| Over a week ago | ||||
Fly Intel: Top five weekend stock stories »
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Catch up on the… Catch up on the weekend's top five stories with this list compiled by The Fly: 1. In a blog post, Tesla (TSLA) said that, "Contrary to the Governor's recent guidance and support from the City of Fremont, Alameda County is insisting we should not resume operations. This is not for lack of trying or transparency since we have met with and collaborated on our restart plans with the Alameda County Health Care Services Agency. Unfortunately, the County Public Health Officer who is making these decisions has not returned our calls or emails. [...] the County's position left us no choice but to take legal action to ensure that Tesla and its employees can get back to work. We filed a lawsuit on May 9 asking the court to invalidate the County Orders, to the extent the County claims they prevent Tesla from resuming operations. Meanwhile, CEO Elon Mush said in a series of tweets that, "Tesla is filing a lawsuit against Alameda County immediately. The unelected & ignorant "Interim Health Officer" of Alameda is acting contrary to the Governor, the President, our Constitutional freedoms & just plain common sense! [...] Frankly, this is the final straw. Tesla will now move its HQ and future programs to Texas/Nevada immediately. If we even retain Fremont manufacturing activity at all, it will be dependent on how Tesla is treated in the future. Tesla is the last carmaker left in CA." 2. The U.S. Department of Health and Human Services said it would allow state health departments to distribute Gilead Sciences' (GILD) remdesivir drug to fight COVID-19, and the U.S. would receive about 40% of the drug maker's global donation, according to Reuters. 3. The U.S. has lost nearly 40% of its banks since the financial crisis, largely due to industry consolidation, and many industry observers see the trend resuming once the nation's health crisis passes and economic activity begins to normalize, Carleton English wrote in this week's edition of Barron's. The publication identified at least six potential targets, namely Regions Financial (RF), Synovus Financial (SNV), First Foundation (FFWM), Atlantic Capital (ACBI), TCF Financial (TCF), and Citizens Financial (CFG). On the potential buyers side, Barron's highlights Prosperity Bancshares (PB), BancorpSouth Bank (BXS), Toronto-Dominion Bank (TD), Bank of Montreal (BMO), and Independent Bank (IBTX). 4. Pfizer (PFE) said it is in talks to shift more of its medicine production to outside contractors as it prepares for large-scale production of an experimental vaccine to prevent COVID-19, should it prove safe and effective, Reuters' Carl O'Donnell and Michael Erman reported. The U.S. drugmaker is tapping its network of around 200 outside contractors, which includes Catalent (CTLT), Lonza Group (LZAGY), and Thermo Fisher Scientific (TMO), to play a bigger role in producing some of its existing medicines, Mike McDermott, president of global supply at Pfizer, told Reuters in an interview. 5. Boyd Gaming (BYD), Tencent (TCEHY), Alibaba (BABA), JD.com (JD), Equinix (EQIX), QTS Realty (QTS), American Tower (AMT), SBA Communications (SBAC), Alexandra Real Estate (ARE), Prologis (PLD), Douglas Emmett (DEI), AvalonBay Communities (AVB), Equity Residential (EQR), Agree Realty (ADC), and Four Corners (FCPT) saw positive mentions in this week's edition of Barron's. | ||||
The U.S. has lost nearly… The U.S. has lost nearly 40% of its banks since the financial crisis, largely due to industry consolidation, and many industry observers see the trend resuming once the nation's health crisis passes and economic activity begins to normalize, Carleton English writes in this week's edition of Barron's. The publication identified at least six potential targets, namely Regions Financial (RF), Synovus Financial (SNV), First Foundation (FFWM), Atlantic Capital (ACBI), TCF Financial (TCF), and Citizens Financial (CFG). On the potential buyers side, Barron's highlights Prosperity Bancshares (PB), BancorpSouth Bank (BXS), Toronto-Dominion Bank (TD), Bank of Montreal (BMO), and Independent Bank (IBTX). Reference Link | ||||
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Piper Sandler analyst… Piper Sandler analyst Matthew Clark upgraded First Foundation to Overweight from Neutral with a price target of $15, up from $11. The analyst expects the company to benefit from low rates on its liability sensitive balance sheet and "much more benign" deferral activity relative to peers. | ||||
Reports Q1 loan loss… Reports Q1 loan loss provision $2.3M vs. $540K a year ago.Tangible book value per share at quarter end was $11.80 vs. $11.57 at previous quarter end. | ||||
Conference call with… Conference call with Management to be held on March 30 hosted by B. Riley FBR. | ||||
Conference call with… Conference call with Management to be held on March 30 hosted by B. Riley FBR. | |
Catch up on today's… Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Prestige Brands (PBH) initiated with a Perform at Oppenheimer. 2. First Foundation (FFWM) initiated with an Outperform at Wedbush. 3. Compugen (CGEN) initiated with a Buy at SunTrust. 4. Verrica Pharmaceuticals (VRCA) initiated with a Buy at Needham. 5. Passage Bio (PASG) initiated with a Buy at Goldman Sachs, an Overweight at JPMorgan, and an Outperform at Cowen. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here. | |
As previously reported,… As previously reported, Wedbush analyst David Chiaverini initiated coverage of First Foundation with an Outperform rating and $13 price target. The defensive positioning of its loan portfolio, with significant exposure to multifamily loans and residential mortgage loans, should help the bank's credit quality hold up better than peers in the next recession, Chiaverini tells investors. | |
Wedbush analyst David… Wedbush analyst David Chiaverini initiated coverage of First Foundation with an Outperform rating and $13 price target. | |
The nation's… The nation's regional banks are particularly sensitive to the challenges posed by the pandemic, but the good news is that these banks are less exposed to commercial business than they have previously been, Carleton English writes in this week's edition of Barron's. With so many regional banks hit hard, opportunities are beginning to emerge, the author notes. First Foundation (FFWM), which does traditional banking but also wealth management and other services, is one opportunity, while investors could also look to some of the larger regional banks suck as M&T Bank (MTB), PNC Financial (PNC) and U.S. Bancorp (USB), the report notes. Reference Link |