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CAR

Avis Budget

$10.98 /

+1.29 (+13.31%)

09:28
03/23/20
03/23
09:28
03/23/20
09:28

Avis Budget withdraws financial outlook

Avis Budget Group provided the following business update related to the coronavirus. The company said, "The positive momentum from fourth quarter 2019 continued into January and February, and results for these two months significantly exceeded both prior year and our expectations. Revenue was up 9% as rental days increased by 8% and revenue per day grew 1%, resulting in ~$60 million higher Adjusted EBITDA over the prior year in this timeframe. However, in March reservations and revenue began to be negatively affected as travel restrictions were broadly implemented. The outlook for April and beyond is challenged with reservations down approximately 60% and with the potential for further declines. As a result of these developments, we are withdrawing the financial outlook we provided earlier this year. We are taking numerous steps to proactively manage declining reservations and revenue. We are reviewing our overall fleet plan and aggressively reducing vehicles, matching staffing levels to current demand, and reducing operational costs and pausing capital spending among other actions. We are also evaluating compensation expense and intend to make reductions, including to base compensation for senior employees including the executive leadership team. Overall, we are targeting more than $400 million in annualized cost reduction and mitigation. These savings will serve us well even after the emergency passes. We will be reporting on our progress toward this target in future communications. We have consistently maintained a strong balance sheet with no meaningful corporate debt maturities until 2023. Earlier this year, we extended our Term Loan B to 2027, added a year of maturity to our AESOP variable funding facilities to 2022, and accessed the ABS markets for term vehicle funding, leaving us with no material fleet financing maturities in 2020. In response to the current unprecedented circumstances, we have accessed surplus equity in our vehicle fleet to provide us with approximately $1.1 billion in cash, and we currently estimate the available credit under our undrawn revolving credit facility to be approximately $750 million. Given the actions we have taken to reduce our fleet and right size our operations for the expected downturn in reservations, we expect to have sufficient liquidity to operate through the end of 2020 and beyond. We are coordinating with the American Car Rental Association and other U.S. car rental companies to ensure government leaders understand the difficult circumstances our industry is facing. As policy makers are aware, Avis Budget has served a critical role in the U.S. travel industry for over 70 years and we believe this will be considered as part of any broader travel support package. We are also coordinating with car rental associations internationally and working to secure access to the various social plans being implemented in Europe."

CAR Avis Budget
$10.98 /

+1.29 (+13.31%)

03/05/20 Morgan Stanley
Hertz, Avis risk from COVID-19 may be underappreciated, says Morgan Stanley
02/21/20
Fly Intel: Top five analyst downgrades
02/21/20 Morgan Stanley
Morgan Stanley ups Avis price target to $32 after guidance, stays Underweight
02/21/20 Northcoast
Avis Budget downgraded to Neutral from Buy at Northcoast

TODAY'S FREE FLY STORIES

Recommendations
Amarin surprise loss of Vascepa case 'not game over,' says Cantor Fitzgerald » 10:11
03/31/20
03/31
10:11
03/31/20
10:11
AMRN

Amarin

$4.05 /

-9.54 (-70.20%)

Cantor Fitzgerald analyst…

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Initiation
Fly Intel: Top five analyst initiations » 10:10
03/31/20
03/31
10:10
03/31/20
10:10
ITMR

Itamar Medical

$11.19 /

+ (+0.00%)

, KRTX

Karuna Therapeutics

$70.95 /

+0.55 (+0.78%)

, MRTN

Marten Transport

$19.97 /

+0.27 (+1.37%)

, CROX

Crocs

$17.51 /

+0.01 (+0.06%)

, WMT

Walmart

$113.23 /

-2.06 (-1.79%)

Catch up on today's…

Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Itamar Medical (ITMR) initiated with an Outperform at Cowen. 2. Karuna Therapeutics (KRTX) initiated with a Buy at Guggenheim. 3. Marten Transport (MRTN) initiated with a Buy at Loop Capital. 4. Crocs (CROX) initiated with a Hold at Loop Capital. 5. Walmart (WMT) initiated with an Outperform at Wolfe Research. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, Reference Link

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Downgrade
Fly Intel: Top five analyst downgrades » 10:10
03/31/20
03/31
10:10
03/31/20
10:10
AMRN

Amarin

$4.05 /

-9.54 (-70.20%)

