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Morning Watch List : https://www.optionmillionaires.com/may-7th-2024-watch-list-2/
In Tesla Autopilot probe, US prosecutors focus on securities, wire fraud
Sweden is following Switzerland, Hungary, and the Czech Republic in easing monetary policy for the first time since hiking cycles began in 2022, when inflation surfaced in the aftermath of the COVID pandemic. The Riksbank overnight lowered its policy rate by 0.25 basis points to 3.75%, making it more likely that the ECB will also jump on the bandwagon. The shift is noteworthy to global investors as it highlights the current central bank divergence taking place across the world.
Press release: "When inflation approaches the target while economic activity is weak, monetary policy can be eased," Sweden's Riksbank said in a statement. "However, the outlook for inflation is uncertain. As inflation now falls from very high levels, there is uncertainty on both the upside and downside. The adjustment of monetary policy going forward should therefore be characterized by caution."
This contrasts with the wait-and-see mode of the United States, which is taking a more gradual path toward easing. Many in Europe are scared of getting stuck behind the curve as growth slows and unemployment rises. The housing market is also of concern, with many mortgages across the region carrying short-term variable rates, which can pinch the economy if interest levels stay elevated for too long.
Ahead of the Fed: There have been some worries that cutting before the U.S. could cause the krona or euro to lose value against the greenback, which in turn could lift dollar-denominated imports and even cause inflation to resurface. European policymakers seem to be less concerned about these effects, putting more of a focus on domestic conditions and not linking policy to other central banks. "I have said we are data dependent, we are not Fed dependent," ECB President Christine Lagarde declared at a press conference in April. (8 comments)
China tensions
TikTok and its Chinese parent, ByteDance (BDNCE), have sued the U.S. federal government to block a new law that would force the sale of the popular short-video app or face a ban in the country. TikTok said the bill violated the First Amendment right to free speech, adding that the divestment being demanded is "simply not possible." Things will likely head to the Supreme Court as Washington pushes ahead with efforts to protect its national security interests. The Biden administration is also revoking export licenses that allowed Qualcomm (QCOM) and Intel (INTC) to supply Chinese firm Huawei with chips for laptops and phones. (41 comments)
House of Mouse
Sliding 9.5% to $105/share, Disney (DIS) wrapped up its worst session in 18 months on Tuesday. The company reported a profit for its entertainment streaming division (Disney+ and Hulu), and forecast full combined streaming business profitability in FQ4 (including ESPN+). So what went wrong? SA Investing Group Leader Long Player believes the decline was an overreaction, driven by a combination of "sell on the news" and some fears about a Q3 loss from its Direct-to-Consumer business. Disney's box office and TV business might still be a problem, but does the pullback represent a buying opportunity? (20 comments)
Robotaxi rollout
Tesla (TSLA) CEO Elon Musk reportedly proposed testing Full Self-Driving software in China through robotaxis during his surprise visit to the country last month. While the government in Beijing was open to the proposal, Tesla would still need approval to collect and transfer data in China to train the software. Musk was also said to have sent one of his trusted lieutenants back to China to lead operations there, following back-to-back layoffs and executive exits. In other news, the U.S. NHTSA has threatened Tesla with $135M in penalties unless it provides more information on last year's Autopilot recall. (5 comments)
Today's Markets
In Asia, Japan -1.6%. Hong Kong -0.9%. China -0.6%. India -0.1%.
In Europe, at midday, London +0.3%. Paris +1%. Frankfurt +0.4%.
Futures at 7:00, Dow +0.04%. S&P -0.02%. Nasdaq -0.1%. Crude -1% to $77.63. Gold flat at $2,324.70. Bitcoin -2.9% to $62,236.
Ten-year Treasury Yield +3 bps to 4.48%.
