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Stock Market & Financial Investment News

News Breaks
July 8, 2014
05:13 EDTAMATApplied Materials, Tokyo Electron to be called Eteris
Applied Materials and Tokyo Electron unveiled the new name and logo of their combined company, Eteris, which will be used once the merger closes. Applied Materials and Tokyo Electron expect the transaction to close in the second half of 2014.
News For AMAT From The Last 14 Days
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May 1, 2015
16:31 EDTAMATMarket ends week lower as Apple, Twitter pull back after earnings
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April 28, 2015
12:56 EDTAMATNomura bucks trend with Applied Materials downgrade after deal scrapped
Several analysts were upbeat in notes to investors today on the outlook for Applied Materials (AMAT) after the company announced yesterday that it has canceled its planned acquisition of Tokyo Electron (TOELY). Bucking the trend was Japanese research firm Nomura, which downgraded its rating on Applied Materials. BACKGROUND: Applied Materials and Tokyo Electron yesterday announced that they had agreed to terminate their merger due to opposition to the deal by the U.S. Department of Justice. BULLISH TAKE The outlook for Applied Materials remains favorable, as the company is benefiting from more capital intensive trends among its customers, while its business model remains strong and its management team is highly capable, wrote Stifel analyst Patrick Ho. Moreover, the company can achieve the goals it set for its new product portfolio, added Ho, who trimmed his price target on the name to $24 from $29, but kept a Buy rating on the shares. Pacific Crest analyst Weston Twigg also believes that Applied Materials has a number of positive catalysts, including market expansion, improved margin performance, cash generation, share buybacks, and a top-tier management team. The analyst trimmed his price target on the name to $27 from $29 but recommended buying the shares. Goldman Sachs analyst James Covello reinstated coverage of the stock with a Buy rating, as he estimated that the company's earnings per share could reach $1.50 in 2016, up from $1.11 in 2014. The company's EPS will be boosted by market growth and share gains, as well as its $3B share buyback initiative, according to Covello, who set a $24 price target on the stock. BEARISH TAKE: If Applied Materials' merger with Tokyo Electron had closed, the company's EPS would have reached $2 and the stock would have reached $30-$35, according to Nomura analyst Romit Shah. Without Tokyo Electron, Applied Materials' EPS will be around $1.50, and the shares will be stuck in the $20-$23 range, predicted Shah. PRICE ACTION: In early afternoon trading, Applied Materials rose 1% to $20. The stock had declined over 8% yesterday following the news of the deal being abandoned.
10:05 EDTAMATOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Applied Materials (AMAT) downgraded to Neutral from Buy at Nomura... CGI Group (GIB) downgraded to Hold from Buy at Societe Generale... Celladon (CLDN) downgraded to Neutral from Buy at H.C. Wainwright... Coherent (COHR) downgraded to Neutral from Buy at B. Riley... Commerzbank (CRZBY) downgraded to Neutral from Overweight at JPMorgan... Continental Resources (CLR) downgraded to Neutral from Accumulate at Global Hunter... Crestwood Equity (CEQP) downgraded to Neutral from Overweight at JPMorgan... Crestwood Midstream (CMLP) downgraded to Neutral from Overweight at JPMorgan... Discovery (DISCA) downgraded to Sell from Neutral at UBS... Ericsson (ERIC) downgraded to Neutral from Buy at Goldman... First Merchants (FRME) downgraded to Market Perform from Outperform at Fig Partners... MDC Partners (MDCA) downgraded to Sector Perform from Outperform at RBC Capital... Medidata (MDSO) downgraded to Hold from Buy at Jefferies... Melco Crown (MPEL) downgraded to Underweight from Equal Weight at Morgan Stanley... SM Energy (SM) downgraded to Accumulate from Buy at Global Hunter... Springleaf (LEAF) downgraded to Neutral from Outperform at Macquarie... iGATE (IGTE) downgraded to Sector Perform from Outperform at RBC Capital.
