-top viewing. The company offers monetization at a "much lower valuation" than other over-the-top alternatives such as Netflix (NFLX), Roku (ROKU) and Trade Desk (TTD), Martin tells investors in a research note.
12/07/18
RBCM
12/07/18
NO CHANGE
Target $450
RBCM
Outperform
Netflix seeing 'consistent satisfaction trends', says RBC Capital
RBC Capital analyst Mark Mahaney kept his Outperform rating and $450 price target on Netflix after reviewing the findings from his quarterly survey of over 1,500 respondents. The analyst notes that the company's penetration levels have gone up to 59% from 56% in November and that 69% of its users are "Extremely" or "Very Satisfied", which is consistent with positive results of the past 6 quarters. On the down side, Mahaney notes that 9.4% of subscriptions indicated that they are "very" or "extremely likely" to cancel, which is the highest level in the last 27 surveys.
PANW Palo Alto Networks
$175.11

-6.73 (-3.70%)

11/30/18
FBCO
11/30/18
NO CHANGE
Target $160
FBCO
Underperform
Palo Alto Networks price target cut to $160 from $185 at Credit Suisse
Credit Suisse analyst Brad Zelnick reiterated an Underperform rating on Palo Alto Networks and cut his price target to $160 following the company's "mixed" Q1 results. In a research note to investors, Zelnick says the disparity between product and billings performance continues to suggest an especially strong refresh dynamic, and while he maintains respect for Palo Alto's market leadership, strong execution and superlative messaging, he believes his secular call is just beginning to play out as firewalls cede relevance in a cloud-first world.
11/30/18
MAXM
11/30/18
NO CHANGE
Target $280
MAXM
Buy
Palo Alto Networks price target raised to $280 from $274 at Maxim
Maxim analyst Nehal Chokshi raised his price target on Palo Alto Networks to $280 and kept his Buy rating after "another beat and raise quarter", saying the company's strong results were driven by sequential subscription revenue growth. The analyst adds that the above-consensus guidance was the factor of the "uniqueness" of the company's Application Framework. Chokshi is also positive on Palo Alto Networks' CEO plan to extend its business "from security to the intersection of security and AI".
11/30/18
BMOC
11/30/18
NO CHANGE
Target $205
BMOC
Market Perform
Palo Alto Networks price target lowered to $205 from $260 at BMO Capital
BMO Capital analyst Keith Bachman lowered his price target on Palo Alto Networks to $205 and kept his Market Perform rating, saying that while the company beat on Q1 earnings, its billings were in line, "which is a downtick from the outperformance in prior quarters". The analyst believes that the free cash flow multiple on Palo Alto Networks is "reasonable", but also warns about the overhang on the stock lingering because of the potential for M&A. Bachman adds that he is concerned by the "durability" of the company's billings growth, adding that his price target reduction reflects "lower free cash flow estimates and a lower multiple due to a reduced equity risk environment".
11/30/18
GABE
11/30/18
UPGRADE
GABE
Buy
Palo Alto Networks upgraded to Buy from Hold at Gabelli
Gabelli analyst Hendi Susanto upgraded Palo Alto to Buy citing recent shares weakness. The analyst views current valuation as attractive and remains favorable on Palo Alto's market leadership, technology platform, and competitive security platform.
DB Deutsche Bank
$8.74

-0.155 (-1.74%)

06/01/18
RBCM
06/01/18
DOWNGRADE
RBCM
Underperform
Deutsche Bank downgraded to Underperform from Sector Perform at RBC Capital
08/10/18
MSCO
08/10/18
DOWNGRADE
MSCO
Underweight
Deutsche Bank downgraded to Underweight from Equal Weight at Morgan Stanley
08/10/18
08/10/18
DOWNGRADE