Today's Economic Calendar
7:00 MBA Mortgage Applications
10:00 Wholesale Inventories (Preliminary)
10:30 EIA Petroleum Inventories
11:00 Fed’s Jefferson Speech
11:45 Fed's Collins Speech
1:00 PM Results of $42B, 10-Year Note Auction
1:30 PM Fed’s Cook Speech
Companies reporting earnings today »
What else is happening...
Apple (AAPL) unveils new iPad Air, iPad Pro, AI-focused M4 chip.
U.S. set to resume purchases for Strategic Petroleum Reserve.
Reddit soars after first post-IPO results, forecast comes in strong.
Investigation finds sexual discrimination, harassment at FDIC.
Record cruise demand: Royal Caribbean (RCL) to hire thousands.
Uber (UBER) and Instacart (CART) team up on restaurant deliveries.
Getting a ride: Loss narrows at Lyft (LYFT) as bookings climb 21%.
Boy given Pfizer (PFE) experimental muscular dystrophy therapy dies.
Amid lawsuits, OpenAI building tool to let content creators manage use.
EXCLUSIVE -- U.S. PROSECUTORS EXAMINING WHETHER TESLA COMMITTED SECURITIES, WIRE FRAUD IN CRIMINAL PROBE OF SELF-DRIVING CLAIMS, THREE SOURCES SAY
Needham analyst Laura Martin maintains Reddit (NYSE:RDDT) with a Buy and raises the price target from $55 to $63.
U.S. 30-year mortgage rates fell to 7.18% in the most recent week, according to the MBA, from 7.29% last week, versus a 23-year high of 7.90% in October and a 6.71% recent trough in December. The rate is well above the 2023 low of 6.18% in February of 2023. The weekly MBA purchase index rose 1.8%, leaving a 15.2% rise from the 28-year low in October. Lending is well below the mid-January peak, leaving a headwind for new and existing home sales into the spring sales season. The MBA purchase index is entering May 0.9% above the April average. Analysts expect a -10% contraction pace for the purchase index in Q2 and a -3% drop for 2024 overall, following a record -30% decline for 2023, and a -21% 2022 drop. The refi index is entering May -0.7% below the April average, leaving a 17-month rise of 41% from the 22-year low average in December of 2022. Analysts expect a 30% growth clip for the refi index in Q2 and a 17% rise for 2024 overall, after a -54% drop for 2023, and a -72% drop in 2022.
Cirrus Logic price target raised to $120 from $100 at KeyBanc
KeyBanc raised the firm's price target on Cirrus Logic (CRUS) to $120 from $100 and keeps an Overweight rating on the shares. The firm notes Cirrus Logic posted strong Q4 results and Q1 guidance, which were solidly above expectations. Results indicate iPhone demand continues to track in line and has yet to see a major correction, as Apple (AAPL) represented 86% of revenues, which has been consistent with most of Cirrus' peers with the exception of Skyworks (SWKS).
Reddit price target raised to $65 from $53 at Citi
Citi raised the firm's price target on Reddit to $65 from $53 and keeps a Buy rating on the shares. With daily active users accelerating 37% year-over-year to 82.7M, monetization ramping and EBITDA margin expanding, Reddit delivered a strong first quarter post its initial public offering, the analyst tells investors in a research note. The firm believes the company's improving engagement trends are lasting given investments across its new web-platform, Shreddit, Search, and the Onboarding experience.
