Archive for 2014

Evercore ISI Downgrades Drilling Companies

Courtesy of Benzinga.

Related GLF
Barron's Recap: Protecting Your Golden Years
UPDATE: Wunderlich Initiates Coverage on GulfMark Offshore on Rich Valuation

Evercore ISI analyst James West commented in an analyst note Monday that oil services companies estimates have been reduced across the board.

The steepest declines were forecasted for companies heavily exposed to North America where E&P expenditures are expected at -10 percent in 2015 vs. prior expectations of +8 percent.

According to the note, oil prices are not expected to fully rebound until the second half of 2015.

Below are the firm's rating changes along with current price targets:

GulfMark Offshore, Inc (NYSE: GLF) – From Hold to Sell, $20 price target

Oil States International, Inc. (NYSE: OIS) – From Buy to Hold, $50 price target

Parker Drilling Company (NYSE: PKD) – From Buy to Hold, $4 price target

RPC, Inc. (NYSE: RES) – From Buy to Hold, $18 price target

Seadrill Ltd (NYSE: SDRL) – From Buy to Hold, $20 price target

Latest Ratings for GLF

Date Firm Action From To
Nov 2014 Evercore ISI Downgrades Hold Sell
Sep 2014 Tudor Pickering Downgrades Accumulate Hold
Jul 2014 RS Platou Downgrades Neutral Sell

View More Analyst Ratings for GLF
View the Latest Analyst Ratings

Posted-In: Evercore James WestAnalyst Color Downgrades Price Target Analyst Ratings





Salem Communications Offers Structure Changes, Several Interal Promotions: Santrella Named Pres of Broadcast Unit

Courtesy of Benzinga.

Related SALM
Morning Market Losers
Top 4 NASDAQ Stocks In The Broadcasting-Radio Industry With The Lowest PEG Ratio

Salem Communications
Corporation (NASDAQ: SALM) - In October Salem announced that Network
President, Greg Anderson, would be retiring at the end of the year.  In the
wake of that announcement Salem has restructured its broadcast division
creating new opportunities for several members of its Senior Management staff.

Salem Communications Logo

Effective January 1, 2015 Salem is consolidating its radio and network
divisions into one.  Dave Santrella will move from President of the Radio
Division to President of Broadcast Media, adding to his radio division
responsibilities the oversight of the Salem Radio Network, SMR/VMR Rep Firm,
and a variety of digital assets.

In speaking of Santrella’s expanded role, Edward Atsinger said, “Our network
and radio divisions overlap in so many ways.  A management consolidation
should produce greater efficiencies and productivity.  This is a case where
the whole will be equal to more than the sum of its parts.  Five years ago
Dave was promoted to President of the radio division.  In that capacity he has
brought creative leadership  to the division absorbing new outlets and
improving productivity and efficiency while recognizing that the media future
is all about convergence of platforms.  Consolidating our radio and network
divisions is the logical next step in that convergence strategy and Dave is
perfectly positioned to lead this consolidated division.” 

On the Radio station side of the operation

Allen Power and Linnae Young take on new roles as Senior Vice Presidents
dividing up the oversight of other operational vice presidents, as well as
departmental managers in ministry relations, digital and business formatted
radio properties.

Terry Fahy is promoted to an Operational Vice President role overseeing most
of the company’s stations west of Phoenix.

Other Operational Vice Presidents including Brian Taylor, John Peroyea, David
Ruleman and Mike Moran, all pick up additional station responsibilities.

On the Network side

Phil Boyce, Veteran Programmer and current VP, Director Spoken Word formats
for Salem is…
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Mid-Morning Market Update: Markets Edge Lower; Halliburton To Acquire Baker Hughes For $34.6 Billion

Courtesy of Benzinga.

Related BZSUM
#PreMarket Primer: Monday, November 17: Japan's Economy Unexpectedly Slips
#PreMarket Primer: Friday, November 14: Tensions At All-Time High For G20 Summit

Following the market opening Monday, the Dow traded down 0.06 percent to 17,624.79 while the NASDAQ declined 0.12 percent to 4,682.82. The S&P also fell, dropping 0.08 percent to 2,038.25.

Leading and Lagging Sectors

Healthcare shares jumped by 0.43 percent on Monday. Top gainers in the sector included Celldex Therapeutics (NASDAQ: CLDX), up 26.3 percent, and Amicus Therapeutics (NASDAQ: FOLD), up 15.5 percent.

In trading on Monday, telecommunications services shares were relative laggards, down on the day by about 0.83 percent. Top losers in the sector included B Communications (NASDAQ: BCOM), down 9.4 percent, and China Telecom Corp. Ltd. (NYSE: CHA), off 4 percent.

