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09:45
01/16/20
01/16
09:45
01/16/20
09:45

Business Inventories to be reported at 10:00

November Business Inventories will be reported at 10:00 . Current consensus is [0.1]% for the month

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General news
Asian Market Update: » 01:50
01/23/20
01/23
01:50
01/23/20
01:50

Asian Market Update:…

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Syndicate
Xenon Pharmaceuticals 3.75M share Spot Secondary priced at $16.00 » 20:52
01/22/20
01/22
20:52
01/22/20
20:52
XENE

Xenon Pharmaceuticals

$16.84 /

+0.15 (+0.90%)

The deal size was…

The deal size was increased to $60M from $50M. Jefferies, Stifel and Guggenheim are acting as joint book running managers for the offering.

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  • 22
    Jan
Syndicate
ImmunoGen 21.325M share Spot Secondary priced at $4.25 » 20:51
01/22/20
01/22
20:51
01/22/20
20:51
IMGN

ImmunoGen

$4.67 /

-0.04 (-0.85%)

The deal size was…

The deal size was increased to $90.6M from $75M. Jefferies, Cowen and William Blair are acting as joint book running managers for the offering.

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  • 21
    Jan
Syndicate
SI-Bone 4.3M share Secondary priced at $21.50 per share » 20:34
01/22/20
01/22
20:34
01/22/20
20:34
SIBN

SI-Bone

$22.03 /

+0.13 (+0.59%)

Morgan Stanley and BofA…

Morgan Stanley and BofA are acting as joint book running managers for the offering.

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  • 23
    Jan
Earnings
Notable companies reporting before tomorrow's open » 20:25
01/22/20
01/22
20:25
01/22/20
20:25
PG

Procter & Gamble

$126.31 /

+0.2 (+0.16%)

, UNP

Union Pacific

$181.16 /

-1.34 (-0.73%)

, KMB

Kimberly-Clark

$144.55 /

-0.04 (-0.03%)

, VFC

VF Corp.

$94.55 /

-0.08 (-0.08%)

, LUV

Southwest

$53.48 /

-0.06 (-0.11%)

, MTB

M&T Bank

$161.91 /

+1.025 (+0.64%)

, KEY

KeyCorp

$19.62 /

+0.115 (+0.59%)

, HBAN

Huntington Bancshares

$14.75 /

+0.135 (+0.92%)

, AAL

American Airlines

$27.32 /

+0.11 (+0.40%)

, JBLU

JetBlue

$19.80 /

+0.71 (+3.72%)

Notable companies…

Notable companies reporting before tomorrow's open, with earnings consensus, include Procter & Gamble (PG), consensus $1.37... Union Pacific (UNP), consensus $2.04... Kimberly-Clark (KMB), consensus $1.70... V.F. Corp. (VFC), consensus $1.21... Southwest Airlines (LUV), consensus $1.09... M&T Bank (MTB), consensus $3.47... KeyCorp (KEY), consensus 48c... Huntington Bancshares (HBAN), consensus 31c... American Airlines (AAL), consensus $1.15... JetBlue Airways (JBLU), consensus 55c.

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Initiation
Aspen Aerogels initiated with a Buy at B. Riley FBR » 20:19
01/22/20
01/22
20:19
01/22/20
20:19
ASPN

Aspen Aerogels

$10.33 /

+0.36 (+3.61%)

B. Riley FBR initiated…

B. Riley FBR initiated coverage of Aspen Aerogels with a Buy rating and $13 price target.

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Hot Stocks
Synthorx trading halted, pending information request  19:53
01/22/20
01/22
19:53
01/22/20
19:53
THOR

Synthorx

$67.99 /

+ (+0.00%)

 
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Hot Stocks
PG&E reaches agreement with ad hoc noteholder committee » 19:36
01/22/20
01/22
19:36
01/22/20
19:36
PCG

PG&E

$12.55 /

-0.66 (-5.00%)

PG&E Corporation and…

PG&E Corporation and Pacific Gas and Electric Company have reached an agreement with all claim holders who executed commitment letters in support of the alternative Chapter 11 Plan of Reorganization filed by the Ad Hoc Committee of Senior Unsecured Noteholders in PG&E's Chapter 11 cases. The Ad Hoc Noteholder Committee will withdraw its Alternative Plan of Reorganization and support the PG&E Plan upon entry of an order approving the Restructuring Support Agreement by the Bankruptcy Court. The agreement resolves all issues related to the treatment of pre-petition funded debt of the utility, including post-petition interest amounts and make-whole premiums, under PG&E's Chapter 11 Plan of Reorganization.