Upgrades - May 8, 2024
• $ALHC: Piper Sandler Upgrades to Overweight from Neutral - PT $8 (from $6)
• $CFLT: Canaccord Genuity Upgrades to Buy from Hold - PT $35 (from $28)
• $DDOG: Baird Upgrades to Outperform from Neutral - PT $140 (from $130)
• $ENR: Morgan Stanley Upgrades to Equalweight from Underweight - PT $33
• $ENV: Jefferies Upgrades to Hold from Underperform - PT $59 (from $47)
• $HRT: William Blair Upgrades to Outperform from Market Perform
• $HXL: Wells Fargo Upgrades to Overweight from Equal Weight - PT $95
• $IFF: JPMorgan Upgrades to Overweight from Neutral - PT $100 (from $75)
• $NTNX: Raymond James Upgrades to Outperform from Market Perform - PT $72
• $ODFL: Baird Upgrades to Outperform from Neutral - PT $205
• $OFIX: Roth/MKM Upgrades to Buy from Neutral - PT $20 (from $15)
• $OFIX: Roth/MKM Upgrades to Buy from Neutral - PT $20 (from $15)
• $SAM: Deutsche Bank Upgrades to Hold from Sell - PT $273
• $SQ: Phillip Securities Upgrades to Buy from Accumulate - PT $96
Downgrades - May 8, 2024
• $DH: Morgan Stanley Downgrades to Equalweight from Overweight - PT $9 (from $11.50)
• $DV: CapitalOne Downgrades to Equal-weight from Overweight - PT $23
• $DV: KeyBanc Downgrades to Sector Weight from Overweight
• $DV: William Blair Downgrades to Market Perform from Outperform
• $GBDC: Raymond James Downgrades to Market Perform from Outperform
• $ILMN: CFRA Downgrades to Sell from Hold - PT $100
• $J: William Blair Downgrades to Market Perform from Outperform
• $KLG: BNP Paribas Downgrades to Underperform from Neutral - PT $20
• $NDAQ: Rosenblatt Downgrades to Neutral from Buy - PT $64 (from $76)
• $NVEI: JPMorgan Downgrades to Neutral from Overweight - PT $34 (from $32)
• $PINC: Canaccord Downgrades to Hold from Buy - PT $21 (from $27)
• $RWAY: Compass Point Downgrades to Neutral from Buy - PT $12.75
• $RYTM: BofA Securities Downgrades to Neutral from Buy - PT $42 (from $49)
• $SAR: Oppenheimer Downgrades to Perform from Outperform - PT $23 (from $24)
• $SHLS: Roth/MKM Downgrades to Neutral from Buy - PT $8 (from $15)
• $TMCI: BTIG Downgrades to Neutral from Buy
• $TMCI: JPMorgan Downgrades to Neutral from Overweight - PT $8 (from $15)
• $TMCI: Stifel Downgrades to Hold from Buy - PT $6 (from $15)
• $VPG: B.Riley Downgrades to Neutral from Buy - PT $36 (from $37)
•$ VSCO: Barclays Downgrades to Underweight from Equalweight - PT $14 (from $15)
• $WOW: Raymond James Downgrades to Market Perform from Outperform
• $ZI: Goldman Sachs Downgrades to Sell from Neutral - PT $12 (from $19.50)
• $ZI: Mizuho Downgrades to Neutral from Buy - PT $14 (from $23)
• $ZI: Piper Sandler Downgrades to Neutral from Overweight - PT $15 (from $24)
Wynn Resorts price target raised to $128 from $125 at Wells Fargo
Wells Fargo raised the firm's price target on Wynn Resorts to $128 from $125 and keeps an Overweight rating on the shares. The firm notes Q1 EBITDA was 7% above its/Street's estimates, reflecting favorable hold, strong demand trends, and impressive opex control. Macau Q2 commentary was encouraging, Las Vegas is stable, and EBH capex is tabled, for now, adds Wells.
Wynn Resorts price target raised to $128 from $125 at Wells Fargo
Wells Fargo raised the firm's price target on Wynn Resorts to $128 from $125 and keeps an Overweight rating on the shares. The firm notes Q1 EBITDA was 7% above its/Street's estimates, reflecting favorable hold, strong demand trends, and impressive opex control. Macau Q2 commentary was encouraging, Las Vegas is stable, and EBH capex is tabled, for now, adds Wells.
Lyft price target raised to $20 from $17 at Barclays
Barclays raised the firm's price target on Lyft to $20 from $17 and keeps an Equal Weight rating on the shares. The company's sales are showing no signs of consumer weakness with gross bookings accelerating in 1Q and holding steady into Q2, the analyst tells investors in a research note. The firm expects the June 6 investor day to continue Lyft's upward momentum.
