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OCX

OncoCyte

$2.65 /

+0.16 (+6.43%)

16:07
01/10/20
01/10
16:07
01/10/20
16:07

OncoCyte to acquire Insight Genetics for about $12M

OncoCyte Corporation announced that it has entered into an agreement to acquire, through a subsidiary, all of the outstanding capital stock of privately-held Insight Genetics, Inc., which has a history of impactful discoveries in the areas of lung and breast cancer. OncoCyte entered into the agreement to access IG's technology and pharma service offerings. IG has a rich menu of relevant targeted therapeutic panels including two emerging therapeutic targets, RET and NTRK. IG's lead test is the "Immune Modulation", a gene expression test that measures the state of the immune system in biopsies from cancer patients to identify patients more likely to respond to PD-1/PD-L1 immunotherapies. Data presented at the 2019 Society for Immunotherapy of Cancer Annual Meeting showed a strong association of the IM score with response to PD-1/PD-L1 targeted immunotherapy in lung cancer. Importantly, the IM Score test was superior to two currently marketed predictive companion diagnostic tests for immunotherapy selection, PD-1/PD-L1 IHC staining and tumor mutational burden. IG's lab has capacity to support clinical trials or assay design across a cadre of currently available commercial platforms to develop companion diagnostics and has successfully completed audits by major pharmaceutical and diagnostic companies. Upon closing, OncoCyte will deliver closing consideration of approximately $12 million, consisting of $7 million in cash and $5 million of OncoCyte common shares, less deductions for transaction expenses and other liabilities. The merger agreement provides for OncoCyte to pay a 10-year revenue share of not more than 10% of net collected revenues for current IG pharma service offerings and a tiered revenue share percentage of net collected revenues through the end of the lifecycle if certain new cancer tests are developed using IG technology. OncoCyte may pay contingent consideration of up to $6 million, in any combination of cash or OncoCyte common shares if certain milestones are achieved. The closing of the merger with IG is subject to a number of conditions, including approval of the merger by IG's stockholders. OncoCyte will issue the shares in a private placement and has agreed to register the shares for resale. Additional information regarding the terms of the transaction will be provided in OncoCyte's Current Report on Form 8-K expected to be filed with the Securities and Exchange Commission on January 10, 2020.

OCX OncoCyte
$2.65 /

+0.16 (+6.43%)

09/05/19 Piper Sandler
OncoCyte acquisition of Razor Genomics stake 'smart,' says Piper Jaffray
08/15/19 Piper Sandler
OncoCyte delayed DetermaVu study by 6-9 months, says Piper Jaffray
07/03/19 Benchmark
BioTime sale of OncoCyte shares expands shareholder base, says Benchmark
06/27/19 Benchmark
OncoCyte reaction to DetermaVu delay overdone, says Benchmark

TODAY'S FREE FLY STORIES

Downgrade
Dine Brands downgraded to Market Perform from Outperform at Raymond James » 04:54
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DIN

Dine Brands

$96.06 /

-1.13 (-1.16%)

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Initiation
1Life Healthcare initiated with an Outperform at William Blair » 04:53
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ONEM

1Life Healthcare

$22.32 /

-1.6 (-6.69%)

William Blair initiated…

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MPLX downgraded to Neutral from Overweight at JPMorgan » 04:52
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MPLX

MPLX

$22.31 /

-0.97 (-4.17%)

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Palo Alto downgraded to Market Perform from Outperform at Raymond James » 04:51
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Palo Alto Networks

$236.99 /

-5.87 (-2.42%)

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Palo Alto Networks downgraded to Market Perform from Outperform at BMO Capital » 04:50
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PANW

Palo Alto Networks

$236.99 /

-5.87 (-2.42%)

BMO Capital analyst Keith…

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Palo Alto Networks downgraded to Hold from Buy at Deutsche Bank » 04:49
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Palo Alto Networks

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Deutsche Bank analyst…

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Palo Alto Networks downgraded to Neutral from Overweight at JPMorgan » 04:49
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Palo Alto Networks

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JPMorgan analyst Sterling…

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Upgrade
Oil Search upgraded to Overweight from Neutral at JPMorgan » 04:48
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OISHY

Oil Search

$0.00 /

+ (+0.00%)

