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July 12, 2013
12:44 EDTCERE, WFC, UPS, WBMD, JPM, BA, MDCO, ATHN, FDXOn The Fly: Midday Wrap
The Wall Street averages were lower at midday following earnings reports from two of the nation's largest banks and a profit warning from the biggest delivery company. ECONOMIC EVENTS: In the U.S., producer prices rose 0.8% last month, versus expectations for an increase of 0.5%. Prices excluding food and energy components rose 0.2%, versus expectations for them to increase 0.1%. The preliminary University of Michigan consumer confidence index for came in at 83.9, versus expectations for a reading of 84.7. COMPANY NEWS: JPMorgan (JPM) and Wells Fargo (WFC) both reported headline earnings and revenue that beat analysts' consensus forecast. Wells Fargo shares rose nearly 2% afterward, while JPMorgan was fractionally higher... Another bellwether company, UPS (UPS), saw its shares fall almost 6% after the company reduced its guidance for 2013 earning per share, citing overcapacity in the global air freight market, increasing customer preference for lower-yielding shipping solutions, and a slowing U.S. industrial economy. Peer FedEx (FDX) slid over 2% as well... Boeing (BA) declined more than 6% following a fire at Britain's Heathrow airport involving one of the company's 787 jets, which is the same model of plane that had previously been grounded over concerns about the potential for its batteries to ignite. MAJOR MOVERS: Among the notable gainers was athenahealth (ATHN), which jumped over 15% after inking a deal with Ascension that prompted bullish analyst notes from Leerink Swann and Piper Jaffray. Also higher were shares of WebMD (WBMD), which advanced 26% after the company's preliminary quarterly results beat consensus and it raised its full-year revenue outlook. Among the noteworthy losers were Ceres (CERE), which dropped 27% after the company said the commercial ramp of sweet sorghum in Brazil is likely to fall below expectations this year and its shares were downgraded by multiple Street research firms. Also lower were shares of The Medicines Co. (MDCO), which fell 8% following a court ruling related to patent lawsuit related to one of its drug. INDICES: Near noon, the Dow was down 34.58, or 0.22%, to 15,426.34; the Nasdaq was down 0.25, or 0.01%, to 3,578.05; and the S&P 500 was down 2.25, or 0.13%, to 1,672.77.
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September 25, 2015
16:35 EDTBAStocks end week lower as biotechs sink, Volkswagen crashes
Stocks ended the week lower after concerns about drug prices were reignited, sinking biotech stocks, an emissions scandal engulfed Volkswagen (VLKAY), dragging down shares of automakers and their suppliers, and Caterpillar (CAT) announced that it may eliminate as many as 10,000 jobs in the next three years as commodity prices continue to slump. MACRO NEWS: Following the Federal Reserve's decision last week to wait before raising rates, the central bank made a concerted effort to give the market more clarity this week. Over last weekend, three Federal Reserve officials - San Francisco Fed President John Williams, St. Louis Fed President James Bullard and Richmond Fed President Jeffrey Lacker - all argued that an interest-rate increase is still warranted this year. Then, on Thursday night, Fed Chair Janet Yellen said during a speech at UMass Amherst that the central bank remains inclined to hike rates this year. Yellen's remarks were incrementally hawkish, but welcomed by the market, since they helped clarify the message the Fed delivered a week ago... In the U.S., Markit's flash manufacturing purchasing manager's index was flat at 53.0 in September, which was slightly better than the expectation for it to dip to 52.8. Durable goods orders for August declined 2.0%, versus expectations for a drop of 2.3%. When transportation items were removed, the core reading was breakeven, versus expectations for a rise of 0.1%. The third estimate of second quarter GDP showed the economy grew 3.9% quarter-over-quarter, versus expectations for the GDP growth estimate to stay at 3.7%. Personal consumption in Q2 is now believed to have grown 3.6%, up from the prior estimate of 3.1%. The final University of Michigan consumer sentiment reading for September came in at 87.2, which was down from August's 91.9 but above the expected 86.2 reading... The Asian Development Bank cut its growth forecast for the region, citing a weaker outlook for China and India and a delayed recovery in