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BAC

Bank of America

$28.23

-0.51 (-1.77%)

, CLF

Cleveland-Cliffs

$10.89

-0.18 (-1.63%)

08:55
02/08/19
02/08
08:55
02/08/19
08:55

Notable open interest changes for February 8th

Thursday's total option volume of 21.1 million contracts resulted in net open interest growth of 2.84 million calls and 3.09 million puts. Bank of America (BAC), Cleveland-Cliffs (CLF), Vale (VALE) and General Electric (GE) saw the greatest growth. Top five new positions opened include 49k Bank of America (BAC) 2/8 weekly 28.5 calls, 31k Bank of America (BAC) 2/8 weekly 29 calls, 27k General Motors (GM) Mar-19 40 calls, 21k Cleveland-Cliffs (CLF) Feb-19 12.5 calls and 21k Pure Storage (PSTG) Feb-19 17.5 puts.

BAC

Bank of America

$28.23

-0.51 (-1.77%)

CLF

Cleveland-Cliffs

$10.89

-0.18 (-1.63%)

VALE

Vale

$11.16

-0.19 (-1.67%)

GE

General Electric

$10.05

-0.41 (-3.92%)

  • 08

    Feb

  • 08

    Feb

  • 12

    Feb

  • 03

    Mar

BAC Bank of America
$28.23

-0.51 (-1.77%)

01/09/19
01/09/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Nike (NKE) upgraded to Buy from Hold at HSBC. 2. Bank of America (BAC) upgraded to Buy from Hold at Edward Jones and to Buy from Neutral at UBS. 3. Wendy's (WEN) upgraded to Outperform from Perform at Oppenheimer with analyst Brian Bittner saying his work reveals an "intriguing setup" as Street's earnings and free cash flow estimates through 2020 have reset to levels that create an improved scenario for meets or beats, same-store sales appear to have drivers to accelerate into 2019 against conservative sell-side forecasts of sub-2% perpetually, new international strategy could unlock faster-than-expected long-term unit growth, and valuation at about 8% free cash flow yield implies very attractive upside/downside case against a highly stable financial model. 4. Akamai (AKAM) upgraded to Overweight from Sector Weight at KeyBanc with analyst Brandon Nispel saying his data tracker suggests upside to Q4 revenue, decreasing the risk to a Q1 and 2019 guide below expectations. 5. Foot Locker (FL) upgraded to Outperform from Neutral at Baird with analyst Jonathan Komp citing its relative valuation and strong backward looking indicators providing reason for optimism. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
01/25/19
OPCO
01/25/19
NO CHANGE
OPCO
Outperform
Bank stocks still 'resoundingly cheap,' says Oppenheimer
Oppenheimer analyst Chris Kotowski told investors in a research note that one reason he is so "incessantly bullish" on bank stocks is that investors "still so incessantly hate them." The stocks still remain resoundingly cheap at a 63% relative P/E multiple even though bank balance sheets are arguably the best they have ever been, and the business models decidedly less capital-intensive, he contends. He continues to recommend Outperform-rated Bank of America (BAC), CIT (CIT), Citi (C), Goldman (GS), Jefferies (JEF), Morgan Stanley (MS) and U.S. Bancorp (USB).
02/01/19
UBSW
02/01/19
NO CHANGE
Target $33
UBSW
Buy
Bank of America rate sensitivity concerns overdone, says UBS
UBS analyst Saul Martinez noted banks' underperformance since the dovish comments by the Fed earlier this week. The analyst noted Bank of America shares fell and he believes the perception they are more sensitive to interest rates than peers is misguided. He thinks the company should be able to drive mid-single digit growth and solid positive operating leverage even if the Fed is on hold. Martinez reiterated his Buy rating and $33 price target on Bank of America shares.
02/01/19
02/01/19
DOWNGRADE

Sell
Societe Generale downgrades Goldman Sachs, Morgan Stanley to Sell
As previously reported, Societe Generale analyst Andrew Lim downgraded Goldman Sachs (GS) and Morgan Stanley (MS), both to Sell from Hold, citing his view that the credit cycle deterioration "has already been set in motion" and that it will pay to be defensive for the rest of 2019. Goldman and Morgan are much more exposed to pressure on market-sensitive revenues as purer investment banks, Lim tells investors. He does not have any Buy ratings on big U.S. banks, but continues to favor holding positions in Bank of America (BAC) and JP Morgan (JPM), which Lim views as the most defensive large cap U.S. banks, he tells investors.
CLF Cleveland-Cliffs
$10.89

-0.18 (-1.63%)