JPMorgan analyst Mark…

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Alumina upgraded to Neutral from Underweight at JPMorgan » 04:47
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AWCMY

Alumina

$0.00 /

+ (+0.00%)

JPMorgan analyst Lyndon…

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Downgrade
Engie SA downgraded to Hold from Buy at Deutsche Bank » 04:44
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ENGIY

Engie SA

$0.00 /

+ (+0.00%)

Deutsche Bank analyst…

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General news
FX Action: USD-CAD has ebbed back below 1.3300 » 04:00
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Conference/Events
Morgan Stanley consumer analysts to hold an analyst/industry conference call » 02:30
02/25/20
02/25
02:30
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02:30
YUMC

Yum China

$44.11 /

-1.76 (-3.84%)

Consumer Analysts, along…

Consumer Analysts, along with Yum China management, discuss how restaurants are combating the Coronavirus on an Analyst/Industry conference call to be held on February 25 at 4 am.

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General news
Asian Market Update: » 02:00
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Asian Market Update:…

Asian Market Update: 10-year Treasury yields are up 3.0 bp at 1.401%, as stock market losses started to abate during the Asian session. JGBs rallied and Nikkei and Topix both lost -3.3% in catch up trade after returning from yesterday's holiday's but hopes of additional stimulus measures helped to put a floor under most other markets. The ASX underperformed and dropped -1.0% as growth forecasts for Q1 are being revised down, with a contraction now judged to be increasingly likely. Australian weekly consumer confidence plunged to 108.3 from 109.1. Still reports that U.S. President Trump asked Congress for USD 2.5 B to fight the coronavirus and hopes of stimulus measures elsewhere could help to put a floor under stocks following yesterday's plunge that saw the Dow loosing more than 1000 points. The Hang Seng is currently up 0.15%, CSI 300 and Shanghai Comp still down -0.30% and -0.60% respectively, but the Kospi recovered 1.2% following yesterday's plunge and U.S. futures are up 0.9-1.3%. In forex markets the yen has lost some of its safe haven premium and USD-JPY lifted to 110.84. The front end WTI future meanwhile lifted to USD 51.82 per barrel.

General news
Fed's Mester said virus developments pose a risk, » 01:40
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Recommendations
SS&C price target raised to $61 from $58 at Jefferies » 20:40
02/24/20
02/24
20:40
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20:40
SSNC

SS&C

$62.15 /

-1.88 (-2.94%)

Jefferies analyst…

Jefferies analyst Surinder Thind raised his price target on SS&C to $61, adjusting his model to reflect the expected flow-through from the company's Q4 earnings beat and higher operating margins. The analyst also continues to expect SS&C organic growth rate to be about 3% and expects margins to continue improving, but keeps his Hold rating on the stock.

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Initiation
NextEra Energy initiated with a Sell at Vertical Research » 20:27
02/24/20
02/24
20:27
02/24/20
20:27
NEE

NextEra Energy

$273.96 /

-3.72 (-1.34%)

Vertical Research analyst…

Vertical Research analyst Jonathan Arnold initiated coverage of NextEra Energy with a Sell rating and $62 price target.

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Initiation
Chicken Soup for the Soul initiated with a Buy at DA Davidson » 20:24
02/24/20
02/24
20:24
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20:24
CSSE

Chicken Soup for the Soul

$9.25 /

+0.34 (+3.82%)

DA Davidson analyst Tom…

DA Davidson analyst Tom Forte initiated coverage of Chicken Soup for the Soul with a Buy rating and $26 price target. The analyst believes that the company is well positioned to "exploit" the OTT video consumption trend, operating one of the "premier advertising-based-video-on-demand services, Crackle". Forte is positive on the ability of Chicken Soup for the Soul to offer quality video content with minimal capital outlays.

