Friday, November 10, 2006

Calls of Note Part 1

- JP Morgan comments on Marvel Entertainment (NYSE:MVL) after Thursday post-close vice chairman Peter Cuneo filed a Form 4 disclosing the sale of 916K shares for $24.2m, and the gifting of 60K shares, leaving him holding only 640K in options. While the sale could weigh on Marvel stock near-term, the firm would expect a recovery, tied to an attractive earnings ramp and valuation.

Some could see Cuneo's sale as a sign to take profits after recent strength. That sentiment may be bolstered by Marvel's disclosure of no share repurchases in 3Q06, leaving it with $50m left on its current authorization. However, 62-year old Cuneo retains substantial Marvel stock. To that end, the description of his sale as diversification and profit taking, rather than a statement of concern for Marvel's future, has some merit.

Over time they believe investors will focus on Marvel's fundamentals. Firm believes that Marvel's 2007+ earnings ramp will be strong, driven by a solid third party movie slate next year featuring Spiderman 3, Fantastic Four 2 and Ghost Rider, and its own proprietary slate that debuts in 2008 featuring Iron Man and Hulk. Despite potential near-term weakness, maintain OW rating.

Notablecalls: Looking at the chart I must say I see very little chance of a short-selling oppy presenting itself in the n-t. Think the stock will gap down and then get bought.

1 comment: said...

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