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News Breaks | | | | April 19, 2012 | | 12:33 EDT |  | BAC, GILD, ACHN, MLNX, GSK, HGSI, LTM, YUM, QCOM, SWK, MS, NYT, BSX, CY, EBAY, DD, TRV, VZ, HUSA | On 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. | |
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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 Check below for free stories on BAC;VZ;TRV;DD;EBAY;CY;BSX;NYT;MS;SWK;QCOM;YUM;LTM;HGSI;GSK;MLNX;ACHN;GILD;HUSA the last two weeks. |
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| May 24, 2013 | | 12:34 EDT |  | BAC | Bank of America seeking buyers for 40 branches, Bloomberg reports
 Subscribe for More Information | | | 07:20 EDT |  | GILD | Celgene, Gilead, and Biogen could go much higher, says Bernstein
Subscribe for More Information | | | May 23, 2013 | | 11:31 EDT |  | QCOM | Cirrus Logic tumbles after reducing long-term margin outlook
Subscribe for More Information | | | 10:27 EDT |  | GILD | Gilead has a conference call hosted by JPMorgan
Subscribe for More Information | | | 10:08 EDT |  | DD | On The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Blue Nile (NILE) downgraded to Sector Perform from Outperform at RBC Capital... Devon Energy (DVN) downgraded to Neutral from Overweight at JPMorgan... Fabrinet (FN) downgraded to Hold from Buy at Deutsche Bank... Flextronics (FLEX) downgraded to Hold from Buy at Deutsche Bank... Patterson-UTI Energy (PTEN) downgraded to Sell from Neutral at Goldman... Prosperity Bancshares (PB) downgraded to Market Perform at BMO Capital... Realty Income (O) downgraded to Sell from Neutral at Goldman... ReneSola (SOL) downgraded to Underperform from Neutral at Credit Suisse... Sanmina (SANM) downgraded to Sell from Hold at Deutsche Bank... Multiband (MBND) downgraded to Market Perform from Outperform at Northland Securities... DuPont (DD) downgraded to Sell from Hold at BGC Partners... Bank of the Ozarks (OZRK) downgraded to Neutral from Buy at Sterne Agee... Comerica (CMA) downgraded to Negative from Neutral at Susquehanna. | | | 08:39 EDT | | DD | DuPont downgraded to Sell from Hold at BGC Partners
Subscribe for More Information | | | 07:13 EDT | | EBAY | Amazon.com eBay to see little impact from sales tax reform, says Bernstein
After the Senate passed a bill that would force all online retailers to collect sales tax, Bernstein thinks the impact of such a law on Amazon's (AMZN) gross profits would be "immaterial," while the bill would reduce eBay's (EBAY) EPS by less than 1% in 2014 if it becomes law. The firm keeps Outperform ratings on both stocks. | | | 07:12 EDT | | BAC | Wall Street trying to use trade deals to weaken Dodd-Frank, Bloomberg reports
Subscribe for More Information | | | 06:08 EDT | | BAC | On the Fly: Periodicals Wrap-Up
Subscribe for More Information | | | May 22, 2013 | | 13:02 EDT | | MS | Morgan Stanley seeks $4B for infrastructure fund, Bloomberg reports
Morgan Stanley's infrastructure investment unit is planning to raise $4B for a second global fund, according to Bloomberg, citing sources. Morgan Stanley and other investment firms are targeting billions of dollars worldwide earmarked for public infrastructure projects, Bloomberg added. Reference Link | | | | 12:22 EDT | | BSX | Boston Scientific says new data shows blood pressure reduction with Vessix
Boston Scientific reported interim data from the REDUCE-HTN clinical program, which demonstrated a significant and sustained reduction in the blood pressure of patients treated with the Vessix Renal Denervation System. Data on the first 41 subjects enrolled in the REDUCE-HTN clinical program were presented at the annual EuroPCR Scientific Program in Paris. Interim data highlights include: All patients underwent successful bilateral renal denervation treatment; At the primary endpoint of six months, patients experienced a significant 27.6 mmHg reduction in systolic blood pressure; No device-related adverse events or procedural renal artery complications were reported; Long term efficacy was demonstrated, with a sustained 28.4 mmHg reduction in systolic blood pressure in the subset of patients for whom 12-month data are available; Demonstrated success in treating various anatomies, including accessory renal arteries; Demonstrated short renal denervation procedural time. | | | 10:44 EDT | | BSX | Boston Scientific says Lotus system met primary performance endpoint in trial
Subscribe for More Information | | | 09:35 EDT | | BSX | Boston Scientific says trials show 'exceptional' safety, efficacy data on stents
Boston Scientific reported positive results from two trials evaluating new, innovative drug-eluting stent technologies, which are emerging treatment options for coronary heart disease. Data from the first human use NG PROMUS Clinical Trial evaluating the safety and effectiveness of the Promus PREMIER Everolimus-Eluting Platinum Chromium Coronary Stent System, and two-year follow-up data from the EVOLVE Trial comparing the safety and effectiveness of the SYNERGY Everolimus-Eluting Bioabsorbable Polymer-Coated Platinum Chromium Coronary Stent System to the PROMUS Element Stent System were presented at the annual EuroPCR Scientific Program in Paris. The primary investigator for one trial said, "The Promus PREMIER Stent demonstrated excellent safety and effectiveness with zero percent target lesion revascularization and stent thrombosis. In addition, the rate of technical success, the primary endpoint of the trial, was very high at 99.2%." | | | 09:02 EDT | | BAC, MS | Financials upgraded to Overweight from Market Weight at Wells Fargo
Wells Fargo believes that financials' earnings continue to be the strongest of any sector in the S&P 500. The firm thinks that the sector's stocks appear to be breaking out from a technical standpoint. Citigroup (c) and Ameriprise Financial (AMP) are on the firm's priority list. | | | 08:42 EDT | | VZ | Vodafone an attractive way to play trends at Verizon Wireless, says RW Baird at RW Baird
Subscribe for More Information | | | 08:25 EDT | | GSK | GlaxoSmithKline awarded up to $200M by U.S. to develop new antibiotics
Subscribe for More Information | | | 07:42 EDT | | VZ | Barclays to host a conference
Subscribe for More Information | | | 07:24 EDT | | VZ | NetEvents International to host a summit
Subscribe for More Information | | | 07:24 EDT | | SWK | Electrical Products Group to host a conference
Subscribe for More Information | | | 07:22 EDT | | BAC | Dun & Bradstreet to hold a conference
2013 Access to Capital is being held in Chicago on May 22. | | |
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