SoftBank Is Said in Talks to Buy Troubled AI Chip Firm Graphcore
ZoomInfo raises FY24 adjusted EPS view to $1.00-$1.02 from 99c-$1.01
Consensus is $1.00. Adjusts FY24 revenue view to $1.255B-$1.27B from $1.26B-$1.28B, consensus $1.27B.
goooooooooooooooooooooood evening
Lyft reports Q1 GAAP EPS (8c), consensus 3c
Reports Q1 revenue $1.3B, consensus $1.16B. Rides of 188 million: were up 23% year-over-year, reflecting strong demand across use cases. Growth in early morning, commute and weekend evening trips was particularly strong, which is a continuation of the trends we saw in the back half of 2023. Active Riders of 21.9 million: were up 12% year-over-year, reflecting an improvement in rider retention along with an increase in new riders. "Lyft is off to a strong start in 2024. We are executing well and bringing much-needed innovation to the market. That's why drivers and riders are choosing Lyft more often," said CEO David Risher. "After a year in the driver's seat at Lyft I'm thrilled to see all the ways that our customer obsession drives profitable growth."
Reddit reports Q1 EPS ($8.19), consensus ($8.71)
Have a great afternoon all! Even you Ranger Fans...
$SMCI 14.7%
$AAPL 4.6%
$COIN 12.9%
$AMZN 7.6%
$SQ 11.7%
$DKNG 10.8%
$AMD 8.6%
$NVO 6.1%
$MCD 3.0%
$PYPL 9.1%
$LLY 5.2%
$SBUX 6.6%
$QCOM 7.9%
$CVNA 17.9%
$ETSY 11.3%
$FSLY 18.1%
$FSLR 9.0%
$MGM 6.3%
$CAR 16.2%?
$MOS 6.5%
$MET 4.4%
$ZG 12.9%
$PTON 21.0%
$W 14.9%
$CI 4.1%
?$REGN 5.0%
$INMD 11.7%
$SWK 7.3%
$NET 13.6%
$BKNG 5.7%
$FTNT 10.4$
$EXPE 9.6%
?$AMGN 5.0%
$ILMN 8.3%
$GDDY 7.6%
$TRUP 21.0%
$WW 21.5%
$TNDM 16.4%
$FUBO 23.1%
$LNG 4.4%
$XPO 12.1%
$LMND 16.4%
$ROOT 30.2%
$MDLZ 3.4%
$SYK 5.7%
$CLX 5.4%
$LC 13.3%
$PRU 5.0%
$INVH 4.2%
$PFE 4.6%?
$CVS 5.3%
?$MA 4.2%
?$WING 11.7%
$KHC 4.1%
$MAR 5.0%
$MMM 5.7%
$KO 2.2%
$CCJ 7.6%
$ETN 7.1%
$GLW 4.8%
$EL 9.9%
$GRMN 5.7%
$YUM 4.4%
$DD 5.4%
Datadog price target lowered to $140 from $155 at BMO Capital
BMO Capital lowered the firm's price target on Datadog to $140 from $155 and keeps an Outperform rating on the shares. Against high expectations, the company reported "solid" quarterly results, though there were a few "disappointing" metrics, the analyst tells investors in a research note. The firm said it continues to rate the name Outperform based on its view that Datadog's expanding portfolio can sustain durable growth.
TRUP HoD
Reddit Inc options imply 12.7% move in share price post-earnings
Pre-earnings options volume in Reddit Inc is normal with calls leading puts 5:4. Implied volatility suggests the market is anticipating a move near 12.7%, or $6.20, after results are released
HSBC upgrades Cognex to Buy on demand turnaround
HSBC upgraded Cognex to Buy from Hold with a price target of $52, up from $40. After six quarters of revenue declines year-over-year, the company's Q1 recorded growth of 5%, the analyst tells investors in a research note. The firm sees more upside in the shares given the better than expected logistics and semiconductor outlook. Logistics demand is improving while Cognex's semi business is stronger from artificial intelligence-driven high bandwidth memory demand and Moritex, contends HSBC. It believes the demand turnaround and faster margin recovery will drive re-rating of Cognex shares.
