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Stock Market & Financial Investment News

News Breaks
January 18, 2013
10:04 EDTALTE, NTCT, ODFL, KOG, EL, WABC, V, N, MGM, COF, CSX, BLL, XXIAOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Alterra Capital (ALTE) downgraded to Neutral from Buy at Sterne Agee... Ball Corp. (BLL) downgraded to Hold from Buy at Jefferies... CSX (CSX) downgraded to Neutral from Outperform at Credit Suisse... Capital One (COF) downgraded to Neutral from Buy at Janney Capital... MGM Resorts (MGM) downgraded to Market Perform from Outperform at Wells Fargo... NetSuite (N) downgraded to Neutral from Conviction Buy at Goldman... Visa (V) downgraded to Neutral from Outperform at RW Baird... Westamerica (WABC) downgraded to Underperform from Market Perform at BMO Capital... Estee Lauder (EL) downgraded to Outperform from Buy at CLSA... Kodiak Oil & Gas (KOG) downgraded to Neutral from Outperform at Credit Suisse... Old Dominion (ODFL) downgraded to Hold from Buy at Stifel Nicolaus... NetScout (NTCT) downgraded to Hold from Buy at Noble Financial... Ixia (XXIA) downgraded to Neutral from Buy at Lazard Capital.
News For ALTE;BLL;CSX;COF;MGM;N;V;WABC;EL;KOG;ODFL;NTCT;XXIA From The Last 14 Days
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October 13, 2014
16:28 EDTCSXOn The Fly: Closing Wrap
Stocks on Wall Street spent most of today's quiet session see-sawing across the flat-line before dropping sharply in the final hour of trading and closing at their lows. The market opened in negative territory but soon made a move to the upside and appeared ready to break the recent market slide that has seen the S&P lose about 5% of its value. Before the averages gained significant steam, they reversed again and moved back into negative ground. The averages moved in a fairly narrow range for most of the afternoon, before accelerating to the downside with conviction in the final hour of trading. ECONOMIC EVENTS: In the U.S., no economic data of note was reported and banks and bond markets were closed in observance of the Columbus Day holiday. In China, the nation's customs administration reported a trade surplus of about $31B for September. Exports in the month increased 15.3% from a year earlier, beating expectations and making for the biggest monthly increase since February 2013. Imports rose 7%, significantly outpacing the consensus projection for a 2% decline. COMPANY NEWS: The Wall Street Journal reported that CSX (CSX) was approached by a larger rival, Canadian Pacific (CP), about a possible merger. However, Credit Suisse analyst Allison Landry wrote in a note to investors that a merger between the two would not be able to occur, due to high regulatory hurdles. Still, CSX rose $1.76, or 5.88%, to $31.70 following the Journal's report, while Canadian Pacific fell $4.40, or 2.32%, to $184.97... Shares of Fiat Chrysler Automobiles (FCAU) made their debut on the New York Stock Exchange and opened at $9 per share. The stock of the newly merged company closed trading down about 1% at $8.92... J.C. Penney (JCP) selected Marvin Ellison, who is currently executive vice president of stores at Home Depot (HD), to become its next CEO. The stock, which was also downgraded to Sell from Neutral at UBS this morning, spent much of the trading day in positive ground but moved lower late in the session and closed down 3c, or 0.42%, at $7.09. MAJOR MOVERS: Among the notable gainers was Alnylam (ALNY), which advanced $13.83, or 18.98%, to $86.68 after the company announced data from study of its treatment for patients with familial amyloidotic polyneuropathy and Piper Jaffray raised its price target on the stock to $133 from $101 citing the trial results. Among the noteworthy losers was AutoNation (AN), which fell $4.11, or 8.01%, to $47.21 after another company in the same sector, Lithia Motors (LAD), lowered its profit outlook for the third and fourth quarter and issued a lower than expected earnings forecast for fiscal 2015. Shares of Lithia, meanwhile, plunged $16.85, or 20.84%, to $64.01. Also lower were shares of GoPro (GPRO), which fell $8.38, or 9.85%, to $76.67 after a French journalist reported that the son of racing legend Michael Schumacher attributed the severity of his father's brain injury following a skiing accident on the GoPro camera mounted to his helmet. INDEXES: The Dow fell 223.03, or 1.35%, to 16,321.07, the Nasdaq dropped 62.58, or 1.46%, to 4,213.66, and the S&P 500 declined 31.39, or 1.65%, to 1,874.74.
16:17 EDTCSXCSX initiated with a Buy at UBS
Target $39.
