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AirBnB Plays the Long Game

Today we are taking a look at the IPO prospects for online booking giant Airbnb Read More

Trial for potential Abiomed competition pushed back a year, says Piper Jaffray

This morning, the primary completion date for Abbott's (ABT) Shield II trial for its percutaneous heart pump was updated from December 2020 to December 2021 on, Piper Jaffray analyst Matt O'Brien tells investors in a research note. Heartmate PHP is generally regarded as the most near-term competition for Abiomed, though Abbott management has been somewhat opaque about timelines as of late, adds the analyst. O'Brien, who is unsure if today's update represents any sort of change in thinking from the company, notes that he's been saying for some time that the product is likely farther away than people are anticipating. He continues to believe in the long-term opportunity for Abiomed "in this largely untapped market." The analyst...

Fly Intel: What to watch in Eli Lilly earnings report

Eli Lilly (LLY) is scheduled to report the results of its third fiscal quarter before the market open on Wednesday, October 23, with a conference call scheduled for 9:00 am EDT. What to watch for: 1. GUIDANCE: Along with its second quarter report in late July, the drug giant raised its fiscal year 2019 earnings per share guidance to $5.67-$5.77 from $5.60-$5.70, while reaffirming its FY19 revenue view of $22B-$22.5B. Current consensus estimates for Q3 EPS and revenue are $1.40 and $5.5B, respectively. For Q2, Lilly's revenue in the U.S. increased 1% driven by 6% volume growth. Key growth products launched since 2014, including Trulicity, Taltz, Jardiance, Verzenio, Olumiant, Basaglar...

Fly Intel: Pre-market Movers

HIGHER: Biogen (BIIB), up 37% after announcing it plans to pursue regulatory approval for aducanumab, an investigational treatment for early Alzheimer's disease. Phase 3 clinical studies for aducanumab previously had been discontinued in March 2019 following a futility analysis... Under Armour (UAA), up 2% after announcing Kevin Plank will step down as CEO and will be replaced by Patrik Frisk. Plank will become executive chairman & brand chief... (STMP), up 18% after entering a logistics services deal with UPS (UPS). UP AFTER EARNINGS: Procter & Gamble (PG), up 4%... United Technologies (UTX), up 2%... Harley-Davidson (HOG), up 6%... Polaris Industries (PII), up 3%. DOWN AFTER EARNINGS: UPS (UPS), down 3%. Travelers...

Tuesday: Existing Home Sales, Richmond Fed Mfg

From Matthew Graham at Mortgage News Daily: Highest Mortgage Rates in More Than a Month. Mortgage rates may have managed to remain mostly flat last week, but they did so near their highest levels in several weeks. After moving up at a moderate pace today, they're now at the highest levels in just over a month. After being as low as 3.375-3.5% for a top tier conventional 30yr fixed quote in early September, the average lender is now roughly 0.5% higher in rate. [Most Prevalent Rates 30YR FIXED 3.75-3.875%] Tuesday: At 10:00 AM ET, Existing Home Sales for September from the National Association of Realtors (NAR). The consensus is for 5.45 million SAAR, down from 5.49 million in August...

Stifel downgrades Southwest on risk of deal to lessen Boeing dependency

Stifel analyst Joseph DeNardi downgraded Southwest Airlines (LUV) to Hold from Buy with a price target of $60, down from $75. The stock in morning trading is up 7c to $53.55. Southwest is an all Boeing (BA) 737 airline, which makes its business model dependent on 737s, DeNardi tells investors in a research note. Southwest's decision to remove the 737 MAX from its schedule through early February, a "deteriorating" relationship between the Federal Aviation Administration and Boeing, and reports that Boeing may be looking at a 737 MAX rate cut indicate that Southwest "may be nearing a tipping point" where the duration of the MAX grounding pushes it to consider more significant and strategic solutions, including acquisitions...

Fly Intel: Pre-market Movers

HIGHER: Seattle Genetics (SGEN), up 10% after announcing the HER2CLIMB trial met the primary endpoint of progression-free survival, showing that the addition of tucatinib was superior to trastuzumab and capecitabine alone, with a 46% reduction in the risk of disease progression or death ... Foamix (FOMX), up 4% after announcing the FDA has approved its novel Amzeeq topical foam... HP Enterprise (HPE), up 3% after BofA Merrill Lynch analyst Wamsi Mohan upgraded the stock two notches to Buy from Underperform with a $19 price target, saying the company's underlying trends are improving. The analyst cites the company's improved free cash flows, the focus of the management on more stable growth, and continued capital returns...

BLS: September Unemployment rates at New Series Lows in Alabama, California, Illinois, New Jersey and South Carolina

Unemployment rates were lower in September in 7 states, higher in 4 states, and stable in 39 states and the District of Columbia, the U.S. Bureau of Labor Statistics reported today. Seven states had jobless rate decreases from a year earlier, 2 states had increases, and 41 states and the District had little or no change. Vermont had the lowest unemployment rate in September, 2.2 percent. The rates in Alabama (3.0 percent), California (4.0 percent), Illinois (3.9 percent), New Jersey (3.1 percent), and South Carolina (2.9 percent) set new series lows. (All state series begin in 1976.) Alaska had the highest jobless rate, 6.2 percent.This graph shows the number of states (and D.C.) with unemployment rates at...

Lawler: Early Read on Existing Home Sales in September

From housing economist Tom Lawler: Early Read on Existing Home Sales in September. Based on publicly-available local realtor/MLS reports released across the country through today, I project that existing home sales as estimated by the National Association of Realtors ran at a seasonally adjusted annual rate of 5.36 million in September, down 2.4% from August’s preliminary estimate but up 3.5% from last September’s weak seasonally adjusted pace. Unadjusted sales should show a higher YoY increase, with the SA/NSA gap reflecting this September’s higher business day count relative to last September. On the inventory front, local realtor/MLS data, as well as data from other inventory trackers...

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