|Over a week ago|
Fly Intel: Top five weekend stock stories » 19:5212/2012/20/20
MRNA, FDX, MCK, SFTBY, CMCSA, CMCSK, GOOG, GOOGL, AAPL, BRK.A, BRK.B, KO, ETN, GS, GHC, MSGE, MRK, NEM, LMT, AJRD
Catch up on the…
Catch up on the weekend's top five stories with this list compiled by The Fly: 1. Moderna (MRNA) announced that the Food and Drug Administration's has authorized the emergency use of mRNA-1273, Moderna's vaccine against COVID-19 in individuals 18 years of age or older. The Moderna COVID-19 Vaccine is now authorized for distribution and use under an Emergency Use Authorization. Delivery to the U.S. Government will begin immediately, the company said. The company also said on Sunday that the U.S. Centers for Disease Control and Prevention's Advisory Committee on Immunization Practices voted to recommend the use of the its COVID-19 vaccine in people 18 years of age and older under the Emergency Use Authorization issued by the U.S. Food and Drug Administration. The committee is comprised of independent health experts. 11 ACIP members voted in favor of the vaccine and 0 members voted against. ACIP recommendation follows the December 1, 2020 ACIP recommendation for a Phase 1a rollout in which the first priority for COVID-19 vaccines is given to healthcare personnel treating patients and residents in long-term care facilities. Meanwhile, FedEx Express, a subsidiary of FedEx (FDX), announced that operations are in motion to transport Moderna's COVID-19 vaccines for McKesson Corp. (MCK) throughout the U.S. Following the Food and Drug Administration's approval of Emergency Use Authorization for the Moderna COVID-19 vaccine, FedEx Express will begin transport of the vaccine and kits of supplies for administration of the vaccine, using its FedEx Priority Overnight service supported by FedEx Priority Alert advanced monitoring. 2. After weeks of intense negotiations, congressional leaders have finally reached a deal on a $900B coronavirus relief package that will include a second round of direct payments, Senate Majority Leader Mitch McConnell announced Sunday night, Axios' Alayna Treene and Oriana Gonzalez reported. It includes $300 per week in enhanced unemployment insurance for 11 weeks, $325B for small businesses, $600 stimulus checks and $90B for FEMA. 3. While Comcast (CMCSA; CMCSK) is trading near an all-time high, the stock has badly trailed rivals, up 28% in the past three years versus gains of 50% to 100% for key rivals, Daren Fonda wrote in this week's edition of Barron's. Yet Comcast's stock could be a rock that starts to roll, as investors come to realize that Comcast's diverse portfolio-including broadband, film studios, streaming, and theme parks-is well suited to a post-COVID-19 world, the author noted. 4. Lockheed Martin (LMT) announced it has entered into a definitive agreement to acquire Aerojet Rocketdyne (AJRD) for $56 per share in cash, which is expected to be reduced to $51 per share after the payment of a pre-closing special dividend. This represents a post-dividend equity value of $4.6B and a total transaction value of $4.4B including the assumption of net cash. As part of approving the transaction, Aerojet Rocketdyne announced a special cash dividend, revocable at its option through the payment date, of $5 per share to its holders of record of common stock and convertible senior notes as of the close of business on March 10, 2021, and payable on March 24, 2021. The transaction is expected to close in the second half of 2021 and is subject to the satisfaction of customary closing conditions, including regulatory approvals and approval by Aerojet Rocketdyne's stockholders. 5. Alphabet (GOOGL), Apple (AAPL), Berkshire Hathaway (BRK.A), Coca-Cola (KO), Eaton (ETN), Goldman Sachs (GS), Graham Holdings (GHC), Madison Square Entertainment (MSGE), Merck (MRK), and Newmont (NEM) saw positive mentions in this week's edition of Barron's.
Alphabet, Apple among Barron's 10 Top stocks for 2021, Barron's says » 09:5412/1912/19/20
GOOG, GOOGL, AAPL, BRK.A, BRKB, KO, ETN, GS, GHC, MSGE, MRK, NEM
Barron's 10 Top…
Barron's 10 Top stocks for the new year offer good appreciation potential, while providing some downside protection if the stock market, now at a near-record valuation relative to earnings, flaters in 2021, Andrew Bary writes in this week's edition of Barron's. The publication's 10 stock picks for the next year include Alphabet (GOOGL), Apple (AAPL), Berkshire Hathaway (BRK.A), Coca-Cola (KO), Eaton (ETN), Goldman Sachs (GS), Graham Holdings (GHC), Madison Square Entertainment (MSGE), Merck (MRK), and Newmont (NEM). Reference Link
|Over a month ago|
MSG Entertainment price target lowered to $105 from $115 at Macquarie » 08:5011/3011/30/20
Macquarie analyst Paul…
Macquarie analyst Paul Golding lowered the firm's price target on MSG Entertainment to $105 from $115 and keeps an Outperform rating on the shares. The recent vaccine news is encouraging but spiking new cases may limit the potential for indoor fan attendance at scale until a full rollout, Golding tells investors in a research note. The analyst remains optimistic on the reopening of venues and resumption of live events, "albeit at limited capacities to start." MMSG Entertainment's share price hasn't benefitted as much as other live events since the start of November, Golding points out.