Underweight
Morgan Stanley cuts Deutsche Bank to Underweight on limited top-line visibility
As previously reported, Morgan Stanley analyst Magdalena Stoklosa downgraded Deutsche Bank to Underweight from Equal Weight, stating that while she gives management "full credit" for its cost cutting efforts, it is hard to have any visibility on the top line. She assumes 2018-20 revenue CAGR of just 1.5%, which is below the average for Eurozone banks and below managements target of 4%. While recognizing the risk of downgrading Deutsche Bank "at the bottom," Stoklosa sees current conditions as unlikely to be conducive to a near-term re-rating, she tells investors. She has an EUR9 target on the bank's shares.
08/13/18
BOFA
08/13/18
DOWNGRADE
Target $9
BOFA
Underperform
Deutsche Bank downgraded to Underperform from Neutral at BofA/Merrill
BofA/Merrill analyst Andrew Stimpson downgraded Deutsche Bank to Underperform from Neutral saying he expects the earnings downgrade cycle to continue given CIB revenue headwinds.
LITE Lumentum
$41.92

-2.81 (-6.28%)

11/28/18
LOOP
11/28/18
NO CHANGE
Target $56
LOOP
Buy
Lumentum price target raised to $56 from $47 at Loop Capital
Loop Capital analyst James Kisner raised his price target on Lumentum (LITE) to $56 and kept his Buy rating, opting for a "long view" on the stock following its November 12th pre-announcement regarding order cuts by Apple (AAPL). The analyst believes that the sell-off in Lumentum stock has given it a "very compelling" valuation and sees his new FY20 EPS view as "conservative and very achievable". Kisner further relates that his conversations with the management indicate that the company "has not yet received an updated forecast from Apple", with some possibility that "this information simply represents 'reverberations' of the same prior cuts, just for different parts of the supply chain."
11/26/18
LOOP
11/26/18
NO CHANGE
Target $225
LOOP
Buy
Apple price target lowered to $225 from $259 at Loop Capital
Loop Capital analyst Ananda Baruah lowered his price target on Apple (AAPL) to $225 and also lowered his Q4 iPhone shipment target to 75M from 80M and 2019 target to 204M from 227M. The analyst cites the latest guidance revisions from Lumentum (LITE) along with reports that Apple's iPhone assembler Foxconn is lowering its output expectations. Baruah keeps his Buy rating on Apple, saying that it remains an "attractive long-term investment" given its median multiple of 15-times earnings, but also warns that the company could announce its guidance update as soon as today after meeting with Foxconn, which may prompt him to make additional estimate reductions.
11/14/18
DADA
11/14/18
NO CHANGE
Target $72
DADA
Neutral
Qorvo price target lowered to $72 from $81 at DA Davidson
DA Davidson analyst Thomas Diffely lowered his price target on Qorvo (QRVO) to $72 and kept his Neutral rating after the company cut its Q3 earnings guidance to reflect the expectations of a weaker high-end smartphone demand. The analyst believes that the "softer than expected" launch of the new iPhones by Apple (AAPL) has " triggered a rapid change in order flow over the past couple of weeks" and anticipates similar announcements from other Apple suppliers to track reduced guidance by Qorvo and Lumentum (LITE).
12/06/18
MKMP
12/06/18
DOWNGRADE
MKMP
Neutral
Finisar downgraded to Neutral from Buy at MKM Partners
MKM Partners analyst Michael Genovese downgraded Finisar (FNSR) to Neutral from Buy with a price target of $24 after its merger agreement with II-VI (IIVI) announced last month. The analyst further notes that Q4 is trending well for the optical components group which also includes Lumentum (LITE) and Oclaro (OCLR), but believes that the guidance for March will be "sequentially down due to annual price negotiations and Chinese New Year".
OCLR Bought by LITE
$8.27

-0.165 (-1.96%)

