--> Europe is safe if Roubini is saying that...thxs God
Gapping down
In reaction to disappointing earnings/guidance: TLYS -10.8%, DANG -10.8%, SMTC -9%, OA -8.9%, CPRT -6.5%, SIG -4.6%, WILC -2.9%, SAFM -2.8%, SDRL -2.7%, COST -2.3%, MOD -1.9%, ANW -1.2%
M&A news: KNOP -7.5% (to Acquire the Dan Sabia; announces public offering of 5 mln common units), BRCM -1.7% (confirms it will be acquired by Avago Tech (AVGO) for $37 bln)
Select China related names showing weakness after the Shanghai Comp closed -6.5% overnight: SFUN -5.7%, SHI -5.4%, LFC -4.9%, CEA -4.3%, YOKU -3.9%, CHA -3.7%, NQ -3.1%, JRJC -2.5%, QIHU -2.1%, BIDU -1.2%
Select metals/mining stocks trading lower: MT -2%, RIO -1.6%, AU -1.5%, BHP -1.5%
Other news: NBS -22.8% (prices 12,500,000 shares of common stock at a public offering price of $2.00 per share), RXII -16.5% (priced 26 mln units at a price of $0.40 per Unit, resulting in gross proceeds of ~$10.4 mln), CERE -5.8% (still checking), AMAG -5.6% (receives response letter from FDA for the single-dose vial of Makena), CTRP -3.1% was a victim of a cyber attack and was taken offline, according to reports), NBG -2.1% (cont uncertainty surrounding Greece default), SERV -1.9% (prices secondary offering of 20,000,000 shares of its common stock by certain stockholders at $34.00), PLAY -1.7% (prices secondary public offering of 8,500,000 shares of common stock by certain stockholders at $31.50 per share), AAWW -1.4% ( files for $300 mln mixed securities shelf offering ), MIC -1.2% (announced a secondary public offering of 1.9 mln shares of common stock)
Analyst comments: TFM -1.5% (downgraded to Neutral from Overweight at JP Morgan), KORS -0.7% (downgraded to Neutral from Buy at Goldman
)
In reaction to disappointing earnings/guidance: TLYS -10.8%, DANG -10.8%, SMTC -9%, OA -8.9%, CPRT -6.5%, SIG -4.6%, WILC -2.9%, SAFM -2.8%, SDRL -2.7%, COST -2.3%, MOD -1.9%, ANW -1.2%
M&A news: KNOP -7.5% (to Acquire the Dan Sabia; announces public offering of 5 mln common units), BRCM -1.7% (confirms it will be acquired by Avago Tech (AVGO) for $37 bln)
Select China related names showing weakness after the Shanghai Comp closed -6.5% overnight: SFUN -5.7%, SHI -5.4%, LFC -4.9%, CEA -4.3%, YOKU -3.9%, CHA -3.7%, NQ -3.1%, JRJC -2.5%, QIHU -2.1%, BIDU -1.2%
Select metals/mining stocks trading lower: MT -2%, RIO -1.6%, AU -1.5%, BHP -1.5%
Other news: NBS -22.8% (prices 12,500,000 shares of common stock at a public offering price of $2.00 per share), RXII -16.5% (priced 26 mln units at a price of $0.40 per Unit, resulting in gross proceeds of ~$10.4 mln), CERE -5.8% (still checking), AMAG -5.6% (receives response letter from FDA for the single-dose vial of Makena), CTRP -3.1% was a victim of a cyber attack and was taken offline, according to reports), NBG -2.1% (cont uncertainty surrounding Greece default), SERV -1.9% (prices secondary offering of 20,000,000 shares of its common stock by certain stockholders at $34.00), PLAY -1.7% (prices secondary public offering of 8,500,000 shares of common stock by certain stockholders at $31.50 per share), AAWW -1.4% ( files for $300 mln mixed securities shelf offering ), MIC -1.2% (announced a secondary public offering of 1.9 mln shares of common stock)
Analyst comments: TFM -1.5% (downgraded to Neutral from Overweight at JP Morgan), KORS -0.7% (downgraded to Neutral from Buy at Goldman
