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Stock Market & Financial Investment News

News Breaks
November 8, 2012
10:08 EDTWDAY, WWD, BSMX, XRAY, ABAX, WOOF, JMI, CREE, SIRO, IDXX, ALGNOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Abaxis (ABAX) initiated with a Buy at Stifel Nicolaus... Align Technology (ALGN) initiated with a Buy at Stifel Nicolaus... Cree (CREE) initiated with an Outperform at Wedbush... Dentsply (XRAY) initiated with a Hold at Stifel Nicolaus... IDEXX (IDXX) initiated with a Hold at Stifel Nicolaus... Javelin Mortgage (JMI) initiated with an Outperform at Oppenheimer... Santander Mexico (BSMX) initiated with a Buy at Goldman... Sirona Dental (SIRO) initiated with a Buy at Stifel Nicolaus... VCA Antech (WOOF) initiated with a Hold at Stifel Nicolaus... Woodward (WWD) initiated with a Hold at Jefferies... Workday (WDAY) initiated with an Outperform at JMP Securities.
News For ABAX;ALGN;CREE;XRAY;IDXX;JMI;BSMX;SIRO;WOOF;WWD;WDAY From The Last 14 Days
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June 29, 2015
07:55 EDTIDXXZoetis could make a bid for IDEXX, says Canaccord
Canaccord hosted investor meetings with IDEXX (IDXX) management, who spoke about new product launches and their market share in light of competitive concerns. Management declined to comment on Zoetis' (ZTS) potential interest in scaling up its animal health diagnostics business, said Canaccord, which noted that it thinks Zoetis could make a bid for IDEXX. Canaccord reiterated its Buy rating and $80 price target on IDEXX shares, citing its cash on the balance sheet, low interest rates, recent CEO stock purchases and new product cycles that skew the risk/reward to the upside.
June 26, 2015
08:57 EDTALGNClearCorrect says granted request for fourth Align patent reexam, Bloomberg says
A ClearCorrect spokeswoman stated to Bloomberg via e-mail that the company was granted a fourth request for reexamination of an Align Technology patent yesterday by the USPTO, the news service reported. An Align Technology spokeswoman remarked that the grant for fourth reexamination was “not unexpected” and said the patent was previously found to be valid during an ITC investigation, the report added.
05:51 EDTCREECree to downsize LED capacity due to price competition from China, DigiTimes say
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June 25, 2015
12:51 EDTCREEOn The Fly: Top stock stories at midday
Stocks on Wall Street opened higher but quickly gave up most of their gains as investors awaited news of a deal being reached between Greece and its creditors. The averages bounced back when the Supreme Court issued its ruling upholding ACA subsidies, sending a number of healthcare linked stocks higher. The market remained in positive ground near noon, but well off its best levels. ECONOMIC EVENTS: In the U.S., personal income rose 0.5% in May, matching the consensus expectation, while spending rose 0.9%, topping the expected 0.7% increase. Initial jobless claims were 271,000 in the week ended June 20, versus expectations for 273,000 first-time claims. Markit's services index fell to 54.8 for the flash June reading, versus expectations for a rise to 56.5 from the 56.2 May reading. The Kansas City Fed manufacturing survey for June came in at -9, as expected. COMPANY NEWS: Shares of hospital operators and health insurers rose after the Supreme Court upheld the legality of subsidies provided under the framework of the Affordable Care Act. The 6 to 3 decision in the Burwell versus King case means that the government can continue to offer subsidies to low income people who purchase health insurance plans on the federal exchange. The plaintiffs in the case had asked the court to strike down such subsidies, saying that the ACA had only allowed the government to subsidize insurance bought on exchanges created by states. In the wake of the ruling, which has been eagerly anticipated, Tenet Healthcare (THC) and Community Health (CYH) both rose more than 14%, while HCA Holdings (HCA) advanced nearly 9%. MAJOR MOVERS: Among the notable gainers was IAC/InterActiveCorp (IACI), which advanced 5% after announcing that its board has approved the pursuit of an initial public offering for The Match Group, which includes dating website Match.com and mobile dating app Tinder. IAC expects Match Group to issue less than 20% of its common stock in the IPO, which is seen being completed during the fourth quarter of this year. Also higher was Magnum Hunter (MHR), which gained 5% after disclosing that it has now determined to pursue the sale by the company of 100% of its current equity ownership interest in Eureka Hunter Holdings. Among the noteworthy losers was World Acceptance (WRLD), which dropped 19% after the company entered into an amendment with its lenders on its revolving credit agreement. FBR Capital downgraded the stock to Market Perform and cut its price target for shares to $73 from $98 afterward, saying restrictive covenants in the latest amendment means free cash flow will now be used to pay down debt rather than buy back stock. Also lower were shares of Cree (CREE), which fell about 11% after the company announced last night that it has decided to restructure its LED Products business to reduce excess capacity and overhead following recent market trends that have resulted in higher LED average selling price erosion than previously forecast. Cree also lowered its Q4 revenue view and issued FY16 revenue guidance that was below the consensus expectation. INDEXES: Near midday, the Dow was up 18.88, or 0.11%, to 17,984.95, the Nasdaq was up 5.87, or 0.11%, to 5,128.29, and the S&P 500 was up 2.18, or 0.1%, to 2,110.76.
