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Stock Market & Financial Investment News

News Breaks
February 11, 2013
06:06 EDTACTG, SCHWAcacia Research subsidiary enters into license, settlement agreement with Charles Schwab
Acacia Research (ACTG) announced that its Unified Messaging Solutions subsidiary has entered into a license and settlement agreement with Charles Schwab Corporation (SCHW). This agreement resolves patent litigation that was pending in the United States District Court for the Northern District of Illinois.
News For ACTG;SCHW From The Last 14 Days
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January 26, 2015
06:04 EDTACTGAcacia Research subsidiary enters into license agreement with Arcadyan
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January 23, 2015
12:00 EDTSCHWE-Trade rallies after Q4 results beat estimates, capital plan approved
Shares of online broker E-Trade Financial (ETFC) are rising after the companyís fourth quarter results surpassed analystsí consensus estimates and announced it has received regulatory approval realign its organizational structure. WHAT'S NEW: Last night, E-Trade reported Q4 adjusted earnings per share of 26c and revenue of $461M, topping analysts' consensus estimates of 23c and $445.11M, respectively. Quarterly results excluded a $59M pre-tax loss on early extinguishment of corporate debt. For the quarter, Daily Average Revenue Trades, or DARTs, were 168,000, an increase of 10% from the third quarter. The company ended Q4 with 3.1 million brokerage accounts, an increase of 17,000 from the end of Q3, and brokerage account attrition for Q4 was 9.1%. E-Trade said that the company added $3.5B in net new brokerage assets in Q4, or an annualized growth rate of 5.8%. The company also ended the quarter with $290B in total customer assets, compared with $282B at the end of Q3. Provision for loan losses was $10M in Q4, unchanged from Q3, while net-charge offs were $7M, comapred with $10M in Q3. The company reported bank and consolidated Tier 1 leverage ratios of 10.6% and 8.1%, respectively, as of December 31, compared with 10.4% and 7.7% in the prior quarter. WHATíS NOTABLE: E-Trade announced that it has received regulatory approval to operate E*TRADE Bank at a Tier 1 leverage ratio of 9%, and realign its organizational structure by moving its two broker-dealers-- E*Trade Securities and E*Trade Clearing -- from under E*Trade Bank, which it says will simplify the distribution of capital generated by those entities to the parent company. E*Trade Securities will be moved in early February, while the move of E*Trade Clearing is expected to be completed later in the year. The approval to move these subsidiaries allows the company to distribute approximately $430M of their excess capital to the parent, the company added. Separately, the company announced on its earnings conference call that Chief Marketing Officer Liza Landsman will leave the company to pursue other opportunities. ANALYST REACTION: This morning, Credit Suisse upgraded E-Trade to Outperform from Neutral. The firm believes E-Trade is on the path to unlock substantial value and views the company's regulatory approval to separate its broker dealer unit and release excess capital from the bank subsidiary is a "turning point" for value creation. The firm raised its price target on the shares to $28 from $24. Another firm, JMP Securities, said E-Trade achieved a "crucial milestone." After E-Trade announced that it had received approval to move forward on its capital plan, freeing up significant excess capital, JMP Securities believes that this development could add 50c-$1.00+ to the company's EPS. The firm kept a $28 price target and Outperform rating on the shares. PRICE ACTION: In late morning trading, E-Trade rose $2.05, or about 9.05%, to $24.70 on approximately twice its average daily trading volume. Including todayís advance, the stock has gained approximately 17% over the past twelve months. OTHERS TO WATCH: Other online brokers include Charles Schwab (SCHW) down 1.12%, TD Ameritrade (AMTD), down 0.4%, and Interactive Brokers (IBKR), up 1.34%.
January 21, 2015
12:24 EDTACTGOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday, as details of a reported bond buying program planned by the ECB offset weakness in the Dow after IBM's (IBM) earnings report. ECONOMIC EVENTS: In the U.S., housing starts rose 4.4% in December to a 1.89M rate, versus expectations for an increase of 1.2%, while building permits fell 1.9% to a rate of 1.03M, versus expectations of an increase of 0.8%. The Bank of Canada lowered its target for the overnight rate by one-quarter of one percentage point to 0.75% in response to the recent sharp drop in oil prices, which it said will be negative for growth and underlying inflation in Canada. Reports indicated that a proposal from the European Central Bankís executive board is calling for it to begin making bond purchases of about EUR 50B per month and continue that easing program for at least one year. In Asia, the Bank of Japan refrained from expanding its stimulus program, although it expanded and extended its loan programs aimed at boosting bank lending. Also, the BoJ cut next fiscal year's CPI forecast to 1.0% from the 1.7% it had projected three months ago. COMPANY NEWS: Last night, IBM reported better than expected Q4 earnings, though its revenue and FY15 profit outlook trailed estimates, sending the stock down over 3% this morning. Citigroup cut its price target for IBM shares to $170 from $180 after reducing its sales and earnings estimates following the tech giant's Q4 results. Citi reiterated a Neutral rating on IBM, saying it wants to see stability in fundamentals and free cash flow growth before getting more positive on the name. Meanwhile, Jefferies said IBM's cash flow guidance for 2015 is "very weak" and that the company has yet to reach a bottom. The firm continues to believe the risk/reward for shares is skewed negatively and it kept an Underperform on IBM with a $130 price target following the company's Q4 results... Netflix (NFLX) jumped 17% to trade near $409 per share after the company reported stronger than expected fourth quarter results and a number of research firms raised their price targets for the stock while pointing out the company's global subscriber growth had exceeded expectations. Bucking the trend, FBR Capital analyst Barton Crockett said Netflix's EPS would only have been in-line with the consensus outlook if non-operating items were excluded. He said he is less impressed with Netflix following its report and trimmed his price target on the stock to $400 from $425 while keeping a Neutral rating on the shares. MAJOR MOVERS: Among the notable gainers following their earnings reports were Northern Trust (NTRS), which rose 6%, and U.S. Bancorp (USB), which gained 3.5%. Among the noteworthy losers was Eldorado Gold (EGO), which dropped 19% after the company reported on its 2014 gold production, gave guidance on production in 2015, and its shares were downgraded at Credit Suisse, TD Securities and Canccord. Also lower was Acacia Research (ACTG), which fell more than 14% after a court granted a motion finding no infringement of certain method claims asserted by the company's Adaptix subsidiary against Apple(AAPL), Verizon (VZ), AT&T (T), and HTC. INDEXES: Near midday, the Dow was up 42.03, or 0.24%, to 17,557.26, the Nasdaq was up 27.36, or 0.59%, to 4,682.21, and the S&P 500 was up 12.25, or 0.61%, to 2,034.80.
10:29 EDTACTGAcacia Research down almost 13% after patent ruling
Earlier today, Acacia Research (ACTG) announced its CEO and President Matt Vella will discuss the January 20th, 2015 ruling received by Adaptix, , a subsidiary of Acacia Research, relating to patent cases pending in the District Court for the Northern District of California. The Courtís ruling granted a motion finding no infringement of certain method claims asserted by Adaptix against Apple(AAPL), Verizon (VZ), AT&T (T), and HTC. Shares of Acacia Research are lower by almost 13% to $13.90 in morning trading.
07:22 EDTACTGAcacia Research to hold an investor conference call
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