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Stock Market & Financial Investment News

News Breaks
April 19, 2012
12:33 EDTACHN, HGSI, QCOM, NYT, EBAY, VZ, HUSA, MLNX, LTM, SWK, BSX, DD, BAC, GILD, GSK, YUM, MS, CY, TRVOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday, as disappointing economic data overshadowed the fact a number of prominent companies beat earnings expectations. Each of the indices has moved in a fairly wide range throughout the morning. The market opened flat after trading higher during the pre-market session. Futures weakened following disappointing jobless claims data and rumors of a downgrade of French sovereign debt. When the rumors proved to be false the averages moved back into positive territory. The poor manufacturing data from the Philadelphia Fed and the disappointing existing home sales data pushed the market to its lows of the session. The averages see-sawed near the flat line but went back into negative territory a bit after noon... ECONOMIC EVENTS: Domestically, more jobless claims applications were filed than forecast last week, as claims fell by 2,000 to 386,000 but that was above economists' calls for a drop to 370,000. Sales of previously owned homes in March unexpectedly fell 2.6% to a 4.48M annual rate from 4.6M in February. Forecasts called for an increase to 4.61M. The leading economic indicators for March showed an increase of 0.3%, versus the expected increase of 0.2%. The Philadelphia Fed manufacturing report had a reading of 8.5, versus the expected reading of 12.0. In Europe, Spain was able to sell more bonds than expected but at higher yields. Also, rumors circulated in the morning hours of an upcoming downgrade of French sovereign debt but a French senior official called the rumors unfounded and Fitch reiterated its AAA ratings and outlook on French debt... COMPANY NEWS: Bank of America (BAC) posted Q1 adjusted results that beat consensus, but shares declined 5c, or 0.56%, to $8.87. The bank said sales and trading revenue excluding accounting adjustments more than doubled from last quarter and its provision for credit losses was the smallest since the third quarter of 2007. Among other Dow components, Verizon (VZ) and Travelers (TRV) also reported earnings that exceeded expectations and both saw their shares rise following the reports, with Verizon gaining over 2% and Travellers advancing more than 4%. Du Pont (DD) was the fourth Dow name to beat on earnings, but shares fell 1.5% in midday trading... Among other companies reporting earnings, advancers included eBay (EBAY), Cypress Semi (CY), Boston Scientific (BSX), New York Times (NYT) and Morgan Stanley (MS); decliners included Stanley Black & Decker (SWK), Qualcomm (QCOM), Yum! Brands (YUM) and Life Time Fitness (LTM)... MAJOR MOVERS: Among the notable gainers were Human Genome Sciences (HGSI), up 97%, after saying it had turned down an unsolicited $13 per share buyout proposal from GlaxoSmithKline (GSK), and Mellanox (MLNX), up 43%, following upgrades from at least three firms after its Q1 earnings report and guidance. Noteworthy losers included Achillion's (ACHN), down nearly 16%, with the decline attributed by Wells Fargo to positive data for Gilead's (GILD) oral hepatitis C combination treatment, and Houston American Energy (HUSA), down 40%, after the company announced it is terminating testing on its Tamandua #1 well and confirmed and SEC investigation and three subpoenas... INDICES: Near 12:30 am ET, the Dow was down 30.32, or 0.23%, to 13,002.43; the Nasdaq was down 2.45, or 0.08%, to 3,029.00; and the S&P 500 was down 3.68, or 0.27%, to 1,381.46.
