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
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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


Phil's Favorites

Trump and the problem with pardons


Trump and the problem with pardons

Courtesy of Andrew Bell, Indiana University

As a veteran, I was astonished by the recent news that President Trump may be considering pardons for U.S. military members accused or convicted of war crimes. But as a scholar who studies the U.S. military and combat ethics, I understand even more clearly the harmful long-term impact such pardons can have on the military.

My researc...

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Zero Hedge

Macron Suffers Huge Blow With Defeat To Le Pen

Courtesy of ZeroHedge. View original post here.

In what may be the biggest shock from today's European parliamentary elections, President Emmanuel Macron is set to suffer a blow with French voters set to hand a victory to Marine Le Pen’s National Rally, picking the vocal Eurosceptic and nationalist over the former Rothschild banker.

Macron’s En Marche (Republic on The Move) will have just 22.5% of the vote compared with 24% for Le Pen, according to pollsters Ifop. With Macron and Le Pen neck and neck ahead of the elections, the outcome will be a...

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Insider Scoop

Jefferies Sees 60-Percent Upside In Aphria Shares, Says Buy The Dip

Courtesy of Benzinga.

After a red-hot start to 2019, Canadian cannabis producer Aphria Inc (NYSE: APHA) has run out of steam, tumbling more than 31 percent in the past three months.

Despite the recent weakness, one Wall Street analyst said Friday that the stock has 30-percent upside potential. 

The Analyst

Jefferies analyst ... more from Insider

Kimble Charting Solutions

DAX (Germany) About To Send A Bearish Message To The S&P 500?

Courtesy of Chris Kimble.

Is the DAX index from Germany about to send a bearish message to stocks in Europe and the States? Sure could!

This chart looks at the DAX over the past 9-years. It’s spent the majority of the past 8-years inside of rising channel (1), creating a series of higher lows and higher highs.

It looks to have created a “Double Top” as it was kissing the underside of the rising channel last year at (2).

After creating the potential double top, the DAX index has continued to create a series of lower highs, while experiencing a bearish divergence with the S...

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Chart School

Brexit Joke - Cant be serious all the time

Courtesy of Read the Ticker.

Alistair Williams comedian nails it, thank god for good humour! Prime Minister May the negotiator. Not!

Alistair Williams Comedian youtube

This is a classic! ha!

Fundamentals are important, and so is market timing, here at we believe a combination of Gann Angles, ...

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Digital Currencies

Cryptocurrencies are finally going mainstream - the battle is on to bring them under global control


Cryptocurrencies are finally going mainstream – the battle is on to bring them under global control

The high seas are getting lower. dianemeise

Courtesy of Iwa Salami, University of East London

The 21st-century revolutionaries who have dominated cryptocurrencies are having to move over. Mainstream financial institutions are adopting these assets and the blockchain technology that enables them, in what ...

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DNA as you've never seen it before, thanks to a new nanotechnology imaging method

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


DNA as you've never seen it before, thanks to a new nanotechnology imaging method

A map of DNA with the double helix colored blue, the landmarks in green, and the start points for copying the molecule in red. David Gilbert/Kyle Klein, CC BY-ND

Courtesy of David M. Gilbert, Florida State University


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More Examples Of "Typical Tesla "wise-guy scamminess"

By Jacob Wolinsky. Originally published at ValueWalk.

Stanphyl Capital’s letter to investors for the month of March 2019.

rawpixel / Pixabay

Friends and Fellow Investors:

For March 2019 the fund was up approximately 5.5% net of all fees and expenses. By way of comparison, the S&P 500 was up approximately 1.9% while the Russell 2000 was down approximately 2.1%. Year-to-date 2019 the fund is up approximately 12.8% while the S&P 500 is up approximately 13.6% and the ...

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Members' Corner

Despacito - How to Make Money the Old-Fashioned Way - SLOWLY!

Are you ready to retire?  

For most people, the purpose of investing is to build up enough wealth to allow you to retire.  In general, that's usually enough money to reliably generate a year's worth of your average income, each year into your retirement so that that, plus you Social Security, should be enough to pay your bills without having to draw down on your principle.

Unfortunately, as the last decade has shown us, we can't count on bonds to pay us more than 3% and the average return from the stock market over the past 20 years has been erratic - to say the least - with 4 negative years (2000, 2001, 2002 and 2008) and 14 positives, though mostly in the 10% range on the positives.  A string of losses like we had from 2000-02 could easily wipe out a decades worth of gains.

Still, the stock market has been better over the last 10 (7%) an...

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Mapping The Market

It's Not Capitalism, it's Crony Capitalism

A good start from :

It's Not Capitalism, it's Crony Capitalism


The threat to America is this: we have abandoned our core philosophy. Our first principle of this nation as a meritocracy, a free-market economy, where competition drives economic decision-making. In its place, we have allowed a malignancy to fester, a virulent pus-filled bastardized form of economics so corrosive in nature, so dangerously pestilent, that it presents an extinction-level threat to America – both the actual nation and the “idea” of America.

This all-encompassing mutant corruption saps men’s souls, crushes opportunities, and destroys economic mobility. Its a Smash & Grab system of ill-gotten re...

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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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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:


·       How 2017 Will Affect Oil, the US Dollar and the European Union


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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 >>