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FOXA

Fox Corp.

$48.62

-0.12 (-0.25%)

, FOX

Fox Corp.

$48.32

-0.06 (-0.12%)

15:53
01/22/19
01/22
15:53
01/22/19
15:53

Sinclair, Apollo appear front runners in bid for Fox RSN, Fox's Gasparino says

In a tweet, Fox Business' Charles Gasparino said that, "SCOOP: Auction of Fox [FOXA] Regional Sports Networks by @Disney [DIS] drags past original timetable; @WeAreSinclair [[SBGI] and Apollo Mgt [APO] appear front runners in bidding; 21 RSNs will likely to sell below original asking price of $20 billion -- sources more now @FoxBusiness @LizClaman $DIS" Reference Link

FOXA

Fox Corp.

$48.62

-0.12 (-0.25%)

FOX

Fox Corp.

$48.32

-0.06 (-0.12%)

DIS

Disney

$110.15

-0.82 (-0.74%)

SBGI

Sinclair Broadcast

$29.48

-0.92 (-3.03%)

APO

Apollo Global

$26.98

-1.59 (-5.57%)

  • 31

    Jan

  • 05

    Feb

  • 11

    Feb

  • 03

    Mar

FOXA Fox Corp.
$48.62

-0.12 (-0.25%)

01/08/19
LOOP
01/08/19
NO CHANGE
Target $51
LOOP
Buy
21st Century Fox is 'attractive' way to participate in Disney, says Loop Capital
Loop Capital analyst Alan Gould kept his Buy rating and $51 price target on 21st Century Fox (FOXA), saying the stock represents "an attractive way to buy Disney (DIS) and create "New Fox" shares in the spinoff. The analyst also expects the New Fox to have less debt than previously anticipated while benefiting from continued strong growth of the Fox News Channel.
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.
12/06/18
CHLM
12/06/18
INITIATION
Target $5
CHLM
Buy
Telaria initiated with a Buy at Craig-Hallum
Craig-Hallum analyst Jason Kreyer started coverage of Telaria (TLRA) with a Buy rating and $5 price target. The analyst notes that the company's partnerships with over-the-top streaming providers such as Hulu, Sling (DISH), Sony's (SNE) VUE, Fox (FOXA), A&E, and FuboTV generated about 20% of total revenue last year and he projects it will grow to nearly 60% by 2020. As consumers continue to pivot toward over-the-top subscriptions, Telaria benefits from its agnostic platform that partners with a variety of publishers to monetize video ad content, Kreyer contends.
12/07/18
WOLF
12/07/18
INITIATION
Target $16
WOLF
Outperform
21st Century Fox initiated with an Outperform at Wolfe Research
Wolfe Research initiated 21st Century Fox with an Outperform and $16 price target.
FOX Fox Corp.
$48.32

-0.06 (-0.12%)

11/08/18
MSCO
11/08/18
NO CHANGE
Target $54
MSCO
Overweight
Morgan Stanley raises 'New Fox' estimates after 21st Century Fox report
Morgan Stanley analyst Benjamin Swinburne said 21st Century Fox's Q1 results reinforced his conviction in his Overweight view, as he believes its strong distribution and ad sales results in the U.S. underscore Fox's pricing power. Following the quarterly report, Swinburne raised his estimates for "New Fox" and increased his price target on 21st Century Fox shares to $54 from $53 based on his value of $13 per share for "New Fox" and $41 per share for "RemainCo." The analyst also noted that Fox's international cable networks came in below his expectations, adding that he believes Disney's (DIS) acquisition of Fox's content production assets and Star India, along with gaining a majority stake in Hulu, are the primary growth drivers.
10/15/18
MSCO
10/15/18
NO CHANGE
Target $135
MSCO
Overweight
Disney shares appear 'compelling' at current levels, says Morgan Stanley
Morgan Stanley analyst Benjamin Swinburne believes Disney (DIS) shares appear "compelling" at a current valuation of under 13x "core" FY20 pro forma EPS given the company's opportunity to maximize the potential of the acquired Fox (FOXA) assets and scale a direct-to-consumer business. He attributes investor reluctance to own Disney shares to uncertainty about its ability to simultaneously execute on a large acquisition, launch a global direct-to-consumer business and grow, but Swinburne sees this "complexity discount" as an opportunity, he tells investors. He maintains an Overweight rating on Disney shares with a $135 price target.
10/30/18
MSCO
10/30/18
NO CHANGE
Target $95
MSCO
Overweight
WWE shares 'on sale' after pullback, says Morgan Stanley
Morgan Stanley analyst Benjamin Swinburne noted that WWE (WWE) shares are down by over 30% this month, which he sees as a "rare opportunity" to buy shares of a company that he sees having both highly visible earnings growth and growing intellectual property value. He attributes the rapid selloff primarily to a broader market rotation out of risk assets due to rising interest rates and concerns over achieving long-term growth, but he thinks this "does not make sense" given that WWE's EBITDA opportunity "is not a decade away, but rather a year away," Swinburne tells investors. Two contracts underwritten by Comcast (CMCSA) and Fox (FOXA) drive the bulk of its earnings growth and its financial outlook has no immediate exposure to ratings or cord-cutting, Swinburne added. While he trimmed his price target on WWE shares to $95 from $105 after bumping up his investment expectations for 2019, the analyst maintains an Overweight rating on the stock.
DIS Disney
$110.15

