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Stock Market & Financial Investment News

News Breaks
October 12, 2012
10:02 EDTRLD, WDC, XNPT, TYC, ATNY, STI, BTU, CNX, JIVE, AVT, STX, DLTR, ANROn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Alpha Natural (ANR) downgraded to Neutral from Buy at Nomura... Avnet (AVT) downgraded to Market Perform from Outperform at Raymond James... CONSOL Energy (CNX) downgraded to Sell from Outperform at CLSA... Dollar Tree (DLTR) downgraded to Hold from Buy at Jefferies... Dollar Tree (DLTR) downgraded to Neutral from Overweight at Piper Jaffray... Jive Software (JIVE) downgraded to Market Perform from Outperform at BMO Capital... Peabody Energy (BTU) downgraded to Reduce from Neutral at Nomura... Seagate (STX) downgraded to Sell from Buy at Citigroup... SunTrust (STI) downgraded to Neutral from Buy at BTIG... Tyco (TYC) downgraded to In-Line from Outperform at Imperial Capital... Western Digital (WDC) downgraded to Sell from Buy at Citigroup... XenoPort (XNPT) downgraded to Neutral from Overweight at Piper Jaffray... RealD (RLD) downgraded to Neutral from Overweight at JPMorgan... API Technologies (ATNY) downgraded to Hold from Buy at C.K. Cooper.
News For ANR;AVT;CNX;DLTR;JIVE;BTU;STX;TYC;WDC;STI;XNPT;RLD;ATNY From The Last 14 Days
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June 26, 2015
12:58 EDTBTUOn The Fly: Top stock stories at midday
Stocks on Wall Street were mixed at midday, with Nike's (NKE) post-earnings rise providing a boost to the Dow and Micron's (MU) slide dragging on the tech-heavy Nasdaq. ECONOMIC EVENTS: In the U.S., the University of Michigan consumer sentiment reading rebounded to 96.1 in the final June report from the preliminary 94.6 reading. That revised figure topped the expected reading of 95. In Europe, the ECB left the level of emergency cash available to Greek banks unchanged again Friday as deposit outflows have slowed, according to people familiar with the matter reporting to Bloomberg. Greek leaders are scheduled to hold talks Saturday with the Eurogroup in what may be the nation's last chance for a deal ahead of the expiration of the current bailout agreement on June 30. In China, stocks plunged by the most in five months as the Shanghai Composite Index fell 7.4%, with market watchers citing margin worries and concerns that the PBOC will be less likely to undertake further rate cuts. COMPANY NEWS: Shares of Nike advanced 4% after the athletic apparel and sneaker maker reported fourth quarter results that handily beat expectations. Several firms raised their respective price targets on the stock following the company's Q4 report, including Goldman, which reiterated its Conviction Buy rating on Nike and raised its price target to $131 from $121. Finish Line (FINL), an athletic shoe and apparel retailer that sells Nike products, rose 5% after its own first quarter results also topped the consensus forecast. MAJOR MOVERS: Among the notable gainers was OPKO Health (OPK), which rose nearly 4% after the company announced the decision of the National Comprehensive Cancer Network to include 4Kscore as a recommended test in the 2015 NCCN Guidelines for Prostate Cancer Early Detection. Additionally, CEO Phillip Frost disclosed in regulatory filings that he'd acquired over 64,000 shares of the company stock in the last two days. Also higher was Kforce (KFRC), which gained 7% after SunTrust upgraded the stock to Buy and raised its price target to $27 from $24, noting that the firm's private IT staffing poll suggests margin assumptions may prove conservative. Among the noteworthy losers was Micron, which sunk about 19% after the flash memory maker reported weaker than expected results last night and provided lower than expected Q4 revenue guidance. Also lower were shares of coal miner Peabody (BTU), which fell 7% after Moody's downgraded the company's credit rating to reflect the firm's expectation for the deterioration in the company's credit metrics to be more precipitous than it had previously thought due to the ongoing decline in the seaborne metallurgical coal markets. INDEXES: Near midday, the Dow was up 53.70, or 0.3%, to 17,944.06, the Nasdaq was down 40.56, or 0.79%, to 5,071.62, and the S&P 500 was down 2.18, or 0.1%, to 2,100.13.
