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Stock Market & Financial Investment News

News Breaks
June 19, 2014
12:32 EDTTEL, KR, BBRY, MEAS, RHT, PIR, COHOn 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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February 3, 2016
09:22 EDTCOHMichael Kors longer term outlook still questionable, says Wedbush
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February 2, 2016
12:10 EDTRHTRed Hat management to meet with William Blair
Field trip to company headquarters to be held in Raleigh, NC on February 8 hosted by William Blair.
08:47 EDTBBRYBlackBerry initiated with a Buy at TD Securities
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07:59 EDTTELTE Connectivity to host conference call
Conference call to discuss acquisition of Creganna Medical Group will be held on February 2 at 9 am. Webcast Link
06:09 EDTTELPermira Funds to sell Creganna Medical to TE Connectivity for $895M
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06:08 EDTTELTE Connectivity to acquire Creganna Medical Group for $895M in cash
TE Connectivity announced that it has entered into a definitive agreement to acquire the Creganna Medical group for $895M in an all cash transaction. The company, headquartered in Ireland, reported sales of approximately $250M in 2015 and is a portfolio company of Permira Funds. Upon completion of the transaction, the business will be reported as part of TE's Industrial Solutions segment. The company expects 3c accretion to TE's adjusted EPS in the first full fiscal year. The company expects the transaction to boost revenue growth and EBITDA margins. The transaction is subject to the receipt of certain regulatory approvals and is expected to close in Q3. The transaction will be financed through cash and debt.
February 1, 2016
12:48 EDTKROptions with increasing call volume
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10:15 EDTCOHOptions with decreasing implied volatility
Options with decreasing implied volatility: INVN SWFT SNDK AMZN NOW COH VMW CTXS STX
08:50 EDTRHTRed Hat management to meet with JPMorgan
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January 29, 2016
14:10 EDTPIRWells Fargo reports 8.01% passive stake in Pier 1 Imports
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10:10 EDTCOHOptions with decreasing implied volatility
Options with decreasing implied volatility: ETE INVN FTNT VMW CTXS NOW COH AMZN NWL NYRT
09:02 EDTBBRYBlackBerry raises common share purchase program to 27M shares form 12M shares
BlackBerry announced that it received approval from the Toronto Stock Exchange to amend its current normal course issuer bid, or NCIB, in order to increase the maximum number of common shares that may be repurchased from 12M common shares, or 2.5% of the public float as at June 22, 2015, to 27M common shares, or 5.8% of the public float. The total public float on June 22, 2015 was 464.72M common shares. No other terms of the NCIB have been amended. BlackBerry also announced that it has entered into an automatic purchase plan with its designated broker to allow for purchases of up to 2.69M common shares in connection with the NCIB.
08:17 EDTCOHCoach price target raised to $42 from $38 at Cowen
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January 28, 2016
10:13 EDTCOHOptions with decreasing implied volatility
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January 27, 2016
11:20 EDTPIRBed Bath & Beyond slips after Citi, Keybanc both say sell
Home goods retailer Bed Bath & Beyond (BBBY) is declining in late morning trading after being downgraded to Sell-equivalent ratings at both Keybanc and Citi. WHAT'S NEW: KeyBanc analyst Bradley Thomas downgraded Bed Bath & Beyond to Underweight from Sector Weight after his firm's work on housing showed growth has slowed. The analyst noted that the home furnishings sector is growing increasingly competitive, and he took a more cautious view on Hardline retailers whose growth is predicated primarily on same-store sales. Thomas kept a $35 price target on shares of Bed Bath & Beyond. Citi analyst Kate McShane downgraded Bed Bath & Beyond to Sell from Neutral on expectations the retailer's earnings will continue to decline over the next two years. McShane also noted that competition in home furnishings remains intense, while Bed Bath's e-commerce operations continue to be unprofitable. McShane cut her price target for the shares to $37 from $51. OTHERS TO WATCH: The analysts, in their respective notes, also opined on Bed Bath & Beyond's peers. Keybanc's Thomas downgraded Haverty Furniture (HVT) and Pier 1 Imports (PIR) to Sector Weight from Overweight. Meanwhile, Citi's McShane recommended a pair trade of long Dick's Sporting Goods (DKS), which the firm is Overweight on due to valuation, and short Bed Bath & Beyond. PRICE ACTION: Shares of Bed Bath & Beyond are down 1.6% to $43.34, while Haverty Furniture and Pier 1 Imports are down 3.8% and 3.9%, respectively. Dick's Sporting Goods, meanwhile, is down 0.7% to $37.84.
