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Stock Market & Financial Investment News

News Breaks
August 13, 2013
16:26 EDTPGEM, JOSB, LCC, DAL, OSIR, AAPL, IOC, UAL, AAMRQOn The Fly: Closing Wrap
Stocks on Wall Street were higher following comments from a regional Fed president suggesting a September "taper" may be unlikely. The Fedspeak appeared to offset worse than expected retail sales data released earlier in the day. The Nasdaq logged the day's largest gain, boosted by a surge in shares of Apple (AAPL), which climbed following the disclosure by activist investor Carl Icahn of a large stake. ECONOMIC EVENTS: In the U.S., retail sales edged up 0.2% in July, missing expectations for a 0.8% increase. Retail sales excluding autos increased 0.5%, however, which was a bit above the 0.4% rise expected for that reading. Import prices rebounded to rise 0.2% in July after being down in the prior month, while export prices slipped 0.1% in July. Business inventories were flat in June, versus expectations for them to grow 0.2%. Comments made by Atlanta Fed President Dennis Lockhart near midday sent the averages higher, as Lockhart largely ruled out a September tapering of the Fed's asset purchases given recent economic and employment data. COMPANY NEWS: Apple gained $22.21, or 4.75%, to $489.57 after Carl Icahn announced on his Twitter account that he has built a "large" position in the iPhone and iPad maker. Icahn also tweeted that he had a conversation with Apple CEO Tim Cook today, during which he told Cook a larger share buyback should be done now. A late afternoon headline from Bloomberg said that Icahn's position in Apple is over $1B... The Department of Justice filed an antitrust lawsuit seeking to block the proposed merger of US Airways (LCC) and American Airlines' bankrupt parent AMR Corp. (AAMRQ), saying the tie-up will result in passengers paying higher fares and receiving less service. Following the news, AMR shares fell $2.64, or 45.44%, to $3.17 and US Airways fell $2.46, or 13.07%, to $16.36. MAJOR MOVERS: Among the notable gainers was Osiris Therapeutics (OSIR), which saw its shares more than double, adding $14.78, or 138.65%, to $25.44 after a clinical trial of its treatment for diabetic foot ulcers met the pre-specified stopping rules for "overwhelming" efficacy. Also higher were shares of JoS. A. Bank (JOSB), up $5.03, or 12.48%, to $45.33 after BeaconLight Capital sent a letter to the company's board saying its stock could be worth $70 if the company took "a few simple steps." Among the noteworthy losers were a number of airline stocks, including United Continental (UAL), down $2.48, or 7.47%, to $30.73, and Delta Air Lines (DAL), down $1.49, or 7.08%, to $19.55 after the DoJ filed to block the proposed merger between US Airways and AMR. Also lower following their quarterly reports were Ply Gem Holdings (PGEM), down $3.66, or 19.34%, to $15.26, and InterOil (IOC), down $8.47, or 10.09%, to $75.51. INDEXES: The Dow was up 31.33, or 0.20%, to 15,451.01; the Nasdaq was up 14.49, or 0.39%, to 3,684.44; and the S&P 500 was up 4.69, or 0.28%, to 1,694.16.
News For AAPL;LCC;AAMRQ;OSIR;JOSB;UAL;DAL;PGEM;IOC From The Last 14 Days
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June 22, 2015
05:55 EDTAAPLApple changes tune over music streaming royalties, Financial Times says
Apple has agreed to pay for all the music carried on its new streaming music service during free trials, reports the Financial Times. The company signaled the climbdown after singer Taylor Sift released an open letter Sunday that denounced Apple Music as "shocking" and "disappointing.", adding that her views were shared by "every artist, writer and producer" in her social circles. The company will now pay for the music it streams during free trials, though it would pay less for each stream than it will when a user has taken a full subscription. Reference Link
June 21, 2015
13:03 EDTUAL, DALU.S. airline stocks may rise 15%-50% in one year, Barron's says
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June 19, 2015
