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Jefferies Gets Bullish on Pharma with Higher Targets (ABBV, ABT, BMY, PFE, ZTS, LLY, GSK, MRK, JEF)

Lee Jackson — Thu, 11 Apr 2013 12:20:13 +0000

With the markets making new highs seemingly every day, it is understandable that investors may be finding it harder and harder to find stocks that do not appear overvalued, or at a minimum overbought. One sector that can be considered defensive while still having solid growth potential is pharmaceuticals. In a just released report, the analysts at Jefferies find some compelling valuations still available for investors in pharmaceutical stocks.

Citing very attractive stock valuations, despite the dramatic advance of the markets since the low last November, the Jefferies team list of stocks to buy is dominated by the large cap major pharmaceutical names. These stocks may prove to be solid investments for investors, given their liquidity and dividends. The list of pharmaceutical stocks to buy includes these names.

AbbVie Inc. (NYSE: ABBV) is the top pick on the Jefferies list. The analysts raise their price target from $45 to $50. The Thomson/First Call estimate for the stock is quite a bit lower at $37.50. AbbVie pays shareholders a 3.80% dividend.

Abbott Laboratories (NYSE: ABT) has earned a spot on the list. It is trading at less than 10 time earnings, and Jefferies raises its price target to $42 from $40. The Wall St. consensus estimate is $35.50. Investors receive a small 1.50% dividend.

Bristol-Myers Squibb Co. (NYSE: BMY) is a stock to buy. Due to the expanding profit margins and a quality pipeline, Jefferies ups its price target to $45 from $41. The consensus target for the stock is $36.25. Investors receive a 3.40% dividend.

Pfizer Inc. (NYSE: PFE) is another large cap name on the list. It recently received a breakthrough designation from the FDA for an experimental breast cancer pill. The Jefferies price target for Pfizer jumps to $33 from $31, while the consensus target is $31. Shareholders are paid a 3.30% dividend.

Zoetis Inc. (NYSE: ZTS) wraps up the Jefferies list of pharmaceutical stocks to buy. Its recent IPO that has performed extremely well. The price target on the stock is held steady at $40. The consensus price target is $38. Investors receive a tiny 0.80% dividend.

For investors holding other names and perhaps looking to switch, the Jefferies least-preferred stocks in the space are Eli Lilly & Co. (NYSE: LLY) and GlaxoSmithkline PLC (NYSE: GSK) on a valuation basis, and Merck & Co. Inc. (NYSE: MRK), due to its poor run in the research and development of new drugs.

While expecting solid earnings and forward guidance from their stocks to buy, the Jefferies team does not stray very far from their large cap bias. This makes good sense for investors looking to enter the sector because, in theory, it avoids the risks in smaller drug or biotech players. As we have advised recently, due to such a strong move in the markets, readers looking to buy these names may want buy half positions and look for a sell off to add the additional stock at a lower price.

Filed under: Active Trader, Analyst Calls, Drug companies, Healthcare Tagged: ABBV, ABT, BMY, featured, GSK, JEF, LLY, MRK, PFE, ZTS

Merrill Lynch Picks Diabetes Drug Makers as Real Winners (MRK, BMY, LLY, NOV, MNKD, BAC)

Lee Jackson — Wed, 27 Mar 2013 12:50:34 +0000

According to the Center for Disease Control (CDC), more than one-third (35.7%) of all adults in the United States are obese. Obesity-related medical conditions include heart attack, stroke, type-2 diabetes and even certain types of cancer. Since 2008, medical costs associated with obesity have climbed to an estimated $147 billion dollars per year. The alarming growth of diabetes has led to big profits for American drug companies.

In a new report out today, Bank of America Corp.’s (NYSE: BAC) Merrill Lynch pharmaceutical research team surveyed 75 U.S. physicians to assess current and anticipated treatment practices in diabetes, with the focus on DPP4 and GLP-1 drugs. Both are categories of diabetes drugs that doctors use to control the disease. The research showed that physicians are continuing to increase their use of these drugs as a percentage of total treatment.

The DPP4 drug class is very important for major U.S. pharmaceutical companies. For three of the top four companies, it represents sizable revenue.

Pharmaceutical giant Merck & Co. Inc (NYSE: MRK) is the hands-down winner in the DPP4 drug sweepstakes in the United States. Its lead diabetes drug Januvia controls 77% of prescriptions written for patients. Unfortunately, other companies want a larger share of that pie and are beginning to take sales away.

Bristol-Myers Squibb Co. (NYSE: BMY) and its diabetes drug Onglyza is starting to chip away at the Merck franchise. Currently it has a 16% share of the DPP4 drug market, and that piece of the pie is growing.

