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CVS

CVS Health

$53.88

0.16 (0.30%)

, CNC

Centene

$57.25

-0.61 (-1.05%)

08:55
04/11/19
04/11
08:55
04/11/19
08:55

Notable open interest changes for April 11th

Wednesday's total option volume of 14.1 million contracts resulted in net open interest growth of 2.11 million calls and 2.17 million puts. CVS Health (CVS), Centene (CNC), Lyft (LYFT) and Bed Bath & Beyond (BBBY) saw the greatest growth. Top five new positions opened include 52k Cenovus Energy (CVE) May-19 11 calls, 48k Ensco (ESV) Jun-19 5 calls, 32k CVS Health (CVS) May-19 55 calls, 32k CVS Health (CVS) May-19 52.5 puts and 16k Brookfield Property REIT (BPR) Aug-19 22.5 calls.

CVS

CVS Health

$53.88

0.16 (0.30%)

CNC

Centene

$57.25

-0.61 (-1.05%)

LYFT

Lyft

$60.22

-7.22 (-10.71%)

BBBY

Bed Bath & Beyond

$19.41

0.94 (5.09%)

  • 23

    Apr

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    Apr

  • 01

    May

  • 07

    May

  • 09

    May

CVS CVS Health
$53.88

0.16 (0.30%)

04/03/19
MSCO
04/03/19
NO CHANGE
MSCO
Morgan Stanley says Walgreens' reimbursement pressure points to distributor risk
Morgan Stanley analyst Ricky Goldwasser said the guidance cut made by Walgreens Boots Alliance (WBA) is due to the same "perfect storm of industry headwinds" addressed by CVS Health (CVS) earlier in the year, including increased reimbursement pressure, lower generic deflation, lower brand inflation and declining comparable sales in the front-end of the store. Though Walgreens management suggested reimbursement headwinds should normalize in fiscal 2020, Goldwasser said he could see more downside from continued reimbursement headwinds and structural changes if new rebate rule comes into play. He also views pharmacy reimbursement pressure as a leading indicator suggesting risk to distributors' sell side margins and earnings, including for AmerisourceBergen (ABC), which Goldwasser notes is part of the WBAD purchasing consortium. Other drug distributors include McKesson (MCK) and Cardinal Health (CAH).
04/10/19
BMOC
04/10/19
INITIATION
BMOC
Market Perform
CVS Health initiated with a Market Perform at BMO Capital
BMO Capital analyst Matt Borsch initiated CVS Health with a Market Perform rating and a $58 price target. The analyst said that he is aware of the low valuation of the stock, but is "wary of further deterioration in the outlook given headwinds on CVS legacy businesses that have recently intensified," and is not confident "the pressures will diminish next year."
04/10/19
RHCO
04/10/19
NO CHANGE
RHCO
SunTrust lowers price targets on CVS, raises price target on WellCare
SunTrust analyst David MacDonald lowered his price target on CVS (CVS) to $65 from $85 as part of his broader research note previewing Q1 results for the healthcare services stocks. The analyst expects the quarter to reflect the company's challenges around reimbursement pressure, fewer generics, and lower brand inflation that should be a detriment to retail pharmacy and long-term-care businesses, even though he maintains a bullish view on the stock longer term based on its risk-reward profile. MacDonald also raises his price target on WellCare (WCG) to $340 from $305, saying his bullish expectation for the stock is driven by the company's "strong core trends, high visibility, and superb win rate". The analyst also cites the pending WellCare acquisition by Centene (CNC) yielding a "meaningful combined pharmacy opportunity and increased diversification" from an expanded "Medicaid footprint".
04/10/19
CANT
04/10/19
NO CHANGE
CANT
Senate hearing a net positive for PBMs, says Cantor Fitzgerald
Cantor Fitzgerald analyst Steven Halper views yesterday's Senate hearing as a net positive for the pharmacy benefit managers. The PBMs represented were Cigna (CI), CVS Health (CVS), UnitedHealth (UNH), Humana (HUM) and Prime Therapeutics. Although the Senators were not supportive of the PBMs, the executives responded well to questions and put forth a solid effort to address concerns regarding their business model and incentives, Halper tells investors in a research note. Overall, he views the hearing as a net positive for PBMs "as the group was able to counter the negative sentiment with constructive responses, recognizing this story is far from over."
CNC Centene
$57.25

-0.61 (-1.05%)

