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BX

Blackstone

$60.55 /

-0.52 (-0.85%)

04:55
02/04/20
02/04
04:55
02/04/20
04:55

Blackstone management to meet with BTIG

Market Strategy and Outlook Dinner Meeting with Chief Investment Strategist Joe Zidle to be held in New York on February 4 hosted by BTIG.

  • 04

    Feb

  • 26

    Feb

BX Blackstone
$60.55 /

-0.52 (-0.85%)

01/31/20 BMO Capital
Blackstone price target raised to $53 from $47 at BMO Capital
01/13/20 Credit Suisse
Brookfield price target raised to $68 from $60 at Credit Suisse
12/19/19 Wells Fargo
Wells stays bullish on alternative asset managers into 2020, Ares top pick
11/01/19
Rice University-Jones Graduate School of Business to hold a summit

TODAY'S FREE FLY STORIES

Hot Stocks
Boeing suspends Philadelphia area production operations for two weeks » 22:08
04/02/20
04/02
22:08
04/02/20
22:08
BA

Boeing

$123.21 /

-7.635 (-5.84%)

Boeing said it is…

Boeing said it is temporarily suspending production operations at its facilities in Ridley Township, Pennsylvania, in light of the company's continuous assessment of the spread of COVID-19 in the region. "This action is intended to ensure the well-being of employees, their families and local communities, and will include an orderly shutdown consistent with requirements of U.S. and global defense customers," the company said in a statement. Boeing will suspend operations beginning at the end of day on Friday, April 3. The site includes manufacturing and production facilities for military rotorcraft, including the H-47 Chinook, V-22 Osprey and MH-139A Grey Wolf. Defense and commercial services work and engineering design activities are also performed at the site. The suspension of operations will last two weeks, with return to work on April 20. "During the suspension, Boeing will continue to monitor government guidance and actions on COVID-19 and associated impacts on company operations. The company will conduct additional deep cleaning activities at buildings across the site and establish rigorous criteria for return to work," Boeing added.

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Hot Stocks
Caesars to furlough about 90% of staff at domestic owned properties » 20:47
04/02/20
04/02
20:47
04/02/20
20:47
CZR

Caesars

$6.46 /

-0.17 (-2.56%)

The ongoing COVID-19…

The ongoing COVID-19 public health emergency has prompted the temporary shutdown of Caesars Entertainment Corporation's properties consistent with government or tribe-mandated directives around the world. Given the uncertain duration of the property closures throughout the network, Caesars is temporarily moving to the minimum workforce needed to maintain basic operations. The Company furloughed employees as its properties were ordered closed. The furloughs are expected to impact approximately 90% of employees at its domestic, owned properties as well as its corporate staff. Those individuals who are furloughed remain employees of the company throughout the furlough period. As part of its efforts, Caesars is taking steps to support its team members through the effects of these difficult actions. The company is paying furloughed employees for the first two weeks of the closure period and those employees can use their available paid time off after that. For furloughed employees enrolled in the Caesars health benefit plans, the company is paying 100% of health insurance premiums through June 30, or their return to work, whichever comes sooner.

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Earnings
Iqvia cuts Q1 EPS guidance to $1.46-$1.51 from $1.59-$1.65, consensus $1.59 » 20:45
04/02/20
04/02
20:45
04/02/20
20:45
IQV

Iqvia

$104.69 /

+4.5 (+4.49%)

