Option Millionaires

[jimmybob]

RARE 45sss

[jimmybob]

RARE 44.59

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Bullish Call Activity:

QTRX Jan23 12.5 calls (volume: 7.9K, open int: 0, implied vol: ~103%, prev day implied vol: 89%). 4900 contracts traded in a single transaction. Co is expected to report earnings late February.
EXPR Jul 1 calls (volume: 2110, open int: 0, implied vol: ~123%, prev day implied vol: 117%). Co is expected to report earnings mid-February.
CS Jan23 3.4 calls (volume: 2100, open int: 70, implied vol: ~65%, prev day implied vol: 61%). Co is expected to report earnings mid-February.
Bearish Put Activity:

MPW Dec 11 puts (volume: 14.7K, open int: 3470, implied vol: ~95%, prev day implied vol: 90%). 7000 contracts traded in a single transaction. Co is expected to report earnings early February.
JBLU Dec 7.5 puts are seeing interest with the underlying stock down 9% (volume: 9540, open int: 100, implied vol: ~74%, prev day implied vol: 70%). Co expects Q4 revenue per available seat mile at the low end of previous 15% to 19% range; underlying trends strong, saw negative impact from Hurricane Nicole. Co is expected to report earnings late January.

[jimmybob]

RARE HOD

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ful transcript


https://www.forbes.com/sites/stevenehrlich/2022/12/13/exclusive-transcript-the-full-testimony-sbf-planned-to-give-to-congress

[jimmybob]

Piper 'cautious' on Tandem Diabetes acquisition but stays Overweight
Piper Sandler analyst Matt O'Brien is "cautious" on Tandem Diabetes' acquisition of AMF Medical, the developer of the Sigi Patch Pump. He sees pros and cons to the transaction. On the positive side, it takes some developmental risk away from Tandem's internal patch program and could provide a unique form factor for patients, O'Brien tells investors in a research note. On the negative side, there is no guarantee of approval and there will be near term spending on the development, "which is concerning as the timing of profitability improvements seems to be getting pushed," says the analyst. O'Brien adds that his caution on the deal does not dissuade his thesis that Tandem Diabetes shares are "cheap given the current and future outlook of the business." He keeps an Overweight rating on the name with a $70 price target.

[jimmybob]

ROKU $58?!

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DOW JONES UP 690.48 POINTS, OR 2.03 PERCENT, AT 34,695.52 AFTER MARKET OPEN

NASDAQ UP 402.70 POINTS, OR 3.61 PERCENT, AT 11,546.44 AFTER MARKET OPEN

S&P 500 UP 103.45 POINTS, OR 2.59 PERCENT, AT 4,094.01 AFTER MARKET OPEN

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November CPI springs welcome disinflation surprise
Total CPI was up 0.1% month-over-month in November (Briefing.com consensus +0.3%) and core-CPI, which excludes food and energy, was up 0.2% month-over-month (Briefing.com consensus +0.3%). On a year-over-year basis, total CPI was up "only" 7.1%, versus 7.7% in October, and core-CPI was up "only" 6.0%, versus 6.3% in October.

The key takeaway from the report at first blush is that overall inflation is cooling and that the Fed should be convinced to temper the pace of its rate hikes and perhaps place a lower ceiling on its terminal rate.

The food index was up 0.5% month-over-month and up 10.6% year-over-year.
The energy index was down 1.6% month-over-month and up 13.1% year-over-year.
The shelter index was up 0.6% month-over-month and up 7.1% year-over-year.
The used cars and trucks index declined 2.9% month-over-month and was down 3.3% year-over-year.
Services inflation held steady at 7.2% year-over-year.
Excluding medical care services, services inflation actually increased to 7.6% year-over-year, versus 7.5% in October.
Excluding rent of shelter, services inflation moderated to 7.3% year-over-year from 7.5% in October.

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Upgrades:
First Hawaiian (FHB) upgraded to Neutral from Underweight at JP Morgan; tgt $26
Molina Healthcare (MOH) upgraded to Neutral from Underperform at BofA Securities; tgt $388
Pinterest (PINS) upgraded to Overweight from Neutral at Piper Sandler; tgt raised to $30
Pfizer (PFE) upgraded to Buy from Neutral at Goldman; tgt raised to $60
Playtika (PLTK) upgraded to Neutral from Underperform at BofA Securities; tgt $9
Downgrades:
Centene (CNC) downgraded to Underperform from Neutral at BofA Securities; tgt lowered to $85
easyJet (ESYJY) downgraded to Sell from Hold at Deutsche Bank
KeyCorp (KEY) downgraded to Underweight from Neutral at JP Morgan; tgt lowered to $17
Live Oak Bancshares (LOB) downgraded to Underweight from Neutral at JP Morgan; tgt lowered to $30
MultiPlan (MPLN) downgraded to Neutral from Buy at Citigroup; tgt lowered to $2
NetApp (NTAP) downgraded to Underweight from Equal-Weight at Morgan Stanley; tgt lowered to $58
Norwegian Cruise Line (NCLH) downgraded to Neutral from Buy at UBS; tgt lowered to $19
nVent Electric (NVT) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets
Petrobras (PBR) downgraded to Neutral from Outperform at Bradesco BBI
Premier Financial (PFC) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt $32
Rio Tinto (RIO) downgraded to Sell from Neutral at UBS
Sabra Health Care REIT (SBRA) downgraded to Mkt Perform from Mkt Outperform at JMP Securities
Synchrony Financial (SYF) downgraded to Neutral from Buy at BofA Securities
Trimble (TRMB) downgraded to Mkt Perform from Outperform at Raymond James
TriplePoint Venture Growth (TPVG) downgraded to Neutral from Overweight at Piper Sandler; tgt lowered to $13.50
Others:
Adyen (ADYYF) with a Buy at Jefferies
Arcellx (ACLX) resumed with a Buy at BofA Securities; tgt raised to $37
ARS Pharmaceuticals (SPRY) initiated with an Outperform at SVB Leerink; tgt $14
FormFactor (FORM) initiated with an Outperform at Northland Capital; tgt $33
Gilead Sciences (GILD) resumed with a Neutral at BofA Securities; tgt $85
Jabil (JBL) initiated with a Neutral at UBS; tgt $76
Lumentum (LITE) initiated with a Neutral at UBS; tgt $50
Mondee Holdings (MOND) initiated with a Buy at ROTH Capital; tgt $12
MSCI (MSCI) initiated with an Overweight at JP Morgan; tgt $580
Okta (OKTA) initiated with a Market Perform at Cowen; tgt $70
Opendoor Technologies (OPEN) initiated with a Neutral at Citigroup; tgt $1.50
PayPal (PYPL) assumed with a Neutral at Piper Sandler; tgt $85
Sanofi (SNY) resumed with an Overweight at Morgan Stanley
SIGNA Sports United (SSU) initiated with a Neutral at Citigroup; tgt $6.20
Squarespace (SQSP) initiated with a Neutral at Citigroup; tgt $21
SunPower (SPWR) initiated with a Peer Perform at Wolfe Research
UMH Properties (UMH) initiated with a Buy at EF Hutton; tgt $21
Zillow (ZG) assumed with a Buy at Citigroup; tgt $50

[jimmybob]

Zillow Group initiated with a Buy at Citi
Citi analyst Ronald Josey initiated coverage of Zillow Group with a Buy rating and $50 price target. The analyst launched coverage of seven internet companies across his existing marketplaces space. His core thesis across the internet sector continues to revolve around growing engagement via newer products and services. Josey sees "multiple growth vectors" ahead across most every internet vertical but recognizes the macro uncertainty. He continues to favor those companies "that are leaders in their respective categories, are innovative, and deliver improving margins and profitability."