03/28/19
GSCO
03/28/19
NO CHANGE
GSCO
Federal judge blocking Medicaid work rule positive for MCOs, says Goldman Sachs
Goldman Sachs analyst Stephen Tanal noted that Politico reported that a federal judge ruled for the second time to block new work requirements as a condition for Medicaid eligibility in Kentucky and Arkansas, calling the ruling an incremental positive for Managed Care and Provider companies. MCOs whose primary business is Medicaid managed care are most exposed to this theme, said Tanal, who lists Molina (MOH), WellCare (WCG) and Centene (CNC) as three with a higher percentage of MMC lives in states that have submitted waivers requesting approval to impose work requirements. However, the analyst also noted that Kentucky's Governor has already issued an executive order indicating the state would appeal any decision by a court against work requirements and, if unsuccessful, would reverse its Medicaid Expansion program. WellCare, CVS' (CVS) Aetan, Humana (HUM) and Anthem (ANTM) all operate in Kentucky's Medicaid managed care program, the analyst noted.
04/05/19
COWN
04/05/19
NO CHANGE
COWN
Centene, Molina could be 'compelling' targets for Humana, says Cowen
Cowen analyst Charles Rhyee said he believes Centene's (CNC) planned takeover of WellCare (WCG) could potentially accelerate Humana's (HUM) timeline to acquire a scaled Medicaid asset, noting that it currently has the second smallest Medicaid book among managed care organizations. His analysis suggests Centene and Molina Healthcare (MOH) could both be "compelling acquisition targets" for Humana and believes the company has the financial capacity to make a bid for either, though Rhyee added that he does not believe Humana needs to rush a decision. Rhyee sees about a one year window in which Humana "can dictate the Medicaid M&A market" before Cigna (CI) and/or CVS Health (CVS) can get involved, he tells investors. While the analyst believes Centene makes the most sense as a potential target for Humana if the latter does not win the Texas STAR+PLUS contract, he suspects Centene is not willing to sell and believes Humana would have to offer a significant premium. If Humana does win the Texas STAR+PLUS contract it does not need to pursue large scale M&A, but a deal could be attractive anyway, Rhyee said.
03/29/19
03/29/19
DOWNGRADE

WellCare downgraded to Hold at Argus on Centene merger
Argus analyst David Toung downgraded WellCare (WCG) to Hold after it agreed to be acquired by Centene (CNC) in a $17.3B deal or at $305.39 per share. The analyst notes that because the deal would yield an entity that is smaller than the insurance industry giants, it may receive a more favorable treatment from the regulators than the failed Aetna (AET) -Humana (HUM) and Anthem (ANTM)-Cigna (CI) deals, but warns that some antitrust scrutiny is still possible due to overlaps between the companies in a few states. Toung adds that the new company would have "strengths in Medicare Advantage and Medicaid, both of which are growing markets."
LYFT Lyft
$60.22

-7.22 (-10.71%)

04/05/19
DAIW
04/05/19
INITIATION
Target $80
DAIW
Buy
Lyft initiated with a Buy at Daiwa
Daiwa analyst Jairam Nathan initiated Lyft with a Buy and a $80 price target.
04/11/19
HSBC
04/11/19
INITIATION
Target $60
HSBC
Hold
Lyft initiated with a Hold at HSBC
HSBC analyst Masha Kahn started Lyft (LYFT) with a Hold rating and $60 price target. While the analyst sees a shift from car ownership to the transportation as a service model, she believes "costs need to fall dramatically" for ride-hailing to cover all transportation needs. Further, since number two players will always scale at a lower margin than dominant players, Lyft deserves a discount to other ride-hailing players that dominate their markets, Kahn tells investors in a research note. The analyst highlight Russia's Yandex (YNDX) as a "significantly less expensive way to gain exposure to ride-hailing."
04/02/19
CRSS
04/02/19
INITIATION
CRSS
Buy
Lyft initiated with a Buy at Cross Research
Cross Research analyst Steven Fox initiated Lyft with a Buy
04/02/19
04/02/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Lyft (LYFT) initiated with a Buy at Cross Research and a Sell at Seaport Global. 2. Dow Inc. (DOW) initiated with an Outperform at BMO Capital and Credit Suisse, an Overweight at Morgan Stanley, as well as a Buy at Deutsche Bank and BofA/Merrill. 3. Sonos (SONO) initiated with a Buy at DA Davidson. 4. Q2 Holdings (QTWO) initiated with an Outperform at William Blair. 5. Intuitive Surgical (ISRG) initiated with a Buy at Deutsche Bank. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
BBBY Bed Bath & Beyond
$19.41

0.94 (5.09%)

