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Stock Market & Financial Investment News

News Breaks
August 16, 2013
10:08 EDTAA, VLTR, RIG, DANG, CL, STM, INO, RRGB, PT, JWN, NOR, GIS, AV, MXIMOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Alcoa (AA) downgraded to Underperform from Neutral at BofA/Merrill... Aviva (AV) downgraded to Neutral from Outperform at Exane BNP Paribas... General Mills (GIS) downgraded to Underperform from Hold at Jefferies... Noble Energy (NBL) downgraded to Buy from Strong Buy at ISI Group... Noranda Aluminum (NOR) downgraded to Underperform from Neutral at BofA/Merrill... Nordstrom (JWN) downgraded to Neutral from Buy at Sterne Agee... Portugal Telecom (PT) downgraded to Neutral from Buy at Goldman... Red Robin (RRGB) downgraded to Neutral from Buy at B. Riley... STMicroelectronics (STM) downgraded to Underweight from Neutral at HSBC... Inovio (INO) downgraded to Hold from Buy at Aegis... Colgate-Palmolive (CL) downgraded to Hold from Buy at Argus... Dangdang (DANG) downgraded to Equal Weight from Overweight at Morgan Stanley... Noble Energy (NBL) downgraded at ISI Group... Transocean (RIG) downgraded to Underweight from Overweight at Johnson Rice... Volterra (VLTR) downgraded to Sell from Neutral at B. Riley... Maxim Integrated (MXIM) downgraded to Equal Weight from Overweight at Morgan Stanley.
News For AA;AV;GIS;NOR;JWN;PT;RRGB;INO;STM;CL;DANG;RIG;VLTR;MXIM From The Last 14 Days
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August 13, 2014
15:05 EDTRRGBNotable companies reporting before tomorrow's open
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14:25 EDTDANGDangdang technical comments ahead of results
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11:46 EDTJWNMacy's shares trading lower as Q2 results fall short of expectations
Shares of Macy's (M), a retailer that sells a range of merchandise, including apparel, accessories and home furnishings, are lower after the company's second earnings missed analysts' expectations. WHAT'S NEW: The company reported Q2 earnings per share 80c on revenue of $6.23B, falling short of analysts' estimates of 86c and $6.3B, respectively. Comparable sales were up 3.4% for the quarter and comparable sales together with comparable sales of departments licensed to third parties were up 4%. Chief Executive Officer Terry Lundgren noted that even with an improved sales trend in Q2, the company could not make up its sales shortfall from the first quarter. Looking ahead, Macy's reaffirmed its fiscal year 2014 EPS view of $4.40-$4.50 against estimates of $4.47, but cut its FY14 SSS view to 1.5%-2% from 2.5%-3%. Second half same store sales are expected to be up 2%-3%, and the company said expectations for the second half of the year are "on track." Lundgren said the company is approaching 2H with "confident optimism." WHAT'S NOTABLE: On the company's earnings conference call, Macy's Chief Financial Officer Karen Hoguet said the retail expects third quarter SSS to be lower than fourth quarter, adding that it "feels good" about the back half of the year. Macy's said that it sees fall season EPS, or the combined EPS for Q3 and Q4, of $3.04-$3.14 and expects total sales for the second half of the year to be about 30 basis points lower than comp growth. Macy's sees gross margins flat to down slightly for the year and fall season. ANALYST OPINION: This morning, UBS analysts said the Q2 miss could signal Macy's have been unable to generate incremental margin support from brands into increasingly promotional sales trends. Morgan Stanley analysts, meanwhile, believes the Q2 miss and the pullback in shares will be temporary and it presents a buying opportunity. The firm expects more margin misses over the next few weeks due to the promotional environment and remains convinced that Macy's key strategies are still in the early stages of delivering results. PRICE ACTION: In late-morning trading, shares of Macy's dropped $2.89, or 4.84%, to $56.88. OTHERS TO WATCH: J.C. Penney (JCP), which reports earnings tomorrow, is down 2.15%. Nordstrom (JWN), which also reports earnings tomorrow, is relatively flat.
August 12, 2014
08:27 EDTMXIMMorgan Stanley remains positive on Semiconductor industry conditions
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August 11, 2014
16:50 EDTINOOn The Fly: Closing Wrap
Stocks on Wall Street opened in positive territory but were never able to gain any upside momentum. There was little to account for the initial move other than no change to the status quo for Israel and Russia. The averages moved in a narrow range but managed to stay on the plus side into the close, though in lackluster fashion. ECONOMIC EVENTS: In the U.S., no significant economic data was released. In prepared comments for a conference, Federal Reserve Vice Chairman Stanley Fischer said rebounds across advanced economies have been disappointing, leading the Fed and other observers to lower their long-term expectations for growth potential in the U.S. COMPANY NEWS: Shares of Kinder Morgan (KMI) advanced $3.25, or 9.0%, to $39.37 after announcing it will consolidate its oil-and-gas holdings into one company by acquiring all of the outstanding shares of a number of its subsidiaries, including Kinder Morgan Energy Partners (KMP), Kinder Morgan Management (KMR) and El Paso Pipeline Partners (EPB). The total transaction has a value of about $70B and the combined entity will be the largest energy infrastructure company in North America and the third largest energy company overall with an estimated enterprise value of approximately $140B, the company said. Afterward, Kinder Morgan was upgraded to Buy from Neutral at BofA Merrill Lynch, though Wells Fargo viewed the plans as mixed near-term. Wells believes the deal helps address some of the structural issues that have been pressuring Kinderís valuation in recent quarters, but it believes itís unclear how the market will ultimately value the new structure and the firm kept its Market Perform rating on all four stocks involved. MAJOR MOVERS: Among the notable gainers was salad and banana distributor Chiquita Brands (CQB), which jumped $3.04, or 30.22%, to $13.10 to close above the $13 per share takeover offer announced by Cutrale Group and the Safra Group. Note that Chiquita previously agreed to combine with Fyffes plc in a stock-for-stock transaction. Also higher was Mattress Firm (MFRM), which advanced $6.52, or 13.58%, to $54.53 after reporting preliminary second quarter results that beat expectations and raising it fiscal year outlook. Among the noteworthy losers following their earnings reports were Walter Investment (WAC), which fell $3.52, or 12.45%, to $24.75, and Inovio (INO), which dropped 99c, or 9.94%, to $8.97. INDEXES: The Dow edged up 16.05, or 0.1%, to 16,569.98, the Nasdaq gained 30.43, or 0.7%, to 4,401.33, and the S&P 500 rose 5.33, or 0.28%, to 1,936.92.
