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Stock Market & Financial Investment News

News Breaks
July 21, 2014
16:22 EDTEMC, EXTR, MNST, VRX, VMW, YUM, AGN, MCDOn The Fly: Closing Wrap
Stocks on Wall Street began the trading day in negative territory and remained there through nearly the whole session. The market action was influenced more by the geopolitical events in Russia and Israel than by the upcoming avalanche of earnings scheduled for release throughout the week. Despite the weak open and subsequent drop during the first hour of trading, the market drifted off its lows and managed to pare its losses, even turning mixed for a short time. The averages dipped again heading into the bell, though they closed well of their worst levels. ECONOMIC EVENTS: In the U.S., the Chicago Fed's National Activity Index dipped to 0.12 in June from a reading of 0.16 in May. COMPANY NEWS: Allergan (AGN) rose $3.74, or 2.23%, to $171.14 after the company's Q2 results and its FY14 outlook beat expectations. The company, which is working to fend off a proposed acquisition by Valeant Pharmaceuticals (VRX), also announced plans to cut its workforce by 13%, or about 1,500 employees, as part of a broader restructuring effort. In related news, Valeant announced it has contacted both the SEC and Canadian financial authorities regarding Allergan's "apparent attempt to mislead investors and manipulate the market for Valeant common shares by continuing to make false and misleading statements regarding Valeant's business." Later in the day, Bill Ackman of Pershing Square, who is partnering with Valeant in its attempt to buy Allergan, called the restructuring a "Valeant light" effort and said Valeant does not need to raise its bid for Allergan. Ackman explained that he believes that shares of Valeant will rise around $10 should the Allergan board engage in takeover talks with the company and that a $10 share rise would boost Valeant's bid for Allergan by $8 per share. MAJOR MOVERS: Among the notable gainers was Extreme Networks (EXTR), which rose 69c, or 15.79%, to $5.06 after the company raised its Q4 earnings per share outlook and narrowed its Q4 revenue view. Also higher were shares of EMC (EMC), which advanced $1.35, or 5.0%, to $28.33 after the Wall Street Journal reported, citing sources, that activist investor Elliott Management has taken a stake of over $1B in the data-storage company and plans to push it to break itself up and spin off VMware (VMW), which is 80% owned by EMC. Shares of VMware fell $2.36, or 2.48%, to $92.95 following the Journal's report. Among the other noteworthy losers was Monster Beverage (MNST), which fell $3.07, or 4.53%, to $64.74 after Morgan Stanley downgraded the stock, citing slowing U.S. trends and balanced valuation. Also lower were shares of Yum! Brands (YUM), which fell $3.29, or 4.25%, to $74.13 after Associated Press reported that the company's KFC brand and McDonald's (MCD) were sold expired beef and chicken in China from food supplier Husi Food. Shares of McDonald's, which is scheduled to report on its quarter before tomorrow's market open, slid $1.44, or 1.45%, to $97.55. INDEXES: The Dow fell 48.45, or 0.28%, to 17,051.73, the Nasdaq dropped 7.44, or 0.17%, to 4,424.70, and the S&P 500 declined 4.59, or 0.23%, to 1,973.63.
News For AGN;VRX;EMC;YUM;MNST;MCD;VMW;EXTR From The Last 14 Days
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May 20, 2015
06:37 EDTVRXSources: Valeant in talks to buy Amoun Pharmaceutical, Bloomberg reports
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06:32 EDTVRXValeant CEO sees quintupling in Asia sales by 2020, Reuters reports
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05:56 EDTMCDStocks with implied volatility movement; MCD USO
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May 19, 2015
08:13 EDTMCDUnion group asks FTC to probe McDonald's, other big franchisers, WSJ reports
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May 18, 2015
08:35 EDTYUMYum! Brands price target raised to $105 from $90 at Oppenheimer
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07:27 EDTEMCJPMorgan to hold a conference
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May 15, 2015
17:33 EDTEMC, VMWPoint72 Asset Management gives quarterly update on stakes
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17:15 EDTVRXPaulson & Co. gives quarterly update on stakes
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17:08 EDTVRXSoros Fund gives quarterly update on stakes
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17:03 EDTVRXPershing Square gives quarterly update on stakes
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16:51 EDTEMCGreenlight Capital gives quarterly update on stakes
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16:01 EDTMCDOptions Update; May 15, 2015
iPath S&P 500 VIX Short-Term Futures down 20c to 20.06 Option volume leaders: AAPL BAC FB NFLX TWTR BABA CSCO TSLA MU GILD T MSFT AMZN MCD
12:15 EDTMCDMcDonald's call activity attributed to activist speculation
McDonald's May 97.5 and 98 calls are active eon total call volume of 56K (4K puts) on activist speculation. May call option implied volatility is at 18, May weekly is at 17, June is at 18, September is at 19; compared to 90-day average of 19 according to Track Data, suggesting large near term price movement.
12:13 EDTYUM, EMCThird Point gives quarterly update on stakes
NEW STAKES: Yum! Brands (YUM), NXP Semiconductors (NXPI), FedEx (FDX), McKesson (MCK), and J M Smucker (SJM). INCREASED STAKES: Actavis (ACT), Roper Technologies (ROP), Delta Air Lines (DAL), and FleetCor Technologies (FLT). DECREASED STAKES: Ally Financial (ALLY), Amgen (AMGN), Phillips 66 (PSX), eBay (EBAY), and Anheuser Busch Inbev SA (BUD). LIQUIDATED STAKES: Alibaba Group (BABA), Citigroup (C), EMC Corporation (EMC), Anglo American (AAL), and Williams Companies (WMB).
12:07 EDTYUMThird Point reports new stakes in Yum! Brands, FedEx, McKesson
11:09 EDTMCDRumor: McDonald's move higher attributed to activist speculation
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10:55 EDTVRXJANA Partners gives quarterly update on stakes
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10:29 EDTAGNAmerican Urological Association to hold an annual meeting
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10:01 EDTYUMOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Aspen Technology (AZPN) upgraded to Overweight from Sector Weight at Pacific Crest... Canadian National (CNI) upgraded to Outperform from Sector Perform at Scotia Capital... Connecticut Water (CTWS) upgraded to Outperform from Market Perform at Wells Fargo... Hanesbrands (HBI) upgraded to Buy from Neutral at DA Davidson... Impala Platinum (IMPUY) upgraded to Buy from Neutral at Goldman... Inovalon (INOV) upgraded to Buy from Neutral at Goldman... J.C. Penney (JCP) upgraded to Market Perform at BMO Capital... Sovran Self Storage (SSS) upgraded to Buy from Neutral at UBS... Syngenta (SYT) upgraded to Neutral from Underperform at Exane BNP Paribas... UPS (UPS) upgraded to Buy from Neutral at Goldman... Union Pacific (UNP) upgraded to Buy from Hold at TD Securities... Yum! Brands (YUM) upgraded to Overweight from Neutral at JPMorgan.
06:47 EDTYUMYum! Brands upgraded to Overweight from Neutral at JPMorgan
JPMorgan upgraded Yum! Brands to Overweight saying it believes a spin-off of China and levering up of the franchise business has moved from a "possibility" to a "probability." After attending the Yum China investor conference, the firm thinks the company is now welcome to ideas that can drive short and long term shareholder value. It raised its price target for the stock to $108 from $83.
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