Monday, October 8, 2012

Netflix Gets Another Upgrade (NFLX, EXAS, NAV, RTN)

Netflix, Inc.(NASDAQ:NFLX) shares increased 9.98% to $73.24 after Morgan Stanley catches up to the price action by upgrading to Overweight with price target of $85. Analysts at Morgan don't see Amazon as a direct threat, and say the current market price of Netflix puts no value on the company's international business.

Analyst Mark Mahaney, last week, restated a buy rating on the stock citing "a highly reasonable valuation, a generally positive execution track record, and the still early market opportunity for Internet video streaming. Separately, Macquarie started covering NFLX with an "underperform" rating on Sept. 17. Macquarie research analyst Tim Nollen put a $50 price target on the stock because media companies hold the upper hand.

Additionally, the company announced it will post its third-quarter 2012 financial results and business outlook on October 23, 2012, at approximately 1:05 p.m. Pacific Time.

EXACT Sciences Corporation(NASDAQ:EXAS) shares gained 3.01% to $11.98 in the morning hour after the company was featured in a weekend report by Barron’s. The company is developing a test that can detect colon cancers with more accuracy than screenings that are currently in use. If the test is eventually approved by the FDA, Exact Sciences could be acquired for upward of $20 per share, Barron's said.
Navistar International Corp(NYSE:NAV) stock increased 7.69% to $22.83 after the company announced that Vincent J. Intrieri and Mark H. Rachesky have been appointed to the company's Board of Directors. The company also agreed to add a third director to the Navistar Board, who will be designated and mutually agreed upon by Icahn Partners and its affiliated entities ("Icahn") and MHR Fund Management LLC and its affiliated entities ("MHR").

Raytheon Company(NYSE:RTN) stock fell 0.22% to $55.36 after the company announced that it has received a $349 million five-year, multi-year contract to provide heavy anti-tank, wireless precision-assault missiles for the U.S. government. Under this contract, Raytheon will deliver 6,676 of the new wireless TOW (tube-launched, optically tracked, wireless-guided) missiles that receive commands from the gunner through a wireless guidance link, eliminating the wire connection in early generations of the missile.

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