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Why Shareholders Should Like Yahoo's Amended Search Alliance With Microsoft

Courtesy of Benzinga.

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Analysts at JMP Securities released a report this week updating their stance on Yahoo! Inc. (NASDAQ: YHOO) following the company’s recent announcement of an amended search alliance with Microsoft Corporation (NASDAQ: MSFT).

Analysts remain cautious on the Q1 performance of Yahoo but believe that the terms of the new alliance could produce upside for the stock moving forward.

Terms

Analysts point to two aspects of the new agreement that they see as particularly beneficial to Yahoo. First, analysts see increased flexibility for Yahoo under the terms of the new agreement.

Related Link: There Are No Good And Bad Stocks, There's Only Good And Bad Timing

“Yahoo! now has improved monetization flexibility as desktop search monetization is no longer exclusive to Bing; we believe this is the first step to Yahoo! Becoming a principal in search…again,” analysts explain.

In addition, Microsoft’s sales team is now exclusively providing ads for Bing, and analysts believe that Yahoo!’s revenue share percentage could easily increase by 500 bps to 93 percent.

What To Watch

For now, analysts are shifting their focus to Yahoo’s performance numbers. They list five areas that are particularly important for the company:

1. Display revenue- Analysts want to see indications that Yahoo’s recent sales reorganization has had a positive impact on Display pricing and revenue.

2. Favorable ad mix shift- Analysts want to see that growth in Mobile, Video, Native and Social ad products is outpacing declines in Desktop revenue.

3. Search- Analysts will be looking for growth in search revenue, particularly following the new agreement with Microsoft.

4. Alibaba-
continue reading





Intercept Pharma Shares Higher Following New Buy Rating, $465 Target From UBS

Courtesy of Benzinga.

Related ICPT
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In a report published Friday, UBS analysts initiated coverage of Intercept Pharmaceuticals Inc (NASDAQ: ICPT) with a Buy rating and a price target of $465.

Intercept Pharma's share price has surged 76 percent this year, versus a 19 percent gain by the NBI. Despite this outperformance, the analysts see "favorable risk-reward ahead of the approval and the commercial launch of key value driver obeticholic acid (OCA) in PBC."

In the report UBS highlights the key tenets of its thesis as:

  1. The upcoming PBC launch commanding greater pricing power – implying that the segment could be worth $155 per share on a standalone basis, excluding PSC. "This suggests significant valuation support for the stock," the analysts said.
  2. Upside to NASH estimates – "With NASH in the model, our valuation swings from $350-550 depending on price and utilization, suggesting upside to market estimates," the analysts added.
  3. Scarcity of drugs that actually work in liver disease – The analysts believe that this would "drive increasing strategic value ahead of the commercial launch."

"In our view, numbers may rise into the PBC launch, and strategic interest may intensify." The 2Qe agreement with regulators on the ph3 trial design for OCA in NASH may clarify that an 18-mo interim analysis "should be sufficient for filing to the FDA for accelerated approval." Moreover, this may suggest "FDA comfort with the LDL increases," the analysts wrote.

"Ph2 data in PSC (1H16e) could add another chunky upward revision. Lastly, we believe there is the lack of downside catalysts in the near term to undo the re-rating," the report stated.

Latest Ratings for ICPT

Date Firm Action From To
Apr 2015 UBS Initiates Coverage on Buy
Mar 2015 Janney Capital Maintains Buy Buy
Mar 2015 Leerink Swann Maintains Market Perform

View More Analyst Ratings for ICPT
View the Latest Analyst Ratings

Posted-In: UBSAnalyst Color Initiation Analyst Ratings





UBS Downgrades Impax Laboratories To Sell

Courtesy of Benzinga.

Related IPXL
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Analysts at UBS downgraded Impax Laboratories Inc (NASDAQ: IPXL) from Neutral to Sell.

Impax Laboratories shares have gained 99.84 percent over the past 52 weeks, while the S&P 500 index has gained 12.45 percent in the same period.

Impax Laboratories’ shares declined 3.04 percent to $49.70 in pre-market trading.

Latest Ratings for IPXL

Date Firm Action From To
Apr 2015 UBS Downgrades Neutral Sell
Apr 2015 Deutsche Bank Initiates Coverage on Hold
Apr 2015 Leerink Swann Maintains Market Perform

View More Analyst Ratings for IPXL
View the Latest Analyst Ratings

Posted-In: UBSDowngrades Analyst Ratings





Barclays Downgrades Travelers Companies To Equal-weight

Courtesy of Benzinga.

