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Stock Market & Financial Investment News

News Breaks
March 13, 2014
12:40 EDTAMZN, TSRO, CALL, MEI, COVSOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday as an initial bump from better than expected domestic economic data got overshadowed by poor data from China and increasing jitters about the situation in Ukraine. Stocks began the session slightly higher thanks in part to better than expected jobless claims and retail sales figures. The market moved higher at the open but then began to drift lower and crossed into negative territory a little over an hour into trading. Comments by Secretary of State Kerry that the U.S. and Europe would react to Russia on Monday if a dialogue had not taken place may have reignited anxiety about the still unsettled situation there. It certainly did not help the market tone that virtually all of the data released overnight by China missed expectations. ECONOMIC EVENTS: In the U.S., initial jobless claims fell 9K from the revised total for the prior week to 315K in the week ended March 8. The 315K weekly figure was a three-month low and came in below the consensus forecast for 330K initial claims. Retail sales rose 0.3% in February compared to the previous month, beating an expected increase of 0.2%. The import price index for February rose 0.9% from the prior month, versus an expected increase of 0.5%. Business inventories grew 0.4% in January, which was in-line with the consensus estimate. In China, industrial output growth slowed to 8.6% in January and February compared to the prior year, which missed forecasts of 9.5% and is down from 9.7% in December. Property sales, fixed-asset investment and retail sales for the two months all also dropped and came in below forecasts. Note that China publishes January and February numbers together to smooth out distortions caused by the timing of the lunar new year. COMPANY NEWS: Amazon.com (AMZN) shares were up 1% after the company announced an increase in the price of its Prime service for existing regular members to $99 from $79. During its fourth quarter results conference call in late January the e-commerce giant had said that it could raise the price for the Prime service by $20-$40 per year in the future. In a note to investors earlier today, UBS analyst Eric Sheridan reiterated his theory that Amazon would have to provide Prime users with additional services in order to justify the price increase. Sheridan first disseminated the theory on February 2 and today he noted that media outlets have reported that the company is developing a streaming music service. Another firm, Piper Jaffray, estimates Amazon's $20 Prime pricing increase could add about $800M in revenue and $150M in operating income through the first full year. Piper expects any increase in operating income would be reinvested back into the business and keeps an Overweight rating on Amazon with a $420 price target. MAJOR MOVERS: Among the notable gainers was TESARO (TSRO), which jumped 29% after the company signed a license agreement with AnaptysBio that Mizuho analyst Peter Lawson said provides the company access to multiple candidates in the "rapidly developing" cancer immunotherapy market. Also higher was magicJack (CALL), a provider of voice over Internet protocol services in the United States, which surged 17% after its fourth quarter results and guidance significantly surpassed analysts' consensus estimate. Among the noteworthy losers was Covisint (COVS), which dropped 24% after it gave a preliminary Q4 revenue view that missed forecasts and named a new interim CEO. Also lower was Methode Electronics (MEI), which fell 13% after the company's third quarter profit missed expectations following two straight "beat and raise" reports in its past two quarters. INDEXES: Near midday, the Dow was down 130.95, or 0.8%, to 16,209.13, the Nasdaq was down 41.09, or 0.95%, to 4,282.24, and the S&P 500 was down 12.98, or 0.69%, to 1,855.22.
News For AMZN;TSRO;CALL;MEI;COVS From The Last 14 Days
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October 14, 2014
09:37 EDTAMZNActive equity options trading on open
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08:35 EDTAMZNAmazon set to open first retail store in San Francisco, GeekWire reports
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06:23 EDTAMZNAmazon.in, Future Group enter into a strategic partnership
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06:19 EDTAMZNGoogle expands Express delivery service, to charge membership fee
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October 13, 2014
16:02 EDTAMZNOptions Update; October 13, 2014
iPath S&P 500 VIX Short-Term Futures up 3.71 to 39.56. Option volume leaders: AAPL TSLA TWTR AMZN FB NFLX SUNE GILD BAC PBR according to Track Data.
13:10 EDTAMZNGoogle's Schmidt says Amazon is company's biggest search rival, FT reports
Eric Schmidt, the executive chairman of Google (GOOG), says Amazon (AMZN) is his company's biggest rival in search, not Bing (MSFT) or Yahoo (YHOO), the Financial Times reports. Schmidt also argued in Berlin that Google should not be regulated "as if it were the gatekeeper of the internet," given the influence of Amazon and Facebook (FB). Reference Link
11:24 EDTAMZNAmazon to create 1,000 new permanent jobs at UK fulfillment centers
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09:03 EDTAMZNAmazon says Prime members to get early access to select Lightning Deals
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08:31 EDTAMZNAmazon, Future Group in online sales pact, Economic Times reports
India's largest listed retailer, Future Group, has signed a deal to jointly sell items over the Internet with Amazon, reported Economic Times, which noted that Future will begin by selling apparel and then expand to in-house brands in the home, electronics and food categories. Reference Link
October 12, 2014
17:20 EDTAMZNGE, Splunk, Cisco, others could benefit from Internet of Things, Barron's says
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October 10, 2014
16:29 EDTCOVSCompuware announces spin-off of Covisint
Covisint Corporation (COVS) reported that its parent, Compuware Corporation (CPWR), announced that its board has approved the distribution of all of its equity interest in Covisint to Compuware shareholders and holders of Compuware restricted stock units. Compuware announced the distribution will be effective on October 31, and announced the approximate distribution ratios, record date and other details of the spin-off. When the distribution is complete, Compuware will no longer own any interest in Covisint.
16:18 EDTCOVSCompuware announces spin-off of Covisint
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07:04 EDTAMZNAmazon in talks to join digital locker for movies. WSJ reports
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06:35 EDTAMZNAmazon in discussions for Jabong acquisition, Economic Times says
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October 9, 2014
16:00 EDTAMZNOptions Update; October 9, 2014
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14:35 EDTAMZNAmazon.com falls to lows of the day, levels to watch
The shares are down over 2% and just off the lows of the session at $315.33. At current price, resistance is at $317.13. Support is at $315.33 and then at $314.14.
14:34 EDTAMZNAmazon plans first physical retail store in NYC, WSJ reports
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14:23 EDTAMZNAmazon plans first physical retail store in NYC, DJ reports
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06:33 EDTAMZNCourt considers whether to pay Amazon workers for security checks, WSJ says
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06:26 EDTAMZNGoogle's tax arrangement facing new challenge by France, WSJ reports
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