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Stock Market & Financial Investment News

News Breaks
March 13, 2014
10:31 EDTATK, UIL, FINL, CPE, STRZA, QIHU, DRC, CAB, ALJ, ATVI, CNMDOn The Fly: Analyst Upgrade Summary
ATK (ATK) upgraded to Equal Weight from Underweight at Barclays... Activision Blizzard (ATVI) upgraded to Buy from Neutral at BofA/Merrill... Alon USA Energy (ALJ) upgraded to Outperform from Neutral at Macquarie... Cabela's (CAB) upgraded to Outperform from Market Perform at William Blair... Dresser-Rand (DRC) upgraded to Outperform from Market Perform at William Blair... Qihoo 360 (QIHU) upgraded to Outperform from Neutral at Credit Suisse... Starz (STRZA) upgraded to Equal Weight from Underweight at Evercore... Callon Petroleum (CPE) upgraded to Sector Perform from Underperform at Howard Weil... Finish Line (FINL) upgraded to Buy from Neutral at Monness Crespi... CONMED (CNMD) upgraded to Buy from Neutral at Ladenburg... UIL Holdings (UIL) upgraded to Buy from Hold at Argus.
News For ATK;ATVI;ALJ;CAB;DRC;QIHU;STRZA;CPE;FINL;UIL;CNMD From The Last 14 Days
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August 27, 2014
08:55 EDTCABCabela's weakness a buying opportunity, says CRT Capital
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August 26, 2014
12:17 EDTQIHUStocks with call strike movement; QIHU TWTR
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09:50 EDTQIHUOn The Fly: Analyst Downgrade Summary
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08:28 EDTQIHUQihoo 360 downgraded to Neutral from Outperform at Credit Suisse
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06:09 EDTQIHUQihoo 360 downgraded to Neutral from Outperform at Credit Suisse
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August 25, 2014
16:13 EDTQIHUOn The Fly: Closing Wrap
Stocks began the session in positive territory and proceeded to tack on gains throughout the morning. Despite a disappointing report on new home sales in July, the S&P surpassed the 2,000 level for the first time before noon. The market pared its gains shortly after the milestone was reached and drifted for the remainder of the session on light volume, as trading activity may be restrained all week ahead of the Labor Day weekend. ECONOMIC EVENTS: In the U.S., the Chicago Fed's National Activity index jumped to 0.39 in July from an upwardly revised 0.21 in June. Markit's preliminary August services PMI came in at 58.5, which was down from a prior reading of 60.8 but above the 58.0 consensus projection. New home sales dropped 2.4% to a 412K rate in July, missing expectations for them to have risen to a 430K annualized rate. COMPANY NEWS: Shares of InterMune (ITMN) surged $19.05, or 35.41%, to $72.85 after the company agreed to be acquired by Roche (RHHBY) for $74.00 per share in an all-cash transaction. The deal announcement comes less than two weeks after Bloomberg reported that Roche, along with big pharma peers Sanofi (SNY) and GlaxoSmithKline (GSK), had made takeover bids for the smaller drugmaker. A number of other biotech companies gained following the deal announcement, including bigger names like Gilead (GILD) and Celgene (CELG) and smaller ones such as Achillion Pharmaceuticals (ACHN) and Receptos (RCPT)... Burger King (BKW) shares rose $5.29, or 19.51%, to $32.40 after the company confirmed it is in talks regarding a potential strategic transaction with Canadian donut chain Tim Hortons (THI). Shares of Tim Horton's trading in New York also gained $11.88, or 18.91%, to $74.72 following the confirmation of news first reported by The Wall Street Journal. MAJOR MOVERS: Among the other notable gainers was Advaxis (ADXS), which advanced 75c, or 23.08%, to $4.00 after announcing it has entered into a clinical trial collaboration agreement with Merck (MRK). Also rising were shares of Comtech (CMTL), which jumped $1.70, or 4.84%, to $36.81 after Reuters said the company is working with Citigroup to explore a potential sale. Among the noteworthy losers was Chinese internet and software company Qihoo 360 Technology (QIHU), which fell $7.88, or 7.74%, to $93.87 despite reporting second quarter earnings and revenue that beat analysts' estimates. Also lower were shares of GrubHub (GRUB), which fell $3.60, or 8.42%, to $39.16 after filing to sell 10M shares of common stock. INDEXES: The Dow gained 75.65, or 0.44%, to 17,076.87, the Nasdaq rose 18.80, or 0.41%, to 4,557.35, and the S&P 500 advanced 9.54, or 0.48%, to 1,997.94.