16:59 EDTUAL, DALBuckeye, airlines agree to settle FERC disputes
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16:00 EDTAAPLOptions Update; June 19, 2015
iPath S&P 500 VIX Short-Term Futures up 11c to 18.21, Option volume leaders: AAPL TWTR BAC T FB GILD NFLX BABA AAL MU AMZN
12:46 EDTAAPLApple denies coercing artists into Apple Music deals, Rolling Stone reports
An Apple spokesman has denied allegations that it is threatening to remove music from its iTunes store by artists who do not sign up for the Apple Music service, reports Rolling Stone. A company spokesman said "It will not be taken off". The comments came after musician Anton Newcombe went on Twitter, alleging that an Apple representative threatened to take off their music if he didn't sign on. Reference Link
11:09 EDTDAL, UALDelta climbs following upgrade, reported fare hike
The shares of Delta Air Lines (DAL) are rising after research firm Wolfe Research upgraded the stock to Outperform from Peer Perform in a note to investors earlier today. Additionally, JPMorgan says Delta appears to have instituted a domestic fare increase yesterday. WHAT'S NEW: Delta's new deal with its pilots on profit sharing removes an unknown that had been facing the company, Wolfe wrote. Additionally, the airlines seems to be implementing additional domestic capacity cuts, the firm stated. As a result, Wolfe slightly increased its passenger revenue per available seat mile, or PRASM, estimate for the company. Furthermore, expectations for Delta's Q3 PRASM have dropped significantly, even though the airlines recently said that its PRASM should turn positive in Q4. Consensus estimates for Delta now look "reasonable" for this year and beatable in 2016, according to Wolfe, which set a $62 price target on the shares. WHAT'S NOTABLE: JPMorgan said Delta appears to have instituted an additional, $2 one-way across-the-board domestic fare increase yesterday, following last week's industry-wide increase. The firm sees "no harm" in Delta trying, but adds it would be surprised to see material support from the discounters. JPMorgan said it remains "puzzled" as to why airline industry stock sentiment is so negative since discipline among the companies is "alive and kicking." The firm has an Overweight rating on Delta. OTHERS TO WATCH: Other publicly traded airline operators include American Airlines (AAL), JetBlue (JBLU), Southwest (LUV) and United Continental (UAL). PRICE ACTIOn: In late morning trading, Delta rose 2.5% to $42.38.
10:00 EDTDALOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Aerie Pharmaceuticals (AERI) upgraded to Buy from Hold at Canaccord... Amedisys (AMED) upgraded to Buy from Hold at Jefferies... Consolidated Edison (ED) upgraded to Hold from Sell at Evercore ISI... Delta Air Lines (DAL) upgraded to Outperform from Peer Perform at Wolfe Research... Deutsche Bank (DB) upgraded to Neutral from Underperform at Exane BNP Paribas... EP Energy (EPE) upgraded on better than expected well economics at SunTrust... Encana (ECA) upgraded to Outperform from Market Perform at BMO Capital... Energy Transfer Partners (ETP) upgraded to Buy at BofA/Merrill... Erickson (EAC) upgraded to Outperform from In-Line at Imperial Capital... Fiserv (FISV) upgraded on growth opportunities, margin outlook at Oppenheimer... IPC Healthcare (IPCM) upgraded to Buy from Hold at Jefferies... Mack-Cali Realty (CLI) upgraded on valuation at Stifel... Micron (MU) upgraded to Buy on sustainable margins and capex at Topeka... NuStar Energy (NS) upgraded to Buy from Neutral at BofA/Merrill... NuStar GP Holdings (NSH) upgraded to Buy from Neutral at BofA/Merrill... Ramco-Gershenson (RPT) upgraded to Outperform from Neutral at Baird... Retail Opportunity (ROIC) upgraded to Outperform from Market Perform at Raymond James... Royal Dutch Shell (RDS.A) upgraded to Outperform from Sector Perform at RBC Capital... Smith & Wesson (SWHC) upgraded to Outperform from Sector Perform at RBC Capital... Sovran Self Storage (SSS) upgraded to Buy from Hold at Cantor... Springleaf (LEAF) upgraded to Outperform from Neutral at Macquarie.
