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Stock Market & Financial Investment News

News Breaks
May 29, 2014
12:43 EDTAAPL, JNPR, PPC, KORS, PANW, TSN, P, TLYS, HSHOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday despite a significant downward revision to the government's estimate of economic growth in the first three months of the year. The market opened slightly higher and has seen little in the way of volatility, mirroring the pattern seen throughout the week. Volume remains light and the market remains locked in a very narrow range, albeit near all-time highs. ECONOMIC EVENTS: In the U.S., the Commerce Department estimated that gross domestic product decreased at a 1% annual rate in the first quarter of the year, which is down significantly from the government's first estimate of positive 0.1% growth for the period and below the consensus expectation for a revision to a 0.5% decline. Initial jobless claims dipped 27K to 300K in the week ended May 24 from a revised 327K previously. An index of pending home sales edged up 0.4% to 97.8 in April, which was less than the expected 1% rise. COMPANY NEWS: Last night, Apple (AAPL) confirmed that it has agreed to buy Beats Music, which operates a streaming music service, and Beats Electronics, which makes and sells electronic music products such as headphones and speakers, for $3B. Financial Times first reported on May 8, citing people familiar with the negotiations, that Apple was in talks to acquire Beats. In a note to investors after the confirmation, JPMorgan analyst Rod Hall wrote that the deal "is really about what Apple can do with Beats Music" to revitalize its own iTunes music business. Meanwhile, PiperJaffray analyst Gene Munster wrote that Apple acquired Beats for several reasons, including the opportunity to bring Beats co-founders Jimmy Iovine and Dr. Dre to Apple to work on content. Near noon, Apple rose nearly 1% to trade near $630 per share, while Pandora, which also offers a streaming music service, was fractionally lower. MAJOR MOVERS: Among the notable gainers was Hillshire Brands (HSH), which jumped about 17% to trade near $52 per share after the company received an unsolicited takeover offer of $50 per share in cash from Tyson Foods (TSN) that trumped the $45 per share bid announced just two days ago from Pilgrim's Pride (PPC). Also higher was Palo Alto Networks (PANW), which rose 8.5% after the company reported stronger than expected third quarter results and agreed to pay Juniper (JNPR) $175M in cash, stock and warrants as part of a settlement of their patent litigation. Among the noteworthy losers was apparel, footwear and accessory retailer Tilly's (TLYS), which dropped 16% after the company reported a decline in its first quarter same-store sales and gave lower than expected earnings guidance for the new quarter. Also lower in the day after its earnings report was Michael Kors (KORS), which slipped 5% after the shares were downgraded this morning at Avondale to Market Perform from Outperform. INDEXES: Near midday, the Dow was up 15.38, or 0.09%, to 16,648.56, the Nasdaq was up 11.86, or 0.28%, to 4,236.94, and the S&P 500 was up 4.12, or 0.22%, to 1,913.90.
News For AAPL;P;KORS;HSH;TSN;PPC;TLYS;PANW;JNPR From The Last 14 Days
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April 7, 2015
11:06 EDTAAPLApple Watch reservations limited to one per customer, MacRumors reports
Apple Watch reservations will be limited to one per customer through the company's Reserve and Pickup service, reports MacRumors. Apple's one-per-customer reservation limit has been confirmed to be in place in the United States and United Kingdom, and likely other launch countries. Reference Link
09:52 EDTAAPLApple retail chief instructs staff to push Apple Store shoppers online, BI says
Apple retail chief Angela Ahrendts wants staff at Apple Stores to push customers to order the Apple Watch and the new MacBook online instead of buying in physical stores, Business Insider reports, citing a memo. The memo notes that "This is a significant change in mindset" and will help ensure guaranteed delivery of the Apple products. Reference Link
09:35 EDTAAPLActive equity options trading on open
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08:44 EDTPPandora has 3 to 1 reward to risk ratio, says SunTrust
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06:46 EDTAAPLApple Pay, Google Wallet could see competition from CurrentC, Macworld says
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06:25 EDTAAPLMicrosoft close to have alternative to Apple Pay, Business Insider reports
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06:19 EDTAAPLApple quietly acquired Ottocat 'some time ago,' TechCrunch reports
Apple quietly bought Ottocat, a startup that has developed a system to organize apps on its app store based on "nested" categories, TechCrunch reports. Terms of the acquisition, which is said to have closed "some time ago," have not been disclosed. A version of Ottocat's system currently powers the "explore" tab in Apple's App Store, TechCrunch says. Reference Link
April 6, 2015
19:42 EDTAAPLSurvey of iPhone, iPad users indicates preference for Google search, BI says
48% of Apple (AAPL) iPhone and iPad users report that if Yahoo (YHOO) were to acquire default search engine rights for Apple's Safari browser, they would manually switch the default search back to Google (GOOG), reports Business Insider, citing a survey of roughly 500 Apple users by Goldman Sachs tech analysts. 4% of the surveyed users stated they would intentionally keep Yahoo as the default. Reference Link
16:00 EDTAAPLOptions Update; April 6, 2015
iPath S&P 500 VIX Short-Term Futures down 51c to 24.53. Option volume leaders: AAPL TSLA VZ TWTR BIDU RIG NFLX AMZN KO PBR according to Track Data.
10:23 EDTAAPLApple Maps searches no longer showing just Yelp, AppleInsider reports
Searches on Apple (AAPL) Maps, which previously relied solely on Yelp (YELP) to provide reviews for local search, are now pulling results from TripAdvisor (TRIP) and Priceline's (PCLN) Booking.com, AppleInsider reported yesterday. Neither TripAdvisor or Booking.com are listed as sources on Apple's official Maps attribution webpage, but reviews with links to their respective webpages and apps are now appearing in Maps queries, the blog added. Shares of Yelp are down 1% to $46.67 in early trading. Reference Link
10:02 EDTPOn The Fly: Analyst Initiation Summary
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09:36 EDTAAPLActive equity options trading on open
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09:18 EDTPPCPilgrim's Pride volatility elevated
Pilgrimís Pride April call option implied volatility is at 46, May is at 47, June is at 43; compared to its 26-week average of 42 according to Track Data, suggesting large near term price movement.
07:29 EDTAAPLApple Watch cannot launch in Switzerland due to patent issue, Reuters says
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06:27 EDTPPandora initiated with a Hold at Axiom
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06:20 EDTAAPLGarmin downgraded to Sell from Buy at Citigroup
Citigroup analyst Jeremy David downgraded Garmin two notches to Sell from Buy saying competitive pressures are likely to stall the growth of the company's GPS fitness watch business. He also thinks revenue trends in Garmin's Outdoor segment could disappoint as the year progresses. David expects Garmin to miss consensus earnings and revenue expectations in Q1 and views the Apple (AAPL) Watch launch as another potential negative catalyst for shares. He cut his price target for the stock to $42 from $68. Shares of the navigation and information device maker closed Thursday down 58c to $46.49 after Goldman Sachs downgraded the stock Neutral from Buy.
06:11 EDTAAPLSamsung expected to win A9 chip orders for next iPhone, Bloomberg reports
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06:07 EDTJNPRSpherix issues update on several matters
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April 5, 2015
16:56 EDTAAPLEU considers major probe into Internet platforms, WSJ says
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09:10 EDTAAPLApple Watch to be sold by appointment only, Barron's says
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