-0.82 (-0.74%)

01/14/19
WEDB
01/14/19
NO CHANGE
Target $200
WEDB
Outperform
China price cuts, content M&A to lay groundwork for Apple's future, says Wedbush
Wedbush analyst Daniel Ives believes Apple (AAPL) needs to aggressively cut prices in China on XR and pull forward what he estimates is roughly 15M-20M iPhones that would otherwise sit idle waiting for the next release, or worst case, move to lower priced competition. Additionally, with services the linchpin of the Apple story moving forward, there needs to be serious contemplation within Cupertino around significant content acquisitions to drive services over the coming years, he contends. Ives sees A24, Lionsgate (LGF.A; LGF.B), and Sony Pictures (SNE) among the highest probability M&A targets, Viacom (VIA;VIAB)/CBS(CBS), and MGM Studios among the medium probability M&A targets, and Netflix (NFLX), Disney (DIS), and Gaming platform/video game publishers among the low probability M&A targets. The analyst reiterates an Outperform rating and $200 price target on Apple shares.
01/15/19
PIVT
01/15/19
UPGRADE
Target $36
PIVT
Buy
Viacom upgraded to Buy from Hold at Pivotal Research
Pivotal Research analyst Brian Wieser upgraded Viacom (VIAB) to Buy and raised his price target for the shares to $36 from $33. The analyst cites valuation for the upgrade with greater than 15% upside to his new price target. Ahead of the Q4 earnings season, Wieser also maintains a Sell rating on Disney (DIS) and Hold ratings on CBS (CBS) and Discovery (DISCA).
01/16/19
LOOP
01/16/19
NO CHANGE
Target $395
LOOP
Hold
Netflix price target raised to $395 from $385 at Loop Capital
Loop Capital analyst Alan Gould raised his price target on Netflix (NFLX) to $395 after the company announced another monthly price increase of $2 to $12.99, higher than $1 increase that he expected. The analyst states that the larger increase suggests that subscriber growth in Q4 was "strong", adding that it was also a positive for Disney (DIS) ahead of its launch of Disney+ entertainment streaming service.
01/17/19
IMPC
01/17/19
NO CHANGE
Target $32
IMPC
Outperform
MSG Networks 7% pullback on Disney report unwarranted, says Imperial Capital
Shares of MSG Networks (MSGN) were down 7% on January 15 when the New York Post reported that Disney (DIS), which is required to sell off the Fox regional sports networks per a mandate from the Department of Justice, is having a "tough time" finding a buyer for the whole package, Imperial Capital analyst David Miller tells investors in a research note. The article seemed to imply that if the auction is not successful and Disney is forced to deploy a fire sale on the networks, and ends up receiving only five-to-six times EBITDA, that that is where MSG Networks should trade, says the analyst. He disagrees with this thought. The "mark" for MSG Networks is terminal value on YES only, not the other 21 regional sports networks, which are far less profitable, Miller contends. He maintains an Outperform rating on MSG Networks with a $32 price target.
SBGI Sinclair Broadcast
$29.48

-0.92 (-3.03%)

