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Stock Market & Financial Investment News

News Breaks
June 19, 2014
12:32 EDTBBRY, COH, RHT, KR, PIR, MEAS, TELOn 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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July 18, 2014
11:47 EDTBBRYStocks with call strike movement; BBRY MNKD
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11:45 EDTCOHJefferies sees further risk for Michael Kors despite recent decline
Michael Kors' (KORS) margin pressures and slowing same-store sales growth, along with high expectations for the company, are reasons to be cautious on the stock, research firm Jefferies wrote in a note to investors today. The firm cut its price target on the luxury accessories retailer to $80 from $95. WHAT'S NEW: Michael Kors' same-store sales are slowing, while the company's gross margins are coming under pressure due to increased discounts of its products and its roll out of new stores, Jefferies analyst Randal Konik wrote. Additionally, investors' high expectations for the company will make it difficult for the stock to appreciate even if its results beat expectations, the analyst stated. Even with shares pulling back over the past few days, Konik says risk remains skewed to the downside and kept a Hold rating on the stock. Of note, this is the second time in two weeks that Jefferies cut its estimates for the company. WHAT'S NOTABLE: Expressing a very different outlook yesterday on Michael Kors was Credit Suisse analyst Christian Buss. Michael Kors is "one of the least discounted brands available during the seasonal clearance period ahead of early fall shipments" according to Buss, who wrote that he was "compelled" by the recent decline in the stock. The analyst reiterated a $107 price target and Outperform rating on the shares. OTHERS TO WATCH: The company's competitors include Kate Spade (KATE) and Coach (COH). PRICE ACTION: In late morning trading, Michael Kors was nearly flat near $82 per share.
July 17, 2014
13:14 EDTCOHMichael Kors rises after analyst sees less discounting than peers
Shares of accessories designer Michael Kors (KORS) are slightly higher in a down market after Credit Suisse said that the company's brands are less likely to be on sale than those of its competitors. WHAT'S NEW: In a note to investors, Credit Suisse analyst Christian Buss wrote that Michael Kors' products are "one of the least discounted brands available during the seasonal clearance period ahead of early fall shipments." At mid-tier department stores, 25% of Michael Kors' products are on sale with an average markdown of 27%, Buss reported. On average, 35% of the products of the company's peers are on sale, at an average discount of 27%, the analyst stated. Additionally, Michael Kors' channel strategy provides it with multiple advantages, including brand integrity and limits on markdowns, Buss believes. Buss wrote that he was "compelled" by the recent drop in the stock, and reiterated a $107 price target and Outperform rating on the shares. WHAT'S NOTABLE: Also upbeat on Michael Kors today was research firm Canaccord. Markdowns of the company's products are not any larger than last year, and concerns about large discounts on its products have created a buying opportunity, the firm contended. Canaccord continues to believe that the accessories maker has strong long-term growth opportunities, and it kept a $123 price target and Buy rating on the shares. PRICE ACTION: In mid-afternoon trading, Michael Kors gained 2% to $83. Two of the company's competitors, Coach (COH) and Kate Spade (KATE), rose fractionally.
10:00 EDTPIROn The Fly: Analyst Initiation Summary
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July 16, 2014
17:24 EDTPIRPier 1 Imports initiated with a Buy at Nomura
Target $22.
12:04 EDTBBRYBlackBerry announces digital assistant
BlackBerry announced in a blog that its new BlackBerry Passport device will feature a digital assistant. Called the Blackberry Assistant, the app will "help manage simple tasks," including e-mail and calendar searches and sending out invitations to events, the company stated. It can be activated using voice commands, BlackBerry added. Reference Link
06:14 EDTBBRYABI Research: More than 2B smartphones to ship in 2018, DigiTimes says
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July 15, 2014
18:29 EDTBBRYOn The Fly: After Hours Movers
UP AFTER EARNINGS: Intel (INTC), up 4.1% after reporting second quarter results... AMD (AMD), up 1.6% after Intel reported quarterly results... Cintas (CTAS), up 1.6% after reporting fourth quarter results and fiscal 2015 guidance. ALSO HIGHER: IBM (IBM), up 1.8% after announcing an enterprise mobile partnership with Apple (AAPL), which is up 1.5%. DOWN AFTER EARNINGS: Yahoo! (YHOO), down 2.3% after reversing direction during the company's second quarter earnings conference call. ALSO LOWER: BlackBerry (BBRY), down 3.4% following IBM and Apple partnership announcement.
17:40 EDTBBRYBlackBerry slides after Apple, IBM partner on mobile enterprise
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16:51 EDTBBRYBlackBerry lower by almost 5% after Apple-IBM pact
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12:31 EDTCOHMichael Kors sinks after analysts issue bearish notes
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10:00 EDTKROn The Fly: Analyst Upgrade Summary
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06:48 EDTKRKroger upgraded to Outperform from Market Perform at BMO Capital
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06:46 EDTBBRYBlackBerry says many readers upbeat about new phone, Re/code reports
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06:22 EDTKRKroger upgraded to Outperform from Market Perform at BMO Capital
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July 14, 2014
16:12 EDTMEASMeasurement Specialties confirms production in Shenzhen resumes
In a regulatory filing, Measurement Specialties confirmed that production in Shenzhen, China resumed last week and 97% of employees have returned to work. The company is working with customers on past-due product shipments and is targeting being current on shipment commitments within the next two months.
11:45 EDTBBRYStocks with call strike movement; BBRY SUNE
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July 11, 2014
07:20 EDTTELTE Connectivity likely to deliver beat and raise results, says RBC Capital
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06:19 EDTBBRYBlackBerry to discontinue Scoreloop services as of December 1, WSJ reports
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July 10, 2014
09:35 EDTRHTRed Hat, Google collaborate on open standard for Docker containers at scale
Red Hat (RHT) and Google (GOOG) are collaborating to drive a new open standard around orchestrating Docker containers, a standard for application packaging in containerized environments, at scale for the management of cloud application deployments, Red Hat announced in a post to its corporate website. Reference Link
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