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News Breaks | | | | March 15, 2013 | | 12:11 EDT |  | BAC, GLDD, GRPN, ROSE, CRK, CUK, CCL, SSNLF, AAPL, JPM, GS, BBT, ULTA | On The Fly: Midday Wrap
Stocks on Wall Street were lower at midday and if the weakness holds into the close it will mark the first Friday so far this year in which the major averages have suffered daily losses. The averages opened modestly lower, though the downside momentum picked up after a worse than expected consumer confidence reading. After leveling off early in the session, the averages have cut their losses though it remains to be seen if they can make it all the way back to positive ground prior to the closing bell... ECONOMIC EVENTS: In the U.S., the consumer price index rose 0.7% in February, versus the expected increase of 0.5%. However, the "core" CPI reading that excludes food and energy components was up 0.2%, which matched forecasts. The New York Fed "Empire State" manufacturing survey for March came in at 9.24, versus expectations for a 10.0 reading. Industrial production rose 0.7% in February, versus expectations for an increase of 0.4%, while industrial capacity utilization came in at 79.6% in the month, versus a consensus forecast of 79.4%. The Reuters/University of Michigan consumer sentiment index slid 5.8 points to 71.8 in the preliminary March reading, though it had been expected to rise slightly from the end of February figure... COMPANY NEWS: Bank stocks were in focus after the Federal Reserve last night announced it approved the capital plans of 14 financial institutions subjected to its latest round of stress tests. BB&T (BBT) was the only publicly traded bank the Fed gave an objection to and its shares slid 2.5%. Two others, JP Morgan (JPM) and Goldman Sachs (GS), received conditional approval, but the Fed will also require them to submit new capital plans by the end of Q3 to address weaknesses in their planning. Bank of America (BAC) was among the winners, advancing over 3% after announcing a $5B stock buyback program that was approved by regulators... Despite its chief rival in the high-end smartphone market, Samsung (SSNLF), unveiling its latest Galaxy model, Apple (AAPL) gained 2% near noon... Carnival (CCL, CUK) reported adjusted earnings for the first quarter that beat expectations, but lowered its forecast for profit during the full year, sending shares lower... MAJOR MOVERS: Among the notable gainers was Comstock Resources (CRK), which rose 14% after it agreed to sell certain Permian Basin assets to Rosetta Resources (ROSE) for $768M. Also higher were shares of Groupon (GRPN), up nearly 6% after noted investor Bill Miller of Legg Mason Capital Management said the company has a "tremendous" opportunity in an interview on CNBC. Among the noteworthy losers was Great Lakes Dredge (GLDD), which fell almost 18% after reporting earnings, saying it will restate some prior results and announcing its COO plans to depart. Also lower after its earnings report was Ulta Salon (ULTA), which declined more than 15%, though its shares were defended by a number of Street analysts... INDICES: Near noon, the Dow was down 31.12, or 0.21%, to 14,508.02; the Nasdaq was down 7.73, or 0.24%, to 3,251.20; and the S&P 500 was down 1.92, or 0.12%, to 1,561.31. | |
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News For BAC;BBT;GS;JPM;AAPL;SSNLF;CCL;CUK;CRK;ROSE;GRPN;GLDD;ULTA From The Last 14 Days Check below for free stories on BAC;BBT;GS;JPM;AAPL;SSNLF;CCL;CUK;CRK;ROSE;GRPN;GLDD;ULTA the last two weeks. |
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| May 23, 2013 | | 19:50 EDT |  | AAPL | Apple faces potential setback in e-books case, WSJ reports
 Subscribe for More Information | | | 16:00 EDT |  | AAPL | Options Update; May 23, 2013
Subscribe for More Information | | | 14:45 EDT | | JPM | JPMorgan names Barry Sommers head of consumer bank, Reuters says
Subscribe for More Information | | | 11:56 EDT |  | JPM | Visa names Ryan McInerney president
Visa (V) announced the appointment of Ryan McInerney as president of Visa. In this role, McInerney will be responsible for Visa's global client organization, product management as well as a new solutions group, which will focus on building and bringing to market new products and services to Visa's issuer, acquirer and merchant clients. Mr. McInerney will report to Charlie Scharf, CEO of Visa . McInerney joins Visa from JP Morgan Chase (JPM) where he was the CEO of Consumer Banking. | | | 10:10 EDT | | SSNLF | Google Glass reportedly to use Samsung OLED displays, SlashGear says
Subscribe for More Information | | | 09:59 EDT | | AAPL | Analyst: Apple won't launch computerized watch until late 2014, BGR says
Subscribe for More Information | | | 09:37 EDT | | AAPL | Active equity option families trading on open
