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Stock Market & Financial Investment News

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April 17, 2013
16:32 EDTALKS, EOPN, TXT, AAPL, CRUS, BAC, ENDP, ACUROn The Fly: Closing Wrap
Stocks on Wall Street were sharply lower as the S&P and Nasdaq gave back all of yesterday's gains. The Dow returned almost all of yesterday's advance, logging its third consecutive triple-digit move. ECONOMIC EVENTS: The Federal Reserve's Beige Book, released this afternoon, said that economic activity expanded at a moderate pace, which was in-line with expectations. In Europe, Germany's top central banker said it may take Europe a decade to recover from its debt crisis and ratings agency Egan Jones reportedly cut its rating on Germany to A from A+. COMPANY NEWS: Apple's (AAPL) shares fell below $400 during the session and closed down $23.44, or 5.5%, at $402.80. One of the company's suppliers, Cirrus Logic (CRUS), estimated that revenue for its current quarter would be significantly below expectations, reinforcing expectations from some analysts that second quarter iPhone shipments will be much lower than in the first quarter. Cirrus shares lost $3.36, or 15.69%, to $18.05 following its warning and a number of other suppliers with exposure to Apple's supply chain fell also... Bank of America (BAC) reported headline earnings that missed consensus, though its revenue topped expectations. The bank also announced it has agreed to a $500M settlement in principle that would dismiss more suits brought against its Countrywide unit related to residential mortgage-backed securities. BofA was the Dow's worst performer following its quarterly report, falling 58c, or 4.72%, to $11.70. MAJOR MOVERS: Among notable gainers were shares of Acura Pharma (ACUR), up 73c, or 33.95%, to $2.88, and Endo Health (ENDP), up $1.10, or 3.16%, to $35.96 after the FDA announced it will not approve generic versions of non-tamper-resistant OxyContin. Also higher was Alkermes (ALKS), up $4.12, or 16.09%, to $29.72 after reporting preliminary results from a study of a drug candidate for major depressive disorder. Among the noteworthy losers was E2open (EOPN), down $4.49, or 24.18%, to $14.08 after its earnings and guidance fell well short of expectations. Also lower were shares of Textron (TXT), down $3.94, or 13.42%, to $25.41 after the company reported first quarter results that missed expectations and it cut its full-year view... INDICES: The Dow was down 138.19, or 0.94%, to 14,618.59; the Nasdaq was down 59.96, or 1.84%, to 3,204.67; and the S&P 500 was down 22.56, or 1.43%, to 1,552.01.
News For AAPL;CRUS;BAC;ENDP;ACUR;ALKS;EOPN;TXT From The Last 14 Days
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October 20, 2014
08:32 EDTAAPLFirst Tennessee to offer Apple Pay
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08:00 EDTAAPLApple Pay now available to Whole Foods Market customers
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06:37 EDTAAPLApple not planning to make touchscreen desktop computers, CNet reports
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October 19, 2014
20:41 EDTAAPLMicrosoft plans smartwatch launch within weeks, Forbes says
Microsoft (MSFT) is planning a smart watch launch within the next few weeks, Forbes says.The smart watch will passively keep track of the wearer’s heart rate and work across different mobile platforms, added Forbes. Apple (AAPL) has delayed its own smartwatch launch to early 2015 according to the report. Reference Link
October 17, 2014
16:55 EDTBAC, AAPLStocks end volatile week lower amid oil price plunge
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16:01 EDTAAPLOptions Update; October 17, 2014
iPath S&P 500 VIX Short-Term Futures down 1.75 to 38.58 Option volume leaders: AAPL TSLA TWTR AMZN FB NFLX GILD CLF PBR according to Track Data.
15:46 EDTAAPLApple October weekly volatility elevated into Q4
Apple October weekly call option implied volatility is at 41, November is at 28, December is at 26, January is at 25 compared to its 26-week average of 25 according to Track Data, suggesting large near term price movement into the expected release of Q4 on October 20.
12:52 EDTTXTOn The Fly: Midday Wrap
Stocks on Wall Street were sharply higher at midday, as the averages bounce back following steep declines in several recent sessions. Better than expected earnings from General Electric (GE) and Morgan Stanley (MS), a rebound in European stock markets and a stronger than expected reading on U.S. consumer confidence may all be contributing to the brightened mood evidenced by today's trading. ECONOMIC EVENTS: In the U.S., housing starts rebounded 6.3% to a 1.017M pace in September, beating expectations for a monthly increase of 4.6%. Building permits increased 1.5% to a 1.018M rate, which was below the expected 2.3% rise. The first release on the University of Michigan's consumer sentiment index for October came in at 86.4, versus expectations for a decline to 84.0 from the prior 84.6 reading. COMPANY NEWS: General Electric shares rose over 3% after the company reported better than expected third quarter profit and nearly in-line revenues. Morgan Stanley, whose quarterly results also topped Street expectations, advanced 2.5%. MAJOR MOVERS: Among the notable gainers was Westmoreland Coal (WLB), which gained 23% after it stuck a deal to acquire Oxford GP, the general partner of Oxford Resource Partners (OXF), and contribute certain royalty bearing coal reserves to Oxford in return for Oxford common units. Afterward, Brean Capital raised its price target on Westmoreland to $60, noting the announcement represents an entry into the MLP space. Also higher were shares of Textron (TXT), which advanced 11% after the aircraft and defense company reported better than expected third quarter earnings per share and raised its profit outlook for fiscal 2014. Among the noteworthy losers was Urban Outfitters (URBN), which dropped 13% and was downgraded by at least three Street research firms after the owner of Anthropologie and its namesake clothing stores warned that its Q3 earnings may be negatively impacted by continued weakness in its comparable retail sales. Also lower was Myriad Genetics (MYGN), which fell 7% after guiding to lower than expected Q1 adjusted earnings, citing a higher than expected increase in costs to perform its myRisk Hereditary Cancer test following the test's national launch. INDEXES: Near midday, the Dow was up 295.34, or 1.83%, to 16,412.58, the Nasdaq was up 62.43, or 1.48%, to 4,279.82, and the S&P 500 was up 29.48, or 1.58%, to 1,892.24.
