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Stock Market & Financial Investment News

News Breaks
June 19, 2014
12:32 EDTMEAS, RHT, PIR, COH, TEL, KR, BBRYOn The Fly: Midday Wrap
Stocks on Wall Street were slightly lower at midday after drifting in a narrow range throughout the morning. The S&P 500 did manage to hit a new all-time high again early in the session following a mixed bag of domestic economic data, but the major averages had all moved back into negative ground, but only narrowly, near noon. ECONOMIC EVENTS: In the U.S., initial jobless claims dropped 6K to 312K last week, which was nearly in-line with expectations. The Philly Fed manufacturing index rose 2.4 points to 17.8 in June, which was better than expected. The leading economic indicator index for May rose 0.5%, which was slightly below the consensus forecast for it to have grown 0.6%. COMPANY NEWS: Shares of BlackBerry (BBRY) climbed more than 11% after the company reported stronger than expected first quarter results and said that it had recognized revenue on more handsets in Q1 than in the previous quarter. BlackBerry reported a loss per share, excluding certain items, of (11c), versus analysts' consensus estimate of a (26c) per share loss and the company's revenue came in slightly higher than expected. Moreover, it said that it was close to reaching the breakeven point on hardware sales and added that it expects its subscriber numbers to be steady going forward. BlackBerry should be profitable sometime in fiscal 2016, the company's CEO, John Chen, stated. MAJOR MOVERS: Among the notable gainers was Measurement Specialties (MEAS), which advanced 10.5% after announcing last night that it has agreed to be acquired by TE Connectivity (TEL) for $86 cash per share, or a total transaction value of approximately $1.7B including the assumption of debt. Shares of TE Connectivity trading in New York were also up 1% following the news. Also higher following their earnings reports were supermarket operator Kroger (KR), which rose nearly 6%, and open source software provider Red Hat (RHT), which gained about 3%. Among the noteworthy losers was luxury handbag maker Coach (COH), which dropped more than 9% after stating at its investor day meeting that it expects to sees revenue decline by a "low double digit" percentage in FY15. Also lower was home furnishings retailer Pier 1 Imports (PIR), which dropped 13% and hit a fresh 52-week low after the company's first quarter results missed analysts' consensus estimates and it cut its fiscal 2015 earnings per share outlook. INDEXES: Near midday, the Dow was down 23.15, or 0.14%, to 16,883.47, the Nasdaq was down 7.99, or 0.18%, to 4,354.84, and the S&P 500 was down 1.12, or 0.06%, to 1,955.86.
News For BBRY;COH;RHT;KR;PIR;MEAS;TEL From The Last 14 Days
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January 23, 2015
05:51 EDTBBRYStocks with implied volatility movement; BBRY UPL
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January 22, 2015
15:04 EDTBBRYSamsung still weighing BlackBerry deal, Financial Post says
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14:56 EDTBBRYBlackBerry off highs after Evercore said to deny prepping Samsung report
Shares of BlackBerry (BBRY) remain up 8% near $10.74 in afternoon trading, but are off their earlier session high of $11.11, after BNN's Amber Kanwar reported that Evercore (EVR) tells BNN that Samsung (SSNLF) has not been a recent client of theirs and that they prepare ideas "routinely" on their "own accord." The BNN report follows an earlier story from Canada's Financial Post that claimed that Evercore Partners produced a 40 page analysis of the advantages and disadvantages to Samsung of acquiring all or part of BlackBerry on behalf of the Korean smartphone maker.
14:52 EDTBBRYEvercore says Samsung not a recent client, BBN reports
Evercore (EVR) tells BNN that Samsung (SSNLF) has not been a recent client of theirs and that they prepare ideas "routinely" on their "own accord," said BNN's Amber Kanwar on Twitter. Reference Link
12:28 EDTBBRYOn The Fly: Midday Wrap
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10:42 EDTBBRYBlackBerry jumps after report says Samsung analyzed takeover
An investment bank hired by Samsung prepared a detailed analysis of a potential acquisition of all or part of BlackBerry (BBRY) by the South Korean company, The Financial Post reported. WHAT'S NEW: In the fourth quarter of last year, Evercore Partners produced a 40 page analysis of the advantages and disadvantages to Samsung of acquiring all or part of BlackBerry, according to The Financial Post. The document also laid out various strategies that Samsung could use to make such a deal, and obstacles that could prevent the deal from occurring, the newspaper stated. Acquiring a minority stake would have many advantages for Samsung, the newspaper quotes the document as saying. However, it questions whether Samsung could achieve its key objectives if it only holds a minority stake in BlackBerry. The Canadian company's software appears to be complementary to that of Samsung, but further analysis must be conducted on that issue, Evercore stated, according to The Financial Post. The document suggested that Evercore could ask Fairfax Financial (FRFHF), a major BlackBerry shareholder, to help facilitate a deal. WHAT'S NOTABLE: After attending meetings with BlackBerry CFO James Yersh, Wells Fargo estimated that BlackBerry's QNX subsidiary, which develops software for automobiles, is already generating about 40% of the $500M of total annual software revenue that BlackBerry has targeted. Many analysts have questioned whether BlackBerry could meet this target. The firm also stated that BlackBerry will unveil "an iconic device" in early March. However, Yersh acknowledged that Q4 would be a transition quarter, while many investors remain cautious about BlackBerry, Wells stated. The firm has a neutral rating on the shares. PRICE ACTION: In mid-morning trading, BlackBerry surged 8.5% to $10.80.