Canopy Growth call volume above normal and directionally bullish
Bullish option flow detected in Canopy Growth with 23,541 calls trading, 1.2x expected, and implied vol increasing over 3 points to 152.69%. May-24 11 calls and May-24 11 puts are the most active options, with total volume in those strikes near 6,100 contracts. The Put/Call Ratio is 0.33. Earnings are expected on May 30th.
Fed's Kashkari questioned the degree of policy restrictiveness
Fed's Kashkari questioned the degree of policy restrictiveness in an essay published on the Minneapolis Fed website. He is a nonvoter who has been leaning to the hawkish side. The disinflation process seen in late 2023 seems to have stalled out in Q1 and wondered if that process is still underway. He suggested the "resilience" in the housing market to the higher rates "raises questions about whether policymakers and the market are misperceiving neutral, at lease in the near term. He also indicated that he raised his forecast for the long-run neutral rate to 2.5% from 2.0% (it was lifted to 2.6% in the March dot plot, from 2.5% in December). Uncertainty over the neutral rate creates a "challenge" for the Fed, and he added they "must set policy based on where neutral is in the short run." He concluded that the Fed has more work to do to achieve the dual mandate goals. He will be speaking later today in a fireside chat.
Morning Watch List : https://www.optionmillionaires.com/may-7th-2024-watch-list/
Gooooooooooood morning
Ligand Pharmaceuticals, Agenus in $100M royalty financing agreement
Ligand Pharmaceuticals Incorporated (LGND) and Agenus (AGEN), a leader in discovering and developing novel immunological agents to treat various cancers, today announced that the companies have entered into a royalty financing agreement to support Agenus' key development initiatives in the ongoing BOT/BAL clinical development program, including its planned confirmatory Phase 3 trial in its lead indication of patients with metastatic, relapsed/refractory colorectal cancer not microsatellite instability-high or deficient mismatch repair (dMMR), who are without active liver metastases , along with other launch readiness activities. Under the terms of the agreement, Ligand will pay $75 million to Agenus at closing. In addition, Ligand has the option to invest an additional $25 million on the same terms on a pro rata basis. In return for the initial $75M payment, Ligand will receive 18.75% of the future royalties and 31.875% of the future milestone payments related to six of Agenus' clinical-stage partnered oncology programs, including BMS-986442 , AGEN2373 , INCAGN2385 and INCAGN2390 related to these six programs has the potential to exceed $400 million, with royalties in the low single digits. In addition, Ligand will also receive a 2.625% royalty on future global net sales generated by BOT/BAL. The royalties and milestone payments owed to Ligand could be adjusted up or down based upon pre-determined future events and achievements of certain milestones.
ivvd
vyd announced its intention to submit an emergency use authorization, EUA, application to the U.S. Food and Drug Administration, FDA, for pemivibart for the treatment of mild to moderate symptomatic COVID-19 in certain immunocompromised people utilizing a rapid immunobridging pathway. This immunobridging pathway leverages a similar approach Invivyd used to achieve its current EUA for PEMGARDA for pre-exposure prophylaxis of COVID-19 in certain immunocompromised people and was aligned in principle with the FDA. The immunobridging pathway for COVID-19 treatment is enabled by data from the Phase 2/3 clinical trial of adintrevimab, the prototype monoclonal antibody, for the treatment of COVID-191 and data from the ongoing CANOPY Phase 3 clinical trial of pemivibart for PrEP of COVID-19. The potential COVID-19 treatment EUA request would focus on the critical treatment needs of people in the U.S. who have moderate-to-severe immune compromise and for whom alternative COVID-19 treatment options are not clinically appropriate or accessible. Subsequent to the anticipated submission of an EUA request, Invivyd plans to initiate a compact clinical trial focused on confirmatory safety, pharmacokinetics, and clinical virology
Let Loose
It's showtime. The second-biggest U.S. company by market cap will be holding a "different kind of Apple Event" today, which is somewhat unusual timing given that it's only a month before Apple's (AAPL) annual Worldwide Developers Conference (WWDC). The Let Loose event promises to "draft up something special for you" and there is already much speculation before kickoff at 10 AM ET. Tune in at Apple Events, Apple TV, Apple Podcasts, or on YouTube Live.
