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On The Fly
Fly Intel: Pre-market Movers » 09:03
04/07/20
04/07
09:03
04/07/20
09:03
XOM

Exxon Mobil

$40.45 /

+1.25 (+3.19%)

, M

Macy's

$5.65 /

+0.84 (+17.48%)

, W

Wayfair

$71.53 /

+20.86 (+41.17%)

, HOLX

Hologic

$35.82 /

+3.01 (+9.17%)

, NGM

NGM Biopharmaceuticals

$13.39 /

+1.07 (+8.69%)

, GBX

Greenbrier

$14.30 /

+1.255 (+9.62%)

, ANGO

AngioDynamics

$10.19 /

+0.55 (+5.71%)

, LNN

Lindsay

$93.92 /

+10.01 (+11.93%)

, SEAC

SeaChange

$3.61 /

+0.34 (+10.40%)

Check out this morning's…

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Wayfair upgraded to Buy from Neutral at BofA » 06:24
04/07/20
04/07
06:24
04/07/20
06:24
W

Wayfair

$71.53 /

+20.86 (+41.17%)

BofA analyst Justin Post…

BofA analyst Justin Post upgraded Wayfair to Buy from Neutral with a price target of $103, up from $89, following its Q1 revenue growth outlook. The analyst notes that while the stock is well off its bottom, it is also 58% below the high from 2019 and 33% below that of January, adding that the company's renewed focus on profitability and valuation of 0.5-times his expected 2021 revenue offers a positive risk-reward.

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Wayfair upgraded to Buy from Neutral at BofA » 06:18
04/07/20
04/07
06:18
04/07/20
06:18
W

Wayfair

$71.53 /

+20.86 (+41.17%)

BofA upgraded Wayfair to…

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Yesterday
Hot Stocks
Regeneron says Sanofi to have sole Praluent responsibility outside U.S. » 17:09
04/06/20
04/06
17:09
04/06/20
17:09
SNY

Sanofi

$46.14 /

+1.25 (+2.78%)

, REGN

Regeneron

$504.27 /

+11.135 (+2.26%)

Regeneron (REGN)…

Regeneron (REGN) announced that the company has finalized the planned Praluent restructuring with Sanofi (SNI). Regeneron also announced important changes to its accounting presentation effective January 1.The new Praluent agreements, effective April 1, simplify the antibody collaboration between the companies, increasing efficiency and streamlining operations. In the U.S., Regeneron will have sole responsibility for Praluent and record net product sales. Sanofi will have sole responsibility outside the U.S. and pay Regeneron a royalty on Praluent net product sales. Effective January 1 , Regeneron has implemented changes in the presentation of its consolidated financial statements related to certain reimbursements and other payments for products developed and commercialized with collaborators. Regeneron made these changes to better reflect the nature of revenues earned and costs incurred pursuant to arrangements with collaborators. There is no impact from these changes in presentation to income from operations, income taxes, net income and net income per share. Under these changes in accounting, Regeneron will no longer record reimbursements for research and development and selling, general and administrative expenses from collaborators as revenue, and these reimbursements will now be netted against the respective expenses. As a result of the accounting changes, for the first quarter of 2020, both total revenue and operating expenses are estimated to be approximately $300M lower than with the previous accounting treatment.

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On The Fly
Fly Intel: Wall Street's top stories for Monday » 16:57
04/06/20
04/06
16:57
04/06/20
16:57
DAL

Delta Air Lines

$22.15 /

-0.33 (-1.47%)

, UAL

United Airlines

$23.99 /

+1.1 (+4.81%)

, JBLU

JetBlue

$7.72 /

+0.25 (+3.35%)

, LUV

Southwest

$30.70 /

+0.17 (+0.56%)

, ALK

Alaska Air

$26.64 /

+1.99 (+8.07%)

, BA

Boeing

$148.58 /

+23.99 (+19.26%)

, EADSY

Airbus

$0.00 /

+ (+0.00%)

, ZM

Zoom Video

$122.90 /

-5.18 (-4.04%)

, MSFT

Microsoft

$165.27 /

+11.35 (+7.37%)

, FB

Facebook

$165.42 /

+11.23 (+7.28%)

, TSN

Tyson Foods

$56.48 /

+2.73 (+5.08%)

, IMMU

Immunomedics

$18.77 /

+9.38 (+99.89%)

, W

Wayfair

$71.53 /

+20.86 (+41.17%)

, CODX

Co-Diagnostics

$10.29 /

+2.095 (+25.56%)

, CCL

Carnival

$10.19 /

+1.7 (+20.02%)

, LK

Luckin Coffee

$4.38 /

-0.98 (-18.28%)

, SMPL

Simply Good Foods

$17.12 /

-1.58 (-8.45%)

Stocks jumped to start…

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Recommendations
Beyond Meat price target lowered to $77 from $108 at JPMorgan » 14:47
04/06/20
04/06
14:47
04/06/20
14:47
BYND

Beyond Meat

$65.36 /

+5.41 (+9.02%)

JPMorgan analyst Ken…

JPMorgan analyst Ken Goldman lowered the firm's price target on Beyond Meat to $77 from $108 and keeps a Neutral rating on the shares. Goldman said he is reducing his estimates on the stock as well to account for the COVID-19 pandemic, which should both reduce food service sales by a greater degree than it helps retail sales and push pricing and margins down in food service. The analyst noted that he remains favorable in general to the Beyond Meat fundamentals over the long run, but he sees too much near-term uncertainty to be constructive right now, especially with 51% of 2019's revenues going to food service. Goldman added that he would like Wall Street estimates to come down further before considering becoming more positive on the shares.