, HEXO

Hexo

$0.85 /

+0.0729 (+9.38%)

, BKR

Baker Hughes

$10.91 /

-0.03 (-0.27%)

, VERO

Venus Concept

$3.25 /

-0.4 (-10.96%)

, CRON

Cronos Group

$5.99 /

-0.37 (-5.82%)

downgraded Cronos Group…

downgraded Cronos Group Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Amarin (AMRN) downgraded to Hold from Buy at Jefferies with analyst Michael Yee expecting the stock to be range-bound until there is more clarity on an appeal to last night's negative patent decision and scenarios where generics may not immediately hit. 2. Hexo (HEXO) downgraded to Hold from Buy at Desjardins with analyst John Chu saying near-term funding requirements overshadow better than expected Q2 adjusted EBITDA loss as the company will need up to C$55M in equity financing by April 30. 3. Baker Hughes (BKR) downgraded to Hold from Buy at Argus withanalyst Bill Selesky warning that dramatically lower crude oil prices and demand impact of COVID-19 will lead to greater oil supply imbalances and a sharp deceleration in drilling activity starting in Q2. 4. Venus Concept (VERO) downgraded to Perform from Outperform at Oppenheimer as COVID-19 clouds outlook with analyst Suraj Kalia noting that the COVID-19 situation has forced the company to pull fiscal year 2020 guidance, therefore leaving a level of uncertainty in numbers. 5. Cronos Group (CRON) downgraded to Sell from Hold at Canaccord with analyst sayinh Q4 results came in below expectations on a modest top-line improvement, inventory write-offs, and deepening adjusted EBITDA losses. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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Upgrade
upgraded Fly Intel: Top five analyst upgrades » 10:10
03/31/20
03/31
10:10
03/31/20
10:10
HPE

HP Enterprise

$9.98 /

-0.065 (-0.65%)

, CRUS

Cirrus Logic

$67.49 /

+3.4 (+5.31%)

, CAKE

Cheesecake Factory

$17.00 /

+0.49 (+2.97%)

, AMRN

Amarin

$4.10 /

-9.49 (-69.83%)

, DG

Dollar General

$148.66 /

+2.05 (+1.40%)

upgraded Dollar General…

upgraded Dollar General Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. HP Enterprise (HPE) upgraded to Overweight from Equal Weight at Wells Fargo with analyst Aaron Rakers upgraded HP saying the shares have adequately factored in significant estimate reductions as well as overly discounted the company's debt position. 2. Cirrus Logic (CRUS) upgraded to Buy from Underperform at BofA with analyst Adam Gonzalez stating the risk-reward on the stock has turned more favorable at 17-times expected next-twelve-months earnings vs. 25-times multiple in January. 3. Cheesecake Factory (CAKE) upgraded to Buy from Hold at Gordon Haskett with analyst Jeff Farmer noting that although near-term casual dining same-store-sales uncertainty is at "never-seen-before levels", Cheesecake shares are down 60% since February 20, which creates an "increasingly compelling" 12-month risk/reward profile. 4. Amarin (AMRN) upgraded to Perform from Underperform at Oppenheimer with analyst Leland Gershell citing the expected sharp decline in the stock this morning, following Judge Miranda Du's ruling that Vascepa's patent claims are invalid. 5. Dollar General (DG) upgraded to Overweight from Equal Weight at Wells Fargo with analyst Edward Kelly believing Dollar General has numerous underappreciated tailwinds gaining steam that make the stock a particularly attractive investment at the moment. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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Options
Short term VIX Weekly put sales likely close month-old positions » 10:10
03/31/20
03/31
10:10
03/31/20
10:10
VIX

Volatility Index S&P 500 Options

$0.00 /

+ (+0.00%)

Short term VIX Weekly put…

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Hot Stocks
Co-Diagnostics says recent events 'dramatically changed' trajectory and outlook » 10:06
03/31/20
03/31
10:06
03/31/20
10:06
CODX

Co-Diagnostics

$7.57 /

-0.62 (-7.57%)

Co-Diagnostics announced…

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Hot Stocks
New Residential drops 7% to $5.53 after cutting dividend to preserve liquidity  10:05
03/31/20
03/31
10:05
03/31/20
10:05
NRZ

New Residential

$5.60 /

-0.37 (-6.20%)

