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10:50
02/28/20
02/28
10:50
02/28/20
10:50

Fed policy outlook: don't conflate the stock market with the economy

Fed policy outlook: don't conflate the stock market with the economy and consequently expect the FOMC to ease near term. The plunge in stocks with the fastest turnaround from record highs to correction territory has prompted a heavy flight to safety, with Treasuries and Fed funds futures pricing in 50 bps in easing at the March 17, 18 FOMC. However, the Fed has long indicated that it needs a "material" change in the outlook in order to adjust policy. Analysts don't believe COVID-19 counts as such. In fact, nearly every recent piece of data have reflected perhaps a better economy than the Fed expected. Some Fed officials has also indicated confidence numbers will be important. And if that's the case, then the latest Michigan consumer sentiment data should be supportive for the Fed to remain sidelined and just monitor conditions.

TODAY'S FREE FLY STORIES

Downgrade
Tsingtao Brewery downgraded to Neutral from Buy at Goldman Sachs » 21:42
04/05/20
04/05
21:42
04/05/20
21:42
TSGTF

Tsingtao Brewery

$0.00 /

+ (+0.00%)

Goldman Sachs analyst…

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UBS downgrades Northern Trust to Sell on downside earnings risk » 21:40
04/05/20
04/05
21:40
04/05/20
21:40
NTRS

Northern Trust

$77.18 /

+0.26 (+0.34%)

, BK

BNY Mellon

$33.69 /

+ (+0.00%)

UBS analyst Brennan…

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Initiation
Raytheon Technologies reinstated with a Sector Perform at RBC Capital » 21:35
04/05/20
04/05
21:35
04/05/20
21:35
RTX

Raytheon Technologies

$49.87 /

-36.17 (-42.04%)

RBC Capital analyst Deane…

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Cemex downgraded to Neutral on 2020 EBITDA decline at JPMorgan » 21:33
04/05/20
04/05
21:33
04/05/20
21:33
CX

Cemex

$1.73 /

-0.145 (-7.73%)

JPMorgan analyst Adrian…

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Gannett downgraded to Sell from Buy at Citi » 21:29
04/05/20
04/05
21:29
04/05/20
21:29
GCI

Gannett

$0.81 /

-0.155 (-16.14%)

Citi analyst Jason…

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Northern Trust downgraded to Sell from Neutral at UBS » 21:13
04/05/20
04/05
21:13
04/05/20
21:13
NTRS

Northern Trust

$77.18 /

+0.26 (+0.34%)

UBS analyst Brennan…

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Cemex downgraded to Neutral from Overweight at JPMorgan » 21:11
04/05/20
04/05
21:11
04/05/20
21:11
CX

Cemex

$1.73 /

-0.145 (-7.73%)

JPMorgan analyst Adrian…

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TechnipFMC upgraded to Outperform from Underperform at Bernstein » 21:09
04/05/20
04/05
21:09
04/05/20
21:09
FTI

TechnipFMC

$7.20 /

-0.335 (-4.45%)

Bernstein analyst…

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Subsea 7 SA upgraded to Outperform from Market Perform at Bernstein » 21:08
04/05/20
04/05
21:08
04/05/20
21:08
SUBC

Subsea 7 SA

$0.00 /

+ (+0.00%)

Bernstein analyst…

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Schlumberger upgraded to Outperform from Underperform at Bernstein » 21:07
04/05/20
04/05
21:07
04/05/20
21:07
SLB

Schlumberger

$14.30 /

+0.44 (+3.17%)

Bernstein analyst…

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Patterson-UTI upgraded to Market Perform from Underperform at Bernstein » 21:07
04/05/20
04/05
21:07
04/05/20
21:07
PTEN

Patterson-UTI

$1.70 /

-0.175 (-9.33%)

Bernstein analyst…

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Oceaneering upgraded to Market Perform from Underperform at Bernstein » 21:06
04/05/20
04/05
21:06
04/05/20
21:06
OII

Oceaneering

$2.82 /

-0.21 (-6.93%)

Bernstein analyst…

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National Oilwell upgraded to Outperform from Market Perform at Bernstein » 21:06
04/05/20
04/05
21:06
04/05/20
21:06
NOV

