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January 24, 2013
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.
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September 25, 2015
10:48 EDTNFLXMorgan Stanley cautious on media, but sees several stocks punished too hard
Morgan Stanley cut its price targets on a number of media companies, citing the impact of cord cutting and skinny bundles. The firm also reduced its outlook for the pay-TV sector due to its belief that the adoption of skinny bundles will accelerate, while the outlook for cable TV ads has deteriorated slightly, given macro pressures. The firm kept a Cautious view on the media sector, but also identified several stocks in the space that it thinks have been punished too harshly by investors recently. WHAT'S NEW: TV networks in general, and cable networks in particular, have the highest margins in media and are encountering increased top and bottom line competitive pressures, Morgan Stanley analyst Benjamin Swinburne believes. On the top line, they are being hit by ratings and ad pressures as well as cord cutting and distribution consolidation, the analyst stated. Meanwhile, their profit is being hurt by the increased need to obtain new content and intensified competition for content from new sources like Netflix (NFLX) and Google's (GOOG) YouTube, Swinburne said. However, the analyst thinks that media stocks are "starting to get" cheap, given the leverage that many of the companies carry. Swinburne cuts his price target on 21st Century Fox (FOXA) to $31 from $37, on AMC Networks (AMCX) to $86 from $88, on CBS (CBS) to $46 from $56, on Time Warner (TWX) to $72 from $87 and on Viacom (VIAB) to $48 from $60. He kept Overweight ratings on Fox, AMC and CBS, an Equal Weight rating on Time Warner and an Underweight rating on Viacom. OVERDONE DECLINES: Swinburne believes that the declines in three media stocks - CBS, 21st Century Fox, and AMC Networks - have been overdone, while the decline in Comcast's (CMCSA) stock has also been excessive. CBS and 21st Century Fox are "best positioned for the skinny bundle" and have the cheapest valuations relative to their growth rates, Swinburne believes. Meanwhile, AMC Networks has "content momentum" and its EPS can exceed expectations, the analyst believes. Comcast is gaining share in the broadband Internet market, could take share in video soon, and has sufficient scale and offerings to benefit from the increased popularity of skinny bundles, according to the analyst, who kept an Overweight rating on the stock. The media sector could benefit from consolidation going forward, added Swinburne, who recommended that investors interested in buying potential takeover targets in the space focus on AMC Networks, MSG Networks (MSG) and Dreamworks Animation (DWA). He kept Overweight ratings on all three of those stocks. OTHERS TO WATCH: Besides Comcast, other pay TV companies include DISH Network (DISH) and Charter Communications (CHTR). PRICE ACTION: In early trading, Fox A shares lost 0.5% to $25.83, AMC fell 0.3% to $73.29, CBS added 0.2% to $41, Time Warner was little changed at $67.66 and Comcast A shares added 0.6% to $57.17.
10:13 EDTAAPLApple launch day lines generally as expected, says Piper Jaffray
Piper Jaffray analyst Gene Munster said the line at the Apple store on 5th Avenue in New York was about 650 people long at 8 am EDT, compared to last year's record 1,880 people counted, but added that the shorter line was generally in-line with the firm's expectations. The analyst noted that iPhone "S" cycles have historically had shorter lines, that Apple has been promoting pre-orders and online sales, and that the addition of China as a launch country likely cut down on resellers that were in line. Munster said he's still comfortable with his 12M-13M unit estimate for the opening weekend and keeps an Overweight rating and $172 price target on Apple shares.
10:06 EDTAAPLCirrus Logic content in iPhone 6S better than expected, says Barclays
Barclays analyst Blayne Curtis says teardowns of Apple's (AAPL) iPhone 6S indicate Cirrus Logic (CRUS) secured both a smart codec and boosted amp win in the new phone. The company's content in each phone is likely towards the upper end of his $3.50-$4.00 estimate, Curtis tells investors in a research note. He views this as better than expected. Curtis thinks the 6S content, coupled with the "several new growth drivers" Cirrus outlined at yesterday's technology day, could reverse the negative sentiment on the stock. He keeps an Overweight rating on the name with a $39 price target. Cirrus is up $3.68 to $30.81 in early trading.
09:48 EDTAAPLApple iPhone 6S Plus teardown reveals chip suppliers, iFixit reports
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09:47 EDTAAPLiPhone 6S teardown positive for Skyworks, Qorvo, says Craig-Hallum
Craig-Hallum analyst Anthony Stoss says Apple (AAPL) iPhone 6S teardowns indicate content increases for Skyworks (SWKS), Qorvo (QRVO) and Avago (AVGO). Ross estimates Skyworks' content in the phone rose to $6.50 versus $5.50 in the first versions of iPhone 6, Qorvo's content rose to $6.25 from $5.75 and Avago's content rose to $6.75 from $6.50. He believes RF content is increasing and reiterates Buy ratings on all three names.