11:08 EDTANR, CNX, BTUPeabody plunges after Moody's lowers credit rating
Shares of coal miner Peabody (BTU) are lower in late morning trading after Moody's Investors Service downgraded the company's credit rating last night. WHAT'S NEW: Moody's Investors Service downgraded the ratings of Peabody, including the corporate family rating, to B3 from B2, probability of default rating to B3-PD from B2-PD. The firm noted that the outlook is negative. Moody's said that the downgrade "reflects our expectation of continued deterioration in the company's credit metrics, more precipitous than we had forecasted previously, due to the ongoing decline in the seaborne metallurgical coal markets." The firm expects that the company's Debt/EBITDA, as adjusted, will approach 9x in 2015. Moody's said that although it anticipates some recovery in 2016, it sees the leverage remaining elevated at around 7x. Absent asset sales, the company will generate negative free cash flows in 2015 and 2016, Moody's said in the report. WHAT'S NOTABLE: Moody's said that a further downgrade would be considered if liquidity deteriorated, free cash flows were repeatedly negative and/or Debt/EBITDA exceeded 8x on a sustained basis. PRICE ACTION: Shares of Peabody are down over 9.5% to $2.08 in late morning trading, rebounding from an earlier low of $1.92. OTHERS TO WATCH: Other companies in the coal mining space include Alpha Natural Resources (ANR), Arch Coal (ACI) and CONSOL Energy (CNX).
June 25, 2015
17:56 EDTSTXMicron plunges after Q3 results, guidance impacted by PC headwinds
Shares of PC related memory chip maker Micron Technology (MU) are plunging after reporting third quarter financial results and fourth quarter guidance that missed analyst expectations. WHAT'S NEW: After the close, Micron reported Q3 earnings per share of 54c on revenue of $3.85B, both shy of analyst estimates of 56c and $3.9B, respectively. Citing "near-term headwinds driven primarily by weakness in PC sector," Micron gave a fourth quarter revenue view of $3.45B-$3.7B which was significantly lower than analyst expectations of $4.16B. WHAT'S NOTABLE: On the company's earnings conference call, Micron said, consistent with prior expectations, "We are forecasting DRAM industry supply bit growth in the mid-20s in calendar 2015 and in the low-to-mid 20s in 2016." The company said it sees DRAM gross margins for Q4 down mid-single digits sequentially. Additionally, the chip maker said it sees Q4 DRAM bit growth flat to up low single digits. ANALYST TAKE: On June 22, Micron was downgraded to Sell from Neutral at Goldman Sachs. Goldman analyst Mark Delaney downgraded Micron Technology to Sell saying rising DRAM supply will lower selling prices and contract margins. Delaney expects DRAM prices to drop up to 30% over the next three quarters and cut his price target for shares to $19 from $27. On the same day, JP Morgan lowered its price target on Micron shares to $33 from $37. The firm also lowered its estimates for Micron citing lower than anticipated DRAM pricing in the past three months. The firm, however, kept an Overweight rating on Micron, saying improving demand in other segments like mobile and the company's decision to not hold inventory during Q3 should help offset the DRAM weakness. PRICE ACTION: Shares of Micron are lower by 11.5% in after- hours trading to $21.25. OTHER PC RELATED STOCKS: In after-hours trading, PC related chip makers are also lower, with Intel Corporation (INTC) down 0.9%, NVIDIA (NVDA) lower by 1.1%, and AMD (AMD) down fractionally. Others trading lower include Microsoft (MSFT), SanDisk (SNDK), Hewlett-Packard (HPQ), and Seagate (STX).
08:33 EDTXNPTXenoPort announces initiation by NIAAA of clinical trial of AUD treatment
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08:14 EDTJIVEJive Software to hold a product-based webinar
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June 24, 2015
10:43 EDTCNXStocks with call strike movement; BBRY CNX
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09:38 EDTAVTAvnet upgraded to Buy from Hold at Cross Research
06:37 EDTSTIDeutsche downgrades Citi, Goldman after share rallies
Deutsche Bank analyst Matt O'Connor recommends using the strong share performance of both Citi (C) and Goldman Sachs (GS) as on opportunity to take profits. The analyst this morning downgraded shares of both investment banks to Hold from Buy. Citi is up 21% from the lows on January 30 while Goldman is up 30% since July 1, 2014, the analyst points out. On Citi, O'Connor sees less near term upside with fixed income trading entering a seasonally weak period and core cost reductions largely over. On Goldman, the analyst sees a lack of catalysts to drive the stock meaningfully higher in the near term. His top picks among U.S. Banks are Bank of America (BAC), JPMorgan (JPM), M&T Bank (MTB) and SunTrust (STI).