12/07/18
WOLF
12/07/18
INITIATION
Target $34
WOLF
Underperform
Sinclair Broadcast initiated with an Underperform at Wolfe Research
Wolfe Research initiated Sinclair Broadcast with an Underperform and $34 price target.
10/16/18
GUGG
10/16/18
INITIATION
Target $40
GUGG
Buy
Sinclair Broadcast initiated with a Buy at Guggenheim
Guggenheim initiated Sinclair Broadcast with a Buy and $40 price target.
09/26/18
JPMS
09/26/18
INITIATION
Target $32
JPMS
Neutral
Sinclair Broadcast reinstated with a Neutral at JPMorgan
JPMorgan analyst Alexia Quadrani reinstated coverage of Sinclair Broadcast with a Neutral rating and $32 price target following a period of restriction. The analyst, who views the current valuation as "cheap," believes other broadcast groups offer better investment opportunities.
09/06/18
RILY
09/06/18
DOWNGRADE
Target $33
RILY
Neutral
B. Riley FBR sees Sinclair in 'penalty box with sellers,' downgrades to Neutral
B. Riley FBR analyst Barton Crockett downgraded Sinclair Broadcast (SBGI) to Neutral from Buy and lowered his price target for the shares to $33 from $36. The $1B share buyback following the collapse of the Tribune Media (TRCO) deal is offset by Sinclair "being in a penalty box with sellers," Crockett tells investors in a research note. He believes the company is unlikely to participate in an "attractive wave of mergers sweeping the TV station group." Further, the analyst also sees some risk that Tribune prevails in its $1B lawsuit against Sinclair over the failed merger.
APO Apollo Global
$26.98

-1.59 (-5.57%)

01/14/19
JPMS
01/14/19
DOWNGRADE
Target $22
JPMS
Neutral
Arconic downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Michael Gambardella downgraded Arconic (ARNC) to Neutral and lowered his price target for the shares to $22 from $24. The analyst cites valuation for the downgrade. The shares are gradually pricing in a buyout, which is appropriate, Gambardella tells investors in a research note. Bloomberg on January 2 reported that Apollo Global (APO) in talks to buy Arconic for $22 per share.
11/14/18
11/14/18
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. Apple (AAPL) downgraded to Neutral from Buy at Guggenheim with analyst Robert Cihra saying the average selling price of the iPhone has increased a "dramatic" $220, or 40%, over the past 10 years, reflecting its "growing value to both consumer and business markets." 2. Kellogg (K) downgraded to Neutral from Overweight at JPMorgan with analyst Ken Goldman saying that while nothing at the company's investor day "necessarily disappointed" him, he also did not gain "much comfort that the bottom-line turnaround would be swift." 3. Apollo Global (APO) and Carlyle Group (CG) were downgraded to Equal Weight from Overweight at Morgan Stanley. 4. Conagra Brands (CAG) downgraded to Underperform from Market Perform at Bernstein with analyst Alexia Howard saying the frozen category has experienced positive growth over the past year, largely led by new product innovation from Conagra and Pinnacle Foods, but this now seems to be running out of steam. 5. Tenneco (TEN) downgraded to Underweight from Equal Weight at Morgan Stanley with analyst Armintas Sinkevicius citing its elevated leverage and limited free cash flow conversion in what he views as an increasingly uncertain environment for auto suppliers. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/14/18
MSCO
11/14/18
DOWNGRADE
MSCO
Equal Weight
Morgan Stanley downgrades Apollo Global and Carlyle, favors brokers late cycle
As previously reported, Morgan Stanley analyst Michael Cyprys downgraded Apollo Global (APO) and Carlyle Group (CG), each to Equal Weight from Overweight, stating that he sees growing risk to portfolio harvesting and dividends and favors discount brokers in a more volatile, late cycle environment. On Apollo, he said he now has less conviction that cash performance fees can accelerate over the next 12 months given the more volatile market backdrop. On Carlyle, he sees risk to growing cash performance fees with increased market volatility. Cyprys lowered his price target on Apollo shares to $34 from $42 and cut his price target on Carlyle shares to $23 from $31.
11/14/18
MSCO
11/14/18
UPGRADE
MSCO
Overweight
Morgan Stanley upgrades TD Ameritrade, favors brokers late cycle
As previously reported, Morgan Stanley analyst Michael Cyprys upgraded TD Ameritrade (AMTD) to Overweight from Equal Weight, stating that he favors discount brokers in a more volatile, late cycle environment. Among the group, TD Ameritrade has the most countercyclical revenue streams, with 27% of revenue tied to trading commissions that tend to spike in volatile environments, Cyprys tells investors. He raised his price target on TD Ameritrade shares to $65 from $61. Cyprys, who also sees growing risk to portfolio harvesting and dividends, lowered his ratings on alternative asset managers Apollo Global (APO) and Carlyle Group (CG), each to Equal Weight.

