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Stock Market & Financial Investment News

News Breaks
January 24, 2013
12:30 EDTERJ, RTN, BMY, NFLX, MKC, SWFT, LMT, SNDK, AAPL, DBD, TZOO, ALTR, WDC, LOGIOn The Fly: Midday Wrap
Wall Street's averages managed to withstand a disappointment from the biggest name in technology, Apple (AAPL), on the strength of some other encouraging earnings reports and PMI data from around the globe. The averages began the session mixed, with the Dow and S&P slightly higher and the Nasdaq deep in negative territory. As the morning progressed, the Dow and S&P added to their gains and the Nasdaq moved off its opening lows but was unable to cross over into positive territory... ECONOMIC EVENTS: In the U.S., weekly jobless claims fell last week to the lowest level in five years. Weekly unemployment applications dropped 5K to a seasonally adjusted 330K, which was below expectations for 360K. Markit's Flash U.S. Purchasing Managersí Index jumped to 56.1 in January from the 54.0 final print for December. The leading indicators increased 0.5% to 93.9 in December, versus an expected increase of 0.4%. In Europe, the composite euro zone Purchasing Managersí Index rose to 48.2 in January from 47.2 in December, beating expectations. In China, HSBC's flash PMI rose to 51.9 in January, slightly beating expectations for a 51.7 reading... COMPANY NEWS: The world's most valuable company, Apple, saw a fair amount of its market cap evaporate after the company's quarterly report disappointed investors. Despite earnings that beat consensus, Apple's revenue and iPhone sales fell short of expectations and the company said on its conference call that it is changing its approach to guidance, admitting it had been intentionally conservative in the past. Both Jefferies and Scotia Capital downgraded the shares, which declined 10.5% in midday trading... Netflix (NFLX) was upgraded by at least five firms after its earnings, subscriber additions and guidance all impressed. Shares were up nearly 38% near noon following its report... Among other large cap companies reporting results, Western Digital (WDC), SanDisk (SNDK) and Bristol-Myers (BMY) advanced, while Altera (ALTR), Lockheed Martin (LMT) and Raytheon (RTN) declined... MAJOR MOVERS: Among the notable gainers were Travelzoo (TZOO), up 25%, and Swift Transportation (SWFT), also up 25% after both beat earnings expectations. Also higher were shares of Embraer (ERJ), which rose almost 10% after Republic Airways (RJET) agreed to purchase 47 new aircraft from the company. Among the noteworthy losers were Diebold (DBD), down about 9%, McCormick (MKC), down 8%, and Logitech (LOGI), down 8% after their quarterly reports... INDICES: Near noon, the Dow was up 78.22, or 0.57%, to 13,857.55; the Nasdaq was down 8.66, or 0.27%, to 3,145.01; and the S&P 500 was up 3.90, or 0.26%, to 1,498.71.
News For AAPL;NFLX;WDC;SNDK;BMY;ALTR;LMT;RTN;TZOO;SWFT;ERJ;DBD;MKC;LOGI From The Last 14 Days
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August 18, 2015
07:27 EDTSNDKSanDisk downgraded to Underperform on industry capex increases at BofA/Merrill
BofA/Merrill downgraded SanDisk two notches to Underperform from Buy and lowered its price target to $40 from $75. The firm is more cautious on the memory chip sector given new developments of SK Group's "significantly higher capex budget" and Micron's unexpected FY16 capex hike. BofA/Merrill said excess capacity is now a concern and cut long-term earnings estimates for most memory chip stocks.
07:22 EDTBMYBristol-Myers combo data could push shares above $70, says JPMorgan
JPMorgan analyst Chris Schott says the risk/reward for shares of Bristol-Myers Squibb looks "very attractive" ahead of the World Conference on Lung Cancer, which begins September 6. Data at the conference supportive of an Opdivo/Yervoy combo would represent a clear catalyst for the shares, Schott tells investors in a research note. Bristol is "already extremely well-positioned" in the advanced non-small cell lung cancer market, and data suggesting that the company has addressed toxicity concerns with the combo could push the stock above $70, Schott argues. Bristol closed yesterday up 39c to $63.47. The analyst sees limited downside to stock even with disappointing results at the World Conference on Lung Cancer. He reiterates an Overweight rating on Bristol with a $75 price target.
06:30 EDTAAPLU.S. PTO views Apple D'677 iPhone design patent as invalid, Foss Patents says
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06:15 EDTAAPLNew Apple TV's OS to be TV-optimized version of iOS 9, 9to5Mac reports
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05:55 EDTAAPLQualcomm to supply all modem chips for next iPhone, DigiTimes reports
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August 17, 2015
19:12 EDTAAPLNew Apple TV device to feature iPhone-like interface, 9to5Mac says
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18:46 EDTAAPLGerman carriers prepare for September launch of next iPhone, AppleInsider says
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17:44 EDTAAPLApple says services, store, cloud may be down for some users, Bloomberg reports
16:00 EDTAAPLOptions Update; August 17, 2015
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12:23 EDTNFLXStocks with call strike movement; Netflix J.C. Penney
Netflix (NFLX) January 150 call option implied volatility increased 2% to 48, J.C. Penney (JCP) January 10 call option implied volatility increased 1% to 40 according to IVolatility.