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Hot Stocks
Coastal Community Bank names Andrew Stines chief risk officer » 19:11
01/22/20
01/22
19:11
01/22/20
19:11
CCB

Coastal Financial

$17.29 /

-0.18 (-1.03%)

Coastal Community Bank…

Coastal Community Bank announced the addition of Andrew Stines as Chief Risk Officer. Stines has a degree in Business Management from the University of Colorado, a Masters in Finance from Seattle University School of Business, and a Juris Doctor from Seattle University School of Law. Prior to joining Coastal he was a Managing Director in the Financial Services Risk Management group at Ernst & Young, LLP, Chief Risk Officer at Sunwest Bank, and an attorney in Seattle with Dorsey & Whitney, LLP. Stines will lead the risk enterprise that is currently led by Dan Lee who has been both Chief Risk and Credit Officer. Lee will continue as Chief Credit Officer.

Hot Stocks
Fly Intel: After Hours Movers » 19:00
01/22/20
01/22
19:00
01/22/20
19:00
SLM

Sallie Mae

$9.09 /

+0.25 (+2.83%)

, TER

Teradyne

$73.57 /

+2.04 (+2.85%)

, PTC

PTC

$80.06 /

+1.13 (+1.43%)

, STLD

Steel Dynamics

$32.02 /

+0.11 (+0.34%)

, CTXS

Citrix

$119.16 /

+1.37 (+1.16%)

, PAYC

Paycom

$303.73 /

+3.96 (+1.32%)

, FUL

H.B. Fuller

$49.18 /

+0.095 (+0.19%)

, TXN

Texas Instruments

$133.38 /

+2.53 (+1.93%)

, IMGN

ImmunoGen

$4.67 /

-0.04 (-0.85%)

, XENE

Xenon Pharmaceuticals

$16.84 /

+0.15 (+0.90%)

, AVNW

Aviat Networks

$14.70 /

+0.09 (+0.62%)

UP AFTER EARNINGS: Sallie…

UP AFTER EARNINGS: Sallie Mae (SLM) up 21.0%... Teradyne (TER) up 9.4%... PTC Inc (PTC) up 8.0%... Steel Dynamics (STLD) up 5.6%... Citrix (CTXS) up 4.7%. ALSO HIGHER: Paycom (PAYC) up 4.2% after entering S&P500 index. DOWN AFTER EARNINGS: HB Fuller (FUL) down 1.6%... Texas Instruments (TXN) down 1.3%. ALSO LOWER: Immunogen (IMGN) down 3.4% after equity offering... Xenon Pharma (XENE) down 2.9% after equity offering... Aviat Networks (AVNW) down 2.1% after cutting Q2, FY20 guidance due to cyberattack. Movers as of 18:40ET.

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  • 22
    Jan
  • 21
    Jan
Syndicate
Tetraphase announces $17.5M of financings priced at-the-market » 18:50
01/22/20
01/22
18:50
01/22/20
18:50
TTPH

Tetraphase

$3.84 /

+0.97 (+33.80%)

Tetraphase…

Tetraphase Pharmaceuticals announced that it has entered into a definitive agreement with Armistice Capital, a healthcare-focused institutional investor, for the purchase, in a private placement priced at-the-market under Nasdaq rules, of (i) 1,270,000 shares of common stock and accompanying warrants to purchase an aggregate of 1,270,000 shares of common stock, and (ii) pre-funded warrants to purchase up to an aggregate of 2,063,334 shares of common stock and accompanying warrants to purchase up to an aggregate of 2,063,334 shares of common stock. Each share of common stock and accompanying common stock warrant are being sold together at a combined price of $3.00, and each pre-funded warrant and accompanying common stock warrant are being sold together at a combined price of $2.999, for gross proceeds of approximately $10M. Each pre-funded warrant will have an exercise price of $0.001 per share, will be exercisable immediately and will be exercisable until all of the pre-funded warrants are exercised in full. Each common stock warrant will have an exercise price of $2.87 per share, will be exercisable immediately and will expire five years from the date of issuance. In addition, the company has entered into a definitive agreement with certain healthcare-focused institutional investors for the purchase, in a registered direct offering priced at-the-market under Nasdaq rules, of (i) 2,380,105 shares of common stock and accompanying warrants to purchase up to an aggregate of 2,380,105 shares of common stock, and (ii) pre-funded warrants to purchase up to an aggregate of 120,000 shares of common stock and accompanying warrants to purchase up to an aggregate of 120,000 shares of common stock. Each share of common stock and accompanying common stock warrant are being sold together at a combined price of $3.00, and each pre-funded warrant and accompanying common stock warrant are being sold together at a combined price of $2.999, for gross proceeds of approximately $7.5M. Each pre-funded warrant will have an exercise price of $0.001 per share, will be exercisable immediately and will be exercisable until all of the pre-funded warrants are exercised in full. Each common stock warrant will have an exercise price of $2.87 per share, will be exercisable immediately and will expire five years from the date of issuance. H.C. Wainwright & Co. is acting as the exclusive placement agent for the private placement and the registered direct offering.