[jimmybob]

Morning Watch List : https://www.optionmillionaires.com/december-13th-2022-watch-list/

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November CPI 0.1% vs. 0.3% Briefing.com consensus; prior 0.4%

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US Nov Consumer Prices +0.1%; Consensus +0.3%

US Nov CPI Ex-Food & Energy +0.2%; Consensus +0.3%

US Nov Consumer Prices Increase 7.1% From Year Earlier; Core CPI Up 6.0% Over Year

US Nov CPI Energy Prices -1.6%; Food Prices +0.5%

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S&P 500 futures are 0.6% above fair value; the Nasdaq 100 futures are 0.6% above fair value; and the DJIA futures are 0.6% above fair value
Key factors driving the futures market:
Hopeful anticipation that November CPI report will show further disinflation
Strength in Boeing (BA) after United Airlines (UAL) makes largest aircraft order ever
Mega-cap stocks trading higher
Oracle (ORCL) up 3.0% after topping fiscal Q2 revenue and earnings expectations
Sam Bankman-Fried arrested in Bahamas and won't be testifying at today's House hearing on the FTX collapse
Moderna (MRNA) and Merck (MRK) announce investigational cancer vaccine for melanoma met Phase 2 primary efficacy endpoint
Germany's November CPI in-line with expectations, with 10.0% yr/yr rate down from 10.4% in October
China said to be working on $143 billion support plan for its semiconductor industry, according to Reuters
JPMorgan strategist Kolanovic cuts rating on stock to moderate underweight from overweight, according to Bloomberg
Brokerage research calls of note:
Upgrades: EQIX, PHR, COHR, HUM, HUYA, INSP, USB, PINS
Downgrades: AFRM, HOOD, AMNB, AMTB, BHB, BHP, CBNK, CARR, CMA, DFS, FNB, HTLF, HOMB, INDB, MOFG, SHBI, USER
WTI crude futures +0.7% to $73.71/bbl; nat gas futures +4.0% to $6.86/mmbtu; copper futures +1.3% to $3.85/lb.
2-yr note yield -3 bps to 4.36% and 10-yr note yield -3 bps to 3.58%
The U.S. Dollar Index is down 0.3% to 104.87
Today's economic data: November Consumer Price Index at 8:30 a.m. ET

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Sam Bankman-Fried's fall from grace could end with some jail time. The founder and former CEO of FTX has been arrested in the Bahamas after the U.S. filed criminal charges against the once-superstar of the crypto world (and will likely request his extradition). While the charges will be unsealed later this morning, they reportedly include wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy and money laundering.

Interesting timing: SBF was scheduled to testify before the House Financial Services Committee today about the downfall of FTX, which was once worth some $32B before its implosion. More information is still needed, but all the clues point to sour bets made by SBF's hedge fund, Alameda Research, which used FTX customer deposits for high-risk trades. Massive withdrawals from FTX ensued as reports surfaced about its financial health, though to date, SBF has denied any prior knowledge of the situation or lending out FTX customer deposits to fund Alameda's activities.

Additional details may still be spilled today as John J. Ray III, the new CEO of FTX, heads before the House Financial Services Committee. "We are continuing our painstaking forensic efforts to account for all of the assets," said Ray, who has more than 40 years of legal and restructuring experience, including overseeing Enron's high-profile bankruptcy in 2001. "The FTX Group's collapse appears to stem from the absolute concentration of control in the hands of a very small group of grossly inexperienced and unsophisticated individuals who failed to implement virtually any of the systems or controls that are necessary for a company that is entrusted with other people's money or assets."

Civil action: Besides criminal allegations, SBF is facing separate charges from the Securities and Exchange Commission for violations of securities laws. Other civil action may also be brought by the Commodity Futures Trading Commission or state banking regulators. "I had thought of myself as a model CEO, who wouldn't become lazy or disconnected. Which made it that much more destructive when I did," SBF wrote in his last tweet before his arrest. "I'm sorry. Hopefully people can learn from the difference between who I was and who I could have been." (166 comments)

Has inflation peaked?

Traders don't seem to think that the latest inflation report will come in hot this morning, and neither do economists. The Consumer Price Index is expected to cool off again in November, falling for a fifth straight month to a pace of 7.3% Y/Y, and down from a record 9.1% notched back in June. Equities climbed Monday on expectations that a softer CPI will permit the Fed to slow down the pace of its aggressive rate hikes (see the results of yesterday's WSB survey below).

If history is any guide: Out of the ten monthly CPI readings published for 2022, only one of them hit expectations (February's 7.9%). Eight of the other headline figures came in hotter than anticipated, while two of them were lower than consensus estimates. There were no major surprises, however, with the spread between actual prints and their forecasts reaching a maximum of 0.3%.

Keep another eye on core CPI data, which strips out volatile food and energy prices. That figure has been bouncing around more this year - with another high of 6.6% recorded just two months ago - and could be key to gauge if pressures are seeping into more parts of the economy. Notable categories to watch include rent and shelter costs, public transportation, medical services and college tuition.

Commentary: "The CPI report will likely confirm the slowdown in core inflation that was observed last month," noted UBS economist Jonathan Pingle. "Contrary to what happened earlier this year when we got a few low inflation prints, we are not seeing high-frequency and front-month leading indicator data suggesting an inflation rebound. The move lower in inflation seems to be more persistent this time around."

Poll Results

Wall Street Breakfast's 'Survey Monday' garnered over 2,000 responses this week. 2/3 of participants expect the Fed to tap the brakes tomorrow with a 50 basis point rate hike, compared to 1/3 who see the central bank going through with its fifth 75 bps increase. Check back in after the latest CPI print is published this morning to see if anything changes. Take the survey and see the results here.

Fusion revolution

Investors will be watching an announcement from the U.S. Department of Energy at 10 a.m. ET that could shake up how we power our world. Stay tuned, but reports indicate that a major milestone has been achieved at the Lawrence Livermore Laboratory in California. It's all based on fusion technology, which is the same process that powers the sun and stars, and could eventually lead to an unlimited source of cheap clean energy.

Snapshot: The breakthrough, known as a net energy gain (or target gain), means that more energy was produced from a fusion reaction than it consumed. Scientists produced the effect with the world's largest laser under an approach known as magnetic confinement fusion. A tiny amount of hydrogen plasma, held in place by powerful magnets, was heated to extreme temperatures - resulting in the fusing of atomic nuclei and 20% more energy than was used in the lasers.