MSG Entertainment reports Q1 EPS ($3.69), two estimates ($4.13) » 16:0611/1611/16/20
Reports Q1 revenue…
Reports Q1 revenue $14.4M, consensus $25.84M. Executive Chairman and CEO James L. Dolan said, "Our business continues to be impacted by COVID-19; however, we remain confident that our Company is well-positioned to navigate these unprecedented times. Our focus is on preserving our strong balance sheet and protecting our core entertainment business, while we also make important progress on MSG Sphere. We remain encouraged by the continued engagement from artists and fans, and expect our business to return quickly when we are able to safely re-open our venues."
|Over a quarter ago|
MSG Entertainment initiated with an Overweight at JPMorgan » 08:1410/0610/06/20
JPMorgan analyst David…
JPMorgan analyst David Karnovsky initiated coverage of MSG Entertainment with an Overweight rating and $100 price target. The company offers investors a collection of "premium" live entertainment and real estate assets, Karnovsky tells investors in a research note. The analyst estimates shares are pricing in an 80% discount to private market value, even after accounting for cash burn due to the shutdown of live events in fiscal 2021. He sees an attractive risk/reward for longer-term investors.
MSG Entertainment initiated with a Buy at Berenberg » 07:1110/0110/01/20
Berenberg analyst David…
Berenberg analyst David Beckel initiated coverage of MSG Entertainment with a Buy rating and $94 price target. The company has "ample liquidity" and a set of assets that are worth "significantly more" than the value implied by the current share price.
MSG Entertainment price target lowered to $108 from $116 at Guggenheim » 08:2408/1808/18/20
Guggenheim analyst Curry…
Guggenheim analyst Curry Baker lowered the firm's price target on MSG Entertainment to $108 from $116 and keeps a Buy rating on the shares. The firm's estimates now assume little to no activity at both Entertainment and TAO in 1H21 due to COVID with operations ramping back up in 2H21.
MSG Entertainment implements workforce reduction, cost cuts » 07:0008/1408/14/20
The company stated,…
The company stated, "Over the first eight months of fiscal 2020, the Company was experiencing positive momentum across its operations. The 2019 season of the Christmas Spectacular Starring the Radio City Rockettes marked the show's highest grossing run ever. The Company's entertainment and sports bookings business was on track for a record number of events for the fiscal year and Tao Group Hospitality was delivering strong year-over-year growth. In addition, the Company was making significant progress on a number of important initiatives, including the construction of its MSG Sphere venue in Las Vegas and the completion of both the spin-off transaction and the $400 million sale of the Forum in Inglewood, California. As a result of the COVID-19 pandemic, in mid-March, the Company's performance venues and Tao Group Hospitality's entertainment dining and nightlife venues were closed, and, except for certain Tao Group Hospitality venues, remain closed today. The Boston Calling Music Festival, scheduled for Memorial Day weekend, was canceled. And last week, the Company canceled its Christmas Spectacular production for this upcoming holiday season as a result of the ongoing uncertainty. Following the shutdown of its venues in March, the Company took immediate steps to reduce discretionary spending and made several difficult decisions. Tao Group Hospitality eliminated essentially all its venue line staff and manager positions. The Company also ended financial support of event-level employees at its performance venues at the end of May. The Company has continued to review its operations and last week implemented additional actions, including a workforce reduction and significantly reduced spending across all departments. The Company's MSG Sphere venue in Las Vegas is also impacted. In April, the Company announced that it was suspending construction of MSG Sphere due to COVID-19 related factors that were outside of its control, including supply chain issues. As the ongoing effects of the pandemic have continued to impact its operations, the Company has revised its processes and construction schedule, and has resumed work with a lengthened timetable that enables the Company to better preserve cash in the near-term. The Company remains committed to bringing MSG Sphere to Las Vegas and, based on its new construction schedule, now expects to open the venue in calendar 2023. The Company has taken these steps to conserve cash and believes it is well positioned to navigate the temporary shutdown. As of June 30, 2020, the Company had approximately $1.2 billion in cash and short-term investments. Debt outstanding consisted of a $33.8 million bank term loan at Tao Group Hospitality. The Company's cash and cash equivalents at fiscal year-end included approximately $200 million in deferred revenue and collections due to promoters, primarily related to tickets, suites and sponsorships - all of which will be addressed, to the extent necessary, through credits, make-goods, refunds and/or rescheduled dates. As of June 30, 2020, the significant majority of deferred ticket revenue was related to events that have been or are expected to be rescheduled into calendar 2021. Ticketholders for rescheduled events have primarily opted to retain their tickets, and the Company is providing ticket refunds as appropriate."
MSG Entertainment reports Q4 EPS $5.26, consensus ($4.27) » 06:5808/1408/14/20
Reports Q4 revenue $9M,…
Reports Q4 revenue $9M, consensus $20.27M.
MSG Entertainment cancels Christmas Spectacular Starring Radio City Rockettes » 08:4108/0408/04/20
MSG Entertainment (MSGE)…
MSG Entertainment (MSGE) provided the following statement on the 2020 production of the Christmas Spectacular Starring the Radio City Rockettes: "We regret that the 2020 production of the Christmas Spectacular Starring the Radio City Rockettes, presented by Chase (JPM), has been canceled due to continued uncertainty associated with the COVID-19 pandemic. We are disappointed for everyone involved with the show, as well as for the many fans who make the Christmas Spectacular a cherished part of their holiday tradition. We look forward to welcoming audiences back for the 2021 production, which is on sale now. All tickets for the 2020 production will be automatically refunded at the point of purchase."