Cuts Q1 revenue view to…

Cuts Q1 revenue view to $2.71B-$2.74B from $2.79B-$2.84B, consensus $2.81B. The company states: "IQVIA began 2020 with the same strong financial and operational momentum with which it closed 2019, with all three of the company's segments performing to expectations in January and February. As a result of the global spread of COVID-19 beginning in early March, the company began to experience an impact across all three of its reported segments, with a disproportionate impact to the R&D Solutions business. During March the R&DS business experienced, on average, about 35% global site closure and exited the first quarter with approximately 70% of global sites being temporarily inaccessible. While this has led to a decline in site based monitoring, the company has been able to implement remote and risk based monitoring as a partial offset. In addition, new trial start-up activities have been delayed as a result of these site closures. In Asia, however, business conditions have been gradually improving. At the peak of the crisis in China, approximately 80% of sites there were inaccessible, improving to approximately 40% of sites exiting the quarter. For the first quarter, the company expects the incremental unfavorable revenue impact on the R&DS business to be in the of range of $60M- $70M compared with the company's expectations on February 12, 2020. The R&DS business has not experienced any COVID-19 related trial cancellations. In fact, business development activity remained strong in the first quarter. The company continued to add strongly to its already industry leading contracted backlog. Technology and Analytics Solutions is relatively more insulated from the effects of the virus due to a high portion of recurring license revenue in this segment. However, businesses in this segment that rely on face-to-face interactions or are dependent on in-person gatherings, events or conferences are experiencing significant disruption. Similarly, the portion of the company's Real World business that requires site monitoring activity also experienced a decline in the month of March. The company expects a revenue impact from COVID-19 in the TAS segment of approximately $20 million to $30 million in the first quarter compared with the company's expectations on February 12, 2020. During the quarter, technology deployments continued and demand for analytics and technology remained strong, although business development activity began to slow at the end of the quarter due to COVID-19 related meeting postponements and delayed decision making related to certain projects. Activity within the Contract Sales and Medical Solutions business has also become more challenging due to a decline in sales rep visits, and physician attention diverted to the COVID-19 crisis. However, for the first quarter of 2020, IQVIA expects the CSMS business to perform in line with the company's original expectations. Across the business, the company expects a continued recovery in Asia, but expects difficult conditions in Europe and North America to persist at least through the end of the second quarter. The monthly revenue impact of COVID-19 is therefore expected to be greater in the second quarter, but due to cost containment measures, the proportional Adjusted EBITDA drop-through impact is expected to lessen during the second quarter. IQVIA expects an acceleration of business momentum when the crisis subsides due to resumption of delayed activities, which combined with continued strength in new business wins, positions IQVIA well for a strong recovery by the end of 2020 and a return to its growth trajectory headed into 2021."

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Earnings
Notable companies reporting before tomorrow's open » 20:25
04/02/20
04/02
20:25
04/02/20
20:25
STZ

Constellation Brands

$130.01 /

-6.88 (-5.03%)

Notable companies…

Notable companies reporting before tomorrow's open, with earnings consensus, include Constellation Brands (STZ), consensus $1.65.

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Recommendations
Fate Therapeutics price target raised to $63 from $57 at Piper Sandler » 20:14
04/02/20
04/02
20:14
04/02/20
20:14
FATE

Fate Therapeutics

$21.07 /

+0.865 (+4.28%)

Piper Sandler analyst…

Piper Sandler analyst Edward Tenthoff raised the firm's price target on Fate Therapeutics (FATE) to $63 from $57 and keeps an Overweight rating on the shares after the company entered into "major" global collaboration with Johnson & Johnson's Janssen (JNJ) to develop iPSC NK and T-cell therapies against four tumor-associated antigen. The analyst notes that the company previously warned that enrollment may be delayed due to COVID-19, but encouragingly, its first patient was dosed with FT596 in a Phase 1 study of B-cell malignancies and chronic lymphocytic leukemia.

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Hot Stocks
McEwen Mining names Peter Mah as COO effective immediately » 19:43
04/02/20
04/02
19:43
04/02/20
19:43
MUX

McEwen Mining

$0.71 /

+0.0402 (+6.03%)

McEwen Mining announces…

McEwen Mining announces the appointment of Peter Mah, P.Eng., as Chief Operating Officer effective immediately. Peter is a professional engineer with 30 years of global mining experience spanning gold, diamonds and base metals. Peter's experience comes from roles including Chief Operating Officer and Executive Vice President of Luna Gold, Group Executive at Newmont Mining, General Manager at the De Beers Victor Mine, Mine Manager of Newcrest's Kencana Mine, as well as engineering roles at Goldcorp and Placer Dome.

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Merlin Properties upgraded to Neutral from Sell at Goldman Sachs » 19:34
04/02/20
04/02
19:34
04/02/20
19:34
MRPRF

Merlin Properties

$0.00 /

+ (+0.00%)

Goldman Sachs analyst…

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Initiation
Aroundtown resumed with a Buy at Goldman Sachs » 19:29
04/02/20
04/02
19:29
04/02/20
19:29
AANNF

Aroundtown

$0.00 /

+ (+0.00%)

Goldman Sachs analyst…

Goldman Sachs analyst Jonathan Kownator resumed coverage of Aroundtown with a Buy rating and EUR 5.90 price target. The analyst notes that the company's 25% exposure to hotels explains why the stock is down 50% since February, and while it may see some rental losses in 2020, he sees the de-rating in shares as overdone given that hotels should recover faster than retail.