June 23, 2015
18:00 EDTBTUS&P announces changes to the S&P 400, 500, 600 indices
S&P Dow Jones Indices will make the following changes to the S&P 500, S&P MidCap 400 and S&P SmallCap 600 indices: Columbia Pipeline Group (CPGX) will replace Allegheny Technologies (ATI) in the S&P 500, Allegheny Technologies will replace Unit Corp. (UNT) in the S&P MidCap 400, and Unit Corp. will replace PetroQuest Energy (PQ) in the S&P SmallCap 600 after the close of trading on Wednesday, July 1. S&P 500 constituent NiSource (NI) is spinning off Columbia Pipeline Group in a transaction expected to be completed on that date. NiSource will remain in the S&P 500 following the distribution. Allegheny Technologies, Unit and PetroQuest are all ranked near or at the bottom of their current indices. S&P SmallCap 600 constituent Casey’s General Stores (CASY) will replace AOL (AOL) in the S&P MidCap 400, and Nektar Therapeutics (NKTR) will replace Casey’s General Stores in the S&P SmallCap 600 after the close of trading on Thursday, June 25. S&P 100 & 500 constituent Verizon (VZ) acquired AOL in a transaction completed today. TopBuild (BLD) will replace Aéropostale (ARO) in the S&P SmallCap 600 after the close of trading on Tuesday, June 30. S&P 500 constituent Masco (MAS) is spinning off TopBuild in a transaction expected to be completed on that date. Masco will remain in the S&P 500 following the distribution. Aéropostale is ranked near the bottom of the S&P SmallCap 600. “New” Gannett Co. (GCI) will replace Quiksilver (ZQK) in the S&P SmallCap 600 after the close of trading on Friday, June 26. S&P 500 constituent Gannett Co. (GCI) is spinning off “new” Gannett Co. in a transaction expected to be completed on that date. Post spin, the parent company will change its name to TEGNA. and trade under the symbol “TGNA”. It will remain in the S&P 500 following the distribution. Quiksilver is ranked near the bottom of the S&P SmallCap 600. Cable ONE Inc. (CABO) will replace Peabody Energy (BTU) in the S&P MidCap 400 after the close of trading on Tuesday, June 30. S&P MidCap 400 constituent Graham Holdings Company (GHC) is spinning off CableOne in a transaction expected to be completed on that date. Graham Holdings will remain in the S&P MidCap 400 following the distribution. Peabody Energy is ranked near the bottom of the S&P MidCap 400. The Chemours Co. (CC) will replace Semtech Corp. (SMTC) in the S&P MidCap 400, and Semtech will replace Paragon Offshore (PGN) in the S&P SmallCap 600 after the close of trading on Tuesday June 30. S&P 100 & 500 constituent E. I. du Pont de Nemours and Co. (DD) is spinning off Chemours in a transaction expected to be completed on that date. Dupont will remain in the S&P 100 & 500 following the distribution. Semtech and Paragon Offshore are ranked near or at the bottom of their current indices. “New “ Energizer Holdings (ENR) will replace Harsco (HSC) in the S&P MidCap 400, and Harsco will replace FXCM (FXCM) in the SmallCap 600 after the close of trading on Tuesday, June 30. S&P MidCap 400 constituent Energizer (ENR) is spinning off “new” Energizer in a transaction expected to be completed on that date. Post spin, the parent company will change its name to Edgewell Personal Care Co. and trade under the symbol “EPC”. It will remain in the S&P MidCap 400 following the distribution. Harsco and FXCM are ranked near or at the bottom of their current indices.
17:25 EDTBTUCable ONE Inc. to replace Peabody in S&P 400 as of 6/30 close
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16:00 EDTBTUOptions Update; June 23, 2015
iPath S&P 500 VIX Short-Term Futures down 46c to 17. Option volume leaders: AAPL FB AAPL T BAC MU BTU WMB AMZN TWTR BBRY
12:54 EDTWDC, STXPC concerns weighing on shares of Seagate, Western Digital
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10:03 EDTCNXHigh option volume stocks
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10:00 EDTWDCOn The Fly: Analyst Downgrade Summary
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06:25 EDTWDC, STXWestern Digital downgraded to Neutral from Overweight at JPMorgan
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June 22, 2015
19:56 EDTBTUUtilities sector dips after EPA warns of 'significant risks' from climate change
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June 21, 2015
17:57 EDTRLDRealD says 3D screens accounted for 47% of weekend 'Jurassic World' gross
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June 18, 2015
10:01 EDTSTIOn The Fly: Analyst Initiation Summary
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07:08 EDTSTISunTrust initiated with an Equal Weight at Stephens
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June 16, 2015
16:54 EDTDLTRDollar Tree, Family Dollar sign proposed FTC agreement, sees merger closing July
In a regulatory filing, Dollar Tree (DLTR) announced that in connection with its proposed acquisition of Family Dollar Stores (FDO), the two parties signed an agreement containing consent orders proposed by the staff of the U.S. Federal Trade Commission. The agreement includes a draft decision and order, which remains subject to acceptance and final approval by the FTC commissioners and would permit Dollar Tree to acquire Family Dollar subject to an obligation to complete the divestiture of 330 Family Dollar stores within a specified period following the closing of the acquisition. As previously announced, Dollar Tree has entered into an agreement to divest these 330 Family Dollar stores to Sycamore Partners. Dollar Tree intends to close its acquisition of Family Dollar shortly after the FTC accepts the decision and continues to expect the closing to occur in early July 2015.
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