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Stock Market & Financial Investment News

News Breaks
July 2, 2014
10:00 EDTABBV, URBN, TRGP, PTEN, PKE, ORCL, LMCA, HP, ETP, LLY, DRWI, CP, BAC, BHI, BRGYY, ALU, WBMDOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: AbbVie (ABBV) upgraded to Overweight from Equal Weight at Barclays... Alcatel-Lucent (ALU) upgraded to Overweight from Neutral at JPMorgan... BG Group (BRGYY) upgraded to Buy from Hold at Canaccord... Baker Hughes (BHI) upgraded to Neutral from Sell at Guggenheim... Bank of America (BAC) upgraded to Buy from Hold at Deutsche Bank... Canadian Pacific (CP) upgraded to Outperformer from Sector Performer at CIBC... DragonWave (DRWI) upgraded to Buy from Neutral at H.C. Wainwright... Eli Lilly (LLY) upgraded to Equal Weight from Underweight at Barclays... Energy Transfer Partners (ETP) upgraded to Outperform at Wells Fargo... Helmerich & Payne (HP) upgraded to Neutral from Sell at Guggenheim... Liberty Media (LMCA) upgraded at Morgan Stanley... Men's Wearhouse (MW) upgraded at Stifel... Oracle (ORCL) upgraded to Overweight from Neutral at Atlantic Equities... Park Electrochemical (PKE) upgraded to Buy from Hold at Needham... Patterson-UTI Energy (PTEN) upgraded to Neutral from Sell at Guggenheim... Targa Resources (TRGP) upgraded to Conviction Buy from Buy at Goldman... Urban Outfitters (URBN) upgraded to Outperform from Neutral at Macquarie... WebMD (WBMD) upgraded at Stifel.
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August 11, 2014
11:58 EDTLLYMannKind rallies after inking licensing agreement with Sanofi
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August 9, 2014
16:26 EDTORCLOracle sues Oregon over dispute with state's health-insurance exchange, WSJ says
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August 8, 2014
13:30 EDTBHIBaker Hughes reports U.S. rigs up 19 to 1908
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09:37 EDTBACActive equity options trading on open
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07:48 EDTABBVCredit Suisse remains a buyer of AbbVie
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07:18 EDTBACRegulators direct banks to steer mortgage aid to hard-hit areas, FT says
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August 7, 2014
08:23 EDTBACL.A. suit against JPMorgan over mortgage lending dismissed, Reuters reports
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07:54 EDTBHIBaker Hughes reports July international rig count up 38 to 1,382
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August 6, 2014
17:36 EDTETPEnergy Transfer Partners reports Q2 EPS 79c, consensus 64c
Reports Q2 revenue $13.03B, consensus $11.99B.
17:35 EDTBACBank of America near $16B-$17B settlement with DoJ over mortgages, WSJ says
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15:59 EDTBACBank of America near $16B-$17B settlement with DOJ over mortgages, DJ says
14:39 EDTORCLOracle should benefit from short-term rotation, says Sterne Agee
Sterne Agee expects shares of Oracle to benefit from short-term rotation into large-cap Software companies. The firm notes Oracle is benefiting from a new product cycle, revenue growth acceleration and improving margins.
12:59 EDTABBVCovidien drops as Treasury explores ways to stymie inversions
Shares of medical device and drug maker Covidien (COV) are falling after multiple media outlets reported that the Treasury Department is looking into ways of curtailing tax inversion deals. Covidien has agreed to be acquired by Medtronic (MDT) in a tax inversion deal. BACKGROUND: Tax inversions refer to an acquisition of one company, usually officially based in a country in Europe or elsewhere, by a U.S. company, following which the acquiring company becomes domiciled in the same country as the company that it bought. The switch has the potential to significantly lower the acquiring company's tax rate. WHAT'S NEW: The Treasury Department is looking at options that would enable the Obama administration to curtail inversion deals without authorization from Congress, multiple media outlets reported last night and today. ANALYST REACTION: In a note to investors today, Wells Fargo analyst Larry Biegelsen wrote that he believes that Medtronic would buy Covidien even if the transaction cannot be done as an inversion. At a conference in June, Medtronic CFO Gary Ellis said that his company would "do the deal whether it's an inversion or not inversion," Biegelsen stated. If no inversion is possible, Medtronic would respond by using less of its stock and more debt to fund the transaction, the analyst believes. Such a change would actually cause Medtronic's cash earnings per share to be higher in the first and second year after the deal than under the current structure, the analyst indicated. He kept an Outperform rating on Medtronic. PRICE ACTION: In early afternoon trading, Covidien dropped 2% to $84.50 and Medtronic fell 1% to $61.50. Meanwhile, drug maker Shire (SHPG), which has agreed to merge with its peer AbbVie (ABBV) in a tax inversion deal, is falling 4% to $236.
12:12 EDTBACOn The Fly: Midday Wrap
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09:15 EDTBACBank of America increases quarterly dividend to 5c per share
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08:40 EDTABBVShire drops 5% with tax inversions in focus
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08:20 EDTBACFed, FDIC tell big banks to revise 'living will' plans
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07:58 EDTBACBank of America July volatility flat on tight three-month price range
Bank of America August call option implied volatility is at 24, September is at 26 and January is at 25; compared to its 26-week average of 24 according to Track Data, suggesting non-directional near term price movement.
06:27 EDTORCLOracle Saas business needs to improve in FY15, says Citigroup
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06:23 EDTBACSecurities Industry & Financial Markets Association to hold a seminar
Compliance & Legal Society Regional Seminar to be held in San Francisco on August 6.
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