09:37 EDTAAPLActive equity options trading on open
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09:08 EDTDALDelta Air Lines upgraded to Outperform from Peer Perform at Wolfe Research
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07:43 EDTDALDelta instituted $2 domestic fare increase yesterday, says JPMorgan
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06:18 EDTAAPLApple Music unable to secure rights to '1989' album, BuzzFeed News reports
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June 18, 2015
14:31 EDTAAPLApple said to plan video camera for next Watch, 9to5Mac reports
Apple plans to add a "FaceTime" video camera, more iPhone independence and additional premium-priced variants with the next iteration of the Apple Watch, but may only keep, or slightly improved, the existing battery life with the next device, reported 9to5Mac's Mark Gurman, citing multiple sources familiar with the company's plans. Reference Link
13:02 EDTAAPLWorldwide wearables market forecast to grow 173.3% in 2015, IDC says
The wearables market maintained its upward trajectory in the first quarter of 2015 as new vendors, including Apple (AAPL), prepared to enter the market. A new forecast from the International Data Corporation, IDC, Worldwide Quarterly Wearable Device Tracker estimates that 72.1M wearable devices will be shipped in 2015, up a strong 173.3% from the 26.4 million units shipped in 2014. Shipment volumes are expected to experience a compound annual growth rate, CAGR, of 42.6% over the five-year forecast period, reaching 155.7M units shipped in 2019. "We expect smart wearables, those capable of running third party apps, to take the lead in 2016," added Ubrani. "Smart wearables like the Apple (AAPL) Watch and Micosoft's (MSFT) Hololens are indicative of an upcoming change in computing, and the transition from basic to smart wearables opens up a slew of opportunities for vendors, app developers, and accessory makers." Other companies that have been mentioned in the wearable tech group include Google (GOOG), GoPro (GPRO) and Fitbit (FIT). Reference Link
12:10 EDTAAPLContract electronic manufacturers underperform after Jabil results
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12:04 EDTAAPLActive options: AAPL ORCL FB RAD BAC HTZ MU GE TSLA AMZN BABA KO
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10:21 EDTUAL, DALSouthwest, Spirit retreat after analysts downgrade shares
Southwest Airlines (LUV) and Spirit Airlines (SAVE) are falling after both airline stocks received downgrades from research firms this morning. Barclays downgraded Southwest, while Credit Suisse cut its rating on Spirit. WHAT'S NEW: Barclays analyst David Fintzen lowered his rating on Southwest to Underweight from Overweight, saying that the stock's valuation is above peer levels even though its outlook is no better than its large competitors. Moreover, the company's margins could drop in 2016 because of its "outsized growth," the analyst warned. Credit Suisse analyst Julie Yates downgraded Spirit Airlines to Neutral from Outperform, as she believes the airlines is facing more aggressive competitor fares. American Airlines (AAL) is offering lower fares than Spirit on five of the latter company's ten top ten routes for travel two months from reservation dates, the analyst stated. Moreover, Spirit's second quarter margins may come in below its guidance and the airline will probably reduce its margin outlook when its reports its Q2 results in late July, Yates predicted. WHAT'S NOTABLE: Barclays' Fintzen was more upbeat on Spirit, continuing to identify it as his top pick among airlines. More broadly, Fintzen remains generally upbeat on airline stocks, predicting that the industry's profitability will be "far more durable" than the market believes. The sector's competition is balanced, and it has increased its capacity and airplane purchases much less than in prior periods of oil price declines, according to Fintzen. Additionally, the airline stocks' multiples remain overly depressed, he believes. He says that the following stock in the sector can climb about 50%: Spirit, American, Delta (DAL), and United (UAL). PRICE ACTION: In early trading, Southwest dropped 2.2% to $33.11 and Spirit slid 2.4% to $60.91.
09:35 EDTAAPLActive equity options trading on open
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08:07 EDTAAPLAnalog Devices secured design win in next iPhone, says Citi
Citi analyst Christopher Danely says he believes Analog Devices (ADI) has secured a design win in the next generation Apple (AAPL) iPhone. The win could contribute $160M in revenue and 10c in earnings per share in 2016, Danely tells investors today in a research note. He upped his price target for Analog shares to $66 from $55 but keeps a Neutral rating on the name. The analyst believes the Apple design win is already priced in with shares trading at 22 times his 2016 earnings estimate. Danely cites valuation for his Neutral rating on the stock.
07:09 EDTAAPLAlmost 20% of Apple Watch buyers have purchased spare band, Reuters says
Nearly 20% of Apple Watch buyers have also purchased a spare band for the watch, Reuters reports, citing data from Slice Intelligence. Slice estimates that Apple has sold 2.79M watches as of mid-June, the report says. The data shows that approximately 17% of Apple Watch shoppers have purchased more than one band, with the entry level sports brand as the highest seller at $49, Reuters says. Other popular bands are the quilted leather loop at $149 and the stainless steel link bracelet for $449. Reference Link
05:41 EDTUAL, DALSouthwest downgraded to Underweight from Overweight at Barclays
Barclays analyst David Fintzen downgraded Southwest (LUV) two notches to Underweight from Overweight saying the company has moved from a margin expansion story to an "average" big four airline trading at a premium valuation. Fintzen expects Southwest's growth to normalize in 2016 and cut his price target for shares to $39 from $50. The stock closed yesterday down 7c to $33.84. The analyst coupled the downgrade with an upgrade of Align Technology (ALGN) to Equal Weight. He remains bullish on airlines, with Spirit Airlines (SAVE) remaining his top pick, followed by Delta Air Lines (DAL), American Airlines (AAL) and United Continental (UAL). Fintzen sees 50% average upside in those four names.
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