"If this is confirmed, we are witnessing a moment of history," said plasma physicist Dr. Arthur Turrell. "Scientists have struggled to show that fusion can release more energy than is put in since the 1950s, and the researchers at Lawrence Livermore seem to have finally and absolutely smashed this decades-old goal."

Outlook: While things are still in the early stages, the trick will be to make the process self-sustaining, harness enough energy to power infrastructure, and to do so continuously. Fusion also doesn't have all the radioactive waste associated with current reactors that utilize fission, and has the potential to easily outpace other clean energy sources like solar and wind in terms of output. Fusion backers say the technology could be commercialized in a decade or more, but many are more skeptical about such a timeline, saying there's too much hype from companies looking for government subsidies and private investment. (105 comments)

Chip on your shoulder

China is doubling down on its complaints at the World Trade Organization as a trade war with the U.S. seems to be morphing into a broader tech war. It was only a week ago that WTO panels backed Beijing by ruling against American tariffs on imported steel and aluminum, which were first implemented by the Trump administration in 2018 to protect national security. China is now pushing back against the Biden administration's sweeping ban on chip exports, which was also flagged as a national security priority.

Backdrop: Semiconductor stocks were roiled in mid-October after new rules prohibited U.S. companies from working with Chinese chipmakers in an effort to keep some technologies from getting into the hands of the Chinese military. American semiconductor players were also banned from selling chips designed for use in artificial intelligence, high-performance computing, data centers and supercomputers unless they secured an export license. While the U.S. has said the new export restrictions were not as an effort to sideline the Chinese economy, Beijing doesn't appear to be convinced, calling the recent actions trade protectionism.

"China's filing of a lawsuit at the WTO is to resolve China’s concerns through legal means and is a necessary way to defend its legitimate rights and interests," the Commerce Ministry wrote in a statement. Goldman Sachs even forecasts that the ban will shave a quarter of a percentage point off China's economic growth in 2023, at a time when it's already dealing with the fallout (and easing) of its zero-COVID policy.

Go deeper: Reuters reports that China is preparing a more than 1T yuan ($143B) support package for its semiconductor industry, which would include subsidies and tax credits to boost domestic chip production and research activities. The move would be a big step towards self-sufficiency that could be implemented as soon as the first quarter of 2023. It follows the CHIPS and Science Act approved by the U.S. in early August, which consists of $52B in loans, grants and other incentives, as well as billions in tax credits to support local chip manufacturing. (9 comments)

Today's Markets

In Asia, Japan +0.4%. Hong Kong +0.7%. China -0.1%. India +0.7%.
In Europe, at midday, London +0.4%. Paris +0.7%. Frankfurt +0.8%.
Futures at 6:30, Dow +0.6%. S&P +0.5%. Nasdaq +0.5%. Crude +0.3% to $73.36. Gold +0.3% to $1799.30. Bitcoin +3.1% to $17,483.
Ten-year Treasury Yield -3 bps to 3.58%

Today's Economic Calendar

FOMC meeting begins
6:00 NFIB Small Business Optimism Index
8:30 Consumer Price Index

Companies reporting earnings today »

What else is happening...

Oracle (ORCL) Q2 results top expectations, led by cloud strength.

CoD: Microsoft (MSFT) offers Sony (SONY) rights on PlayStation Plus.

U.S. federal budget shortfall widens to $249B in November.

Weber (WEBR) soars on $3.7B buyout offer from BDT Capital.

Berkshire (BRK.B) further trims stake in EV maker BYD (OTCPK:BYDDF).

Binance halts USDC stablecoin withdrawals until it can token swap.

Thoma Bravo buys Coupa Software (COUP) for $6B despite tech slump.

Clovis (CLVS) files for bankruptcy, announces deal with Novartis (NVS).

Pfizer (PFE) projects $15B sales potential from mRNA vaccines by 2030.

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Upgrades:
Coherent (COHR) upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt raised to $45
Humana (HUM) upgraded to Buy from Neutral at Goldman; tgt raised to $652
HUYA (HUYA) upgraded to Buy from Hold at China Renaissance; tgt lowered to $4.20
Inspire Medical Systems (INSP) upgraded to Buy from Neutral at Goldman; tgt raised to $308
U.S. Bancorp (USB) upgraded to Outperform from Mkt Perform at Keefe Bruyette; tgt raised to $58
Downgrades:
Am Natl Bankshares (AMNB) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt $42
Amerant Bancorp (AMTB) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt $32
Bar Harbor Bankshares (BHB) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt $33
BHP Group (BHP) downgraded to Sell from Neutral at UBS
Block (SQ) assumed with an Overweight at Piper Sandler; tgt $93
Capital Bancorp (CBNK) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt lowered to $26
Carrier Global (CARR) downgraded to Sector Weight from Overweight at KeyBanc Capital Markets
Comerica (CMA) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt lowered to $80
Discover Financial Services (DFS) downgraded to Underperform from Buy at BofA Securities
F.N.B. Corp (FNB) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt lowered to $15.50
Heartland Financial (HTLF) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt $54
Home Bancshares (HOMB) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt $28
Independent Bank (INDB) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt $100
MidWestOne Financial Group (MOFG) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt $37
Shore Bancshares (SHBI) downgraded to Mkt Perform from Outperform at Keefe Bruyette; tgt $22
UserTesting (USER) downgraded to Mkt Perform from Strong Buy at Raymond James
UserTesting (USER) downgraded to Neutral from Overweight at Piper Sandler; tgt $7.50
Others:
American Express (AXP) assumed with a Neutral at Piper Sandler; tgt $159
Amphenol (APH) initiated with an Outperform at Credit Suisse; tgt $93
Business First Bancshares (BFST) initiated with an Overweight at Piper Sandler; tgt $27
Cano Health (CANO) resumed with an Underperform at BofA Securities; tgt $1.50
Cognex (CGNX) initiated with an Underperform at Credit Suisse; tgt $41
Cousins Prop (CUZ) initiated with an Outperform at BMO Capital Markets; tgt $29
Custom Truck One Source (CTOS) initiated with a Neutral at JP Morgan; tgt $7.50
Dover (DOV) initiated with an Outperform at Credit Suisse; tgt $171
Generac (GNRC) initiated with a Hold at Stifel; tgt lowered to $98
Hayward Holdings (HAYW) initiated with a Buy at Stifel; tgt $11
Inspire Medical Systems (INSP) initiated with an Overweight at KeyBanc Capital Markets; tgt $287
KNOT Offshore Partners (KNOP) initiated with a Buy at Alliance Global Partners; tgt $16
Latham Group (SWIM) initiated with a Hold at Stifel; tgt $3
Mobileye Global (MBLY) initiated with an Overweight at JP Morgan; tgt $50
TE Connectivity (TEL) initiated with a Neutral at Credit Suisse; tgt $123
Teledyne Tech (TDY) initiated with an Outperform at Credit Suisse; tgt $503