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Segro upgraded to Buy from Neutral at Goldman Sachs » 19:26
04/02/20
04/02
19:26
04/02/20
19:26
SEGXF

Segro

$0.00 /

+ (+0.00%)

Goldman Sachs analyst…

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Derwent London upgraded to Buy from Neutral at Goldman Sachs » 19:24
04/02/20
04/02
19:24
04/02/20
19:24
DWVYF

Derwent London

$0.00 /

+ (+0.00%)

Goldman Sachs analyst…

Goldman Sachs analyst Jonathan Kownator upgraded Derwent London to Buy from Neutral with a 4,174 GBp price target. The analyst says the company is well positioned with a low loan to value ratio of 16.9%, strong tenant profile with low exposure to retail shops, and an attractive and flexible development pipeline.

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Hot Stocks
Nvidia's Stevens sells over 11,000 common shares » 19:14
04/02/20
04/02
19:14
04/02/20
19:14
NVDA

Nvidia

$255.76 /

+12.72 (+5.23%)

In a regulatory filing,…

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Hot Stocks
Shoe Carnival extends store closures until further notice » 19:13
04/02/20
04/02
19:13
04/02/20
19:13
SCVL

Shoe Carnival

$16.32 /

-0.26 (-1.57%)

Shoe Carnival announced…

Shoe Carnival announced it would be extending its store closures until further notice. The company will be evaluating the length of its store closures in-line with guidance from federal, state, and local governments, as well as the safety of its employees. At this time, the company will continue to pay its associates as scheduled, but will further evaluate as the length of the closures becomes clearer. "Above all else, the well-being of our employees, customers and the communities we serve during this difficult period is our priority. We also know that the economic uncertainty that comes with government-mandated shelter-in-place orders has made many of our team members face financial hardships and our continued support during this period is critical," stated Cliff Sifford, Shoe Carnival's Vice Chairman and Chief Executive Officer. Sifford continued, "At the same time, we are taking decisive actions to manage costs across the Company, which includes salary and discretionary expense reductions. While these are tough decisions, we believe they are necessary for the long-term success of Shoe Carnival. We would like to thank our team and customers for the strength and patience they have shown throughout this process, and we are looking forward to the day we are able to safely re-open our stores to the Shoe Carnival community."

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Periodicals
S&P reiterates United States' AA+ credit rating, CNBC reports » 19:12
04/02/20
04/02
19:12
04/02/20
19:12
SPY

SPDR S&P 500 ETF Trust

$251.92 /

+5.81 (+2.36%)

, SPX

S&P 500

$0.00 /

+ (+0.00%)

S&P has affirmed the…

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Periodicals
United Airlines president says revenue down $100M per day, CNBC reports » 19:04
04/02/20
04/02
19:04
04/02/20
19:04
UAL

United Airlines

$23.42 /

-2.225 (-8.68%)

At a United Airlines…

At a United Airlines employee town hall meeting, company president Scott Kirby estimated that the company's revenue is down $100M per day in the wake of the COVID-19 pandemic, CNBC's Phil LeBeau reports. Reference Link

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On The Fly
Fly Intel: After-Hours Movers » 19:02
04/02/20
04/02
19:02
04/02/20
19:02
PLAY

Dave & Buster's

$10.04 /

-0.65 (-6.08%)

, FATE

Fate Therapeutics

$21.07 /

+0.865 (+4.28%)

, TSLA

Tesla

$453.99 /

-27.61 (-5.73%)

, ZUMZ

Zumiez

$14.55 /

-0.34 (-2.28%)

, INCY

Incyte

$77.01 /

+2.8 (+3.77%)

, BBBY

Bed Bath & Beyond

$3.56 /

-0.235 (-6.20%)

, PTON

Peloton

$26.73 /

-1.21 (-4.33%)

, CAKE

Cheesecake Factory

$15.11 /

-0.63 (-4.00%)

, AEHR

Aehr Test Systems

$1.63 /

+0.045 (+2.84%)

, CHWY

Chewy

$35.27 /

-0.575 (-1.60%)

, DTIL

Precision BioSciences

$5.53 /

+0.26 (+4.93%)

Check out this…

Open Full Text

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Hot Stocks
MGM Resorts chairman acquires 182,000 common shares » 18:57
04/02/20
04/02
18:57
04/02/20
18:57
MGM

MGM Resorts

$11.51 /

-0.25 (-2.13%)

In a regulatory filing,…

In a regulatory filing, MGM Resorts chairman Paul J. Salem disclosed the acquisition of 182,000 common shares of the company on April 1 at a price of $10.8723 per share.