11:11 EDTSNDKAnalysts split on Micron after analyst day
Analysts were divided on the outlook for flash memory product maker Micron (MU) following its analyst day. Wells Fargo upgraded the stock to Market Perform from Underperform and Piper Jaffray said that the stock was unlikely to drop much further. However, Bank of America/Merrill and Wedbush cut their rating on the shares to Neutral from Buy. UPGRADE: Wells Fargo upgraded Micron to Market Perform from Underperform. Following the stock's decline over the last few months, the shares "reflect a more realistic view" of the flash memory sector's outlook, the firm stated. Additionally, the sector's financial condition has improved in recent years, which should boost the sector's profits and margins over the longer term, Wells Fargo stated. However, the firm still believes that the company is facing several risks, including falling prices for DRAM, a widespread form of flash memory, and its rising capital spending. Although Micron is facing "challenging near-term conditions," including a weak PC market, the company outlined many positive aspects of its business, according to Piper Jaffray analyst Ruben Roy. The longer term trends for the flash memory sector remain positive, as consolidation, low supply growth and diversifying demand should increase the profits of suppliers, Roy believes. And although Micron said its capital spending would be above expectations, Roy expects these investments to help the company enhance its manufacturing process and efficiency, boosting its performance over the longer term. Micron may miss estimates in the short-term but its share price is unlikely to drop much further, and its performance should improve significantly next year, according to Roy. He kept an Overweight rating on the stock. BEARISH TAKE: The DRAM supply/demand dynamic probably won't improve and Micron's cost reductions probably won't outpace price declines until mid-2016, according to Wedbush analyst Betsy Van Hees. Although Van Hees believes that the company's spending will help it over the longer term, she forecast that the stock would "continue to struggle" until the DRAM supply/demand dynamic stabilizes. The analyst cut her price target on the name to $19 from $26. Micron's decision to raise its capital spending suggests that it is "overconfident" in its new chips, according to Bank of America/Merrill Lynch analyst Simon Dong-je Woo. The margins on the new chip "could easily" be negative, the analyst believes. Woo thinks that Micron's capital expenditures next year should be $3B-$4B versus the company's guidance of $5.3B-$5.8B. The analyst's target on the name fell to $19 from $28.40. PRICE ACTION: In late morning trading, Micron lost 0.2% to $17. Earlier the stock reached a new 52-week low of $16.12. The shares of another flash memory product maker, SanDisk (SNDK), were flat at $58.
10:05 EDTAAPLApple preparing first Kangaroo bond, Reuters reports
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09:38 EDTAAPL, NFLXActive equity options trading on open
Active equity options trading on open: AAPL FB BAC MU NFLX TWTR HUN TSLA BABA MSFT
09:29 EDTLMTLockheed Martin and Weibel Scientific partner for ballistic missile project
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08:43 EDTBMYBristol-Myers sells Ixempra to R-PHARM, terms not disclosed
R-PHARM announces the acquisition of Ixempra from Bristol-Myers Squibb. Ixempra received marketing approval from the FDA in 2007 and in 18 other markets globally. Ixempra is indicated as monotherapy or in combination with capecitabine for the treatment of metastatic or locally advanced breast cancer in patients whose tumors are resistant or refractory to anthracyclines, taxanes, and capecitabine. With the acquisition, R-PHARM has launched its U.S. commercial operations, and it is now responsible for all activities surrounding Ixempra's manufacture, distribution, sales, and reimbursement. Financial terms were not disclosed.
08:22 EDTAAPLSprint customers can upgrade iPhone anytime, included in monthly rate
Sprint (S) announced that customers can upgrade their Apple (AAPL) iPhone anytime, included in their monthly rate. New and upgrade eligible Sprint customers can get iPhone for just $22 per month with iPhone Forever. Anytime customers don't have the latest iPhone, they are eligible to upgrade. They bring their iPhone, upgrade on the spot and away they go. It's that simple. iPhone Forever is available on any eligible Sprint rate plan and upgrade eligibility is always included in your price. New or existing customers who are upgrade eligible can bring in any smartphone and get a 16GB iPhone 6 model and their monthly rate will be reduced to just $15 until their next upgrade. As a special promotion, customers who get iPhone 6 and upgrade before December 31 continue with the discount price of $15 until their next upgrade.
08:06 EDTWDCWestern Digital shares offer attractive entry point, says Jefferies
Jefferies analyst James Kisner believes current share levels provide an attractive entry point into Western Digital. The analyst views consensus earnings expectations as achievable and believes the current valuation does not price in potential upside from MOFCOM approval. He keeps a Buy rating on Western Digital with a $116 price target.
07:54 EDTAAPLApple iPhone sales likely to fall in start of fiscal 2016, says Pacific Crest
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06:38 EDTAAPLApple Watch revenue leader in wearable category, Business Insider reports
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August 16, 2015
19:34 EDTAAPLApple inquires about automotive testing facility, AP says
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