04/05/19
04/05/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Bed Bath & Beyond (BBBY) upgraded to Equal Weight from Underweight at Morgan Stanley with analyst Simeon Gutman saying he believes activist intervention presents the potential for upside for the stock in the near-term. 2. Snap (SNAP) upgraded to Hold from Sell at Summit Insights. 3. Northrop Grumman (NOC) upgraded to Positive from Neutral at Susquehanna. 4. Weyerhaeuser (WY) upgraded to Overweight from Equal Weight at Stephens with analyst Mark Connelly saying the stock, which is generally viewed as an income play, has sold off on rate concerns and slower starts. 5. Viacom (VIA, VIAB) upgraded to Outperform from Sector Perform at RBC Capital with analyst Steven Cahall saying the company's "less contentious" than feared DirecTV (T) deal improves its standing and "paves the way toward merger talks" with CBS (CBS). This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
04/11/19
DBAB
04/11/19
NO CHANGE
Target $19
DBAB
Hold
Bed Bath & Beyond price target raised to $19 from $15 at Deutsche Bank
Deutsche Bank analyst Mike Baker raised his price target for Bed Bath & Beyond to $19 from $15 following the company's "relatively in-line" quarter and guidance increase. The analyst keeps a Hold rating on the shares. The guidance is back-end weighted with the Q1 outlook weaker than expected, Baker tells investors in a research note. While bulls will focus on the presence of an activist investor and the long term transformational plan as two ways to win, bears will focus in on the fact that the shares have already had a significant move higher and that the initiatives put forth in the guidance are still largely unproven, contends the analyst. Baker sees "somewhat limited" share downside in the near term with activists likely to unveil their detailed operational plan in the next two weeks.
04/11/19
UBSW
04/11/19
NO CHANGE
Target $18
UBSW
Neutral
Bed Bath & Beyond price target raised to $18 from $13 at UBS
UBS analyst Michael Lasser raised his price target on Bed Bath & Beyond to $18 after its Q4 earnings beat but also kept his Neutral rating, questioning the management's announced strategy update. The analyst cites the company's plans to "cut back on couponing, lower marketing spend, reduce store labor, and make returns more stringent" as running "counter to what most retailers are doing currently" as they aim to capture more customers. Lasser adds that prioritizing profitability over sales has a "limited shelf life", and its current planned actions will make its low-single-digit long term sales growth objective "hard to achieve".
04/11/19
MSCO
04/11/19
NO CHANGE
Target $20
MSCO
Equal Weight
Bed Bath's weak Q1 view calls FY19 guidance into question, says Morgan Stanley
Morgan Stanley analyst Simeon Gutman said he is skeptical Bed Bath & Beyond will be able to deliver results in line with its "overly optimistic" 2019 guidance given the company's weak Q1 outlook. He also questions the achievability of the company's "bullish" long-term guidance as he expects macroeconomic pressure and competitive headwinds to intensify. Gutman added that he believes Bed Bath's intention to accelerate its board refreshment process may not suffice and that the company could be headed towards a proxy fight with the activists that are involved in the stock. He keeps an Equal Weight rating and $20 price target on Bed Bath & Beyond shares.

TODAY'S FREE FLY STORIES

UBER

Uber

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AAPL

Apple

$179.03

-0.64 (-0.36%)

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SPCB

SuperCom

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MYOV

Myovant Sciences

$12.39

-0.465 (-3.62%)

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MYOV

Myovant Sciences

$12.39

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NVS

Novartis

$87.49

3.03 (3.59%)

, QGEN

Qiagen

$38.22

-0.255 (-0.66%)

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$87.49

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QGEN

Qiagen

$38.22

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AVH

Avianca

$3.96

0.91 (29.84%)

16:56
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ANAC suspends flights, operations of Avianca Brasil, Reuters reports »

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AAPL

Apple

$179.03

-0.64 (-0.36%)

16:53
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  • 03

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SHSP

SharpSpring

$16.37

-0.24 (-1.44%)

16:52
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CREG

China Recycling Energy

$0.48

0.005 (1.05%)

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FENC

Fennec

$3.88

(0.00%)

16:36
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Conference/Events
Fennec management to meet with Wedbush »

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TD

Toronto-Dominion

$56.66

0.65 (1.16%)

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CBUS

Cibus

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BA

Boeing

$355.14

4.57 (1.30%)

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FB

Facebook

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UAL

United Continental

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SMI

SMIC

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HPQ

HP Inc.

$20.03

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HPE

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NVS

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$87.49

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CNC

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1.39 (2.51%)

WCG

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0.99 (0.36%)

TSS

TSYS

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13.81 (13.86%)

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DVAX

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FL

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-8.455 (-16.00%)

SPLK

Splunk

$119.13

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VIX

Volatility Index S&P 500 Options

$0.00

(0.00%)

16:20
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05/24
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16:20
Options
Closing CBOE SPX and VIX Index summary for May 24th »

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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

16:17
05/24/19
05/24
16:17
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16:17
Technical Analysis
NASDAQ market internals summary »

Volume was average for…

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$NYE

NYSE Market Internals

$0.00

(0.00%)

16:16
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05/24
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16:16
Technical Analysis
NYSE market internals summary »

Volume was below average…

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RHE

Regional Health Properties

$2.06

0.09 (4.57%)

16:15
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Hot Stocks
Regional Health Properties receives NYSE notice over late Form 10-Q filing »

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TBIO

Translate Bio

$9.12

-0.09 (-0.98%)

16:14
05/24/19
05/24
16:14
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16:14
Syndicate
Breaking Syndicate news story on Translate Bio »

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