12:16 EDTCSXOn The Fly: Midday Wrap
Stocks on Wall Street were slightly lower at midday amid light trading volume. Banks and bond markets are closed in observance of the Columbus Day holiday, though equity markets remain open. ECONOMIC EVENTS: In the U.S., no major economic data was reported. COMPANY NEWS: Shares of a number of freight train operators rose after The Wall Street Journal reported that one of the companies in the sector, CSX (CSX), was approached by a larger rival, Canadian Pacific (CP), about a possible merger. Following the Journal's report, CSX rose 10% and Canadian Pacific advanced 1%, while Norfolk Southern (NSC) and Kansas City Southern (KSU) both climbed about 3%... Chrysler returned to the U.S. stock market, as shares of Fiat Chrysler began trading on the New York Stock Exchange under the symbol "FCAU." MAJOR MOVERS: Among the notable gainers was J.C. Penney (JCP), which rose 3% after the company selected Marvin Ellison, who is currently executive vice president of stores at Home Depot (HD), to become its next CEO. Also higher were Atlas Energy (ATLS), which rose 20%, and Atlas Pipeline Partners (APL), which advanced 6%, after Targa Resources Partners (NGLS) and Targa Resources (TRGP) agreed to acquire Atlas Pipeline Partners for cash and stock valued at $38.66 per APL common unit and agreed to buy Atlas Energy following the company's spin-off of its non-midstream assets. Among the noteworthy losers was Aerohive Networks (HIVE), which plunged 30% after the company lowered its guidance for the third quarter, citing weaker-than-expected order volume near the quarter's end. Also lower were shares of GoPro (GPRO), which fell over 8% after a French journalist reported that the son of racing legend Michael Schumacher attributed the severity of his father's brain injury following a skiing accident on the GoPro camera mounted to his helmet. INDEXES: Near midday, the Dow was down 32.14, or 0.19%, to 16,511.96, the Nasdaq was down 7.97, or 0.19%, to 4,268.27, and the S&P 500 was down 6.85, or 0.36%, to 1,899.28.
10:53 EDTCSXRailroads advance after report of Canadian Pacific approach to CSX
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10:31 EDTCSXCredit Suisse questions WSJ article on Canadian Pacific and CSX merger
Credit Suisse said it wouldn't be surprised if Canadian Pacific (CP) approached CSX (CSX), but questions its validity unless Canadian Pacific makes an official response. The analyst notes the STB rules concerning Class I mergers have an impossible hurdle rate, making a deal a non-starter.
10:26 EDTCSXHigh option volume stocks
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10:12 EDTNTCTNetScout turns negative on the session, levels to watch
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09:49 EDTNTCTNetScout expects synergies to be achieved as both businesses are combined
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09:21 EDTCSXOn The Fly: Pre-market Movers
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08:24 EDTCSXCSX price target raised to $37 from $32 at Bernstein
Bernstein raised its price target on CSX (CSX) after The Wall Street Journal reported that the company was approached by Canadian Pacific (CP) about a possible merger. The firm thinks the deal could enable CSX to more quickly raise its margins and presents it with an opportunity to unlock significant near-term value. Bernstein says the report makes it more constructive on CSX, but it keeps a Market Perform rating on the shares.
08:01 EDTCSXCanadian Pacific, CSX merger timing not ideal, says Cowen
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07:31 EDTNTCTNetScout to host conference call
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07:23 EDTCSXCSX volatility up, approached by Canadian Pacific on possible merger, report
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07:19 EDTV, COFAmEx, Capital One profits seen boosted by credit card 'sweet spot,' WSJ says
Credit card players such as American Express (AXP) and Capital One (COF), as well as banks with significant card units like JPMorgan (JPM), stand to benefit from the U.S. card industry's "sweet spot" of moderate economic growth, low interest rates and consumers who are better managing payments while growing their spending, said The Wall Street Journal, which noted that consulting firm R.K. Hammer estimates U.S. card issuers' revenue will grow 9% this year to $158.6B. Other U.S. banks with credit card units include Bank of America (BAC), Citigroup (C), and Wells Fargo (WFC) and other card companies include Visa (V) and MasterCard (MA). Reference Link
06:49 EDTNTCTDanaher to merge communications business with NetScout for $41.91 per share
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06:48 EDTNTCTNetScout Systems to acquire Danaher's Communications business for $2.6B
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06:47 EDTNTCTDanaher to merge communications business with NetScout for $41.91 per share
06:25 EDTMGMMGM Resorts win in Japan could add $11 per share, says Citigroup
Citigroup estimates shares of MGM Resorts could rally $11 should the company win a gaming license in Osaka, Japan. Citi expects the gaming bill in Japan to be passed in November, and notes MGM is a major candidate in Osaka. The firm says the Macau slowdown has the least impact on MGM. It lowered its price target for shares to $31 from $32 and keeps a Buy rating on the name.
00:04 EDTCOFBanking regulators want more disclosure on auto loans, Reuters says
Banking regulators are requesting that banks provide more details on their auto loan portfolios, says Reuters. Balances remaining on auto loans are rising and about a fifth of the loans are subprime, added Reuters. Publicly traded companies in the space include Bank of America (BAC), Citigroup (C), Capital One (COF), JPMorgan (JPM), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
October 12, 2014
16:04 EDTCSXCSX approached by Canadian Pacific on possible merger, WSJ says
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