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Stock Market & Financial Investment News

News For AAPL;JPM;RDSA;NVS;BKS;WDC;GD;VIA;VIAB;BLK;MPC From The Last 14 Days
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January 27, 2016
12:11 EDTAAPLOn The Fly: Top stock stories at midday
Stocks began the session in negative territory and proceed to lose additional ground after the open. Despite another disappointing weekly Department of Energy inventory report, which pointed to larger than expected builds of both oil and gas stockpiles, the price of crude moved higher in later morning trading, taking equities up with it. Fed watchers have zero expectation that the central bank will announce an interest rate hike later today, but are hoping for a dovish policy statement to be issued in conjunction with the end of the latest FOMC meeting. ECONOMIC EVENTS: In the U.S., new home sales surged 10.8% to a 544,000 annualized pace in December, topping expectations and hitting their highest level in 10 months. The FOMC rate decision is due out at 2 pm ET and 100% of 104 analysts surveyed by Bloomberg were aligned in predicting no change to benchmark U.S. interest rates will be announced today. While their is no chance seen that the central bank will raise rates, the language in the statement will be closely examined for any clues on the Fed's thinking about when the next rate may be coming. COMPANY NEWS: Shares of Apple (AAPL) declined about 5% after the tech giant reported first quarter earnings that topped consensus estimates last night, but also issued revenue guidance for the new quarter that missed expectation. The company was noted by several analysts as having a particularly downbeat tone in its earnings conference call, invoking the difficult macroeconomic environment and weakness it has recently seen in China... Apple was not the worst performer in the Dow, however, as that distinction goes to Boeing (BA). Shares of the commercial airplane maker and defense contractor plummeted 7% after its profit outlook for the new fiscal year fell far short of the Street's consensus forecast. Conversely, United Technologies (UTX), which is also in the Dow and also involved in aerospace and defense, gained 2% after backing its adjusted earnings outlook for fiscal 2016. MAJOR MOVERS: Among the notable gainers was SunEdison (SUNE), which rallied 12% after the company and David Einhorn's Greenlight Capital agreed to new corporate governance initiatives, including appointing Claire Gogel to its board and amending its bylaws to provide that it will not make equity issuances for two years without supermajority vote of the board. Also higher were Commvault (CVLT), Hess (HES) and Biogen (BIIB), which gained 13%, 10% and 8%, respectively, after reporting quarterly earnings. Among the noteworthy losers was DreamWorks Animations (DWA), which fell 4.5% after the stock was downgraded to Sell at Topeka. Also lower were U.S. Steel (X), VMware (VMW), and Textron (TXT), which were down 12%, 8.5%, and 8%, respectively, after reporting quarterly earnings. INDEXES: Near midday, the Dow was up 37.60, or 0.23%, to 16,204.83, the Nasdaq was down 9.88, or 0.22%, to 4,557.79, and the S&P 500 was up 9.54, or 0.5%, to 1,913.17.
12:05 EDTGDGeneral Dynamics: Gulfstream order activity 'quite good'
Says gulfstream book-to-bill at 1-to-1. Says gulfstream order activity "quite good." Says ISNT book-to-bill has been 1-to-1 every other quarter than Q4. Sees FY16 ISNT book-to-bill at 1-to-1.
11:58 EDTGDGeneral Dynamics says G650 output rate 'sustainable' in FY16, FY17
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11:52 EDTGDGeneral Dynamics sees FY16 net interest expense around $95M
Sees FY16 effective tax rate in mid-29% range.
11:49 EDTGDGeneral Dynamics sees FY16 operating margin 13.3%
11:48 EDTGDGeneral Dynamics sees using all free cash flow in FY16 for dividends, buybacks
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11:47 EDTGDGeneral Dynamics sees FY16 EPS roughly $9.20, consensus $9.52
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11:41 EDTGDGeneral Dynamics says combat business poised for 'modest' growth in FY16
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11:13 EDTWDCCiti mixed on hard disk drive makers, says sell Seagate, buy Western Digital
Citi initiated coverage of hard disk drive, or HDD, maker Western Digital (WDC) with a Buy rating, as the firm is relatively bullish on the company's acquisition of flash memory developer SanDisk (SNDK). Conversely, Citi started coverage of the other major hard disk drive maker, Seagate (STX), with a Sell rating, saying that actions it has taken to cope with the decline of the sector "may only help so much." Stating that the sector has begun a decline that should last for quite some time, the firm believes that Western Digital's actions to cope with this situation are more effective than those taken by its competitor. WHAT'S NEW: Western Digital's pending acquisition of SanDisk makes the company more stable, and will raise its margins and profits, according to Citi analyst Stanley Kovler. The deal will increase Western Digital's earnings per share by a greater amount than if the company had continued its shares buybacks, the analyst added. Conversely, Seagate is trying to lower its costs and improve its products and execution, Kovler noted. The company also entered the solid state drive market, he stated. Given Seagate's limited exposure to markets other than HDD and the "malaise" in that market, the company may seek to make a "potentially transformative" acquisition, the analyst stated. But in light of its "limited financial flexibility," such a deal could limit its ability to return cash to shareholders, Kovler warned. Moreover, any acquisition made by the company may not be large enough to "fully transform" Seagate, according to Kovler, who set a $53 price target on Western Digital and a $23 price target on Seagate. PRICE ACTION: In late morning trading, Western Digital fell 1% to $44.83 and Seagate lost 1.6% to $27.29.
