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Stock Market & Financial Investment News

News Breaks
April 19, 2012
12:33 EDTBAC, GILD, ACHN, MLNX, GSK, HGSI, LTM, YUM, QCOM, SWK, MS, NYT, BSX, CY, EBAY, DD, TRV, VZ, HUSAOn 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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October 8, 2014
10:09 EDTYUMYum! Brands says commodity costs will be up 3% in Q4
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10:00 EDTMLNXOn The Fly: Analyst Initiation Summary
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09:48 EDTYUMYum! Brands sees Q4 SSS to be negative
Expects margins in China to improve as sales improve, but notes that the China sales guidance is still "very difficult" to predict. Says generated $2B of EBITDA so far this year.
09:42 EDTEBAYeBay SSS rose 8.9% in September, Amazon SSS up 37.9%, ChannelAdvisor says
Amazon's (AMZN) September SSS rose 37.9%, a decrease compared to August's 45.1%, ChannelAdvisor reported. eBay's (EBAY) September came in at 8.9% up from August's 5.9%, but below the e-commerce growth rate. "This is the first up-tick in eBay SSS since June and indicates that eBay is recovering from the breach and Google issues," ChannelAdvisor stated. Reference Link
09:38 EDTVZActive equity options trading on open
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09:36 EDTYUMYum! Brands expects China business to 'fully recover'
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09:20 EDTYUMOn The Fly: Pre-market Movers
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08:38 EDTCYCypress Semiconductor 2015 results could beat expectations, says Sterne Agee
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08:34 EDTBACBank of America October volatility increases into Q3 and outlook
Bank of America October call option implied volatility is at 28, November is at 23, January is at 22; compared to its 26-week average of 24 according to Track Data, suggesting larger near term price movement into the expected release of Q3 results on October 15.
08:20 EDTQCOMQualcomm opportunity at Xiaomi almost rivals iPhone, says FBR Capital
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08:10 EDTEBAYeBay survey suggests upswing in growth, says RW Baird
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07:42 EDTMLNXMellanox initiated with a Buy at Ladenburg
Target $51.
07:29 EDTYUMYum! comp weakness in China has bottomed, says UBS
UBS believes Yum! Brands' recovery in China is under way, but that visibility remains limited following yesterday's Q3 results. The firm still has many questions about company strategy, but believes China comp weakness has bottomed. UBS maintains its Buy rating and $85 price target on Yum! Brands shares.
07:24 EDTBSXFDA Circulatory Systems Devices Panel to hold a meeting
The Committee discusses, makes recommendations and votes on information related to the Pre-Market Approval Application regarding Boston Scientificís WATCHMAN Left Atrial Appendage (LAA) Closure Technology in a meeting being held in Gaithersburg, Maryland on October 8 at 8 am. Webcast Link
07:20 EDTMSCapital Link to hold a forum
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07:20 EDTYUMYum! Brands outlook still positive, says Stifel
After Yum! reported weaker than expected results ex-items, Stifel continues to expect the company to eventually carry out a significant restructuring that could include a partial listing of its China unit in Hong Kong and/or a $15 per share debt recapitalization. The firm continues to believe that Yum! China is one of the best retail businesses in the world. It cut its price target on Yum! to $105 from $110 but keeps a Buy rating on the shares.
07:18 EDTGILDInfectious Diseases Society of America to hold a conference
ID Week 2014 is being held in Philadelphia on October 8-12.
07:13 EDTMS, BACBank dealers agree to revised derivatives rules, FT reports
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06:56 EDTMSBarclays lists several Large-Cap banks with the most Q3 upside
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06:11 EDTGSKNovartis says expects three executive committee members to leave
Novartis (NVS) confirmed that following completion of the transactions with GlaxoSmithKline (GSK) and Eli Lilly and Company (LLY) in the coming months, that the three business leaders of the Novartis divisions at the center of the transaction will leave the Executive Committee of Novartis. The expected changes to the ECN are subject to the closing of the transactions announced on April 22 - Novartis expects the transaction with GSK to be completed in the first half of 2015, and the transaction with Eli Lilly for its Animal Health Business to close in the first quarter of 2015. George Gunn, currently Division Head, Novartis Animal Health, will reach his contractual retirement age in July 2015 and will retire from Novartis. Upon closing of the Animal Health transaction with Lilly he will leave the ECN. Brian McNamara, currently Division Head, Novartis OTC, will transition to GSK as Head of Americas and Europe for the consumer health businesses, reporting to the President of GSK Consumer Healthcare, effective at closing of the transaction. Andrin Oswald, currently Division Head, Novartis Vaccines, will be leaving Novartis to pursue other opportunities following closing of the transaction with GSK.
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