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Stock Market & Financial Investment News

News Breaks
April 10, 2013
13:04 EDTADTN, TITN, KMX, FAST, BIDU, FNSR, CIEN, HMA, BRLIOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday following the unexpected early release of the minutes from the Fed's last rate setting meeting in March. The move higher has pushed the S&P above its all-time closing high, which was established last week, and has seen it set a new all-time intraday record as well. In addition to the Fed minutes, the President unveiled a budget proposal that calls for tough entitlement cuts, but those come paired with increased revenues, and China unexpectedly reported a trade deficit caused by higher than expected imports... ECONOMIC EVENTS: In the U.S., the Federal Reserve decided to release the minutes from it last Federal Open Market Committee meeting at 9:00 am ET, which was five hours earlier than scheduled, because they were leaked yesterday to trade groups and some members of Congress. The minutes showed continued discussion over the costs and benefits of the Fed's bond-buying program, with several members saying it would "probably be appropriate to slow purchases later in the year and to stop them by year-end." However, many on the Street noted that the minutes were for a meeting that occurred prior to last Friday's disappointing monthly jobs report. Also, President Obama sent a $3.77T spending plan to Congress in a bid to revive deficit-reduction talks. In China, a rare trade deficit of $880M was reported for March, as imports surged 14.1% from a year earlier, outpacing a 10% rise in exports. Also of note, the World Trade Organization slashed its forecast for global trade growth in 2013 to 3.3% from its prior call for 4.5% growth, and S&P revised its outlook on Cyprus to Stable from Negative... COMPANY NEWS: Earnings season picked up a little bit of steam, with reports from ADTRAN (ADTN) and CarMax (KMX) sending their shares higher, while Titan Machinery (TITN) and Fastenal (FAST) declined following their quarterly results announcements... MAJOR MOVERS: Among the notable gainers was Baidu (BIDU), which rose over 6% following an upgrade to Buy from Hold at 86 Research. Also trading higher were a number of ADTRAN's peers, including Finisar (FNSR), up nearly 7%, and Ciena (CIEN), up about 6%, following the telecommunication equipment provider's better than expected report. Among the noteworthy losers were Health Management Associates (HMA), which fell 17% after its preliminary view of its quarterly results fell short of expectations, and Bio-Reference Labs (BRLI), which slid 7% in an apparent delayed reaction to a "whistleblower" suit filed against it last week but widely circulated today... INDICES: Near 1 pm ET, the Dow was up 147.54, or 1.01%, to 14,821.00; the Nasdaq was up 58.03, or 1.79%, to 3,295.89; and the S&P 500 was up 19.43, or 1.24%, to 1,588.04.
News For ADTN;TITN;KMX;FAST;BIDU;FNSR;CIEN;HMA;BRLI From The Last 14 Days
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October 30, 2014
10:52 EDTBIDUBaidu rises after profits beat expectations
Chinese Internet search engine Baidu (BIDU) is climbing after the company reported higher than expected profits and in-line revenue. WHAT'S NEW: Baidu reported third quarter earnings per share, excluding certain items, of $1.90, versus analysts' consensus outlook of $1.69. The company's revenue came in at $2.2B, in-line with the consensus outlook. Baidu provided Q4 revenue guidance of $2.26B-$2.32B, versus the consensus outlook of $2.3B. Last quarter, Baidu had more traffic from mobile devices than PCs, and mobile traffic generated 36% of its revenue, the company noted. "In the third quarter, our investments in mobile continued to pay off as mobile proved once again to be a strong driver of topline growth," said Baidu CFO Jennifer Li. ANALYST REACTION: Baidu's investment in mobile is starting to pay off, agreed Piper Jaffray analyst Gene Munster in a note to investors today. Additionally, the impact to Baidu from its investments in mobile appear not to have been as drastic as previously thought, and the company remains "essentially unchallenged" in the Chinese search market, wrote the analyst. He raised his price target on the shares to $267 from $222 and kept an Overweight rating on the stock. Meanwhile, research firm Stifel Nicolaus reported that the company's gross margin was about 1.5 percentage points ahead of expectations in Q3. Baidu is on track to generate about 65% of its queries from mobile devices in a year, at which point it may significantly increase the prices it charges for mobile search ads, the firm stated, adding that the company's innovation in mobile has been strong. Stifel has a $250 price target and Buy rating on the shares. PRICE ACTION: In mid-morning trading, Baidu rose 4% to $224. Other Chinese Internet names also rose, with Weibo (WB) adding 1% to $18, Renren (RENN) rising 1% to $3.45, Sohu.com (SOHU) gaining 1.5% to $44, and Qihoo 360 (QIHU) adding 0.5% to $68.50.
