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Stock Market & Financial Investment News

News Breaks
August 14, 2014
17:16 EDTAGN, VOD, FCX, CNO, CBS, AAL, PXD, HES, GM, TMO, DG, DTV, COV, HSH, QCOR, SHPG, CIE, MNK, FDO, DLRPaulson & Co gives quarterly update on stakes
NEW STAKES: Allergan (AGN), DIRECTV (DTV), Covidien (COV), Hillshire Brands (HSH), and Questcor (QCOR). INCREASED STAKES: Shire (SHPG), Cobalt (CIE), Mallinckrodt (MNK), Family Dollar (FDO), and Dollar General (DG). DECREASED STAKES: Thermo Fisher (TMO), Vodafone (VOD), Freeport-McMoRan (FCX), CNO Financial (CNO), and CBS (CBS). LIQUIDATED STAKES: American Airlines (AAL), Pioneer Natural Resources (PXD), Hess (HES), General Motors (GM), and Digital Realty Trust (DLR).
News For AGN;DTV;COV;HSH;QCOR;SHPG;CIE;MNK;FDO;DG;TMO;VOD;FCX;CNO;CBS;AAL;PXD;HES;GM;DLR From The Last 14 Days
Check below for free stories on AGN;DTV;COV;HSH;QCOR;SHPG;CIE;MNK;FDO;DG;TMO;VOD;FCX;CNO;CBS;AAL;PXD;HES;GM;DLR the last two weeks.
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September 3, 2014
14:33 EDTFDOIcahn sold entire Family Dollar stake, Reuters says
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12:33 EDTGMOn The Fly: Midday Wrap
Stocks on Wall Street were higher to begin the day, as reports spurred optimism that a ceasefire agreement between Russia and the Ukraine may soon be reached. The move was short lived, as the averages turned mixed during the second hour of trading. Shares of Apple (AAPL) are weighing down the Nasdaq after an analyst recommended investors take some profits in the stock. ECONOMIC EVENTS: In the U.S., factory orders rose 10.5% in July, which was a bit below the forecast for 11.0% growth. The Fed's Beige Book is scheduled to be released at 2:00 pm ET. In Europe, the final reading of Eurozone services PMI was knocked down to 53.1 from a preliminary 53.5 reading, mirroring the lowering of the Eurozone manufacturing PMI reading yesterday. COMPANY NEWS: Shares of Apple retreated 4% after research firm Pacific Crest advised investors to take some profits in the stock. Pacific Crest analyst Andy Hargreaves forecast the percentage of new iPhone users who buy the next version of the device beyond the iPhone 6 is likely to decline versus prior cycles. The stock likely has only limited room to increase, according to Hargreaves, who said he would probably downgrade Apple unless new products that can generate billions of dollars in new operating profit are launched at its September 9 event... Carmakers reported on August vehicle sales in the U.S., with Chrysler (FIATY) reporting a 20% increase, Ford stating that sales rose slightly compared to the prior year and General Motors (GM) posting a 1.2% decline in sales. MAJOR MOVERS: Among the notable gainers was Infinity Pharmaceuticals (INFI), which jumped 46% after the company announced a cancer drug collaboration with AbbVie (ABBV) and a master clinical supply agreement with Roche (RHHBY). Also higher was Mobileye (MBLY), which gained nearly 10% after Morgan Stanley wrote that the stock could rise "towards $100" if the company maintains its current market, gross margins and earnings position. Mobileye is scheduled to report on its second quarter results tomorrow morning, which will be its first quarterly report since its August IPO. Among the noteworthy losers was Repros Therapeutics (RPRX), which dropped 15% after newly posted FDA briefing documents regarding a panel on T-normalizing therapies prompted Piper Jaffray to downgrade the stock to Neutral from Overweight. Also lower following its earnings report was apparel company Vince Holding (VNCE), which fell 11%. INDEXES: Near midday, the Dow was up 33.71, or 0.2%, to 17,101.27, the Nasdaq was down 23.24, or 0.51%, to 4,574.95, and the S&P 500 was down 0.64, or 0.03%, to 2,001.64.
12:19 EDTSHPGOptions with increasing implied volatility
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09:34 EDTGMGM reports August U.S. sales down 1.2% to 272,423 units
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09:31 EDTGMGeneral Motors reports August U.S. sales down 1.2% to 272,423 vehicles
09:07 EDTMNKMallinckrodt reported MNK-155 HAL study data
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08:34 EDTVODVodafone speculated as takeover target for Softbank, Nikkei says
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07:53 EDTMNKMallinckrodt management to meet with Deutsche Bank
Meeting to be held in New York on September 3 hosted by Deutsche Bank.
