AMGN upgraded to Overweight from Equal Weight@MSCO
Morgan Stanley upgraded AMGN based on the positive denosumab data and share valuation. Target to $74.
Lehman-LEH: Estimates and target cut, maintain Neutral@MLCO
Merrill believes LEH can post a further writedown of $2.5B in Q3 due to further reductions in mortgage assets. The firm lowered its Q3 EPS estimate to ($1.59) from 37c and price target to $25 from $28. The firm adds that Lehman’s core business remains intact.
Emerging Technology: Expect AMSC, ESE and ITRI to outperform@DBAB
Deutsche Bank thinks American Superconductor (AMSC), ESCO Technologies (ESE) and Itron (ITRI) are well positioned to benefit from increasing concerns about electricity prices, energy security and climate change. They expect all three stocks to continue outperforming during the economic slowdown. AMSC is their top pick with a $48 target.
Amgen-AMGN initiated with a Buy, target $77@MLGA
Morgan Joseph believes AMGN’s positive FREEDOM trial results will have a profound and lasting impact on the company’s growth but also on its scientific credibility.
Putin says Mechel Steel-MTL has evaded taxes-Reuters
Technicals are horrible here looking like investors were bracing for negative news.
Microsoft-MSFT: Believe shares are due for a recovery@SBSH
Citigroup believes the stock is cheap at current levels and feels a favorable valuation, strength in the core business, and possibility for an increased buyback plan should bring a recovery. They maintain a Buy rating and $36 target.
Federal Reserve Governor Mishkin to speak at 12:30pm on 7/28 in Washington, D.C.
Governor Mishkin will speak at the Peterson Institute for International Economics on “Federal Communication”
Research in Motion-RIMM: Reiterate Buy following positive checks@BOFA
Banc of America believes net subscriber additions are tracking ahead of their 2.6M estimate for the August quarter following channel checks. The firm reiterates a Buy rating and $160 target.
Range Resources-RRC upgraded to Buy from Neutral@RHCO
Suntrust upgraded RRC based on improving Marcellus share economics and valuation. Target $70.
AMGN upgraded to Buy from Hold@JEFF
Jefferies upgraded shares following the positive top-line efficacy and safety results for Denosumab in PMO as they view it as a “big win.” The firm raised their target to $71 from $47.
GTX Inc.-GTXI announce sPhase III Toremifene review
GTx, Inc. announced that following a planned safety review, an independent Data Safety Monitoring Board has recommended that the company continue as planned the pivotal Phase III clinical trial evaluating toremifene 20 mg for the prevention of prostate cancer in men with high grade prostatic intraepithelial neoplasia. The DSMB meets every six months to review unblinded safety data from the toremifene Phase III clinical trials. :
Onyx Pharm-ONXX China’s SFDA approves Nexavar to treat liver cancer@LEER
The State Food & Drug Administration of China approving Nexavar is a slight positive for ONXX. The firm maintains their Market Perform rating.
Fast Money Position Recap: First Moves- Tim likes shorted dated options on RDX. Joe like SLB, Quint likes geting long EEV and getting long FXI against it for a paired trade. Pete thinks CSCO is a buy.
Najarian Owns (AAPL), (TSO), (ICO); Najarian Owns (XLF) Puts, (YHOO) Calls; Najarian Owns (CSCO) Calls; Seymour Owns (AAPL), (BAC), (F), (MER), (MSFT), (TSO); Seygem Asset Management Owns (FXI), (EEM), (NIHD) ;Seygem Asset Management Owns (RSX) Calls; Terranova Owns (YHOO), (XLF), (BNI), (IYT), (SU), (RIMM), (VLO), (SA), (CME), (GOOG), (INTC),( KOL); Terranova Is Long Gold December Futures; Terranova Is Long Crude Oil September $154 Calls; Terranova Is Short Crude Oil September $130 Calls; Terranova Is Short Crude Oil September $130 Puts
Terranova Is Chief Alternatives Strategist Of Phoenix Investment Partners, Ltd.; Phoenix Investment Partners Owns More Than 1% Of (DBV), (RWX), (LNET), (EXR), (SKT), (DLR), (IGE), (ARE), (DBC), (ABD), (OFC), (CLB), (BLV), (CNTY), (FL), (HPC), (PSPT), (ESS), (OIIM), (BIG),(ENG),(PFD),(DRH)
Terranova Is Co-Portfolio Manager Of The Phoenix Diversifier PHOLIO; Phoenix Diversifier PHOLIO Owns (IGE), (DBC), (DBV)
Quint Tatro Is The Principal Of Tatro Capital; Tatro Owns (C), (GS), (JPM), (FSLR); Tatro Capital Owns (CHK), (JNJ), (QQQQ), (SPY), (DUG), (XLF), (GRMN), (ASTI), (JASO), (EEV)
(Important note on how to use this upgrade/downgrade list with analyst comments and news….you must parse out the factual data (Factual data is the most important) from the opinionated data and always take all analyst comments with a grain of salt. Do not follow blindly with their recommendations. Remember that technicals are the most powerful force in short term direction for stock prices due to the law of supply and demand. Besides if they were so good at predicting price they would be trading for a living. lol)
Some quick looks show me ONXX popping on China news, SOHU long, AMGN long, MTL short, ALXN long, RIMM long, SLM good LT play, this week is full of energy earnings so we could see some action in those names.
Art Cashin says it is a neandering day possibly through the week. The market probably has an eye to the economic data later in the week. So he doesn’t expect much from the markets for the week. Some earnings of note for tomorrow morning are MOS, CLR, NOV. Mr. Sparkle has his earnings list up for the week which analyzes companies reporting earnings with excellent quick snapshots of the float, shares short, 52 week ranges, P/E ratios and option liquidity! Pick plays with a high probability of success, have focus and patience, plan the trade and trade the plan, run technicals through support and resistance. Great luck and HappyTrading!
