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Fly News Breaks for June 17, 2019
LYB, DIS, ENDP, AHT, DOW
Jun 17, 2019 | 10:12 EDT
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Disney (DIS) downgraded to In-Line from Outperform at Imperial Capital wite analyst David Miller citing valuation. 2. Dow Inc. (DOW) downgraded to Market Perform from Outperform at BMO Capital with analyst John McNulty saying that while the company remains among the "diversified pure-play-commodity companies in the space" with focus on shareholder value and led by "solid" management, its 2019 is looking increasingly challenging due to persisting global trade issues and faltering macro growth. 3. Endo (ENDP) downgraded to Neutral from Buy at Citi with analyst Liav Abraham stating she "cannot ignore the headwinds" associated with the company's opioid-related litigation. 4. LyondellBasell (LYB) downgraded to Hold from Buy at Deutsche Bank with analyst David Begleiter expecting shares to be range-bound through the end of 2019 amid questions into the "depth and duration" of the U.S. ethylene cycle downturn. 5. Ashford Hospitality (AHT) downgraded to Neutral from Buy at DA Davidson with analyst James Lykins noting the company's decision to halve its dividend raises a near-term uncertainty which, along with industry headwinds, warrants a move to the sidelines. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
News For DIS;DOW;ENDP;LYB;AHT From the Last 2 Days
DIS
Jul 16, 2019 | 12:45 EDT
NEW RELEASES: This week's major game release is "Marvel Ultimate Alliance 3: The Black Order," developed by Team Ninja and published by Nintendo (NTDOY), which rolls out this Friday exclusively for the Nintendo Switch. The action role-playing... To see the rest of the story go to thefly.com. See Story Here
DIS
Jul 16, 2019 | 10:00 EDT
ESPN is planning to launch a daily morning podcast in October, The Washington Post's Ben Strauss reports. ESPN EVP Norby Williamson describes "The ESPN Daily" podcast as a sports version of the New York Times' The Daily, and people with knowledge of the discussions say Mina Kimes, who hosts her own podcast, is one person under consideration to host. Reference Link
ENDP
Jul 15, 2019 | 11:21 EDT
Check out today's top analyst calls from around Wall Street, compiled by The Fly. GE CUT TO... To see the rest of the story go to thefly.com. See Story Here
ENDP
Jul 15, 2019 | 10:20 EDT
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Teva (TEVA) and Endo (ENDP) downgraded to Underweight from Equal Weight at Morgan Stanley. 2. Marriott (MAR) downgraded to Neutral from Buy at Longbow with analyst Alton Stump citing valuation. 3. General Electric (GE) downgraded to Neutral from Buy at UBS with analyst Damian Karas saying that a "notable" decline in interest rates and the continued weakness in the power market combine toward a "more balanced" upside with downside. 4. WageWorks (WAGE) downgraded to Hold from Buy at Stifel with analyst David Grossman saying he does not envision a competing takeover offer for the company. 5. L Brands (LB) downgraded to Neutral from Buy at Citi with analyst Paul Lejuez saying his former view on the stock was based on the belief that a Victoria's Secret turnaround could be successful if the brand adopted a more inclusive approach. However, with management slow to implement meaningful change, and "cultural norms shifting away from them," it may be "too little too late" for a meaningful turnaround at Victoria's Secret. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
ENDP
Jul 15, 2019 | 09:01 EDT
HIGHER: Carrizo Oil & Gas (CRZO), up 10% after agreeing to be acquired by Callon Petroleum (CPE) in an all-stock transaction valued at $3.2B... Capricor Therapeutics (CAPR), up 92% after announcing that a pre-specified interim analysis performed on 6-month data from the HOPE-2 trial showed statistically significant results across several independent clinical measures... Galapagos (GLPG), up 19% after announcing that they have entered into a 10-year global research and development collaboration with Gilead (GILD). Galapagos will receive a $3.95B upfront payment and a $1.1B equity investment from Gilead... U-R Energy (URG) and Energy Fuels (UUUU), up 13% and 12%, respectively, after President Trump announced that the U.S. Department of Commerce found that imports of uranium are a threat to U.S. national security. LOWER: Callon Petroleum (CPE), down 11% after entering the agreement to acquire Carrizo... Teva (TEVA), down 4% after Morgan Stanley analyst David Risinger downgraded the stock to Underweight from Equal Weight and cut his price target for the shares to $6 from $16... Circor (CIR), down 17% after Crane (CR) announced it is ceasing its efforts to acquire the company and will not extend its $48 per share tender offer scheduled to expire on July 19... Endo (ENDP), down 3% after Morgan Stanley analyst David Risinger downgraded shares to Underweight from Equal Weight and cut his price target for the stock to $3 from $8... International Paper (IP), down 3% after KeyBanc analyst Adam Josephson downgraded the stock to Underweight from Sector Weight with a $38 price target.