National Oilwell

$9.85 /

-0.25 (-2.48%)

Bernstein analyst…

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Helmerich & Payne upgraded to Outperform from Market Perform at Bernstein » 21:05
04/05/20
04/05
21:05
04/05/20
21:05
HP

Helmerich & Payne

$15.44 /

-0.905 (-5.54%)

Bernstein analyst…

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Halliburton upgraded to Market Perform from Underperform at Bernstein » 21:05
04/05/20
04/05
21:05
04/05/20
21:05
HAL

Halliburton

$7.61 /

+0.105 (+1.40%)

Bernstein analyst…

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Baker Hughes upgraded to Outperform from Underperform at Bernstein » 21:05
04/05/20
04/05
21:05
04/05/20
21:05
BKR

Baker Hughes

$10.38 /

+0.025 (+0.24%)

Bernstein analyst…

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Infineon upgraded to Buy from Hold at Societe Generale » 20:56
04/05/20
04/05
20:56
04/05/20
20:56
IFNNY

Infineon

$0.00 /

+ (+0.00%)

Societe Generale analyst…

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Downgrade
Cemex downgraded to Neutral from Outperform at Credit Suisse » 20:49
04/05/20
04/05
20:49
04/05/20
20:49
CX

Cemex

$1.73 /

-0.145 (-7.73%)

Credit Suisse downgraded…

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Downgrade
Designer Brands downgraded to Neutral from Positive at Susquehanna » 20:48
04/05/20
04/05
20:48
04/05/20
20:48
DBI

Designer Brands

$3.81 /

-0.29 (-7.07%)

Susquehanna analyst Sam…

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Downgrade
Steven Madden downgraded to Neutral from Positive at Susquehanna » 20:48
04/05/20
04/05
20:48
04/05/20
20:48
SHOO

Steven Madden

$20.51 /

-0.48 (-2.29%)

Susquehanna analyst Sam…

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Hot Stocks
Fly Intel: Top five weekend stock stories » 20:09
04/05/20
04/05
20:09
04/05/20
20:09
GILD

Gilead

$78.22 /

+1.255 (+1.63%)

, BA

Boeing

$124.59 /

+1.38 (+1.12%)

, FB

Facebook

$154.19 /

-3.92 (-2.48%)

, TWTR

Twitter

$23.08 /

+0.07 (+0.30%)

, GOOG

Alphabet

$1,097.93 /

-25.87 (-2.30%)

, GOOGL

Alphabet Class A

$1,092.51 /

-24.78 (-2.22%)

, UAL

United Airlines

$22.89 /

-0.53 (-2.26%)

, CMCSA

Comcast

$33.94 /

-0.43 (-1.25%)

, CMCSK

Comcast

$0.00 /

+ (+0.00%)

, T

AT&T

$27.46 /

-1.305 (-4.54%)

, VZ

Verizon

$54.72 /

-0.52 (-0.94%)

, ABT

Abbott

$79.50 /

+0.075 (+0.09%)

, CVX

Chevron

$75.15 /

-1.07 (-1.40%)

, HRL

Hormel Foods

$48.37 /

+0.72 (+1.51%)

, JNJ

Johnson & Johnson

$134.13 /

+1.05 (+0.79%)

, KMB

Kimberly-Clark

$130.02 /

+0.58 (+0.45%)

, MDT

Medtronic

$86.17 /

+0.02 (+0.02%)

, PG

Procter & Gamble

$115.10 /

+0.68 (+0.59%)

, TROW

T. Rowe Price

$95.02 /

-2.13 (-2.19%)

