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Lantheus Holdings announced that Cesare Orlandi, M.D., Chief Medical Officer, will retire from the company on September 2. Dr. Orlandi will be employed by the company in a full time capacity until his retirement date, and will continue in his role as Chief Medical Officer until his successor is appointed. The company will commence a search to identify Dr. Orlandi's successor.
A presentation by new molybdenum-99 supplier SHINE Medical Technologies adds more support to Lantheus' (LNTH) position in the market being more secure than the current stock price reflects, Jefferies analyst Raj Denhoy tells investors in a research note. SHINE expects to bring production online in 2021, with Lantheus already contracted to use its molybdenum-99, the analyst adds. He believes the market is "vastly overestimating" the threat from new entrants and "vastly underappreciating" the company's "hold on this market." Denhoy sees little chance of BWX Technologies (BWXT) gaining significant traction given the manufacturing and regulatory challenges in bringing a generator to market. He keeps a Buy rating on Lantheus with a $21 price target.
Wells Fargo analyst Lawrence Biegelsen lowered his price target for Lantheus to $20 from $26 after the company reported Q2 revenue that missed Street expectations due to a TechneLite supply shortage but modestly beat consensus on adjusted EBITDA. The analyst reiterates an Outperform rating on the shares.
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eBay (EBAY) is scheduled to report results of its first quarter after the market close on Tuesday, April 23, with a conference call scheduled for 5:00 pm ET. What to watch: 1. GROSS MERCHANDISE VOLUME: In the fourth quarter, eBay reported that its gross merchandise volume, or the amount of sales it helps facilitate, grew 1% on an as-reported basis, and 2% in constant currency, to $24.6B. This growth rate was down from the third quarter growth of 5% on a reported basis, and 5% in constant currency, following a decrease in growth rate in the prior quarter. Investors will be anxious to see if the company can re-accelerate GMV growth. 2. GUIDANCE: With its last report, eBay guided to Q1 adjusted earnings per share of 62c-64c per share. The consensus forecast, which was 61c at the time of the company's report, has slightly increased to 63c. The company pointed toward Q1 revenue of $2.55B-$2.6B. The consensus forecast, which was $2.66B at the time, has dropped to $2.58B. 3. INITIATIVES AND PARTNERSHIPS: eBay has taken on a number of initiatives and partnerships to improve the user experience and visibility. In February, the company announced that it is bringing its geographic regions together under one global leadership team that will be led by Jay Lee, SVP, general manager, markets. The markets included in the new structure are the Americas, APAC, UK, Central and Southern Europe, as well as Cross-Border Trade. Additionally in February, eBay announced it completed the acquisition of Motors.co.uk, a UK-based classifieds site focused on car buying and selling. The Motors.co.uk team has joined Gumtree UK, an eBay Classifieds business, and, together with eBay Motors UK, will offer more than 620,000 car listings across platforms. In March, eBay announced it would introduce Google Pay (GOOG, GOOGL) to its suite of payment options to further increase customer choice in its new managed payments experience. eBay chief executive officer Devin Wenig also release his annual letter to shareholders in March saying the company will continue to invest aggressively in advertising and payments. The CEO said, "We will ensure we achieve the right balance between user experience and monetization as we build towards $1B advertising revenue opportunity. And we continue to expect to begin a full rollout of Payments in 2020, building toward a $2B revenue opportunity at scale." 4. ACTIVIST INVESTORS: On January 22, Elliott Management announced an over 4% stake in eBay and said it sees a path to $55-$63 per share. In a letter, Elliott urged eBay's board to adopt a five-step plan, consisting of undertaking a comprehensive portfolio review including a separation of Stubhub and its Classified properties, "revitalizing" Marketplace, making operational improvements and margin expansion, returning substantial capital to shareholders and needing "effective leadership and oversight." In March, eBay announced several new strategic initiatives to enhance performance, including an operating review and the commencement of a strategic review of the company's portfolio of assets, including StubHub and eBay Classifieds Group. The company said at the time, "eBay has worked collaboratively with Elliott Management, Starboard Value, and other significant shareholders on these initiatives, which include the addition of two new independent directors to the Board." The company also entered into cooperation agreements with affiliates of Elliot and Starboard. 5. ANALYST VIEW: On April 16, Baird analyst Colin Sebastian slightly lowered his Q1 revenue estimate for eBay after his proprietary survey of volume in March suggested a mid-single-digit year-over-year volume decline in gross merchandise volume growth. In total, his Q1 tracker suggests low single-digit declines in GMV, noted Sebastian, who kept an Outperform rating on eBay shares given the potential he sees for "constructive outcomes" from its strategic review process.
Ratio spread in McDermott as a defensive position is adjusted. Shares up 8c to $10.29 and 10K May 7 puts trade 8c along with 5K Nov 8 puts for $1. The 1X2, for 84c, likely rolls 10K May 7 puts opened for 55c on 3/5 (stock ref. 8.80) to a new position in Nov 8 puts. The adjustment comes after a one-month 45% rip higher in shares and expresses concerns that the stock will give back the gains through mid-November. Shares saw a nasty 40% fall in late-October 2018 after a profit report two quarters ago. Next earnings 4/29.
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Diamondback Energy price target raised to $166 from $145 at Roth Capital. Roth Capital analyst John White raised his price target for Diamondback Energy to $166 from $145 and keeps a Buy rating on the shares. The target bump reflects Diamondback's newly added Energen reserves, its "hefty estensions and discoveries," and Roth's higher 2019 crude oil price estimates, White tells investors in a research note.
