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Fly News Breaks for March 20, 2017
AAPL, JBL
Mar 20, 2017 | 08:46 EDT
Argus analyst Jim Kelleher believes that Jabil (JBL) reported "solid" results which bode well for Apple (AAPL). However, the analyst says that Jabil has been disappointing after triggering elevated expectations in the past, and he keeps a Hold rating on that stock.
News For AAPL;JBL From the Last 2 Days
AAPL
Oct 17, 2017 | 08:40 EDT
Samsung Display (SSNLF) is looking to secure orders from China-based mobile device vendors but is facing competition from rivals including BOE Technology, Tianma Micro-Electronics and LG Display (LPL), DigiTimes reports, citing industry sources. The company, which is already using its OLED panels for its own device as well as Apple's (AAPL) iPhone X, has been vying aggressively for panel orders from China-based smartphone vendors but is aware of customers' preferences for locally made panels. Reference Link
JBL
Oct 17, 2017 | 07:31 EDT
UBS analyst Steven Milunovich noted the recent weakness in Jabil Circuit (JBL) due to downgrades and its move higher over the last 12 months. The analyst said he would agree with the downgrades if it wasn't for the strength the company is showing in non-Apple (AAPL) products. He reiterated his driving point in his recommendation is that EMS is moving up the value chain as any maker of a tangible product needs help digitizing it. Milunovich reiterated his Buy rating and $35 price target on Jabil Circuit shares.
AAPL
Oct 17, 2017 | 06:34 EDT
Apple (AAPL) has explored an expansion into health care clinics and was in talks to purchase start-up Crossover Health but they did not result in a deal, CNBC reports, citing three sources familiar with the situations. Crossover Health, which has clinics in New York and the Bay Area, works with self-insured employers to offer medical services on or near campus and has clients which include Apple and Facebook (FB). Reference Link
AAPL
Oct 16, 2017 | 16:23 EDT
Stocks opened in positive territory and remained there throughout the day, finishing at fresh record highs. Oil prices were sharply higher amid concerns of Iraqi military actions in the oil rich country, closing nearly 1% higher and above $51 a barrel. ECONOMIC EVENTS: In the U.S., the Empire State manufacturing index headline figure hit an 8-year high of 30.2, though some component data was softer. COMPANY NEWS: Shares of Nordstrom (JWN) slid over 5% after the company announced that members of the Nordstrom family have suspended active exploration of the possibility of proposing a transaction to take the company private for the rest of the year. However, they made clear that they intend to pick up their efforts to explore the possibility of making a going private proposal after the conclusion of the holiday season... Shares of Apple (AAPL) were in focus after VirnetX (VHC) announced that the U.S. District Court for the Eastern District of Texas issued a final judgment in the company's patent dispute with Apple, ruling in favor of VirnetX. As part of the ruling, Apple was ordered to pay $439.7M to VirnetX for infringing on four patented technologies that were apparently used in FaceTime and other iOS apps. Apple later told the Verge that it plans to appeal the ruling... Meanwhile, Allergan (AGN) shares fell 3.5% after a federal circuit judge invalidated the company's patents for Restasis, saying that the court has "serious concerns about the legitimacy of the tactic" Allergan and the St. Regis Mohawk Tribe employed previously. Allergan said in response that it was "disappointed" by the decision and that it plans to appeal the ruling. MAJOR MOVERS: Among the notable gainers was Exelixis (EXEL), which rose 17% after receiving priority review from the FDA for a treatment of advanced renal cell carcinoma. Additionally, Exelixis announced this morning that Cabometyx met the primary goal of overall survival in a global Phase 3 Celestial trial with partner Ipsen (IPSEY). Also higher was Sohu.com (SOHU), which gained 8.6% after subsidiary Sogou Inc. filed a registration statement for an initial public offering. MACOM (MTSI) was among the noteworthy losers, falling 12% after Stifel analyst Tore Svanberg downgraded the stock to Hold from Buy, citing persistent China weakness, "poor" capital management and a lack of confidence in the company's management. Also lower was TG Therapeutics (TGTX), which slipped nearly 16% after the FDA confirmed that accelerated approval of TG-1101, the company's anti-CD20 monoclonal antibody, based on Overall Response Rate would be a review issue. INDEXES: The Dow rose 85.24, or 0.37%, to 22,956.96, the Nasdaq gained 18.20, or 0.28%, to 6,624.00, and the S&P 500 advanced 4.47, or 0.18%, to 2,557.64.