10:46 EDTCREECree tumbles on LED business restructuring, bearish pattern
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07:24 EDTCREECree price target lowered to $35 from $39 at JPMorgan
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June 24, 2015
19:01 EDTCREEOn The Fly: After Hours Movers
UP AFTER EARNINGS: Herman Miller (MLHR), up 5.1%. ALSO HIGHER: Turtle Beach (HEAR), up 3.6% after partnering with AuDConnex for direct audio hearing solution. DOWN AFTER EARNINGS: Bed Bath & Beyond (BBBY), down 2.6%. ALSO LOWER: Cree (CREE), down 5.1% after lowering fourth quarter revenue outlook... Sabra Health Care (SBRA), down 2.7% after filing to sell 5M shares of common stock at a price range of $25.25-$25.65.
16:55 EDTCREECree down over 5% after lowering Q4 revenue outlook
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16:08 EDTCREECree targets FY16 revenue of $1.8B, consensus $1.89B
Targets FY16 operating margin to increase approximately 8%; FY16 free cash flow of approximately $75M.
16:06 EDTCREECree lowers Q4 revenue view to approximately $375M from $420M-$440M
Q4 consensus $430.82M. Guidance includes $27M revenue reserve. Lighting Products revenue is targeted to increase slightly sequentially, as strong growth in commercial lighting is expected to more than offset a greater-than-targeted seasonal slowdown in consumer bulb sales. Power & RF Products revenue is tracking in-line with the company’s targets for fiscal Q4. LED Products customer unit demand is generally in-line with our targets for the quarter; however, the combination of the revenue reserves and lower pricing in the quarter is forecast to reduce fiscal Q4 revenue by approximately $35M. Overall gross margin and operating margin are now forecast to be lower than previously targeted due to the restructuring costs, the more aggressive LED pricing environment, and the larger than targeted seasonal slowdown in consumer lighting. During fiscal Q4, the company completed the previously announced $550M share buyback program by repurchasing 4.8M shares of its common stock at an average price of $33.37 per share, with an aggregate value of $160M. For fiscal year 2015, the company repurchased 16M shares of its common stock at an average price of $34.33.
16:04 EDTCREECree announces restructuring of LED products business
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16:02 EDTCREECree announces $500M stock buyback authorization for FY16
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07:19 EDTJMIDeutsche Bank to hold a conference
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June 18, 2015
07:13 EDTALGNMorgan Stanley says to buy Align Technology on weakness
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07:01 EDTALGNAlign Technology selloff a buying opportunity, say William Blair
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05:41 EDTALGNSouthwest downgraded to Underweight from Overweight at Barclays
Barclays analyst David Fintzen downgraded Southwest (LUV) two notches to Underweight from Overweight saying the company has moved from a margin expansion story to an "average" big four airline trading at a premium valuation. Fintzen expects Southwest's growth to normalize in 2016 and cut his price target for shares to $39 from $50. The stock closed yesterday down 7c to $33.84. The analyst coupled the downgrade with an upgrade of Align Technology (ALGN) to Equal Weight. He remains bullish on airlines, with Spirit Airlines (SAVE) remaining his top pick, followed by Delta Air Lines (DAL), American Airlines (AAL) and United Continental (UAL). Fintzen sees 50% average upside in those four names.
June 17, 2015
16:52 EDTALGNAlign Technology provides statements regarding USPTO findings
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13:11 EDTALGNAlign Technology weakness on patent concerns overdone, says Goldman
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11:46 EDTALGNAlign drops after USPTO grants ClearCorrect request for patent review
ClearCorrect, a manufacturer of clear aligners, announced that the United States Patent and Trademark Office has granted its request for reexamination of three U.S. Patents assigned to Align Technology (ALGN). It stated in a press release, "ClearCorrect's evidence of unpatentability has been accepted by the USPTO across all challenged patents. A formal rejection of the claims of the '325 patent has been issued. Align must respond to this notice within two months' time if reversal of the USPTO's determination is to be pursued. The USPTO is set to issue formal rejections in the '487 and '880 patents in the weeks ahead based upon some of the same evidence." ClearCorrect has filed four reexamination requests concerning patents held by Align. Acceptance of the fourth request is expected in due course, the company stated. Shares of Align are down $4.19 to $60.10 following the news.
09:51 EDTWWDJefferies to hold company meetings at the Paris Air Show
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