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Stock Market & Financial Investment News

News Breaks
January 10, 2014
10:26 EDTCQP, APAM, AYI, BIDU, WLH, STI, M, IRWD, BMY, ANF, ATK, AVY, VTR, QLIK, LRY, INCY, BBRY, LM, CNQ, TGT, MSFT, JNSOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Abercrombie & Fitch (ANF) upgraded to Buy from Neutral at Janney Capital... Artisan Partners (APAM) upgraded to Buy from Neutral at Goldman... BlackBerry (BBRY) upgraded to Sector Perform from Underperform at RBC Capital... Bristol-Myers (BMY) upgraded to Overweight from Equal Weight at Barclays... Cheniere Energy Partners LP (CQP) upgraded to Buy from Neutral at Citigroup... Incyte (INCY) upgraded to Overweight from Equal Weight at Barclays... Ironwood (IRWD) upgraded to Outperform from Market Perform at BMO Capital... Janus Capital (JNS) upgraded to Neutral from Sell at Goldman... Liberty Property (LRY) upgraded to Buy from Neutral at UBS... Macy's (M) upgraded to Buy from Neutral at Goldman... Microsoft (MSFT) upgraded to Overweight from Equal Weight at Barclays... Qlik Technologies (QLIK) upgraded to Buy from Hold at Jefferies... SunTrust (STI) upgraded to Conviction Buy from Buy at Goldman... Target (TGT) upgraded to Buy from Neutral at Goldman... Ventas (VTR) upgraded to Buy from Neutral at UBS... William Lyon Homes (WLH) upgraded to Overweight from Neutral at JPMorgan... Canadian Natural (CNQ) upgraded to Outperform from Market Perform at BMO Capital... Avery Dennison (AVY) upgraded at Topeka... Baidu (BIDU) upgraded to Buy from Hold at Maxim... ATK (ATK) upgraded to Buy from Hold at Argus... Legg Mason (LM) upgraded to Neutral from Negative at Susquehanna... Acuity Brands (AYI) upgraded to Neutral from Underperform at Wedbush.
News For ANF;APAM;BBRY;BMY;CQP;INCY;IRWD;JNS;LRY;M;MSFT;QLIK;STI;TGT;VTR;WLH;CNQ;AVY;BIDU;LM;ATK;AYI From The Last 14 Days
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January 28, 2016
16:00 EDTMSFTOptions Update; January 28, 2016
iPath S&P 500 VIX Short-Term Futures down 84c to 25.21 Option volume leaders: FB AAPL MSFT AMZN NFLX BAC BABA QCOM AAL MU C RIG
15:05 EDTMSFTEarnings Watch: Analysts more bullish on Microsoft since last quarter's blowout
Microsoft (MSFT) is scheduled to report results of its second quarter of fiscal year 2016 after the market close on Thursday, January 28, with a conference call scheduled for 5:30 pm ET. Microsoft, a member of the Dow Jones Industrial Average, sells and licenses software to consumers and businesses, offers cloud computing and other business services, and markets computer, phone and gaming hardware. EXPECTATIONS: Analysts are looking for earnings per share of 71c on revenue of $25.26B, according to First Call. The consensus range for EPS is 66c-75c on revenue of $24.62B-$25.92B. On its last earnings conference call, Microsoft said it expected Q2 productivity revenue of $6.6B-$6.67B, Q2 revenue for intelligent cloud of $6.2B-$6.3B and Q2 personal computing revenue of $12B-$12.4B. LAST QUARTER: On October 22, Microsoft reported first quarter earnings per share of 67c, beating the consensus analyst forecast of 59c. The company's revenue came in at $21.7B, topping the consensus estimate of $21.03B. NEWS: On December 17, Microsoft announced a new joint venture that will license, deploy, manage and optimize Windows 10 for China's government agencies and certain state owned enterprises and provide ongoing support and services for these customers. That announcement followed Microsoft inking a partnership with Baidu (BIDU) to make it easy for their customers to upgrade to Windows 10 while providing local browsing and search experiences, and universal apps. On January 4, Microsoft said in a blog post that operating system Windows 10 was currently active on over 200M devices, bringing the company closer to its goal of seeing Windows 10 active on more than 1B devices. STREET RESEARCH: On the day after the company's last earnings report, BofA Merrill Lynch analyst Kash Rangan upgraded Microsoft to Buy from Neutral, saying he believes the company was at a turning point with its operating income headed for growth following four years of flattish performance. At the time, Rangan increased his price target on the stock to $63 from $46. On November 20, Deutsche Bank analyst Ross Sandler wrote in a note to investors that actions taken by Google parent Alphabet (GOOG) and comments made by its executives indicated that the tech giant plans to make a major push in the cloud infrastructure market. Based on a comment from executive Urs Holzle that the company's revenue from the cloud could surpass its ad revenue by 2020, Sandler estimated that the company is seeking to boost its cloud revenue to $100B by 2020. Google's push in the cloud is negative for Microsoft, but it will take years