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Analysts at Barclays downgraded Travelers Companies Inc (NYSE: TRV) from Overweight to Equal-weight.

The price target for Travelers Companies is set to $117.

Travelers Companies shares have gained 25.78 percent over the past 52 weeks, while the S&P 500 index has gained 12.45 percent in the same period.

Travelers Companies’ shares closed at $108.67 yesterday.

Latest Ratings for TRV

Date Firm Action From To
Apr 2015 Barclays Downgrades Overweight Equal-weight
Apr 2015 Barclays Downgrades Overweight Equal-weight
Apr 2015 Credit Suisse Initiates Coverage on Neutral

View More Analyst Ratings for TRV
View the Latest Analyst Ratings

Posted-In: BarclaysDowngrades Analyst Ratings





Analyst: PC Weakness Too Much For Advanced Micro Devices

Courtesy of Benzinga.

Related AMD
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In a report published Friday, Ascendiant Capital Markets analyst Cody Acree downgraded shares of Advanced Micro Devices, Inc. (NASDAQ: AMD) to Hold from Buy with no assigned price target (previous price target was $4.50) following its first quarter results.

“Following Intel Corporation’s negative pre-announcement, we believe the Street was largely prepared for AMD to echo a similar cautious view of the global PC environment, as the market returned to secular decline and channel inventories contracted ahead of this summer’s Windows 10 launch,” Acree wrote. “While this scenario was likely already reflected in AMD’s stock price, we believe computing and graphics share loss, combined with game console revenue decline and a lack of server traction is likely to keep AMD’s share range bound, at best, until growth drivers become more identifiable.”

Acree said the company is still “largely” tied to the declining PC market and losses are likely to continue until at least the second half of 2016. The analyst added that AMD’s gross margin and leverage will likely be constrained as the company’s semi-custom business will only support modestly higher margins as pricing declines meet console volume increases.

Finally, Acree noted that AMD did not provide revenue guidance for full-year 2015 but does expect sales to be seasonally back-half weighted, optimistic that the launch of Windows 10 will result in a channel inventory normalization.

The analyst lowered his revenue estimates to $4.28 billion from $4.57 billion, while trimming his earnings per share from $0.01 to a loss of $0.24, while introducing a fiscal 2016 revenue estimate of $4.53 billion and losses per share of $0.05.

Latest Ratings for AMD

Date Firm Action From To
Apr 2015 Ascendiant Capital Downgrades Buy Hold
Mar 2015 UBS Downgrades Neutral Sell
Feb 2015 BNP Paribas Initiates Coverage on Underperform

View More Analyst Ratings for AMD
View the Latest Analyst Ratings

Posted-In: Ascendiant Capital Markets Cody Acree PC market Windows 10Analyst Color Downgrades Analyst Ratings





Credit Suisse's Latest Comments On Manitowoc Co

Courtesy of Benzinga.

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In a report published Friday, Credit Suisse analysts maintained an Outperform rating on Manitowoc Company Inc (NYSE: MTW), while reducing the price target from $25 to $24.

Manitowoc pre-announced disappointing 1Q15 figures. The company now expects a pre-tax loss from continuing operations of $9.5M versus consensus estimate of a profit of about $38.9M. The company’s negative pre-announcement was related to disappointing Foodservice results.

KitchenCare issues witnessed in 4Q14 continued into 1Q15, albeit to a lesser degree. An improvement can be expected in the second half of this year.

“Results were also hurt by a few customers with company specific issues and tougher comps versus last year tied to new product rollouts. On the positive, Cranes surprised on the upside,” the analysts wrote.

In the report Credit Suisse noted, “MTW noted pockets of improvement across towers and crawlers offset by weakness in boom trucks and rough terrain cranes. While MTW is seeing headwinds from energy, US non-res is helping to offset along with the Middle East. Also, the delivery of the VPC crane is slightly ahead of schedule.”

The EPS estimates for FY15, FY16 and FY17 have been reduced from $1.32 to $0.98, from $1.51 to $1.45, and from $1.73 to $1.70, respectively, reflecting continued pressure on crane pricing.

The company has guided to Foodservice revenues of approximately flat y/y, versus its previous projection of “mid single digit growth”). “MTW also noted it remains on track with the separation of its Cranes and Foodservice businesses (expected Q1’16),” the report added.