iRumors: The event is likely to center around iPads and related accessories, such as the new generation of the iPad Pro with an OLED display. More importantly, it will be the first device powered by the new M4 chip, making it more powerful than the latest Mac and giving it the possibility of new AI capabilities. The biggest iPad Air on record might also be in store, with a 12.9-inch version that could make for a good alternative to the Pro, albeit with less power. There's also talk of slimmer bezels and camera repositioning, as well as other new hardware that might finally see the light of day, like upgrades to the Magic Keyboard and Apple Pencil.
Revenue in the category has been stalling lately, with no new iPad releases since 2022. That'll mean a lot is riding on the event for Apple, especially after a recent set of earnings that showed some sales weakness in several categories. However, Berkshire Hathaway's Warren Buffett is still calling for Apple (AAPL) to be his largest investment after the iPhone maker added a record $110B to its buyback program and raised its quarterly dividend by 4%.
More news: Apple is working on a "chip designed to run artificial intelligence software in data center servers," according to the Wall Street Journal. The project, which is internally code-named Project ACDC (Apple Chips in Data Center), is being coordinated with partner Taiwan Semiconductor Manufacturing (TSM) and could give the company a much-needed edge in the AI race. The latest effort is aimed at running AI models, rather than training them, and would build on other recent silicon success stories at Apple like custom in-house chips made for its devices. (3 comments)
Psychedelic therapy
An FDA advisory committee has been scheduled to meet next month to review data for the first-ever MDMA-assisted therapy for adults with post-traumatic stress disorder. This will be the first such review of a potential new PTSD treatment in 25 years, according to the therapy's manufacturer Lykos Therapeutics. MDMA - a party drug commonly known as ecstasy or molly - has not been approved by any regulator. A positive recommendation by the panel could bode well for other companies evaluating MDMA-assisted therapies such as Compass Pathways (CMPS) and Awakn Life Sciences (OTCQB:AWKNF). (1 comment)
Yen intervention
The Japanese government may have to intervene to support the yen (USD:JPY) in case of irregular, speculation-driven forex moves, said top currency official Masato Kanda. Many suspect Tokyo intervened twice last week, spending over JPY 9T ($58.3B) to support the currency, but the U.S. expects these interventions "to be rare and consultation to take place," Treasury Secretary Janet Yellen declared. The Bank of Japan is trying to avoid raising ultra-low interest rates through currency intervention, per SA analyst Harrison Schwartz, which "is akin to putting a band-aid on a wound that requires a tourniquet."
Another delay
Boeing (BA) can't seem to catch a break. Its first crewed Starliner mission launch was delayed once again because of a faulty oxygen relief valve on the Atlas V rocket, with plans to reattempt the launch on Friday. "We are just not willing to take any chances with what is our most precious payload," said Dillon Rice, engineer at United Launch Alliance, which is owned by Boeing and Lockheed Martin (LMT). The Starliner mission has been on hold for years, plagued by issues ranging from software coding to stuck valves. Meanwhile, Boeing is facing another regulatory probe, this time into its 787 Dreamliner inspections. (5 comments)
Today's Markets
In Asia, Japan +1.6%. Hong Kong -0.5%. China +0.2%. India -0.5%.
In Europe, at midday, London +1%. Paris +0.3%. Frankfurt +0.6%.
Futures at 7:00, Dow +0.2%. S&P +0.1%. Nasdaq -0.1%. Crude -0.4% to $78.20. Gold -0.3% at $2,323.50. Bitcoin -0.2% to $64,115.