)
Gapping up
In reaction to disappointing earnings/guidance: EXPR +9.2%, TECD +8.6%, XCRA +7.4%, NEPT +3.6%, JKS +3.3%, AVGO +3.2%, PLKI +2.8%, KMPH +1.7%, PANW +1.3%, DSGX +0.7%
M&A news:RALY +43.6% (CA Technologies agrees to acquire Rally Software for $19.50/share), CA +0% (CA Technologies agrees to acquire Rally Software for $19.50/share), NETE +14.5% (confirms acquisition of PayOnline), AVGO +2.9% (confirms BRCM merger, also issued earnings)
Other news: BIOC +18% (announces an abstract at ASCO), OPXA +9.8% (cont strength), IMAX +7.2% (subsidiary IMAX China Holding announces submission of a listing application for a public offering and listing of its shares on the Hong Kong Stock Exchange), ETRM +5.4% (Kevin Douglas disclosed 14.2% active stake in 13D filing), GPRO +5% (unveiled a virtual reality accessory for its Hero4 camera and a quadcopter), NVGN +4.2% (announces the lodgement with the US Patent Office of a key patent covering a novel family of compounds within the Company's anti-tropomyosin drug technology platform), XBIT +3.7% (announces that the FDA has lifted its clinical hold from the Co's IND), AMPE +2.1% ( disclosed that Rosewind subsidiary entered into and closed on an Asset Purchase Agreement with Jazz Pharmaceuticals), GALE +1.9% (cont strength), CSIQ +1.3% (announced it has supplied modules to Turkey's largest PV project), GBSN +1.1% (reported 112 US revenue-generating customers as of May 27, 2015, up 10.3% QoQ)
Analyst comments: ERIC +2.1% (upgraded to Buy from Neutral at Citigroup), RL +2.1% (upgraded to Buy from Neutral at Goldman), WDC +1.7% (upgraded to Buy from Neutral at Goldman), SALE +1.1% (initiated with a Buy at Topeka Capital Mkts), GM +1.1% (upgraded to Equal-Weight from Underweight at Morgan Stanley), PIR +1% (initiated with a Buy at Cantor Fitzgerald), CMG+0.9% (upgraded to Buy at Miller Tabak
)
In reaction to disappointing earnings/guidance: EXPR +9.2%, TECD +8.6%, XCRA +7.4%, NEPT +3.6%, JKS +3.3%, AVGO +3.2%, PLKI +2.8%, KMPH +1.7%, PANW +1.3%, DSGX +0.7%
M&A news:RALY +43.6% (CA Technologies agrees to acquire Rally Software for $19.50/share), CA +0% (CA Technologies agrees to acquire Rally Software for $19.50/share), NETE +14.5% (confirms acquisition of PayOnline), AVGO +2.9% (confirms BRCM merger, also issued earnings)
Other news: BIOC +18% (announces an abstract at ASCO), OPXA +9.8% (cont strength), IMAX +7.2% (subsidiary IMAX China Holding announces submission of a listing application for a public offering and listing of its shares on the Hong Kong Stock Exchange), ETRM +5.4% (Kevin Douglas disclosed 14.2% active stake in 13D filing), GPRO +5% (unveiled a virtual reality accessory for its Hero4 camera and a quadcopter), NVGN +4.2% (announces the lodgement with the US Patent Office of a key patent covering a novel family of compounds within the Company's anti-tropomyosin drug technology platform), XBIT +3.7% (announces that the FDA has lifted its clinical hold from the Co's IND), AMPE +2.1% ( disclosed that Rosewind subsidiary entered into and closed on an Asset Purchase Agreement with Jazz Pharmaceuticals), GALE +1.9% (cont strength), CSIQ +1.3% (announced it has supplied modules to Turkey's largest PV project), GBSN +1.1% (reported 112 US revenue-generating customers as of May 27, 2015, up 10.3% QoQ)
