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Net Neutrality: Treating the Symptoms Rather than the Disease

The debate on net neutrality is poised to intensify as the FCC considers the President’s request to regulate broadband as Title II common carriage and as it evaluates CMCSA’s proposed merger with TWC. We see merit on both sides of

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SSR Health New Product Approval Portfolios & Supporting Data Update

Drug, biotech, and research-based spec pharma stocks tend to outperform their peers in the year or so before and after regulatory actions (‘PDUFA’ dates) on major new products, with a large portion of total risks being concentrated in the days

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The Bull Case for SNY’s Diabetes Franchise

2017 consensus for SNY’s US basal insulins fell from $9.9B to $7.5B after the company warned 2015 sales growth would be flat, citing price competition. We believe estimates have fallen too far, and imply an unstable pricing environment with significant

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Twitter: Black and Blue, but Read All Over

Twitter: Black and Blue, but Read All Over For the past year, TWTR has been whipsawed on the volatility of its monthly active user growth and the revolving door of the company’s management ranks. While many investors are skeptical, the

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US Ethylene Stocks – Too Early to Call

While it is always tempting to upgrade a stock or a sector when ones competitors are finally throwing in the towel, it is too early to call for US ethylene. The two most exposed ethylene stocks, LYB and WLK, have

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China – Look For The Commodities That Are Less Oversupplied

China’s interest rate cut has got everyone’s attention today and the markets are rallying as are most commodities.  We have seen interest rate cuts all over the world over the last two years and their impact on economic growth/consumer spending

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Relative Price & Value of pre-Phase III Pipelines for the 23 Largest Drug & Biotech Companies – Updated View

We use patent data to estimate the amount and quality of innovation in companies’ pre-phase III (aka ‘hidden’ pipelines); we then determine whether companies’ share prices accurately reflect what’s in these hidden pipelines.  Since inception (November 2012), companies that screen

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Quick Thoughts – Implications of SnapCash for ACH and Person-to-Person (P2P) Payments

With its announcement of Snapcash on Monday, Snapchat (with a $10bn valuation in its last funding in August[1]) enters the market for integration of social media and person-to-person (P2P) payments in competition with PayPal’s Venmo (which handled over $300mm in

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SCOTUS Round II: Does King Really Matter?

The Supreme Court of the United States (SCOTUS) will hear arguments in King v. Burwell, in February or March of 2015, with a ruling likely in June of 2015. A decision to uphold King would mean persons buying health insurance

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SaaS Revisited: Still Growing After All These Months

SaaS Revisited: Still Growing After All These Months The dramatic cost and performance advantages of web-scale cloud platforms over private data centers have lowered the barriers to entry for “Software as a Service” (SaaS) application developers – opening the door

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