Top Headline

Halliburton Company (NYSE: HAL) announced its plans to buy Baker Hughes (NYSE: BHI).

Under the terms of the deal, Halliburton will acquire all of the outstanding shares of Baker Hughes in a stock and cash transaction valued at $78.62 per Baker Hughes share, or $34.6 billion.

Equities Trading UP

Amicus Therapeutics (NASDAQ: FOLD) shares shot up 15.29 percent to $6.56 after the company reported positive Phase 3 Data on cardiac and composite endpoints from Fabry Monotherapy Study.

Shares of Baker Hughes (NYSE: BHI) got a boost, shooting up 10.42 percent to $66.13 after Halliburton (NYSE: HAL) announced its plans to buy Baker Hughes for $34.6 billion in cash and stock.

Allergan (NYSE: AGN) shares were also up, gaining 7.22 percent to $213.00 after the company agreed to be acquired by Actavis Plc (NYSE: ACT) for $66 billion.

Equities Trading DOWN

Shares of DreamWorks Animation SKG (NASDAQ: DWA) were down 15.26 percent to $22.05. The talks…
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Stifel Initiates Coverage On Proteon Therapeutics

Courtesy of Benzinga.

Related PRTO
Benzinga's Top Initiations
Stifel Nicolaus Initiates Proteon Therapeutics At Buy, Shares Rise

Stifel initiated coverage on Proteon Therapeutics Inc (NASDAQ: PRTO) Monday with a Buy rating and $17 price target.

Analysts led by Brian Klein commented that "Proteon is set to enter the growing ESRD market with lead Phase 3 product PRT-201, in development to reduce vascular access failure in patients requiring arteriovenous fistulas for hemodialysis.

"Given the dire necessity of functional vascular access for dialysis and with impressive Phase 2 results we believe Proteon is primed to succeed in the ongoing Phase 3 program and establish a new standard of care."

Klein noted that in "an environment focused on healthcare spending, the $33 billion ESRD marketplace is one that comes constant under scrutiny; PRT-201’s effectiveness could greatly reduce the $2.5 billion spent annually on dialysis vascular access. In addition we note that as a surgical add-on, this product would be excluded from the dialysis payments bundle."

The analyst report concluded that "given the opportunity for PRT-201 to become an entrenched standard of care in a large AVF indication, we believe Proteon could be a compelling potential acquisition target to large pharmaceutical/biotechnology, including Sanofi, Novartis, Amgen with established renal franchises, or even medical device companies targeting vascular surgeons. We do not anticipate any acquisition would occur until after Phase 3 data readout but could provide upside to our estimates."

Proteon Therapeutics recently traded at $10.20, up 1.01 percent.

Latest Ratings for PRTO

Date Firm Action From To
Nov 2014 JMP Securities Initiates Coverage on Market Outperform
Nov 2014 Baird Initiates Coverage on Outperform
Nov 2014 Oppenheimer Initiates Coverage on Outperform

View More Analyst Ratings for PRTO
View the Latest Analyst Ratings

Posted-In: Brian Klein StifelAnalyst Color Price Target Initiation Analyst Ratings





JPMorgan Recommends Being Underweight U.S. Equities & Overweight E.U. Equities

Courtesy of Benzinga.

Mislav Matejka, JPMorgan's London-based equity strategists is recommending clients allocate their portfolios Overweight eurozone equities at the expense of U.S. equities.

"Eurozone has posted an exceptionally poor performance year to date, lagging the U.S. by 22 percent in U.S. dollar terms," Matejka wrote in a note to clients on Monday. "It is now trading at a lower price relative than the one recorded at the point of peak stress in 2012, when Eurozone breakup was almost the base case."

Matejka adds that eurozone equities have seen a substantial improvement in terms of forward price to earnings. The analyst adds that longer-term metrics including Shiller P/E and P/B remain "supportive" of eurozone equities.

Matejka also notes that eurozone equities earnings relative to U.S. equities "has never been as depressed." The return on equity differential between the two is at the peak of its historical range and should start to "normalize from here," according to the analyst.

Finally, Matejka points out that the Eurozone M3 has been increasing since April, which tends to lead to economic activity. Seventy-five percent of all financing in Europe is conducted through banks, so the fact that the stress tests have passed will allow the banks to "be more supportive" of the overall economy.

"We see this is a relative call, where we believe Eurozone is due for a period of outperformance versus the U.S., but continue to expect U.S. stocks to make new highs in absolute terms."

Matejka also recommends investors remain Underweight in United Kingdom equities and Overweight Japanese equities.

