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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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August 31, 2014
13:49 EDTBIDUNomura to hold a forum
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August 29, 2014
06:34 EDTBIDUTencent, Baidu, Wanda organize $8.14M e-commerce venture, Reuters says
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August 28, 2014
10:49 EDTBRLIBio-Reference downgraded to Underperform from Buy at BofA/Merrill (pre-open)
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August 27, 2014
08:38 EDTBRLIBio-Reference Labs sees Q4 EPS 62c-64c, consensus 63c
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08:34 EDTBRLIBio-Reference Labs reports Q3 EPS 55c, consensus 53c
Reports Q3 revenue $222.05M, consensus $210.44M. Reports Q3 EPS after taxes 53c. The number of patients served increased 16% to 2,511 in Q3 up from the 3Q13 total of 2,161. Esoteric business for the company was 68% of revenues for Q3 compared to 64% in 3Q13. Days Sales Outstanding, or DSO, was 105 days in Q3 compared to 3Q13 when the DSO was 95 days.
08:20 EDTCIENCiena September volatility elevated into Q3 and guidance
Ciena September call option implied volatility is at 50, October is at 42, January is at 39; compared to its 26-week average of 43 according to Track Data, suggesting large near term price movement into its release of Q3 results on September 4.
06:53 EDTBIDUWanda, Tencent, Baidu collaborate for $813M e-commerce venture, Reuters says
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August 25, 2014
11:26 EDTBIDUQihoo 360 falls despite better-than-forecast Q2 results, Q3 revenue guidance
Shares of Chinese internet and software company Qihoo 360 Technology (QIHU) are falling despite reporting second quarter results that beat analysts' estimates. The company also provided third quarter revenue guidance that exceeded estimates. WHAT'S NEW: Qihoo 360 reported Q2 adjusted earnings per share of 50c on revenue of $317.9M, which surpassed analysts' consensus estimates of 46c and $309.38M, respectively. For the quarter, operating income was $43.9M compared to $36.6M a year ago and $39.6M in the first quarter. Non-GAAP operating margin was 21.9% in Q2, compared to 36% in the year-ago period and 14.9% in Q1. The company said the sequential decline in non-GAAP operating margin was primairly due to increased marketing and promotional expenses, personnel-related costs and bandwidth and equipment depreciation expenses. Looking ahead, Qihoo 360 forecast Q3 revenue of $360M-$365M, which is slightly higher than analysts' consensus estimates of $357.39M. WHAT'S NOTABLE: Chairman and Chief Executive Officer Hongyi Zhou commented that the company is in an "excellent position" to grow its share of China's search market in both PC and mobile traffic and revenue. The company plans to make "significant" investments in the coming quarters to strengthen its brand and market position, and to improve our products and technology, particularly in mobile Internet-related areas. The executive noted that the company's share of Internet search traffic recently reached over 30%, citing third-party data, achieving a company target fourth months ahead of schedule. ANALYST OPINION: Jefferies defended Qihoo 360 shares following the company's Q2 results. Stifel analyst George Askew feels that Qihoo 360's Q2 revenue and operating margin results were "very good" and believes that many factors, including its 30% search query share, will help it sustain its search revenue growth. The firm maintains $168 price target and Buy rating. Bank of America analyst Eddie Leung said that he expects Qihoo 360's margins to get better gradually in the second half of the year since the company is looking to control expenses and realize synergies. He anticipates search to increase at a fast rate to make up 36% of total sales in FY16. Leung believes this should particularly offset the decline in game revenues this past quarter. Leung lowered his price target on Qihoo 360 to $121 from $123. PRICE ACTION: During late-morning trading, shares of Qihoo fell $6.62 or 6.51%, to $95.13. OTHERS TO WATCH: Chinese search market leader Baidu (BIDU) rose nearly 1.7% to $217.77.
06:24 EDTFNSRFinisar September volatility elevated into Q1 and outlook
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August 24, 2014
21:59 EDTADTNVMware to hold a conference
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