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Hot Stocks
Halliburton awarded digital transformation contract in Indonesia » 20:21
02/24/20
02/24
20:21
02/24/20
20:21
HAL

Halliburton

$19.83 /

-1.43 (-6.73%)

Halliburton announced…

Halliburton announced that Pertamina, the largest Indonesian oil and gas company, deployed all of their petro-technical applications on the iEnergy cloud, a hybrid cloud offering from Landmark, a Halliburton business line, which manages operators' E&P applications. The iEnergy cloud helps reduce corporate infrastructure costs and improve the effectiveness and efficiency of integrating, managing and supporting well data across the company's units and subsidiaries. The multiyear contract will deploy capabilities including artificial intelligence, machine learning and data analytics to solve upstream challenges and support Pertamina's digital transformation initiatives. DecisionSpace 365 applications will enable the company to streamline their workflows across exploration and production, improve drilling performance, enhance decision-making and increase production.

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Downgrade
AB InBev downgraded to Reduce from Buy at HSBC » 20:14
02/24/20
02/24
20:14
02/24/20
20:14
BUD

AB InBev

$69.36 /

-2.24 (-3.13%)

HSBC analyst Carlos Laboy…

HSBC analyst Carlos Laboy downgraded AB InBev to Reduce from Buy with a EUR 60 price target.

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Downgrade
Nvidia downgraded to Reduce from Neutral at Nomura Instinet » 20:13
02/24/20
02/24
20:13
02/24/20
20:13
NVDA

Nvidia

$273.26 /

-20.92 (-7.11%)

Nomura Instinet analyst…

Nomura Instinet analyst David Wong downgraded Nvidia to Reduce from Neutral with a $230 price target.

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Periodicals
Expedia to cut 3K jobs this week, Bloomberg reports » 20:04
02/24/20
02/24
20:04
02/24/20
20:04
EXPE

Expedia

$112.30 /

-7.83 (-6.52%)

Expedia will cut about 3K…

Expedia will cut about 3K jobs this week as part of its plan to simplify a "bloated" organization, Bloomberg's Olivia Carville writes, cites the company's spokesperson. The report notes that the cuts are not related to the potential impact of the coronavirus but rather reflect the uncertainty around its profit outlook.

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Hot Stocks
Tupperware Brands down 17.5% after below-consensus FY19, FY20 outlook  19:47
02/24/20
02/24
19:47
02/24/20
19:47
TUP

Tupperware Brands

$5.72 /

-0.245 (-4.11%)

 
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Earnings
Tupperware Brands guides FY20 revenue $1.58B-$1.62B, conssensus $1.67B » 19:32
02/24/20
02/24
19:32
02/24/20
19:32
TUP

Tupperware Brands

$5.72 /

-0.245 (-4.11%)

Tupperware Brands states:…

Tupperware Brands states: "The company will only be providing full-year guidance going forward. Based on current business trends and foreign currency rates, the company's full-year fiscal 2020 outlook is provided below. The first half of 2020 reflects similar sales trends as 2019, together with continued investments to drive savings. The second half of 2020 reflects better sales trends supported by go-to-market work in Brazil, China and U.S. & Canada along with the majority of the $50 million cost savings efforts."

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Earnings
Tupperware Brands sees FY19 adj. EPS $1.35-$1.70, consensus $2.78 » 19:30
02/24/20
02/24
19:30
02/24/20
19:30
TUP

Tupperware Brands

$5.72 /

-0.245 (-4.11%)

Sees FY19 revenue…

Sees FY19 revenue "in line with previously provided outlook ranges of down 12% to 14% as reported and down 8% to 10% in local currency", consensus $1.80B. The company states: "The company increased its valuation allowances for deferred tax assets related to foreign tax credits and disallowed interest deductions due to the company's multi-year declining domestic performance resulting in an elevated GAAP tax rate of 84% to 100% and operating tax rate of 55% to 66% for fiscal 2019. The company experienced continued execution challenges and unfavorable macro-economic trends most notably in its core markets of Brazil, China, and U.S. & Canada. The impact on segment profit is expected to be approximately $83 million or $0.75 cents per share, excluding Fuller Mexico of $19-21 million. The company is conducting an investigation primarily into the accounting for accounts payable and accrued liabilities at its Fuller Mexico beauty business to determine the extent to which these matters may further impact results and to assess and enhance the effectiveness of internal controls at this business. This matter is $9-11 million of the total expected $19-21 million full-year impact on an adjusted* pre-tax basis. In addition, total impairments for Fuller Mexico are expected to be approximately $31 million. The total pre-tax impact for 2019 is approximately $50-52 million."

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