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Oracle (ORCL 83.80, +2.52, +3.1%): beats by $0.04, beats on revs; guides Q3 (Feb) EPS below consensus, guides Q3 revenue above consensus
Pinterest (PINS 24.27, +0.66, +2.8%): upgraded to Overweight from Neutral at Piper Sandler
Boeing (BA 190.49, +4.22, +2.3%): United (UAL) finalized its order to purchase 100 firm Boeing 787 aircraft scheduled to be delivered starting with eight aircraft in 2024
Moderna (MRNA 177.00, +11.87, +7.2%) and Merck (MRK 111.64, +2.67, +2.5%): announce investigational cancer vaccine, mRNA-4157/V940, has met primary efficacy endpoint
First Solar (FSLR 150.83, +0.55, +0.4%): Set to Join S&P 500 prior to the open on December 19
Mirati Therapeutics (MRTX 45.45, +4.04, +9.8%): receives FDA accelerated approval of KRAZATI
Eli Lilly (LLY 360.00, -7.25, -2.0%): reaffirms FY22 guidance; sees FY23 EPS and revs below consensus
Reviewing overnight developments:

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JOAN -4.8%, BLBD -3.6%, LLY -2% (guidance update), UAL -1.4% (guidance update)
Other news:

LEV -17.6% (announces the pricing of its previously announced marketed public offering of units in the United States and Canada)
TRMB -6.4% (to acquire Transporeon for €1.88 bln)
BMO -3.8% (public offering totaling approx. C$3.15 bln)
GFI -2.9% (CEO steps down; Martin Preece appointed interim CEO)
IVZ -1.5% (reports November AUM)
USER -1.5% (announces expiration of "go-shop" period )
ALEX -1.2% (promotes COO to additional role as President)
IHG -0.8% (new CFO)
Analyst comments:

AFRM -1.1% (downgraded to Neutral from Buy at BofA Securities)

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CNM +8.1%, PLAB +6.4%, FLNC +5.9%, CSV +5% (releases FY24 financial goals), ORCL +3%
Other news:

MRTX +9.6% (receives FDA accelerated approval of KRAZATI)
MRNA +7.8% (Moderna and Merck (MRK) announce investigational cancer vaccine mRNA-4157/V940 has met primary efficacy endpoint)
NFE +6.2% (provides update to dividend policy plan to return significant capital to shareholders)
NRIX +4.9% (presents positive results from Novel BTK Degrader)
KOPN +3.6% (joint tech solution with OPTAC-X and RealWear)
NYMT +3.1% (names new President)
PGEN +3.1% (Phase 1 Dose Escalation Data for Autologous PRGN-3006 UltraCAR-T)
MASI +3% (hosts Investor Day to detail next phase of its growth trajectory at 7:30 am PT (10:30 am ET))
EVGO +2.6% (EVgo Inc. and Lyft (LYFT) launch new partnership to accelerate rideshare electrification nationwide)
BA +2.2% (United (UAL) finalized its order to purchase 100 firm Boeing 787 aircraft scheduled to be delivered starting with eight aircraft in 2024)
HUT +2% (replaces CFO)
NYT +1.5% (CFO to retire next year)
SSRM +1.3% (positive exploration results)
TNDM +1.1% (to acquire Insulin Patch Pump Developer AMF Medical)
DEN +1% (announce agreement for CO2 sequestration site with Weyerhaeuser)
Analyst comments:

PHR +2.5% (upgraded to Buy from Neutral at Citigroup)
ANGI +1.9% (initiated with a Buy at Citigroup)
TTD +1.5% (initiated with a Buy at Citigroup)
EQIX +1.4% (upgraded to Outperform from Market Perform at Cowen)
W +1.3% (initiated with a Buy at Citigroup)
ETSY +0.9% (initiated with a Buy at Citigroup)

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Upgrades:
Equinix (EQIX) upgraded to Outperform from Market Perform at Cowen; tgt $811
Phreesia (PHR) upgraded to Buy from Neutral at Citigroup; tgt $40
Downgrades:
Affirm (AFRM) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $13
Robinhood Markets (HOOD) downgraded to Neutral from Buy at Citigroup; tgt lowered to $10
Others:
Angi Inc. (ANGI) initiated with a Buy at Citigroup; tgt $2.60
Beam Therapeutics (BEAM) initiated with a Buy at Citigroup; tgt $62
Criteo (CRTO) initiated with a Buy at Citigroup; tgt $36
eBay (EBAY) initiated with a Neutral at Citigroup; tgt $47
Etsy (ETSY) initiated with a Buy at Citigroup; tgt $161
GoDaddy (GDDY) initiated with a Buy at Citigroup; tgt $95
InterActiveCorp (IAC) initiated with a Buy at Citigroup; tgt $60
Original BARK Co. (BARK) initiated with a Buy at Citigroup; tgt $2
Outbrain Inc. (OB) initiated with a Neutral at Citigroup; tgt $4
Philip Morris International (PM) resumed with a Neutral at Citigroup; tgt $109
Redfin (RDFN) initiated with a Neutral at Citigroup; tgt $5
The Trade Desk (TTD) initiated with a Buy at Citigroup; tgt $60
VeriSign (VRSN) initiated with a Buy at Citigroup; tgt $243
Wayfair (W) initiated with a Buy at Citigroup; tgt $50
Wish (WISH) initiated with a Sell at Citigroup; tgt $0.50
Ziff Davis (ZD) initiated with a Neutral at Citigroup; tgt $100

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Trade Desk initiated with a Buy at Citi
Citi analyst Ygal Arounian initiated coverage of Trade Desk with a Buy rating and $60 price target. The analyst launched coverage of 16 internet companies. While the macro environment is likely to continue to pressure the consumer which has impacts across the group, share performance and downward estimate revisions already reflect a challenging macro, Arounian tells investors in a research note. With multiples "still near troughs in many cases," the analyst likes the risk/reward for the space in 2023.

[jimmybob]

Wayfair initiated with a Buy at Citi
Citi analyst Ygal Arounian initiated coverage of Wayfair with a Buy rating and $50 price target. The analyst launched coverage of 16 internet companies. While the macro environment is likely to continue to pressure the consumer which has impacts across the group, share performance and downward estimate revisions already reflect a challenging macro, Arounian tells investors in a research note. With multiples "still near troughs in many cases," the analyst likes the risk/reward for the space in 2023.

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Insider Trading: notable purchases -- COO/CFO adds to VRNS; notable sales -- CFO active in HRI
Buyers:

CRON Director bought 291,400 shares at $2.78 - $2.975 worth ~$838K.
GOCO 10% owner bought 85,269 shares at $13.65 - $15.99 worth ~$1.2 mln.
MCG Director bought 456,936 shares at $3.68 - $4.10 worth ~$1.8 mln.
PLAY 10% owner bought 287,961 shares at ~$34.5709 - $34.8844 worth ~$9.98 mln.
VRNS COO/CFO Director bought 24,400 shares at ~$20.50 worth ~$500K.
Sellers:

AN 10% owner sold 155,469 shares at ~$ 116.267 - $117.9188 worth ~$18.3 mln.
APP CEO & Chairperson sold 1,121,001 shares at $10.19 - $10.935 worth ~$11.8 mln.
ARE EVP - Regional Market Director sold 3,939 shares at $147.96 - $148.03 worth ~$583K.
FROG Director sold 73,920 shares at $22.80 - $22.995 worth ~$1.7 mln.
HRI CFO sold 4,194 shares at $131.00 - $131.64 worth ~$551K.
NSC Director sold 21,272 shares at ~$245.7449 - $245.7712 worth ~$5.2 mln.
RCL Director sold 88,689 shares at $57.0017 - $58.00 worth ~$5.1 mln.
SBUX Director sold 7,000 shares at $103.00 - $103.50 worth ~$723K.
VSCO 10% owner sold 109,968 shares at $46.00 - $46.24 worth ~$5.1 mln.