Eli Lilly & Co. (NYSE: LLY) runs a distant third, with its drug Tradjenta garnering a 7% share of the overall market. Again though, physicians surveyed indicated that the trend to other drugs is expected to continue, and the company is expected to continue to lose market share to its competitors.

One issue that could upset the entire market for this class of drugs was mentioned by the Merrill Lynch team. Although they did not go into great detail, they pointed out in their report that there is the potential for a Federal Drug Administration (FDA) investigation into the risk of pancreatitis for patients who use these drugs.

Physicians are also positive on a new line of inhaled insulin for both type 1 and type 2 diabetes patients. The company that looks to benefit the most from this brand of oral medication is MannKind Corp. (NASDAQ: MNKD). In today’s report, Merrill Lynch raises its price target on this very controversial company to $5. Closing yesterday at $3.33, this one could be a big win for investors. The Wall St. consensus price target for the stock is $4.

The world’s leading provider of diabetes drugs, Denmark based Novo Nordisk A/S (NYSE: NVO), has started to gain market share with the recently released drug Victoza. This comes at the expense of the exenatide franchise of drugs, which includes Byetta and Bydureon.

Large pharmaceutical companies are well aware of the overall implications of the increasing patient population suffering from type 1 and 2 diabetes. This is a large and growing overall part of their product sales. The fight between these companies will only intensify as new and easier methods for patient maintenance are brought to market.

Filed under: Active Trader, Analyst Calls, Drug companies, Healthcare Tagged: BAC, BMY, LLY, MNKD, MRK, NOV

Argus Changes Model Equity Income Portfolio Picks (RIG, AMAT, BMY, COP)

Jon C. Ogg — Thu, 14 Mar 2013 13:10:50 +0000

Argus is truly considered to be independent research firm, so it is not full of the traditional possible conflicts on interest seen in other Wall Street broker sell-side drive research. The firm has made several key changes to its model portfolios and this first group deals with stocks with payouts of dividends.

In the Equity Income portfolio, the changes are to ADD shares of Transocean Ltd. (NYSE: RIG), for 3.8% of the portfolio, and Applied Materials Inc. (NASDAQ: AMAT), for 3.2% of the portfolio. The firm says to DROP all of its shares of ConocoPhillips (NYSE: COP) and to drop all of its position in Bristol-Myers Squibb Co. (NYSE: BMY). The comments are as follows:

“Although the Transocean shares have appreciated 9% since our November 2012 upgrade to BUY, the rally in the stock appears to be still in its early stages.”
“The $4.9 billion Varian acquisition completed in 2012 better positions AMAT to serve fast-growing markets such as high-performance, low-power applications processors for mobile devices.”
“Bristol-Myers is enduring a patent cliff, as it lost exclusivity on blockbuster Plavix last year and loses protection on Abilify in 2015.”
“Following that meeting, we lowered our 2013 EPS estimate from $5.60 to $5.45, but raised our 2014 forecast from $6.40 to $6.50. Since inclusion in May 2010, the initial COP position has appreciated more than 50%. We have added to the position twice since our initial purchase. In total, the gain from the position exceeds 25%. We also note that the portfolio still holds shares of Phillips 66 (PSX) that were spun off from ConocoPhillips.”

Filed under: Active Trader, Analyst Calls, Dividends & Buybacks Tagged: AMAT, BMY, COP, RIG

Top Analyst Upgrades and Downgrades (AMAG, AON, BMY, SCHW, COH, BVN, DF, GPS, HGG, LXK, MRK, KORS, NS, RRGB, TIF, TJX, YHOO)

Jon C. Ogg — Mon, 04 Mar 2013 13:45:09 +0000

These are some of this Monday’s top analyst upgrades, downgrades and initiations seen from Wall St. research calls.

AMAG Pharmaceuticals Inc. (NASDAQ: AMAG) raised to Neutral at J.P. Morgan.

AON Corp. (NYSE: AON) cut to Neutral at Goldman Sachs.

Bristol-Myers Squibb Co. (NYSE: BMY) cut to Neutral at BofA/Merrill Lynch.

The Charles Schwab Co. (NYSE: SCHW) raised to Outperform at Bernstein.

Coach Inc. (NYSE: COH) started as Buy at Stern Agee.

Compania de Minas Buenaventura (NYSE: BVN) started as Outperform at Credit Suisse.

Dean Foods Co. (NYSE: DF) raised to Buy at KeyBanc.

Gap Inc. (NYSE: GPS) started as Underperform at Stern Agee.

hhgregg Inc. (NYSE: HGG) named as Bear of the Day at Zacks.

