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6 Internet Stories Cantor Fitzgerald Analysts Are Following

Courtesy of Benzinga.

6 Internet Stories Cantor Fitzgerald Analysts Are Following
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In a report published Friday, Cantor Fitzgerald analysts discussed six Internet stories they are following.

Twitter: CFO Discusses Issues, Google Search Results Update

Twitter Inc (NYSE: TWTR)'s CFO stated at an investor conference this week that he's still not seeing the benefit from organic growth, seasonality, or growth initiatives.

The analysts commented that innovation at Twitter continues at a "brisk pace" as tweets are beginning to show up in Google Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) mobile search results. The deal should generate "meaningful" traffic from logged-out users and provide short-term monetization opportunities. However, it is unclear if this will help the company boost its user growth and retention over time.

Related Link: DISH Network Executive Explains Why Apple Was Unlikely To Release A TV

April Traffic Data Positive For Facebook

April U.S. multi-platform traffic data from comScore showed a "healthy" start to the second quarter viewer/user growth. Facebook Inc (NASDAQ: FB) now dominates digital time spent online at 18.5 percent.

Shutterfly Outperforming Peers

Paid click data from comScore showed that paid click volume for Shutterfly, Inc. (NASDAQ: SFLY) was up 10 percent in April, outperforming its competitor Snapfish whose paid click volume was down 31 percent over the same time period.

According to the analysts, if the growth is sustained over the near-term, this will be viewed as a positive trend for the company's second quarter performance.

Tripadvisor Acquisition

Tripadvisor Inc (NASDAQ: TRIP) announced this week it will acquire Australia based restaurant reservation site Dimmi.

The analysts noted the acquisition "makes strategic sense" as the company continues to bolster its presence in the restaurant booking space outside of the U.S.

Dish's Sling TV Expands To Android
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Morgan Stanley 'Holding Steady' At HP

Courtesy of Benzinga.

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In a report published Friday, Morgan Stanley analysts maintained an Overweight rating on Hewlett-Packard Company (NYSE: HPQ), with a price target of $42.

The F2Q results underlined the fact that the company has the ability to "deliver on guidance," despite headwinds. Hewlett-Packard's constant currency revenue growth stabilized at -2 percent y/y, which was better than feared.

In the report Morgan Stanley noted, "We note that despite channel inventory adjustments in the PC market that resulted in 7% unit decline in 1Q, HP grew its April quarter PC units 2% Y/Y driven by share gains and revenue came in flat in constant currency despite increasingly difficult Y/Y comparisons. We believe share gains will continue, offsetting broader softness in PCs this year."

In servers, the company's robust product portfolio seems to be the driver of revenue share gains and operating margin expansion, since this segment has a better profitability profile than PCs.

The analysts believe that the company is back on track to generating free cash flow of around $6B in FY16, up from $3.5-$4B this year. The EPS estimates for 2015 and 2016 have been raised from $3.54 to $3.60 and from $3.74 to $3.79, respectively.

The analysts expect the recently announced split to unlock value. The reasons cited were:

  • HP Inc. turns into a yield vehicle and therefore re-rates toward peers with significant yield
  • Services margin expansion in Enterprise provides further evidence of a successful turnaround

Latest Ratings for HPQ

Date Firm Action From To
May 2015 Cross Research Upgrades Hold Buy
Apr 2015 Jefferies Upgrades Buy
Mar 2015 Jefferies Maintains Hold

View More Analyst Ratings for HPQ
View the Latest Analyst Ratings

Posted-In: Morgan StanleyAnalyst Color Reiteration Analyst Ratings





Wedbush: Gap Key Drivers Unchanged, 'Limited Opportunity' Going Forward

Courtesy of Benzinga.

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In a report published Friday, Wedbush analysts maintained a Neutral rating on Gap Inc (NYSE: GPS), while raising the price target from $41 to $42.

In the report Wedbush noted, “Current trends in the company’s primary business units remain unchanged, with Gap divisions struggling and not expected to turn until 1Q16, while Old Navy continues to execute well and deliver impressive top- and bottom-line results. Banana Republic’s recent downshift in sales trends presents another potential hurdle for the company to overcome, but matters relatively little for the company’s total operating results (accounting for just under 18% of total company sales).”

Although both Gap and Banana Republic increased their promotional activities during 1Q, the company’s merchandise margins remained flat. This indicates “how well Old Navy is currently performing,” the analysts said.