Snap Inc. (SNAP) is scheduled to report results of its first fiscal quarter after market close on April 23, with a conference call scheduled for 5:00 pm ET. What to watch for: 1. USER GROWTH: With its last report, Snap said that its Daily Average Users, or DAUs, were 186M, flat quarter-over-quarter and down 1M users from last year. At the time, CEO Evan Spiegel said, "We ended the year with user engagement stabilizing in advance of the broad rollout of our Android improvements, with overall Q4 daily active users flat quarter-over-quarter and average time spent above 30 minutes per day... We are seeing our investments in improving the Snapchat experience beginning to bear fruit on iOS. In Q4, our iOS daily active users increased both quarter-over-quarter and year-over-year, and average time spent on iOS grew faster during Q4 than it did last year. This is great progress following our redesign, and we look forward to continuing to grow engagement on our platform." On April 10, eMarketer's Ross Benes said he expects Snapchat's U.S. monthly user base to decline 2.8% this year to 77.5M, but sees Snapchat increasing its worldwide monthly user base 11.3% to 297.7M in 2019. In a statement to media outlets and BTIG's Rich Greenfield following that report, Snap called the methodology of eMarketer's forecast "flawed" and said its user forecast is more than 10M off from the company's publicly available reach on its ad buying tool. 2. RECENT SUMMIT: On April 4, Snap hosted its first-ever partner summit, which was viewed as part of an ongoing effort to be more open and communicative as the company faces competition from other platforms like Facebook's (FB) Instagram and up-and-comer TikTok. At the event, Snap announced Snap Games, a real-time multiplayer gaming platform featuring original and third-party video games from a number of developers. The company also made several other announcements, including a Bitmoji clock face partnership with Fitbit (FIT), a new slate of Snap Originals shows and new augmented reality and camera search experiences. 3. SHARE PERFORMANCE STRONG, ANALYST VIEWS MIXED: Social stocks have outperformed year-to-date, up ~55% versus the Nasdaq's rally of 20%, with Snap being the top performer with an advance of 120% after lagging the group in 2018, Jefferies analyst Brent Thill recently told investors. Thill is "incrementally positive" on Snap's "encouraging momentum," but says the company is "not out of the woods yet." If Snap can deliver on daily active user growth in Q1, it should be a catalyst for shares. However with the stock trading at nine-times 2019, these improvements are largely priced in, Thill said. On April 18, Wedbush analyst Michael Pachter downgraded Snap to Neutral from Outperform, citing valuation. Pachter expects Snap to report Q1 results modestly above guidance and consensus and foresees Q2 guidance roughly in-line with consensus, but he believes the stock's current price leaves little room for upside. He maintained a $12.25 price target on Snap shares. On April 5, RBC Capital analyst Mark Mahaney upgraded Snap to Outperform from Sector Perform and raised his price target for the shares to $17 from $10. The analyst sees early evidence that its Android platform improvements are "finally gaining traction." Snap may have reached a fundamentals inflection point, Mahaney told investors. Further, the analyst views the stock's valuation as "much-less demanding" relative to 2017, he said. This morning, Credit Suisse analyst Stephen Ju raised his price target for Snap to $13 from $10.50 and reiterated an Outperform rating, noting that the company recently released an updated version of its Android App, which he believes will place it in a better position to address user demand across the globe. Ju now expects 3M incremental users for 2019 versus a 1.5M decrease he forecast previously.
Call buy in Wave Life will create its largest open interest. Shares up 5.2% to $27.13 and 3K Jan 35s trade $5.95 per contract. The $1.7M option print opens a position struck 29% above spot and comes ahead of earnings, due around 5/9. The stock was north of $42 on 4/9, but has seen a steady wave of selling since then on disappointing clinical trial data for one its drugs.
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Call buyer in Avon as shares snap a seven-day losing skid. The stock up 8c to $2.68 after dropping almost 12% since 4/10 and one player buys 8.5K May 31st 3 calls for 14c. Open interest is 24 and the call buy opens a position struck 12.5% above spot. Earnings come into play 5/2 and shares lost 11% to $2.58 on 2/14/19 after the last report.
BRF S.A.
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Eros Now announced its partnership with TCL, an Indian TV brand and TV manufacturer. As part of the partnership, all TCL TVs will come pre-loaded with the Eros Now app, providing customers access to Eros Now's library comprising of over 12,000 film titles across multiple genres and languages, original shows, music videos, short format content and more. TCL customers will also get a free subscription to Eros Now's premium content for a month.
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Bullish option flow detected in ConocoPhillips with 7,097 calls trading, 2x expected, and implied vol increasing over 1 point to 26.14%. Jun-19 72.5 calls and Jun-19 70 calls are the most active options, with total volume in those strikes near 4,100 contracts. The Put/Call Ratio is 0.18. Earnings are expected on April 30th.
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Bearish flow noted in Hormel Foods with 1,966 puts trading, or 5x expected. Most active are 4/26 weekly 38.5 puts and Jun-19 40 puts, with total volume in those strikes near 850 contracts. The Put/Call Ratio is 7.96, while ATM IV is up over 2 points on the day. Earnings are expected on May 23rd.
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Board of Governors of the Federal Reserve System--20th Street & C Street, NW, Washington, D.C.
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