Latest Ratings for MTW

Date Firm Action From To
Feb 2015 Citigroup Maintains Neutral
Jan 2015 Deutsche Bank Maintains Hold
Jan 2015 Barclays Maintains Overweight

View More Analyst Ratings for MTW
View the Latest Analyst Ratings

Posted-In: Credit SuisseAnalyst Color Price Target Reiteration Analyst Ratings





ServiceNow Reiterated At Brean Capital

Courtesy of Benzinga.

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In a report published Friday, analysts at Brean Capital reiterate their buy rating on ServiceNow, Inc. (NYSE: NOW), while reducing the price target from $97 to $90. Although the company reported its Q1 results marginally above expectations, the results were adversely impacted by its drained pipeline at the beginning of the quarter, as well as the sales force reorganization.

“This is a common occurrence for enterprise software companies, but appears to have unfortunately caught many by surprise (ourselves included). However, we believe the after-market reaction reflects strong outperformance into the print, as well as overall anxiety in the market, as opposed to deteriorating fundamentals,” the analysts explained.

Brean Capital believes that ServiceNow’s underlying business continues to be healthy, with no change in the competitive scenario. The target price has been revised based on adjustments to the long-term revenue growth estimates.

“We believe ServiceNow saw increased seasonality in Q1, which is in part the result of the company’s shift to Services Automation beyond IT, where the company will be focusing on larger cross-enterprise deals,” the analysts added.

This could result in longer sales cycles and potential slippages between quarters in some deals. However, the analysts believe that the company’s growth and TAM profiles are among the best in the SaaS market, with better-than-anticipated cash flows and operating margins. This justifies premium valuation for ServiceNow.

The company’s has issued conservation guidance for Q2.

Latest Ratings for NOW

Date Firm Action From To
Apr 2015 RBC Capital Maintains T
Apr 2015 Barclays Maintains Overweight
Mar 2015 Brean Capital Initiates Coverage on Buy

View More Analyst Ratings for NOW
View the Latest Analyst Ratings

Posted-In: Brean CapitalAnalyst Color Price Target Reiteration Analyst Ratings





Twitter Revisiting Former Major Resistance Level

Courtesy of Benzinga.

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Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Twitter Inc (NYSE: TWTR) shares are trading lower by $1.65 at $50.38 in Friday’s session. Since clearing the key $50 resistance level on April 6, it quickly added another $3 before putting in a pair of highs just under the $53.50 level on April 7 ($53.28) and April 8 ($53.49).

Since that day, it has traded in a narrow trading range from $50.68 to $52.99, before breaching the lower end of the range in today’s session, reaching $50.32. That marks the lowest level for the issue since it bottomed on April 6 ($49.87).

It has not closed under $50 since March 30, when it ended the session at $49.89.

Posted-In: Pre-market outlookTechnicals Intraday Update Movers Trading Ideas





Oppenheimer Says Netflix Now Worth $610/Share

Courtesy of Benzinga.

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In a report published Thursday, Oppenheimer analysts maintained an Outperform rating on Netflix, Inc. (NASDAQ: NFLX), while raising the price target from $483 to $610, after the company beat expectations for 1Q15 global net-sub additions.

Netflix reported global net-sub additions for 1Q15 17 percent higher than Street estimates. While US streaming net adds were 27 percent ahead of Oppenheimer’s estimates and 21 percent higher than Street estimates, international net adds were 16 percent and 13 percent higher. “We believe Originals are driving better financial results, as exclusive programming improves efficiencies in content spend by lowering churn,” the analysts said.

Management indicated that original content – House of Cards, Unbreakable Kimmy Schmidt, Bloodline – had driven subs higher, while reducing churn.

Excluding an adverse currency impact, the company’s revenue for the quarter was 4 percent and 3 percent higher than Oppenheimer’s and Street estimates, respectively.

US contribution profit beat Street estimate by 8 percent. The company plans to leverage higher domestic profit to accelerate international growth. Netflix has raised US contribution profit guidance, citing higher allocation of content and marketing to international segment.

“2Q15 global streaming net adds 25% above Street. US profit guidance 9%/7% above Opco/Street on lower churn. Int’l profit, $44M below Street on higher allocation of marketing budget and FX headwinds,” the report mentioned.

The EPS estimate for 2016 has been reduced from $8.64 to $5.87 to reflect the company’s international expansion.

