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Stock Market & Financial Investment News

News Breaks
May 29, 2014
12:43 EDTJNPR, PPC, KORS, PANW, TSN, P, TLYS, HSH, AAPLOn 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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February 23, 2015
10:11 EDTAAPLApple breakout continues, levels to watch
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09:44 EDTPPandora management to meet with JPMorgan
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09:39 EDTAAPLActive equity options trading on open
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09:04 EDTAAPLApple volatility flat as shares near record
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08:27 EDTPANWPalo Alto price target raised to $150 from $130 at Pacific Crest
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07:29 EDTAAPLJapan Display asking Apple to finance new smartphone screen plant, Reuters says
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06:21 EDTAAPLFacebook's shuttle drivers approve new union contract, WSJ reports
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06:04 EDTAAPLApple to publicly beta test iOS update, Re/code says
Apple plans to allow consumers to test the next update for its iOS mobile operating system, reports Re/code. The beta test will be available mid-March through the company's Apple Seed program. Reference Link
05:52 EDTPANWCyberArk downgraded to Underweight from Neutral at JPMorgan
JPMorgan downgraded Cyberark Software (CYBR) to Underweight, its sell-equivalent, saying "a lot needs to go right" to justify the current valuation. JPMorgan keeps a $42 price target for the stock, well below Friday's closing price of $70.35. It points out that CyberArk's valuation is in-line with Palo Alto Networks (PANW), despite the latter company's total addressable market being roughly five times larger in its estimation. Cyberark is an Israel-based security company offering protections against cyber attacks.
05:29 EDTAAPLApple to invest EUR 1.6B in new European data centers
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05:27 EDTAAPLApple to invest EUR 1.6B in new European data centers
February 22, 2015
17:11 EDTAAPLApple could reach $160 in a year, Barron's says
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15:11 EDTAAPLApple increases capabilities in industrial lithium-ion batteries, Reuters says
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February 20, 2015
16:48 EDTAAPLDow, S&P 500 finish week at record highs after Greek deal reached
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16:03 EDTAAPLOptions Update; February 20, 2015
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11:02 EDTAAPLApple electric car could be 'iPhone of the Future,' says Cantor
Cantor Fitzgerald analyst Brian White says he believes an electric car from Apple has the potential to be the "iPhone of the Future." White, in a note to investors today, added that he doubts Apple's reach will stop there. He believes the personal robot category offers "great potential over the next decade and fits well with Apple's skill set." White thinks the reports of an electric car show innovation at the tech giant continues. He keeps a Buy rating Apple shares with a $160 price target. The stock is up 30c it morning trading to $128.71.
11:00 EDTAAPLApple electric car could be 'iPhone of the Future,' sys Cantor
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09:38 EDTAAPLActive equity options trading on open
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06:41 EDTAAPLApple pushing for 2020 production of its electric car, Bloomberg says
Apple (AAPL) is pushing to begin production of its electric vehicle as soon as 2020, reports Bloomberg, citing people with knowledge of the matter. Bloomberg notes that the move could put Apple into direct competition with Tesla (TSLA) and General Motors (GM), both of which are targeting a 2017 release for next-generation electric vehicles. Apple may still cancel the project if it becomes unhappy with progress, the sources said, though its vehicle team is already 200-people strong. Reference Link
06:20 EDTAAPLApple price target raised to $145 on increasingly bullish outlook at Goldman
Goldman raised Buy rated Apple's price target to $145 from $130 based on increased confidence in platform momentum, sustained iPhone growth, and the potential for the Apple Watch. The firm believes risk/reward is more balanced following the recent 20% upside move but sees further upside given the aforementioned factors and the near-term catalysts from the April watch launch, updates on capital allocation, and a likely March quarter beat.
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