09:05 EDTAMATApplied Materials downgraded to Neutral from Buy at Nomura
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08:36 EDTAMATApplied Materials outlook still favorable, says Stifel
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08:11 EDTAMATApplied Materials should be bought after merger terminated, says Pacific Crest
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06:28 EDTAMATApplied Materials reinstated with a Buy at Goldman
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April 27, 2015
16:27 EDTAMATOn The Fly: Top stock stories for Monday
Stocks on Wall Street began the session in positive territory and saw the Nasdaq and S&P 500 briefly hit new all-time highs in the process. By lunch time the Nasdaq and S&P crossed into negative ground while the Dow continued to struggle. The market limped into the close, digesting some of its recent gains, as investors prepared for the next round of earnings reports due out after the close, to be headlined by Apple (AAPL). ECONOMIC EVENTS: In the U.S., Markit's flash services PMI fell 1.4 points to 57.8 in April, versus the consensus forecast for a 59.5 reading. The Dallas Fed's manufacturing index remained weak at -16.0 in April, versus the consensus forecast for a -12.0 reading. In Europe, Spanish Prime Minister Mariano Rajoy lifted his nation's GDP forecast to 2.9% from 2.4% for 2015. COMPANY NEWS: Shares of Deutsche Bank (DB) trading in New York dropped $1.65, or 4.82%, to $32.61 after the bank, along with publishing its quarterly results, unveiled a major strategic overhaul. The bank plans to cut annual costs by another EUR3.5B, reduce the size of its securities business and lower its Postbank holdings next year to sub-50% from 94% by selling shares on the market before reducing its stake to zero in the medium term... Applied Materials (AMAT) and Tokyo Electron announced that they have agreed to terminate their merger agreement after the U.S. Department of Justice advised the parties that the coordinated remedy proposal submitted to all regulators would not be sufficient to replace the competition lost from the merger, leading the companies to determined that there is "no realistic prospect for the completion of the merger." Applied Materials also announced that its board has approved a new share repurchase program authorizing up to $3B in repurchases over the next three years beginning in Q3, but its shares fell $1.83, or 8.42%, to $19.97 following the news. MAJOR MOVERS: Among the notable gainers was iGATE (IGTE), which rose $1.54, or 3.36%, to $47.39 after the company entered into a definitive merger agreement under which Capgemini will acquire IGATE for a cash consideration of $48 per share in a transaction will amount to $4B. Also higher was Tesla Motors (TSLA), which gained $13.04, or 5.97%, to $231.47 after Deutsche Bank analyst Rod Lache wrote in a note to investors that the company's soon to be unveiled electricity storage products may boost the company's results more than the Street expects. Among the noteworthy losers was Celladon (CLDN), which plunged $11.04, or 80.7%, to $2.64 and was downgraded by Street research firms after reporting that its phase 2b trial evaluating a single, one-time, intracoronary infusion of the cardiovascular gene therapy agent Mydicar did not meet its primary and secondary endpoints. Also lower were shares of Akorn (AKRX), which fell $12.27, or 22.21%, to $42.97 after the drugmaker announced late Friday that it will need to further restate its previously issued financial statements for 2014. INDEXES: The Dow fell 42.17, or 0.23%, to 18,037.97, the Nasdaq slid 31.84, or 0.63%, to 5,060.25, and the S&P 500 dropped 8.77, or 0.41%, to 2,108.92.
16:00 EDTAMATOptions Update; April 27, 2015
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13:49 EDTAMATApplied Materials well positioned despite deal collapse, says Piper Jaffray
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12:28 EDTAMATApplied Materials weakness a buying opportunity, says JPMorgan
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12:19 EDTAMATApplied Materials weakness a buying opportunity, says Pacific Crest
Pacific Crest recommends buying Applied Materials on weakness following the terminated merger deal with Tokyo Electron. The firm sees significant earnings leverage, TAM expansion, and views valuation as compelling.
09:36 EDTAMATActive equity options trading on open
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09:32 EDTAMATApplied Materials trades sharply lower, levels to watch
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09:22 EDTAMATOn The Fly: Pre-market Movers
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05:32 EDTAMATApplied Materials announces $3B share repurchase authorization
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05:32 EDTAMATApplied Materials announces $3B share repurchase authorization
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05:31 EDTAMATApplied Materials, Tokyo Electron agree to terminate merger
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April 24, 2015
06:11 EDTAMATKLA-Tencor downgraded to Neutral from Buy at Citigroup
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