DIS
Jul 14, 2019 | 19:27 EDT
Catch up on the weekend's top five stories with this list compiled by The Fly: 1. Gilead Sciences (GILD) and Galapagos NV (GLPG) announced that they have entered into a 10-year global research and development collaboration. Galapagos will receive a $3.95B upfront payment and a $1.1B equity investment from Gilead. Gilead will receive an exclusive product license and option rights to develop and commercialize all current and future programs in all countries outside Europe. Gilead will also nominate two individuals to Galapagos' Board of Directors following the closing of the transaction. Gilead's equity investment will consist of a subscription for new Galapagos shares at a price of EUR140.59 per share, representing a 20% premium to Galapagos' 30-day, volume-weighted average price. This will increase Gilead's stake in Galapagos from approximately 12.3% to 22% of the issued and outstanding shares in Galapagos. In addition, Galapagos intends to seek shareholder approval to issue two warrants allowing Gilead to further increase its ownership of Galapagos to up to 29.9% of the company's issued and outstanding shares. The agreement also includes a 10-year standstill restricting Gilead's ability to seek to acquire Galapagos or increase its stake in Galapagos beyond 29.9% of the company's issued and outstanding shares, subject to limited exceptions. 2. American Airlines (AAL) said it is extending for a fourth time cancellations of about 115 daily flights into early November due to the ongoing grounding of the Boeing (BA) 737 MAX jets, Reuters' Tracy Rucinski reports. Meanwhile, The Wall Street Journal's Andy Pasztor, Alison Sider and Andrew Tangel reported that Boeing's 737 Max planes are unlikely to be ready to carry passengers again until 2020 because of the time it will take to fix flight-control software and complete other steps. 3. Deutsche Bank (DB) announced a "radical transformation" and said it would be exiting equity sales and trading, which could be good news, particularly for smaller competitors like Evercore (EVR), Jefferies Financial Group (JEF), and Piper Jaffray (PJC), Al Root wrote in this week's edition of Barron's. The market-share shift may not be enough to affect the shares of the five major U.S. players - JPMorgan Chase (JPM), Goldman Sachs (GS), Morgan Stanley (MS) , Bank of America (BAC), and Citigroup (C) -, but picking up some of Deutsche's business is a bigger deal for smaller players like Evercore, Jefferies, and Piper, as well as PJT Partners (PJT) and Lazard (LAZ), the author noted. 4 Sony (SNE) and Disney-owned (DIS) Marvel Studios' "Spider-Man: Far From Home" dominated in its second weekend, earning another $45.3M in North American from 4,634 theaters for a $274.6M cume. Globally, the pic reached $847.1M, grossing another $100M overseas over the weekend. "Far From Home" received 91% on Rotten Tomatoes. 5. Expedia's (EXPE), Prudential (PRU) and Hillenbrand (HI) saw positive mentions in this week's edition of Barron's.
DIS
Jul 14, 2019 | 17:09 EDT
"Box Office Battle" is The Fly's weekly roundup of what movies topped the weekend's box office. Sony (SNE) and... To see the rest of the story go to thefly.com. See Story Here