Latest Ratings for NFLX

Date Firm Action From To
Apr 2015 Pivotal Research Maintains Buy
Apr 2015 FBR Capital Upgrades Market Perform Outperform
Apr 2015 Canaccord Genuity Maintains Buy

View More Analyst Ratings for NFLX
View the Latest Analyst Ratings

Posted-In: OppenheimerAnalyst Color Price Target Reiteration Analyst Ratings





RBC Capital Downgrades Thomson Reuters To Sector Perform

Courtesy of Benzinga.

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RBC Capital downgraded Thomson Reuters Corporation (USA) (NYSE: TRI) from Outperform to Sector Perform.

Thomson Reuters shares have gained 21.54% over the past 52 weeks, while the S&P 500 index has surged 12.97% in the same period.

Thomson Reuters’ shares fell 0.87% to $41.95 in pre-market trading.

Latest Ratings for TRI

Date Firm Action From To
Apr 2015 RBC Capital Downgrades Outperform Sector Perform
Feb 2015 National Bank Downgrades Outperform Sector Perform
Nov 2014 JP Morgan Maintains Neutral

View More Analyst Ratings for TRI
View the Latest Analyst Ratings

Posted-In: RBC CapitalDowngrades Analyst Ratings





 
 
 

Zero Hedge

One Last Look At The Real Economy Before It Implodes - Part 5

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Submitted by Brandon Smith via Alt-Market.com, (click here for Part 1, Part 2, Part 3, and Part 4)

Since I began writing analysis for the liberty movement more than eight years ago, I have always...



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Phil's Favorites

5 Things To Ponder: Aircraft Erudition

Courtesy of Lance Roberts via STA Wealth Management

Speaking of seeming backward, the economic data has continued to disappoint on virtually all fronts, earnings are weak and markets are grossly extended. Yet, investors are more bullish than ever as noted yesterday:

"While investors may be looking for returns, they are 'extraordinarily optimistic about their investment prospects in both the short and long term,' says Natixis. Respondents say they need 10.1 percent return on their investments, and 81 percent of them feel their expectations are realistic.

Fifty-four percent expect their returns this year to be better than 2014.

Stocks will be ...



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All About Trends

Mid-Day Update

Reminder: David is available to chat with Members, comments are found below each post.

Click here for the full report.




To learn more, sign up for David's free newsletter and receive the free report from All About Trends - "How To Outperform 90% Of Wall Street With Just $500 A Week." Tell David PSW sent you. - Ilene...

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Kimble Charting Solutions

S&P 500 vulnerable to a decline says Joe Friday!

Courtesy of Chris Kimble.

CLICK ON CHART TO ENLARGE

When it comes to investing in the stock market, do you feel leadership can be important. If so, you might want to pay attention to price action from a key global stock index. China has been in the news for hot stock market performance that past couple of months. When it comes to the past couple of years, Germany has been stronger than China and the S&P 500. In the past two years the DAX index has gained 18% more than the S&P 500, which is a 60% greater return.

The chart below looks at conditions in the DAX at this time and what message is coming from this index.

...



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Chart School

S&P 500 Snapshot: Down for the Day and Week

Courtesy of Doug Short.

US futures began tanking around 6 AM ET, about the same the major European indexes started rolling over. Renewed anxieties of a Grexit (Greek eurozone exit) and a massive outage of Bloomberg terminals no doubt played a role. The EURO STOXX 50 subsequently posted a -2.07% for the day. The S&P 500 opened lower and had dropped a full percent fifteen minutes later. The index then traded sideways until post-lunch swoon took it to its -1.55% mid-afternoon intraday low. A modest late afternoon recovery trimmed the closing loss to -1.13%. The index is down 0.99% for the week.

Today the yield on the 10-year Note closed at 1.87%, down three bps from the previous close and nine bps from last week's close.

Here is a 15-minute chart of the past five sessions.

On a daily chart we can see that the S&P ...



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Sabrient

Sector Detector: Earnings and GDP temporarily take investor spotlight off the Fed

Reminder: Sabrient is available to chat with Members, comments are found below each post.

Courtesy of Sabrient Systems and Gradient Analytics

As we get into the heart of earnings season and anticipate the GDP report for Q1, the investor spotlight has been taken off the Federal Reserve and timing of its first interest rate hike, at least temporarily. Even though Q1 economic growth will undoubtedly look weak, the future remains bright for the U.S economy – even though many multinationals will struggle with top-line growth due to the strong dollar – and any near-term selloff resulting from weak economic or earnings news should be bought yet again in expectation of better results for the balance of the year. High sector correlations remain a concern, reflectin...



