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Trade Idea of the Day Presented by: The Fly

VMware to acquire Pivotal Software in $2.7B transaction

VMware (VMW) and Pivotal Software (PVTL) announced that the companies have entered into a definitive agreement under which VMware will acquire Pivotal for a blended price per share of $11.71, comprised of $15 per share in cash to Class A stockholders, and the exchange of shares of VMware's... Read More

MBA: Mortgage Applications Decreased in Latest Weekly Survey

From the MBA: Mortgage Applications Decrease in Latest MBA Weekly Survey. Mortgage applications decreased 0.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 16, 2019. The Refinance Index increased 0.4 percent from the previous week and was 180 percent higher than the same week one year ago. The seasonally adjusted Purchase Index decreased 4 percent from one week earlier. The unadjusted Purchase Index decreased 5 percent compared with the previous week and was 5 percent higher than the same week one year ago.“In a week where worries over global...

Sabre to challenge DOJ lawsuit seeking to block Farelogix acquisition

Sabre Corporation announced that it will challenge the lawsuit filed by the U.S. Department of Justice seeking to block the company's planned acquisition of Farelogix, Inc. Farelogix, a recognized innovator in the highly competitive airline technology space whose New Distribution Capability technology is used by a number of airlines around the world, will bring capabilities to Sabre that will accelerate the delivery of the industry's first end-to-end NDC-enabled solution for the retailing, distribution and fulfillment of travel, the company said. Sabre is confident of the pro-competitive nature of this transaction, that it will succeed in court, and that the...

Fly Intel: Top five analyst upgrades

Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Pilgrim's Pride (PPC) upgraded to Outperform from Market Perform at BMO Capital with analyst Kenneth Zaslow citing the management's implementation of a "successful execution" of its chicken strategy. 2. Beyond Meat (BYND) upgraded to Overweight from Neutral at JPMorgan while Campbell Soup (CPB) was upgraded to Neutral from Underweight. 3. Chemours (CC) upgraded to Positive from Neutral at Susquehanna with analyst Don Carson saying he thinks end-user destocking of TiO2 appears to have run its course and he views the company as the prime beneficiary of an upturn in industry volumes in 2020. 4. AbbVie (ABBV) upgraded to...

Fly Intel: Pre-market Movers

HIGHER: Hilton Grand Vacations (HGV), up 10% after the New York Post reported Apollo Global (APO) is considering steps to buy the company. Apollo has given the company three options: It could buy Hilton Grand at a premium to its share price, merge the company with rival Diamond Resorts and keep the combined business public, or tender for Hilton Grand shares at a premium to the current Hilton Grand share price, according to the report... Beyond Meat (BYND), up 6% after JPMorgan analyst Ken Goldman upgraded the stock to Overweight from Neutral. UP AFTER EARNINGS: Home Depot (HD), up 2%... Medtronic (MDT), up 5%... Baidu (BIDU), up 9%. DOWN AFTER EARNINGS: Sea Limited (SE), down 12%... Fabrinet (FN)...

Fly Intel: Top five analyst downgrades

Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Air Products (APD) downgraded to Neutral from Positive at Susquehanna. 2. Whiting Petroleum (WLL) downgraded to Sector Perform from Outperform at Scotiabank and to Equal Weight from Overweight at Stephens. 3. Celgene (CELG) and Amgen (AMGN) downgraded to Neutral from Buy at Mizuho. 4. Alliance Resource Partners (ARLP) and Peabody Energy (BTU) downgraded to Neutral from Overweight at JPMorgan. 5. Trillium Therapeutics (TRIL) downgraded to Neutral from Buy at H.C. Wainwright with analyst Swayampakula Ramakanth saying the stock's 80% drop in price to 26c per share from $1.32 in the last six months could "lead to a cash crunch," leaving significant risk for its ability to raise...

Tegna jumps after report of Apollo deal interest

Shares of Tegna (TGNA) jumped on Monday morning following a report from late Friday that Apollo Global (APO) approached the company earlier this year about a potential takeover. APOLLO APPROACHED TEGNA THIS YEAR: Apollo Global Management approached TV station operator Tegna about a sale earlier this year, The Wall Street Journal's Cara Lombardo and Miriam Gottfried reported on Friday, citing people familiar with the matter. Apollo first contacted Tegna about a potential transaction at the beginning of the year, and later sent a formal letter to the board in February, according to the report, which adds that Apollo has been in "regular contact" despite so far being rebuffed by Tegna. Apollo would also...

Q3 GDP Forecasts: Around 2%

From Merrill Lynch: The data boosted our 3Q GDP tracking estimate by 0.4pp to 2.1% qoq saar. 2Q was unchanged at 1.8%. [Aug 15 estimate]emphasis addedFrom Goldman Sachs: we left our Q3 GDP tracking estimate unchanged on a rounded basis at +2.1% (qoq ar). [Aug 16 estimate] From the NY Fed Nowcasting Report: The New York Fed Staff Nowcast stands at 1.8% for 2019:Q3. [Aug 16 estimate]. And from the Altanta Fed: GDPNow The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2019 is 2.2 percent on August 16, unchanged from August 15 after rounding. After this morning's new residential construction report from the U.S. Census Bureau, the nowcast of third-quarter real residential investment growth increased from -1.2 percent to 0.7 percent. [Aug 16 estimate]...

Citron bought GE shares yesterday after 'reckless, dishonest' report

Andrew Left's Citron Research weighed in on Harry Markopolos' General Electric (GE) report and disclosed that it bought shares of GE yesterday. Citron wrote, "Aggressive accounting and fraud are two different animals. The SEC has allowed aggressive accounting for years, which has helped fuel a growing economy. If GE was committing fraud then it has been a grand scale conspiracy by thousands of accountants, auditors, and division CFOs who have all secretly collaborated over the past 20 years." Citron also notes, "In just the past week, four GE insiders bought stock. Most notably, GE CEO Larry Culp bought $3 million of stock earlier this week and then bought another $2 million of stock in response to the bogus short report...

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