12:19 EDTQIHUOn The Fly: Midday Wrap
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12:08 EDTCABCabela's management to meet with CRT Capital
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11:26 EDTQIHUQihoo 360 falls despite better-than-forecast Q2 results, Q3 revenue guidance
Shares of Chinese internet and software company Qihoo 360 Technology (QIHU) are falling despite reporting second quarter results that beat analysts' estimates. The company also provided third quarter revenue guidance that exceeded estimates. WHAT'S NEW: Qihoo 360 reported Q2 adjusted earnings per share of 50c on revenue of $317.9M, which surpassed analysts' consensus estimates of 46c and $309.38M, respectively. For the quarter, operating income was $43.9M compared to $36.6M a year ago and $39.6M in the first quarter. Non-GAAP operating margin was 21.9% in Q2, compared to 36% in the year-ago period and 14.9% in Q1. The company said the sequential decline in non-GAAP operating margin was primairly due to increased marketing and promotional expenses, personnel-related costs and bandwidth and equipment depreciation expenses. Looking ahead, Qihoo 360 forecast Q3 revenue of $360M-$365M, which is slightly higher than analysts' consensus estimates of $357.39M. WHAT'S NOTABLE: Chairman and Chief Executive Officer Hongyi Zhou commented that the company is in an "excellent position" to grow its share of China's search market in both PC and mobile traffic and revenue. The company plans to make "significant" investments in the coming quarters to strengthen its brand and market position, and to improve our products and technology, particularly in mobile Internet-related areas. The executive noted that the company's share of Internet search traffic recently reached over 30%, citing third-party data, achieving a company target fourth months ahead of schedule. ANALYST OPINION: Jefferies defended Qihoo 360 shares following the company's Q2 results. Stifel analyst George Askew feels that Qihoo 360's Q2 revenue and operating margin results were "very good" and believes that many factors, including its 30% search query share, will help it sustain its search revenue growth. The firm maintains $168 price target and Buy rating. Bank of America analyst Eddie Leung said that he expects Qihoo 360's margins to get better gradually in the second half of the year since the company is looking to control expenses and realize synergies. He anticipates search to increase at a fast rate to make up 36% of total sales in FY16. Leung believes this should particularly offset the decline in game revenues this past quarter. Leung lowered his price target on Qihoo 360 to $121 from $123. PRICE ACTION: During late-morning trading, shares of Qihoo fell $6.62 or 6.51%, to $95.13. OTHERS TO WATCH: Chinese search market leader Baidu (BIDU) rose nearly 1.7% to $217.77.
10:18 EDTQIHUQihoo 360 falls after earnings, levels to watch
Shares gapped down at the start of trading today, following earnings released last night, and have been declining since. At the current price of $92.18, the shares are down 9.4%. Next support is at $90.52. Resistance is at $93.98.
09:41 EDTQIHUQihoo 360 shares defended at Jefferies
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09:35 EDTQIHUActive equity options trading on open
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09:11 EDTQIHUOn The Fly: Pre-market Movers
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07:10 EDTQIHUQihoo 360 reported very good Q2 results, says Stifel
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August 24, 2014
19:24 EDTQIHUQihoo 360 sees Q3 revenue $360M-$365M, consensus $357.39M
19:22 EDTQIHUQihoo 360 reports adjusted Q2 EPS 50c, consensus 46c
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August 22, 2014
16:05 EDTDRCDresser-Rand not currently running formal sales process, dealReporter says
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11:59 EDTATVIGameStop surges after Q2 EPS, revenue beat expectations
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10:48 EDTFINLFoot Locker jumps after earnings beat expectations
Shares of shoe and apparel retailer Foot Locker (FL) are higher after the company reported second quarter earnings which exceeded analysts' expectations. WHAT'S NEW: Foot Locker reported Q2 adjusted earnings per share of 64c, which surpassed analysts' consensus of 54c. The company's Q2 revenue was $1.64B, which was higher than analysts' consensus of$1.57B. Foot Locker's same-store-sales increased 7% and its gross margin rate was up 32% for the quarter. WHAT'S NOTABLE: During the company's conference call, Foot Locker said third quarter comparable sales are positioned to experience mid-single digit gains. The company noted that it is making "good progress" on maintaining a "solid" flow of inventory and its inventory overall is well-positioned for the upcoming back-to-school and fall seasons. Foot Locker is still on-track to close just over 100 stores this year, but some closures are expected to happen at the beginning of FY15. The retailer is projecting to open 80 stores this year mostly in Europe and Kids Foot Locker, which is an increase from the company's initial projection of opening 60 stores. A high-single digit comparable sales gain has been experienced by the company so far in August. It anticipates a SG&A improvement of 30-40 basis points and gross margins to be up 20-40 basis points in Q3. ANALYST OPINION: Two days ago, Canaccord said that they were positive on Foot Locker prior to Q2 earnings results since they foresaw the results to be "solid." The firm felt that the retailer was "well-positioned" to still benefit from its target of expanding toward casual athletic footwear. The firm maintained a $56 price target on Foot Locker with a Buy rating. Yesterday, UBS increased its price target on Foot Locker to $58 from $54 right before the retailer announced its Q2 results. The firm anticipated higher than expected earnings, positive SSS trends and the potential for increased guidance and valuation. UBS kept Foot Locker with a Buy rating. OTHERS TO WATCH: Foot Locker competitor Finish Line (FINL) is scheduled to report its Q2 quarter earnings on September 25. PRICE ACTION: During morning trading, Foot Locker shares rose $1.60 or just over 3%, to $54.17, and Finish Line shares rose 19c, or 0.65%, to $29.62.
August 20, 2014
08:42 EDTATVIActivision Blizzard price target raised to $30 from $24 at Argus
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