TODAY'S FREE FLY STORIES

JOUT

Johnson Outdoors

$69.11

-0.54 (-0.78%)

15:51
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FB

Facebook

$165.22

3.63 (2.25%)

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Spotify

$144.16

2.565 (1.81%)

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Facebook

$165.22

3.63 (2.25%)

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Spotify

$144.16

2.565 (1.81%)

AAPL

Apple

$188.13

1.56 (0.84%)

SNAP

Snap

$10.93

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WTW

WW

$19.50

-0.34 (-1.71%)

15:50
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WMT

Walmart

$98.64

-1.25 (-1.25%)

15:49
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Breaking Periodicals news story on Walmart »

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WIFI

Boingo Wireless

$20.68

-0.25 (-1.19%)

15:41
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Boingo Wireless management to meet with Oppenheimer »

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C

Citi

$65.04

-0.59 (-0.90%)

15:40
03/20/19
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Citi plans to sell Venezuelan gold placed as collateral, Reuters says »

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EVER

EverQuote

$7.70

(0.00%)

15:40
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  • 25

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CASY

Casey's General Stores

$127.10

0.55 (0.43%)

15:40
03/20/19
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Options
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LRAD

LRAD Corporation

$2.82

-0.03 (-1.05%)

15:39
03/20/19
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15:39
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Conference/Events
LRAD Corporation management to meet with Oppenheimer »

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  • 25

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KAMN

Kaman

$57.82

0.325 (0.57%)

15:38
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Kaman exploring sale of distribution segment, Bloomberg says »

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  • 17

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PVTL

Pivotal Software

$19.94

-0.02 (-0.10%)

15:36
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Calls lead puts 25:1 in Pivotal Software »

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  • 21

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SYX

Systemax

$21.53

0.23 (1.08%)

15:35
03/20/19
03/20
15:35
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Conference/Events
Systemax management to meet with Sidoti »

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  • 25

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WSM

Williams-Sonoma

$57.40

0.61 (1.07%)

15:34
03/20/19
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Options
Williams Sonoma options imply 10.5% move in share price post-earnings, above median historical move »

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  • 20

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SCS

Steelcase

$15.43

-2.055 (-11.75%)

15:34
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Steelcase management to meet with Sidoti »

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15:30
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Powell on the maturity distribution of the portfolio: »

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VLKAY

Volkswagen

$0.00

(0.00%)

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Volkswagen management not yet aligned on restructuring plans, Reuters says »

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15:20
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WPM

Wheaton Precious Metals

$23.12

0.385 (1.69%)

15:19
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Options
Wheaton Precious Metals options imply 6.4% move in share price post-earnings, above median historical move »

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  • 21

    Mar

$NSD

NASDAQ Market Internals

$0.00

(0.00%)

15:17
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03/20
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Technical Analysis
NASDAQ market internals summary »

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$NYE

NYSE Market Internals

$0.00

(0.00%)

15:16
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03/20
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Technical Analysis
NYSE market internals summary »

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15:15
03/20/19
03/20
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15:15
General news
FX Action: USD-JPY »

FX Action: USD-JPY fell…

AMZN

Amazon.com

$1,793.67

31.22 (1.77%)

15:11
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03/20
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15:11
Hot Stocks
Amazon.com announces launch of MLB.TV on Prime Video Channels »

Amazon announced the…

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  • 04

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UNIT

Uniti Group

$9.94

0.08 (0.81%)

15:04
03/20/19
03/20
15:04
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Options
Uniti Group options imply 6.2% move in share price post-earnings, above median historical move »

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  • 20

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NVS

Novartis

$93.75

0.76 (0.82%)

15:01
03/20/19
03/20
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Periodicals
Novartis CEO wants to move towards 'transformational innovation,' Fortune says »

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  • 25

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