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Stock Market & Financial Investment News

News Breaks
July 11, 2014
16:46 EDTABBV, VZ, AA, LO, AMZN, PETM, WFC, SHPG, ECOM, SLXP, RAIStocks end week lower on European, Fed concerns
Stocks finished the week lower as problems experienced by a Portuguese bank and a statement by the Fed worried investors. MACRO NEWS: The shares of Portugal's largest bank, Banco Espirito Santo, plunged yesterday after its parent company reportedly missed a debt payment and was accused of accounting irregularities. The news triggered fresh fears about Europe's financial stability. However, Portugal's central bank today said that Banco Espirito's funds are undoubtedly secure... The Fed was concerned that investors may not be adequately factoring in uncertainty about the outlook for the economy and monetary policy, minutes of the central bank's last meeting indicated. The central bank also indicated that it would likely end the tapering of its asset purchases in October... On a positive note, fewer new jobless claims than expected were filed last week. Additionally, Chinese inflation for June came in slightly below expectations, leading to speculation that Beijing would be able to implement additional stimulus measures. COMPANY NEWS: Earnings season kicked off, with Alcoa (AA) reporting stronger than expected results. Wells Fargo (WFC) became the first large bank to report results this earnings season. Its revenue surpassed expectations but its profits were in-line with the consensus estimate... In M&A news, AbbVie (ABBV) raised its takeover bid for U.K.-based Shire by 11% to over $51B in cash and stock. Another drug company, Salix (SLXP), announced that it would merge with its U.K.-based peer, Cosmo Technologies. The deal is expected to lower Salix's effective long-term tax rate from a high 30% level to a low 20% level. In the tobacco sector, Lorillard (LO) and Reynolds American (RAI) confirmed earlier today that they are holding talks about a possible merger, as has been speculated by various media reports in recent weeks... Longview Asset Management announced that it had obtained a 9% stake in pet supplies and services retailer PetSmart (PETM) and recommended that the retailer engage advisors for the purpose of exploring a potential sale and "other strategic alternatives," as had been suggested by another large investor in the stock, Jana Partners... Verizon (VZ) CEO Lowell McAdam said in an interview on CNBC that his company had added over 1.4M postpaid subscribers in Q2, with "record" tablet growth and "very strong" smartphone growth... Consulting firm ChannelAdvisor (ECOM) reported that Amazon's (AMZN) same-store sales growth had accelerated significantly in June compared with May. INDEXES: This week, the Dow fell 0.73% to 16,943.81, the Nasdaq fell 1.57% to 4,415.49, and the S&P 500 fell 0.9% to 1,967.51.
News For ABBV;SHPG;LO;RAI;WFC;AA;SLXP;PETM;VZ;ECOM;AMZN From The Last 14 Days
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January 21, 2015
09:10 EDTAMZNSenate Commerce, Science & Transportation Committee holds a hearing
The Committee holds a hearing entitled, "Protecting the Internet and Consumers through Congressional Action" featuring non-government expert witnesses testifying about current authorities of the FCC and Congress’ options to update outdated laws for the Internet Age with Vice President of Amazon.com, Paul Misener on January 21 at 2:30 pm.Webcast Link
08:43 EDTAMZNAmazon discontinues Amazon Elements line of diapers, Re/code reports
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08:00 EDTAMZNHouse Energy & Commerce Committee to hold a hearing
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06:17 EDTAMZNOverstock to introduce streaming-video service later this year, WSJ reports
Overstock.com (OSTK) is planning to launch a streaming-video service later this year, CEO Patrick Byrne announced at the National Association of Television Program Executives conference, The Wall Street Journal reports. Overstock would compete in the space with Amazon (AMZN), Hulu (DIS, CMCSA, CMCSK, FOXA), Netflix (NFLX), and Time Warner's (TWX) HBO is also planning a standalone online streaming service that will launch this year. The new Overstock service would be tied to the company's $20-per-year Club O membership program and will launch with about 30,000 titles. Reference Link
05:56 EDTVZVerizon downgraded to Equal Weight from Overweight at Barclays
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January 20, 2015
14:31 EDTSLXPSalix climbs after Reuters says strategic options being explored