Posted-In: Eurozone JP Morgan JPMorganAnalyst Color News Eurozone Markets Analyst Ratings





Mizuho Securities Initiates Boston Properties At Buy

Courtesy of Benzinga.

Related BXP
Credit Suisse Initiates Coverage On 34 REITs, Names Top Picks
Tech Giants' Office Demands Driving 2 REITs To 52-Week Highs

Analysts at Mizuho Securities initiated coverage on Boston Properties (NYSE: BXP) with a Buy rating.

The target price for Boston Properties is set to $144.

Boston Properties shares have gained 23.27% over the past 52 weeks, while the S&P 500 index has surged 13.86% in the same period.

Boston Properties’ shares dropped 1.17% to close at $126.34 on Friday.

Latest Ratings for BXP

Date Firm Action From To
Nov 2014 Mizuho Securities Initiates Coverage on Buy
Nov 2014 Credit Suisse Initiates Coverage on Outperform
Oct 2014 Barclays Maintains Overweight

View More Analyst Ratings for BXP
View the Latest Analyst Ratings

Posted-In: Mizuho SecuritiesInitiation Analyst Ratings





Credit Suisse Revises Estimates For United Parcel Service

Courtesy of Benzinga.

Related UPS
Wal-Mart's Earnings Help Boost Dow To New Highs
UPS Trading Lower Following Cautious 2015 Guidance
Making Money With Charles Payne: 10/24/14 (Fox Business)

In a report published Monday, Credit Suisse analyst Allison M. Landry reiterated an Outperform rating and $112.00 price target on United Parcel Service (NYSE: UPS).

In the report, Credit Suisse noted, “Our FY14 EPS estimate of $4.96 is unchanged. We have slightly lowered our FY15 and FY16 estimates to $5.65 and $6.41, from $5.72 and $6.47, respectively. Our DCF-derived target price of $112 is intact. UPS expects 2015 EPS of $5.45-$5.70, implying 10%-15% growth over 2014 expected adjusted results, with revenue growth of 5%-6%, and operating profit growth of 9%-11%. We note that the EPS guidance range was below our initial estimate of $5.72 and the consensus of $5.71. The company also issued five-year guidance, including the expectation for an EPS CAGR of 9%-13% (which is below the prior 5-yr CAGR of 10%-15% that was targeted in 2011).”

United Parcel Service closed on Friday at $106.83.

Latest Ratings for UPS

Date Firm Action From To
Nov 2014 Bank of America Maintains Buy
Oct 2014 Credit Suisse Maintains Outperform
Oct 2014 Deutsche Bank Maintains Buy

View More Analyst Ratings for UPS
View the Latest Analyst Ratings

Posted-In: Allison M. Landry Credit SuisseAnalyst Color Reiteration Analyst Ratings





UPDATE: Credit Suisse Upgrades Volcano On Multiple Positive Factors

Courtesy of Benzinga.

Related VOLC
Markets Up As Russia Seeks To End Military Activity Near Ukraine
Sotheby's Slips On Downbeat Earnings; NVIDIA Shares Surge

In a report published Monday, Credit Suisse analyst Bruce Nudell upgraded the rating on Volcano Corporation (NASDAQ: VOLC) from Neutral to Outperform, but lowered the price target from $16.00 to $14.00.

In the report, Credit Suisse noted, “Our VOLC upgrade is based on 3 factors: 1) the belief that VOLC’s August long-term sales growth targets are likely achievable (if not beatable), suggesting limited downside to consensus (which assumes 1.8% sales growth in 2015 roughly consistent with 2014 growth despite multiple new product launches & the lapping of Japanese price cuts to help offset FFR competition), 2) VOLC’s more dedicated approach to margin expansion suggests a meaningful intermediate-term profitability ramp & seems to mitigate the risk from M&A execution, & 3) favorable valuation (as described below). We’re lowering our 2015 sales estimates to $408.3M (5.4% CC) from $417.2M (7.6% CC) on lower assumed FFR share & the assumption of increased pricing pressure (we’ve assigned ~2% FFR share to ACIST in 2015, increasing over time), which implies a lowering of our 2014-17 total sales CAGR to 5.0% from 6.4%; however, we still believe there’s likely to be nice potential upside to shares if VOLC can meet our above-consensus sales targets. We’re lowering our DCF-based price target to $14 from $16 on our lowered estimates.”

Volcano closed on Friday at $10.92.

