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Stock Market & Financial Investment News

News Breaks
March 13, 2014
12:40 EDTMEI, AMZN, CALL, COVS, TSROOn 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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January 21, 2015
06:17 EDTAMZNOverstock to introduce streaming-video service later this year, WSJ reports
Overstock.com (OSTK) is planning to launch a streaming-video service later this year, CEO Patrick Byrne announced at the National Association of Television Program Executives conference, The Wall Street Journal reports. Overstock would compete in the space with Amazon (AMZN), Hulu (DIS, CMCSA, CMCSK, FOXA), Netflix (NFLX), and Time Warner's (TWX) HBO is also planning a standalone online streaming service that will launch this year. The new Overstock service would be tied to the company's $20-per-year Club O membership program and will launch with about 30,000 titles. Reference Link
January 20, 2015
16:09 EDTCALLmagicJack announces beta testing on U.S. texting APP and America/Mexico APP
magicJack VocalTec announced that it is in beta testing on two APPs in the U.S. and Mexico, respectively. The magicJack U.S. texting APP is currently in beta testing on iOS by several thousand users and is expected to be made available to customers as soon as testing is completed. In Mexico, the "magicJack America" APP is also currently in beta testing on iOS and Android and is being used by several thousand users.
09:52 EDTAMZNAmazon.com's Q4 revenue trending to $29.5B vs. consnesus of $29.7B at ITG
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09:38 EDTAMZNActive equity options trading
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08:17 EDTAMZNPattern Energy to supply power to Amazon Web Services
Pattern Energy Group (PEGI) announced it has entered into a 13-year power purchase agreement, or PPA, to supply power to Amazon Web Services, or AWS, an Amazon.com (AMZN) company. AWS will acquire the production from the 150 megawatt Fowler Ridge IV Wind project, to be renamed Amazon Web Services Wind Farm.
08:01 EDTAMZNAmazon Web Services to use wind farm power to supply datacenters with power
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January 19, 2015
11:14 EDTAMZNAmazon to produce original movies for theaters, Prime Instant Video
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January 16, 2015
16:00 EDTAMZNOptions Update; January 16, 2015
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09:37 EDTAMZNActive equity options trading
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06:11 EDTAMZNEU says Amazon's tax deal with Luxembourg may violate laws, WSJ reports
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January 15, 2015
16:01 EDTAMZNOptions Update; January 15, 2015
iPath S&P 500 VIX Short-Term Futures up 1.01 to 36.13. Option volume leaders: AAPL TSLA TWTR AMZN FB C CLF ABX SUNE according to Track Data.
12:13 EDTAMZNAmazon's Twitch unit to allow users to stream music
In a blog post Amazon.com's Twitch unit said it will allow users to stream music on its online gaming platform. The company said: "Today we’re announcing two important music initiatives: the Twitch Music Library and the beta Music category.The Twitch Music Library, is a library of songs pre-cleared for Twitch broadcasters to use live and with VODs. As you may recall, we implemented an audio recognition system last year out of respect for copyright holders and to protect both our broadcasters and our brand. We knew it was equally important to ensure broadcasters had music options. Thus, the Twitch Music Library was born to offer safe passage through the less-than-clear legal landscape when it comes to audio rights. The Twitch Music Library features more than 500 songs provided by established and burgeoning labels, including Mad Decent, Dim Mak, Spinnin’ Records, OWSLA, Monstercat, Fool’s Gold, and many more. We are also announcing an experiment with music content creators: our beta Music category. The Music category—listed among the game titles you can designate for a broadcast—is for musicians to use for creating, performing, and presenting original music." Reference Link
09:36 EDTAMZNActive equity options trading
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09:02 EDTAMZNAmazon says first pilot season of 2015 available on Instant Video
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08:30 EDTAMZNEU to publish details of Amazon's tax deal with Luxembourg, Reuters reports
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January 14, 2015
16:00 EDTAMZNOptions Update; January 14, 2015
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12:43 EDTAMZNAmazon.com falls, levels to watch
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10:27 EDTAMZNFacebook, Google seen at front of 'multi-year' positive run for Internet stocks
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07:42 EDTAMZNEtsy looking to raise $300M with IPO as soon as this quarter, Bloomberg says
Etsy, which operates a website that allows people to sell handmade crafts, is working with Goldman Sachs (GS) and Morgan Stanley (MS) on an initial public offering that could come as soon as this quarter, said Bloomberg, citing people familiar with the matter. Etsy seeks to raise $300M via the offering, the report said. Publicly traded companies in the e-commerce space include Amazon.com (AMZN), eBay (EBAY), Alibaba (BABA) and zulily (ZU). Reference Link
07:13 EDTAMZNAmazon could buy controlling stake in Blue Dart, Economic Times reports
Amazon is said to be in preliminary talks to buy a controlling stake in Blue Dart, a courier and integrated express package distribution company, The Economic Times reports, citing sources. One source says Amazon could buy a 75% stake in Blue Dart held by DHL Express Singapore, though it was noted that talks are currently at an early stage. Reference Link
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