[jimmybob]

GM FOLKSSS

[jimmybob]

Tandem Diabetes to acquire AMF Medical
Tandem Diabetes announced that it has entered into a definitive agreement to acquire AMF Medical SA, the privately held Swiss developer of the Sigi Patch Pump. The Sigi Patch Pump is under development and not commercially available. It is designed to be an ergonomic, rechargeable patch pump that reduces the burden of managing diabetes through its use of pre-filled insulin cartridges and its compatibility with automated insulin delivery technology. Tandem Diabetes Care will acquire AMF Medical under the following financial terms of the agreement: A previous strategic investment of CHF 8M paid in the third quarter of 2022; A cash payment of CHF 62.4M due at closing; Additional contingent earnout payments of up to CHF 129.6M, in aggregate, payable upon the achievement of certain milestones, including: Up to CHF 38.4M upon the successful completion of key development milestones over the next two years; Up to CHF 91.2M upon obtaining regulatory clearance of an automated controller enabled pump by the United States FDA. The transaction is subject to the satisfaction of customary closing conditions and is expected to close in January 2023

[uranium-pinto-beans]

Boeing: United (UAL) finalized its order to purchase 100 firm Boeing 787 aircraft scheduled to be delivered starting with eight aircraft in 2024 (186.27)
UAL entered into a supplemental agreement to Purchase Agreement No. 04815, dated May 31, 2018 with The Boeing Company pursuant to which United finalized its order to purchase 100 firm Boeing 787 aircraft scheduled to be delivered starting with eight aircraft in 2024, with the remaining aircraft to be delivered through 2032. In addition, United was granted options to purchase up to an additional 100 Boeing 787 aircraft (the "Boeing 787 Aircraft Order"). Since approximately 120 widebody aircraft in the fleet would reach the age of 30 years by the end of the delivery period, the firm order addresses United's widebody aircraft replacement needs, including the Boeing 767 fleet and certain Boeing 777 aircraft.
United remains confident in the continued success of its international flying and, with the flexibility provided by this order, is now well positioned to grow the airline's global footprint through its premier coastal gateways and large hub cities.
Additionally, on December 12, 2022, United entered into a supplemental agreement to Purchase Agreement No. 04761, dated May 15, 2018, ("Purchase Agreement No. 04761", and together with Purchase Agreement No. 04815, the "Purchase Agreements") with Boeing, pursuant to which United exercised options to purchase 44 Boeing 737 MAX aircraft scheduled for delivery between 2024 and 2026, finalized an order for an additional 56 Boeing 737 MAX aircraft scheduled for delivery in 2027 and 2028, and increased the number of options to purchase Boeing 737 MAX aircraft by an additional 100 (the "Boeing 737 MAX Aircraft Order," and together with the Boeing 787 Aircraft Order, the "Boeing Aircraft Order"). The option exercises are consistent with the strategy contemplated in the United Next plan and the additional firm aircraft are expected to be utilized for replacement or growth consistent with overall economic growth levels dependent on the demand environment in future years.
As a result of the Boeing Aircraft Order, the Company now expects total adjusted capital expenditures to be approximately $9.0 billion in 2023 and approximately $11.0 billion in 2024.

[uranium-pinto-beans]

$PINS Pinterest upgraded to Overweight from Neutral at Piper Sandler price target raised to $30 from $25

[jimmybob]

TNDM

$TNDM with the $C PT raise this morning - $50 coming pic.twitter.com/bUaR7HVwV4

— Option Millionaires (@OMillionaires) December 12, 2022

[jimmybob]

ALGN just keeps melting higher today

[jimmybob]

AYX $47s

[uranium-pinto-beans]

Dexcom (DXCM) announces its partnership with Green Shield and The Health Depot digital pharmacy to provide Green Shield plan members with convenient access to the Dexcom G6 rtCGM System combined with virtual diabetes coaching support.
BigCommerce (BIGC) announces a new partnership with Sage, a leader in accounting, financial, HR and payroll technology, to provide merchants with an end-to-end commerce solution, integrating their online storefronts to their back-office.
Planet Labs PBC (PL) announces a new contract with ZEP-RE, a reinsurance company based in Nairobi, Kenya, to leverage Planet's Basemaps products to enhance drought risk protection in the Horn of Africa.
Willdan Group (WLDN) has been selected to deliver a $3.8 million energy savings performance contract for The Evergreen State College. As part of this 16-month contract to upgrade Lab II, Willdan will design, provide, and install new laboratory-grade HVAC control valves, direct digital control platform integration with advanced energy-saving strategies, and will refurbish 50-year-old HVAC systems. Willdan will also improve fume hood safety and operation, helping avoid classroom disruptions related to indoor air quality. To provide maximum benefit while meeting the college's budget requirements, the improvements prioritize the repair and rebuilding of existing equipment and use electric and gas bill savings to offset some costs.
Paycell, Türkiye's (TKC) next-generation digital payment platform, announces a strategic partnership with Nium to offer international money transfers from account to account using Nium's leading business payments infrastructure. The partnership makes life easier for Paycell users to perform fast, safe, reliable, and affordable international money transfers.

[jimmybob]

Morning Watch List : https://www.optionmillionaires.com/december-12th-2022-watch-list/

[uranium-pinto-beans]

https://www.optionmillionaires.com/monday-reads-5/

[jimmybob]

Citi ups DocuSign target, opens pair trade with Zoom
Citi analyst Tyler Radke raised the firm's price target on DocuSign (DOCU) to $72 from $59 and keeps a Buy rating on the shares. The company's Q3 results offered encouraging signs of growth stabilization and improving margins, Radke tells investors in a research note. The in-line Q4 guidance and fiscal 2024 outlook below Street estimates "suggests lower confidence but de-risks numbers," says the analyst. Radke opened a work-from-home pair-trade of long DocuSign, short Zoom Video (ZM) as he sees the former outperforming with stronger underlying growth and leading indicators, lower competitive risk, and "de-risked" 2024 number

[jimmybob]

GM FOLKSS

[uranium-pinto-beans]

Investors are on edge as they head into a week that will likely set the market tone for the rest of 2022 and beyond. Fed Chair Jay Powell is still warming up in the bullpen, but he'll be coming out to pitch on Wednesday in a key game of the Monetary Series. Fastball? Changeup? As the speed of the final throw is debated, the crowd is getting antsy if it will clock in at 50 or 75 basis points - following a string of aggressive hurls during the season.