Active equity option families trading on open according to Track Data: AAPL NFLX GOOG HPQ | | | 09:25 EDT | | AAPL, SSNLF | Samsung's Galaxy S4 reaches 10M channel sales
Samsung Electronics announced that global channel sales of its GALAXY S4 has surpassed 10M units sold in less than one month after its commercial debut. Launched globally on April 27 in 60 countries, the phone is estimated to be selling at a rate of four units per second. | | | 08:10 EDT |  | JPM | JPMorgan compelling at current levels, says RW Baird
Subscribe for More Information | | | 07:57 EDT | | CRK | Concerns over Comstock Resources inventory overblown, says Oppenheimer
Subscribe for More Information | | | | 07:12 EDT | | JPM, BAC | Wall Street trying to use trade deals to weaken Dodd-Frank, Bloomberg reports
Subscribe for More Information | | | 07:11 EDT | | AAPL | EU's Barnier wants big companies to disclose national tax bills, Reuters reports
Subscribe for More Information | | | 06:32 EDT | | JPM | Dimon looks to improve JPMorgan after winning vote, NY Times says
After JPMorgan's (JPM) shareholders voted to allow Jamie Dimon to keep his dual role as the bank's CEO and chairman, Dimon is looking to repair the bank's relationship with regulators and "fortify risk controls," according to The New York Times. Reference Link | | | 06:29 EDT | | JPM | Software firm Luxoft files for IPO in New York, Bloomberg reports
Subscribe for More Information | | | 06:08 EDT | | BAC, JPM, AAPL | On the Fly: Periodicals Wrap-Up
Subscribe for More Information | | | 06:04 EDT | | AAPL | Apple hoping to launch music service at June conference, NY Post reports
Subscribe for More Information | | | 05:48 EDT | | JPM | Proxy advisers see their power diminish, WSJ reports
Subscribe for More Information | | | 05:45 EDT | | AAPL | Big companies remove subsidiaries based on SEC disclosure rules, WSJ reports
Subscribe for More Information | | | May 22, 2013 | | 16:25 EDT | | GS | On The Fly: Closing Wrap
Stocks on Wall Street were sharply lower following a day where the Fed dominated the news. The averages were higher early in the session as Fed Chairman Ben Bernanke testified in front of Congress. However, the averages crossed into negative ground as Bernanke's comments on the potential for future QE tapering were digested. The selling accelerated in the late hours of the session following the release of the minutes from the Fed's last FOMC meeting. ECONOMIC EVENTS: In the U.S., Federal Reserve Chairman Ben Bernanke delivered testimony before the Joint Economic Committee of Congress, stating that premature tightening of monetary policy would carry a "substantial risk" of slowing or ending the economic recovery. Bernanke, however, also said the central bank could begin winding down its bond-buying program at one of its "next few meetings" if the economy continues to improve. The FOMC minutes, released at 2:00 pm ET, indicated that some committee members expressed a willingness to adjust assets purchases, though some disagreement existed over what economic data would be needed to begin such a program. The minutes also said some members might want to cut asset purchases by as soon as June. The National Association of Realtors said existing home sales advanced 0.6% to an annual rate of 4.97M units in April, which was the highest level since November 2009 but still below expectations for a rise to a 4.99M-unit rate. COMPANY NEWS: Target (TGT) shares lost $2.86, or 4.01%, to $68.40 after the company's first quarter report, which it called "disappointing." The company also cut its full-year earnings and same-store sales views. MAJOR MOVERS: Among notable gainers was Saks (SKS), up $1.83, or 13.39%, to $15.50 after the New York Post said the company hired Goldman Sachs (GS) to explore strategic alternatives and Bloomberg said KKR (KKR) was considering a stake in the luxury retailer. Also higher following its better-then-expected quarterly results was Zale (ZLC), which advanced $1.20, or 22.22%, to $6.60. Among noteworthy losers were a number of Solar stocks, including Trina Solar (TSL), down $1.07, or 14.9%, to $6.11, and SunPower (SPWR), down $1.81, or 8.62%, to $19.19 after China's Xinhua news agency said early talks between Europe and China to resolve their fight over solar panel trade rules had failed. Also lower was SolarWinds (SWI), down $6.57, or 13.71%, to $41.34 after the company said it will acquire N-able for $120M and its shares were downgraded at research firm Pacific Crest. INDICES: The Dow was down 80.41, or 0.52%, to 15,307.17; the Nasdaq was down 38.82, or 1.11%, to 3,463.30; and the S&P 500 was down 13.81, or 0.83%, to 1,655.35. | | | 14:54 EDT | | JPM | JPMorgan not likely to add new board members soon, Bloomberg says
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