The company kept its FY15 guidance unchanged, despite softer-than-expected same-store-sales during 1Q, with tight cost control helping offset the revenue shortfall. The analysts expect the company to further increase its promotional activities due to the port issue and the Gap division’s margin to come under more pressure, in view of the ongoing product challenges.

“While performance at Gap seems unlikely to get worse from here, a prospective 1Q16 targeted turn provides little incentive for investors to own the stock in the near term,” the analysts added. The upward revision in price target reflects a roll forward of the estimates.

Latest Ratings for GPS

Date Firm Action From To
May 2015 Cantor Fitzgerald Maintains Hold
May 2015 FBR Capital Downgrades Outperform Market Perform
May 2015 UBS Maintains Buy

View More Analyst Ratings for GPS
View the Latest Analyst Ratings

Posted-In: WedbushAnalyst Color Price Target Reiteration Analyst Ratings





Mizuho: Time To Buy Micron

Courtesy of Benzinga.

Mizuho: Time To Buy Micron

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In a report published Friday, Mizuho Securities analysts initiated coverage of Micron Technology, Inc. (NASDAQ: MU) with a Buy rating and a price target of $39.

The DRAM industry has been through a period of consolidation, from there being about 9-10 OEMs in 2008 to merely 3 DRAM OEMs currently controlling around 94 percent of DRAM supply. In view of the increasing DRAM complexity and challenges, companies need to focus on profits and margins.

Related Link: Avago Shares Initiated Buy, Mizuho Sees 'Strong' 4G

While the PC market seems weak ahead of the Windows 10 launch and Skylake, the DRAM environment could improve in the second half of the year, with stronger PC and handset ramps. "While MU has been pulling in its 25/20nm DRAM shrink ahead of schedule, we believe the overall higher 20nm DRAM Capex intensity should still keep the focus on maintaining profitability in DRAM," the analysts said.

In the report Mizuho noted, "While near-term DRAM could be weaker given PC weakness ahead of Windows10, 2H15 should see both trends reverse. While NAND remains a show-me story for MU, the key is to get TLC and 3D-NAND to drive GM improvement."

Moreover, the analysts believe that the company's new CFO Ernie Maddock has deep experience with Converts and could meet investors more often, which should help "allay any roadmap concerns."

Latest Ratings for MU

Date Firm Action From To
May 2015 Mizuho Securities Initiates Coverage on Buy
May 2015 JMP Securities Maintains Market Outperform
May 2015 Drexel Hamilton Downgrades Buy Hold

View More Analyst Ratings for MU
View the Latest Analyst Ratings

Posted-In: Mizuho SecuritiesAnalyst Color Initiation Analyst Ratings Best of Benzinga





Goldman Sachs Initiates Qorvo With Buy

Courtesy of Benzinga.

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Analysts at Goldman Sachs initiated coverage on Qorvo Inc (NASDAQ: QRVO) with a Buy rating.

The target price for Qorvo is set to $98.

Qorvo shares closed at $81.26 yesterday.

Latest Ratings for QRVO

Date Firm Action From To
May 2015 Goldman Sachs Initiates Coverage on Buy
May 2015 Barclays Maintains Equal-weight
May 2015 Barclays Maintains Equal-weight

View More Analyst Ratings for QRVO
View the Latest Analyst Ratings

Posted-In: Goldman SachsInitiation Analyst Ratings





Deutsche Bank Previews Big Lots Q1: Questions 'The BIG Short Thesis'

Courtesy of Benzinga.

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In a report published Friday, Deutsche Bank analyst Paul Trussell previewed Big Lots, Inc. (NYSE: BIG)’s first quarter and offered mitigated factors to current concerns.

Big Lots is scheduled to report its first quarter results on May 29 before market open. The Wall Street consensus estimate is calling for an earnings per share of $1.75 on revenue of $1.590 billion.

Will Comps Slow?

According to Trussell, the top concern heading in to the quarter is a deceleration of same-store sales as Big Lots faces a tougher compare, could see softness in furniture while the company struggles to gain traction in consumables.

Trussell noted his mitigating factors include cooler benefits to continue through fiscal 2016, furniture financing should gain momentum due to discretionary spending power and operational training/support, new merchants have lifted quality, marketing shift has been “dramatic,” and the ‘editing’ drag is over.

Trussell is projecting fiscal 2015 same-store sales of 2.1 percent with upside potential.

Is Gross Processing Margin Mounting?

Investors are also worried that Big Lot’s gross processing margin (GPM) could be pressured as consumables penetration (especially frozen) increases. With over 1,200 stores now with coolers, the mix could shift unfavorably.