Bigger picture: FOMC policymakers may not even yet know what kind of toss in the making as it will highly depend on the latest CPI print set to be published on Tuesday. If things come in hot, the Fed could go the hawkish route and put further pressure on stocks. Things could also go the other way if inflation shows signs of responding to the hardest-hitting hiking cycle since the 1980s.

"The time for moderating the pace of rate increases may come as soon as the December meeting," Powell said in his last media appearance before the current FOMC blackout period. "We have a broad set of thoughts about where that destination might be, but we could be wrong. We'll have to see."

Brace for volatility: Stock futures are starting the week in the green ahead of the FOMC meeting on Wednesday, which will include updated interest rate and economic projections. While contracts linked to the major averages are up 1% premarket, all three of the indices lost ground last week over several rocky sessions. The Dow Jones Industrial Average declined 2.8% for its worst week since September, while the S&P 500 fell 3.4% and the Nasdaq Composite slumped 4%. (20 comments)

Survey Monday

The possibility of a smaller hike has been telegraphed by Jerome Powell, but a hefty CPI print and inflation concerns could keep the Fed aggressive. By how much will the central bank hike rates this week?

· 50 basis points (too far, too fast)
· 75 basis points (fifth in a row!)

Take the survey and see the results here

We're going to leave the poll open through Wednesday, so come back to see updated results after the CPI print tomorrow. Feel free to take the discussion to the Wall Street Breakfast comments section to talk about how the rate hike cycle is impacting the economy, markets or your investing strategies.

Yellen speaks

While a growing number of economists and CEOs predict that the U.S. will enter a recession in 2023, other market players and policymakers feel that one is not necessary to bring down inflation. Among them is U.S. Treasury Secretary Janet Yellen, who is of the view that inflation has peaked or is already in decline. She's also hopeful that the labor market will remain healthy as the central bank continues to execute policy based on the lessons learned from the high inflation of the 1970s.

The interview: "First of all, shipping costs have come down. Delivery lags, which were very long - those have shortened. Gas prices are way down. I think we'll see a substantial reduction in inflation in the year ahead... if there's not an unanticipated shock," Yellen told CBS's 60 Minutes on Sunday.

"There are always risks of a recession. The economy remains prone to shocks, but look, we have a very healthy banking system. We have very healthy business and household. We are at or beyond full employment. And so it is not necessary for the economy to grow as rapidly as it has been growing to put people back to work."

Track record: This past summer, Yellen, who previously served as Fed Chair under the Obama administration, admitted she "was wrong about the path inflation would take" and that it wouldn't pose a long-term problem. "There have been unanticipated and large shocks to the economy that have boosted energy and food prices, and supply bottlenecks that have affected our economy badly," she told CNN. "At the time I didn't fully understand, but we recognize that now." Will she be right this time around? (16 comments)

M&A spree

Looking for a new drug pipeline and some blockbuster treatments, Amgen (AMGN) has agreed to acquire Horizon Therapeutics (HZNP) for $116.50 per share in cash. That'll value the Ireland-based company at nearly $27.8B on a fully diluted basis, and nearly $28.3B including debt. Horizon is a rare autoimmune and inflammatory disease-focused biotech, with revenue generators like Tepezza, Krystexxa and Uplizna that added $2B in sales for the firm in the first nine months of the year.

Backdrop: Amgen was the last of three suitors standing in an auction for Horizon that included Johnson & Johnson (JNJ) and Sanofi (SNY). All of the drugmakers are looking to replenish their pipelines, but no one is getting as aggressive as Amgen. It is facing one of the biggest portfolios of patent expirations in the industry, prompting a serious shopping spree over the past two years.

In the summer, Amgen inked a $3.7B buyout of ChemoCentryx to boost its inflammatory disease presence. Last year, the company scooped up oncology player Five Prime Therapeutics for $1.9B and antibody drug specialist Teneobio for nearly $1B, as well as smaller purchases like tissue regeneration expert Rodeo Therapeutics for $55M.

Market movement: Shares of Horizon Therapeutics soared 14% on the news, while Amgen's stock fell 3%. The latter expects to use cash in hand and debt to finance the deal, which is expected to close in the first half of 2023 and become accretive to revenue and non-GAAP earnings per share from 2024. However, Amgen did not update 2022 or 2030 guidance as a result of the transaction.

Orion returns

NASA's Orion space capsule landed in the Pacific Ocean on Sunday to conclude a successful mission that tested near passes above the moon's surface. The unmanned crew module - designed to carry astronauts for future lunar missions - splashed down off the coast of San Diego at 12:40 p.m. ET. It was a scorching feat, given that the capsule came back into Earth's atmosphere at a near 25,000 miles per hour following a near month-long journey.

Quote: "This is an extraordinary day," NASA Administrator Bill Nelson said in an agency livestream after Orion's return. "It's historic because we are now going back into space, into deep space, with a new generation."

It was exactly 50 years ago that astronauts on the last mission of NASA's Apollo program, Apollo 17, were the last people to walk on the moon. Artemis is the agency program to bring astronauts back to the moon with an eventual goal of pushing on to Mars, exploring deep space.

Who is involved: NASA is working with a variety of publicly traded companies on the Artemis missions. Boeing (BA) built the 212-foot rocket known as the Space Launch System. Lockheed Martin (LMT) made the Orion spacecraft that circled the moon. Aerojet Rocketdyne (AJRD) manufactured engines and high-pressure tanks for the SLS rocket and Orion spacecraft, while Northrop Grumman (NOC) built the boosters that helped to lift the rocket off the launchpad at Kennedy Space Center in Florida. (19 comments)

Today's Markets

In Asia, Japan -0.2%. Hong Kong -2.2%. China -0.9%. India -0.1%.
In Europe, at midday, London -0.1%. Paris -0.1%. Frankfurt -0.2%.
Futures at 6:30, Dow +0.9%. S&P +1%. Nasdaq +1.2%. Crude -0.9% to $70.39. Gold -0.4% to $1803.70. Bitcoin -1% to $16,971.
Ten-year Treasury Yield -3 bps to 3.54%

Today's Economic Calendar

11:30 Results of $40B, 3-Year Note Auction
12:00 PM Fed's Bostic Speech
1:00 PM Results of $32B, 10-Year Note Auction
2:00 PM Treasury Statement

Companies reporting earnings today »

What else is happening...

Microsoft (MSFT) to acquire 4% stake in London Stock Exchange.

Rivian (RIVN) pausing talks with Mercedes-Benz on electric vans.

Carvana (CVNA) is a cautionary tale for zombie companies.

Albertsons (ACI) dividend on hold pending Washington state appeal.

Energy stocks hit as crude suffers biggest slide since April.

China, Saudi Arabia strengthen ties with big oil deals.

Home sales set to drop to lowest level since 2011 - Redfin.

[uranium-pinto-beans]

Lululemon selloff presents buying opportunity, says Argus
Argus analyst John Staszak keeps his Buy rating and $415 price target on Lululemon but notes that the selloff in the stock presents a buying opportunity. The company has a strong brand and growing direct-to-consumer sales, which should lead to higher margins over the next several years, the analyst tells investors in a research note. Staszak adds that while Lululemon's inventory rose 85% in Q3, its management believes the company is well positioned to meet FY24 demand.

