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The Federal Communications Commission resumed debating a repeal of “net neutrality” rules Thursday after security ordered a brief recess. Reports said there was a bomb threat but Chairman Ajit Pai did not announce a reason for the break when re-opening the meeting.
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Twitter shares jumped 4.7% in active midday trading toward a 14-month closing high, to outpace gains in its social media rivals and the broader technology sector. Volume topped 22.9 million shares, already well above the 30-day average of about 16.4 million shares, according to FactSet. The stock has now run up 32% since Twitter reported blowout third-quarter results in late October. Twitter is on pace to close at its highest level since Oct. 5, 2016. Among shares of other social media companies, Facebook Inc. gained 0.8%, Snap Inc. rose 1.5% and the technology-heavy Nasdaq 100 gained 0.3%. The S&P 500 was little changed.
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Snap Inc. announced a new app called Lens Studio on Thursday morning. Shares of the company rose 0.2% in morning trading. Lens Studio will give ordinary users and outside developers a chance to create augmented-reality lenses for the Snapchat app, a move that could increase engagement on the platform and generate more advertiser interest. The new Lens Studio app will give users templates and guides for making lenses, the Verge reported, though regular users will be limited to simply making lenses for the rear-facing camera. Snap is under pressure from investors to fend off competition from Facebook Inc. and better monetize its loyal base of users. Snap shares have fallen 5.9% from their March IPO price of $17. The S&P 500 has gained 12% in that time.
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Shares of Vantiv Inc. rose 1.6% in Thursday morning trading after analysts at Jefferies upgraded the stock to buy from hold. The analysts, led by Ramsey El-Assal, are optimistic about the company’s acquisition of Worldpay and its potential to improve Vantiv’s business mix. “We believe that the most important investment consideration for acquirers is exposure to higher-growth digital and integrated distribution channels,” they wrote, adding that Worldpay helps boost Vantiv’s volume from these areas. The analysts also like that the deal reduces Vantiv’s reliance on some more troubled segments, such as big-box retailers and department stores. They think the company is a potential beneficiary of tax reform as well. The firm’s new price target of $94 is the second highest among 30 analysts covering the stock, according to FactSet. Vantiv shares are up 25% this year, compared with a 19% gain for the S&P 500 Index .
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S&P Global Ratings placed Walt Disney’s Co.’s A-plus rating on CreditWatch negative Thursday, meaning it could downgrade the issuer in the near term. The move came after Disney said it was acquiring assets from 21st Century Fox Inc. for about $66 billion. The deal is expected to boost Disney’s business and help it achieve strategic goals of improving its direct to consumer offerings and beefing up an already robust set of franchises, with additions such as X-Men, Fantastic Four and Avatar, as well as TV shows and sports programming, said S&P. “However, the acquisition will also likely increase adjusted leverage to the mid- to high-2x area depending on the final set of assets acquired, which will be well above our current 2x downside threshold for the rating,” said S&P. “The CreditWatch placement reflects the uncertainty regarding the final terms and structure associated with Disney’s acquisition of a portion of Fox’s assets and the potential for some regulatory concessions that may be required to complete the deal.” Disney’s 2.950% notes that mature in June of 2027 were last trading at 99.385 cents on the dollar to yield 3.0255, or at a yield spread of 66 basis points over Treasurys, according to MarketAxess. The bonds were trading at 100.074 cents on the dollar on December 2, when the first reports that Disney and Fox were in talks emerged. The stock was down 0.1%, and has gained 20% in 2017, while the S&P 500 has gained 18% and the Dow Jones Industrial Average has gained 24%.
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The U.S. Energy Information Administration reported Thursday that domestic supplies of natural gas fell by 69 billion cubic feet for the week ended Dec. 8. Analysts surveyed by S&P Global Platts forecast a decrease of 63 billion, while the five-year average withdrawal is 78 billion. Total stocks now stand at 3.626 trillion cubic feet, down 201 billion cubic feet from a year ago, and 27 billion cubic feet below the five-year average, the government said. January natural gas fell 3.5 cents, or 1.3%, to $2.68 per million British thermal units, little changed from before the data.
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Shares of Fitbit Inc. fell 0.1% in Thursday morning trading, following a cautious report from analysts at Morgan Stanley. The analysts, led by Yuuji Anderson, found “continued inventory build” for the new Ionic smartwatch during their channel checks, causing the firm to take a “cautious” stance looking ahead to the first quarter. Though Fitbit launched the Ionic this fall, Morgan Stanley thinks that the company’s older watch, the Blaze, might end up selling better during the holiday season. “We saw notably low inventory levels for the Blaze (almost two years old), and should that represent the next refresh opportunity, its success will depend on Fitbit’s ability to continue expanding its sensor and software ecosystem,” Anderson wrote. He added that Fitbit “will need more product refreshes to return to consistent growth in FY18.” Fitbit shares have fallen 3.6% in 2017, compared with a 19% gain for the S&P 500 Index .
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So-called flash readings of manufacturing and services activity went in different directions in December. The flash U.S. manufacturing PMI rose to 55 from 53.9 in November, while the flash U.S. services activity index fell to 52.4 from 54.5. Any reading above 50 indicates improving conditions. A flash reading is based on 85%-90% of total PMI survey responses each month. Chris Williamson, chief business economist at IHS Markit, said the surveys point to an economy growing at annual rate of just over 2% in the fourth quarter.
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Casa Systems Inc., a maker of broadband connectivity software and data services, set terms for its initial public offering on Thursday, saying in a regulatory filing that it plans to offer 6 million shares at $13 a pop. The company will use the $68.9 million in proceeds (after expenses) for working capital or general corporate purposes, including possible acquisitions. Shares will start trading later Thursday on Nasdaq, under the ticker symbol “CASA”. Morgan Stanley, Barclays, Raymond James and Stifel were lead underwriters on the deal, with Macquarie Capital, Northland Capital Markets and William Blair acting as co-managers.
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Walt Disney Co.’s deal to buy 21st Century Fox Inc. could create box-office powerhouse, said analyst Rich Tullo of Midtown Partners & Co., and also helps add content to Disney’s over-the-top (OTT) initiative. Tullo said that, although he doesn’t cover either company on a research basis, from the perspective of 2017 box office to date, a combined Disney and Fox looks like “an NBA superteam” on paper. He said nine out of the top 20 box-office hits so far this year were produced by either Fox or Disney, and once Disney’s “Star Wars: The Last Jedi” is released, it will likely be 10 out of 20. “Merging the media assets of 21st Century Fox and Disney is a lot like the story of the fox and the hound,” Tullo wrote in a note to clients. “[T]he combined assets will be better able to schedule blockbusters, have much greater pricing power with SVOD services, MVPDS and in negotiating media ad buys.” The bad news, Tullo said, is that “we think a combined company could be hounded by regulatory, union and consumer pushback.” 21st Century Fox’s stock rose 0.5% in morning trades as Disney shares climbed 0.8%. In comparison, the Dow Jones Industrial Average was up 0.3%.
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