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Analyst downgrades 12-27-06: Kohl's downgraded to Neutral

Posted Dec 27th 2006 9:51AM by Kevin Shult (RSS feed)
Filed under: Analyst Upgrades and Downgrades, Kohl's Corp (KSS)

MOST NOTEWORTHY: Kohl's Corp (KSS) and Telik Inc (TELK) were the most noteworthy downgrades today.

Buckingham Research downgraded Kohl's Corp (NYSE: KSS) to Neutral from Strong Buy as they believe December will mark the third month of sales deceleration. They believe comps will get tougher going forward.

Telik Inc (NASDAQ: TELK) was downgraded by UBS to Neutral from Buy with a $5 target, by Thomas Weisel to Underweight from Market Weight, and to Hold from Strong Buy at Needham based on the disappointing Phase II Assist data.

OTHER DOWNGRADES:

Matrix USA downgraded Central Parking (NYSE: CPC) to Sell from Buy based on valuation.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

Daily option update 12-26: Markets up in light trading

Posted Dec 26th 2006 5:15PM by Eric Buscemi (RSS feed)
Filed under: Apple Inc (AAPL), Altria Group (MO), , Lilly (Eli) (LLY)

U.S. stocks were slightly higher on light trading volume. The Dow was up 0.45%, the NASDAQ 100 up 0.35%, the S&P 500 up 0.35%, while 10-year bond rates decreased to 4.6030%. The CBOE VIX was up .02 to 11.38.

Telik Inc's (NASDAQ: TELK) January option implied volatility collapsed after disappointing data. Telik was recently down $11.47 to $4.79. TELK Phase 3 trails related to its cancer drug Telcyta (treatment for non-small cell lung cancer & ovarian cancer) "did not achieve statistically significant improvement in overall survival." JANY & STFL downgraded Telik to sell. Telik's January option implied volatility was at 85, according to Track Data, below a level of 215 from last week, suggesting decreasing risk.

Eli Lilly's (NYSE: LLY) January 55 calls were active on 6,163 contracts as Lilly rallies. Eli Lilly recently rallied .43 to $51.77, after a Court of Appeals for the Federal Circuit in Washington, D.C. ruled its 2011 Zyprexa patent was valid. Lilly faced pressure last week on documents leaked to the NY Times indicating Zryprexa (schizophrenia treatment) had understated weight gain and diabetes risk. Lilly's Zyprexa accounts for approximately 25% of Lilly's sales & 50% of its EPS. Lilly's January option implied volatility of 19 was near its 26-week average of 19, according to Track Data, suggesting non-directional risks.

U.S. Bancorp's (NYSE: USB) calls active on company going ex-dividend on 12/27/06. USB goes ex-dividend on 12/27/06, paying a dividend of .40 cents. USB total intra-day call option volume was heavy on over 962,946 contracts, according to Track Data. Heavy call volume was attributable to traders hoping to take advantage of option exercises, call pricing discrepancies and low option transaction commission fees.

Liquid stocks with option implied volatility above 90, according to Track Data: AtheroGenics (NASDAQ: AGIX), Momenta Pharmaceuticals (NASDAQ: MNTA), Dendreon Corp (NASDAQ: DNDN), Escala Group (NASDAQ: ESCL), and Northfield Laboratories (NASDAQ: NFLD).

Option volume leaders today were Telik Inc, Altria Group (NYSE: MO), Clear Channel Communications (NYSE: CCU), and Apple Computer (NASDAQ: AAPL).

Options analysis provided by Paul Foster, options strategist for Theflyonthewall.com.

Analyst downgrades 12-26-06: Sabre Holdings, Telik & Movado all to sell

Posted Dec 26th 2006 12:19PM by Kevin Shult (RSS feed)
Filed under: Analyst Upgrades and Downgrades

MOST NOTEWORTHY: Sabre Holdings was the sole notable downgrade today.

The travel commerce company, Sabre Holdings (NYSE: TSG), was downgraded to Sell from Buy at Soleil Securities after they agreed to be bought by Texas Pacific and Silver Lake Partners, two private equity firms, for ~$5 billion.

OTHER DOWNGRADES: