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December 5, 2012
16:29 EDTP, TOT, MFRM, CIE, AVAV, PXP, MMR, C, FCX, AAPL, BACOn The Fly: Closing Wrap
Stocks on Wall Street were mixed on the day as the Dow and S&P 500 both finished in positive territory while the Nasdaq finished lower. Financial bellwethers Citigroup (C) and Bank of America (BAC) both gained over 5% on the session, while shares of Apple (AAPL) lost $37.05, or 6.43%, to close at $538.79, weighing on the Nasdaq... ECONOMIC EVENTS: In the U.S., ADP said employers added 118,000 jobs last month, which was below analysts' forecasts, but Superstorm Sandy was estimated to have cut the total by 86,000 jobs. The Labor Department revised its estimate for Q3 productivity growth up to an annual rate of 2.9% from its initial estimate of 1.9%. Factory orders rose 0.8% in October, versus expectations for them to be flat. The ISM non-manufacturing PMI rose to 54.7, versus expectations for it to slip to 53.5... COMPANY NEWS: Citigroup announced a sweeping workforce reduction that will see 11,000 jobs, or 4% of its employees, cut. Citi sees pre-tax charges of around $1B in Q4 due to the restructuring but expects the cuts to save $900M next year and slightly more after that. Citi shares rose $2.17, or 6.33%, to $36.46... Apple's steady, day-long slide was attributed to a number factors, including a DigiTimes report of slowing demand for iPhone parts, a decision by a clearing firm to increase its margin requirement on purchases of Apple's stock and a bearish technical development on its chart... Freeport McMoRan (FCX) announced a huge deal, agreeing to repurchase McMoRan Exploration (MMR) for $14.75 per share in cash and to acquire Plains Exploration (PXP) for $6.9B in cash and stock. Following the news, which was broken last night by Financial Times, shares of Freeport plunged $6.12, or 15.99%, to $32.16, while McMoRan Exploration surged $7.36, or 87.00%, to $15.82 and shares of Plains gained $8.45, or 23.44%, to $44.50... MAJOR MOVERS: Among the notable gainers were shares of Cobalt International Energy (CIE), up $4.43, or 18.63%, to $28.21 after announcing a Gulf of Mexico discovery in partnership with Total (TOT). Also higher were shares of AeroVironment (AVAV), up $2.68, or 13.23%, to $22.94 after reporting better-than-expected earnings after yesterday's close and receiving an upgrade to Neutral from Underperform at Sterne Agree. Among the noteworthy losers were shares Mattress Firm (MFRM), down $6.65, or 21.93%, to $23.67, and Pandora (P), down $1.65, or 17.46%, to $7.80 following disappointing earnings and guidance... INDICES: The Dow was up 82.71, or 0.64%, to 13,034.49; the Nasdaq was down 22.99, or 0.77%, to 2,973.70; and the S&P 500 was up 2.23, or 0.16%, to 1,409.28.
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November 18, 2015
10:33 EDTFCXFreeport McMoRan volatility elevated as copper near seven-year low
Freeport McMoRan November call option implied volatility is at 89, December is at 76; compared to its 52-week range of 25 to 94, suggesting large price movement as copper trades at six-year low.
10:00 EDTAAPLOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Apple (AAPL) upgraded to Conviction Buy from Buy at Goldman... BorgWarner (BWA) upgraded to Buy from Neutral at Goldman... Cognex (CGNX) upgraded to Buy from Hold at Canaccord... FARO Technologies (FARO) upgraded to Buy from Hold at Canaccord... Lazard (LAZ) upgraded to Strong Buy from Outperform at Raymond James... LendingClub (LC) upgraded on valuation, positive outlook at Sterne Agee CRT... Middleby (MIDD) upgraded to Outperform from Market Perform at BMO Capital... Perrigo (PRGO) upgraded to Buy from Neutral at B. Riley... RE/MAX Holdings (RMAX) upgraded to Market Perform from Underperform at JMP Securities... Sally Beauty (SBH) upgraded to Buy from Neutral at Goldman... Shopify (SHOP) upgraded to Outperform from Market Perform at Raymond James... TASER (TASR) upgraded to Buy from Neutral at Ladenburg... USG (USG) upgraded to Buy from Neutral at Northcoast.
09:52 EDTAAPLApple trades up, Goldman adds to Conviction Buy List
The stock was last at $116.89, up over 2.8% on the session on moderate volume. At current price next resistance is at $119.27. Support is at $115.75, the opening price of the day.
09:34 EDTAAPLActive equity options trading on open
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08:55 EDTBAC, CMorgan Stanley exec sees Q4 not much better than Q3 for banks, DJ reports
Morgan Stanley (MS) Institutional Securities President Colm Kelleher cautioned that fixed-income markets "still seem subdued," according to Dow Jones, citing his comments at an investment conference. Morgan Stanley was among the banks that reported lower revenue from fixed-income, currency and commodities trading during the third quarter and Kelleher said he doesn't think "the fourth quarter is going to be much better," the report noted. Large bank peers to Morgan Stanley include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
06:14 EDTAAPLApple upgraded to Conviction Buy from Buy at Goldman
Goldman Sachs analyst Simona Jankowski upgraded Apple to Conviction Buy saying the stock trades at a 30% discount to the S&P 500 multiple. The market views Apple as a "hardware" stock, or a company with limited recurring revenue and visibility that only extends to the next product cycle, Jankowski tells investors in a research note. Over the next year, however, the analyst expects the market focus will shift from unit growth to installed base monetization and recurring revenues, which she dubs "Apple-as-a-Service." Jankowski believes Apple has a "significant multi-year opportunity" to increase monetization given its estimated installed base of 500M loyal iPhone users. She has a $163 price target for shares. The iPhone maker closed yesterday down 49c to $113.69.