09:59 EDTBIDUBaidu price target raised to $267 from $222 at Piper Jaffray
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07:16 EDTBIDUBaidu viewed as core holding in China Internet space, says Brean Capital
Brean Capital reiterates Baidu as a core holding in the China Internet space following its Q3 results, citing the company's leadership position in mobile search, its operating leverage from robust revenue growth, and its attractive risk/reward profile. Brean Capital maintains its Buy rating and $275 price target on Baidu shares.
October 29, 2014
16:37 EDTBIDUBaidu sees Q4 revenue $2.26B-$2.32B, consensus $2.3B
16:36 EDTBIDUBaidu reports Q3 EPS ex-items $1.90, consensus $1.69
Reports Q3 revenue $2.2B, consensus $2.22B. Traffic acquisition cost, or TAC, as a component of cost of revenues was $283.8M, representing 12.9% of total revenues, as compared to 11.7% in the corresponding period in 2013 and 12.7% in Q2. The increase reflects increased contribution of contextual ads, mobile and promotion of hao123.
14:21 EDTBIDUBaidu October weekly 225 straddle priced for 6% move into Q3
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October 28, 2014
10:25 EDTKMXCarMax management to meet with Oppenheimer
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09:14 EDTBIDUBaidu named a long Research Tactical Idea at Morgan Stanley
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October 27, 2014
18:38 EDTADTNS&P announces changes to the S&P MidCap 400 and S&P SmallCap 600 indices
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17:21 EDTADTNADTRAN to replace Forest Oil in S&P 600 as of 10/31 close
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17:20 EDTADTNHalyard Health to replace ADTRAN in S&P 400 as of 10/31 close
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15:38 EDTBIDUBaidu weekly volatility elevated into Q3 and outlook
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October 24, 2014
14:55 EDTBIDUBaidu weekly volatility elevated into Q3 and outlook
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October 23, 2014
11:54 EDTKMXCarMax management to meet with Wedbush
Field trip to company headquarters in Richmond, VA will be held on October 30 hosted by Wedbush.
11:52 EDTFASTFastenal management to meet with William Blair
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October 22, 2014
18:34 EDTKMXOn The Fly: After Hours Movers
UP AFTER EARNINGS: Select Comfort (SCSS), up 13.1% after reporting third quarter results and increasing share repurchase authorization to $250M... Infinera (INFN), up 9.8%... Tractor Supply (TSCO), up 11.8%... Acacia Research (ACTG), up 7.7%... Marketo (MKTO), up 4.5%... O'Reilly Automotive (ORLY), up 3.9%... Fortinet (FTNT), up 1.5%... Mellanox (MLNX), up 2.9%... ServiceNow (NOW), up just under 1%. ALSO HIGHER: CarMax (KMX), up 1% after announcing a $2B increase to its share repurchase program. DOWN AFTER EARNINGS: Air Methods (AIRM), down 19.8% following preliminary third quarter results... Yelp (YELP), down 13.6%... Core Laboratories (CLB), down 7.9%... Varian Medical (VAR), down 4.9% after reporting fourth quarter results... Open Text (OTEX), down 3.9%... Citrix (CTXS), down 5.7%... Cheesecake Factory (CAKE), down 4.5%... Allied World (AWH), down 4.7%... Lam Research (LRCX), down 3.3%... Skechers (SKX), down just under 1% after reporting third quarter results above analyst estimates... AT&T (T), down 1.5%. ALSO LOWER: DIRECTV (DTV), down just under 1% following AT&T third quarter results... Alcobra (ADHD), down 16% following results of MDX study... WidePoint (WYY), down 8.1% after filing an automatic common stock shelf... New Mountain Finance (NMFC), down 4.4% after filing to sell 5M shares of common stock.
16:46 EDTKMXCarMax raises share repurchase authorization by $2B
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15:30 EDTFASTFastenal management to meet with William Blair
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October 20, 2014
05:48 EDTADTNADTRAN appoints Ronan Kelly as CTO for EMEA, APAC regions
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