the world's advanced economies. The bank now sees the Chinese economy growing 6.8% this year and 6.7% next year, down from its previous forecasts of 7.2% and 7%, respectively. Markit's flash manufacturing PMI for China fell to 47.0 in September from 47.3 last month. Meanwhile, Japanese Prime Minister Shinzo Abe unveiled new economic targets, including a goal for a 20% increase in the target size of the Japanese economy to 600T yen, though he gave no timeframe for achieving this aspiration... In Europe, Markit's composite PMI for the eurozone came in at 53.9 in the first look for September, down from 54.3 in August and below expectations for a reading of 54.1. COMPANY NEWS: Biotech stocks declined after privately-held Turing Pharmaceuticals made headlines by enacting a 5,000% price increase on its treatment for toxoplasmosis, reigniting a debate around drug prices that previously embroiled costly Hepatitis C drugs including AbbVie's (ABBV) Viekira Pak and Gilead's (GILD) Sovaldi and Harvoni. Presidential candidate Hillary Clinton sent the debate to center stage by criticizing the "outrageous" prices of specialty drugs and laying out a plan to tackle "price gouging" in the specialty drug market. The NASDAQ Biotechnology index fell roughly xxx% for the week amid the attention paid to Turing's drug and Clinton's response... Volkswagen (VLKAY) shares trading in New York fell sharply to begin the week and ended the week far from where they'd been last Friday before the EPA said it found manipulations that violate U.S. environmental standards while testing certain of the automaker's diesel cars. The EPA said Volkswagen may face civil penalties of $37,500 for each vehicle not in compliance with federal clean air rules, which could total as much as $18B, according to Reuters. In the wake of the scandal, Chief Executive Officer Martin Winterkorn resigned, with the company's supervisory board subsequently praising the decision and selecting Matthias Mueller, the former head of Porsche (POAHY), as Winterkorn's successor as the company's new CEO... Caterpillar (CAT) shares dropped after the heavy machinery maker announced plans for job cuts and lowered its revenue guidance for this year and next. Caterpillar said that it would lay off 4,000-5,000 of its employees between now and the end of 2016 and could lay off up to 10,000 employees by 2018. Caterpillar cut its fiscal year 2015 revenue forecast by $1B and said its sees its fiscal year 2016 revenue to be 5% below this year, adding that it expects revenue declines in all three large segments next year... Online and mobile deal provider Groupon (GRPN) said it plans to cut 1,100 jobs relating primarily to the company's international operations... Nike jumped after the athletic gear giant reported better than expected earnings and futures orders, prompting numerous price target hikes and at least one upgrade at Street research firms. Among other companies reporting earnings this week, BlackBerry (BBRY), ConAgra (CAG), Carnival (CCL), and CarMax (KMX) fell immediately following their quarterly reports... Apple (AAPL), which has previously been reported to be working on an electric car via its "Project Titan," is speeding up those efforts and setting 2019 as a target to ship its first vehicle, according to The Wall Street Journal... Against the backdrop of China's President Xi Jinping visiting the U.S., Boeing (BA) announced deals to sell 300 planes to three Chinese companies and set up an aircraft factory in in the Asian nation, while Cisco (CSCO) announced a partnership with Chinese server maker Inspur Group... Lloyd Blankfein, Goldman Sachs (GS) Chairman and CEO, disclosed that he was diagnosed with lymphoma. "Fortunately, my form of lymphoma is highly curable and my doctors' and my own expectation is that I will be cured," Blankfein stated in an open letter that was shared by the bank... GoPro (GPRO) finished the week about xxx% lower after Barron's contended in a feature article last weekend that the company's stock could plunge another 30% to $25 as Apple, Sony (SNE) and others pressure the company's "one-hit wonder" products... On the M&A front, Atmel (ATML) agreed to be acquired by German chipmaker Dialog Semiconductor in a deal valued at roughly $4.6B and Starwood Waypoint (SWAY) announced a stock-for-stock merger agreement with Colony American Homes. INDEXES: The Dow lost about 0.43% to close at 16,314.67, the S&P 500 fell about 1.35% to close at 1,931.34, and the Nasdaq declined about 2.89% to close at 4,686.50.