09:34 EDTNFLX, AAPLActive equity options trading on open
Active equity options trading on open: AAPL BAC FB NKE NFLX PFE AU TSLA
08:14 EDTBMYJPMorgan reiterates Overweight on Bristol-Myers after physician survey
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08:03 EDTAAPLShopify announces new EMV credit card reader that accepts chip, pin, Apple Pay
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08:02 EDTBMYBristol-Myers announces collaboration agreement with Moffitt Cancer Center
Bristol-Myers Squibb Company and Moffitt Cancer Center announced that they have entered into a collaboration agreement as part of Bristol-Myers Squibb's Immuno-Oncology Rare Population Malignancy program in the U.S. The I-O RPM program is a multi-institutional initiative with academic-based cancer centers focused on the clinical investigation of immuno-oncology therapeutics as potential treatment options for patients with high risk, poor prognostic cancers, defined as a rare population malignancy. As part of the I-O RPM program, Bristol-Myers Squibb and Moffitt will conduct a range of early phase clinical studies, including clinical investigations by young investigators to strengthen their development as clinical research scientists.
07:27 EDTAAPLJabil Circuit fiscal 2016 guidance 'solid,' says Stifel
After Jabil reported higher than expected Q4 EPS, Stifel notes that the company's guidance for its November quarter was significantly above expectations. The firm thinks the company is benefiting from increased purchases of its diversified manufacturing products by Apple (AAPL). Stifel says that Apple is using Jabil's products for many of its products, not just iPhones, and it expects other customers to ramp up their purchases of the company's DMS products. Stifel keeps a $25 price target and Buy rating on the shares.
07:22 EDTBMYEuropean Society for Medical Oncology to hold a conference
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06:57 EDTSWFTSwift Transport board approves repurchase of up to $100M of stock
06:57 EDTSWFTSwift Transport sees Q4 EPS 48c-54c, consensus 59c
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06:56 EDTSWFTSwift Transport sees Q3 adjusted EPS 30c-33c, consensus 44c
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06:56 EDTSWFTSwift Transport cuts FY15 adjusted EPS to $1.43-$1.52 from $1.64-$1.74
FY15 EPS consensus of $1.70. The change in the full year range is the result of the following items: the development on prior year accident and workers' compensation claims and the corresponding impact to reserves which is expected to be a 7c impact in the third quarter of 2015; the settlement of a class action lawsuit and related items which is expected to be a 2c impact in the third quarter of 2015; the settlement of a previous lawsuit that resulted in a 3c charge in the second quarter of 2015; the additional carrying expense associated with the large volume of new tractors received late in the second quarter due to delivery delays and the catch up throughout the third quarter that has resulted in a significant backlog of tractors being processed for trade or sale which is expected to have an impact of approximately 5c-6c in the second half of 2015; and a reduction in expected volumes of seasonal project business in the fourth quarter of 2015 due to customers' recent logistical changes which could have an impact of 5c-6c of Adjusted EPS.
06:47 EDTAAPLApple October volatility flat as new iPhone hits stores
Apple September weekly call option implied volatility is at 26, October weekly is at 30, October is at 29, November is at 33; compared to its 52-week range of 18 to 56, suggesting non-directional near term price movement and large November price movement.
06:24 EDTBMYLeerink says AMAG 'extremely attractive' after McGuff label disclosure
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06:13 EDTNFLXPiper's Munster sees building virtual reality momentum for Facebook
Piper Jaffray analyst Gene Munster says Facebook's (FB) virtual reality theme is building momentum after its Oculus unit announced a 50% price cut for its mobile VR solution headset to $99. Also announced was that the headset, named Gear VR, will work with five phones versus three in the past. A better virtual reality experience is now available to a larger market and the "critically important" content is growing, Munster tells investors in a research note. Oculus has partnerships with Netflix (NFLX), Hulu, Tivo (TIVO), Sega and Midway to bring their content into Gear VR, Munster points out. He expects Samsung to sell 5M-10M Oculus enabled Gear VR headsets next year, up from around 1M in 2015. Munster maintains an Overweight rating on Facebook with a $146 price target. The stock closed yesterday up 44c to $94.41.
05:58 EDTAAPLIndian Prime Minister to meet with Apple, Google CEOs, WSJ reports
Indian Prime Minister Narendra Modi will meet this weekend with Google (GOOG) CEO Sundar Pichai, Facebook (FB) founder Mark Zuckerberg and Apple (AAPL) CEO Tim Cook, among others, The Wall Street Journal reports. According to industry insiders, the tech executives will use the visit to push for better market access in India as well as clearer regulation on investment and startups. Reference Link
05:55 EDTAAPLApple shifts 30% of lens modules orders to Kantatsu, DigiTimes reports
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