Analyst comments: ERIC +2.1% (upgraded to Buy from Neutral at Citigroup), RL +2.1% (upgraded to Buy from Neutral at Goldman), WDC +1.7% (upgraded to Buy from Neutral at Goldman), SALE +1.1% (initiated with a Buy at Topeka Capital Mkts), GM +1.1% (upgraded to Equal-Weight from Underweight at Morgan Stanley), PIR +1% (initiated with a Buy at Cantor Fitzgerald), CMG+0.9% (upgraded to Buy at Miller Tabak
)
Gapping down
In reaction to disappointing earnings/guidance: KORS -9.7%, WDAY -8.6%, CHS -6.1%, VNET -4.9%, FWM -4.5%, IG -2.8%, MY -1.1%
Select metals/mining stocks trading lower: HMY -2.7%, AU -2.3%, DRD -1.7%, IAG -1%
Other news: COT -3.4% (announced a bought-deal offering to underwriters led by CIBC and Barclays, of 14.1 mln common shares at $9.25/share, for proceeds of ~$130.4 mln), VPCO -3.3% (received deficiency letter from Nasdaq), KATE -2.2% (in sympathy with KORS), PLAY -2.1% (announced a secondary offering of 8.5 mln shares of common stock, by selling stockholders),FEYE -1.8% (announced a $600 million convertible notes offering)
Analyst comments: CHKP -2.1% (downgraded to Underweight from Equal-Weight at Morgan Stanley), COH -1.6% (initiated with an Underweight at BB&T Capital Mkts
)
In reaction to disappointing earnings/guidance: KORS -9.7%, WDAY -8.6%, CHS -6.1%, VNET -4.9%, FWM -4.5%, IG -2.8%, MY -1.1%
Select metals/mining stocks trading lower: HMY -2.7%, AU -2.3%, DRD -1.7%, IAG -1%
Other news: COT -3.4% (announced a bought-deal offering to underwriters led by CIBC and Barclays, of 14.1 mln common shares at $9.25/share, for proceeds of ~$130.4 mln), VPCO -3.3% (received deficiency letter from Nasdaq), KATE -2.2% (in sympathy with KORS), PLAY -2.1% (announced a secondary offering of 8.5 mln shares of common stock, by selling stockholders),FEYE -1.8% (announced a $600 million convertible notes offering)
Analyst comments: CHKP -2.1% (downgraded to Underweight from Equal-Weight at Morgan Stanley), COH -1.6% (initiated with an Underweight at BB&T Capital Mkts
)
--> Watch GSK, AZN...
Pfizer May Pursue Innovative Business or Inversion Deal:JPMorgan
2015-05-28 12:23:07.435 GMT
By Cristin Flanagan and Joshua Fineman
(Bloomberg) -- Pfizer could pursue new deal in S-T as it
seeks to strengthen its innovative business, JP Morgan analyst
Chris Schott writes, notes BMRN, MDVN, Shire, Swedish Orphan,
VRTX as possible branded asset targets.
* May target commercial stage assets with anticipated ramp up
in next 5-10 years; can’t “rule out” inversion deal
* Sees limited possible inversion candidates, lists ACT, AZN,
Bayer
* Sees possible catalysts ahead of potential break-up in 2017
* SOTP analysis implies upside to $40/shr
* NOTE: May 22, All Eyes on Pfizer as Shareholders Await the
Mega-Deal: Real M&A
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporters on this story:
Cristin Flanagan in New York at +1-212-617-8919 or
cflanagan1@bloomberg.net;
Joshua Fineman in New York at +1-212-617-8953 or
jfineman@bloomberg.net
To contact the editors responsible for this story:
Arie Shapira at +1-212-617-1488 or
ashapira3@bloomberg.net
Cristin Flanagan
2015-05-28 12:23:07.435 GMT
By Cristin Flanagan and Joshua Fineman
(Bloomberg) -- Pfizer could pursue new deal in S-T as it
seeks to strengthen its innovative business, JP Morgan analyst
Chris Schott writes, notes BMRN, MDVN, Shire, Swedish Orphan,
VRTX as possible branded asset targets.