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Initiation
J.M. Smucker initiated with a Hold at Jefferies » 18:39
01/22/20
01/22
18:39
01/22/20
18:39
SJM

J.M. Smucker

$107.00 /

-0.77 (-0.71%)

Jefferies analyst Rob…

Jefferies analyst Rob Dickerson initiated coverage of J.M. Smucker with a Hold rating and $109 price target. The analyst notes that at 11-times his expected EBITDA, the stock is not expensive. However, he is concerned with the company's execution missteps in the pet food business, continued pressure in consumer retail, and volatility in its coffee business, which have led to flat revenues and profits over the past 5 years.

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Hot Stocks
Myriad Genetics submits sPMA application to FDA for myChoice CDx test » 18:37
01/22/20
01/22
18:37
01/22/20
18:37
MYGN

Myriad Genetics

$28.71 /

+0.34 (+1.20%)

Myriad Genetics announced…

Myriad Genetics announced that it has submitted a supplementary premarket approval application to the U.S. FDA for its myChoice CDx test to help predict outcomes of women with first-line platinum responsive advanced ovarian cancer treated with GSK's PARP inhibitor Zejula. Myriad's filing is based on the positive results from the Phase 3 PRIMA trial of Zejula that was published online in the New England Journal of Medicine in September 2019.

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Initiation
Hershey initiated with a Hold at Jefferies » 18:36
01/22/20
01/22
18:36
01/22/20
18:36
HSY

Hershey

$152.45 /

-0.355 (-0.23%)

Jefferies analyst Rob…

Jefferies analyst Rob Dickerson initiated coverage of Hershey with a Hold rating and $157 price target. The analyst is positive on the company's "solid top brands, pricing power, and under-levered balance sheet", but he also cites its sub-2% organic growth since Q4 of 2016, limited margin expansion potential, and a 35% valuation premium relative to the sector average, which he believes "appropriately discount" Hersey's expected free cash flow growth and optionality.

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Recommendations
Piper Sandler says 'incrementally positive' on Deciphera » 18:32
01/22/20
01/22
18:32
01/22/20
18:32
DCPH

Deciphera

$66.79 /

+0.2 (+0.30%)

Piper Sandler analyst…

Piper Sandler analyst Christopher Raymond reiterated an Overweight rating and $75 price target on Deciphera Pharmaceuticals following what he sees as an "increasingly high-risk" regulatory strategy for competitor Ayvakit labeling in a broad 4L GIST population on an accelerated basis. Raymond said that while Ayvakit may now be approved for PDGFRa+ GIST, the broader 4L label is much more valuable, and he continues to believe ripretinib has the better data here. The analyst said he is "incrementally positive" on Deciphera.

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Initiation
B&G Foods initiated with a Hold at Jefferies » 18:28
01/22/20
01/22
18:28
01/22/20
18:28
BGS

B&G Foods

$16.25 /

+0.195 (+1.21%)

Jefferies analyst Rob…

Jefferies analyst Rob Dickerson initiated coverage of B&G Foods with a Hold rating and $15 price target. The analyst cites the company's decelerating tracked-channel retail trends, relatively low gross margin, 500bps decline in operating margin over the past 5 years, high leverage with an industry-high dividend yield, and little available cash to invest in brand support.

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Initiation
Calavo Growers initiated with a Hold at Jefferies » 18:25
01/22/20
01/22
18:25
01/22/20
18:25
CVGW

Calavo Growers

$80.49 /

+0.23 (+0.29%)

Jefferies analyst Rob…

Jefferies analyst Rob Dickerson initiated coverage of Calavo Growers with a Hold rating and $84 price target. The analyst is positive on the company's position in the avocado market and its high-single digit revenue growth with 15% earnings growth over the past 5 years. Dickerson notes however that Calavo's "low margin structure" exposes it to potentially high volatility in earnings from relatively small swings in profitability. The analyst is also citing the threat of a more competitive backdrop in 2020.

