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Stock Market & Financial Investment News

News Breaks
July 14, 2014
10:00 EDTWHF, NDAQ, EGOV, NDSN, OGE, RAX, RAI, TPH, SBNY, EBSB, LEA, KLAC, INFA, CFX, CHL, AB, AAPL, ARUN, AVGO, EAT, ABDCOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Alcentra Capital (ABDC) upgraded to Strong Buy from Outperform at Raymond James... AllianceBernstein (AB) upgraded to Outperform from Market Perform at Keefe Bruyette... Apple (AAPL) upgraded to Overweight from Equal Weight at Barclays... Aruba Networks (ARUN) upgraded to Outperform from Neutral at Macquarie... Avago (AVGO) resumed with a Buy from Neutral at Citigroup... Brinker (EAT) upgraded to Overweight from Neutral at JPMorgan... China Mobile (CHL) upgraded to Buy from Neutral at BofA/Merrill... Colfax (CFX) upgraded to Buy from Hold at Argus... Informatica (INFA) upgraded to Overweight from Equal-Weight at Evercore... KLA-Tencor (KLAC) upgraded to Strong Buy from Neutral at ISI Group... Lear (LEA) upgraded to Overweight from Equal Weight at Barclays... Meridian Interstate Bancorp (EBSB) upgraded to Buy from Neutral at Compass Point... NASDAQ (NDAQ) upgraded to Overweight from Equal-Weight at Evercore... NIC Inc. (EGOV) upgraded to Strong Buy from Outperform at Raymond James... Nordson (NDSN) upgraded to Accumulate from Neutral at Global Hunter... OGE Energy (OGE) upgraded to Buy from Hold at Argus... Rackspace (RAX) upgraded to Neutral from Underperform at DA Davidson... Reynolds American (RAI) upgraded at RBC Capital... Signature Bank (SBNY) upgraded at Sterne Agee... TRI Pointe Homes (TPH) upgraded to Buy from Neutral at Buckingham... WhiteHorse Finance (WHF) upgraded to Buy from Hold at Wunderlich.
News For ABDC;AB;AAPL;ARUN;AVGO;EAT;CHL;CFX;INFA;KLAC;LEA;EBSB;NDAQ;EGOV;NDSN;OGE;RAX;RAI;TPH;SBNY;WHF From The Last 14 Days
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October 10, 2014
16:02 EDTAAPLActionable Options for Friday, October, 10
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15:30 EDTAAPLApple, Bose settle patent infringement litigation, CNBC reports
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12:04 EDTAVGOAvago tumbles, levels to watch
The shares are down 11.4%, enjoying less of a bounce than its peers this morning off early lows. Support is at the session low at $68.75. Resistance based on the current price of $71.61 is at $73.84.
11:13 EDTKLACMicrochip not relevant to DRAM, NAND, says Summit Research
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10:29 EDTAVGOMicrochip CEO warning on industry correction sinks semiconductors
Shares of a number of semiconductor makers are falling sharply after one of the companies in the space, Microchip Technology (MCHP), warned that it believes the sector had entered a correction. In a note to investors today, research firm FBR Capital said Microchip's comments "could be worrisome, " and the firm responded by taking a more defensive stance on the space. WHAT'S NEW: Microchip, which develops microcontroller and analog semiconductors, estimated that its second quarter revenue would come in at $546.2M, versus its previous guidance of $560.0M-$575.9M and analysts' consensus estimate of $568M. The company said that it had experienced a number of negative trends during the quarter, including a weaker than usual September, weakness in China, and significant inventory builds at its distributor customers. Microchip President and CEO Steve Sanghi claimed his company often sees the turn of the semiconductor industry ahead of others, noting that it reports sales from distribution on a sell-through basis and built a significant amount of inventory in the distribution channel in the September quarter and that it does business with over 80,000 customers. Sanghi stated, "We believe that another industry correction has begun and that this correction will be seen more broadly across the industry in the near future. ANALYST REACTION: In a note to investors today, FBR Capital analyst Christopher Rolland said that Microchip's statements come in the wake of other negative signs for the sector. In August and September, lead times for the sector fell versus the month before, the analyst stated. Additionally, revenue trends at Taiwanese chip makers weakened in August, Rolland stated. The analyst said that Microchip's statements pushed him over the fence, causing him to take a more defensive stance on the sector. He removed ON Semiconductor (ONNN) from FBR's Top Picks list but kept an Outperform rating on the stock, as he believes that its valuation is "very reasonable." Rolland maintained Market Perform ratings on Atmel (ATML), Texas Instruments (TXN), Fairchild (FCS), AMD (AMD), and Applied Micro Circuits (AMCC). Sterne Agee also attributed weakness in the sector to Microchip's warnings, but the firm recommended buying NXP Semiconductors (NXPI), Avago (AVGO), and Skyworks (SWKS) due to their strong product cycles with EMV and upcoming iPhone-iPad launches from Apple (AAPL). In addition, the firm said it would buy Micron (MU) and SanDisk (SNDK) given tight supply, below normal inventory levels, and tailwinds from China. PRICE ACTION: In early trading, Microchip dropped nearly 14% to $39.29, Intel (INTC) fell almost 6% to $31.67, On Semiconductor slid 10% to $7.53, Atmel tumbled 11.5% to $6.61, Texas Instruments slipped 8% to $42.16, Fairchild slumped 10.6% to $12.95, AMD dropped 6% to $2.77, Applied Micro declined 10% to $6.19, and NXP Semiconductors was 14% lower to $55.27.
