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Stock Market & Financial Investment News

News Breaks
January 17, 2013
12:25 EDTCLSN, NUS, BLK, BA, PWER, KSWS, C, HLF, CBS, BACOn 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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March 13, 2015
06:34 EDTBAKawasaki Heavy Industries factory may boost Boeing 787 production, Reuters says
Kawasaki Heavy Industries (KWHIY) opened a plant Friday with an oversized kiln that may allow Boeing (BA) to exceed its 14-per-month production target for the 787, reports Reuters, citing statements by Kawasaki deputy director of 787 production Akira Inomata. The $288.18M factory will produce the forward fuselage, main landing gear, and wing components for the plane. Reference Link
06:16 EDTBAEmails show huge level of cooperation between Ex-Im Bank, Boeing, WSJ says
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05:57 EDTCJudge blocks Citi from processing Argentine bond payment, Financial Times says
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March 12, 2015
19:25 EDTHLFOn The Fly: After Hours Movers
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18:58 EDTHLFHerbalife responds to reports of stock manipulation investigation
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18:04 EDTHLFHerbalife up 6% after WSJ reports Feds eyeing potential stock manipulation
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18:02 EDTHLFFeds investigating potential Herbalife stock manipulation, WSJ reports
Federal prosecutors and the FBI are investigating the potential manipulation of Herbalife stock, and have interviewed people hired by William Ackman, founder and CEO of Pershing Square, a firm that has been a huge short seller of Herbalife, according to the Wall Street Journal, citing people familiar with the matter. Neither Ackman nor Pershing Square have been subpoenaed or interviewed by the FBI in connection with the investigation, one source added. Reference Link
16:25 EDTBACOn The Fly: Closing Wrap
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16:01 EDTBAC, COptions Update; March 12, 2015
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12:59 EDTBABoeing reports Swiss International Air Lines commitment for three 777-300ERs
Boeing reported that Swiss International Air Lines has announced a commitment to purchase three additional 777-300ER airplanes. The order, valued at $990M at list prices, will be posted on Boeing’s Orders & Deliveries website when finalized, the company noted, adding that the new commitment follows SWISS’ previous order for six 777-300ERs in 2013.
12:29 EDTBAC, COn The Fly: Midday Wrap
Stocks on Wall Street were sharply higher at midday. A slight bounce in the euro overnight lifted overseas markets and U.S. stocks followed. Stock futures were higher during early pre-market trading, then strengthened further following the report of lower than expected retail sales figures for last month, which gave investors hope the Fed will wait longer to raise interest rates. ECONOMIC EVENTS: In the U.S., headline retail sales fell 0.6% in February compared to the prior month, missing expectations for an increase of 0.3%. Retail sales excluding autos and gas declined 0.2%, versus the consensus estimate for a month-over-month increase of 0.3%. Initial jobless claims fell to 289K in the week ended March 7, versus the consensus forecast for 305K first-time claims. Business inventories were flat in January, versus the consensus forecast for them to grow 0.1%. In Asia, the Bank of Korea cut rates for the third time since last August, lowering its base rate to the historical low level of 1.75%. The decision came as a surprise, more in terms of the timing than the cut itself. Data from China showed the nation’s M2 money supply growth picked up in February and its banks’ new loan creation came in higher than expected as well. COMPANY NEWS: Shares of Intel (INTC) fell 4% after the chip-making giant lowered its Q1 revenue outlook to $12.8B, plus or minus $300M, compared to the previous expectation of $13.7B, plus or minus $500M, citing weaker than expected demand for business desktop PCs and lower than expected inventory levels across the PC supply chain. Some other stocks levered to PCs also slid, with Microsoft (MSFT) declining 2% and Advanced Micro Devices (AMD) sliding 3.5%. Hewlett-Packard (HPQ) shares were up fractionally, despite Intel's news and the fact that Barclays downgraded HP's stock this morning to Equal Weight, saying the weak euro could impact demand for PCs and printers... Citi (C), American Express (AXP) and Regions Financial (RF) were identified by analysts as being among the winners following the Fed's recently completed Comprehensive Capital Analysis and Review, or CCAR. Analysts were more cautious on Bank of America (BAC), after the Fed identified deficiencies in the bank's capital planning process and ordered it to resubmit its plan, but allowed it to proceed with its capital plan in the meantime. MAJOR MOVERS: Among the notable gainers was Amarin (AMRN), which jumped 27% after H.C. Wainwright upgraded the stock to Buy and raised its price target for shares to $10 from $2.50, citing management's commitment to completing the Vascepa outcomes' study REDUCE-IT. Also higher was Lumber Liquidators (LL), which rose 12.5% after the company held a call to update on the impact that 60 Minutes' recent critical report has had on its business. As part of the call, the flooring retailer reported on its recent sales trends, gave Q1 guidance and said it believes its cash flow from operations and existing liquidity sources will be sufficient to fund operations and anticipated capital expenditures for the "foreseeable future." Among the noteworthy losers was ACADIA (ACAD), which dropped 25% after announcing that it will delay submitting its NUPLAZID NDA for the treatment of Parkinson’s disease psychosis by two or three quarters and reporting that its CEO has retired. Also lower following their first earnings reports since coming public was Box, Inc. (BOX), which dropped 15%. INDEXES: Near midday, the Dow was up 183.31, or 1.04%, to 17,818.70, the Nasdaq was up 26.68, or 0.55%, to 4,876.62, and the S&P 500 was up 18.56, or 0.91%, to 2,058.80.