for Google to build up its cloud business to the point where it's competitive with Microsoft's cloud offering, Azure, the analyst contended. On November 30, Raymond James analyst Michael Turits upgraded Microsoft two notches to Strong Buy from Hold, predicting that the tech giant will become one of the few large scale cloud vendors that can succeed across the industry's three main segments. Microsoft will emerge alongside Amazon (AMZN) and Google as part of a small group of "hyperscale" cloud vendors that can combine Infrastructure-as-a-Service, Platform-as-a-Service and Software-as-a-Service, predicted Turits. Forecasting that Microsoft's cloud revenue will grow at a compound annual growth rate of 6% between fiscal 2016 and fiscal 2018, the analyst estimated that the company's overall profit growth would accelerate to at least 8% over the long-term. Moreover, the growth of Microsoft's Office business appears to be accelerating, despite competition from Google, said Turits, who set a $62 price target on the shares. On January 13, Morgan Stanley analyst Keith Weiss upgraded Microsoft to Overweight, the firm's equivalent of a "Buy" rating, from Equal Weight. Microsoft is emerging as a public cloud winner, is gaining share in the data center market and Office 365 is seeing its base grow and its per user pricing increase, all of which set up the company to resume earnings growth after a five year period of stagnation, Weiss told investors. The analyst, who believes Microsoft's earnings growth and "aggressive" return of capital to shareholders should help its multiple expand, raised his price target on the stock to $66 from $57. This morning, UBS analyst Brent Thill said that given Apple's (AAPL) recent negative commentary around macro uncertainty he was lowering his second half of the year estimates for Microsoft on the potential for more conservative guidance when it issues its Q2 report after the closing bell. Thill trimmed his price target on Microsoft to $58 from $60, but said he remains confident the company is making the right moves to the cloud and kept a Buy rating on shares. PRICE ACTION: On the day after the company's last quarterly report, Microsoft shares jumped 10.4% to $53.03. In late afternoon trading ahead of Thursday's report, Microsoft advanced 1.25% to $51.86.
14:32 EDTMSFTMicrosoft January weekly 52 straddle priced for 5.5% movement into Q2
14:29 EDTMSFTNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include Microsoft (MSFT), consensus 71c... Amazon (AMZN), consensus $1.56... Amgen (AMGN), consensus $2.29... Electronic Arts (EA), consensus $1.81... Skyworks (SWKS), consensus $1.58... Western Digital (WDC), consensus $1.54... Visa (V), consensus 68c... Flextronics (FLEX), consensus 31c... NetSuite (N), consensus 4c... Fortinet (FTNT), consensus 18c... Synaptics (SYNA), consensus $1.58... Proofpoint (PFPT), consensus (11c).
12:42 EDTBMYBristol-Myers says EU approves Daklinza for treatment of chronic hepatitis C
Bristol-Myers Squibb announced that the European Commission has approved Daklinza for the treatment of chronic hepatitis C in three new patient populations. The expanded label allows for the use of Daklinza in combination with sofosbuvir in HCV patients with decompensated cirrhosis, HIV-1 coinfection, and post-liver transplant recurrence of HCV in all 28 Member States of the European Union. Daklinza is already approved by the European Commission for use in combination with other medicinal products across genotypes 1, 2, 3 and 4 for the treatment of chronic HCV infection in adults, and the Daklinza + sofosbuvir regimen is the only approved 12-week, all-oral treatment for genotype 3 HCV patients without cirrhosis. The new indications are based on data from the ALLY-1 clinical trial and ALLY-2 clinical trial. The recommended treatment regimens and durations are as follows:
12:41 EDTMSFTMicrosoft technical notes before earnings
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11:33 EDTINCYOptions with increasing call volume
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10:44 EDTMSFTStocks with call strike movement; AMZN MSFT
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09:38 EDTMSFTActive equity options trading on open
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09:27 EDTBMYBristol-Myers reports Q4 US revenue $2.3B
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09:27 EDTBMYBristol-Myers sees FY16 non-GAAP EPS $2.30-$2.40, consensus $2.29
Sees FY16 revenue up in mid-single digit range, consensus $17.4B. Sees FY16 gross margin as percentage of revenue ot be approximately 75%-76%. Sees FY16 marketing, sales and administrative expenses decreasing in mid-single digit range. Sees FY16 R&D expenses increasing in high-single digit range. Sees FY16 effective tax rate between 21%-22%.