Ten-year Treasury Yield -3 bps to 4.47%.
Today's Economic Calendar
11:30 Fed's Kashkari Speech
1:00 PM Results of $58B, 3-Year Note Auction
3:00 PM Consumer Credit
Companies reporting earnings today »
What else is happening...
WSB survey results: Space investment is way above the clouds.
Reddit (RDDT) to report first quarterly results as public company.
Disney (DIS), Comcast (CMCSA) turn to third firm to value Hulu.
Palantir (PLTR) tumbles despite raised guidance, earnings beat.
3 reasons why investors should stay in the market - BlackRock.
Robinhood's (HOOD) crypto division gets 'Wells notice' from SEC.
Crude rises on renewed Middle East tensions, Saudi price hikes.
Big Oil bemoans 'conflicting' rules on U.S. clean energy subsidies.
Spirit's (SAVE) losses accelerate on aircraft issues, competition.
Microsoft's (MSFT) new AI model said to rival Google and OpenAI.
UPB in da HIZZLE
Tempur Sealy reports Q1 adjusted EPS 50c, consensus 23c
Reports Q1 revenue $1.19B, consensus $1.09B. Company chairman and CEO Scott Thompson commented, "We are pleased to report solid first quarter sales, earnings and record operating cash flow against a global backdrop which appears to be at a historical nadir. The strong reception to our newly launched innovative products and our ongoing investment in compelling marketing to support the industry, combined with our broad-based omni-channel reach and our commitment to driving operational efficiencies, drove our industry outperformance in the first quarter. Although we look forward to the market's recovery, this recessionary environment provides opportunity to highlight the strength of our global business model and our leading competitive position. We continue to invest in our key initiatives and expect to emerge from the current downturn positioned well for long term success."
Perrigo backs FY24 adjusted EPS view $2.50-$2.65, consensus $2.35
Backs FY24 revenue view flat, consensus $4.66B. Backs FY24 adjusted tax rate 20.5%. Lockwood-Taylor continued, "We also delivered a good first quarter by advancing our operational priorities, including the successful launch of Opill(R), the first-ever over-the-counter oral contraceptive in the U.S., at more than 65,000 retail stores nationwide. Elsewhere, many of our key brands delivered healthy growth, leading to another quarter of strong topline growth in CSCI, while U.S. retailer de-stocking of store brand offerings across most categories impacted growth in CSCA. Quality improvement actions in infant formula are progressing well, and manufacturing volumes are expected to ramp in the second half of the year. The financial impact from infant formula in the quarter was expected and sizable, but I am proud that the team delivered meaningful year-over-year gross and operating margin expansion across the rest of the business. We remain focused on delivering on our operational priorities and outlook, while continuing to build One Perrigo."
Disney reports Q2 adjusted EPS $1.21, consensus $1.02
Reports Q2 revenue $22.1B, consensus $20.53B. "Our strong performance in Q2, with adjusted EPS(1) up 30% compared to the prior year, demonstrates we are delivering on our strategic priorities and building for the future," said Robert A. Iger, Chief Executive Officer, The Walt Disney Company. "Our results were driven in large part by our Experiences segment as well as our streaming business. Importantly, entertainment streaming was profitable for the quarter, and we remain on track to achieve profitability in our combined streaming businesses in Q4. Looking at our company as a whole, it's clear that the turnaround and growth initiatives we set in motion last year have continued to yield positive results. We have a number of highly anticipated theatrical releases arriving over the next few months; our television shows are resonating with audiences and critics alike; ESPN continues to break ratings records as we further its evolution into the preeminent digital sports platform; and we are turbocharging growth in our Experiences business with a number of near- and long-term strategic investments."