* May target commercial stage assets with anticipated ramp up
in next 5-10 years; can’t “rule out” inversion deal
* Sees limited possible inversion candidates, lists ACT, AZN,
Bayer
* Sees possible catalysts ahead of potential break-up in 2017
* SOTP analysis implies upside to $40/shr
* NOTE: May 22, All Eyes on Pfizer as Shareholders Await the
Mega-Deal: Real M&A
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporters on this story:
Cristin Flanagan in New York at +1-212-617-8919 or
cflanagan1@bloomberg.net;
Joshua Fineman in New York at +1-212-617-8953 or
jfineman@bloomberg.net
To contact the editors responsible for this story:
Arie Shapira at +1-212-617-1488 or
ashapira3@bloomberg.net
Cristin Flanagan
Palo Alto Networks: Color on Qtr- Analysts Upbeat Following Strong Earnings
- Topeka Capital reiterates Buy rating and $175 tgt following 3QF15 results that surpassed expectations. More impressive than the revenue (+55%) and EPS (+109%) growth was the 56% billings growth, fully 1100bps above consensus expectations. PANW remains the horse to beat in next generation security.
- FBR Capital notes PANW reported yet another rock solid quarter with F3Q15 (April) results coming in ahead of expectations on the top line, bottom line, and billings, while delivering an F4Q15 (July) outlook that also came in above the Street. Rapid adoption of the company's unique end-to-end advanced security platform appears to be garnering robust momentum. Overall, while the stock continues to grind higher, firm believes last night's strong F3Q15 results/F4Q15 guidance should give the Street further confidence around Palo Alto's fundamentals with the CirroSecure acquisition (SaaS application security) also adding more upsell/cross-sell opportunities. Maintaining Outperform rating, raising tgt from $165 to $175.
- Needham Research notes PANW performance in the April quarter was strong as anticipated, and was a healthy "beat" on revenue, billings, and EPS. The intensity around network security software solutions at the RSA conference in April was palpable, and firm sees PANW as a clear mindshare leader in "core" network security and next-gen firewall solutions. Firm is raising tgt $160 to $182.
- Stifel Research notes PANW results came in ahead of investor expectations across all key metrics, including revenue, EPS, and billings. While the company has previously noted that Q2 and Q4 tend to represent the strongest growth quarters for the company, both billings and revenue growth accelerated on a y/y basis. In addition, Palo Alto delivered another quarter of margin expansion. Firm is raising tgt from $165.50 to $180.
- RBC Capital notes Palo Alto reported another very strong quarter highlighted by the highest billings growth of the year at 56% as it continues to take share by displacing legacy competitors. Guidance goes higher but likely remains conservative as firm maintains Outperform rating and increase price target to $180 from $175.
Teva Close to FTC Settlement on Cephalon’s Provigil Valued at Roughly $1 Billion
Teva’s Recent $512 Million Settlement in Private Lawsuit Will Apply Toward FTC Agreement
WASHINGTON— Teva Pharmaceutical Industries Ltd. is close to a settlement valued around $1 billion to resolve government allegations its Cephalon subsidiary paid generic drug makers to delay competing versions of the sleep-disorder drug Provigil, according to people familiar with the matter.
The drug maker’s settlement with the Federal Trade Commission, which could be announced soon, comes ahead of trial proceedings scheduled to begin June 1 in a Philadelphia federal court.
Teva’s price tag for the settlement will include credit from private settlements the company has already agreed to pay in similar Cephalon-related litigation, including a $512 million settlement in April, a person familiar with the agreement said.
The FTC will hold the settlement money in an escrow fund to be distributed to parties that were affected by the alleged conduct, this person said.