Latest Ratings for VOLC

Date Firm Action From To
Nov 2014 Credit Suisse Upgrades Neutral Outperform
Nov 2014 Canaccord Genuity Maintains Hold
Oct 2014 JP Morgan Maintains Neutral

View More Analyst Ratings for VOLC
View the Latest Analyst Ratings

Posted-In: Bruce Nudell Credit SuisseAnalyst Color Upgrades Analyst Ratings





RBC Capital Upgrades Rayonier To Outperform

Courtesy of Benzinga.

Related RYN
Midday Losers From November 11: Vivint Solar, Unilife, Wayfair, Rayonier, Halcon Resources
Mid-Afternoon Market Update: Sothebys Climbs On Upbeat Revenue; GoPro Shares Dip

Analysts at RBC Capital upgraded Rayonier (NYSE: RYN) from Sector Perform to Outperform.

The price target for Rayonier has been raised from $28 to $30.

Rayonier shares have dropped 20.94% over the past 52 weeks, while the S&P 500 index has gained 13.86% in the same period.

Rayonier’s shares fell 0.15% to close at $26.09 on Friday.

Latest Ratings for RYN

Date Firm Action From To
Nov 2014 RBC Capital Upgrades Sector Perform Outperform
Nov 2014 DA Davidson Maintains Neutral
Nov 2014 RBC Capital Downgrades Outperform Sector Perform

View More Analyst Ratings for RYN
View the Latest Analyst Ratings

Posted-In: RBC CapitalUpgrades Analyst Ratings





Wedbush: Best Buy To Be 'Overwhelmed By Competition'

Courtesy of Benzinga.

Related BBY
Credit Suisse Positive On Home Depot, Lowe's & Best Buy, Cautious On Staples Ahead Of Q3 Reports
Benzinga Weekly Preview: G20 Tension To Keep Markets On Edge
Auto Sales Fueled by … Subprime Loans (Fox Business)

Michael Pachter of Wedbush reiterated an Underperform rating on Best Buy Co Inc (NYSE: BBY) on Monday with an $18 price target.

“Best Buy’s cost structure reflects an estimated 10 percent price disadvantage relative to its online competitors, and we expect continued market share losses this holiday,” Pachter wrote. “We do not expect the company to attract new store traffic for several years.”

According to Pachter, Best Buy’s lower gross profits and negative comps will “trump” the company’s cost-cutting initiatives. The analyst notes that Best Buy has reported year-over-year consolidated gross margin declines in 14 straight quarters and domestic comp declines in 15 of the last 17 quarters.

Best Buy’s gross profits are at a run rate of $3.5 billion below 2010 levels which Pachter describes as a “recipe for disaster” especially when factoring in expectations that Best Buy’s is unlikely to exceed the targeted amounts of $1 billion in domestic cost cuts.

Finally, Pachter expects the iPhone “phenomenon” to be short lived. In addition, when a refresh cycle occurs (such as 4K TV when broadcast shifts to the 4K Standard) price of new products will be close to existing pricing, helping comps “only modestly.”

Latest Ratings for BBY

Date Firm Action From To
Nov 2014 Jefferies Maintains Buy
Sep 2014 Barclays Maintains Overweight
Aug 2014 UBS Maintains Neutral

View More Analyst Ratings for BBY
View the Latest Analyst Ratings

Posted-In: Michael Pachter WedbushAnalyst Color Reiteration Analyst Ratings





 
 
 

Zero Hedge

Enemy Of The People?

Courtesy of ZeroHedge. View original post here.

Via The Zman blog,

There has never been a time when normal people did not know the media was biased and biased in a predictable direction. For every non-liberal in the media, there were at least ten liberals. The ratio was probably higher, but then, as now, some lefties liked to pretend they were independents or some third option.

The media used to invest a lot of time denying they had a bias and an agenda, but the only people who believed them were on the Left, which had the odd effect of confirming they had a bias and an agenda.

...



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Phil's Favorites

A 2019 Earnings Recession?

 

A 2019 Earnings Recession?

Courtesy of 

Shout to Leigh!

On the new Talk Your Book – Josh Brown is joined by Leigh Drogen of Estimize, one of the leading providers of crowdsourced financial and economic data to talk about the trend in corporate profits that could potentially lead to an earnings recession later this year.

What is the thing that Leigh is seeing in the data that Wall Street isn’t yet picking up on? What segment of the stock market is most at risk? Why is the crowd smarter than the narrow consensus of Wall Street analysts?

Check out Estimize ...



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ValueWalk

D.E. Shaw Investment Calls For Leadership Change At EQT

By ActivistInsight. Originally published at ValueWalk.