08:28 EDTBBRYBank document shows Samsung still pursuing BlackBerry, Financial Post says
Samsung (SSNLF) continues to pursue acquisition of BlackBerry (BBRY), reports the Financial Post, citing an investment bank document and a source with knowledge of the plan. Prepared by Evercore Partners in 4Q14, the document hints at only a partial takeover, notes that Lenovo (LNVGY) may compete with Samsung for the company, cites BlackBerry's operating system and Messenger as potential divestitures, adds that Samsung could offset $50M in taxable income, and suggests Samsung start by approaching Fairfax Financial about acquiring a minority stake. Reference Link
05:56 EDTBBRYStocks with implied volatility below IV index mean; BBRY ARNA
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January 21, 2015
10:39 EDTBBRYBlackBerry off lows as Chinese language report on suitors circulates
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05:58 EDTBBRYStocks with implied volatility below IV index mean; BBRY ARNA
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January 20, 2015
06:08 EDTBBRYStocks with implied volatility below IV index mean; BBRY ARNA
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January 19, 2015
07:45 EDTBBRYSamsung wants BlackBerry partnership, not takeover, WSJ reports
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January 16, 2015
16:36 EDTBBRYMarket finishes week lower on continued oil, global growth worries
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12:26 EDTBBRYBlackBerry CFO again denies rumor, but Oppenheimer says company may be in play
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10:45 EDTCOHCoach January weekly volatility elevated into Q4 and outlook
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10:27 EDTBBRYOptions with increasing implied volatility
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10:01 EDTCOHOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: 21st Century Fox (FOXA) initiated with a Buy at Stifel... Arista Networks (ANET) initiated with a Neutral at Buckingham... Boston Beer (SAM) initiated with a Buy at Jefferies... Brocade (BRCD) initiated with a Neutral at Buckingham... CBS (CBS) initiated with a Buy at Stifel... Cabela's (CAB) initiated with an Outperform at Raymond James... Coach (COH) initiated with a Market Perform at Bernstein... Costco (COST) initiated with an Outperform at BMO Capital... Crane (CR) initiated with a Hold at Canaccord... Flowserve (FLS) initiated with a Neutral at Susquehanna... Fortinet (FTNT) initiated with a Buy at Buckingham... Gap (GPS) initiated with a Market Perform at Bernstein... GrubHub (GRUB) initiated with a Buy at Stifel... Imperva (IMPV) initiated with a Neutral at Buckingham... KLX Inc. (KLXI) initiated with a Sector Perform at RBC Capital... KNOT Offshore Partners (KNOP) initiated with a Buy at UBS... L Brands (LB) initiated with a Market Perform at Bernstein... Michael Kors (KORS) initiated with an Outperform at Bernstein... Northstar Realty (NRF) initiated with a Buy at Sterne Agee... OmniVision (OVTI) initiated with a Buy at Rosenblatt... Qorvo (QRVO) initiated with a Buy at Brean ... RSP Permian (RSPP) initiated with an Outperform at Northland... Ross Stores (ROST) initiated with a Market Perform at Bernstein... SPX Corp. (SPW) initiated with a Neutral at Susquehanna... TJX (TJX) initiated with an Outperform at Bernstein... Tiffany (TIF) initiated with a Market Perform at Bernstein... Viacom (VIAB) initiated with a Buy at Stifel... Xylem (XYL) initiated with a Neutral at Susquehanna... iGATE (IGTE) initiated with a Buy at Deutsche Bank... lululemon (LULU) initiated with an Outperform at Bernstein.
08:43 EDTCOHCoach sales activity below plan, says Goldman
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07:38 EDTBBRYBlackBerry could become takeover target, says Oppenheimer
After meeting with BlackBerry's management, Oppenheimer noted that the company denied that it had received a takeover bid. The firm says that there could be interest in an acquisition of BlackBerry, but does not expect anything to occur immediately. Oppenheimer continues to believe that FY16 will be another transition year for the company and keeps a Perform rating.
06:10 EDTBBRYStocks with implied volatility below IV index mean; BBRY ARNA
Stocks with implied volatility below IV index mean; BlackBerry (BBRY) 63, Arena Pharmaceuticals (ARNA) 86 according to iVolatility.
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