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Stock Market & Financial Investment News

News Breaks
April 19, 2012
12:33 EDTBAC, GILD, GSK, YUM, MS, CY, TRV, ACHN, HGSI, QCOM, NYT, EBAY, VZ, HUSA, MLNX, LTM, SWK, BSX, DDOn 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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April 7, 2015
07:00 EDTDDDuPont, proxy advisory firm to meet this month, Reuters reports
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06:20 EDTQCOMQualcomm likely to get back into Galaxy phones, says Citigroup
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April 6, 2015
18:15 EDTDDDuPont says cost of Trian breakup proposal approximately $4B, WSJ reports
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16:00 EDTVZOptions Update; April 6, 2015
iPath S&P 500 VIX Short-Term Futures down 51c to 24.53. Option volume leaders: AAPL TSLA VZ TWTR BIDU RIG NFLX AMZN KO PBR according to Track Data.
12:44 EDTQCOMOn The Fly: Midday Wrap
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11:10 EDTQCOMNVIDIA reports favorable ITC ruling in patent fight with Qualcomm, Samsung
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10:39 EDTQCOMQualcomm falls amid uncertainty about content in flagship Samsung phone
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10:02 EDTQCOMOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: AGCO (AGCO) downgraded to Sell from Hold at Deutsche Bank... CONSOL (CNX) downgraded to Hold from Buy at Deutsche Bank... Catamaran (CTRX) downgraded to Market Perform from Outperform at BMO Capital... Comerica (CMA) downgraded to Neutral from Buy at Guggenheim... Gannett (GCI) downgraded to Market Perform from Outperform at FBR Capital... Magnum Hunter (MHR) downgraded to Hold from Buy at Wunderlich... Qualcomm (QCOM) downgraded to Market Perform from Outperform at FBR Capital... Regions Financial (RF) downgraded to Neutral from Buy at Guggenheim... SAP (SAP) downgraded at Wells Fargo... Sanderson Farms (SAFM) downgraded to Underweight from Sector Weight at KeyBanc... Scorpio Tankers (STNG) downgraded to Neutral from Accumulate at Global Hunter... Simpson Manufacturing (SSD) downgraded to Neutral from Buy at DA Davidson... Skyworks (SWKS) downgraded at Stephens... TripAdvisor (TRIP) downgraded to Hold from Buy at Needham... Western Union (WU) downgraded to Neutral from Positive at Susquehanna... Zillow Group (Z) downgraded to Equal Weight from Overweight at Barclays.
10:01 EDTVZWeather Channel's core buiness facing 'major' threat, WSJ reports
The Weather Channel, which is owned by a consortium made up of NBCUniversal (CMCSA) and private equity firms Bain Capital and The Blackstone Group (BX), was dropped last month from Verizon's (VZ) FiOS TV service, and now the channel's backers are preparing for the possibility of being dropped by Dish Network (DISH), sources tell The Wall Street Journal. Though The Weather Channel is facing a "major" threat to its core business, the fees it collects from the pay-TV providers, the sources say that no formal sale by the company's owners is under way. Reference Link
09:25 EDTEBAYeBay threatened by merchant satisfaction with Amazon, Bloomberg says
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09:22 EDTQCOMOn The Fly: Pre-market Movers
HIGHER: Uniqure (QURE), up 44.2% following strategic collaboration with Bristol-Myers (BMY)... Cytori Therapeutics (CYTX), up 22.4% after Lorem Vascular receives regulatory clearance in China... Curis (CRIS), up 8.5% after FDA grants orphan drug designation to CUDC-907 for the treatment of Diffuse Large B-Cell Lymphoma... Capnia (CAPN), up 5.9% after being awarded a $220,000 NIH grant... Tesla (TSLA), up 3.8% after reporting first quarter deliveries up 55% to 10,030 cars... Ariad (ARIA), up 3.4% following approval of Iclusig in Canada... Lumber Liquidators (LL), up 3.1% after being upgraded to Outperform from Market Perform at Raymond James. LOWER: Magnum Hunter (MHR), down 8.9% after being downgraded to Hold from Buy at Wunderlich... Herbalife (HLF), down following CNBC report that federal law enforcement agencies contacted the company regarding its business practices... Qualcomm (QCOM), down 2.2% following a Wall Street Journal report that the Samsung (SSNLF) Galaxy S6 did not have a Qualcomm LTE modem... Skyworks (SWKS), down 2.1% after being downgraded to Equal Weight from Overweight at Stephens.
09:09 EDTQCOMQualcomm trades lower in pre-market
The stock is down more than 2.4% at time of writing to $66.31 following an WSJ article that noted the Samsung Galaxy S6 did not use a Qualcomm-developed wireless modem. Next support is at $65.68.
08:56 EDTDDDuPont expects annual run rate savings of $1B by end of 2015
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07:56 EDTACHNAchillion price target lowered to $20 from $25 at Deutsche Bank
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07:36 EDTGILDGilead Q1 HCV revenue poised to beat expectations, says RBC Capital
After analyzing weekly prescription data, RBC Capital believes that Gilead's weekly hepatitis C prescriptions are tracking towards $3.5B-$3.6B of revenue from hepatitis C drugs for Q1, versus the consensus outlook of about $2.6B. The firm keeps an Outperform rating on Gilead.
06:45 EDTQCOM, VZQualcomm downgraded to Market Perform from Outperform at FBR Capital
FBR Capital downgraded Qualcomm (QCOM) to Market Perform, removed the stock from its Top Picks list and dropped its price target for shares to $72 from $80. FBR said the moves were prompted by a posting on AT&T's (T) website which said the carrier’s version of the GS6 smarphone is powered by the Samsung Exynos 7420 processor with a Shannon 333 modem as opposed to Qualcomm's Snapdragon platform. FBR still expects the Verizon (VZ) and Sprint (S) GS6 versions to sport Qualcomm modems, but it believes the change at AT&T signals Samsung’s "clear intent to utilize proprietary baseband whenever and wherever possible." Shares of chip maker Qualcomm closed Thursday down $1.46 to $67.97.
06:07 EDTQCOMSamsung uses internally developed wireless modem in Galaxy S6, WSJ reports
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06:03 EDTEBAYUber hires Facebook's Joe Sullivan as Chief Security Officer
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April 5, 2015
14:43 EDTGILDActavis seeks FDA approval to market generic version of Gilead's Letairis
Actavis (ACT) on Friday, confirmed that it has filed an Abbreviated New Drug Application with the FDA seeking approval to market Ambrisentan Tablets, 5 mg and 10 mg. Actavis' ANDA product is a generic version of Gilead Science's (GILD) Letairis, which is a treatment for pulmonary arterial hypertension. Gilead Sciences and Royalty Pharma Collection Trust filed suit against Actavis on April 1, in the U.S. District Court for the District of Delaware seeking to prevent Actavis from commercializing its ANDA product prior to the expiration of U.S. Patent number RE42,462. The lawsuit was filed under the provisions of the Hatch-Waxman Act, resulting in a stay of final FDA approval of Actavis' ANDA for up to 30 months from the date the plaintiffs received notice of Actavis' ANDA filing or until final resolution of the matter before the court, whichever occurs sooner, subject to any other exclusivities. Based on available information, Actavis believes it may be a "first applicant" to file an ANDA for the generic version of Letairis and, should its ANDA be approved, may be entitled to 180 days of generic market exclusivity. For the 12 months ending December 31, Letairis had global sales of approximately $595M, according to Gilead.
08:43 EDTVZAT&T, Philip Morris, eight others have reliable yields up to 5.7%, Barron's says
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