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Fly News Breaks for November 15, 2019
Nov 15, 2019 | 12:05 EDT
Earlier, JPMorgan analyst Doug Anmuth added Lyft (LYFT) to his list of top picks in the internet sector following third quarter earnings, saying the ride-hailing giant reported "significantly" better than expected revenue and EBITDA as it continues to take share of an increasingly rational U.S. rideshare market, thereby accelerating its path to profitability. Anmuth said that Lyft, which joins Facebook (FB), Amazon (AMZN), and Netflix (NFLX) in his top picks in the sector, also reiterated its expectation for consolidated EBITDA profit by the fourth quarter of 2021, though he continues to believe core rideshare can be profitable "well before that," likely sometime in 2020. The analyst, who has an Overweight rating on Lyft, noted that he removed Twitter (TWTR) and IAC/InterActive (IAC) from his top picks.
News For LYFT;FB;AMZN;NFLX;TWTR;IAC From the Last 2 Days
Dec 10, 2019 | 14:44 EST
Shares of CVS Health (CVS) and Cigna (CI) were trading lower following an announcement from Blue Cross Blue Shield of Massachusetts over the integration of Amazon's (AMZN) PillPack into its MyBlue member app and website. WHAT'S NEW: This morning, Blue Cross Blue Shield of Massachusetts announced a new pharmacy integration in its MyBlue member app and website that enables members to "seamlessly manage" and fill their prescriptions with PillPack by Amazon Pharmacy. Blue Cross has worked with PillPack to create a digital option for eligible members to switch to PillPack directly from their Blue Cross MyBlue member app or website. "We know many of our members are managing multiple daily medications, which can cause confusion and stress," said Andrew Dreyfus, president and CEO of Blue Cross Blue Shield of Massachusetts, a not-for-profit health plan. "By making it easy to use PillPack, we are giving our members easy access to a simpler, more personalized experience that removes the guesswork from managing multiple medications. Members will receive automatic, reliable, clearly labeled prescriptions at their homes when they need them." WHAT'S NOTABLE: Last month, CNN Business reported that Amazon had re-named its PillPack business to "Pillpack by Amazon Pharmacy" from its original title of "PillPack, an Amazon company," signaling the ecommerce giant's dedication to healthcare services. NY LIFE: The Wall Street Journal reported earlier that New York Life Insurance is in talks to acquire Cigna's nonmedical benefits business in a deal that could be valued at up to $6B. People familiar with the matter told the Journal that Cigna has been seeking a buyer for the business that sells life, accident and disability-income insurance to employers for their workers. PRICE ACTION: In afternoon trading, shares of Cigna are down 2.8% while CVS shares are 2.6% lower.
Dec 10, 2019 | 11:34 EDT
Check out today's top analyst calls from around Wall Street, compiled by The Fly. NEEDHAM CUTS NETFLIX... To see the rest of the story go to See Story Here
Dec 10, 2019 | 10:18 EST
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Netflix (NFLX) downgraded to Underperform from Hold at Needham with analyst Laura Martin saying the streaming has consistently stated it will not have advertising, which will result in U.S. subscriber losses. 2. JPMorgan (JPM) downgraded to Market Perform from Outperform at Keefe Bruyette with analyst Brian Kleinhanzl saying JPMorgan has been a strong performer in 2019 and remains best in class in terms of quality, but investors should own stocks where consensus earnings estimates have the potential to rise. 3. McCormick (MKC) downgraded to Sell from Neutral at Goldman Sachs with analyst Adam Samuelson saying with the shares having substantially outperformed peers over the past two years, rallying 63% versus the peer group at 5%, and valuation at or near all-time highs on both an absolute and relative basis, McCormick's risk/reward "appears uncompelling absent a notable acceleration in underlying revenue growth which appears unlikely." 4. CSX (CSX) downgraded to Neutral from Buy at Citi with analyst Christian Wetherbee saying CSX has been a "great turnaround and earnings growth story" over the last three years, but as headwinds build in 2020, there is "real risk" to year-over-year earnings growth. 5. Ventas (VTR) downgraded to Underperform from Market Perform at Wells Fargo with analyst Todd Stender saying he appreciates the REIT's diversification across medical office, life science, and hospitals, but he expects its senior housing exposure which accounted for 57% of revenue in the most recent quarter to determine share performance. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
Dec 10, 2019 | 09:06 EST
HIGHER: Genworth (GNW), up 9% after announcing that Brookfield Business Partners (BBU) has received approval under the Insurance Companies Act to purchase Genworth's majority interest in Genworth MI Canada. With all regulatory approvals required for the completion of this transaction now obtained, the parties expect to complete the Genworth Canada transaction on December 12... NortonLifeLock (NLOK), up 3% after the Wall Street Journal reported the company has drawn deal interest from several companies including McAfee, which is owned by Intel (INTC). UP AFTER EARNINGS: AutoZone (AZO), up 5%... Stitch Fix (SFIX), up 10%... MongoDB (MDB), up 8%. DOWN AFTER EARNINGS: Designer Brands (DBI), down 17%... Conn's (CONN), down 26%... Chewy (CHWY), down 1%. ALSO LOWER: Netflix (NFLX), down 2% after Needham analyst Laura Martin downgraded shares to Underperform from Hold without a price target. She projects Netflix will lose 4M U.S. subscribers in 2020 at its premium priced tier of $9-$16 per month, Martin tells investors... Constellation Pharmaceuticals (CNST), down 5% after offering of 4.75M shares of common stock.