09:25 EDTBMYBristol-Myers reports Q4 non-GAAP EPS 38c, consensus 28c
Reports Q4 revenue $4.29B, consensus $4.15B.
08:50 EDTMSFTUBS trims Microsoft estimates for second half on macro uncertainty
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08:14 EDTINCYIncyte selloff brings long-term buying opportunity, says Jefferies
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08:08 EDTINCYIncyte selloff a buying opportunity, says Leerink
Leerink analyst Michael Schmidt recommends using today's pullback in shares of Incyte after the company announced its decision to stop one arm of its ongoing Phase II trial of ruxolitinib in metastatic colorectal cancer due to futility as a buying opportunity. The study is one of several ongoing trials to evaluate ruxolitinib in various solid tumor indications, the analyst points out. He says that while the news is disappointing, the stock's current valuation reflects very little if any value for ruxolitinib in solid tumor indications. Schmidt lowered his price target for Incyte shares to $118 from $135 and reiterates an Outperform rating on the name. The stock is down 13%, or $9.98, to $65.01 in pre-market trading.
08:04 EDTMSFTHarman CEO: On track to deliver full year plan
"I am pleased to announce our 11th consecutive quarter of top and bottom line growth. Our strong first half results were in-line with our expectations. While we are closely monitoring macroeconomic developments, at this time, we are on track to deliver on our full year plan," said Dinesh C. Paliwal, Harman (HAR) Chairman, President and CEO. "HARMAN continues to innovate and bring industry-first solutions to market. We are also partnering with key technology leaders such as Google (GOOG), Microsoft (MSFT) and Under Armour (UA) to capitalize on the opportunities presented by IoT for automotive, enterprise and consumer electronics. In addition, our acquisition of TowerSec will strengthen our cybersecurity leadership position for automotive."
07:43 EDTINCYIncyte weakness creates buying opportunity, says Oppenheimer
After Incyte announced that it would stop a Phase-2 study of Ruxolitinib plus regorafenib for R/R metastatic colorectal cancer and high-CRP patients due to insufficient efficacy, Oppenheimer says the data makes the drug's anti-inflammatory properties in solid tumors questionable. However, the firm did not previously include revenue from the drug outside of pancreatic cancer in its estimates. The firm keeps a $129 price target and Outperform rating on the shares.
07:11 EDTBMYBristol-Myers: DMC concluded that CheckMate Phase 3 study met primary endpoint
07:00 EDTBMYBristol-Myers says CheckMate-141 Opdivo Phase 3 trial stopped early
Bristol-Myers Squibb announced that a randomized Phase 3 study evaluating Opdivo versus investigator's choice in patients with recurrent or metastatic platinum-refractory squamous cell carcinoma of the head and neck was stopped early because an assessment conducted by the independent Data Monitoring Committee concluded that the study met its primary endpoint, demonstrating superior overall survival in patients receiving Opdivo compared to the control arm. The company looks forward to sharing these data with health authorities soon. "With the results of CheckMate -141, Opdivo moves closer to providing a potential treatment option for patients with head and neck cancer, a cancer with a high unmet need and limited treatment options," said Michael Giordano, M.D., senior vice president, head of Oncology Development, Bristol-Myers Squibb. "We look forward to continuing to advance the Opdivo clinical development program in hard-to-treat cancers, such as head and neck cancer." CheckMate -141 investigators have been informed of the decision to stop the trial early and Bristol-Myers Squibb is working to ensure that eligible patients be provided the opportunity to continue or start treatment with Opdivo as part of the company's commitment to providing patient access to Opdivo, and characterizing long-term survival. The company will complete a full evaluation of the final CheckMate -141 data, and work with investigators on the future presentation and publication of the results.
06:32 EDTMSFTMicrosoft volatility elevated into Q2 and outlook
Microsoft January weekly call option implied volatility is at 97, February is at 38; compared to its 52-week range of 15 to 39, suggesting large near term price movement into the expected release of Q2 results today after the market close.
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