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Hot Stocks
GM training workers at Kokomo plant in CDC-recommended cleaning procedures » 18:51
04/02/20
04/02
18:51
04/02/20
18:51
GM

General Motors

$18.18 /

-1.08 (-5.61%)

General Motors said it is…

General Motors said it is actively training employees at the company's Kokomo plant in the extensive screening, cleaning and other CDC-recommended procedures that will be in place when volume production of Ventec Life Systems' critical care ventilator begins in less than two weeks. The production team, which will grow to more than 1,000 men and women, including people who already work for GM and new hires from the Kokomo area, is also gaining hands-on exposure to Ventec's ventilator. "Every ventilator we build can help save lives, and GM's global supply base and manufacturing teams, the UAW, and the Kokomo community are working with passion and unwavering commitment to get the job done," said Gerald Johnson, GM executive vice president, Global Manufacturing. "People have moved mountains to help increase production of Ventec's critical care ventilator and we are just weeks away from delivering these lifesaving devices. I have never seen anything like it in my career." To help protect people working at the Kokomo plant, extensive screening, cleaning and other CDC-recommended procedures will be in place, the company said.

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Hot Stocks
Granite Construction awarded $45M contract by Reno-Tahoe Airport Authority » 18:37
04/02/20
04/02
18:37
04/02/20
18:37
GVA

Granite Construction

$15.53 /

+0.1 (+0.65%)

Granite announced it has…

Granite announced it has been awarded a $45 million contract by the Reno-Tahoe Airport Authority for the Runway 16R-34L Reconstruction Project at the Reno-Tahoe International Airport in Reno, Nevada. Granite's scope of work includes reconstruction of a 20-year-old runway with approximately 40,000 cubic yards of concrete, 25,000 tons of hot-mix asphalt, 22,000 tons of aggregate base, 40,000 tons of asphalt treated base rock and 60,000 tons of wildlife rock that is often used between runways and taxiways to keep animals from burrowing or nesting. Construction materials for the project will be supplied by Granite's Lockwood Facility. Construction on the project is expected to begin in the second quarter of 2020 and is estimated to be complete in the fourth quarter of 2021

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Hot Stocks
Team announces cost reduction actions » 18:36
04/02/20
04/02
18:36
04/02/20
18:36
TISI

Team

$6.44 /

+0.31 (+5.06%)

Team announced immediate…

Team announced immediate cost reduction actions in response to the COVID-19 pandemic, and the oil and gas industry outlook. Team has implemented the following key initiatives to significantly lower costs and sustain cash flow in all aspects of the business: reduced salaries for the executive leadership team, which includes a 20% reduction in the CEO's base salary vs. 2019, a 15% reduction for the other executive officers, and a 20% reduction in the annual cash retainer paid to non-employee directors; all other leadership members' base salaries will be reduced by 10%, and other affected employees will take an 8% reduction; lowered 2020 annual CapEx plan by more than 30%, with a focus on projects that offer the highest rate of return; rationalization of facilities and elimination of all non-essential costs; furloughed technicians that do not have scheduled work as well as related support staff; implemented rolling furloughs and/or reduced salaries/hourly rates for certain non-executive corporate positions; suspended the employer match in our Executive Deferred Compensation Retirement Plan and the Team 401(k) plan; and reducing other overhead costs. Management will provide an update during Team's Q1 earnings release.

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Hot Stocks
Delta, GCMI to manufacture face shields for hospital workers amid pandemic » 18:32
04/02/20
04/02
18:32
04/02/20
18:32
DAL

Delta Air Lines

$22.67 /

-1.16 (-4.87%)

Delta Flight Products…

Delta Flight Products said it is collaborating with Global Center for Medical Innovation, a non-profit affiliate of the Georgia Institute of Technology, to manufacture face shields to protect hospital workers during the COVID-19 pandemic. Using materials and designs provided by GCMI, Delta Flight Products is aiming to quickly deliver an initial order of 2,000 shields to aid workers in New York by Friday, and an additional 4,000 for Atlanta-area hospitals in the following days. "Our entire team is rallying around this effort - it's a meaningful way we can show our support for the health care workers working around the clock to protect us," said Rick Salanitri, President of Delta Flight Products. "Georgia Tech and GCMI have been an incredible partner and we are proud to help carry out the vision of so many leading medical innovators to supply desperately needed personal protective equipment." Reference Link

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Periodicals
Moody's downgrades ExxonMobil to Aa1 from AAA, Bloomberg reports » 18:29
04/02/20
04/02
18:29
04/02/20
18:29
XOM

Exxon Mobil

$40.39 /

+2.85 (+7.59%)

Moody's has…

Moody's has downgraded ExxonMobil to Aa1 from AAA, adding that its outlook is still negative, according to Bloomberg.