The agreement will be a milestone in the FTC’s long-running campaign to stop legal settlements in which brand name drug makers pay generic-drug competitors to drop patent lawsuits that could lead to the earliest possible market entry of lower-cost generic medicines.
The FTC has had mixed success in its enforcement actions, but it won a Supreme Court ruling in 2013 that provided a significant boost to its efforts. The Cephalon case was being watched closely as an early test for how lower courts would apply the Supreme Court’s decision.
The FTC alleged Cephalon paid several generic drug makers, including Teva, collectively more than $200 million to abandon challenges to the patent for Provigil and to refrain from selling generic versions of the drug until 2012.
The agreements were anticompetitive and forced consumers and others to pay hundreds of millions of dollars more annually for the drug than they would have paid if inexpensive generic alternatives were available, the commission alleged.
Cephalon denied the allegations.
Antitrust litigation rarely goes to trial, as defendant companies can face high monetary damages if they lose. The judge overseeing the Cephalon case ruled in April that the FTC could seek disgorgement of Cephalon’s allegedly ill-gotten profits, a dollar figure much larger than what Teva will pay in the settlement.
--> ANF +4.84% Pre open
Abercrombie & Fitch misses by $0.18, misses on revs; reaffirms gross margin guidance; sees sequential comp improvement
Reports Q1 (Apr) loss of $0.53 per share, excluding non-recurring items, $0.18 worse than the Capital IQ Consensus of ($0.35); revenues fell 14.0% year/year to $709 mln vs the $728.74 mln consensus.
- Comps -8% vs -9% estimate; Abercrombie -9%; Hollister -6%
- Adj. gross margin of 61.8% vs ~62% estimate
- Continued sequential comparable sales improvement into the second quarter and the second half of the fiscal year.
- Reaffirms gross margin rate to be flat to slightly up, driven by average unit cost reductions, partially offset by adverse effects from current foreign currency exchange rates.
- Continued headwinds from foreign currency exchange rates.
Early premarket gappers
Gapping up: RALY +42.5%, EXPR +11.3%, OPXA +7.9%, ETRM +7.1%, CERE +5.8%, NVGN +5.3%, NEPT +3.6%, GALE +3.1%, PLKI +2.9%, STM +2.8%, XCRA +2.8%, AVGO +2.5%, ERIC +2.1%, KMPH +1.7%, CREE +1.6%, HMY +1.4%, AMD +1.3%, P +1.1%, GM +1.1%, TSEM +0.9%, CMG +0.8%, DSGX +0.7%
Gapping down: NBS -20.5%, RXII -18.7%, DANG -11.2%, TLYS -10.8%, SHI -6.9%, CPRT -6.5%, KNOP -6.3%, SMTC -6.3%, LFC -4.9%, CEA -4.3%, CHA -3.7%, SIG -3.7%, NQ -3.1%, CTRP -2.8%, NBG -2.8%, SFUN -2.6%, MT -1.8%, RIO -1.6%, MIC -1.5%, AAWW -1.4%, JRJC -1.3%, AU -1.3%, QIHU -1.2%, BHP -1.2%, BIDU -1.2%, ANW -1.2%, YOKU -1%, COST -0.8%
Gapping down: NBS -20.5%, RXII -18.7%, DANG -11.2%, TLYS -10.8%, SHI -6.9%, CPRT -6.5%, KNOP -6.3%, SMTC -6.3%, LFC -4.9%, CEA -4.3%, CHA -3.7%, SIG -3.7%, NQ -3.1%, CTRP -2.8%, NBG -2.8%, SFUN -2.6%, MT -1.8%, RIO -1.6%, MIC -1.5%, AAWW -1.4%, JRJC -1.3%, AU -1.3%, QIHU -1.2%, BHP -1.2%, BIDU -1.2%, ANW -1.2%, YOKU -1%, COST -0.8%
Read more: http://www.briefing.com/InPlayEq/InPlay/InPlayDual.htm#ixzz3bQxKqm58