Elliott Management has offered to acquire QEP Resources for approximately $2.1 billion, contending the oil and gas explorer’s turnaround efforts have done little to lift the company’s share price. The company responded and said that a thorough review of the proposition is imperative in order to properly act in the best interests of shareholders, “taking into account the company’s other alternatives and current market conditions.” The news came only a month after Travelport Worldwide agreed to sell itself to Siris Capital Group and Elliott’s private equity arm Evergreen Coast Capital for $4.4 billion in cash and two months after Athenahealth was bought by Veritas and Evergreen for $5.7 bi...



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Kimble Charting Solutions

Gold & Silver Testing Important Breakout Levels!

Courtesy of Chris Kimble.

Gold and Silver from a long-term perspective have created a series of lower highs over the past 8-years. Will 2019 bring a change to this trend? A big test is in play!

Gold since the lows in 2016 has created a series of higher lows, while Silver may have created a double bottom.

Gold & Silver are currently facing break attempts a (1) and (2). These falling resistance lines have disappointed metals bulls for the past few years.

The direction of Gold and Silver weeks and months from now should be highly influenced by what each does as they are attempting to break above important resistance levels.

To become a member of Kimbl...



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Insider Scoop

UBS Says Disney's Streaming Ambition Gives It A 'New Hope'

Courtesy of Benzinga.

Related DIS Despite Some Risks, Analysts Still Expecting Double Digit Growth From Communications Services In Q4 ...

http://www.insidercow.com/ more from Insider

Digital Currencies

Russia Prepares To Buy Up To $10 Billion In Bitcoin To Evade US Sanctions

Courtesy of Zero Hedge

While the market has been increasingly focused on the rising headwinds in the global economy in general, and China's economic slowdown in particular, while the media is obsessing over daily revelations that Trump may or may not have colluded with Russia to get elected, a far more critical, if underreported, shift has been taking place over the past year.

As we reported in June, whether due to concerns over draconian western sanctions and asset confiscations following the poisoning of former Russian military officer Sergei Skripal, or simply because it wanted to diversify away from the dollar, Russia liquidated virtually all of its Treasury holdings in the late spri...



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Chart School

Weekly Market Recap Jan 13, 2019

Courtesy of Blain.

In last week’s recap we asked:  “Has the Fed solved all the market’s problems in 1 speech?”

Thus far the market says yes!  As Guns n Roses preached – all we need is a little “patience”.  Four up days followed by a nominal down day Friday had the market following it’s normal pattern the past nearly 30 years – jumping whenever the Federal Reserve hints (or essentially says outright) it is here for the markets.   And in case you missed it the prior Friday, Chairman Powell came back out Thursday to reiterate the news – so…so… so… patient!

Fed Chairman Jerome Powell reinforced that message Thursday during a discussion at the Economic Club of Washington where he said that the central bank will be “fle...



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Members' Corner

Why Trump Can't Learn

 

Bill Eddy (lawyer, therapist, author) predicted Trump's failure based on his personality, which was evident years ago. This article, written in 2017, references a prescient article Bill wrote before Trump became president, in July, 2016, 5 Reasons Trump Can’t Learn. ~ Ilene 

Why Trump Can’t Learn

Donald Trump by Gage Skidmore (...



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Biotech

Opening Pandora's Box: Gene editing and its consequences

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

 

Opening Pandora's Box: Gene editing and its consequences

Bacteriophage viruses infecting bacterial cells , Bacterial viruses. from www.shutterstock.com

Courtesy of John Bergeron, McGill University

Today, the scientific community is aghast at the prospect of gene editing to create “designer” humans. Gene editing may be of greater consequence than climate change, or even the consequences of unleashing the energy of the atom.

...

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Mapping The Market

Trump: "I Won't Be Here" When It Blows Up

By Jean-Luc

Maybe we should simply try him for treason right now:

Trump on Coming Debt Crisis: ‘I Won’t Be Here’ When It Blows Up

The president thinks the balancing of the nation’s books is going to, ultimately, be a future president’s problem.

By Asawin Suebsaeng and Lachlan Markay, Daily Beast

The friction came to a head in early 2017 when senior officials offered Trump charts and graphics laying out the numbers and showing a “hockey stick” spike in the nationa...



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OpTrader

Swing trading portfolio - week of September 11th, 2017

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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Promotions

Free eBook - "My Top Strategies for 2017"

 

 

Here's a free ebook for you to check out! 

Phil has a chapter in a newly-released eBook that we think you’ll enjoy.

In My Top Strategies for 2017, Phil's chapter is Secret Santa’s Inflation Hedges for 2017.

This chapter isn’t about risk or leverage. Phil present a few smart, practical ideas you can use as a hedge against inflation as well as hedging strategies designed to assist you in staying ahead of the markets.

Some other great content in this free eBook includes:

 

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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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