Toronto-Dominion price target lowered to C$65 from C$68 at Scotiabank » 10:4905/2205/22/20
Scotiabank analyst Sumit…
Scotiabank analyst Sumit Malhotra lowered the firm's price target on Toronto-Dominion to C$65 from C$68 and keeps an Outperform rating on the shares.
|Over a week ago|
Fly Intel: Top five weekend stock stories » 18:4705/1005/10/20
TSLA, GILD, RF, SNV, FFWM, ACBI, TCF, CFG, PB, BXS, TD, BMO, IBTX, PFE, CTLT, LZAGY, TMO, BYD, TCEHY, BABA, JD, EQIX, QTS, AMT, SBAC, ARE, PLD, DEI, AVB, EQR, ADC, FCPT
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.
Bank mergers should resume when crisis passes, Barron's says » 09:3905/0905/09/20
SNV, RF, FFWM, ACBI, TCF, CFG, PB, BXS, TD, BMO, IBTX
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
Largest borrow rate increases among liquid names » 08:4504/3004/30/20
APHA, SPCE, CROX, GNC, CEQP, APT, MESO, TD, SDC, STNG
Latest data shows the…
Latest data shows the largest indicative borrow rate increases among liquid option names include: Aphria (APHA) 198.65% +2.86, Virgin Galactic (SPCE) 48.30% +2.67, Crocs (CROX) 0.66% +0.32, GNC Holdings (GNC) 89.67% +0.29, Crestwood Equity (CEQP) 1.68% +0.24, Alpha Pro Tech (APT) 45.70% +0.16, Mesoblast (MESO) 167.96% +0.11, Toronto Dominion Bank (TD) 0.34% +0.09, SmileDirectClub (SDC) 88.61% +0.09, and Scorpio Tankers (STNG) 0.53% +0.06.
|Over a month ago|
Largest borrow rate increases among liquid names » 08:4504/2304/23/20
APHA, SFIX, TELL, GME, MAIN, MNK, TLRY, TD, PSTI
Latest data shows the…
Latest data shows the largest indicative borrow rate increases among liquid option names include: Aphria (APHA) 104.63% +2.27, Stitch Fix (SFIX) 8.88% +1.60, Tellurian (TELL) 18.10% +1.27, GameStop (GME) 112.28% +0.79, Main Street (MAIN) 18.73% +0.37, Mallinckrodt (MNK) 91.85% +0.34, Tilray (TLRY) 174.26% +0.28, Toronto Dominion Bank (TD) 0.61% +0.27, US Global Jets ETF (JETS) 15.37% +0.17, and Pluristem (PSTI) 74.20% +0.16.
Canadian banks to provide financial relief for Canadians amid COVID-19 pandemic » 19:1903/1703/17/20
BMO, CM, NTIOF, RY, BNS, TD
Canada's six largest…
Canada's six largest banks announced plans to provide financial relief to Canadians impacted by the economic consequences of COVID-19. Effective immediately, Bank of Montreal (BMO), CIBC (CM), National Bank of Canada (NTIOF), RBC Royal Bank (RY), Scotiabank (BNS) and TD Bank (TD) have made a commitment to work with personal and small business banking customers on a case-by-case basis to provide flexible solutions to help them manage through challenges such as pay disruption due to COVID-19; childcare disruption due to school closures; or those facing illness from COVID-19. This support will include up to a six-month payment deferral for mortgages, and the opportunity for relief on other credit products. Individual Canadians or business owners facing hardship are encouraged to contact their bank directly to discuss options that could be available to them.
Toronto-Dominion lowers prime lending rate to 2.95% » 17:4203/1603/16/20
The Toronto-Dominion Bank…
The Toronto-Dominion Bank announced that it has decreased its prime lending rate by 50 basis points to 2.95%, effective March 17.
Wells Fargo names Ellen Patterson general counsel, effective March 23 » 13:1203/1303/13/20
Wells Fargo (WFC)…
Wells Fargo (WFC) announced that Ellen Patterson will join the company as its senior executive vice president and general counsel, effective March 23. Reporting to CEO Charlie Scharf, Patterson will be responsible for all legal affairs at the company and will serve on the company's Operating Committee. "Ellen is a seasoned lawyer with extensive experience in the financial services industry, where she has had responsibilities for managing and advising on global legal and regulatory compliance risks," Scharf said. "She will play a critical leadership role on our Operating Committee as we continue to work on our company's top priority of meeting regulatory expectations." Patterson joins Wells Fargo after more than seven years at TD Bank Group (TD), where she most recently served as group head and general counsel responsible for leading the bank's global Legal, Compliance, Anti-Money Laundering, Corporate Secretary, Global Security & Investigations, and Fraud Risk Management teams.
Toronto-Dominion downgraded to Neutral from Buy at BofA » 06:4003/1303/13/20
BofA analyst Ebrahim…
BofA analyst Ebrahim Poonawala downgraded Toronto-Dominion to Neutral from Buy. His constructive view on the banks was previously based on an outlook for stabilizing interest rates, a housing rebound, a resolution on the trade war and accelerating capital returns, but the events of the last few weeks "have thrown each of these assumptions into question," Poonawala tells investors. Though he admits he "could be downgrading these stocks near trough levels," the analyst said the unknown fundamentals warrants caution.
Toronto-Dominion price target lowered to C$69 from C$78 at Barclays » 14:1103/0903/09/20
Barclays analyst John…
Barclays analyst John Aiken lowered the firm's price target on Toronto-Dominion to C$69 from C$78 and keeps an Overweight rating on the shares. The direct impact of the 50bp rate cuts by both the Bank of Canada and the Federal Reserve Bank, as well as what this implies for economic activity going forward, significantly alters the analyst's outlook on the Canadian Banking sector. Consequently, Aiken has lowered his target multiples by over 1.0x.