Mellanox (NASDAQ:MLNX) downgraded to Neutral from Buy at UBS – UBS downgraded Mellanox due to potential selling pressure by Israeli holders as the company transfers to the NASDAQ from the TASE, distractions from integration of new executives. Price target lowered to $57 from $68.
Panera Bread (NASDAQ:PNRA) downgraded to Neutral from Buy at Lazard Capital – Lazard Capital downgraded Panera Bread citing valuation
Jazz Pharmaceuticals (NASDAQ:JAZZ) initiated with a Buy at Stifel – Target $80
Alexion (NASDAQ:ALXN) initiated with a Neutral at Credit Suisse – Target $110
Tiffany (NYSE:TIF) initiated with an Outperform at Credit Suisse – Target $89.
Chesapeake (NYSE:CHK) re-initiated with a Neutral at Goldman – Target $26
CVS Caremark (NYSE:CVS) initiated with an Outperform at Wells Fargo – Price target range $68-$72
Procter & Gamble (NYSE:PG) is reportedly amalgamating its CEO succession plans with a reorganization of its brands into four sectors, although the final structure is not yet clear. P&G intends to promote executives to head the sectors as Presidents, with the company hoping that they’ll make good candidates to replace recently returned CEO A.G. Lafley when he re-retires. Lafley is expected to stay for at least 2-3 years
Boeing (NYSE:BA) has received an order for 60 737 MAX aircraft from British holiday company TUI Travel (TUIVY.PK) in a deal worth $6.1B at list prices, with the booking also including an option for another 90 planes. The order is so large that it will require the consent of TUI’s shareholders. The jets will use LEAP-1B engines, which are made by CFM International, the joint venture partly owned by GE
Dell (NASDAQ:DELL) has issued a letter to shareholders recommending a yes vote to the Michael Dell-Silver Lake offer to acquire the company for $13.65 per share
Netflix (NASDAQ:NFLX) will become the newest member of the Nasdaq 100 on June 6, replacing Perrigo (NASDAQ:PRGO). As of yesterday’s close, Netflix’s market cap was $12.1B vs Perrigo’s $11.05B. Nasdaq gave no reasons for the midseason change.