While it beat FQ4 estimates, Micron (NASDAQ:MU) has guided on page 20 of in its earnings slides (.pdf) for FQ1 revenue of $3.35B-$3.6B and EPS of $0.20-$0.26, below a consensus of $3.74B and $0.38
Nomura Securities initiates coverage on Mallinckrodt plc (NYSE: MNK) with a Neutral rating and a price target of $100.00.Analyst Shibani
Valeant takes another hit after House Dems request subpoena for docs on drug pricing; shares off 12%
Valeant Pharmaceuticals (VRX -11.9%) gets some rude treatment today. Shares are down on a 4x surge in volume in response to the news that Democrats in the U.S. House of Representatives have made a request to subpoena the company for documents related to its increases in drug pricing.
In a letter to Jason Chaffetz, Chairman of House's Committee on Oversight and Government Reform, 18 Democratic representative stated, "We believe it is critical to hold drug companies to account when they engage in "a business of buying old neglected drugs and turning them into high-priced specialty drugs."
Valeant may have some explaining to do. It increased the prices of Nitropress and Isuprel 212% and 525%, respectively, the day it bought them.
Mentally challenge I see...Ever heard of internet bookings? What a fool! You must be mongo twin brother...
Mallinckrodt (MNK) Sell-Off Overdone as Competitor Details Lacking - Deutsche Bank (ANIP)
September 21, 2015 11:21 AM EDT Send to a Friend
Deutsche Bank maintained a Buy rating on Mallinckrodt plc (NYSE: MNK) with a price target of $104. Analyst Gregg Gilbert ...
Told you made a huge mistake. Going back over $50 before earnings come out. Looks like u walk away from BIG $$$.
Revenue miles up 7.5% for Southwest Airlines in August
Southwest Airlines (NYSE:LUV) reports revenue passenger miles increased 7.5% to 10.3B in August.
Capacity was up 7.6% to 12.1B available seat miles.
August load factor -10 bps to 85.4%.
YTD load factor +70 bps to 83.6%.
The company expects operating revenue per available seat mile will decline 1% Y/Y in Q3.
Imperial Capital reiterated an Outperform rating on American Airlines (NASDAQ: AAL), and cut the price target to $65.00 (from $73.00), as shares trade closer to PRASM commentary near term. For investors with a longer investment horizon, management indicated it expects PRASM trends to turn more positive moving into the second half of 2016 as near-term revenue trends are likely to face similar headwinds as 2Q15.
Analyst Scott Buck commented, "We are maintaining our Outperform rating, but reducing our one-year price target to $65 from $73. Despite reporting the best quarterly results in the industry’s history and guidance suggesting a record 2015, AAL shares, and those of other airlines, continue to trade closer to PRASM commentary near term. For investors with a longer investment horizon, management indicated it expects PRASM trends to turn more positive moving into the second half of 2016 as near-term revenue trends are likely to face similar headwinds as 2Q15, including increased competitive capacity and weaker macroeconomic trends in South America. However, recent operating results and management commentary continue to provide us with confidence in the company’s ability to generate the highest 2015 operating margins and earnings among the legacy carriers. We continue to view American as an earnings story and believe investors should turn their attention to record operating results rather than PRASM. In addition, American’s no fuel hedging policy is expected to result in approximately $4.8bn in annualized cost savings in 2015, the highest of any U.S. airline. We believe the company will continue to pass a substantial portion of these cost savings on to investors in the way of additional share repurchases and the retirement of high interest debt. Our price target represents about 66% potential upside from the recent share price."
Deutsche Bank finds value in the airline sector
Deutsche Bank upgrades three airline stocks to a Buy rating from Hold off of attractive valuation on entry points for investors.
American Airlines Group (NASDAQ:AAL) is assigned a price target of $50 to rep 28% upside potential.
Delta Air Lines is also tagged with a $50 PT which works out to 14% upside potential.
Latin America provided Copa Holdings is set with a $65 PT for 27% upside potential
Major reversal in oil as EIA cuts U.S. output estimate
Incorporating new survey techniques for the first time, the EIA pegs June U.S. crude oil production at 9.3M barrels per day, down about 100K from the revised May figure. Production estimates for Jan-May were cut by between 40K and 130K barrels per day, with the biggest revisions coming in Texas and the Gulf.
Prior to this new data, "the magnitude and source of decline has been less than reassuring,” says Morgan Stanley. “However, if the data shows a more pronounced decline in North Dakota, Texas or the interior shale producing states, it could give confidence to a market increasingly doubting any decline in U.S. production.”
The U.S. Energy Information Administration reported monthly production data Monday showing a fall in production to 9.296 million barrels per day (bpd) in June from 9.4 million bpd in May and a peak of 9.6 million bpd in April.
In an OPEC publication issued on Monday, the producer group said it is concerned by the drop in oil prices and ready to talk to other producers.
"As the Organization has stressed on numerous occasions, it stands ready to talk to all other producers. But this has to be on a level playing field. OPEC will protect its own interests," the commentary in the latest OPEC Bulletin said.
Meanwhile, the Kremlin said Russian President Vladimir Putin and Venezuelan President Nicolas Maduro would discuss "possible mutual steps" to stabilize global oil prices as part of Moscow's cooperation with OPEC.
Looks like the shorts are starting to cover on there short positions, as buyer come in on pretty good volume