Trussell argued that this concern may be legitimate, the company still ended fiscal 2014 120 basis points below its prior GPM peak and will continue to see significant tailwinds from lapping heavy markdowns/editing, improving shrink and regular rate sell-through, and low freight and fuel prices.

Trussell is modeling a 29 basis point increase in GPM in fiscal 2015 followed by a 27 basis point gain in fiscal 2016, reaching 40.0 percent.

Could SG&A Deleverage?

Finally, investors are concerned that higher insurance and depreciation costs, pressure across retail to boost wages and a higher than expected cost associated with the company’s online rollout could pressure SG&A.

Trussell counted that Big Lots’ store payroll, occupancy and advertising are all growing at a lower rate versus sales and the company could benefit from closing underperforming doors. In addition, the company only needs…
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Amazon, Netflix And Shutterstock: Mark Mahaney's New Top Picks

Courtesy of Benzinga.

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RBC Capital Markets has had a material rerating in the tech sector since the beginning of this year. Analyst Mark Mahaney was on CNBC recently to discuss this rerating and share the outlook for his current top picks: Amazon.com, Inc. (NASDAQ: AMZN), Netflix, Inc. (NASDAQ: NFLX), and Shutterstock Inc (NYSE: SSTK).

Less Aggressive On Major Tech

"We began this year with many of these stocks at trough levels. Netflix, Amazon, Priceline, Google," Mahaney said. "They were all pretty close to, some of them were close to market multiples and that created interesting buying opportunities. We have had a rerating, so, overall as a group we are less aggressive than we were at the beginning of the year. That said, we still think there’s upside to those three names."

Related Link: Murray Christmas! Bill Murray Is Coming To Netflix

Amazon

On the kind of appreciation Amazon can see from here, Mahaney said, “Amazon we think there is a $500 pitch from where the stock is today. So, call it 15-20 percent upside from here and the big play on the stock, what needs still to be proven and what the market is still skeptical on, maybe rightfully so, is margins in the core retail business. We got positively surprised by AWS, but the skepticism is still there on the retail side. We think that skepticism can be overcome.”

Shutterstock

Mahaney was asked his top pick from the small-cap tech sector. He replied, “Well Shutterstock is small-cap Internet land hass been very, very challenging, unless you got a company that got…
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Evercore's Charts Suggest Netflix To Touch $730 Soon

Courtesy of Benzinga.

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With over 30 percent gains in the last three months, shares of Netflix, Inc. (NASDAQ: NFLX) are flying high and according to Rich Ross of Evercore ISI, the technical pictures suggests that they will continue to move higher from here.

Ross was on CNBC recently to provide the technical outlook on Netflix’s stock going forward.

Poised To Move Higher

“I think that the stock goes much higher [from] here,” Ross said. He feels that people who tried to short Netflix, but had to cover their shorts when the stock moved higher made a wise decision. “On the short side, your first loss is your best loss as they say and I think that’s going to be the case here in Netflix as this stock moves higher.”

The Technical Picture

“When we look at that short-term chart, we see a text book pattern and form that tells us that the stock goes higher,” Ross said. “You see that stair-step pattern which is comprised of sideways trading ranges punctuated by upside breakouts followed by another trading range and breakout and trading range and so on — you get the picture.”

He continued, “That stairway gets us higher and when you zoom out, you look longer term the picture gets even better. You see this very well-defined sideways trading range that we had been in for just about 18 months. We broke to the upside in decisive fashion last quarter back in March.”

“We go higher from here, you see that little bullish flag that’s formed on that weekly — that’s a continuation pattern to the upside. I have a measured target of $730 on this stock. I think, we get there. I like Netflix,” Ross concluded.

Latest Ratings for NFLX

Date Firm Action From To
May 2015 Bank of America Upgrades Neutral Buy
Apr 2015 Stifel Nicolaus Maintains Buy
Apr 2015 Pivotal Research Maintains Buy

View More Analyst Ratings for NFLX
View the Latest Analyst Ratings

Posted-In: Evercore Rich RossAnalyst Color CNBC Technicals Analyst Ratings Media Trading Ideas





Jefferies On Best Buy: 'Strong Execution Against Tough Backdrop'

Courtesy of Benzinga.

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In a report published Friday, Jefferies analysts maintained a Buy rating on Best Buy Co Inc (NYSE: BBY), while raising the price target from $46 to $49, saying that the company’s execution was strong against a challenging backdrop.