09:01 EDTMDCOThe Medicines Co. receives CHMP positive opinion for Ionsys
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07:33 EDTWFCGlobal Interdependence Center to co-host a discussion
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06:29 EDTBAAirbus engages in wireless initiative for planes, WSJ reports
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September 24, 2015
18:43 EDTBABoeing chairman sees reauthorization of U.S. Export-Import Bank, Reuters says
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16:34 EDTBABoeing opens manufacturing research center in South Carolina
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10:19 EDTBADelta increases service between New York-JFK and Tel Aviv
Delta Air Lines (DAL) will add four weekly year-round flights between its New York-JFK hub and Tel Aviv beginning May 26, 2016. The new flights will be available for sale beginning Saturday, Sept. 26, 2015. The additional flights will complement Delta's existing daily service to Tel Aviv for a total of 11 weekly flights between the two cities and third largest trans-Atlantic market. Delta will operate the added flights with a 291-seat, Boeing (BA) 777-200ER, which is Wi-Fi equipped so customers can stay connected at 30,000 feet.
09:09 EDTATHNAthenahealth selected by SMG to enhance care coordination
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07:51 EDTBAThe Wings Club holds a luncheon meeting
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07:43 EDTBAMarket overly negative on Aerojet Rocketdyne, says Oppenheimer
After Boeing (BA) rejected an unsolicited offer from Aerojet Rocketdyne (AJRD) for United Launch Alliance, a 50/50 joint venture of Boeing and Lockheed Martin (LMT), Oppenheimer thinks the market's reaction to the news ignores Aerojet's positive catalysts. The firm says that the news will not impact Aerojet's operations until 2019 and will probably not have an impact of more than about $115M. The firm keeps a $26 price target and Outperform rating on Aerojet.
07:10 EDTJPM, WFCBanks clash with regulators over energy lending, WSJ reports
Banks are fighting with regulators over loan reviews that might compress the flow of net credit to the oil patch, the Wall Street Journal reports. The disagreement is focused on the narrow issue of loans secured by oil and gas companies' reserves, but it highlights the point of how postcrisis regulation of the financial industry impacts sectors outside of Wall Street, the report says. Caught in between banks and regulators are the small and medium exploration and production companies that rely on credit lines using their energy reserves as collateral, the report says. Publicly traded companies in the space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
September 23, 2015
16:34 EDTBAOn The Fly: Top stock stories for Wednesday
Stocks began the day in quiet fashion and remained that way during the first hour of trading. Following the release of the weekly energy inventory report, the averages moved lower and looked to be possibly setting up for another selloff. Positive comments on China's economy by its President, who is visiting the U.S., brought out buyers, who pared the market's losses. The averages finished slightly in the red in a day marked by low volume as a number of market participants may have been absent in observance of the Jewish holiday of Yom Kippur. ECONOMIC EVENTS: In the U.S., Markit's flash manufacturing purchasing manager's index was flat at 53.0 in September, which was slightly better than the expectation for it to dip to 52.8. EIA inventory data showed a 1.93M barrel fall in crude oil inventories, versus expectations for a weekly drawdown of 1.25M barrels. In China, Markit's flash manufacturing PMI fell to 47.0 in September from 47.3 last month. In Europe, Markit's composite PMI for the eurozone came in at 53.9 in the first look for September, down from 54.3 in August and below expectations for a reading of 54.1. COMPANY NEWS: Shares of Volkswagen (VLKAY) trading in New York rebounded 6.5% to $27.10 following the resignation of Chief Executive Officer Martin Winterkorn, with the company's supervisory board subsequently praising the decision and saying it will consider his replacement at a meeting Friday. Prior to the CEO change news, the stock was downgraded at research firms JPMorgan, Deutsche Bank and Natixis to hold or equivalent ratings this morning. Accounting for today's advance, U.S.