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Periodicals
SBA boosts loans rate to 1% after lenders complain, Bloomberg reports » 18:23
04/02/20
04/02
18:23
04/02/20
18:23
SPX

S&P 500

$0.00 /

+ (+0.00%)

, SPY

SPDR S&P 500 ETF Trust

$251.92 /

+5.81 (+2.36%)

, BAC

Bank of America

$20.57 /

+0.775 (+3.92%)

, C

Citi

$39.30 /

+0.75 (+1.95%)

, JPM

JPMorgan

$87.45 /

+3.03 (+3.59%)

, USB

U.S. Bancorp

$32.71 /

+0.77 (+2.41%)

, WFC

Wells Fargo

$27.21 /

+0.63 (+2.37%)

, GS

Goldman Sachs

$149.94 /

+4.55 (+3.13%)

, MS

Morgan Stanley

$33.89 /

+2.25 (+7.11%)

The U.S. Small Business…

The U.S. Small Business Administration has increased to 1% the interest rate lenders may charge small businesses under a $350B U.S. relief program after lenders complained that the previous approved rate of 0.5% was lower than even their own cost of funds, Bloomberg's Mark Niquette and Michael Sasso report. U.S. Treasury Secretary Steven Mnuchin and SBA Jovita Carranza released more guidelines for the lending program just hours prior to its expected availability Friday, the authors note. Banks and other lenders that are essential to carrying the program out had said that they did not have enough guidance on how to complete the loans, including what documentation is necessary from borrowers and how to verify it, the authors say. Publicly traded companies in the space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link

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Hot Stocks
Asur reports March passenger traffic down 35.9% » 18:17
04/02/20
04/02
18:17
04/02/20
18:17
ASR

Asur

$89.66 /

+0.17 (+0.19%)

Grupo Aeroportuario del…

Grupo Aeroportuario del Sureste announced that total passenger traffic for March 2020 decreased 35.9% when compared to March 2019. Passenger traffic decreased 35.8% in Mexico, 35.9% in Puerto Rico and 36.2% in Colombia impacted by the Covid-19 outbreak.

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Periodicals
Mnuchin says small business lending program ready for Friday, CNBC says » 18:16
04/02/20
04/02
18:16
04/02/20
18:16
SPX

S&P 500

$0.00 /

+ (+0.00%)

, SPY

SPDR S&P 500 ETF Trust

$251.92 /

+5.81 (+2.36%)

, BAC

Bank of America

$20.57 /

+0.775 (+3.92%)

, C

Citi

$39.30 /

+0.75 (+1.95%)

, JPM

JPMorgan

$87.45 /

+3.03 (+3.59%)

, USB

U.S. Bancorp

$32.71 /

+0.77 (+2.41%)

, WFC

Wells Fargo

$27.21 /

+0.63 (+2.37%)

, GS

Goldman Sachs

$149.94 /

+4.55 (+3.13%)

, MS

Morgan Stanley

$33.89 /

+2.25 (+7.11%)

U.S. Treasury Secretary…

U.S. Treasury Secretary Steven Mnuchin has doubled-down on the timing of a federal small business lending program, saying during a press conference that the program "will be up and running tomorrow" and that he would raise the interest lenders can charge after hearing feedback from the sector, CNBC's Hugh Son and Dawn Giel report. The comments come as CNBC already reported that none of the participating banks it interviewed are sure they'll be ready when the program launches tomorrow. Publicly traded companies in the space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link

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Hot Stocks
General Electric CEO: We have our liquidity position well in hand » 18:15
04/02/20
04/02
18:15
04/02/20
18:15
GE

General Electric

$6.89 /

-0.15 (-2.13%)

, F

Ford

$4.35 /

-0.065 (-1.47%)

In an interview on…

In an interview on CNBC's Mad Money, General Electric CEO Larry Culp said they've doubled the capacity of ventilator production and plan to do it again. Patient monitor production is also being increased and they're bringing on more capacity in a joint effort with Ford (F). Culp said, "We're doing all we can do to weather the COVID-19 storm. We're not immune from the contraction in travel."

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