Lexmark International Inc. (NYSE: LXK) raised to Equal Weight at Barclays.

Merck & Co. (NYSE: MRK) raised to Buy at BofA/Merrill Lynch.

Michael Kors Holdings Ltd. (NYSE: KORS) started as Neutral at Stern Agee.

NuStar Energy L.P. (NYSE: NS) cut to Underperform at Credit Suisse.

Red Robin Gourmet Burgers Inc. (NASDAQ: RRGB) named Bull of the Day at Zacks.

Tiffany & Co. (NYSE: TIF) started as Neutral at Stern Agee.

TJX Companies Inc. (NYSE: TJX) started as Buy at Stern Agee.

Yahoo! Inc. (NASDAQ: YHOO) raised to Overweight at Barclays.

Deutsche Bank says to buy the eight enduring tech stocks.

Filed under: 24/7 Wall St. Wire, Analyst Calls Tagged: AMAG, AON, BMY, BVN, COH, DF, GPS, HGG, KORS, LXK, MRK, NS, RRGB, SCHW, TIF, TJX, YHOO

JMP Securities Very Positive on Five Key Biotech Stocks (AMGN, BIIB, AFFY, ALNY, CELG, ONXX, PCYC, PFE, LLY, MRK, BMY)

Lee Jackson — Fri, 08 Feb 2013 15:10:32 +0000

Investing in biotech or biopharmaceutical stocks can prove to be a very daunting task. Many of the stocks have limited pipelines or their very survival depends on a single binary event that may require approval from the Federal Drug Administration (FDA). In the quest to find the next Amgen Inc. (NASDAQ: AMGN) or Biogen Idec Inc. (NASDAQ: BIIB), investors need to look for companies with not only strong pipelines, but strong balance sheets.

JMP Securities initiated coverage today on five biopharmaceutical stocks that may fit the bill, as far as having the strong pipelines and the cash on hand to continue to develop and market drugs with staying power. The stocks initiated with Market Outperform ratings are:

Affymax Inc. (NASDAQ: AFFY) is on the map with its top drug called Omontys (peginesatide). This injection is for the treatment of anemia in chronic kidney disease in adult patients on dialysis. The Thomson/First Call consensus price target is $30.

Alnylam Pharmaceuticals Inc. (NASDAQ: ALNY) engages in discovering, developing and commercializing novel therapeutics based on RNA interference (RNAi). The Wall St. consensus price target for the stock is $28.50.

Celgene Corp. (NASDAQ: CELG) is already a favorite among Wall St. analysts. Their lead drug is Revlimid, an oral immunomodulatory drug for the treatment of patients with multiple myeloma and myelodysplastic syndromes. The consensus estimate for this very popular name is $114.

Onyx Pharmaceuticals Inc. (NASDAQ: ONXX), through its collaboration agreement with Bayer HealthCare Pharmaceuticals, develops and markets the Nexavar (sorafenib) tablet, a multiple kinase inhibitor for the treatment of liver cancer and advanced kidney cancer. The consensus price target is $100.

Pharmacyclics Inc. (NASDAQ: PCYC) operates as a clinical-stage biopharmaceutical company focusing on developing and commercializing small-molecule drugs for the treatment of cancer and immune mediated diseases. The consensus estimate is $80.

Each of these stocks is widely followed on Wall St. and considered some of the best in class. One other enticing part of investing in quality biopharmaceutical stocks is that, due to the huge cost of new drug development, they are often potential takeover candidates. Large pharmaceutical companies like Pfizer Inc. (NYSE: PFE), Eli Lilly & Co. (NYSE: LLY) Merck & Co. Inc. (NYSE: MRK) and Bristol-Myers Squibb Co. (NYSE: BMY) often find it more cost effective to purchase new drugs and pipelines by buying the company. Perhaps one of these stocks could be on their radar screens.

Filed under: 24/7 Wall St. Wire, Analyst Calls, Biotech, Drug companies, Healthcare Tagged: AFFY, ALNY, AMGN, BIIB, BMY, CELG, featured, LLY, MRK, ONXX, PCYC, PFE

BofA/Merrill Lynch: Three Reasons to Own Stocks Now (GSK, BMY, SNY, ABBV, PM, MSFT, INTC, BP, KRFT, GE)

Lee Jackson — Fri, 25 Jan 2013 16:11:09 +0000

Stocks have rallied sharply during January after the last-minute congressional compromise on the fiscal cliff. While the deal was far from perfect, it averted not only a disaster for the U.S. economy, but also a potentially painful hit to risk-asset markets. With the Treasury bond market at perhaps the most overbought level ever, and corporate investment grade bonds also expensive, those who continue to avoid buying stocks may soon regret it. Bank of America/Merrill Lynch chief economist Ethan Harris offered three very compelling reasons to own stocks now and going forward. In addition, Harris noted the danger of owning Treasury bonds.