09/05/18
NEED
09/05/18
NO CHANGE
Target $90
NEED
Strong Buy
Lumentum price target raised to $90 from $80 at Needham
Needham analyst Alex Henderson raised his price target on Lumentum (LITE) to $90 and kept his Strong Buy rating, saying the company is the "strongest" name in the Optical space even though its valuation is the "lowest". Henderson notes that demand in Optical market is accelerating and 3D "looks set to blossom", even as the stock trades at "just 11.5-times" enterprise value to EBITDA. The analyst further states that Lumentum's competition in 3D is "slow to ramp", adding that he anticipates the approved Oclaro (OCLR) acquisition this year to yield up to $1 in earnings per share.
11/13/18
PIPR
11/13/18
NO CHANGE
Target $72
PIPR
Overweight
Piper remains buyer of Lumentum following yesterday's 33% decline
Piper Jaffray analyst Troy Jensen remains a buyer of Lumentum (LITE) shares following yesterday's 33% decline. The reduced forecast at Apple (AAPL) has nothing to do with lost share for Lumentum, rather it is more indicative of lower sales forecasts at this key account, Jensen tells investors in a research note. The analyst continues to believe the 3D sensing market "will grow handsomely" with Apple and he notes that Android phones are just beginning their adoption. He also sees a pending opportunity for world facing 3D sensing applications. Further, the core telco optics market is in the early innings of an upgrade cycle, which should provide a "nice tailwind" for Lumentum, says Jensen. He also thinks the pending acquisition of Oclaro (OCLR) could also be a catalyst for the shares given the earnings accretion once the merger gets approval. The analyst lowered his price target for Lumentum to $72 from $85 and reiterates an Overweight rating on the name.
11/12/18
CHLM
11/12/18
DOWNGRADE
Target $24
CHLM
Hold
Finisar downgraded to Hold from Buy at Craig-Hallum
Craig-Hallum analyst Richard Shannon downgraded Finisar (FNSR) to Hold from Buy and raised his price target on the shares to $24 from $23. The analyst believes that II-VI's (IIVI) $26/share cash and stock offer for the company, which was a 38% premium to the close on November 8th, is more than a fair deal, given that Lumentum's (LITE) offer premium for Oclaro (OCLR) earlier this year was 27%. Shannon has some doubts about whether this deal will close given the Lumentum/Oclaro deal has not yet closed and the intensifying political standoff between the US and China, but also admits II-VI and Finisar would not have agreed to this deal if there was not a good chance of closing.
FNSR Acquired by IIVI
$22.49

-0.53 (-2.30%)

12/06/18
JEFF
12/06/18
DOWNGRADE
Target $23
JEFF
Hold
Finisar downgraded to Hold from Buy at Jefferies
Jefferies analyst George Notter downgraded Finisar (FNSR) to Hold saying competing takeover bids to II-VI's (IIVI) are unlikely. The analyst views the deal price as "appropriate."
12/06/18
MKMP
12/06/18
DOWNGRADE
MKMP
Neutral
Finisar downgraded to Neutral from Buy at MKM Partners
11/13/18
LOOP
11/13/18
NO CHANGE
Target $43
LOOP
Buy
II-VI price target lowered to $43 from $55 at Loop Capital
Loop Capital analyst James Kisner lowered his price target on II-VI (IIVI) to $43, saying it is "prudent" to reduce his estimates for 3D sensing after the negative pre-announcement by Lumentum (LITE). The analyst notes that the company's Laser Solutions business may also slow in FY19, lowering his EPS forecast for next year to $2.29 from $2.53. Separately, Kisner is also positive on II-VI's proposed Finisar (FNSR) merger, stating that even under the conservative projections for the latter, the transaction is "likely very accretive".
ZTCOY ZTE Corp.
$0.00

(0.00%)

