Cimarex Energy downgraded to Sector Perform from Outperform at Scotiabank » 05:3904/0704/07/20
SM Energy downgraded to Underperform from Sector Perform at Scotiabank » 05:3704/0704/07/20
Silver Lake, Sixth Street Partners invest $1B in Airbnb » 17:5004/0604/06/20
CHH, H, HLT, MAR, WYN, IHG, HOT
"Airbnb announced that Silver Lake and Sixth Street Partners will invest $1 billion in Airbnb in a combination of debt and equity securities. The new resources will support Airbnb's ongoing work to invest over the long term in its community of hosts who share their homes and experiences, as well as the work to serve all stakeholders in the Airbnb community. The desire to explore, connect, have new experiences, and have a comfortable place to call home are universal and enduring. And our commitment to create a greater sense of belonging-for everyone, everywhere-will never change," said Airbnb in a statement. Publicly traded companies in the hotel or lodging space that "Airbnb operates in include: Choice Hotels (CHH), Hilton (HLT), Hyatt (H), InterContinental (IHG), Marriott (MAR), Starwood (HOT) and Wyndham (WYN). URL
Pioneer Natural obtains $905M credit revolver » 17:3604/0604/06/20
On April 3, Pioneer…
On April 3, Pioneer Natural Resources entered into a 364-Day Credit Agreement with Wells Fargo Bank, National Association, as Administrative Agent, and the other agents and lenders party thereto. The Credit Agreement provides for an unsecured revolving credit facility with commitments in an aggregate amount of $905M as of April 3. The company has the option to increase the commitments under the Credit Agreement by up to an additional $95M for a total of $1B, subject to, among other things, additional lenders providing additional commitments and loans.
Community Health withdraws FY20 guidance issued on February 19 » 17:2004/0604/06/20
In a regulatory filing,…
In a regulatory filing, the company disclosed, "Community Health Systems is providing an update regarding the ongoing impact of the COVID-19 coronavirus pandemic on the company. The safety of our patients, physicians, nurses, and employees in the communities in which we serve remains a primary focus of the company. As an essential business, the company's 99 hospitals, hundreds of medical clinics, access points, medical personnel, and employees have been actively preparing for COVID-19 and caring for COVID-19 patients. We are working with federal, state and local health authorities to respond to COVID-19 cases in the communities we serve and are taking or supporting measures to try to limit the spread of the virus and to mitigate the burden on the healthcare system. Certain of the measures we are taking (such as rescheduling or cancelling elective procedures at our hospitals and other healthcare facilities) will adversely affect our financial results. The company hopes that federal, state, and local government policies along with social distancing measures will decrease the continued spread of COVID-19. The ultimate impact from COVID-19 on the company's operations and financial results during 2020 will depend on, among other things, the length of time and severity at which the pandemic continues to spread, the volume of canceled or rescheduled procedures and the volume of COVID-19 patients cared for across our health systems, and the impact of government and administrative regulation and stimulus on the hospital industry. Changes in net revenue due to patient volumes, payor mix and deteriorating macroeconomic conditions (including increases in uninsured and underinsured patients as the result of business closings and layoffs), as well as potential increased expenses related to labor, supply chain or other expenditures, also could have a material impact on the company's results. In addition, the company is continuing to assess the impact the CARES Act could have on 2020 results. We are not able to fully quantify the impact that these factors will have on our financial results during 2020, but expect developments related to COVID-19 to materially affect the company's financial performance in 2020. As a result of these factors along with the continuously changing and unpredictable environment related to COVID-19, the company is withdrawing its 2020 financial guidance previously issued in its earnings release dated February 19, 2020."
Pioneer Natural increases derivative coverage in 2020 and 2021 » 16:0604/0604/06/20
Pioneer Natural Resources…
Pioneer Natural Resources Company announced that it has increased its derivative coverage in 2020 and 2021, and provided additional detail on its differentiated oil marketing strategy. Pioneer has increased its derivatives coverage for both 2020 and 2021, providing additional protection in the event that oil prices remain depressed as a result of global macroeconomic factors. As an example of the enhanced protection provided by the Company's derivative portfolio, the derivative positions for the second quarter of 2020 provide a forecasted cash uplift to the Company of approximately $280 million if Brent oil prices average $25 per barrel during the quarter. Brent oil price sensitivities attributable to the Company's derivative portfolio for the remainder of 2020 can be found in the accompanying tables. Further, Pioneer also added a new $900 million 364-Day Credit Facility providing incremental liquidity to its already strong balance sheet.
Unusually active option classes on open April 6th » 09:4004/0604/06/20
MNK, PENN, LUV, DAL, USO, ACB, M, MSFT, TEVA, GILD
Unusual total active…
Unusual total active option classes on open include: Mallinckrodt (MNK), Penn National (PENN), Southwest (LUV), Delta Air Lines (DAL), United States Oil Fund (USO), Aurora Cannabis (ACB), Macy's (M), Microsoft (MSFT), Teva (TEVA), and Gilead (GILD).
Cheesecake Factory price target lowered to $29 from $46 at JPMorgan » 08:5504/0604/06/20
JPMorgan analyst John…
JPMorgan analyst John Ivankoe lowered the firm's price target on Cheesecake Factory to $29 from $46 and keeps a Neutral rating on the shares. The analyst cut estimates across the Restaurants and Foodservice space.
Albemarle price target lowered to $80 from $115 at BMO Capital » 07:4904/0604/06/20
BMO Capital analyst Joel…
BMO Capital analyst Joel Jackson lowered the firm's price target on Albemarle to $80 from $115 but keeps an Outperform rating on the shares. The analyst is cutting his FY20 EPS view to $4.33 from $4.88 to account for the current macro conditions, with weakness spread across the energy, transportation, and auto segments and the bukl of 2020 reductions impacting Q2-Q3. Jackson still sees the company as well positioned for a multi-year EV thematic while noting that its balance sheet is sufficient to navigate the near-term uncertainty and potential downside risk to earnings.
Teva upgraded to Buy from Neutral at UBS » 06:2804/0604/06/20
UBS analyst Kevin…
UBS analyst Kevin Caliendo upgraded Teva to Buy from Neutral with a price target of $12, down from $14. The analyst notes that the stock has underperformed a market that is "overly discounting" its earnings, credit risk and business disruption. While he sees some risk to Teva's new product launches, Caliendo sees these "broadly balanced" by opportunities such as the accelerated respiratory franchise volume. The analyst adds that his out year estimates a lower on potentially longer growth path for new launches, but his near-term forecast for Teva's EBITDA is unchanged.