To some it may seem a little after the fact to be extolling the virtues of owning stocks with the S&P 500 hovering around 1,500, which is a five-year high. However it is important to remember that we have been in a secular bear market for the past 13 years. As we pointed out yesterday, when the transports start to break out and offer sector leadership, the long bear market may be coming to an end.

The push from bonds (interest rate risk): The historically low level of bond yields offers a bleak outlook for fixed income returns and significant interest rate risk for bondholders. If the 30-year Treasury yield, which is currently 3.1%, were to rise above 3.32%, the return over the next 12 months would be negative.

The pull from equities (attractive yield): Global equity dividend yields and payout ratios have been on the rise in recent years, and the removal of uncertainty regarding tax policy strengthens the case for owning dividend stocks.

Investors are far from being “all-in”: Recent fund flow data shows early signs of investor rotation from bonds to equities, but the stubborn preference for exchange traded funds over long-only funds indicates cautious, rather than confident bullishness. Moreover, a long-run look at positioning shows that investors have shunned equities in favor of bond funds (which saw record inflows in 2012).

With these three solid reasons as backup, here is a list of Bank of America/Merrill Lynch Buy-rated stocks with dividend yields that are higher than their own corporate debt. We screened the names to find the top 10 highest yielding stocks in this universe.

GlaxoSmithKline PLC (NYSE: GSK) yield 5.20%
Bristol-Myers Squibb Co. (NYSE: BMY) yield 4%
Sanofi S.A. (NYSE: SNY) yield 3.50%
AbbVie Inc. (NYSE: ABBV) yield 4.20%
Philip Morris International Inc. (NYSE: PM) yield 3.80%
Microsoft Corp. (NASDAQ: MSFT) yield 3.30%
Intel Corp. (NASDAQ: INTC) yield 4.30%
BP PLC (NYSE: BP) yield 5.53%
Kraft Foods Group Inc. (NASDAQ: KRFT) yield 4.30%
General Electric Co. (NYSE: GE) yield 3.50%

With interest rates almost certain to rise at some point, money that flowed into bond funds will come out and search for a home in stocks. It makes sense to get involved before and not after rates go up.

Filed under: 24/7 Wall St. Wire, Analyst Calls Tagged: ABBV, BAC, BMY, BP, GE, GSK, INTC, KRFT, MSFT, PM, SNY

24/7 Wall St. Closing Bell — January 24, 2013: Markets Mixed After Apple Earnings (AAPL, PG, EMR, CVS, GOLD, TIF, AMGN, SNDK, FFIV, NE, NVR, WDC, MMM, BMY, LMT, RTN, LUV, UNP, UAL, XRX, T, JNPR, MSFT, SBUX, HAL, HON, KMB, WY, NOK, NFLX, SWFT)

Paul Ausick — Thu, 24 Jan 2013 21:05:41 +0000

U.S. equity markets opened mixed this morning with the DJIA and the S&P 500 higher, and the Nasdaq lower, dragged down by concern over the earnings of Apple Inc. (NASDAQ: AAPL) (more coverage here). Apple’s troubles, though, may be traced more accurately to options trading (more coverage here). In Europe, preliminary PMI readings were better if still not positive (more coverage here). Unemployment levels in Spain reached an all-time high (more coverage here). In Asia Chinese PMI came in higher than expected (more coverage here) and Japan’s trade deficit was wider than expected. In the U.S., new claims for unemployment benefits fell sharply (more coverage here). The S&P 500 briefly topped 1,500 this morning for the first time in more than five years.

The U.S. dollar index rose 0.02% today, now at 79.941. The GSCI commodity index is down 0.3% at 661.98, with commodities prices mixed again today. WTI crude oil closed up 0.8% today, at $95.95 a barrel following a rise in crude stocks (more coverage here). Brent crude trades up 0.5% at $113.28 a barrel. Natural gas is down 2.8% today at about $3.45 per million BTUs after this week’s storage report (more coverage here). Gold settled down 1% today at $1,669.90 an ounce.

The unofficial closing bells put the DJIA up 46 points to 13,825.33 (0.33%), the NASDAQ fell more than 23 points (-0.74%) to 3,130.38, and the S&P 500 was flat at 1,494.82.