Shares of Salix Pharmaceuticals (SLXP) are jumping after Reuters reported that the company is working with investment bank Centerview Partners to explore strategic options, including a possible sale to a larger peer. On January 6, Cantor and Piper Jaffray wrote that the retirement of the company's CEO increased the chances that it would look to sell itself. Salix develops treatments for bowel disorders. WHAT'S NEW: Salix has hired Centerview Partners to help it explore various options, including a possible sale to a larger drug maker, Reuters reported this afternoon, citing three unnamed sources. However, Salix has not determined if it will look to sell itself now or wait until it hires a new CEO, the news service added. ANALYST VIEW: On January 6, after Salix announced that its CEO would retire, Cantor analyst Irina Koffler wrote that the retirement could "pave the way" for a sale of the company. The analyst wrote that "all options could be on the table." She raised her price target on the stock to $145 from $127 and kept a Buy rating on Salix shares. Similarly, Piper Jaffray analyst David Amsellem wrote that the CEO's departure, combined with the company's announcement last month of an accelerated workdown of its inventory levels, sets the stage for an eventual sale of the company. There would be "ample interest" in acquiring the company, added the analyst, who kept a $130 price target and Overweight rating on the shares. PRICE ACTION: In mid-afternoon trading, Salix jumped about 5% to trade near $126 per share.
14:23 EDTSLXPSalix calls active on exploring options report
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14:13 EDTSLXPSalix exploring options, including potential sale, Reuters reports
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14:06 EDTSHPGCitizens, Keysight identified as long positions by Einhorn
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13:48 EDTSLXPSalix exploring options with help of Centerview, Reuters reports
10:44 EDTLO, RAIWells sees tobacco stocks as 'place to be' for 2015
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09:52 EDTAMZNAmazon.com's Q4 revenue trending to $29.5B vs. consnesus of $29.7B at ITG
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09:38 EDTAMZN, VZActive equity options trading
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08:17 EDTAMZNPattern Energy to supply power to Amazon Web Services
Pattern Energy Group (PEGI) announced it has entered into a 13-year power purchase agreement, or PPA, to supply power to Amazon Web Services, or AWS, an Amazon.com (AMZN) company. AWS will acquire the production from the 150 megawatt Fowler Ridge IV Wind project, to be renamed Amazon Web Services Wind Farm.
08:10 EDTSHPGShire price target raised to $247 from $228 at Jefferies
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08:01 EDTAMZNAmazon Web Services to use wind farm power to supply datacenters with power
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07:21 EDTLO, RAIWells Fargo calls Tobacco 'place to be,' upgrades Altria Group
Wells Fargo calls the U.S. Tobacco sector the "place to be" in consumer staples in 2015. Wells lists positive catalysts for the group as stronger pricing power, protection from currency risk and upside potential from e-cigarettes. The firm says Reynolds American (RAI) remains its top pick and it raised its price target range for shares to $79-$81 from $69-$71. Wells upgraded Altria Group (MO) to Outperform from Market Perform with an increased price target range of $56-$58. The firm also has an Outperform rating on Lorillard (LO). Wells has a "high conviction" that Reynolds' deal with Lorillard will be approved by the FTC in March or April.
06:24 EDTVZT-Mobile warns of unsustainable costs against cellphone giants, Re/code says
T-Mobile (TMUS) owner Deutsche Telekom (DTEGY) claims Verizon (VZ) and AT&T's (T) wealth makes true competition difficult, reports Re/code, citing statements made at Germany's DLD conference. Deutsche Telekom CEO Tim Hoettges stated the dominance of AT&T and Verizon allowed them to make huge bids at the latest midband spectrum auction to further their market lead. Hoettges also stated he was "intrigued" by last year's unsuccessful merger talks with Sprint (S), and warned that T-Mobile's $4B-$5B investment requirements per year are unsustainable. Reference Link
January 19, 2015
11:14 EDTAMZNAmazon to produce original movies for theaters, Prime Instant Video
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January 18, 2015
13:45 EDTVZGoogle in talks to acquire mobile-pay platform Softcard, WSJ says
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