[uranium-pinto-beans]

S&P 500 futures are 0.4% above fair value; the Nasdaq 100 futures are 0.3% above fair value; and the DJIA futures are 0.3% above fair value
Key factors driving the futures market:
A little burst of M&A activity
Amgen (AMGN) buying Horizon Pharmaceuticals (HZNP) for $116.50 per share in cash
Thoma Bravo buying Coupa Software (COUP) for $81.00 per share in cash
Microsoft (MSFT) acquiring a near 4% stake in London Stock Exchange Group
BDT Capital Partners acquiring remaining shares of Weber, Inc. (WEBR) it does not already own for $8.05 per share
Some bargain hunting pursuits after S&P 500 logged worst week last week since September
The Federal Reserve (Wednesday), ECB (Thursday), and Bank of England (Thursday) all expected to raise their key policy rate by 50 basis points this week
China continue to embrace relaxing COVID restrictions, although separate reports discuss adverse impact of rapidly spreading COVID cases
Congress will resume negotiations on government funding ahead of Friday's deadline. The two sides have differences over $26 billion in non-defense spending and IRS funding, according to The Wall Street Journal.
UK rail union to partake in four-day strike this week, according to FT
Brokerage research calls of note:
Upgrades: BDX, BBY, BOX, CR, GKOS, GPS, CAE, LRCX, MNDY, PKI, LUNG, QDEL, SO
Downgrades: ACN, BYD, ALLO, BAX, EAT, CAKE, CW, GPC, HEI, ILMN, JCI, KLAC, LH, LEG, MU, MOG.A, NVRO, OCFC, QCOM, RH, RXST, SR
WTI crude futures -0.2% to $70.89/bbl; nat gas futures +10.9% to $6.92/mmbtu; copper futures -1.3% to $3.83/lb.
2-yr note yield -1 bp to 4.33% and 10-yr note yield -3 bps to 3.54%
The U.S. Dollar Index unchanged at 104.81
Today's economic data: November Treasury Budget at 2:00 p.m. ET

[uranium-pinto-beans]

Microsoft (MSFT 246.70, +1.28, +0.5%): announced a 10-year strategic partnership with the London Stock Exchange Group; MSFT will also purchase an approximately 4% equity stake in the London Stock Exchange Group
Coupa Software (COUP 78.54, +16.45, +26.5%): to be acquired by Thoma Bravo for $81/share, enterprise value of $8 billion (shares halted); beats by $0.05, beats on revs
Horizon Pharma (HZNP 111.88, +14.59, +15.0%): Amgen (AMGN) confirms it will acquire HZNP for $116.50/share in cash
Weber (WEBR 7.93, +1.43, +22.0%): to be taken private by BDT Capital Partners for $8.05/share; deal expected to close in 1H23
Gap (GPS 14.27, +0.37, +2.7%): upgraded to Buy form Neutral at Goldman Sachs
Box (BOX 29.28, +1.17, +4.2%): upgraded to Overweight from Neutral at JP Morgan
Rivian Automotive (RIVN 26.64, -0.65, -2.4%): pauses partnership discussions with Mercedes-Benz on electric van production in Europe
Spirit Airlines (SAVE 20.13, -0.11, -0.5%): offers 43% raise to pilots over two years, according to Reuters

[uranium-pinto-beans]

Upgrades:
CAE (CAE) upgraded to Overweight from Equal-Weight at Morgan Stanley
Lam Research (LRCX) upgraded to Buy from Hold at Deutsche Bank; tgt raised to $520
Monday.com (MNDY) upgraded to Overweight from Neutral at JP Morgan; tgt raised to $140
PerkinElmer (PKI) upgraded to Buy from Neutral at Citigroup; tgt raised to $170
Pulmonx (LUNG) upgraded to Buy from Neutral at Citigroup; tgt lowered to $10
QuidelOrtho (QDEL) upgraded to Buy from Neutral at Citigroup; tgt raised to $125
Southern (SO) upgraded to Outperform from Peer Perform at Wolfe Research; tgt $76
Downgrades:
Allogene (ALLO) downgraded to Underperform from Buy at BofA Securities; tgt lowered to $9
Baxter (BAX) downgraded to Neutral from Buy at Citigroup; tgt lowered to $58
Brinker (EAT) downgraded to Sell from Neutral at Goldman; tgt lowered to $28
Cheesecake Factory (CAKE) downgraded to Sell from Neutral at Goldman; tgt lowered to $29
Curtiss-Wright (CW) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt raised to $188
Genuine Parts (GPC) downgraded to Sell from Neutral at Goldman; tgt raised to $147
HEICO (HEI) downgraded to Equal-Weight from Overweight at Morgan Stanley; tgt lowered to $172
Illumina (ILMN) downgraded to Sell from Neutral at Citigroup; tgt lowered to $180
Johnson Controls (JCI) downgraded to Neutral from Buy at BofA Securities; tgt lowered to $72
KLA Corporation (KLAC) downgraded to Hold from Buy at Deutsche Bank; tgt raised to $400
Laboratory Corp (LH) downgraded to Neutral from Buy at Citigroup; tgt lowered to $250
Leggett & Platt (LEG) downgraded to Underweight from Neutral at Piper Sandler; tgt lowered to $24
Micron (MU) downgraded to Hold from Buy at Deutsche Bank; tgt lowered to $55
Moog (MOG.A) downgraded to Underweight from Equal-Weight at Morgan Stanley; tgt raised to $89
Nevro (NVRO) downgraded to Equal Weight from Overweight at Wells Fargo; tgt lowered to $43
OceanFirst Finl (OCFC) downgraded to Neutral from Overweight at Piper Sandler; tgt $25
Qualcomm (QCOM) downgraded to Underweight from Equal Weight at Wells Fargo; tgt $105
RH (RH) downgraded to Sell from Neutral at Goldman; tgt lowered to $215
RxSight (RXST) downgraded to Equal Weight from Overweight at Wells Fargo; tgt lowered to $14
Spire (SR) downgraded to Underperform from Neutral at BofA Securities; tgt lowered to $61
Others:
Affimed Therapeutics (AFMD) initiated with a Buy at H.C. Wainwright; tgt $6
Ageas SA/NV (AGESY) initiated with a Sell at Goldman
Ambarella (AMBA) initiated with a Positive at Susquehanna; tgt $90
Coinbase Global (COIN) initiated with a Sector Weight at KeyBanc Capital Markets
Elekta AB (EKTAY) initiated with a Sell at Citigroup
Essilor International (ESLOY) initiated with a Buy at Citigroup
Kinsale Capital (KNSL) initiated with a Hold at Jefferies; tgt $295
Palomar Holdings (PLMR) initiated with a Hold at Jefferies; tgt $55
Smith & Nephew (SNN) initiated with a Buy at Citigro

[uranium-pinto-beans]

