e.l.f. Beauty confirms receipt of Marathon Partners' notice of board nominees » 20:4505/2805/28/20
e.l.f. Beauty confirmed…
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Geron sees FY20 operating expense burn to range from $70M-75M » 16:0905/2805/28/20
The Company expects its…
The Company expects its 2020 operating expense burn to range from $70 to $75 million. This guidance reflects cash conservation measures implemented in April due to the COVID-19 pandemic, such as suspending travel and postponing a planned imetelstat proof of concept study. It also reflects new costs for startup activities associated with the planned Phase 3 clinical trial in refractory MF and additional costs for the expansion of clinical sites for the IMerge Phase 3 clinical trial.
Geron reports Q EPS (8c), consensus (12c) » 16:0805/2805/28/20
Reports Q1 revenue $52K,…
Reports Q1 revenue $52K, consensus $50K. As of March 31, 2020, Geron had approximately $133 million in cash, cash equivalents, and current and non-current marketable securities. Based on current planning assumptions, the Company estimates these financial resources, combined with the estimated net proceeds of approximately $140 million from the recently closed public offering of securities, provide sufficient funds for the Company's operations into the second half of 2022 when top-line results for the IMerge Phase 3 clinical trial in lower risk myelodysplastic syndromes are expected, as well completion of patient enrollment for the planned Phase 3 clinical trial in refractory myelofibrosis.
NVIDIA call volume above normal and directionally bullish » 10:2505/2805/28/20
Bullish option flow…
Bullish option flow detected in NVIDIA with 56,383 calls trading, 2x expected, and implied vol increasing over 1 point to 45.71%. 5/29 weekly 350 calls and 5/29 weekly 355 calls are the most active options, with total volume in those strikes near 19,800 contracts. The Put/Call Ratio is 0.34. Earnings are expected on August 13th.
Synopsys- DesignWare DDR PHY IP platform selected by Nvidia » 09:0905/2805/28/20
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Thirteen new option listings and four option delistings on May 28th » 08:3005/2805/28/20
CFRX, FREQ, HARP, HOOK, HSTO, IFRX, KNSA, KZR, LQDA, OVID, PRVL, CNAT, CORV, CTRC, UNT
New option listings for…
New option listings for May 28th include ContraFect (CFRX), Centric Brands Inc (CTRCQ), Frequency Therapeutics Inc (FREQ), Harpoon Therapeutics Inc (HARP), HOOKIPA Pharma Inc (HOOK), Histogen Inc (HSTO), InflaRx NV (IFRX), Kiniksa Pharmaceuticals Ltd (Class A Stock) (KNSA), Kezar Life Sciences Inc (KZR), Liquidia Technologies Inc (LQDA), Ovid Therapeutics (OVID), Prevail Therapeutics Inc (PRVL), and Unit Corp (UNTCQ). Option delistings effective May 28th include Conatus Pharmaceuticals Inc (CNAT), Correvio Pharma Corporation (CORV), Centric Brands Inc (CTRC), and Unit Corp (UNT).
Marathon Partners to initiate proxy battle with e.l.f. Beauty, WSJ reports » 19:1205/2705/27/20
Marathon Partners Equity…
Marathon Partners Equity Management intends to nominate three directors to the board of e.l.f. Beauty, a rare instance of an activist investor initiating a proxy battle since the COVID-19 crisis shook U.S. corporations, the Wall Street Journal's Corrie Driebusch reports. In a document viewed by the Journal, Marathon criticizes the cosmetic company's cost structure, management compensation plan, and stock performance. The activist's nominations to the board could be made public as soon as Thursday, Driebusch notes. Marathon, which has been an e.l.f. stakeholder since 2018, owns roughly 5% of the company's shares, the author says, citing people familiar with the matter. Reference Link
Global device shipments to fall 14% due to COVID -19 impact, Gartner says » 13:0005/2705/27/20
LNVGY, HPQ, DELL, HPE, AAPL, SSNLF, GOOG
Global shipments of…
Global shipments of devices, PCs, tablets and mobile phones, are on pace to decline 13.6% in 2020, totaling 1.9B units, according to the latest forecast from Gartner. "The forecasted decline in the PC market in particular could have been much worse," said Ranjit Atwal, senior research director at Gartner. "However, government lockdowns due to COVID-19 forced businesses and schools to enable millions of people to work from home and increase spending on new notebooks, Chromebooks and tablets for those workers. Education and government establishments also increased spending on those devices to facilitate e-learning." In 2020, PC shipments are expected to decline 10.5% (see Table 1). Shipments of notebooks, tablets and Chromebooks are forecast to decline slower than the PC market overall in 2020.Gartner said that 48% of employees will likely work remotely at least part of the time after the COVID-19 pandemic, compared to 30% pre-pandemic. Overall, the work from home trend will make IT departments shift to more notebooks, tablets and Chrome devices for work. "This trend combined with businesses required to create flexible business continuity plans will make business notebooks displace deskbased PCs through 2021 and 2022," said Mr. Atwal. The Fly notes that companies which may be impacted by this include: Lenovo (LNVGY), HP Inc. (HPQ), Dell Technologies (DELL), HP Enterprise (HPE), Apple (AAPL) Alphabet (GOOG) Samsung (SSNLF). Reference Link
Hewlett Packard Enterprise call volume above normal and directionally bullish » 10:2505/2705/27/20
Bullish option flow…
Bullish option flow detected in Hewlett Packard Enterprise with 7,584 calls trading, 6x expected, and implied vol increasing almost 6 points to 49.72%. 5/29 weekly 9.5 calls and 6/12 weekly 10 calls are the most active options, with total volume in those strikes near 4,900 contracts. The Put/Call Ratio is 0.05. Earnings are expected on August 25th.
Fly Intel: Top five analyst downgrades » 10:0605/2705/27/20
HPE, PSO, H, PINS, MRUS
Catch up on today's…
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. HP Enterprise (HPE) downgraded to Hold from Buy at Argus with analyst Jim Kelleher saying as the company aim to address new and existing competitive threats, the aggressive cost-cutting measures risk "cutting into muscle." 2. Pearson (PSO) downgraded to Sell from Hold at Berenberg with analyst Sarah Simon saying she expects "severe disruption" to college enrollments in 2020 due to the COVID-19 and now assumes a 10% decline in the fall for Pearson. 3. Hyatt (H) downgraded to Neutral from Outperform at Baird with analyst Michael Bellisario saying the stock has rebounded some as cities and states have reopened but the higher profit segments of the industry have note reopened including business travel and group convention business. 4. Pinterest (PINS) downgraded to Hold from Buy at Argus with analyst Jim Kelleher saying the company reported slower U.S. user growth of 6% in Q1 as investors anticipated Pinterest to grow its user base more rapidly due to COVID-19's shelter in place. 5. Merus (MRUS) downgraded to Sector Perform from Outperform at RBC Capital with analyst Brian Abrahams citing the recent discontinuation of the company's key potential value driver MCLA-117 after a "long early clinical development path" due to insufficient activity. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.