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OpTrader

Swing trading portfolio - week of April 13th, 2015

Reminder: OpTrader is available to chat with Members, comments are found below each post.

 

This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current  trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).

We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options. 

Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.

To learn more about the swing trading virtual portfolio (strategy, performance, FAQ, etc.), please click here ...



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Digital Currencies

SkyNet Is Almost Sentient: HFTs To Start Trading Bitcoin

SkyNet Is Almost Sentient: HFTs To Start Trading Bitcoin

Courtesy of ZeroHedge. View original post here.

As noted earlier, with equities now a barren wasteland of volume (and liquidity), the last remaining HFT master (of whale order frontrunning) has been forced to go to those asset classes where organic flow is still abundant such as FX, courtesy of central banks engaged in global currency wars. However, HFTs rea...



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Promotions

Watch the Phil Davis Special on Money Talk on BNN TV!

Kim Parlee interviews Phil on Money Talk. Be sure to watch the replays if you missed the show live on Wednesday night (it was recorded on Monday). As usual, Phil provides an excellent program packed with macro analysis, important lessons and trading ideas. ~ Ilene

 

The replay is now available on BNN's website. For the three part series, click on the links below. 

Part 1 is here (discussing the macro outlook for the markets) Part 2 is here. (discussing our main trading strategies) Part 3 is here. (reviewing our pick of th...

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Market Shadows

Kimble Charts: South Korea's EWY

Kimble Charts: South Korea's EWY

By Ilene 

Chris Kimble likes the iShares MSCI South Korea Capped (EWY), but only if it breaks out of a pennant pattern. This South Korean equities ETF has underperformed the S&P 500 by 60% since 2011.

You're probably familiar with its largest holding, Samsung Electronics Co Ltd, and at least several other represented companies such as Hyundai Motor Co and Kia Motors Corp.

...



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Mapping The Market

S&P 500 Leverage and Hedges Options - Part 2

Courtesy of Jean-Luc Saillard.

In my last post (Part 1 of this article), I looked at alternative ETFs that could be used as hedges against the corrections that we have seen during that long 2 year bull run. Looking at the results, it seems that for short (less than a month) corrections, a VIX ETF like VXX could actually be a viable candidate to hedge or speculate on the way down. Another alternative ETF was TMF, a long Treasuries ETF which banks on the fact that when markets go down, money tends to pack into treasuries viewed as safe instruments. In some cases, TMF even outperformed the usual hedging instruments like leveraged ETFs. There could of course be other factors at play since some of 2014 corrections were related to geopolitical events which are certain...

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Pharmboy

2015 - Biotech Fever

Reminder: Pharmboy is available to chat with Members, comments are found below each post.

PSW Members - well, what a year for biotechs!   The Biotech Index (IBB) is up a whopping 40%, beating the S&P hands down!  The healthcare sector has had a number of high flying IPOs, and beat the Tech Sector in total nubmer of IPOs in the past 12 months.  What could go wrong?

Phil has given his Secret Santa Inflation Hedges for 2015, and since I have been trying to keep my head above water between work, PSW, and baseball with my boys...it is time that something is put together for PSW on biotechs in 2015.

Cancer and fibrosis remain two of the hottest areas for VC backed biotechs to invest their monies.  A number of companies have gone IPO which have drugs/technologies that fight cancer, includin...



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Help One Of Our Own PSW Members

"Hello PSW Members –

This is a non-trading topic, but I wanted to post it during trading hours so as many eyes can see it as possible.  Feel free to contact me directly at jennifersurovy@yahoo.com with any questions.

Last fall there was some discussion on the PSW board regarding setting up a YouCaring donation page for a PSW member, Shadowfax. Since then, we have been looking into ways to help get him additional medical services and to pay down his medical debts.  After following those leads, we are ready to move ahead with the YouCaring site. (Link is posted below.)  Any help you can give will be greatly appreciated; not only to help aid in his medical bill debt, but to also show what a great community this group is.

http://www.youcaring.com/medical-fundraiser/help-get-shadowfax-out-from-the-darkness-of-medical-bills-/126743

Thank you for you time!




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About Phil:

Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

Learn more About Phil >>


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About Ilene:

Ilene is editor and affiliate program coordinator for PSW. She manages the site market shadows, archives, more. Contact Ilene to learn about our affiliate and content sharing programs.

Market Shadows >>