GRCL +6%, ARGX +4.2%, ALVR +3.8%, PSTX +3.5%, DTIL +3.4%, CNTA +3.1%, ADPT +2.1%, BEAM +1.6%, IMGN +1.4%, CTIC +1.1%, COGT +1.1%, GLYC +1%
Other news:

COUP +26.8% (to be acquired by Thoma Bravo for $81/share, enterprise value of $8 billion; also issued earnings)
WEBR +21.5% (to be taken private by BDT Capital Partners for $8.05/share; deal expected to close in 1H23)
HZNP +15.4% (Amgen (AMGN) confirms it will acquire HZNP for $116.50/share in cash; no longer in merger discussions with Sanofi (SNY))
BVH +10.4% (Amendment of Tender Offer to Increase Offer Price to $25.00 per Share and Extend Tender Offer Until December 23)
CNX +2.5% (provides update on Appalachia-Focused strategy)
BSX +1.2% (announces strategic investment to acquire majority stake of Acotec Scientific Holdings)
Analyst comments:

BOX +3.7% (upgraded to Overweight from Neutral at JP Morgan)
GKOS +1.9% (upgraded to Buy from Neutral at Citigroup)
BBY +1.8% (upgraded to Neutral from Sell at Goldman)
CR +1% (upgraded to Overweight from Equal-Weight at Morgan Stanley)
BDX +0.9% (upgraded to Neutral from Sell at Citigroup)

[uranium-pinto-beans]

Todays largest increases in stock option open interest $NKLA $CCL $UBER $MPW $PLTK $ORCC $SNAP $ATVI $AMC

[uranium-pinto-beans]

STOXX Europe 600: -0.5%
Germany's DAX: -0.4%
U.K.'s FTSE 100: -0.3%
France's CAC 40: -0.4%
Italy's FTSE MIB: -0.1%
Spain's IBEX 35: -0.5%

[uranium-pinto-beans]

Weber to be taken private by BDT Capital Partners for $8.05/share; deal expected to close in 1H23 (shares halted) (6.50)
WEBR announced that it has entered into a definitive merger agreement pursuant to which investment funds managed by BDT Capital Partners LLC will purchase all of the outstanding Class A Shares that they do not already own, for $8.05 per share of Class A common stock of Weber, which implies a total enterprise value of $3.7 billion for Weber.
A special committee (the "Special Committee") of the Board, comprised solely of independent directors, advised by its own independent financial and legal advisors, determined that the proposed transaction is in the best interests of the holders of Class A Shares other than BDT and unanimously recommended that the Board approve the transaction. Acting upon the recommendation of the Special Committee, Weber's Board approved the transaction.
The transaction is expected to close in the first half of 2023, subject to customary closing conditions, including HSR clearance. The transaction has been approved by the written consent of the holders of the requisite number of shares of common stock of Weber, such that no additional stockholder approval is required.

[uranium-pinto-beans]

China Automotive Systems, Inc. (CAAS) announced that it has introduced a new series of Electric Power Steering systems for the largest Chinese EV producer, BYD Auto. After 18 months of preparation and close collaboration between both R&D teams, CAAS won design contracts for C-EPS, DP-EPS and R-EPS from BYD for all its series of products. Being the first DP-EPS supplier to BYD, CAAS' R&D engineers used computer-aided design and artificial intelligence to shorten the design cycle to 5 months, and successfully completed the integration of DP-EPS in the chassis general assembly for BYD's model, Tang. The mass production of DP-EPS has begun, with an annual volume of approximately 300,000 units, and the wide adoption of the Company's DP-EPS, R-EPS and C-EPS is expected in all BYD Dynasty series , Marine Life series, Classic Ship series, and the Denza series.
Denison Mines Corp. (DNN) announced the successful completion of the neutralization phase of the Phoenix in-situ recovery Feasibility Field Test at the Company's 95% owned Wheeler River project. Sampling of monitoring wells around the FFT site has confirmed the successful restoration of the Leaching Zone to environmentally acceptable pH conditions, as outlined in the applicable regulatory approvals for the FFT.

[uranium-pinto-beans]

The U.S. stands out as the predominant top performer in terms of the absolute number of crypto users on centralized exchanges, with a market share higher than 9%, states a recent research.
What Happened: According to the Huobi Global Report 2022-2023, the traffic rate for centralized exchanges and the DeFi sector in the U.S. is 9.2% and 31.8%, respectively. This amounts to over 46 million crypto users in the U.S., which is 13.7% of its population.
See More: Best Crypto Day Trading Strategies
Analysis of CEX transactions revealed that Bitcoin (CRYPTO: BTC) is the most sought-after cryptocurrency, followed by Ethereum (CRYPTO: ETH), Dogecoin (CRYPTO: DOGE) and Cardano (CRYPTO: ADA) among others.
Why It Matters: The U.S. has the highest Bitcoin trading volume at $1.5 billion.
“The number also explains why there has often been a strong correlation between price volatility in crypto markets and the US financial markets in recent years,” the report noted.
The younger generation is the primary demographic in the U.S. crypto market. The report suggests that adults aged 18 to 34 make up 56% of the total crypto users, according to a Finder survey.
Compared to the more conservative, middle-aged and older generations who traditionally invest in stocks and bonds, the younger generation appears to be more open to taking risks and investing in cryptocurrencies due to the promise of high returns, resulting in an increase in crypto market adoption.

[uranium-pinto-beans]

orizon Pharma: Amgen (AMZN) confirms it will acquire HZNP for $116.50/share in cash (97.29)
The board of directors of Horizon Therapeuticsand the board of directors of Amgen are pleased to announce that they have reached agreement on the terms of a cash offer for the Company by Pillartree Limited ("Acquirer Sub"), a newly formed private limited company wholly owned by Amgen, which is unanimously recommended by the Company Board and pursuant to which Acquirer Sub will acquire the entire issued and to be issued ordinary share capital of the Company. Under the terms of the Acquisition, each Company Shareholder at the Scheme Record Time will be entitled to receive:
$116.50 for each Company Share in cash
The Acquisition represents: a premium of approximately 47.9% to the closing price of $78.76 per Company Share on November 29, 2022 (being the last closing price per Company Share prior to the Company's issuance of an announcement of a possible offer under Rule 2.4 of the Irish Takeover Rules); and a premium of approximately 19.7% to the closing price of $97.29 per Company Share on December 9, 2022.
The Acquisition values the entire issued and to be issued ordinary share capital of the Company at approximately $27.8 billion on a fully diluted basis and implies an enterprise value of approximately $28.3 billion.
Amgen Background to and Reasons for the Acquisition: Generates robust cash flow (approximately $10 billion combined over twelve months through Q3 2022)[1] to support capital allocation priorities, including ongoing investment in innovation and continued dividend growth while sustaining a commitment to an investment grade credit rating; Accelerates revenue growth and is expected to be accretive to non-GAAP earnings per share from 2024; and Increases efficiency for the Combined Group, leading to an estimated annual pre-tax cost reduction of at least $500 million by the end of the third fiscal year following Completion.

[jimmybob]

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[uranium-pinto-beans]

Some of todays most active stock options $NVDA $NFLX $AMZN $CCL $MLCO $AMD $F