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Stock Market & Financial Investment News

News Breaks
January 17, 2013
12:25 EDTPWER, KSWS, C, HLF, CBS, BAC, CLSN, NUS, BLK, BAOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday following a better than expected monthly report on housing and lower than expected weekly jobless claims. The economic data lifted the futures and led to a higher open for the broader market. The averages have drifted slightly higher during the morning but remain in a narrow range, albeit near five year highs. Financial companies, which are currently in the process of releasing earnings, have been laggards today as investors have been unimpressed with this morning's reports from Citigroup (C) and Bank of America (BAC)... ECONOMIC EVENTS: In the U.S., weekly jobless claims fell to 335K, versus expectations for a relatively flat level at 370K. Housing starts surged 12.1% to 954K in December, which was better than expected, while building permits edged up 0.3% in the month to 903K, which was in-line with forecasts. The day's lone disappointing data came from the Philly Fed, which had its manufacturing survey unexpectedly fall to -5.8, compared to consensus calls for a much smaller decline to a 6.0 reading... COMPANY NEWS: Boeing (BA) was front and center in yet another trading session after the FAA grounded the 787 Dreamliner and regulators around the world followed suit. Shares of the Dow component were virtually unchanged in afternoon trading in spite of the news... Citigroup (C) missed earnings expectations, leading to a 2.9% decline in its stock, while Bank of America slid over 3.7% in spite of its earnings narrowly beating consensus. One financial name bucking the sector's trend, however, was BlackRock (BLK), which advanced 4.2% after its results beat expectations and the company increased its dividend... MAJOR MOVERS: Among the notable gainers were K-Swiss (KSWS), up 48% after agreeing to be acquired for $4.75 cash per share, and CBS (CBS), up 10% after announcing plans to convert its U.S. outdoor advertising business to a REIT. Also higher were shares of Nu Skin (NUS), which rose nearly 10% after giving better than expected guidance and are now up almost 3% since the day that Bill Ackman revealed his short thesis in multi-level marketing peer Herbalife (HLF). Among the noteworthy losers were Celsion (CLSN), down almost 9% following a downgrade to Sell at Brean Capital, and Power-One (PWER), down over 7% after lowering its revenue view... INDICES: Near noon, the Dow was up 79.67, or 0.59%, to 13,590.90; the Nasdaq was up 17.87, or 0.57%, to 3,135.41; and the S&P 500 was up 7.97, or 0.54%, to 1,480.60.
News For BA;BAC;C;BLK;CBS;KSWS;NUS;HLF;PWER;CLSN From The Last 14 Days
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August 20, 2015
06:36 EDTCBSBernstein cuts Disney, Time Warner with TV entering 'structural decline'
Bernstein analyst Todd Juenger downgraded his rating on both Disney (DIS) and Time Warner (TWX) saying the U.S. television industry is entering a period of "prolonged structural decline." With viewers moving away from ad-supported platforms to non-ad-supported, media companies with the least exposure to U.S. advertising represent the most favorable investments, Juenger tells investors in a 48-page research note on the Media sector. The analyst moved both companies to a Market Perform rating from Outperform, and lowered his price target for Disney to $114 from $125 and for Time Warner to $90 from $101. He called the downgrade of Time Warner a "very close call" as his new price target still represents 15% upside from current levels. Share performance in the entire Media sector will be challenged until the content owners take steps to "reclaim on-demand viewing" from streaming services like Netflix (NFLX) and use it to protect affiliate fees, Juenger argues. His Outperform-rated names are Nielsen (NLSN) and 21st Century Fox (FOXA). Along with Time Warner and Disney, the analyst has Market Perform ratings on AMC Networks (AMCX), CBS (CBS), Scripps Networks (SNI) and Discovery (DISCA). Juenger has an Underperform rating on Viacom (VIAB). Wells Fargo on Tuesday also downgraded Disney to Market Perform. Piper Jaffray this morning told investors that the recent pullback in shares of AMC Networks brings a "great" entry point into the name.
06:07 EDTCSamsung Bioepis picks Citi, Goldman as lead managers for IPO, Reuters says
Samsung Bioepis has selected Citigroup (C) and Goldman Sachs (GS) as the lead managers for its planned listening on Nasdaq next year, a source tells Reuters. Morgan Stanley (MS) and Credit Suisse (CS) will also take part in the listing for Samsung's (SSNLF) biosimilar drug development arm, the source says. Reference Link
05:47 EDTBABoeing says Qantas intends to purchase eight 787-9 Dreamliners
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August 19, 2015
17:37 EDTBACFINRA investigates Merrill Lynch over money laundering employee, Reuters says
The Financial Industry Regulatory Authority has been investigating Bank of America Merrill Lynch over a former employee who earlier pleaded guilty to an insider-trading and money laundering scheme, reports Reuters, citing a source familiar with the matter. FINRA could resort to enforcement action against the company, likely citing a breach of money laundering laws, according to the sources. Reference Link
16:34 EDTBAAir Lease delivers one Boeing 737-800 to American Airlines
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16:00 EDTBACOptions Update; August 19, 2015
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10:58 EDTCCiti to pay $15M to settle SEC charges of compliance, surveillance failures
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10:06 EDTCCiti reports July credit loss 2.33% vs. 2.49% last month
Reports July delinquencies 1.46% vs. 1.42% last month.
09:33 EDTBA, BACActive equity options trading on open
Active equity options trading on open: AAPL BAC FB BA TWTR NFLX WMT BABA
06:24 EDTCCiti to give back additional $4.5M in fee overcharges, Reuters reports
Citigroup subsidiary Citigroup Global Markets has reached an agreement with the New York attorney general to return $4.5M in account management fees charged on roughly 15,000 frozen accounts, Reuters reports. As a result of the deal, more than $20M will be refunded to Citi customers for overcharges in a probe started by New York attorney general Eric Schneiderman, the report says. Reference Link
06:13 EDTBLKSnapdeal secures $500M in investment round led by Alibaba, Softbank
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August 18, 2015
16:00 EDTBACOptions Update; August 18, 2015
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10:17 EDTCBSDisney downgraded as Wells moves away from content providers
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10:00 EDTCBSOn The Fly: Analyst Downgrade Summary
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08:06 EDTCCiti sells alternative investor services unit to SS&C
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08:02 EDTCSS&C acquires Citi's alternative investor services business
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07:56 EDTCCiti reports July credit loss 2.33% vs. 2.49% last month
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07:13 EDTCBSCBS downgraded to Market Perform from Outperform at Wells Fargo
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07:12 EDTCBSDisney downgraded to Market Perform from Outperform at Wells Fargo
Wells Fargo downgraded Disney (DIS) to Market Perform with a $112-$119 price target range saying value is shifting from content to distribution. Wells also downgraded CBS (CBS) and 21st Century Fox (FOXA) this morning to Market Perform while cutting its Diversified Media sector view to Market Weight. Time Warner (TWX) remains its only Outperform-rated media stock. Shares of Disney closed yesterday up $1.88 to $109.05.
06:03 EDTBABoeing's test flight of aerial refueling tanker to be delayed, WSJ reports
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