06:29 EDTGMGeneral Motors looking to fend off ignition-switch recall review, WSJ reports
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September 2, 2014
16:25 EDTDG, FDOOn The Fly: Closing Wrap
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12:09 EDTDG, FDOOn The Fly: Midday Wrap
Stocks on Wall Street were mixed at midday, with the Nasdaq clinging to narrow gains and the Dow and S&P both down about 0.25%. Stocks began the session basically unchanged but turned mixed within minutes of the open. The volume has been light and the market has moved in a narrow range, continuing the type of pattern that was seen all of last week ahead of the holiday. ECONOMIC EVENTS: In the U.S., Markit's final manufacturing PMI for August dipped slightly from the flash print of 58.0 to 57.9, but that was up from July's 55.8 reading. ISM's manufacturing index for August climbed to 59.0 from 57.1 in July, beating expectations. Construction spending bounced back 1.8% in July, beating expectations for it to have risen 1.0% after declining in the prior month. In Asia, HSBC's final manufacturing PMI for China edged down to 50.2 from the preliminary 50.3 August reading, which was already down from the 51.7 report in July. The Chinese government's official purchasing managers index came in at 51.1 for August, which was down from its 51.7 reading in July. In Europe, the Eurozone's final manufacturing PMI for August was revised down to 50.7 from 51.8 in the preliminary reading. COMPANY NEWS: Apple (AAPL) was in the headlines following a celebrity photo hack involving several of its iCloud accounts. Despite the negative publicity from those events, the stock gained nearly 1% after noted Piper Jaffray analyst Gene Munster raised his price target on the tech giant's shares to $120 from $105, citing the upcoming launch of new products and services. Another firm, Cantor, said in its own note to investors that it believes that Apple will have its most exciting product launches "in many years" over the next few months... In M&A news, Dollar General (DG) rose almost 1% after increasing its all-cash proposal to buy Family Dollar (FDO) to $80.00 per share and also increasing the number of stores that it would be willing to agree to divest to 1,500 if ordered by the FTC. Shares of Family Dollar, which previously rejected Dollar General's prior proposal on the basis of antitrust regulatory concerns, traded above the new offer price, while Dollar Tree (DLTR), which currently has a merger agreement deal in place with Family Dollar, also gained 1.5%. MAJOR MOVERS: Among the notable gainers were two other companies involved in M&A, one which was a buyer and one which was bought. Norwegian Cruise Line (NCLH) advanced 12% after agreeing to acquire upscale peer Prestige Cruises for $3.03B, while Compuware (CPWR) rose over 12% after the company confirmed it agreed to be acquired by private equity investment firm Thoma Bravo in a transaction valued at approximately $2.5B. Among the noteworthy losers was Exelixis (EXEL), which plunged 53% after its phase 3 pivotal trial of cabozantinib in certain men with metastatic castration-resistant prostate cancer did not meet its primary endpoint and the stock was downgraded by at least three Street research firms. Also lower was lease-to-own retailer CONN'S (CONN), which dropped 30% and was downgraded at Piper Jaffray after weakness in its credit operations prompted a Q2 earnings miss and caused the company to cut its fiscal year guidance. INDEXES: Near midday, the Dow was down 43.58, or 0.25%, to 17,054.87, the Nasdaq was up 2.97, or 0.06%, to 4,583.24, and the S&P 500 was down 4.83, or 0.24%, to 1,998.54.
10:02 EDTFCXOn The Fly: Analyst Downgrade Summary
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09:07 EDTAGNAllergan filed answer in federal court reponding to Valeant, Pershing claims
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08:36 EDTFDO, DGFamily Dollar confirms receipt of revised unsolicited proposal from Dollar General
Family Dollar Stores (FDO) confirmed that it has received a revised, non-binding, unsolicited proposal from Dollar General (DG) to acquire all of the outstanding common shares of Family Dollar. Consistent with its fiduciary duties and subject to the terms of its existing merger agreement with Dollar Tree (DLTR), Family Dollarís Board of Directors, in consultation with its legal and financial advisors, will review and consider the revised proposal. The company's Board of Directors has not changed its recommendation in support of the merger with Dollar Tree. Family Dollar will have no further comment on Dollar Generalís proposal until the Board has completed its review.
08:05 EDTAGNAllergan says Ozurdex apporved in EU for treatment of diabetic macular edema
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07:47 EDTFCXFreeport McMoRan downgraded to Equal Weight from Overweight at Morgan Stanley
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07:37 EDTCIECobalt added to Best of Bernstein list at Bernstein
Bernstein added Cobalt to its Best of Bernstein list as the firm thinks the stock has reached an attractive entry point. The firm believes that the company's results were positive, while fears about its Wells notice are excessive. Bernstein added the stock to its Best of Bernstein list and keeps an Outperform rating on the shares.
06:16 EDTDG, FDODollar General increases proposal to board of Family Dollar to $80 per share
Dollar General (DG) announced that it has sent an enhanced acquisition proposal to the board of Family Dollar Stores (FDO). Under the terms of the revised proposal, Dollar General would increase its all-cash proposal for all outstanding shares of Family Dollar to $80.00 per share. Dollar General also increased the number of stores that it would be willing to agree to divest to 1,500 if ordered by the FTC, as further evidence of its confidence in its ability to obtain antitrust approval, has agreed to pay a $500M reverse break-up fee to Family Dollar relating to antitrust matters. All other terms and conditions of the proposal remain unchanged. Dollar Generalís revised proposal provides Family Dollarís shareholders with approximately $640M of additional aggregate value over Dollar Treeís offer and represents a premium of 31.9 percent over the closing price of $60.66 for Family Dollar stock on the day prior to the Dollar Tree announcement. In addition, Dollar General has engaged additional counsel, Boies, Schiller & Flexner LLP, to independently review its antitrust work. The independent review validated Dollar Generalís analysis that the proposed transaction can be completed on the terms previously proposed.
06:04 EDTDG, FDODollar General to raise offer for Family Dollar to $80/share, CNBC reports
Dollar General (DG) is going to raise its all-cash bid for Family Dollar (FDO) to $80 per share or around $9.1B, CNBC's Andrew Ross Sorkin reports, citing sources. Dollar General is willing to sell up to 1,500 stores if required by the FTC under the new offer, Sorkin adds. Family Dollar has continued to recommend a merger with Dollar Tree (DLTR). Reference Link
06:01 EDTFDO, DGDollar General raises offer for Family Dollar to $80/share, CNBC reports
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