10:20 EDTAVGOSemiconductors defended at Sterne Agee
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10:15 EDTCHLNokia, China Mobile sign framework agreement valued at $970M
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10:12 EDTAAPLApple to remove Bose products from retail stores, MacRumors reports
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10:01 EDTEATOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: 2U (TWOU) initiated with an Outperform at Pacific Crest... Bloomin' Brands (BLMN) initiated with an Outperform at BMO Capital... Brinker (EAT) initiated with a Market Perform at BMO Capital... Buffalo Wild Wings (BWLD) initiated with an Outperform at BMO Capital... Chipotle (CMG) initiated with a Market Perform at BMO Capital... Chuy's (CHUY) initiated with a Market Perform at BMO Capital... Darden (DRI) initiated with a Market Perform at BMO Capital... EMC (EMC) initiated with a Buy at Jefferies... EPR Properties (EPR) initiated with a Buy at BofA/Merrill... HP (HPQ) initiated with a Hold at Jefferies... IBM (IBM) initiated with an Underperform at Jefferies... McDermott (MDR) initiated with an In-Line at Imperial Capital... NetApp (NTAP) initiated with a Hold at Jefferies... New Residential (NRZ) initiated with a Neutral at Piper Jaffray... Nimble Storage (NMBL) initiated with a Buy at Jefferies... Noodles & Company (NDLS) initiated with an Outperform at BMO Capital... PDC Energy (PDCE) initiated with an Overweight at Stephens... Panera Bread (PNRA) initiated with a Market Perform at BMO Capital... Pioneer Natural (PXD) initiated with an Outperform at Imperial Capital... Resource America (REXI) initiated with a Buy at MLV & Co.... Rex Energy (REXX) initiated with an Overweight at Stephens... Seagate (STX) initiated with a Buy at Jefferies... Silicon Motion (SIMO) initiated with a Buy at Brean Capital... Texas Roadhouse (TXRH) initiated with a Market Perform at BMO Capital... W.P. Carey (WPC) initiated with a Neutral at BofA/Merrill... Wayfair (W) initiated with a Buy at Janney Capital...Western Digital (WDC) initiated with a Buy at Jefferies... Yelp (YELP) initiated with a Buy at Sterne Agee.
10:01 EDTNDSNOn The Fly: Analyst Downgrade Summary
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09:38 EDTAAPLActive equity options trading on open
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08:42 EDTABAllianceBernstein reports September preliminary assets under management $473B
The vast majority of the 2.7% decrease was attributable to market depreciation, including the negative impact of foreign exchange movements, though total net outflows during the month contributed as well.
07:39 EDTAAPLApple underappreciated but Icahn estimates aggressive, says UBS
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07:39 EDTNDSNNordson downgraded to Hold from Buy at BB&T
As previously reported, BB&T downgraded Nordson to Hold from Buy. The firm cites increasing FX headwinds and softening international macro conditions for the downgrade.
07:17 EDTLEACitigroup and the Society of Automotive Analysts to co-host a summit
Automotive Investor Summit is being held in Southfield, Michigan on October 10.
07:08 EDTAAPLApple given at least 3 days to block info in GT bankruptcy case, Reuters says
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07:04 EDTAAPLAmazon in talks to join digital locker for movies. WSJ reports
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06:59 EDTCHLDeutsche Telekom, China Mobile to launch connected cars platform, Reuters says
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06:48 EDTRAISenators call on FDA to adopt strict e-cigarette warning
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06:16 EDTNDSNNordson downgraded to Hold from Buy at BB&T
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