10:23 EDTCOHOptions with decreasing implied volatility
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10:00 EDTPIROn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: BG Group (BRGYY) downgraded to Neutral from Outperform at Credit Suisse... Bed Bath & Beyond (BBBY) downgraded to Sell from Neutral at Citi... Bill Barrett (BBG) downgraded to Neutral from Buy at Ladenburg... Brown & Brown (BRO) downgraded to Underweight at Morgan Stanley... Buffalo Wild Wings (BWLD) downgraded to Neutral from Buy at BTIG... Canadian National (CNI) downgraded to Market Perform from Outperform at Raymond James... DreamWorks (DWA) downgraded to Sell from Hold at Topeka... FirstMerit (FMER) downgraded at RBC Capital... Gentex (GNTX) downgraded to Neutral from Outperform at Baird... Haverty Furniture (HVT) downgraded to Sector Weight from Overweight at KeyBanc... Hercules Technology (HTGC) downgraded to Neutral from Buy at Compass Point... Horizon Technology (HRZN) downgraded to Market Perform from Outperform at Raymond James... Installed Building downgraded to Sector Weight from Overweight at KeyBanc... Jarden (JAH) downgraded to Neutral from Buy at Citi... K+S (KPLUF) downgraded to Sell from Hold at Berenberg... La-Z-Boy (LZB) downgraded at BB&T... Legacy Reserves (LGCY) downgraded to Market Perform from Outperform at FBR Capital... Medivation (MDVN) downgraded to Hold from Buy at Canaccord... Merck (MRK) downgraded to Neutral from Buy at BofA/Merrill... Metaldyne Performance (MPG) downgraded to Neutral from Outperform at Baird... Pier 1 Imports (PIR) downgraded to Sector Weight from Overweight at KeyBanc... Priceline (PCLN) downgraded to Neutral from Buy at Goldman... Profire Energy (PFIE) downgraded to Neutral from Buy at Chardan... Regeneron (REGN) downgraded to Hold at Canaccord... Starwood (HOT) downgraded to Underperform from Outperform at CLSA... Swiss Re (SSREY) downgraded to Equal Weight from Overweight at Morgan Stanley... TSYS (TSS) downgraded to Equal-Weight from Overweight at First Analysis... Talmer Bancorp (TLMR) downgraded to Sector Perform from Outperform at RBC Capital... TopBuild (BLD) downgraded to Sector Weight from Overweight at KeyBanc... TripAdvisor (TRIP) downgraded to Sell from Neutral at Goldman... VMware (VMW) downgraded to Hold from Buy at Summit Research... W.R. Grace (GRA) downgraded to Buy from Conviction Buy at Goldman... WEC Energy (WEC) downgraded to Neutral from Conviction Buy at Goldman... Welltower (HCN) downgraded to Underperform from Market Perform at BMO Capital... Yamana Gold (AUY) downgraded to Neutral from Overweight at JPMorgan.
09:59 EDTCOHCoach upgraded to Outperform from Peer Perform at Wolfe Research
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05:49 EDTPIRBed Bath & Beyond downgraded to Underweight from Sector Weight at KeyBanc
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05:48 EDTPIRPier 1 Imports downgraded to Sector Weight from Overweight at KeyBanc
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