Best Buy reported its Q1 EPS at $0.37, ahead of the Street estimate of $0.29. Domestic SSS grew by 0.6 percent, beating the Street expectation of a decline of 0.2 percent. “BBY saw strong performance in mobile phones, TVs (consumer electronics +7.6%), and appliances (+12.4% comp). This was despite port issues which affected competitors and a slowdown in industry appliance shipments,” the analysts said.

Best Buy has reduced its Q2 EBIT% guidance to 50 bps, since it continues to invest in its website, the BBY mobile app, a new labor model, Pacific Sales system integration, appliance delivery and installment, personalization in marketing, gift centers online, and supply chain. “We believe some investments such as the new labor model are already providing a payback, but we should see continued returns on investment as we get into 2H,” the report mentioned.

Best Buy reported online sales growth of only 5.2 percent. The analysts expect the company’s online performance to improve, with the gaming console already launched and new product introductions expected in computing this summer.

In the report Jefferies noted, “BBY’s market position has improved, shifting from stabilizing the business to playing offense as large pools of market share are up for grabs. Strong inventory management around port issues and good in-store execution of its new labor model translated to better than expected sales, which outpaced competitors.”

“Mgmt is investing in areas of the business that should add structural advantages and allow it to compete beyond price,” the analysts added.

Latest Ratings for BBY

Date Firm Action From To
Apr 2015 JP Morgan Downgrades Outperform Neutral
Mar 2015 Wedbush Upgrades Underperform Neutral
Mar 2015 Citigroup Maintains Buy

View More Analyst Ratings for BBY
View the Latest Analyst Ratings

Posted-In: JefferiesAnalyst Color Price Target Reiteration Analyst Ratings





Benzinga's Volume Movers

Courtesy of Benzinga.

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Cellular Biomedicine Group Inc (NASDAQ: CBMG) shares climbed 19.50 percent to $37.20. The volume of Cellular Biomedicine shares traded was 941 percent higher than normal. Cellular Biomedicine Group reported positive Phase I results from CAR-T CD30 immuno-oncology clinical development program.

Autobytel Inc. (NASDAQ: ABTL) surged 22.01 percent to $16.65. The volume of Autobytel shares traded 544 percent higher than normal. Autobytel reported that it has acquired Dealix Corporation and Autotegrity, Inc. for $25 million. Autobytel expected FY 2015 adjusted earnings of $1.21 to $1.27 per share and revenue of $128 million to $132 million.

Rewalk Robotics Ltd (NASDAQ: RWLK) shares moved up 20.52 percent to $13.33. The volume of Rewalk Robotics traded was 464 percent higher than normal. Canaccord Genuity upgraded ReWalk Robotics from Hold to Buy.

Ehi Car Services Ltd (ADR) (NYSE: EHIC) shares rose 5.11 percent to $14.80. The volume of Ehi Car Services shares traded was 455 percent higher than normal. eHi Car Services reported private placement of up to 22.3 million shares of common stock.

Posted-In: volume moversNews Intraday Update Markets Movers





 
 
 

Zero Hedge

Apple Watch: Epic Dud?

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

With Apple Watches still on back-order (due to defective supply, not abundant demand) and the sell-side confused as to whether it will be a great success (Morgan Stanley's exuberant extrapolation of Google searches) or a damp squib (KGI cut estimates on demand slowing), the latest projections from Slice Intelligence suggest things are definitely going so well for the world's largest gadget-maker.

After the first m...



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Phil's Favorites

Yellen Yap: Point by Point Rebuttal

Courtesy of Mish.

Inquiring minds are reading Fed Chair Janet Yellen's Outlook for the Economy speech, delivered today at the Providence, Rhode Island Chamber of Commerce.

Here are a few snips from what I believe to believe is a way over-optimistic assessment. I provide rebuttals following each statement.

Yellen: The U.S. economy seems well positioned for continued growth. Households are seeing the benefits of the improving jobs situation, and consumer confidence has been solid.

Mish: The economy is not positioned for much, if any, growth. Consumer confidence is not solid, and consumer spending plans have been sinking like a rock. See C...



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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

King Dollar & Crude Oil reversing ST trends, says Joe Friday

Courtesy of Chris Kimble.

CLICK ON CHART TO ENLARGE

King Dollar and Crude Oil have been have had little correlation over the past year, as each has traded in pretty much opposite directions.

Over the past 9 months King Dollar has had a historical rally and the opposite is true for Crude Oil.