06:13 EDTBACBofA CEO: Banks trying to revamp checking to fend off startups, Bloomberg says
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06:12 EDTAAPLApple Pay coming to Domino's by end of year, Cinnabon in 2016, AP reports
Apple (AAPL) yesterday said that company-owned Domino's (DPZ) pizza outlets will be accepting Apple Pay by the end of 2015, while Cinnabon plans to integrate the mobile payments solution in its stores in 2016, The Associated Press reports. Reference Link
05:56 EDTAAPLSony Mobile, LG to develop smartphone app processors in-house, DigiTimes says
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05:42 EDTCStora Enso Oyj appoints Citi as successor depositary bank for ADR program
Citi (C), acting through Citibank N.A., has been appointed by Stora Enso Oyj (SEOAY) as successor depositary bank for its Level 1 American Depositary Receipt, or ADR, program, which trades on the U.S. OTCQX marketplace under the symbol "SEOAY". Stora Enso's underlying ordinary shares are listed and trade on the NASDAQ OMX Helsinki Stock Exchange under symbol "STERV".
November 17, 2015
16:01 EDTAAPL, BAC, FCXOptions Update; November 17, 2015
iPath S&P 500 VIX Short-Term Futures up 1.32 to 21.07. Option volume leaders: GE BAC AAPL FB NFLX SYF WMT CSCO MU SUNE VRX BABA AMZN HD FCX
09:35 EDTAAPLActive equity options trading on open: AAPL FB GE HD
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09:02 EDTAAPLAnalyst pans competing products, says buy Fitbit
Shares of previous high-flier Fitbit (FIT) have dropped about 30% in the last two weeks following the company's third quarter earnings report, but an analyst at Bank of America upgraded his view of the fitness tracker maker this morning, saying that now is the time to buy ahead of fourth quarter results that may be boosted by the "underwhelming" new products being launched by its competitors. UNDERWHELMING COMPETITION: Fitbit's sales guidance for this holiday quarter looks conservative, contends Bank of America analyst Nat Schindler, who notes that the company only had the launch of one new product last December but will have the Charge, Charge HR and Surge to drive sales this season. Schindler also notes that the company's international advertising has expanded into more countries ahead of the holidays this year. Key, however, may be the "underwhelming" lineup of new or updated fitness trackers launched by competitors, such as the Microsoft's (MSFT) Band 2, Jawbone's UP4 and Sony's (SNE) Smartband 2, many of which have only minor improvements and no "must have" features to pull consumers away from Fitbit, Schindler told investors in his research note. PLATFORM PICKING UP STEAM: The analyst also pointed out that Fitbit now has more than 20 companies signed onto its health and wellness platform, including big names like Target (TGT) and Barclays (BCS), which he believes should help drive revenue beats in the upcoming fiscal year due to increased device sales. Also, the additional dashboard data should help Fitbit maintain long-term user engagement, said Schindler. APPLE WATCH: Apple's (AAPL) Apple Watch is largely viewed as the biggest potential competitive threat to Fitbit's offerings, but on the fitness tracker maker's last earnings call CEO James Park said Fitbit's products differ from those of its competitors in several key aspects, including pricing, cross-platform compatibility, brand awareness and product line breadth. Other wearables makers include Garmin (GRMN) and Samsung. PRICE ACTION: Since the day after Fitbit's last earnings report after the market close on November 2, its shares have fallen about 29.5% to close yesterday at $28.80. In pre-market trading this morning, Fitbit shares rose 2% to $29.40.
08:16 EDTPPandora acquisitions suggest core business weak, says Pacific Crest
Pacific Crest believes that Pandora's recent acquisitions indicate that its core business has " impaired operational leverage." Additionally, the firm does not think the acquisitions improve the company's long-term profit potential. It does not recommend owning the stock.
07:51 EDTTOTRBC Capital to hold a field trip
European Energy Field Trip travels throughout Europe on November 17-19.
07:50 EDTBAC, CClearing House to hold a conference
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07:43 EDTPPandora acquisition an attempt to expand platform, says Canaccord
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07:25 EDTPPandora transaction positive, says Stifel
After Pandora announced that it had acquired key tech assets of Rdio and would launch an on-demand service, Stifel says that Pandora obtained the high quality assets at a lower price than it had previously thought possible. The firm thinks that Pandora's high quality "music discovery" will enable it to differentiate its on-demand product from that of the competition. Stifel keeps a $27 price target and Buy rating on the shares.
07:01 EDTAAPLGlobal Payments to offer Apple Pay support in Canada
Global Payments (GPN) said it will offer its merchants in Canada the ability to accept American Express (AXP) payments made with Apple (AAPL) Pay. As an Apple Pay-qualified payment provider, Global Payments' robust suite of payments solutions is fully enabled for Apple Pay acceptance, allowing merchants to offer their customers the convenience of Apple Pay acceptance in-store, in-app and on-the-go.
05:22 EDTPStocks with implied volatility movement; P PFE
Stocks with implied volatility movement; Pandora (P) 104, Pfizer (PFE) 29 according to iVolatility.
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