12/13/18
RILY
12/13/18
NO CHANGE
Target $14
RILY
Buy
Cleveland-Cliffs recent pullback a buying opportunity, says B. Riley FBR
B. Riley FBR analyst Lucas Pipes says the "noise" around pellet premiums has created a buying opportunity in shares of Cleveland-Cliffs. He lowered his price target for the shares to $14 from $15 and reiterates a Buy rating on the name.
01/08/19
COWN
01/08/19
INITIATION
Target $8.5
COWN
Market Perform
Cleveland-Cliffs initiated with a Market Perform at Cowen
Cowen analyst Tyler Kenyon initiated Cleveland-Cliffs with a Neutral and $8.50 price target.
01/22/19
JEFF
01/22/19
DOWNGRADE
Target $24
JEFF
Hold
Jefferies downgrades U.S. Steel to Hold on guidance risk
Jefferies analyst Seth Rosenfeld downgraded U.S. Steel to Hold from Buy and lowered his price target for the shares to $24 from $38. "Poor" Q4 earnings and Q1 guides will begin to reflect the extent of recent steel margin weakness, Rosenfeld tells investors in a research note. The analyst, while remaining "constructive" on the broader Steel sector, downgraded U.S. Steel to reflect guidance risk and "increasingly challenged" long-term prospects. With both U.S. and European flat steel margins drifting lower, drivers for a "meaningful recovery" at the company are "hard to identify," says the analyst. As such, he believes U.S. Steel's 2019 EBITDA guidance risks disappointing consensus expectations. Rosenfeld's top picks in the U.S. are Nucor (NUE), Commercial Metals (CMC), Steel Dynamics (STLD), Reliance Steel (RS) and Cleveland-Cliffs (CLF).
02/08/19
SBSH
02/08/19
NO CHANGE
Target $13
SBSH
Buy
Cleveland-Cliffs price target raised to $13 from $10 at Citi
Citi analyst Alexander Hacking raised his price target for Cleveland-Cliffs to $13 to reflect his firm's higher iron ore price forecasts. Cleveland-Cliffs is expected to generate "materially higher" free cash flow in 2019 through 2022, Hacking tells investors in a research note. He keeps a Buy rating on the shares.
VALE Vale
$11.16

-0.19 (-1.67%)

02/07/19
02/07/19
DOWNGRADE

Equal Weight
Vale downgraded on continued uncertainty after dam accident at Morgan Stanley
As previously reported, Morgan Stanley analyst Carlos De Alba downgraded Vale to Equal Weight from Overweight and removed his price target on the stock citing the continued uncertainty following the tragic Feijao dam accident. An event of this magnitude is likely to create an overhang on the stock's multiple given the reputational uncertainty and heightened environmental risk, a lack of clarity on the ultimate financial ramifications and higher costs due to increased safety standards, De Alba tells investors.
02/05/19
BOFA
02/05/19
INITIATION
Target $13
BOFA
Neutral
Vale resumed with a Neutral at BofA/Merrill
BofA/Merrill resumed Vale with a Neutral and $13 price target.
02/07/19
MSCO
02/07/19
DOWNGRADE
MSCO
Equal Weight
Vale downgraded to Equal Weight from Overweight at Morgan Stanley
02/07/19
JPMS
02/07/19
NO CHANGE
Target $17
JPMS
Overweight
JPMorgan continues to see value in shares of Vale
More negative headlines, including the Minas Gerais environmental authorities cancelling the license of the Laranjeiras dam, drove shares of Vale down 5% yesterday, JPMorgan analyst Rodolfo Angele tells investors in a research note. The analyst says that while "it will be a bumpy ride as news flow should continue to emerge," he continues to see value in shares and maintains an Overweight rating. To reflect his firm's upgrade of iron ore prices earlier this week Angele raised his price target for Vale shares to $17 from $16.50.
GE General Electric
$10.05

-0.41 (-3.92%)