There were a several analyst upgrades and downgrades today, including Procter & Gamble (NYSE: PG) started as ‘neutral’ at Credit Suisse; Emerson Electric Co. (NYSE: EMR) raised to ‘buy’ at Deutsche Bank; CVS Caremark Corp. (NYSE: CVS) removed from U.S. Focus List at Goldman Sachs; Randgold Resources Ltd. (NASDAQ: GOLD) raised to ‘buy’ at BofA/ML; and Tiffany & Co. (NYSE: TIF) cut to ‘hold’ at Canaccord Genuity.

Earnings reports since markets closed last Friday resulted in several price moves today, including these: Apple Inc. (NASDAQ: AAPL) is down 12% at $452.53 (more coverage here); Amgen Corp. (NASDAQ: AMGN) is down 0.5% at $82.63; SanDisk Corp. (NASDAQ: SNDK) is up 3.2% at $49.19 (more coverage here); F5 Networks Inc. (NASDAQ: FFIV) is up 4.9% at $103.60; Noble Corp. (NYSE: NE) is down 5.4% at $37.70; NVR Inc. (NYSE: NVR) is up 2% at $1,001.58 after posting a new 52-week high of $1,023.99 earlier today; Western Digital Corp. (NASDAQ: WDC) is up 2.2% at $48.08 after posting a new 52-week high of $49.42 earlier today; 3M Corp. (NYSE: MMM) is up 0.2% at $99.68 after posting a new 52-week high of $99.80 earlier today (more coverage here); Bristol-Myers Squibb Co. (NYSE: BMY) is up 2.6% at $35.82; Lockheed Martin Corp. (NYSE: LMT) is down 2.6% at $93.56; Raytheon Inc. (NYSE: RTN) is down 3% at $56.49; Southwest Airlines Co. (NYSE: LUV) is up 0.9% at $11.46 after posting a new 52-week high of $11.62 earlier today (more coverage here); Union Pacific Corp. (NYSE: UNP) is down 0.7% at $134.35; United Continental Holdings Inc. (NYSE: UAL) is up 1.3% at $25.33 after posting a new 52-week high of 26.36 earlier today; and Xerox Corp. (NYSE: XRX) is up 2.6% at $7.78.

After markets close today and before they open tomorrow morning we are scheduled to hear from AT&T Inc. (NYSE: T), Juniper Networks Inc. (NASDAQ: JNPR), Microsoft Corp. (NASDAQ: MSFT), Starbucks Corp. (NASDAQ: SBUX), Halliburton Co. (NYSE: HAL), Honeywell International Inc. (NYSE: HON), Kimberly-Clark Corp. (NYSE: KMB), and Weyerhaeuser Corp. (NYSE: WY).

Some standouts from today include the following stocks:

Nokia Corp. (NYSE: NOK) is down 8.7% today at $4.24. The mobile handset maker posted earnings that were better than expected, but the outlook is weak. More coverage here.

Netflix Inc. (NASDAQ: NFLX) is up 42.5% at $147.16 after posting a new 52-week high of $149.17 earlier today. The video distribution firm posted much better earnings than expected and grew subscriber numbers significantly. More coverage here.

Swift Transportation Co. (NYSE: SWFT) is up 28.7% at $13.16 after posting a new 52-week high of $13.24 earlier today. The trucking company posted strong earnings last night.

Stay tuned for Friday. We have noted the following event on the schedule (all times Eastern):

10:00 a.m. – New home sales

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close Tagged: AAPL, AMGN, BMY, CVS, EMR, FFIV, gold, HAL, HON, JNPR, KMB, LMT, LUV, MMM, MSFT, NE, NFLX, NOK, NVR, PG, RTN, SBUX, SNDK, SWFT, T, TIF, UAL, UNP, WDC, WY, XRX

24/7 Wall St. Closing Bell — January 23, 2013: Market Open Higher on Little News (COST, GE, VZ, F, INCY, AMD, CSX, GOOG, IBM, IGT, TXN, ABT, BHI, COH, GD, MCD, LCC, AAPL, AMGN, NFLX, SNDK, FFIV, NE, NVR, WDC, MMM, BMY, LMT, RYN, LUV, UNP, UAL, XRX, MAPP, AGN, NMRX, MCP)

Paul Ausick — Wed, 23 Jan 2013 21:05:02 +0000

U.S. equity markets opened higher this morning following a string of solid earnings reports yesterday and after markets closed last night. As we note below, earnings results were more mixed today, but shares held on to their opening gains throughout the day. In Asia, some investors are disappointed in Japan’s easy money decision and the only data point of note came from Australia, where the consumer price index rose just 0.2% quarter-over-quarter. In Europe, British Prime Minister David Cameron has promised a referendum on the country’s European Union membership by 2017 (provided he’s still in office). In the U.S., the U.S. House of Representatives pushed a decision on the debt ceiling out until May, but two other critical deadlines face the Congress in March (more coverage here).

