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Stock Market & Financial Investment News

News Breaks
August 19, 2014
17:14 EDTAAPL, MSFT, AGN, SLXP, VRXOn The Fly: Closing Wrap
Stocks began the session in positive territory and remained there throughout the entire session. The move today marks the fourth higher close in the past five sessions and continues to keep August on track for the best monthly performance since February. The volume was light and the market drifted as there was little in the way of a catalyst since the market opened. Prior to the open however, the market received good news with housing starts and building permits data that was better than expected and the consumer prices report that was in-line with expectations. Investors will be a little more careful tomorrow as the Fed is scheduled to release its minutes from last month’s FOMC meeting. ECONOMIC EVENTS: Housing starts for July rose to an annualized pace of 1.093M units, up from 0.945M units in June, and beating expectations for 0.963M units... The Consumer Price Index increased 0.1% overall, matching expectations. Less food and energy, the CPI was up 0.1%, which was also in-line with the consensus forecast. COMPANY NEWS: Apple (AAPL) closed above $100 for the first time since the stock's seven-for-one split in June... Microsoft (MSFT) announced that former CEO Steve Ballmer has stepped down from the company's board, effective immediately. Microsoft shares traded up more than 1% today. MAJOR MOVERS: Allergan (AGN) approached Salix (SLXP) about a takeover, according to a Wall Street Journal report. Allergan is currently fighting a hostile takeover attempt by Valeant (VRX). Allergan traded up 4% today, Salix traded up 15.5%, and Valeant traded up 3.6%. INDEXES: The Dow was up 80.85, or 0.48%, to 16,919.59; the Nasdaq was up 19.20, or 0.43%, to 4,527.51; and the S&P 500 was up 9.86, or 0.5%, to 1,981.60.
News For AAPL;MSFT;AGN;SLXP;VRX From The Last 14 Days
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September 3, 2014
06:20 EDTAAPLSupply chains ramp up component production for 9.7-inch iPad, DigiTimes says
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September 2, 2014
16:25 EDTAAPLOn The Fly: Closing Wrap
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16:00 EDTAAPLOptions Update; September 2, 2014
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14:32 EDTAAPLApple says no breach in iCloud or Find my iPhone
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12:42 EDTMSFTMicrosoft to launch Xbox One in 28 more countries this month
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12:09 EDTAAPLOn The Fly: Midday Wrap
Stocks on Wall Street were mixed at midday, with the Nasdaq clinging to narrow gains and the Dow and S&P both down about 0.25%. Stocks began the session basically unchanged but turned mixed within minutes of the open. The volume has been light and the market has moved in a narrow range, continuing the type of pattern that was seen all of last week ahead of the holiday. ECONOMIC EVENTS: In the U.S., Markit's final manufacturing PMI for August dipped slightly from the flash print of 58.0 to 57.9, but that was up from July's 55.8 reading. ISM's manufacturing index for August climbed to 59.0 from 57.1 in July, beating expectations. Construction spending bounced back 1.8% in July, beating expectations for it to have risen 1.0% after declining in the prior month. In Asia, HSBC's final manufacturing PMI for China edged down to 50.2 from the preliminary 50.3 August reading, which was already down from the 51.7 report in July. The Chinese government's official purchasing managers index came in at 51.1 for August, which was down from its 51.7 reading in July. In Europe, the Eurozone's final manufacturing PMI for August was revised down to 50.7 from 51.8 in the preliminary reading. COMPANY NEWS: Apple (AAPL) was in the headlines following a celebrity photo hack involving several of its iCloud accounts. Despite the negative publicity from those events, the stock gained nearly 1% after noted Piper Jaffray analyst Gene Munster raised his price target on the tech giant's shares to $120 from $105, citing the upcoming launch of new products and services. Another firm, Cantor, said in its own note to investors that it believes that Apple will have its most exciting product launches "in many years" over the next few months... In M&A news, Dollar General (DG) rose almost 1% after increasing its all-cash proposal to buy Family Dollar (FDO) to $80.00 per share and also increasing the number of stores that it would be willing to agree to divest to 1,500 if ordered by the FTC. Shares of Family Dollar, which previously rejected Dollar General's prior proposal on the basis of antitrust regulatory concerns, traded above the new offer price, while Dollar Tree (DLTR), which currently has a merger agreement deal in place with Family Dollar, also gained 1.5%. MAJOR MOVERS: Among the notable gainers were two other companies involved in M&A, one which was a buyer and one which was bought. Norwegian Cruise Line (NCLH) advanced 12% after agreeing to acquire upscale peer Prestige Cruises for $3.03B, while Compuware (CPWR) rose over 12% after the company confirmed it agreed to be acquired by private equity investment firm Thoma Bravo in a transaction valued at approximately $2.5B. Among the noteworthy losers was Exelixis (EXEL), which plunged 53% after its phase 3 pivotal trial of cabozantinib in certain men with metastatic castration-resistant prostate cancer did not meet its primary endpoint and the stock was downgraded by at least three Street research firms. Also lower was lease-to-own retailer CONN'S (CONN), which dropped 30% and was downgraded at Piper Jaffray after weakness in its credit operations prompted a Q2 earnings miss and caused the company to cut its fiscal year guidance. INDEXES: Near midday, the Dow was down 43.58, or 0.25%, to 17,054.87, the Nasdaq was up 2.97, or 0.06%, to 4,583.24, and the S&P 500 was down 4.83, or 0.24%, to 1,998.54.