News For BAC;VZ;TRV;DD;EBAY;CY;BSX;NYT;MS;SWK;QCOM;YUM;LTM;HGSI;GSK;MLNX;ACHN;GILD;HUSA From The Last 14 Days
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February 24, 2015
09:35 EDTGILDActive equity options trading on open
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09:16 EDTSWKEmerson negative order growth not a surprise, says Wells Fargo
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07:21 EDTBAC, MSSecurities Industry & Financial Markets Association to hold a conference
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06:39 EDTEBAYVisa Europe announces 'tokenisation service'
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06:06 EDTQCOMStocks with implied volatility below IV index mean; FOSL QCOM
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February 23, 2015
16:00 EDTGILDOptions Update; February 23, 2015
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13:33 EDTGSK, MSRBS could name Howard Davies as chairman this week, FT reports
Royal Bank of Scotland (RBS) could name Howard Davies as its chairman as early as Thursday, when the bank reports its full-year results, the Financial Times reports. Davies is currently chairman of insurance business Phoenix Group and chairs Morgan Stanley's (MS) risk committee. Current RBS Chairman Philip Hampton is set to become GlaxoSmithKline's (GSK) chairman as early as this summer. Reference Link
12:28 EDTVZGoogle reaches deal with wireless carriers, acquires Softcard tech, Re/code says
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11:17 EDTGSKFTC puts conditions on Novartis's proposed acquisition of GSK oncology drugs
According to the FTC, Global pharmaceutical company Novartis (NVS) has agreed to divest all assets related to its BRAF and MEK inhibitor drugs, currently in development, to Boulder, Colorado-based Array BioPharma (ARRY) to settle charges that Novartis’s $16B acquisition of GlaxoSmithKline’s (GSK) portfolio of cancer-treatment drugs would likely be anticompetitive...If the acquisition goes forward as proposed, Novartis would likely delay or terminate development of both its BRAF and MEK inhibitors, as well as the combination product. For that reason, Novartis’s acquisition of GSK’s portfolio of cancer-treatment drugs would likely cause significant competitive harm in the U.S. markets for both the BRAF and MEK inhibitors, ultimately raising prices for consumers and depriving them of potentially superior products. Under the terms of the proposed consent agreement, Novartis is required to provide transitional services to Array BioPharma to ensure that development of the BRAF and MEK inhibitors continues uninterrupted and that competition in BRAF and MEK inhibitor markets is not reduced. Reference Link
09:39 EDTGILDActive equity options trading on open
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09:02 EDTVZVerizon to sell BlackBerry Classic for $100, CrackBerry says
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07:16 EDTGILDMylan signs exclusive agreement with Gilead to distribute Solvaldi, Harvoni
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06:21 EDTEBAYFacebook's shuttle drivers approve new union contract, WSJ reports
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06:11 EDTQCOMStocks with implied volatility below IV index mean; FOSL QCOM
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February 22, 2015
17:25 EDTQCOMChip designer CEVA takes on Qualcomm in China, Bloomberg says
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February 20, 2015
13:56 EDTVZAT&T VP critical of Dish auction tactics
AT&T (T) VP of Federal Regulatory Joan Marsh stated in a post to a corporate blog that FCC Auction 97 represents "hard evidence that there is significant continuing interest in licensed spectrum... It didn't matter that it was mid-band spectrum. It mattered only that it was broadband spectrum." Marsh notes that Dish (DISH) won more licenses than any other bidder though "none of that spectrum is currently supporting commercial wireless services," with her suggestion being that "auctions should be designed to ensure that licenses go to those willing to deploy networks – not speculators or stockpilers...The government should continue to place a high priority on allocating new licensed bands to the wireless industry." Marsh continues her analysis of Dish, claiming the double and triple-bidding activity carried out by its two designated entities "circumvented auction activity rules, masked actual demand and distorted the auction," as they were able to win significant allocations while enjoying a 25% small business discount. In response to Dish claims that all companies use DEs, Marsh replies that "in more recent auctions... bidders like AT&T, Verizon (VZ) and T-Mobile (TMUS) had no DE relationships, participated directly and paid full price for their licenses." Reference Link
11:47 EDTQCOMQualcomm mentioned positively at Pacific Crest
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07:23 EDTGSKAbbVie replaces Pfizer as top global pharma pick at Jefferies
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07:08 EDTNYT, BSX, GSKAmerican Academy of Allergy, Asthma and Immunology to hold annual meeting
2015 Annual Meeting of AAAAI is being held in Houston, Texas on February 20-24.
04:50 EDTQCOMStocks with implied volatility movement; QCOM KO
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