The U.S. dollar index rose 0.08% today, now at 79.939. The GSCI commodity index is up 0.5% at 664.07, with commodities prices mixed today. WTI crude oil closed down 1.5% today, at $95.23 a barrel. Brent crude trades up 0.4% at $110.61 a barrel. Natural gas is flat today at about $3.56 per million BTUs. Gold settled down 0.4% today at $1,686.70 an ounce.

The unofficial closing bells put the DJIA up nearly 67 points to 13,779.10 (0.49%), the NASDAQ rose nearly 11 points (0.33%) to 3,153.67, and the S&P 500 rose 0.15% or about 2 points to 1,494.78.

There were a several analyst upgrades and downgrades today, including Costco Wholesale Corp. (NASDAQ: COST) raised to ‘market perform’ at Bernstein; General Electric Co. (NYSE: GE) reiterated as ‘buy’ with a price target of $25 at Argus; Verizon Communications Inc. (NYSE: VZ) raised to ‘buy’ with a price target of $50 at Canaccord Genuity; Ford Motor Co. (NYSE: F) cut to ‘hold’ and price target raised to $15 at Deutsche Bank; and Incyte Corp. (NASDAQ: INCY) cut to ‘underweight’ at Morgan Stanley.

Earnings reports since markets closed last Friday resulted in several price moves today, including these: Advanced Micro Devices Inc. (NYSE: AMD) is up 11.4% at $2.73 (more coverage here); CSX Corp. (NYSE: CSX) is up 4.2% at $21.68 (more coverage here); Google Inc. (NASDAQ: GOOG) is up 5.9% at $744.27 (more coverage here); International Business Machines Corp. (NYSE: IBM) is up 4.8% at $205.57 (more coverage here); International Game Technology Inc. (NYSE: IGT) is down 1.8% at $14.94; Texas Instruments Inc. (NASDAQ: TXN) is down 0.9% at $33.15; Abbott Laboratories (NYSE: ABT) is down 0.3% at $32.80; Baker Hughes Inc. (NYSE: BHI) is up 0.9% at $45.23 (more coverage here); Coach Inc. (NYSE: COH) is down 16.3% at $50.80 (more coverage here); General Dynamics Corp. (NYSE: GD) is up 0.8% at $71.28; McDonald’s Corp. (NYSE: MCD) is up 0.5% at $93.44 (more coverage here); and U.S. Airways Group Inc. (NYSE: LCC) is up 1.7% at $15.10 after posting a new 52-week high of $15.64 earlier today (more coverage here).

After markets close today and before they open tomorrow morning we are scheduled to hear from Apple Inc. (NASDAQ: AAPL), Amgen Corp. (NASDAQ: AMGN), Netflix Inc. (NASDAQ: NFLX), SanDisk Corp. (NASDAQ: SNDK), F5 Networks Inc. (NASDAQ: FFIV), Noble Corp. (NYSE: NE), NVR Inc. (NYSE: NVR), Western Digital Corp. (NYSE: WDC), 3M Corp. (NYSE: MMM), Bristol-Myers Squibb Co. (NYSE: BMY), Lockheed Martin Corp. (NYSE: LMT), Raytheon Inc. (NYSE: RYN), Southwest Airlines Co. (NYSE: LUV), Union Pacific Corp. (NYSE: UNP), United Continental Holdings Inc. (NYSE: UAL), and Xerox Corp. (NYSE: XRX).

Some standouts from today include the following stocks:

MAP Pharmaceuticals Inc. (NASDAQ: MAPP) is up 58.7% today at $24.73 after posting a new 52-week high of $24.77 earlier. The developmental drug maker is being acquired by Allergan Inc. (NYSE: AGN) for about $958 million, or $25 a share.

Numerex Corp. (NASDAQ: NMRX) is down 14.3% at $11.67. The machine-to-machine technology firm priced a secondary offering at a 17% discount to last night’s closing price.

Molycorp Inc. (NYSE: MCP) is down 11.4% at $7.82. The rare earths miner issued an earnings warning this morning and proposed to raise a total of $300 million by selling stock and issuing debt. More coverage here.

