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Stock Market & Financial Investment News

News Breaks
March 28, 2014
16:28 EDTCLVS, KING, PCG, BBRY, BIIB, RHOn The Fly: Closing Wrap
Stocks on Wall Street were higher, but closed well off their best levels, as the averages traded in a now-familiar pattern of a higher open followed by afternoon weakness. With just one trading day remaining in March, the Dow and S&P 500 are roughly flat for the month, while the Nasdaq has declined more than 3%. ECONOMIC EVENTS: In the U.S., personal income and consumer spending both rose 0.3% in February, matching expectations. The core PCE price index rose 0.1% in the month, which was also in-line with estimates. The final University of Michigan consumer sentiment reading for March came in at 80.0, which was down from February's 81.6 reading and a bit below expectations. In Europe, an index of executive and consumer sentiment rose to 102.4 in March from 101.2 in February, beating the consensus estimate of economists. COMPANY NEWS: BlackBerry (BBRY) reported a fourth quarter loss that was narrower than expected on revenue that missed expectations and fell below $1B for the first time since 2007. The handset maker said it sold 3.4M smartphones during the quarter. BlackBerry also said its cash and equivalents totaled $2.7B at March 1, down from $3.2B at the end of the prior quarter, and the company said it is targeting break-even cash flow by the end of its fiscal 2015. Shares of the company initially traded higher following the report, but closed down 64c, or 7.07%, to $8.41... King Digital (KING) lost another 41c, or 2.22%, to $18.08 to finish its first abbreviated week of trade down more than 14% following the "Candy Crush" maker's Wednesday initial public offering. MAJOR MOVERS: Among the notable gainers was home furnishing retailer Restoration Hardware (RH), up $8.12, or 12.73%, to $71.93 after its first quarter profit view beat estimates. Also higher were shares of Idera Pharmaceuticals (IDRA), up 69c, or 17.78%, to $4.57 after the company's Phase 2 trial of its treatment for moderate-to-severe plaque psoriasis met its primary objective. Among the noteworthy losers was PG&E Corporation (PCG), down $1.75, or 4.01%, to $41.89 after reporting that they expect that the federal government will bring criminal charges against the utility in connection with the 2010 San Bruno natural gas transmission pipeline accident. Following the announcement the stock was downgraded at Deutsche Bank and Citigroup. Also lower were a number of biotech names, including Clovis Oncology (CLVS), down $9.99, or 12.44%, to $70.33, and Biogen (BIIB), down $15.94, or 5.05%, to $294.12 as the sector continued to see significant weakness, as it often has in recent trade. INDEXES: The Dow was up 58.83, or 0.36%, to 16,323.06; the S&P 500 was up 8.58, or 0.46%, to 1,857.62; the Nasdaq was up 4.53, or 0.11%, to 4,155.76.
News For BBRY;KING;RH;PCG;CLVS;BIIB From The Last 14 Days
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November 25, 2014
09:03 EDTBBRYBlackBerry announces new BBM partners
BlackBerry disclosed today on its blog that it had entered into several new partnerships to expand its ad sales network and bring region-specific advertising sales expertise to BlackBerry Messenger, or BBM. Specifically, the company .said that it had chosen four new regional partners. Blyk will represent BBM globally, with dedicated sales representatives in Chicago, Dubai, London, Singapore, and Toronto, the company stated. Habari Media will represent BBM with dedicated sales representatives in South Africa, Nigeria, and Ghana, it added. Blackberry added that businesses have several ways to connect with consumers via BBM, including sponsored posts, sponsored invites, and featured placements. Reference Link
November 24, 2014
07:59 EDTBIIBBiogen resumed with an Outperform at Leerink
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November 20, 2014
16:08 EDTPCGPG&E says CPUC imposed sanctions aren't warranted, will appeal
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12:19 EDTRHWilliams-Sonoma hits 52-wk high after Q3 results beat estimates, raises outlook
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06:59 EDTKINGKing Digital new Candy Crush game off to 'great' start, says Deutsche Bank
Deutsche Bank says King Digital's newly launched Candy Crush Soda Saga hit the top downloaded app and top 5 grossing app in the U.S. faster than any King game in history. Deutsche says it is incrementally more positive on the stock and upped its price target for shares to $16 from $13. It keeps a Hold rating on the name.
