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Stock Market & Financial Investment News

News For AAPL;C;BAC;GOOG;GS From The Last 14 Days
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January 14, 2015
05:28 EDTAAPLEricsson files complaint against Apple in U.S. District Court
Following Apple's (AAPL) action, Ericsson (ERIC) has filed a complaint in the U.S. District Court for the Eastern District of Texas requesting a ruling on Ericsson's proposed global licensing fees with Apple. During the past two years of negotiations, the companies have not been able to reach an agreement on licensing of Ericsson's patents that enable Apple's mobile devices to connect with the world and power many of their applications. Ericsson filed the suit in order to receive an independent assessment on whether Ericsson's global licensing offer complies with Ericsson's fair, reasonable, and non-discriminatory, or FRAND, commitment. The global license agreement between Ericsson and Apple for mobile technology has expired and Apple has declined to take a new license on offered FRAND terms. Ericsson's Q4 IPR revenue will include payment from Apple under previous agreement. Every Apple smartphone and tablet with cellular capability uses technology from Ericsson. On January 12, Apple filed a lawsuit asking the U.S. District Court for the Northern District of California to find that it does not infringe a small subset of Ericsson's patents.
January 13, 2015
16:24 EDTAAPLOn The Fly: Closing Wrap
The Wall Street averages spent time in both positive and negative territory during the session, before closing a bit below where they'd started the day. The market opened sharply higher after Alcoa’s (AA) better than expected report gave some optimism about the upcoming earnings season. The early move higher came despite oil continuing its slide. The major averages saw their highs shortly after the open and then began to drift slowly lower. By mid-afternoon the market was in the red, though the equity averages eventually made it briefly back into positive ground, but failed to hold those narrow gains into the close. ECONOMIC EVENTS: In the U.S., the NFIB small business optimism index for December came in at 100.4, which was stronger than the expected 98.5 reading. The JOLTS report showed job openings increased 142K to 4.972M in November, beating the 4.85M consensus forecast. Treasury posted a $1.9B surplus in December, which was a bit below the expected surplus of $3B. Also of note is the fact that the U.S. and European benchmarks of WTI and Brent crude were at parity for the first time since 2013 during the session, with both trading near $46 per barrel for a time. COMPANY NEWS: KB Home (KBH) reported better than expected revenue and higher orders in its fourth quarter, but the stock declined $2.70, or 16.29%, to $13.87 after CEO Jeffrey Mezger warned on the associated earnings call that margins could drop "significantly" in its current quarter from the levels seen last year. KB's margin outlook, which it blamed on rising costs, heavier use of incentives and a sequential decline in average selling prices, dragged down peers in the housing space as well. D.R. Horton (DHI), the biggest homebuilder by market cap, finished the day down $1.26, or 4.83%, to $24.82, while PulteGroup (PHM) also slid $56c, or 2.47%, to $22.13... MetLife (MET) said it will sue to oppose the U.S. Financial Stability Oversight Council’s designation of the insurer as a SIFI, or "systemically important financial institution." The life insurer called the label premature and said it has offered “substantial and compelling evidence” that it isn’t a SIFI. Wells Fargo said it thinks it is appropriate for MetLife to challenge the ruling, though the firm does not presently see a Dodd-Frank provision that enables an entity to shed its designation. Wells added that a MetLife victory would have no impact on either AIG (AIG) or Prudential (PRU), which did not challenge their SIFI designations before their windows closed. MAJOR MOVERS: Among the notable gainers was Emulex (ELX), which rose $1.21, or 20.86%, to $7.01 after the company issued better than expected guidance on its second quarter results. Also higher was McGraw Hill Financial (MHFI), which jumped $5.13, or 5.98%, to $90.89 after reports said the company's Standard & Poor’s rating unit was in talks about a potential $1B settlement to its fight with the Justice Department and state attorneys general over allegations of inflating credit ratings on mortgage investments preceding the financial crisis. Among the noteworthy losers was ChannelAdvisor (ECOM), which plunged $11.32, or 53.52%, to $9.83 after its fourth quarter revenue warning prompted no less than eight downgrades of the stock by Street analysts. Also lower were shares of Ocwen Financial (OCN), which dropped $4.41, or 36.18%, to $7.78 after the Los Angeles Times reported that California is seeking to suspend the company's mortgage license in the state. Altisource Portfolio Solutions (ASPS), which is a related company to Ocwen, also declined $10.45, or 38.79%, to $16.49. Shares of GoPro (GPRO) fell $6.91, or 12.17%, to $49.87 after the Patently Apple blog reported that Apple (AAPL) was granted a patent for a camera system that specifically mentions the weaknesses of GoPro devices. INDEXES: The Dow fell 27.16, or 0.15%, to 17,613.68, the Nasdaq lost 3.21, or 0.07%, to 4,661.50, and the S&P 500 dropped 5.23, or 0.26%, to 2,023.03.
16:00 EDTAAPLOptions Update; January 13, 2015
iPath S&P 500 VIX Short-Term Futures up 66c to 34.42. Option volume leaders: AAPL JNJ CELG WFM TSLA TWTR AMZN GILD according to Track Data.