Stay tuned for Thursday. We have noted the following events on the schedule (all times Eastern):

8:30 a.m. – New claims for unemployment benefits
8:58 a.m. – Flash PMI manufacturing index
10:00 a.m. – Leading indicators
10:30 a.m. – EIA weekly natural gas storage report
11:00 a.m. – EIA weekly petroleum status report
11:00 a.m. – Kansas City Fed manufacturing index
1:00 p.m. – 10-year Treasury Inflation-Protected Securities (TIPS) auction
4:30 p.m. – Fed balance sheet and money supply

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close Tagged: AAPL, ABT, AGN, AMD, AMGN, BHI, BMY, COH, COST, CSX, F, FFIV, GD, GE, GOOG, IBM, IGT, INCY, LCC, LMT, LUV, MAPP, MCD, MCP, MMM, NE, NFLX, NMRX, NVR, RYN, SNDK, TXN, UAL, UNP, VZ, WDC, XRX

24/7 Wall St. Closing Bell — December 31, 2012: Markets Close 2012 on Upbeat Note (FB, ICE, BMY, AMRS, DUF, CG, ALJ, ALDW)

Paul Ausick — Mon, 31 Dec 2012 21:04:38 +0000

U.S. equity markets opened flat to lower this morning as the clock ticked down to the final hours in negotiations related to the U.S. fiscal cliff. Share prices edged upward for most of the day and a late statement from Senator Mitch McConnell that an agreement had been reached on all tax issues added a bit more upside. In Europe, the year ended with U.K. stocks up 7%, French stocks up 19%, and German stocks up 32%. One bit of good news for the wealthy in France: the country’s highest court struck down the 75% tax rate on citizens earning more than €1 million. Returns in Asia were also higher in Hong Kong (up 22%) and Japan (up 23%), but merely flat in China. U.S. markets are closed tomorrow for New Year’s Day.

The U.S. dollar index rose rose 0.06% today, now at 79.728. The GSCI commodity index is down 0.2% at 644.43, with commodities prices mixed today. WTI crude oil closed up 1.1% today, at $91.82 a barrel, but closed the year down 7.1%. Brent crude trades up 0.4% at $111.11 a barrel. Natural gas is down 3.3% today at about $3.35 per thousand cubic feet. Gold settled up 1.2% today at $1,675.80 an ounce, and closed the year up 7%. Silver rose 8.3% for the year.

The unofficial closing bells put the DJIA up more than 168 points to 13,106.22 (1.30%), the NASDAQ rose more than 59 points (2.00%) to 3,019.51, and the S&P 500 rose 1.70% or nearly 24 points to 1,426.33.

There were a few analyst upgrades and downgrades of note today, including Facebook Inc. (NASDAQ: FB) raised to ‘outperform’ with a price target of $32 at BMO Capital Markets; IntercontinentalExchange Inc. (NYSE: ICE) cut to ‘market perform’ with a price target of $150 at Bernstein; and Bristol Myers Squibb Co. (NYSE: BMY) raised to ‘neutral’ at Atlantic Securities.

There were no earnings reports of note today and none are scheduled for Wednesday.

Some standouts from today include the following stocks:

Amyris Inc. (NASDAQ: AMRS) is up 25.9% at $3.09. The renewable fuel and products maker jumped on reports of massive insider buying.

Duff & Phelps Corp. (NYSE: DUF) is up 19.7% at $15.62. The investment bank is being acquired by a consortium including The Carlyle Group LP (NASDAQ: CG) for about $661 million. More coverage here.

Alon USA Energy Inc. (NYSE: ALJ) is up 19.6% at $18.11 after posting a new 52-week high of $18.18 earlier today. The oil refining company got a ‘buy’ rating from Goldman Sachs on the strength of its spin-off of master limited partnership Alon USA Partners LP (NYSE: ALDW).

Stay tuned for Wednesday. Remember, U.S. markets are closed tomorrow. We have noted the following events on Wednesday’s schedule (all times Eastern):

7:00 a.m. – Mortgage Bankers Association purchase applications
8:58 a.m. – PMI manufacturing survey
10:00 a.m. – Institute for Supply Management manufacturing index
10:00 a.m. – Construction spending
11:30 a.m. – 4-week bill auction
1:00 p.m. – 3- and 6-month bill auctions
2:00 p.m. – FOMC minutes

Have a Happy New Year!

Paul Ausick

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close Tagged: ALDW, ALJ, AMRS, BMY, CG, DUF, FB, ICE

24/7 Wall St. Closing Bell — November 30, 2012: Market Wobbles to Lower Finish (COP, CAG, DUK, BMY, WPI, AVGO, OVTI, YOKU, ZUMZ, SOL, WWAV, LDK, VRSN, ZNGA, FB, GRPN)

Paul Ausick — Fri, 30 Nov 2012 21:05:33 +0000

U.S. equity markets opened mixed this morning, but some initial enthusiasm wore off by mid-morning and stocks moved slightly lower throughout the day. In Europe, unemployment rose more than expected (more coverage here) and European Central Bank chief Mario Draghi said that the eurozone crisis would begin to abate in the second half of next year (more coverage here). In Asia, Japan kicked out another $11 billion in stimulus and India reported lower-than-expected GDP growth. In the U.S., the Chicago PMI came in lower than expected (more coverage here) and the report on personal income and spending was also a disappointment (more coverage here). In the afternoon, House Speaker John Boehner said that negotiations on the fiscal cliff are “almost nowhere.” That depressed equities even more, although traders pulled out an essentially flat close.