Catch up on the…

Catch up on the weekend's top five stories with this list compiled by The Fly: 1. Gilead Sciences (GILD) said it is donating 1.5M doses of its experimental anti-coronavirus drug remdesivir, which could treat 140,000 patients. In an open letter, Chairman and CEO Daniel O'Day said that the drug will be offered for compassionate use, expanded access and clinical trials, and will treat patients with severe symptoms. "Our existing supply, including finished product ready for distribution as well as investigational medicine in the final stages of production, amounts to 1.5 million individual doses. Depending on the optimal duration of treatment, which is something we are studying in clinical trials, this supply could equate to well over 140,000 treatment courses for patients. [...] Gilead is providing the entirety of this existing supply at no cost, to treat patients with the most severe symptoms of COVID-19. The 1.5 million individual doses are available for compassionate use, expanded access and clinical trials and will be donated for broader distribution following any potential future regulatory authorizations. These doses are for treating patients with severe symptoms, through daily intravenous infusions in a hospital setting. Having a potential treatment in our hands comes with significant responsibility." 2. Boeing (BA) announced that it is extending the temporary suspension of production operations at all Puget Sound area and Moses Lake sites until further notice. "These actions are being taken in light of the company's continuing focus on the health and safety of employees, current assessment of the spread of COVID-19 in Washington state, the reliability of the supply chain and additional recommendations from government health authorities," the plane maker said in a statement Sunday night. 3. Across the media landscape, advertising is disappearing, one more casualty of the global economic shutdown, and new technology won't be a savior as this is an equal-opportunity problem across print, TV, digital, radio, and outdoor advertising, Eric Savitz wrote in this week's edition of Barron's. Even the most prominent ad buyers lack reasons, and often the means, to buy ads, the author notes, while many of the small and medium-size businesses that buy online ads are struggling to stay solvent. Both Facebook (FB) and Twitter (TWTR) have already warned that they will take a hit from the downturn, and Alphabet's Google (GOOGL) no doubt is seeing the same effects, but so far hasn't discussed the matter, the publication adds. 4. United Airlines (UAL) is cutting nearly 90% of its New York-area flying, as public health officials predicted that the city will reach the peak of its novel coronavirus outbreak in the coming days, The Wall Street Journal's Alison Sider reported. The airline said the reductions set to remain in place for at least three weeks will mean substantially fewer employees will need to show up each day, though workers will continue to receive pay and benefits, the author noted. 5. Comcast (CMCSA), AT&T (T), Verizon (VZ), Abbott Laboratories (ABT), Chevron (CVX), Hormel Foods (HRL), Johnson & Johnson (JNJ), Kimberly-Clark (KMB), Medtronic (MDT), Procter & Gamble (PG), and T. Rowe Price (TROW) saw positive mentions in this week's edition of Barron's.

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Upgrade
Konecranes upgraded to Neutral from Sell at Goldman Sachs » 20:06
04/05/20
04/05
20:06
04/05/20
20:06
KNCRF

Konecranes

$0.00 /

+ (+0.00%)

Goldman Sachs analyst…

Goldman Sachs analyst Daniela Costa upgraded Konecranes to Neutral from Sell with an EUR 18 price target. The analyst cites valuation for the upgrade following the stock's recent underperformance and believes the company's liquidity is better than what's currently priced in.

Initiation
Adyen initiated with a Buy at Jefferies » 19:58
04/05/20
04/05
19:58
04/05/20
19:58
ADYYF

Adyen

$0.00 /

+ (+0.00%)

Jefferies analyst Julian…

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Recommendations
COVID-19 'a tailwind' for restaurant software, Par to take share, says Jefferies » 19:55
04/05/20
04/05
19:55
04/05/20
19:55
PAR

Par Technology

$10.96 /

-1.04 (-8.67%)

Jefferies analyst Samad…

Jefferies analyst Samad Samana hosted a call with Par Technology's CEO Savneet Singh and IR Chris Byrnes, with the impact of Covid-19 being a major focus. While noting an impact on the business, management was constructive on its positioning into the slowdown and remains confident in its long-term prospects, despite near-term headwinds, the analyst notes. In the long-term, Samana believes COVID-19 will provide a tailwind to restaurant software digitalization and Par's strong capital position will enable it to take share. He has a Buy rating and a $35 price target on the shares.

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Initiation
Ingenico initiated with a Hold at Jefferies » 19:52
04/05/20
04/05
19:52
04/05/20
19:52
INGIY

Ingenico

$0.00 /

+ (+0.00%)

, WWLNF

Worldline

$0.00 /

+ (+0.00%)

Jefferies analyst Paul…

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