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Canaccord Genuity on Apple, Tekmira Pharmaceuticals, and Time Warner


Apple starts work on a mini iPad, Tekmira rallies on continuance of DoD contract, and Time Warner prepares to pay Major League Baseball for the rights to broadcast games.

The following are excerpts from Canaccord Genuity analysts' commentaries.

Apple (NASDAQ:AAPL): Enough to put out the (Kindle) Fire?

According to the Wall Street Journal, Apple has starting mass producing a smaller version of the iPad, expected to be formally announced later this month. Sources say the device will have a 7.85" screen with a lower resolution that the larger iPad. Most are expecting the product to be called the "iPad Mini"; it will be offered in response to lower-priced tablets from Amazon (NASDAQ:AMZN), Google (NASDAQ:GOOG), and Samsung (PINK:SSNLF) which may be cutting into iPad sales.

The basic version is expected to be priced between $199 and $299 -- less than the iPad, but still higher than most other similar sized tablets. Business Insider says there are three key questions surrounding the new, smaller iPad: 1) Will it be priced aggressively enough to compete with the Kindle Fire HD or the Nexus 7?; 2) Will iPad Mini sales cannibalize sales of the larger iPad?; and 3) Will growing tablet sales hurt Apple's profit margin? Business Insider says the iPad does not appear to be nearly as profitable as the iPhone, and aggressively priced mini iPads could be even less profitable, putting a dint in Apple's margins.

Tekmira Pharmaceuticals (NASDAQ:TKMR): In Ebola news…

Tekmira rallied after announcing that the US Department of Defense has decided to continue its contract with the company to develop an RNAi-based treatment for Ebola virus infection. The news is a major boon to Tekmira, as the contract represents one of its biggest funding sources. The company and the DoD had been working together on an Ebola drug for years, and in 2010, Tekmira received a $34.7-million, three-year contract through the agency's Transformational Medical Technologies program to advance a therapeutic candidate called TKM-Ebola into phase I testing.

The DoD also has the option to extend the arrangement through FDA approval, which would result in roughly $140 million in funding for Tekmira. The fate of the alliance had been in question since early August, when Tekmira announced that the DoD had issued a temporary stopwork order on the Ebola contract, citing budgetary constraints.
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No positions in stocks mentioned.
Canaccord Financial and its affiliated companies may have a Corporate Finance or other relationship with the companies mentioned and may trade in any of the Designated  Investments mentioned herein either for their own account or the accounts of their customers, in good faith and in the normal course of market making. The authors have not received, and will not receive, compensation that is directly based upon or linked to one or more specific Corporate Finance activities, or to coverage herein.
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