The U.S. dollar index fell today, now down 0.07% at 80.149. The GSCI commodity index is up 1% at 649.34, with commodities prices mixed again today. WTI crude oil closed up 0.6% today, at $88.61 a barrel, and finishes the month 2% higher. Brent crude trades up 0.3% at $111.10 a barrel. Natural gas is down 2.4% today at about $3.56 per thousand cubic feet. Gold settled down 1% today at $1,712.70 an ounce, and finished the month down 0.5%.

The unofficial closing bells put the DJIA up about 3 points to 13,024.66 (0.02%), the NASDAQ fell nearly 2 points (-0.06%) to 3,010.24, and the S&P 500 rose 0.02% or less than 1 point to 1,416.18.

There were several analyst upgrades and downgrades today, including ConocoPhillips (NYSE: COP) started as ‘outperform’ at Wells Fargo; ConAgra Foods Inc. (NYSE: CAG) raised to ‘buy’ at Jefferies; Duke Energy Corp. (NYSE: DUK) maintained as ‘outperform’ with a target price of $76.50 at Credit Suisse; Bristol-Myers Squibb Co. (NYSE: BMY) started as ‘neutral’ at Citigroup; and Watson Pharmaceuticals Inc. (NYSE: WPI) reiterated as ‘buy’ with a target price of $100 at Argus.

Earnings reports of interest since U.S. markets closed last night have resulted in price moves today, including these as of the last half hour of trading: Avago Technologies Ltd. (NASDAQ: AVGO) is down 0.5% at $34.93; OmniVision Technologies Inc. (NASDAQ: OVTI) is 5% at $15.10; Youku Tudou Inc. (NYSE: YOKU) is up 1.1% at $17.07; Zumiez Inc. (NASDAQ: ZUMZ) is down 1.1% at $20.52 after posting a new 52-week low of $18.58 earlier today (more coverage here); ReneSola Ltd. (NYSE: SOL) is up 9.3% at $1.29 (more coverage here); and WhiteWave Foods Co. (NYSE: WWAV) is down 3.4% at $15.07 (more coverage here).

Before markets open Monday morning we are scheduled to hear only from LDK Solar Co. Ltd. (NYSE: LDK), as earnings season winds down.

Some standouts from today include the following stocks:

VeriSign Inc. (NASDAQ: VRSN) is down 13.6% at $33.99. The Internet domain registry received a new six-year contract, but the terms were less than the company requested. More coverage here.

Zynga Inc. (NASDAQ: ZNGA) is down 5.7% at $2.47. The social network game company has loosened its ties with Facebook Inc. (NASDAQ: FB). More coverage here.

Groupon Inc. (NASDAQ: GRPN) is down 9.8% at $4.10. The daily deals company’s board had decided to retain the current CEO.

Stay tuned for Monday. St. Louis Fed President James Bullard is giving a speech. We have also noted the following events on the schedule (all times Eastern):

8:58 a.m. – PMI manufacturing index
10:00 a.m. – Institute for Supply Management manufacturing index
10:30 a.m. – Construction spending
11:30 a.m. – 3- and 6-month Treasury bill auction

Have a great weekend!

Paul Ausick

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close Tagged: AVGO, BMY, CAG, COP, DUK, FB, GRPN, LDK, OVTI, SOL, VRSN, WPI, WWAV, YOKU, ZNGA, ZUMZ

24/7 Wall St. » Search Results » BMY

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24/7 Wall St. Closing Bell — December 31, 2012: Markets Close 2012 on Upbeat Note (FB, ICE, BMY, AMRS, DUF, CG, ALJ, ALDW)

24/7 Wall St. Closing Bell — November 30, 2012: Market Wobbles to Lower Finish (COP, CAG, DUK, BMY, WPI, AVGO, OVTI, YOKU, ZUMZ, SOL, WWAV, LDK, VRSN, ZNGA, FB, GRPN)

JMP Securities Very Positive on Five Key Biotech Stocks (AMGN, BIIB, AFFY, ALNY, CELG, ONXX, PCYC, PFE, LLY, MRK, BMY)