11:03 EDTAAPLApple hits another fresh life high, levels to watch
Despite headlines concerning a high-level iCloud security breach targeting celebrity accounts, the stock is edging to a fresh life high this morning. Traders appear more focused on the upcoming product announcement on September 9th. At the current price of $103.65, there is no overhead resistance. A new upside objective for the bulls would potentially be at $105 or $107, both typical and currently active options strike prices. Support is at $102.50, the prior closing price.
10:33 EDTAAPLApple price target raised by noted analyst ahead of launches
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09:41 EDTAAPLActive equity options trading on open
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09:07 EDTVRX, AGNAllergan filed answer in federal court reponding to Valeant, Pershing claims
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08:05 EDTAGNAllergan says Ozurdex apporved in EU for treatment of diabetic macular edema
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07:21 EDTSLXPSalix submits response to FDA's CRL regarding XIFAXAN 550 mg tablets sNDA
Salix Pharmaceuticals announced that on August 29, it submitted its response to the March 7, 2011, FDA Complete Response Letter, or CRL, regarding the Company’s supplemental New Drug Application, or sNDA, for XIFAXAN 550 mg tablets for the proposed indication of the treatment of irritable bowel syndrome with diarrhea or IBS-D. Upon receipt of Salix’s response, the FDA will have six months to issue a response.
07:09 EDTAAPLApple new product launch to be most exciting in years, says Cantor
Cantor believes that over the next few months Apple will have its most exciting product launch "in many years." The firm thinks the 4.7 inch and 5.5 inch iPhones may not be made available for purchase simultaneously, while the company's watch could be announced next week but not be made available immediately. The firm keeps a $123 price target and Buy rating on the shares.
06:34 EDTMSFTMicrosoft reduces Surface chassis suppliers, DigiTimes reports
Microsoft has reduced the number of chassis suppliers for its Surface tablets and outsourcing all the orders to Ju Teng, reports DigiTimes. According to sources from the upstream supply chain, Microsoft stopped placing chassis orders with its China-based supplier in August and may adopt a similar strategy for other components. Reference Link
06:34 EDTAAPLApple cuts iPad mini prices as non-Apple vendors may follow, DigiTimes says
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06:34 EDTAAPLApple's iWatch still under EVT stage, DigiTimes reports
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06:14 EDTAAPLT-Mobile planning September 10 'Uncarrier' event, Re/code reports
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06:13 EDTAAPLApple has discussed $400 price tag for wearable device, Re/code reports
Apple has considered putting a $400 price tag on its new wearable device, Re/code reports. It is not clear whether the price will be firmed up before its September 9 press conference. Reference Link
06:05 EDTAAPLApple investigating hack relating to violation of iCloud accounts, Re/code says
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05:54 EDTAAPLApple price target raised to $120 from $105 at Piper Jaffray
Piper Jaffray analyst Gene Munster raised his price target on Apple shares to $120 from $105 citing the company's upcoming launch of new products and services. Munster expects Apple to unveil the iPhone 6 with two new screen sizes at the September 9 event, and he sees a 70% chance of an announcement around payments. Munster pegs at the chances of an iWatch announcement at 50%. He expects Apple shares to move higher through year-end and keeps an Overweight rating on the stock.
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