XNPT: MAJOR DEFENSE FROM MORGAN STANLEY - Seems like a big over-reaction. Rating OverweightResults for 986 P2b in GERD are out this morning, overall the trial failed on efficacy and there were no problems with safety. Harr had nothing in his model for this indication, expectations should have been quite low for 986 in this indication. However, stock is getting hit extremely hard in pre-trading....
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Friedman Billings Ramsey comments on Tessera (NASDAQ:TSRA) after the Administrative Law Judge (ALJ) in the wireless ITC case determined that TSRA's asserted patents are valid but not infringed by the respondents (ATI, Freescale, Motorola, Qualcom, Spansion, ST Micro).FBR notes this is the same judge who (in February 2008) granted the same respondents a stay of motion, which was actually overrul...
Citigroup is out cautious on General Electric (NYSE:GE) saying GE Capital webcast could be forum to lower 2009 outlook. Firm maintains Hold rating and $16 tgt on the stock.On 11/25 GE announced it will be holding a webcast on 12/2 to review GE Capital. The goal of the webcast is to review strategy, funding, liquidity, risk management and details behind the recently announced $2 billion cost red...
UBS is out somewhat negative on Bank of America (NYSE:BAC) noting that they recently lowered target prices for many of our bank stocks (with BAC one of the few left unchanged). The lowering of BAC target price to $15.50 from $29 today reflects: 1) Firm's outlook for tighter credit availability, which will likely lead to higher credit losses for banks in general in 09 (incl at BAC); 2) Greater u...
Legg Mason (NYSE:LM): Downgraded to Underperform, $7 tgt at FBR (Actionable Call Alert)
Tue, Nov 25, 8:00 AM ET
Friedman is out with a pretty major downgrade on Legg Mason (NYSE:LM) to Underperform, while lowering their tgt to $7 from $11.Firm notes they are increasingly concerned about the company's $3.9 billion of non-bank SIV exposure, as the expiration of support agreements begins as early as this month and asset values remain under pressure. This is especially concerning with regard to their operati...
Seeing lots of positive/defensive commentary on Google (NASDAQ:GOOG) this morning:Barclays says sell-off overdone. Still thinks GOOG consensus # are too high for 4Q08 (+5.2% Q/Q net revs) & 2009 ($22.25 PF EPS), but stock clearly anticipating much lower numbers. And there are some early signs from SEMs that conversion rates & search spending have picked up a bit over the last couple wee...
Barclays has some interesting comments on Lincoln National (NYSE:LNC) following yesterday's investor-day presentation. Note the stock was down over 40% yesterday - yet, Barclays' comments seem pretty encouraging. Firm reits their Overweight rating and whopping $60 tgt on the name.Firm notes they like Lincoln, despite the drop in its stock price: It’s being direct and blunt with investors.Their ...
Citigroup (NYSE:C): Saudi Prince Alwaleed plans to boost Citi stake back to 5% - DJ
Thu, Nov 20, 7:26 AM ET
- he is saying they have raised 50B in private capital.Notablecalls: This is huge news for C and the whole market. Remember what happened the last time Alwaleed bought Citi?
Research in Motion (NASDAQ:RIMM): Added to Conviction Buy List at Goldman Sachs
Wed, Nov 19, 7:22 AM ET
Goldman Sachs is adding Research in Motion (NASDAQ:RIMM) to Conviction Buy List with a $68 tgt, representing 44% upside.RIMM is down 62% in the last 3 months compared to 51% for firm's coverage median and 32% for the S&P 500, on concerns of slowing demand and margin compression as a result of competitive offerings from Apple and others.Goldman believes that following its sharp pullback, the...
JP Morgan is out defending United Therapeutics (NASDAQ:UTHR) after the phase III FREEDOM-C trial did not meet the primary endpoint of improvement in exercise capacity, as measured by the 6 minute walk distance (6MWD) in PAH patients receiving oral Remodulin in combination with Tracleer or Revatio over those receiving Tracleer/Revatio alone.Firm recalls that the FREEDOM-C protocol was amended to...