16:11 EDTNORNoranda Aluminum reports Q2 EPS (10c), consensus (8c)
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14:28 EDTINOInovio not seeking partner for VGX-3100 right now, says Maxim
Maxim noted that Inovio management indicated it plans to initiate a pivotal phase III study for VGX-3100 in early 2016 and estimated that a pivotal program should cost about $100M. The firm also noted that Inovio is not seeking a partner on the drug right now and that the pivotal trial could move up depending on the company's meeting with the FDA. Maxim maintains a Buy rating and $18 price target on Inovio.
12:25 EDTINOOn The Fly: Midday Wrap
Stocks on Wall Street opened in positive territory and have remained there throughout the morning. There was little in the way of a catalyst, as the economic calendar was empty, though investors may have been encouraged that there was no breakdown in the ceasefire agreement between Israel and Gaza and no big headlines from the Russia/Ukraine border. Additionally, some may have viewed comments from Fed Vice Chair Fischer as dovish and in support of continued easing. ECONOMIC EVENTS: In the U.S., no significant economic data was released. In prepared comments for a conference, Federal Reserve Vice Chairman Stanley Fischer said rebounds across advanced economies have been disappointing, leading the Fed and other observers to lower their long-term expectations for growth potential in the U.S. COMPANY NEWS: Shares of Kinder Morgan (KMI) advanced 10% after announcing it will consolidate its oil-and-gas holdings into one company by acquiring all of the outstanding shares of a number of its subsidiaries, including Kinder Morgan Energy Partners (KMP), Kinder Morgan Management (KMR) and El Paso Pipeline Partners (EPB). In addition to the rise in the shares of the parent, Kinder Morgan Energy shares rose 19%, Kinder Morgan Management gained 25% and El Paso Pipeline moved up 22%. MAJOR MOVERS: Among the notable gainers was salad and banana producer Chiquita Brands (CQB), which jumped 31% to trade above $13 per share after Cutrale Group and the Safra Group proposed to acquire 100% of the company's outstanding stock for $13 in cash each. Also higher was electric car maker Tesla (TSLA), which rose 5% after Deutsche Bank upgraded the stock to Buy from Hold and raised its price target on the shares to $310 from $220. Among the noteworthy losers was social game maker King Digital (KING), which slid 3% after the stock was downgraded at Pacific Crest to Sector Perform from Outperform. Also lower following their earnings reports were Inovio (INO), which fell over 8%, and Gogo (GOGO), which dropped nearly 6%. INDEXES: Near midday, the Dow was up 51.25, or 0.31%, to 16,605.18, the Nasdaq was up 38.19, or 0.87%, to 4,409.08, and the S&P 500 was up 10.12, or 0.52%, to 1,941.71.
09:10 EDTGISDean Foods says concerned about cereal category influence on fluid milk use
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08:45 EDTCLColgate toothpaste with controversial ingredient scrutinized, Bloomberg says
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08:43 EDTAAGoldman bullish on Constellium and Alcoa
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08:38 EDTINOInovio reports Q2 EPS (18c), consensus (19c)
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August 8, 2014
14:18 EDTJWNNordstrom August volatility elevated into Q2 results and outlook
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12:57 EDTDANGDangdang August volatility elevated into Q2 and outlook
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09:37 EDTAAActive equity options trading on open
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August 7, 2014
10:21 EDTRIGTransocean says pace of tendering is slow for deep water market
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09:08 EDTRIGOn The Fly: Pre-market Movers
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August 6, 2014
18:54 EDTRIGOn The Fly: After Hours Movers
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16:45 EDTRIGTransocean reports Q2 adjusted EPS $1.61, consensus $1.12
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15:30 EDTRIGNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include Prudential (PRU), consensus $2.35; CenturyLink (CTL), consensus 64c; Symantec (SYMC), consensus 42c; Transocean (RIG), consensus $1.12; CF Industries (CF), consensus $6.71; QEP Resources (QEP), consensus 33c; Integrys Energy (TEG), consensus 45c; Dun & Bradstreet (DNB), consensus $1.35; Energy Transfer (ETE), consensus 33c; Plains All American (PAA), consensus 50c; Concho Resources (CXO), consensus 97c; Antero Resources (AR), consensus 37c; Keurig Green Mountain (GMCR), consensus 88c; Twenty-First Century Fox (FOXA), consensus 38c; American Water Works (AWK), consensus 64c; Alliant Energy (LNT), consensus 61c; Sunoco Logistics Partners (SXL), consensus 37c; Regency Energy (RGP), consensus 16c; Envision Healthcare (EVHC), consensus 25c; AMERCO (UHAL), one estimate $6.36; zulily (ZU), consensus 4c; Jack in the Box (JACK), consensus 57c.
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