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Initiation
Lamb Weston assumed with a Hold at Jefferies » 18:21
01/22/20
01/22
18:21
01/22/20
18:21
LW

Lamb Weston

$91.19 /

+0.01 (+0.01%)

Jefferies analyst Rob…

Jefferies analyst Rob Dickerson assumed coverage of Lamb Weston with a Hold rating and $96 price target. The analyst says the company has benefited from its "impressive" pricing power, limited competition, and large scale over the past 3 years, but as it laps one-off benefits next year, he prefers to be on the sidelines given the near-term deceleration risk for the stock.

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Initiation
Flowers Foods initiated with a Hold at Jefferies » 18:18
01/22/20
01/22
18:18
01/22/20
18:18
FLO

Flowers Foods

$21.75 /

-0.27 (-1.23%)

Jefferies analyst Rob…

Jefferies analyst Rob Dickerson initiated coverage of Flowers Foods with a Hold rating and $23 price target. The analyst believes that the company remains well-positioned to continue generating better revenue growth than many of its peers and offers margin expansion potential through supply chain optimization, but he sees the current risk-reward on the stock as balanced.

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Initiation
Kellogg initiated with a Hold at Jefferies » 18:15
01/22/20
01/22
18:15
01/22/20
18:15
K

Kellogg

$70.25 /

-0.32 (-0.45%)

Jefferies analyst Rob…

Jefferies analyst Rob Dickerson initiated coverage of Kellogg with a Hold rating and $74 price target. The analyst notes that if North America cereal consumption trends improve and its emerging market share gains continue, the stock could be an "emerging growth story". Dickerson notes however that the valuation on Kellogg is "fair" as he prefers to see sustainable consumption trend improvements before turning more constructive on the stock.

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Initiation
General Mills initiated with a Hold at Jefferies » 18:12
01/22/20
01/22
18:12
01/22/20
18:12
GIS

General Mills

$53.97 /

-0.37 (-0.68%)

, WMT

Walmart

$116.10 /

+0.53 (+0.46%)

, K

Kellogg

$70.25 /

-0.32 (-0.45%)

Jefferies analyst Rob…

Jefferies analyst Rob Dickerson initiated coverage of General Mills (GIS) with a Hold rating and $57 price target. The analyst notes that the company is about to lap its Blue Buffalo rollout at Walmart (WMT) in Q4, its Fiber One bars continue to struggle, and its yogurt products remains soft. However, he is not prepared to become bearish on the stock given its favorable cereal trends, resilient soup volumes and a 15% valuation discount relative to Kellogg (K).

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Initiation
J & J Snack Foods initiated with a Hold at Jefferies » 18:07
01/22/20
01/22
18:07
01/22/20
18:07
JJSF

J & J Snack Foods

$183.94 /

-0.28 (-0.15%)

Jefferies analyst Rob…

Jefferies analyst Rob Dickerson initiated coverage of J & J Snack Foods with a Hold rating and $200 price target. The analyst is positive on the company's overcapitalized position, clean balance sheet and "sticky" customer base, but he is concerned with its 40-times enterprise value to expected EBITDA valuation, which is nearly an all-time high.

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Initiation
TreeHouse assumed with a Hold at Jefferies » 18:04
01/22/20
01/22
18:04
01/22/20
18:04
THS

TreeHouse

$46.83 /

-0.085 (-0.18%)

Jefferies analyst Rob…

Jefferies analyst Rob Dickerson assumed coverage of TreeHouse with a Hold rating and $52 price target. The analyst is positive on the company's "optimized portfolio" with margin-mix positive divestments and improved customer service levels, but he needs "more evidence" of top-line growth re-emergence given the lack of clarity around consumption trends of its products and prior order volatility.

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Upgrade
Hudbay Minerals upgraded to Outperformer from Neutral at CIBC » 18:03
01/22/20
01/22
18:03
01/22/20
18:03
HBM

Hudbay Minerals

$3.41 /

-0.12 (-3.40%)

CIBC analyst Oscar…

CIBC analyst Oscar Cabrera upgraded Hudbay Minerals to Outperformer from Neutral with a price target of $8, up from $5. The analyst, after rolling over his estimates to 2021, cites the company's flat or increasing copper equivalent production and improving free cash flow generation for the upgrade.

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Turquoise Hill upgraded to Outperformer from Neutral at CIBC » 18:02
01/22/20
01/22
18:02
01/22/20
18:02
TRQ

Turquoise Hill

$0.68 /

-0.0221 (-3.15%)

CIBC analyst Oscar…

CIBC analyst Oscar Cabrera upgraded Turquoise Hill to Outperformer from Neutral with a price target of C$1.60, up from C$1.00. The analyst, after rolling over his estimates to 2021, cites the company's flat or increasing copper equivalent production and improving free cash flow generation for the upgrade.

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