08/16/18
RILY
08/16/18
NO CHANGE
Target $50
RILY
Buy
Fabrinet price target raised to $50 from $40 at B. Riley FBR
B. Riley FBR analyst Dave Kang maintained a Buy rating on Fabrinet (FN) and raised his price target for shares to $50 from $40 ahead of the company's Q4 earnings on August 20, which he expects will be above consensus, as the latest industry data indicates that optical demand continues to improve after a 2017 correction. Kang says he remains a buyer into the print, and that Fabrinet should get a boost with the ban on ZTE (ZTCOY) lifted.
08/23/18
PIPR
08/23/18
UPGRADE
Target $46
PIPR
Overweight
Acacia Communications upgraded to Overweight from Neutral at Piper Jaffray
Piper Jaffray analyst Troy Jensen upgraded Acacia Communications (ACIA) to Overweight and raised his price target for the shares to $46 from $38. Demand for optical is improving and Acacia is the best way to play the upcoming 400G cycle, Jensen tells investors in a research note. He believes the company's revenue growth will accelerate amid easy comps, improving demand from ZTE (ZTCOY), recent design wins and upcoming product cycles. Acacia can return to profitability levels seen before the China/ZTE slowdown, the analyst contends.
08/23/18
PIPR
08/23/18
UPGRADE
Target $26
PIPR
Overweight
Finisar upgraded to Overweight from Neutral at Piper Jaffray
Piper Jaffray analyst Troy Jensen upgraded Finisar (FNSR) to Overweight from Neutral and raised his price target for the shares to $26 from $18. The shares closed yesterday down 95c, of 5%, to $18.65. China demand is returning via Huawei and ZTE (ZTCOY), Finisar is facing easy comps following five quarters of depressed demand and the upcoming 400G cycle should provide a tailwind in 2019, Jensen tells investors in a research note. On top of improving optical industry dynamics, the analyst believes Finisar's new CEO will improve the cost structure and execution at the company and drive better profitability. Now is a "great time" to revisit owning the shares, Jensen contends. The analyst this morning also upgraded Acacia Communications (ACIA) to Overweight from Neutral.
08/31/18
ROTH
08/31/18
NO CHANGE
Target $7
ROTH
Buy
Roth Capital encouraged by good reviews for Pixelworks-powered Axon 9
Roth Capital analyst Suji Desilva said he was encouraged by positive reviews for ZTE's (ZTCOY) Axon 9 smartphone, which uses Pixelworks' (PXLW) Iris mobile processor. Of note, reviews have emphasized the high aspect ratio OLED display and viewing quality, affirming his constructive thesis on the value of Pixelworks' core video technology, Desilva tells investors. He raised his price target on Pixelworks shares to $7 from $6 and maintains a Buy rating on the stock.
CIEN Ciena
$31.30

-0.95 (-2.95%)

10/22/18
STFL
10/22/18
INITIATION
Target $35
STFL
Buy
Ciena resumed with a Buy at Stifel
Stifel analyst John Marchetti resumed Ciena with a Buy rating and a price target of $35, citing its position as a "leading vendor of optical networking systems servicing long-haul, metro, and datacenter interconnect communications networks". The analyst expects the company to return to "market growth driven by bandwidth demand across multiple target market segments" along with more specific growth drivers like opportunities around India market, DCI share gains, and customer and revenue diversification efforts that should yield "operating margin growth and drive multiple expansion."
11/20/18
NEED
11/20/18
DOWNGRADE
NEED
Hold
Ciena downgraded to Hold from Buy at Needham
Needham analyst Alex Henderson downgraded Ciena to Hold, saying that after a "nice run" supported by reduced competition, strong growth in India, and key contract wins from NTT, it was time to move to the sidelines. The analyst believes that the stock now reflects "a lot of good news" and warns that the management may guide cautiously for 2019 based on tougher comps and expectations of the competition launching a 400G-600G product. Henderson also sees Ciena's valuation at 18-times enterprise value to expected forward EBITDA multiple as "non inexpensive".
12/06/18
JPMS
12/06/18
NO CHANGE
JPMS
JPMorgan adds Cisco to Analyst Focus List, removes Ciena
JPMorgan analyst Samik Chatterjee removed Ciena (CIEN) from his firm's Analyst Focus List following the year-to-date share price performance of 48%. The analyst, however, keeps an Overweight rating on the shares as he still sees 24% upside from current levels. Heading into 2019, he added Overweight-rated Cisco Systems (CSCO) to the Analyst Focus List as a value idea. Cisco is now his top pick within his Networking Equipment/IT Hardware coverage given its "accelerating" product momentum, secular transformation to software and recurring revenue, and potential for "greater upside from re-rating of the shares."
10/03/18
RSBL
10/03/18
NO CHANGE
RSBL
Neutral
Rosenblatt raises Ciena target, lowers Infinera's on expected CenturyLink shift
Rosenblatt analyst Ryan Koontz said he now expects Ciena (CIEN) to secure the lead optical supplier contract at CenturyLink (CTL) that he and many others had previously viewed as incumbent Infinera's (INFN) to lose. Koontz, who estimates the value of the contract for Ciena at $150M-$200M per year, modestly increased his 2019 revenue and earnings estimates and raised his price target to $33 from $31, though keeps a Neutral rating on the stock given the shares' recent strength. He cut his 2019 stand-alone Infinera revenue and earnings estimates and lowered his price target on the shares to $9 from $11.50, but maintains a Buy rating given the "precipitous" recent decline in the stock.