AAPL
Oct 16, 2017 | 10:26 EDT
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Apple (AAPL) was upgraded to Overweight from Sector Weight at KeyBanc and Pacific Crest. 2. Infinera (INFN) upgraded to Neutral from Sell at Citi with analyst Stanley Kovler saying the risk/reward is balanced with material downward revisions to estimates likely limited. 3. AstraZeneca (AZN) upgraded to Outperform from Neutral at Credit Suisse with analyst Rebekah Harper saying that after recent pipeline success for Tagrisso and Imfinzi, she sees a marked improvement in its strategic position in pricing power and replacement power. 4. KKR (KKR) upgraded to Buy from Neutral at Goldman Sachs with analyst Alexander Blostein citing a more stable, improving mix of balance sheet investments, lower concentration in large public holdings, and increased mix towards private holdings. 5. Groupon (GRPN) upgraded to Market Perform from Underperform at Cowen with analyst Thomas Champion saying he believes the shares currently look more attractive given the company's new management and cost controls, improved North America results, and balanced expectations for the second half of 2017. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
AAPL
Oct 16, 2017 | 09:23 EDT
HIGHER: Ruby Tuesday (RT), up 19.1% after announcing it will be acquired by NRD Capital for $2.40 per share... Aramark (ARMK), up 4% after announcing it will acquire Avendra for $1.35B and AmeriPride Services for $1B... Shire (SHPG), up 2.3% after its new formulation of Oncaspar received a positive opinion from the Committee for Medicinal Products for Human Use... Apple (AAPL), up just under 1% after being upgraded to Overweight from Sector Weight at KeyBanc... Health Insurance Innovations (HIIQ), up 11.9% after reporting preliminary third quarter results... Concurrent (CCUR), up 16.4% after it agrees to sell its Content Delivery & Storage Business to Vecima Networks for $29M. LOWER: Charles Schwab (SCHW), down 1.6% after reporting quarterly results... Concordia (CXRX), down 4.4% after announcing it will defer payment of approximately $26M of interest due on its $735M unsecured notes... ITUS (ITUS), down 11% after filing a $24M mixed securities shelf.
AAPL
Oct 16, 2017 | 09:13 EDT
VirnetX (VHC) announced that on September 29 the United States District Court for the Eastern District of Texas, Tyler Division, entered a Final Judgement and issued its Memorandum Opinion and Order regarding post-trial motions resulting from the prior $302.4M jury verdict for VirnetX in the ongoing patent infringement action between the company and Apple (AAPL). The Court granted all VirnetX's motions; motion for willful infringement and enhanced the royalty rate during the willfulness period by 50%, from $1.20 to $1.80, awarding VirnetX enhanced damages in the amount of $41,271,364.80 against Apple thereby, granting VirnetX a total sum of $343,699,314.80 in pre-interest damages. The Court also awarded costs, certain attorneys' fees, and prejudgment interest to VirnetX, and directed the parties to meet and confer regarding these amounts. On October 13, having met and conferred and having reached agreements on all amounts, parties jointly filed a motion asking the Court to grant VirnetX an additional sum in the amount of $96,028,103.58 in agreed Bill of Costs, Attorneys' Fees, and Prejudgment Interest. The Final Judgement is only subject to appeal stemming from new issues unresolved in the Apple I case, remanded back from the United States Court of Appeals for the Federal Circuit. The total Final Judgement amount including Jury Verdict, Willful Infringement, Interest, Costs and Attorney Fees is $439,727,418. Kendall Larsen, VirnetX CEO and President, said, "This Final Judgement amount is large because sales of Apple's infringing products are large. The cost of our security technology in infringing devices has been apportioned and is less than a quarter of one percent of the device's cost. We believe this established per device rate for security is very reasonable and will greatly assist us with our domestic and global licensing efforts."
AAPL
Oct 16, 2017 | 09:08 EDT
The damages against Apple (AAPL) have been increased to $343.7M and Apple has been told to pay some of VirnetX's (VHC) legal costs by a federal judge, according to Bloomberg, citing an unsealed opinion from September 29.
AAPL
Oct 16, 2017 | 08:10 EDT
KeyBanc analyst Andy Hargreaves upgraded Apple to Overweight from Sector Weight with a price target of $187. The shares closed Friday up 99c to $156.99. Apple is in the early stages of a "more aggressive market segmentation strategy" that will likely increase its gross profit per user and drive gross margin higher, Hargreaves tells investors in a research note. The analyst, however, remains "somewhat pessimistic" on iPhone unit growth volumes. Increased gross margin assumptions rise his earnings per share estimate for fiscal year 2018 to $11.68 from $11.07. The analyst believes initial iPhone mix is likely to suggest strong high-end demand. This report updates the firm to KeyBanc, which previously merged with Pacific Crest.
AAPL
Oct 16, 2017 | 05:53 EDT
Pacific Crest analyst Andy Hargreaves upgraded Apple to Overweight from Sector Weight with a price target of $187. The shares closed Friday up 99c to $156.99. Apple is in the early stages of a "more aggressive market segmentation strategy" that will likely increase its gross profit per user and drive gross margin higher, Hargreaves tells investors in a research note. The analyst, however, remains "somewhat pessimistic" on iPhone unit growth volumes. Increased gross margin assumptions rise his earnings per share estimate for fiscal year 2018 to $11.68 from $11.07. The analyst believes initial iPhone mix is likely to suggest strong high-end demand.
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