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Recommendations
Wayfair price target raised to $75 from $70 at Stifel » 14:14
04/06/20
04/06
14:14
04/06/20
14:14
W

Wayfair

$69.94 /

+19.27 (+38.03%)

Stifel analyst Scott…

Stifel analyst Scott Devitt raised the firm's price target on Wayfair to $75 from $70 after the company updated on its business amid the COVID-19 pandemic, reporting that it expects to meet or exceed its Q1 revenue growth guidance and noting an acceleration of growth at the end of March that continued into April. Wayfair's current business trends were "a positive surprise," according to Devitt, who also noted that Wayfair announced a private placement of $535M in convertible notes. He is encouraged by both the current momentum and strengthening of the balance sheet and keeps a Buy rating on the shares.

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On The Fly
Fly Intel: Wall Street's top stories at midday » 13:21
04/06/20
04/06
13:21
04/06/20
13:21
DAL

Delta Air Lines

$22.36 /

-0.12 (-0.53%)

, UAL

United Airlines

$24.16 /

+1.265 (+5.53%)

, JBLU

JetBlue

$7.85 /

+0.38 (+5.09%)

, BRK.A

Berkshire Hathaway

$275,286.00 /

+6786 (+2.53%)

, BRK.B

Berkshire Hathaway

$183.00 /

+4.76 (+2.67%)

, LUV

Southwest

$30.85 /

+0.32 (+1.05%)

, BA

Boeing

$138.25 /

+13.66 (+10.96%)

, ZM

Zoom Video

$120.02 /

-8.06 (-6.29%)

, MSFT

Microsoft

$161.58 /

+7.66 (+4.98%)

, IMMU

Immunomedics

$18.35 /

+8.96 (+95.42%)

, W

Wayfair

$70.75 /

+20.08 (+39.63%)

, CODX

Co-Diagnostics

$10.35 /

+2.155 (+26.30%)

, CCL

Carnival

$10.36 /

+1.87 (+22.03%)

, CUK

Carnival plc

$9.34 /

+1.4 (+17.63%)

, LK

Luckin Coffee

$4.55 /

-0.81 (-15.11%)

, SMPL

Simply Good Foods

$17.68 /

-1.02 (-5.45%)

The S&P, Dow and…

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Hot Stocks
Xerox, Vortran Medical partnering to mass produce disposable ventilators » 12:33
04/06/20
04/06
12:33
04/06/20
12:33
XRX

Xerox

$18.72 /

+1.84 (+10.90%)

Xerox Holdings and…

Xerox Holdings and Vortran Medical Technology are teaming up to speed and scale production of Vortran's GO2Vent ventilator and related Airway Pressure Monitor for hospitals and emergency response units fighting the battle against COVID-19. The two companies expect to work together to quickly respond to the shortage of critical ventilation equipment necessary to support patients breathing. Assuming a stable supply of essential parts, the companies will be rapidly scaling up production from approximately 40,000 ventilators in April to between 150,000 and 200,000 ventilators a month by June. Together, Xerox and Vortran could produce as many as 1 million ventilators in the coming months. While the GO2Vent is not a replacement for ventilators found in intensive care units, it is widely used in emergency situations, inter-hospital transport and MRIs. Given the shortage of ICU-grade ventilators, medical professionals are utilizing tools like this and other technology to support patients who do not yet or no longer need an ICU-level breathing device, which can be freed up for another patient. Xerox plans to manufacture these FDA-approved ventilators and APM-Plus devices at its facility outside of Rochester, NY, where the company was founded and maintains a large presence. Vortran will continue to manufacture ventilators at its current facility in Sacramento, CA. Vortran's GO2Vent was designed for emergency use, natural disasters and disease outbreaks such as the COVID-19 pandemic. A gas-operated, disposable ventilator that can be set-up within minutes and discarded after use by a single patient, it provides support via a secure airway and can be operated on a compressor, oxygen or air with a minimum of 10 liters per minute flow rates. The GO2Vent can provide continuous ventilatory support for up to 30 days and operates independent of Vortran's APM-Plus. The APM-Plus is a battery operated, portable device that connects to a GO2Vent and provides enhanced monitoring of patient status and key respiratory parameters. Given the need to confirm key supplies, the companies are actively assessing how quickly production can ramp for the APM-Plus devices. In addition to scaling up production of the GO2Vent and APM-Plus, Xerox and Vortran expect to compile and analyze data and feedback from healthcare professionals on the frontlines of the battle against COVID-19 in order to design and mass produce external, in-line modifications that can be added to the GO2Vent to expand the potential applications of this life-saving equipment. Both Xerox and Vortran will distribute the products.

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Recommendations
Baird boosts Wayfair target to $73 after positive preannouncement » 12:05
04/06/20
04/06
12:05
04/06/20
12:05
W

Wayfair

$69.69 /

+19.02 (+37.54%)

, AMZN

Amazon.com

$1,959.11 /

+53.78 (+2.82%)

Baird analyst Colin…

Baird analyst Colin Sebastian raised the firm's price target on Wayfair to $73 from $67 and keeps an Outperform rating on the shares. The retailer this morning confirmed a surge in demand and likely Q1 outperformance as consumers stay at home, bricks-and-mortar stores close, and online competitors such as Amazon (AMZN) focus on food and other consumable retail categories, Sebastian tells investors in a research note. Further, Wayfair is strengthening its balance sheet with a new $535M convertible senior note, which should help to alleviate recent liquidity concerns, adds the analyst. Sebastian believes Wayfair benefiting significantly from the work-from-home trend and competitor disruptions and keeps an Outperform rating on the shares.

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