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Fly News Breaks for June 6, 2018
IP, GIII, SJR, VRX, CI
Jun 6, 2018 | 10:47 EDT
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Valeant (VRX) upgraded to Overweight from Equal Weight at Barclays analyst Douglas Tsao saying Valeant's business has hit an inflection point with its existing business stabilizing, which offers a foundation for the company to enjoy growth driven by upcoming product launches. 2. G-III Apparel (GIII) upgraded to Equal Weight from Underweight at Barclays with analyst Chethan Mallela saying he sees improving visibility following the company's Q1 results. 3. Cigna (CI) upgraded to Buy from Neutral at Goldman Sachs. 4. Shaw Communications (SJR) upgraded to Outperformer from Neutral at CIBC. 5. International Paper (IP) upgraded to Outperform from Sector Perform at RBC Capital with analyst Paul Quinn citing the announcement that International Paper will not make an offer for Smurfit Kappa. 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 VRX;GIII;CI;SJR;IP From the Last 2 Days
VRX
Jul 16, 2018 | 16:33 EDT
Stocks drifted throughout the session as the market appeared to be on hold ahead of the earnings season picking up in earnest this week. The day's economic numbers had little effect on the averages, which moved in a very narrow range. With Netflix (NFLX) set to be the first of the "FANG" pack of tech stocks to report tonight, the market may see some wider in-session swings as the week progresses. ECONOMIC EVENTS: In the U.S., retail sales rose 0.5% in June from the prior month, as expected. The Empire State manufacturing index fell 2.4 points to 22.6, reversing about half of the 4.9 point increase to 25.0 in June. Business inventories rose 04% in May, with sales up 1.4%, as forecast. In China, data was mixed, as a report on Q2 GDP growth was in-line with expectations, June retail sales came in better than expected and June's industrial production fell short of estimates. COMPANY NEWS: Shares of Bank of America (BAC) advanced 4.3% after the bank's headline earnings and revenue topped analysts' consensus forecasts. Additionally, share of Deutsche Bank (DB) trading in New York rose 8% after the German lender announced earlier this morning that it expects to report second quarter results that are "considerably above the average consensus estimate"... FCC Chairman Ajit Pai sunk shares of Tribune Media (TRCO) with his announcement that he has "serious concerns" about the company's proposed deal to be acquired by Sinclair Broadcast Group (SBGI). The FCC has now drafted an order that would designate issues involving certain proposed divestitures for a hearing in front of an administrative law judge, Pai stated. Shares of Tribune fell 16.7% following Pai's announcement, while Sinclair shares declined 11.7%... Bausch Health Companies (BHC), the renamed former Valeant Pharmaceuticals (VRX), began trading under the ticker "BHC" on the New York Stock Exchange and Toronto Stock Exchange today. MAJOR MOVERS: Arconic (ARNC), which rose 10.4% after the Wall Street Journal reported that the company has received interest from private equity firms, including Apollo Global (APO). Also higher was AMD (AMD), which gained 1.9% after Stifel analyst Kevin Cassidy said he believes the chip maker's Zen-based PC CPU lineup "tracked in-line to slightly better than management's guidance." Among the notable losers was OraSure (OSUR), which slipped 5.9% after Stephens analyst Drew Jones downgraded the stock to Equal Weight from Overweight. Also lower was Intellia Therapeutics (NTLA), which fell almost 10% after Nature Biotechnology published a study whose lead author said that the DNA chaos that Crisper brings has been "seriously underestimated," according to STAT. INDEXES: The Dow rose 44.95, or 0.18%, to 25,064.36, the Nasdaq lost 20.26, or 0.26%, to 7,805.72, and the S&P 500 declined 2.88, or 0.1%, to 2,798.43.
VRX
Jul 16, 2018 | 16:12 EDT
Bausch Health Companies (BHC) announced earlier that the company will begin trading under the "BHC" ticker on the New York Stock Exchange and Toronto Stock Exchange at the commencement of trading today, July 16. "Bausch Health Companies Inc. builds on the legacy of the Bausch brand, which has been a pioneer in the advancement of health for 165 years, and evokes our mission of improving the lives of patients with our health care products," said Joseph Papa, chairman and CEO, Bausch Health. The company used to be called Valeant Pharmaceuticals and traded under the symbol "VRX."
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