10:53 EDTAAPLVIX methodology for Apple VXAPL down 20% to 32.13 after Q1 and outlook
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10:15 EDTAAPLActive puts: SPY MTG X VMW AAPL XME
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10:10 EDTAAPLActive calls: XOM AAPL SPY BAC UUP
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10:00 EDTWDCOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Arista Networks (ANET) initiated with a Buy at Citi... Brocade (BRCD) initiated with a Neutral at Citi... CBL & Associates (CBL) initiated with an Underperform at Boenning & Scattergood... Caleres (CAL) initiated with a Hold at BB&T... Ciena (CIEN) initiated with a Neutral at Citi... Fitbit (FIT) initiated with a Buy, $35 target at Citi... Genesco (GCO) initiated with a Hold at BB&T... Infinera (INFN) initiated with a Buy at Citi... Nabriva Therapeutics (NBRV) initiated with a Buy at Gabelli... SanDisk (SNDK) initiated with a Buy at Citi... Seagate (STX) initiated with a Sell at Citi... Tanger Factory (SKT) initiated with an Underperform at Boenning & Scattergood... Taubman Centers (TCO) initiated with a Neutral at Boenning & Scattergood... WP Glimcher (WPG) initiated with an Underperform at Boenning & Scattergood... Western Digital (WDC) initiated with a Buy at Citi... Yirendai (YRD) initiated with a Buy at Needham.
09:37 EDTAAPLApple drops after earnings and outlook
Shares are down over 4% to $95.82 following earnings and outlook announced after the close yesterday. At current price support is at the 52-week low at $92. Resistance is at $96.87.
09:32 EDTAAPLActive equity options trading on open
Active equity options trading on open: AAPL FB AMZN AAL BAC PCLN NFLX MRK GOOG
09:12 EDTAAPLOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Biogen (BIIB), up 5.6%... Hawaiian Holdings (HA), up 6.7%... Capital One (COF), up 1.5%. ALSO HIGHER: Capnia (CAPN), up 34.1% after entering into an exclusive distribution agreement with Bemes... Fate Therapeutics (FATE), up 18.6% after announcing that the FDA has cleared the company's investigational new drug application for ProTmune... Raptor Pharmaceutical (RPTP), up 12.1% after being upgraded to Buy from Neutral at Citi... Aquinox (AQXP), up 5.6% after Baker Bros. buys 140,786 shares in the company... Sunedison (SUNE), up 7.4% after SunEdison and Greenlight Capital announced that they have mutually agreed to corporate governance initiatives... Citizens Financial Group (CFG), up 3% after it will be added to the S&P 500... Terex (TEX), up 5.2% after being upgraded to Neutral from Underweight at JPMorgan. DOWN AFTER EARNINGS: Tupperware Brands (TUP), down 11.4%... VMware (VMW), down 6.5%... Textron (TXT), down 9.9%... Cliffs Natural (CLF), down 5.8%... Boeing (BA), down 6.2%... Fiat Chrysler (FCAU), down 3%... Apple (AAPL), down 3.4%. ALSO LOWER: Priceline (PCLN), down 2.9% after being downgraded to Neutral from Buy at Goldman... Bed Bath & Beyond (BBBY), down 4.2% after being downgraded at Citi and KeyBanc... Tripadvisor (TRIP), down 5.5% after being downgraded to Sell from Neutral at Goldman.
09:03 EDTGDGeneral Dynamics reports Q4 EPS $2.40, consensus $2.38
Reports Q4 revenue $7.81B, consensus $8.24B. General Dynamics' total backlog at the end of 2015 was $66.1B. Company-wide operating margin for Q4 and full-year 2015 was 13.3%. The company said, "We have a healthy and stable backlog with the defense businesses executing on recent program wins, and Aerospace's backlog is growing year-over-year reflecting strong order activity throughout 2015."
08:16 EDTAAPLApple set-up 'increasingly attractive,' says Bernstein
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08:11 EDTAAPLApple guidance better than feared, says Morgan Stanley
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08:02 EDTAAPLApple price target lowered to $120 from $140 at Stifel
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