 
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Conference/Events
Cowen Washington policy strategist to hold an analyst/industry conference call » 10:05
03/31/20
03/31
10:05
03/31/20
10:05

Washington Research…

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Options
Cloudflare call volume above normal and directionally bullish » 10:05
03/31/20
03/31
10:05
03/31/20
10:05
NET

Cloudflare

$25.40 /

+1.51 (+6.32%)

Bullish option flow…

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Earnings
Papa John's withdrawals FY20 outlook » 10:04
03/31/20
03/31
10:04
03/31/20
10:04
PZZA

Papa John's

$50.32 /

+0.84 (+1.70%)

Papa John's said:…

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Hot Stocks
New Residential estimates book value down 25%-30% from $16.21 on Dec. 31 » 10:03
03/31/20
03/31
10:03
03/31/20
10:03
NRZ

New Residential

$5.82 /

-0.15 (-2.51%)

New Residential…

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Hot Stocks
Papa John's says about 350 of international franchised stores temporarily closed » 10:03
03/31/20
03/31
10:03
03/31/20
10:03
PZZA

Papa John's

$50.49 /

+1.01 (+2.04%)

Papa John's said…

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General news
Consumer Confidence data reported » 10:02
03/31/20
03/31
10:02
03/31/20
10:02

March Consumer Confidence…

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Hot Stocks
New Residential sees 'significant' downward pressure on asset values » 10:02
03/31/20
03/31
10:02
03/31/20
10:02
NRZ

New Residential

$5.82 /

-0.15 (-2.51%)

New Residential…

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Hot Stocks
Papa John's says cash position supporting current operations » 10:02
03/31/20
03/31
10:02
03/31/20
10:02
PZZA

Papa John's

$50.58 /

+1.1 (+2.22%)

Rob Lynch, Papa…

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Hot Stocks
Papa John's says implemented extra health and safety measures » 10:01
03/31/20
03/31
10:01
03/31/20
10:01
PZZA

Papa John's

$50.47 /

+0.985 (+1.99%)

Rob Lynch, Papa…

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Hot Stocks
New Residential cuts quarterly dividend to 5c from 50c » 10:01
03/31/20
03/31
10:01
03/31/20
10:01
NRZ

New Residential

$5.82 /

-0.15 (-2.51%)

New Residential…

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Hot Stocks
Seneca Foods trading resumes  10:00
03/31/20
03/31
10:00
03/31/20
10:00
SENEB

Seneca Foods

$35.50 /

+ (+0.00%)

 
Hot Stocks
Papa John's sees Q1 North American SSS growth of 5.3% » 10:00
03/31/20
03/31
10:00
03/31/20
10:00
PZZA

Papa John's

$50.47 /

+0.985 (+1.99%)

Papa John's…

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General news
U.S. Chicago PMI fell 1.2 points to 47.8 in March » 10:00
03/31/20
03/31
10:00
03/31/20
10:00

U.S. Chicago PMI fell 1.2…

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Conference/Events
Cowen rail equipment analyst to hold an analyst/industry conference call » 09:57
03/31/20
03/31
09:57
03/31/20
09:57

Rail Equipment Analyst…

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Hot Stocks
Seneca Foods trading halted, volatility trading pause  09:55
03/31/20
03/31
09:55
03/31/20
09:55
SENEB

Seneca Foods

$35.50 /

+ (+0.00%)

 
Options
Early notable gainers among liquid option names on March 31st » 09:55
03/31/20
03/31
09:55
03/31/20
09:55
DVN

Devon Energy

$7.05 /

+0.71 (+11.20%)

, MUR

Murphy Oil

$6.25 /

+0.54 (+9.46%)

, NBL

Noble Energy

$5.80 /

+0.5 (+9.43%)

, HP

Helmerich & Payne

$16.31 /

+0.8 (+5.16%)

, EOG

EOG Resources

$38.20 /

+3.17 (+9.05%)

Notable gainers among…

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Conference/Events
TowerJazz to host business news update conference call » 09:55
03/31/20
03/31
09:55
03/31/20
09:55
TSEM

TowerJazz

$15.44 /

+ (+0.00%)

Business news update…

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Conference/Events
Cowen beverages & tobacco analyst to hold analyst/industry conference call » 09:55
03/31/20
03/31
09:55
03/31/20
09:55
NLSN

Nielsen

$13.00 /

-0.09 (-0.69%)

Beverages, Tobacco and…

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