Dec 10, 2019 | 07:39 EST
Dinner Meeting with Investor Relations Wang in conjunction with the UBS Global TMT Conference to be held in the New York area on December 10 at 6 pm hosted by UBS.
Dec 10, 2019 | 05:45 EST
Needham analyst Laura Martin downgraded Netflix (NFLX) to Underperform from Hold without a price target. The streaming has consistently stated it will not have advertising, which will result in U.S. subscriber losses, Martin tells investors in a research note. She projects Netflix will lose 4M U.S. subs in 2020 at its premium priced tier of $9-$16 per month. The company must add a second, lower priced service to compete with Disney+ (DIS), Apple+ (AAPL), Hulu, CBS All Access (VIAC) and NBC's Peacock (CMCSA), each of which have $5-$7 per month choices, contends Martin. The analyst, who believes Netflix's balance sheet "cannot withstand lower revenue," recommends a six-to-minute per hour ad load to supplement a $5-$7 monthly consumer fee. She does not think the company's international subscriber growth can support its valuation and would find the stock more attractive around $260. Netflix closed Monday down $4.85 to $302.50.
Dec 9, 2019 | 17:10 EDT
Stocks slid to kick off the week as caution prevailed ahead of a number of potentially market-moving events, including an FOMC meeting, an ECB meeting and the U. K... To see the rest of the story go to See Story Here
Dec 9, 2019 | 12:12 EST
Netflix (NFLX) has received 34 nominations for this year's Golden Globe awards, leading all other studios and streaming services, the Wall Street Journal's Ellen Gamerman and John Jurgensen reports. The streaming giant received 17 honors on the motion-picture side, buoyed by "Marriage Story" and "The Irishman, which led the film categories with six and five nominations, respectively, the authors say. Netflix also led on the television side with 17 nominations over HBO's (T) 15, the authors note. Other companies nominated for Golden Globes include Sony (SNE), Amazon (AMZN), Disney (DIS), ViacomCBS (VIAC), Lionsgate (LGF.A), 20th Century Fox (FOXA), and Comcast (CMCSA). Reference Link
Dec 9, 2019 | 12:10 EDT
Stocks are mildly weaker as caution prevails ahead of a week full of potentially market-moving events, including an FOMC meeting, an ECB meeting and the U. K... To see the rest of the story go to See Story Here
Dec 9, 2019 | 10:46 EST
Amazon (AMZN) is claiming President Trump exerted "improper pressure" on the Pentagon in order to "harm" Amazon CEO Jeff Bezos by awarding a cloud-computing contract to Microsoft (MSFT), reports the Wall Street Journal's John McKinnon, citing a complaint filed in the U.S. Court of Federal Claims in Washington. The complaint said the president "launched repeated public and behind-the-scenes attacks" to direct the contract away from Amazon with the aim "to harm his perceived political enemy-Jeffrey Bezos," McKinnon added. Reference Link
Dec 9, 2019 | 08:02 EST
2019 Credit Suisse Media Seminar will be held in London, England on December 9.
Dec 9, 2019 | 08:00 EST
Global TMT Conference will be held in New York on December 9-11 with webcasted company presentations to begin on December 9 at 8 am; not all company presentations may be webcasted. Webcast Link
Dec 9, 2019 | 06:30 EST
Productivity software startup Asana is planning to go public next year and looking at a direct listing, the Financial Times' Miles Kruppa reports. Asana, co-founded by Facebook (FB) co-founder Dustin Moskovitz, is valued at $1.5B and has crossed $100M in annual recurring revenue. Both Slack (WORK) and Spotify (SPOT) did a direct listing when they went public, and Airbnb (AIRB) is also looking at doing the same when it goes public next year. Reference Link