11:58 EDTTXTTextron rallies after better than expected Q3 EPS, raising FY14 profit outlook
Shares of aircraft and defense company Textron (TXT) are advancing after the firm reported better than expected third quarter earnings per share and raised its profit outlook for fiscal 2014. WHAT'S NEW: Textron this morning reported Q3 EPS from continuing operations of 57c and revenue of $3.43B, compared to consensus of 52c and $3.63B, respectively. Aviation revenue for the quarter came in at $1.08B, Bell revenue was $1.18B, Systems revenue was $358M, Industrial revenue was $785M and Finance revenue was $25M for the quarter. Chief Executive Officer Scott Donnelly said commented that the increased revenues at Aviation, Industrial and Bell primarily reflected the success of its new product investment and acquisition strategies. Donnelly said the company achieved significant margin improvement in the quarter at Textron Aviation, which reflected higher volumes and better performance. Bell also had improved performance in Q3, Donnelly said, leading to an increase in quarterly margins compared to last year. WHAT’S NOTABLE: The company raised its FY14 EPS from continuing operations view to $2.05-$2.15 from $1.92-$2.12, in line with analysts' consensus estimates of $2.07. Textron also raised its FY14 outlook for cash flow from continuing operations of the manufacturing group before pension contributions to $700M-$800M, with expected pension contributions of around $83M. On the company's earnings conference call, management said it saw a pickup of orders in September and October in the new aircraft market. The company said it is also seeing significant contributions from its M&A investments. PRICE ACTION: In late morning trading, Textron rose $4.16, or about 12.4%, to $37.82 on heavy trading volume. Including today’s advance, the stock has gained approximately 36% over the past twelve months. OTHERS TO WATCH: Other companies in the aircraft and defense business include Boeing (BA), up 2.6%, Spirit Aerosystems (SPR), up 3.8%, and Embraer SA (ERJ) up 3.9%.
09:38 EDTAAPLActive equity options trading on
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09:32 EDTAAPLVirnetX files petitions, requests restoration of jury verdict against Apple
VirnetX (VHC) announced that it filed a petition with the U.S. Court of Appeals for the Federal Circuit, requesting a rehearing and rehearing en banc of the Federal Circuit's September 14 decision concerning VirnetX's litigation against Apple (AAPL). In its petition, VirnetX is asking the court to rehear its decision with respect to damages and affirm the district court's damages award against Apple in full because the Federal Circuit's decision is contrary to the patent statute and Supreme Court precedent. VirnetX is also asking the Federal Circuit to reinstate the jury's award that Apple infringed the '504 and '211 patents on the basis that the district court correctly construed the claim term "secure communication link." Kendall Larsen, VirnetX CEO and President said, "We respectfully believe the Court of Appeals for the Federal Circuit erred in certain parts of its decision and are asking it to further review its decision. We look forward to readdressing the decision with the court and remain confident about the strength of our arguments regarding restoration of the jury's damages award."
07:53 EDTAAPLFBI Director urges Apple, Google to change course on encryption, WSJ says
FBI Director James Comey, making his most extensive statements to date on encrypted phones and operating systems in a speech at the Brookings Institution, urged Apple (AAPL) and Google (GOOG) to “take a step back, to pause to consider, I hope, a change of course,’’ and called on lawmakers to update federal rules on how the government can intercept and monitor communication, reported The Wall Street Journal. Reference Link
07:19 EDTAAPLApple 'extremely well' positioned into holiday season, says Cantor
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06:34 EDTAAPLApple iPad refresh in-line with expectations, says Deutsche Bank
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06:33 EDTTXTTextron reports Q3 Aviation revenue $1.08B, Q3 Bell revenue $1.18B
Reports Q3 Systems revenue $358M, Q3 Industrial revenue $785M, Finance revenue $25M.
06:32 EDTTXTTextron raises FY14 EPS cont ops to $2.05-$2.15 from $1.92-$2.12
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06:31 EDTTXTTextron reports Q3 EPS cont ops 57c, consensus 52c
Reports Q3 revenue $3.43B, consensus $3.63B
06:24 EDTAAPLGlobal notebook shipments estimated at over 45M units, Digitimes Research says
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06:14 EDTAAPLApple debuts iPhone 6 in China, WSJ reports
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06:13 EDTAAPLLVMH could pair with a tech company to launch smartwatch, WSJ reports
LVMH Moet Hennessy Louis Vuitton (LVMUY) says it could team up with with a technology company to launch a smartwatch for one of its brands, the Wall Street Journal reports. Jean-Claude Biver, president of LVMH’s watch division, commented "Maybe in nine months, we will have a smartwatch." Publicly traded smartwatch makers include Apple (AAPL), Google (GOOG) and Samsung (SSNLF). Reference Link
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