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April 19, 2012
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.
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November 13, 2015
08:26 EDTMSFederal Reserve Board to hold a conference
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08:01 EDTBSXConsultant says coverage decision positive for Boston Scientific, says Stifel
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07:01 EDTHUSAHouston American Energy announces stock repurchase program
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November 12, 2015
19:41 EDTVZAT&T, Verizon ask FCC to limit Charter/Time Warner Cable merger, Bloomberg says
A trade group for AT&T (T) and Verizon (VZ) petitioned the FCC to limit Charter's (CHTR) coordination with other cable companies if the merger with Time Warner Cable (TWC) is allowed to proceed, reports Bloomberg. USTelecom also asked the FCC for restrictions on John Malone, Charter's largest shareholder. Reference Link
19:00 EDTYUMOn The Fly: After Hours Movers
UP AFTER EARNINGS: USA Technologies (USAT), up 15.9%... Blue Buffalo (BUFF), up 7.3%... Planet Fitness (PLNT), up 12.3%... Darling Ingredients (DAR), up 8.1%... Applied Materials (AMAT), up 3.8%... Lipocine (LPCN), up 19.9% after reporting quarterly results and that the FDA has assigned a Prescription Drug User Fee Act goal date of June 28, 2016. ALSO HIGHER: Syngenta (SYT), up 14.5% after Bloomberg reported that the company rejected an initial $42B bid from ChemChina... Yum! Brands (YUM), up 4.1% after reporting that October China Same-Store Sales are up 5%. DOWN AFTER EARNINGS: bebe stores (BEBE), down 10.5%... Nordstrom (JWN), down 20.3%... Fossil (FOSL), down 14.7%... Cisco (CSCO), down 4.8%... El Pollo LoCo (LOCO), down 8.7%... Tahoe Resources (TAHO), down 7.2%. ALSO LOWER: Paycom Software (PAYC), down 5.2%... Netflix (NFLX) down 1% after Dow Jones reported that Hulu, a joint venture of Disney (DIS), Comcast (CMCSA, CMCSK), and Fox (FOX, FOXA), is in discussions to sell a stake in the company to Time Warner (TWX)... TJX Companies (TJX), down 4%, Burlington Stores (BURL), down 5.3%, Macy's (M), down 1.6%, Target (TGT), down 1.9%, J.C. Penney (JCP), down 1.4%, and Kohl's (KSS), down 1.3%, after Nordstrom reported quarterly results and cut its fiscal 2015 guidance.
18:29 EDTDDSyngenta rejects initial $42B bid from ChemChina, Bloomberg says
Syngenta rejected that offer citing regulatory risk, however Syngenta and ChemChina are continuing talks, Bloomberg added. Syngenta is also talking to other suitors and has had previous discussions with both DuPont (DD) and Monsanto (MON) earlier this year. Reference Link
17:55 EDTGILDGilead announces FDA approval of Harvoni
Gilead Sciences announced that the U.S. FDA has approved Harvoni for expanded use in patients with genotype 4, 5 and 6 chronic hepatitis C virus infection and in patients co-infected with HIV. In addition, Harvoni plus ribavirin for 12 weeks was approved as an alternate therapy to 24 weeks of Harvoni for treatment-experienced, genotype 1 patients with cirrhosis. Harvoni received regulatory approval for the treatment of chronic HCV genotype 1 infection in adults in the United States in October 2014.
17:23 EDTYUMYum! Brands jumps 4.4% after reporting October China comp sales up 5%
17:19 EDTYUMYum! Brands reports October SSS up 5% year-over-year
Yum! Brands China Division's October same-store sales grew an estimated 5%, comparable to the Division's same-store sales growth of 6% in September. October's results include estimated growth of 10% at KFC and an estimated decline of 9% at Pizza Hut Casual Dining. The company asdded, "We are reiterating our guidance for the fourth quarter of China Division same-store sales growth of 0% to 4%, with positive same-store sales growth at KFC and negative same-store sales at Pizza Hut Casual Dining. As previously stated, same-store sales remain difficult to forecast in China, and our overlaps become more difficult for the balance of year."
16:00 EDTBACOptions Update; November 12, 2015
iPath S&P 500 VIX Short-Term Futures up 1.28 to 20.18. Option volume leaders: GE AAPL MNKD XOM BAC FB SUNE CSCO NFLX SYF BABA MSFT
14:34 EDTEBAYIAC bid unlikely best offer for Angie's List, others interested, The Deal says
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12:23 EDTMLNXEZchip: Shareholders did not elect Raging Capital's director nominees to board
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12:00 EDTBACBank of America names David Leitch as general counsel, effective January 1
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10:00 EDTBSXOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Accuray (ARAY) initiated with a Sell at Citi... Becton Dickinson (BDX) initiated with a Neutral at Citi... Boston Scientific (BSX) initiated with a Buy at Citi... Bruker (BRKR) initiated with a Buy at Stifel... C.R. Bard (BCR) initiated with a Buy at Citi... Cepheid (CPHD) initiated with a Buy at Stifel... CorMedix (CRMD) initiated with a Buy at Rodman & Renshaw... CoreSite Realty (COR) initiated with a Buy at BB&T... Digital Realty (DLR) initiated with a Buy at BB&T... DuPont Fabros (DFT) initiated with a Hold at BB&T... Duke Realty (DRE) initiated with a Hold at BB&T... Edwards Lifesciences (EW) initiated with a Sell at Citi... Electronic Arts (EA) initiated with an Outperform at Oppenheimer... EyeGate (EYEG) initiated with a Buy at Maxim... Glu Mobile (GLUU) initiated with a Perform at Oppenheimer... Integra LifeSciences (IART) initiated with a Buy at Citi... Intuitive Surgical (ISRG) initiated with a Buy at Citi... Mast Therapeutics (MSTX) initiated with a Buy at Maxim... Medgenics (MDGN) initiated with a Buy at Needham... Novocure (NVCR) initiated with a Buy at Evercore ISI... Prologis (PLD) initiated with a Hold at BB&T... QIAGEN (QGEN) initiated with a Hold at Stifel... Rocket Fuel (FUEL) initiated with a Neutral at Boenning & Scattergood... STAG Industrial (STAG) initiated with an Underweight at BB&T... Stryker (SYK) initiated with a Sell at Citi... Tremor Video (TRMR) initiated with an Outperform at Boenning & Scattergood... VOXX (VOXX) initiated with an Outperform at Oppenheimer... Varian Medical (VAR) initiated with a Neutral at Citi... Yahoo (YHOO) initiated with an Outperform at Boenning & Scattergood... YuMe (YUME) initiated with a Neutral at Boenning & Scattergood... Zimmer Biomet (ZBH) initiated with a Sell at Citi.
09:36 EDTBACActive equity options trading on open
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08:02 EDTMLNXEZchip postpones vote on proposed merger with Mellanox
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07:46 EDTMLNXMellanox backs offer for EZchip at $25.50 per share
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06:49 EDTQCOMQualcomm share loss at Samsung worse than expected, says JPMorgan
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06:26 EDTBSXBoston Scientific initiated with a Buy at Citi
Citi analyst Amit Hazan started shares of Boston Scientific with a Buy rating and $23 price target. New products can drive sales upside, Hazan tells investors in a research note.
06:12 EDTBAC, MSMorgan Stanley to offer wealth management clients savings accounts, Reuters says
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