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ESYJY

easyJet

$0.00

(0.00%)

20:35
11/19/19
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20:35
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MSEX

Middlesex Water

$62.07

1.5 (2.48%)

20:31
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Syndicate
Middlesex Water 661K share Spot Secondary priced at $60.50 »

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DLAKY

Lufthansa

$0.00

(0.00%)

20:29
11/19/19
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20:29
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Lufthansa initiated at Goldman Sachs »

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TGT

Target

$110.86

0.27 (0.24%)

, LOW

Lowe's

$113.41

-1.62 (-1.41%)

20:25
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11/19
20:25
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Earnings
Notable companies reporting before tomorrow's open »

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TGT

Target

$110.86

0.27 (0.24%)

LOW

Lowe's

$113.41

-1.62 (-1.41%)

NTES

NetEase

$288.77

-1.33 (-0.46%)

CPRT

Copart

$86.33

0.32 (0.37%)

LB

L Brands

$17.19

-0.67 (-3.75%)

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ICAGY

IAG

$0.00

(0.00%)

20:23
11/19/19
11/19
20:23
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20:23
Initiation
IAG initiated at Goldman Sachs »

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RYAAY

Ryanair

$86.27

0.52 (0.61%)

20:20
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Ryanair initiated at Goldman Sachs »

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LXFR

Luxfer

$17.57

0.16 (0.92%)

20:11
11/19/19
11/19
20:11
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20:11
Initiation
Luxfer initiated at B. Riley FBR »

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VAL

Valaris

$3.69

-0.515 (-12.26%)

20:09
11/19/19
11/19
20:09
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20:09
Initiation
Valaris initiated at Deutsche Bank »

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RIG

Transocean

$4.66

-0.16 (-3.32%)

20:03
11/19/19
11/19
20:03
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20:03
Initiation
Transocean initiated at Deutsche Bank »

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FTI

TechnipFMC

$19.29

-0.24 (-1.23%)

19:58
11/19/19
11/19
19:58
11/19/19
19:58
Initiation
TechnipFMC initiated at Deutsche Bank »

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SLB

Schlumberger

$34.31

-0.36 (-1.04%)

19:53
11/19/19
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19:53
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Initiation
Schlumberger initiated at Deutsche Bank »

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PTEN

Patterson-UTI

$8.49

-0.095 (-1.11%)

19:45
11/19/19
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19:45
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19:45
Initiation
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SAFE

Safehold

$34.59

-1.33 (-3.70%)

19:38
11/19/19
11/19
19:38
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19:38
Syndicate
Safehold 3M share Secondary priced at $34.00 »

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HP

Helmerich & Payne

$38.39

-0.45 (-1.16%)

19:36
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11/19
19:36
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19:36
Initiation
Helmerich & Payne initiated at Deutsche Bank »

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HAL

Halliburton

$19.89

-0.26 (-1.29%)

19:31
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Halliburton initiated at Deutsche Bank »

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  • 21

    Jan

BKR

Baker Hughes

$22.01

-0.155 (-0.70%)

19:24
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19:24
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PHAT

Phathom Pharmaceuticals

$24.79

-0.09 (-0.36%)

19:23
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19:23
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19:23
Initiation
Phathom Pharmaceuticals initiated at Evercore ISI »

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SHW

Sherwin-Williams

$584.48

-1.13 (-0.19%)

19:20
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19:20
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Sherwin-Williams rating change at Edward Jones »

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SPY

SPDR S&P 500 ETF Trust

$311.95

-0.06 (-0.02%)

, SPX

S&P 500

$0.00

(0.00%)

19:17
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19:17
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19:17
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Commerce Sec Ross says China trade talks still work in progress, Bloomberg says »

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SPDR S&P 500 ETF Trust

$311.95

-0.06 (-0.02%)

SPX

S&P 500

$0.00

(0.00%)

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BRY

Berry Petroleum

$8.90

-2.405 (-21.27%)

19:10
11/19/19
11/19
19:10
11/19/19
19:10
Downgrade
Berry Petroleum rating change at KeyBanc »

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NYMT

New York Mortgage

$6.25

0.015 (0.24%)

19:05
11/19/19
11/19
19:05
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19:05
Syndicate
New York Mortgage 25M share Spot Secondary priced at $6.10 »

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  • 20

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