-listed shares of Volkwagen are still down nearly 29% since last Friday, when the EPA publicly accused the automaker of equipping certain diesel cars sold in the U.S. with software that circumvented emissions standards... Against the backdrop of China's President Xi Jinping visiting the U.S., Boeing (BA) announced deals to sell 300 planes to three Chinese companies and set up an aircraft factory in China. The deals are possibly worth tens of billions of dollars in total and represent the largest total order the planemaker has received from Chinese companies, according to Reuters. The Wall Street Journal reported, citing people familiar with the matter, that Cisco (CSCO) plans to announce a partnership with Chinese server maker Inspur Group during President Xi Jinping's visit. MAJOR MOVERS: Among the notable gainers was First Niagara (FNFG), which advanced $1.30, or 14.5%, to $10.26 following a Bloomberg report that the company is exploring a sale. DealReporter noted that potential suitors include Toronto-Dominion Bank (TD), Huntington Bancshares (HBAN) and New York Community Bancorp (NYCB). BioMed Realty (BMR) gained $2.36, or 12.3%, to $21.54 after Bloomberg reported that the company is in talks to sell itself and has attracted attention from firms including Blackstone (BX). Heron Therapeutics (HRTX) rose $7.25, or 21.6%, to $40.81 after announcing that its Phase 2 study of HTX-011 for post-operative pain met its primary endpoint. Shares of a competitor Pacira (PCRX) declined 7.65% after the news, with several analysts remarking that Heron's data compares favorably versus Pacira's Exparel drug. Summit Midstream Partners (SMLP) declined $3.90, or 18.2%, to $17.52 following a Bloomberg report that Energy Capital Partners is seeking to sell its stake in the company. Synchronoss (SNCR) fell 10.75% to $33.37 after research firm Baird said it has become "increasingly concerned" that Verizon (VZ) is "no longer fully committed" to the white-label cloud product it offers in conjunction with the cloud services provider. INDEXES: The Dow fell 50.58, or 0.31%, to 16,279.89, the Nasdaq lost 3.98, or 0.08%, to 4,752.74, and the S&P 500 declined 3.98, or 0.2%, to 1,938.76.
16:29 EDTBABoeing to partner with COMAC to open facility in China
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16:28 EDTBABoeing broadens long-term collaboration with AVIC
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16:27 EDTBABoeing confirms agreement with CASC for purchase of 300 airplanes
Boeing and China Aviation Supplies Holding Company have signed a General Terms Agreement related to the purchase of 300 airplanes. The package has a value of approximately $38B at list prices. Aircraft orders and commitments include: (240) airplanes for Chinese airlines, including (190) 737s and 50 widebody aircraft (60) 737s for leasing companies ICBC and CDB Leasing.
16:00 EDTJPMOptions Update; September 23, 2015
iPath S&P 500 VIX Short-Term Futures down 53c to 23.81 Option volume leaders: AAPL NFLX BAC FB BABA DOW RIG MU FCX PBR XOM JPM
09:18 EDTBAPaulson Institute and CCPIT to co-host U.S.-China Business Roundtable
The Paulson Institute and the China Council for the Promotion of International Trade (CCPIT) provide an opportunity for U.S. and Chinese business leaders to discuss issues facing the two countries in a roundtable being held in Seattle, Washington on September 23.
07:47 EDTBABoeing to sell 300 planes to Chinese companies, Reuters reports
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07:18 EDTWBMDWebMD weakness creates buying opportunity, says SunTrust
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06:24 EDTBANew Boeing tanker to make first flight Friday, WSJ reports
Boeing's new refueling tanker is scheduled to make its first flight as soon as Friday, the Wall Street Journal reports, citing the Pentagon. The flight will initiate a series of tests on one plane over a four-month period, the report says. Reference Link
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