Palantir price target raised to $20 from $18 at Deutsche Bank
Deutsche Bank raised the firm's price target on Palantir to $20 from $18 and keeps a Sell rating on the shares. The company reported an "upbeat" Q1, led by sustained momentum in its U.S commercial business, where it is one of the earlier software companies to meaningfully monetize generative artificial intelligence, the analyst tells investors in a research note. However, the firm says Palantir's ability to drive stronger growth acceleration in 2024 is being constrained by its Government and International Commercial businesses "that aren't yet seeing similar AI tailwinds as US Commercial."
gooooooooood morning
Boeing tells Bloomberg employees violated company policy by skipping test
Boeing said it learned that several employees have been violating company policies by not performing a required test but recording the work as having been completed, the company said in an emailed statement to Bloomberg, citing Scott Stocker, 787 vice president and Boeing South Carolina site leader. "Fortunately, our engineering team has assessed that this misconduct did not create an immediate safety of flight issue. But it will impact our customers and factory teammates, because the test now needs to be conducted out of sequence on airplanes in the build process," Boeing is quoted as having said. Boeing said it has zero tolerance for not following processes designed to ensure quality and safety and is taking "swift and serious corrective action with multiple teammates," adding that the company learned of the issue after an employee saw something in a factory that he believed was not being done right, and spoke up about it.
Goldman says Gossamer's new deal validates attractive opportunity for seraltunib
Goldman Sachs notes that Gossamer Bio has announced that it has reached an agreement with Chiesi Farmaceutici to commercialize and further develop seralutinib, which in the firm's view provides external validation of a competitive, de-risked PAH asset that has been largely dismissed by the market. More specifically, the agreement calls for advancing the development of seralutinib in pulmonary hypertension associated with interstital lung disease, or PH-ILD, to co-commercialize seralutinib in PH-ILD and pulmonary arterial hypertension, or PAH, in the U.S., and to form a royalty agreement in an out-licensing royalty deal of seralutinib's ex-U.S. rights to Chiesi. The immediate development reimbursement payment of $160M improves Gossamer's capital position, in Goldman's view. The firm has a Buy rating on the shares with a price target of $8.
Goldman says Gossamer's new deal validates attractive opportunity for seraltunib
Goldman Sachs notes that Gossamer Bio has announced that it has reached an agreement with Chiesi Farmaceutici to commercialize and further develop seralutinib, which in the firm's view provides external validation of a competitive, de-risked PAH asset that has been largely dismissed by the market. More specifically, the agreement calls for advancing the development of seralutinib in pulmonary hypertension associated with interstital lung disease, or PH-ILD, to co-commercialize seralutinib in PH-ILD and pulmonary arterial hypertension, or PAH, in the U.S., and to form a royalty agreement in an out-licensing royalty deal of seralutinib's ex-U.S. rights to Chiesi. The immediate development reimbursement payment of $160M improves Gossamer's capital position, in Goldman's view. The firm has a Buy rating on the shares with a price target of $8.
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364051
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02/25/08
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Moderator jimmybob | |||
Assistants Mikey leemalone2k3 stutz7 uranium-pinto-beans retiredMM Nolerman |
FOSL | jimmybob | 02/14/2012 09:54:12 AM |
FOSL and SODA ~ WATCH!!! | jimmybob | 02/14/2012 09:50:52 AM |
uranium-pinto-beans | | Tuesday, February 14, 2012 12:43:05 PM | ||
Re: uranium-pinto-beans post# 82823 | | Post # of 87811 |
uranium-pinto-beans | | Tuesday, February 14, 2012 8:20:48 PM | ||
Re: uranium-pinto-beans post# 83085 | | Post # of 87811 |
jimmybob | | Friday, March 02, 2012 11:58:33 AM | ||
Re: jimmybob post# 87690 | | Post # of 87809 |
jimmybob | | Friday, March 02, 2012 12:10:44 PM | ||
Re: jimmybob post# 87692 | | Post # of 87809 |
jimmybob | | Monday, February 13, 2012 11:22:59 PM | ||
Re: jimmybob post# 80632 | | Post # of 87807 |
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