November 19, 2014
18:03 EDTCLVSClovis reports initial Phase 2 results from ARIEL2 study
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15:53 EDTBBRYSome make case for Yahoo considering BlackBerry acquistion, Re/code says
Sources close to Yahoo (YHOO) said the company has been considering several "big acquisitions," largely aimed at helping its display business, and is eyeing tech-related companies including MediaMath, RadiumOne and Turn, reported Re/code's Kara Swisher. Swisher added that "one of the most far-out" ideas that has been "floated by bankers and other sundry pundits" is that Yahoo should buy BlackBerry (BBRY), and Swisher said that while that may seem unlikely, such a purchase would be "well within the amount" that Yahoo CEO Marissa Mayer has to spend. Reference Link
15:05 EDTBBRYBlackBerry CEO's forecasting skills under scrutiny, WSJ says
After Morgan Stanley suggested that BlackBerry may miss its revenue target for software sales, the forecasting skills of BlackBerry CEO John Chen may come under scrutiny, says the Wall Street Journal. According to the report, Chen, known as a turnaround expert, has said the smartphone maker will double its software sales to $500M in its next fiscal year. The Morgan Stanley analyst who wrote the report, James Faucette, said in the note, “We are skeptical that BlackBerry will be able to achieve that level of success, particularly with a new product platform, new pricing and with a still very damaged brand,” added the Wall Street Journal. Reference Link
12:18 EDTBBRYBlackBerry sinks after Morgan Stanley cuts to Underweight
Shares of BlackBerry (BBRY) are sinking after Morgan Stanley downgraded the stock to Underweight, saying that the market had become too optimistic about the outlook for the company's software and messaging platform. WHAT'S NEW: BlackBerry's valuation indicates that the market expects the company's software revenue and messaging revenue to increase by $250M and $100M, respectively, in fiscal 2016, Morgan Stanley analyst James Faucette wrote in a note to investors before the market opened today. These expectations are consistent with the targets set by the device maker's CEO, John Chen, Faucette stated. But the outlook "seems excessive," as they imply that BlackBerry will retain all of its enterprise subscribers, and convince them to pay the company three times more money than now, the analyst stated. BlackBerry will not "gain relevancy in the enterprise mobile management software market and will continue to lose enterprise subscribers," Faucette believes. He downgraded the stock to Underweight from Equal Weight and set a $7 price target on the shares. WHAT'S NOTABLE: In September, BlackBerry reported that it had issued 3.4M licenses for its BES10 mobile device management system during its September quarter representing a nearly threefold increase over the previous quarter. The company stated that BlackBerry Messenger had 91M users, up from 85M users the previous quarter. In a note to investors on November 14, JPMorgan raised its price target on the stock to $13 from $10. The company's product announcements on November 13 increased the chances that its software strategy will work, according to the firm. JPMorgan added, however, that BlackBerry still had a long road back to health, and kept a Neutral rating on the shares. PRICE ACTION: In late morning trading, BlackBerry slid 5% to $10.20.
10:00 EDTBBRYOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Beacon Roofing (BECN) downgraded to Hold from Buy at KeyBanc... BlackBerry (BBRY) downgraded to Underweight from Equal Weight at Morgan Stanley... Consolidated Edison (ED) downgraded to Sell from Neutral at UBS... Denbury Resources (DNR) downgraded to Hold from Buy at Wunderlich... Synchronoss (SNCR) downgraded to Underperform from Neutral at RW Baird... Total System (TSS) downgraded to Sell from Neutral at Goldman... Movado (MOV) downgraded to Market Perform from Outperform at Barrington... Transocean Partners (RIGP) downgraded to Market Perform from Outperform at Wells Fargo... Seadrill Partners (SDLP) downgraded to Market Perform from Outperform at Wells Fargo... Petrobras (PBR) downgraded to Neutral from Buy at UBS.
09:16 EDTCLVS, BBRYOn The Fly: Pre-market Movers
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07:57 EDTBBRYBlackBerry downgraded at Morgan Stanley
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07:52 EDTBIIBInforma Business Information to hold a conference
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07:30 EDTKINGMorgan Stanley to hold a conference
European Technology, Media & Telecoms Conference is being held in Barcelona, Spain on November 19-21.
07:21 EDTBIIBBiogen price target lowered to $400 from $425 at Credit Suisse
Credit Suisse lowered Biogen's price target to $400 from $425 based on Gilenya PPMS risk but retains its Outperform rating based on the quality of earnings growth and pipeline.
06:36 EDTCLVSClovis rociletinib data 'good news/bad news,' says Mizuho
Mizuho analyst Peter Lawson says his initial read of the new rociletinib data is "good news/bad news," which leaves his price target for Clovis unchanged. Lawson pegs the bad news as the drug losing its progression-free survival lead since the estimated PFS dropped from 12 months to 10.4 months, essentially in-line with AstraZeneca's (AZN) competing drug AZD9291. Lawson sees the good news as the "encouraging" PFS of 7.5 months in T790M-negative patients. He keeps a Buy rating on Clovis with a $100 price target.
06:13 EDTBBRYBlackBerry downgraded to Underweight from Equal Weight at Morgan Stanley
November 18, 2014
18:38 EDTCLVSClovis announces positive data from Phase 2 clinical study of rociletinib
Clovis Oncology announced updated findings from its ongoing Phase 2 clinical study of rociletinib, or CO-1686, the Company’s novel, oral, targeted covalent mutant-selective inhibitor of the epidermal growth factor receptor, or EGFR, for the treatment of NSCLC in patients with initial activating EGFR mutations as well as the primary resistance mutation T790M. These data are being presented Friday, November 21 in an oral presentation at the 26th EORTC-NCI-AACR (ENA) Symposium on Molecular Targets and Cancer Therapeutics in Barcelona, Spain. “These data demonstrate the very encouraging activity and tolerability observed with rociletinib at our go-forward dose of 625mg BID, and our step-down dose of 500mg BID,” said Clovis Oncology. “We are now expanding beyond our initial focus on T790M-positive patients and are very enthusiastic about our expansion into front-line patients with TIGER-1, and soon, into an all-comer population of patients with acquired TKI resistance, including both T790M-positive and T790M-negative patients with TIGER-3. We are actively preparing for the first of our planned regulatory filings, which include the U.S. NDA and E.U. MAA in mid-2015.”
07:20 EDTCLVSEuro Organization for Research & Treatment of Cancer co-hosts a symposium
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November 17, 2014
17:02 EDTCLVSClovis in oncology clinical trial collaboration with GlaxoSmithKline
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