15:55 EDTAAPLGoPro weakness due to Apple camera patent news is overdone, says Barclays
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15:51 EDTCSpringleaf, Apollo Global among bidders for OneMain, Bloomberg says
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15:12 EDTC, GS, BACU.S. Supreme Court decision gives homeowners leeway to rescind mortgage loans
In an unanimous ruling, the U.S. Supreme Court ruled on Jesinoski vs. Countrywide Home Loans that homeowners are allowed to rescind home mortgages within the three years allotted under the Truth in Lending Act of 1968 by providing written notice to his/her lender. The court ruled that the borrowers were not required to file suit against the lender, which the respondents, Countrywide, claimed. The notice of rescission was sufficient to clear the homeowners of any obligation to the loan, provided they do it within the allotted time. Countrywide Home Loans is a subsidiary of Bank of America (BAC). Other publicly traded companies in the banking space include Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
15:07 EDTCSpringleaf conducts due dillegence on OneMain, Bloomberg reports
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13:56 EDTGOOGGM open to partnering with Google on self-driving cars, Time says
GM (GM) would be open to having a discussion with Google (GOOG) about jointly developing self-driving cars, GM Chief Technology Officer Jon Lauckner said, according to Time Magazine. Reference Link
12:33 EDTAAPLApple granted patent for remote-controlled camera system, Patently Apple says
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12:32 EDTGOOGGoogle February volatility elevated as shares rally from 14-month low
Google January call option implied volatility is at 21, January weekly is at 22, February is at 28, March is at 23; compared to its 26-week average of 22 according to Track Data, suggesting large near tem price movement.
12:27 EDTCDOJ, EPA report proposed settlement regarding cleanup of Warren County, NJ site
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11:20 EDTBACBank of America January volatility elevated into Q4 and outlook
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11:04 EDTCCitigroup January volatility elevated into Q4 and outlook
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10:59 EDTAAPLApple rises after Credit Suisse, Canaccord hike iPhone estimates
Shares of Apple (AAPL) are climbing after two research firms issued upbeat notes on the company in notes to investors today. WHAT'S NEW: Credit Suisse analyst Kulbinder Garcha upgraded Apple to Outperform from Market Perform. The company should sell 215M iPhones in both fiscal 2015 and fiscal 2016, Garcha estimated. Meanwhile, Apple's gross margins are being boosted by the increased popularity of both its 64 GB memory phones and of the IPhone 6 Plus, the analyst stated. Garcha increased his earnings per share estimate for the iPhone maker by 18% in fiscal 2015 and 20% in fiscal 2016. Additionally, the firm believes excessive net cash levels indicate a new $200B return program should occur. The analyst thinks the shares can reach $130 at least. After analyzing surveys in the U.S. that took place in December and into January, Canaccord analyst T. Michael Walkley said the surveys showed strong demand and market share gains for the new iPhones. The analyst increased his iPhone estimates for Apple's December quarter, as well as his estimates for the company's overall December quarter results. The increases were based on the positive demand trends, particularly for models with higher memory levels and prices, Walkley stated. He expects these positive trends to continue and reiterated a $135 price target and Buy rating on the shares. PRICE ACTION: In mid-morning trading, Apple climbed $3.39, or 3.1%, to $112.64.
10:00 EDTAAPLOn The Fly: Analyst Upgrade Summary
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09:36 EDTGOOG, C, AAPLActive equity options trading
Active equity options trading according to Track Data: AAPL AMD AA TWTR GILD C CELG TSLA GOOG
09:07 EDTAAPLOn The Fly: Pre-market Movers
HIGHER: Apple (AAPL), up 1.4% after Credit Suisse upgraded Apple to Outperform and raised its iPhone volume estimates again... Best Buy (BBY), up 2.8% after being upgraded to Buy from Neutral at Goldman... SunPower (SPWR), up 2.6% after being upgraded to Outperform at Credit Suisse... Alcoa (AA), up 2% after Q4 results beat expectations. RISING AFTER GUIDANCE: Pharmacyclics (PCYC), up 17.5%... CTI BioPharma (CTIC), up 8.3%... Emulex (ELX), up 15.5%... ARIAD (ARIA), up 2.6%. LOWER: ChannelAdvisor (ECOM), down 42% following preliminary fourth quarter revenue guidance and after receiving multiple analyst downgrades... Antares Pharma (ATRS), down 7.7% after the FDA recommended that the company create a larger safety database for its clinical development program for QuickShot Testosterone.
07:44 EDTC, BACNationstar, non-bank lenders could get boost from refis, WSJ says
As a decline in interest rates and a reduction in federal loan fees boosts refinancing activity, smaller banks and non-bank lenders, such as Quicken Loans, loanDepot, and Nationstar Mortgage (NSM), may be in a better position than large banks to benefit, said The Wall Street Journal. Publicly traded large U.S. banks include Bank of America (BAC), Citi (C), JPMorgan (JPM), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
07:36 EDTAAPLApple survey suggests demand remains strong, says Canaccord
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07:18 EDTAAPLQuanta ramps up production of 12-inch MacBook Air, DigiTimes reports
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