10:46 EDTC, BACCiti, American Express, Regions Financial seen as CCAR winners
Citi (C), American Express (AXP) and Regions Financial (RF) were identified by analysts as being among the winners following the Fed's recently completed Comprehensive Capital Analysis and Review, or CCAR. Analysts were more cautious on Bank of America (BAC) after the CCAR results were announced. WHAT'S NEW: Citi and Regions Financial were the biggest winners of the CCAR process, Deutsche Bank analyst Matt O' Connor wrote. Noting that Citi won approval to pay a quarterly dividend of 5c per share and buy back $7.8B of its shares, the analyst wrote that the figures were in-line with expectations or better than expected. Many investors probably were relieved by the news, the analyst stated. Addressing Regions Financial, O'Connor wrote that the bank's $875M share buyback plan was much higher than the $625M that Deutsche Bank had expected. The analyst had a mixed take on Bank of America. After the Fed identified deficiencies in the bank's capital planning process and ordered it to resubmit its plan, but allowed it to proceed with its capital plan in the meantime, the analyst wrote that the news was slightly disappointing. However, since some had worried that the Fed would reduce Bank of America's capital ratios when it exits parallel run, the news was positive overall for the bank, O'Connor wrote. Also upbeat on Citi and Regions was BMO Capital analyst Lana Chan, who predicted that Citi's stock should "re-rate" on the news and kept a $63 price target and Outperform rating on the shares. Regions Financial's buyback was 85% above Chan's forecast, she reported. The large size of the buyback indicates that the company believes its stock is undervalued, the analyst added. Bank of America "seems to have just squeaked by with a conditional pass," and its $4B share buyback plan "is more than a token," wrote Oppenheimer analyst Chris Kotowski . The analyst continued to recommend Bank of America's stock. American Express (AXP) was the "standout of the CCAR process," as it received permission for a total payout of over 100% to shareholders in 2015, Kotowski stated. The analyst, however, kept a Perform rating on AmEx shares. PRICE ACTION: In mid-morning trading, Citi jumped 3.2% to $54, Regions rallied 3.3% to $9.85, American Express added 1.5% to $80.62, and Bank of America slid 0.6% to $16.
09:35 EDTCActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL C PBR POT MRVL AMAT MSFT TSLA X TWTR
08:50 EDTCCiti shares to re-rate after capital return approved, says BMO Capital
BMO Capital predicts that Citi's shares will "re-rate" after the Fed approved the bank's 5c per share dividend and $7.8B share buyback initiative. The firm keeps a $63 price target and Outperform rating on the stock.
08:06 EDTCLSNCelsion provides development update for ThermoDox, TheraPlus, TheraSilence
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08:04 EDTCLSNCelsion reports FY15 EPS ($1.38), consensus ($1.42)
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07:44 EDTC, BACDeutsche calls Citi, Regions biggest stress test winners
Deutsche Bank views Citi (C) and Regions Financial (RF) as the biggest winners coming out of the Federal Reserve's stress tests. Citi's non-objection, buybacks of $7.8B and a quarterly dividend of 5c were all in-line to better than expected, while Regions' buybacks of $875M was much higher than its $625M estimate, Deutsche points out. The firm believes KeyCorp (KEY), Morgan Stanley (MS) and SunTrust (STI) were also winners after announcing larger than expected buybacks. It views the results for Bank of America (BAC) as a "slight disappointment," but adds some investors may be relieved by the lack of rejection to the capital plan.
07:08 EDTBACBank of America risk/reward attractive, says RBC Capital
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06:23 EDTC, BACHSBC, Citi, others linked to foreign money laundering bank, WSJ says
HSBC (HSBC), Bank of America (BAC), Citi (C), and Deutsche Bank (DB) reportedly had correspondent-banking relationships with Banca Privada d’Andorra, reports the Wall Street Journal, citing the Treasury Department’s Financial Crimes Enforcement Network. The Treasury Department Tuesday labeled Banca Privada a "primary money-laundering concern" allegedly working with organized crime, and HSBC "immediately terminated" its relationship with the bank upon learning of the link, said a person familiar with the matter. The three other banks stated they will or have taken appropriate action, and the Treasury Department has not accused the firms of any wrongdoing. Reference Link
06:21 EDTBABoeing delivers 50th airplane to EL AL
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