02/01/19
UBSW
02/01/19
NO CHANGE
Target $12
UBSW
Buy
General Electric turnaround in early stages, says UBS
UBS analyst Peter Lennox-King noted that General Electric's Q4 results were weak, but said that was of less importance than other key issues. He believes the company is in the early stages of a turnaround and that renewables is positioned well on revenue into the PTC expiration. Lennox-King reiterated his Buy rating and $12 price target on General Electric shares.
02/01/19
RBCM
02/01/19
NO CHANGE
Target $12
RBCM
Outperform
General Electric price target raised to $12 from $10 at RBC Capital
RBC Capital analyst Deane Dray raised his price target on General Electric to $12 and kept his Outperform rating, saying the angst about its "liquidity shortfall or fire sale" on its best assets has been "quelled" by its Q4 results. The analyst notes that CEO Larry Culp has acknowledged that the turnaround map for the company is "not yet complete", but he sees the "lack of negatives" in the quarter as a positive. Dray also points to General Electric's seasonally strong free cash flows, adding that its next catalyst should be the upcoming analyst meeting.
02/01/19
WBLR
02/01/19
NO CHANGE
WBLR
Outperform
GE shares hitting $14-$16 'highly feasible' in 6-12 months, says William Blair
William Blair analyst Nicholas Heymann ascribes General Electric's 12% share price rise yesterday following its Q4 results to an "inflection in investor sentiment, not short-covering." He believes this occurred in mid-December after the stock bottomed at $6.66. GE ended 2018 "strongly" with "notably better-than-feared" free cash flow, year-over-year organic Industrial growth of 8% for sales and 4% for orders in Q4, and "slightly positive" net price in 2018 that sequentially improved in the second half, Heymann tells investors in a post-earnings research note titled "Up, Up, and Away: New CEO Accelerating Turnaround Pace; Free Cash Flow Better than Feared; Largest Litigation Resolved." The analyst also believes the turnaround of GE Power "is in the very early innings with the process, timing, and 2019 performance yet to be fully detailed." Despite the lack of 2019 detailed guidance, there is no fundamental case for GE shares to have further downside risk, says Heymann. The company's liquidity is "ample," its original targeted proceeds from asset sales are now being expanded and completed earlier than expected, and unknown risks and litigation are being resolved in line with prior reserves, the analyst contends. He keeps an Outperform rating on General Electric. Heymann continues to believe GE's underlying intrinsic value, assigning no value to Power, is somewhere in the range of $14- $16 per share. The analyst sees this range as a "highly feasible base case valuation" for GE's share price over the next 6-12 months. GE closed yesterday at $10.16 per share.
02/01/19
JPMS
02/01/19
NO CHANGE
Target $6
JPMS
Neutral
JPMorgan's Tusa views GE stock rally as head scratcher, keeps $6 price target
In a post-earnings research note titled "The Math Still Matters," JPMorgan analyst Stephen Tusa says he came away from the General Electric's Q4 scratching his head at the stock reaction. Shares of GE closed yesterday up 12%, or $1.06, to $10.16. The analyst attributes the rally to the company's "incrementally better" free cash flow, the "nominal nature" of the Q4 insurance charge, and credibility of the CEO. However, Tusa views the key aspect as more clarity on de-leveraging around where the "value" of the assets is going, and then the "ongoing lack of visibility on the simple math that shows a negative run rate" on enterprise free cash flow fully diluted for portfolio moves. Even assuming recovery in Power, "one has to make highly optimistic assumptions to get back to a run rate that supports anything near $10" per share, Tusa writes. In vowing to "stick to the numbers," Tusa says his read through from GE's Q4 results reaffirms his "well below-consensus model." Overall, "there was a lack of tangible details on key items," Tusa contends. He keeps a Neutral rating on General Electric with a $6 price target.

TODAY'S FREE FLY STORIES

MSFT

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$136.29

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BlackRock

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$136.29

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CNK

Cinemark

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Sensient

$70.77

-0.48 (-0.67%)

06:56
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EYE

National Vision

$32.05

0.35 (1.10%)

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RDFN

Redfin

$16.84

-0.74 (-4.21%)

06:54
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LYB

LyondellBasell

$85.70

-0.03 (-0.03%)

06:52
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Z

Zillow

$48.20

0.08 (0.17%)

06:51
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  • 07

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MSFT

Microsoft

$136.29

0.06 (0.04%)

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  • 03

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BLK

BlackRock

$474.98

4.06 (0.86%)

06:48
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  • 19

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ATHM

Autohome

$82.03

-0.91 (-1.10%)

06:48
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06:48
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Autohome rating change  »

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SLB

Schlumberger

$38.78

0.15 (0.39%)

06:48
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Hot Stocks
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  • 19

    Jul

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NWSA

News Corp.

$13.28

0.06 (0.45%)

06:47
07/19/19
07/19
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Downgrade
News Corp. rating change  »

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SLB

Schlumberger

$38.78

0.15 (0.39%)

06:46
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MSGN

MSG Networks

$20.22

-0.31 (-1.51%)

06:43
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CRWD

Crowdstrike

$72.75

1.77 (2.49%)

06:39
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CFG

Citizens Financial

$34.62

0.27 (0.79%)

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MSFT

Microsoft

$136.29

0.06 (0.04%)

06:38
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  • 03

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CFG

Citizens Financial

$34.62

0.27 (0.79%)

06:36
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Earnings
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  • 19

    Jul

TSLA

Tesla

$253.82

-1.03 (-0.40%)

06:35
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07/19
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06:35
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  • 24

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  • 06

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CRWD

Crowdstrike

$72.75

1.77 (2.49%)

, PANW

Palo Alto Networks

$222.31

-1.34 (-0.60%)

06:28
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07/19
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06:28
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CRWD

Crowdstrike

$72.75

1.77 (2.49%)

PANW

Palo Alto Networks

$222.31

-1.34 (-0.60%)

03/08/13
Wedge Partners
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ALT

Altimmune

$2.34

-0.1 (-4.10%)

06:25
07/19/19
07/19
06:25
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06:25
Initiation
Altimmune initiated  »

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CME

CME Group

$206.26

2.14 (1.05%)

06:23
07/19/19
07/19
06:23
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06:23
Hot Stocks
CME Group subsidiary completes first cleared inflation swap compression run »

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  • 31

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    Aug

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