Of late Crude hit its 23% Fibonacci resistance line, based upon last summers weekly closing highs and weekly closing low on 3/13/15.

Joe Friday just the facts….Crude oil is making an attempt to break short-term steep rising support this week and King Dollar is attempting to break short-term steep falling resistance.

Crude oil just experienced its 7th largest 2-month rally in its...



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Chart School

S&P 500 Snapshot: A Modest Loss on the Smallest Trading Range of 2015

Courtesy of Doug Short.

With the three-day Memorial Day weekend in the immediate offing, the S&P 500 spent the day in semi-vacation mode. The intraday high-low trading range of 0.29% was the smallest of the year. The peak coincided, not surprisingly, with Janet Yellen's "Outlook for the Economy" speech at 1 PM. In her speech, Ms. Yellen discounted economic projections with a rather stunning self-abnegation, especially so in coming from a Fed Chair.

"Of course, the outlook for the economy, as always, is highly uncertain. I am describing the outlook that I see as most likely, but based on many years of making economic projections, I can assure you that any specific projection I write down will turn out to be wrong, perhaps markedly so."   [bolding added b...

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Pharmboy

Big Pharma's Business Model is Changing

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

Understanding the new normal of a business model is key to the success of any company.  The managment of companies need to adapt to the changing demand, but first they must recognize what changes are taking place.  Big Pharma's business model is changing rapidly, and much like the airline industry, there will be but a handful of pharma companies left at the end of this path.

Most Big Pharma companies have traditionally done everything from research and development (R&D) through to commercialisation themselves. Research was proprietary, and diseases were cherry picked on the back of academic research that was done using NIH grants.  This was in the heyday of research, where multiple companies had drugs for the same target (Mevocor, Zocor, Crestor, Lipitor), and could reap the rewards on multiple scales.  However, in the c...



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Sabrient

Sector Detector: Bullish technical picture appears to trump cautious fundamentals

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

Courtesy of Sabrient Systems and Gradient Analytics

By Scott Martindale

Stocks closed last week on a strong note, with the S&P 500 notching a new high, despite lackluster economic data and growth. I have been suggesting in previous articles that stocks appeared to be coiling for a significant move but that the ingredients were not yet in place for either a major breakout or a corrective selloff. However, bulls appear to be losing patience awaiting their next definitive catalyst, and the higher-likelihood upside move may now be underway. Yet despite the bullish technical picture, this week’s fundamentals-based Outlook rankings look even more defensive.

In this weekly update, I give ...



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OpTrader

Swing trading portfolio - week of May 18th, 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

Nasdaq's bitcoin plan will provide a real test of bitcoin hype

 

Nasdaq's bitcoin plan will provide a real test of bitcoin hype

By 

Excerpt:

Bitcoin, the virtual digital currency, has been called the future of banking, a dangerous fad, and almost everything in between, but we're finally about to get some solid data to help settle the debate.

On Monday, the Nasdaq (NDAQ) stock exchange said it would ...



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Market Shadows

Kimble Charts: US Dollar

Which way from here?

Chris Kimble likes the idea of shorting the US dollar if it bounces higher. Phil's likes the dollar better long here. These views are not inconsistent, actually, the dollar could bounce and drop again. We'll be watching. 

 

Phil writes:  If the Fed begins to tighten OR if Greece defaults OR if China begins to fall apart OR if Japan begins to unwind, then the Dollar could move 10% higher.  Without any of those things happening – you still have the Fed pursuing a relatively stronger currency policy than the rest of the G8.  So, if anything, I think the pressure should be up, not down.  

 

UNLESS that 95 line does ultimately fail (as opposed to this being bullish consolidation at the prior breakout point), then I'd prefer to sell the UUP Jan $25 puts for $0.85 and buy the Sept $24 call...



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Mapping The Market

An update on oil proxies

Courtesy of Jean-Luc Saillard

Back in December, I wrote a post on my blog where I compared the performances of various ETFs related to the oil industry. I was looking for the best possible proxy to match the moves of oil prices if you didn't want to play with futures. At the time, I concluded that for medium term trades, USO and the leveraged ETFs UCO and SCO were the most promising. Longer term, broader ETFs like OIH and XLE might make better investment if oil prices do recover to more profitable prices since ETF linked to futures like USO, UCO and SCO do suffer from decay. It also seemed that DIG and DUG could be promising if OIH could recover as it should with the price of oil, but that they don't make a good proxy for the price of oil itself. 

Since...



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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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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...

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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.

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