New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
March 28, 2014
16:28 EDTPCG, BBRY, BIIB, RH, CLVS, KINGOn 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
Sign up for a free trial to see the rest of the stories you've been missing.
1 | 2 >>
August 14, 2015
16:13 EDTKINGOn The Fly: Top stock stories for Friday
Stocks began the session with modest losses despite a calm overnight trading session for the Chinese yuan. The U.S. economic data that was released prior to the open were generally in-line with expectations leaving little for investors to key in on during the market hours. As a result, the averages drifted several times across the flat line until finally moving higher in the afternoon. Even the price of crude was fairly stale throughout the session, but it still closed toward its low of the day. The market received a slight boost toward the end of the session when headlines out of Europe said the area's finance ministers agreed to implement the Greek bailout with a couple of additional measures. ECONOMIC EVENTS: In the U.S., both industrial production and PPI beat estimates, with industrial production increasing 0.6% and PPI increasing 0.2%. Consumer sentiment for August fell to 92.9 in the preliminary report from the University of Michigan survey, after slipping to 93.1 in July from 96.1 in June. Meanwhile, Euro-area GDP rose 0.3% last quarter. Germany's economy grew 0.4%, Italy's 0.2%, while France stagnated. The Baker Hughes North American rig count report was unchanged from last week at 884 rigs. COMPANY NEWS: Nelson Peltz's Trian Fund Management disclosed a new 7.08% stake in food distributor Sysco Corporation (SYY), and is engaged in discussions with the company including board representation for Trian. Sysco rose 7.4% to $41.38 after the disclosure of the Trian stake... General Electric (GE) announced an agreement to sell GE Capital Bank's U.S. online deposit platform along with all deposits of GE Capital Bank, including online savings accounts, online CDs and brokered CDs, to Goldman Sachs Bank USA (GS). Under this agreement approximately $16B of deposits will be transferred to GS Bank. Additionally, Reuters reported that General Electric was expected to win EU antitrust approval for its proposed EUR12.4B acquisition of Alstom's (ALSMY) power unit, according to two people familiar with the matter. GE rose 1.1% to $26.08 on the day. MAJOR MOVERS: Among the notable gainers following their earnings reports were department store retailers Nordstrom (JWN) and J.C. Penney (JCP), which gained 4.3% and 5.6%, respectively. Also higher was WuXi PharmaTech (WX), up 6.15%, which reported earnings and entered into an agreement to be acquired by a management buyout group for around $3.3B. Among the noteworthy losers was El Pollo Loco (LOCO), which dropped 20.7% after its Q2 revenue fell short of analysts' estimates. Also lower were shares of King Digital (KING), which declined nearly 20.7% after reporting quarterly earnings and forecasting gross bookings for the third quarter $460M-$485M, citing "recent trends." INDEXES: The Dow rose 69.15, or 0.4%, to 17,477.40, the Nasdaq gained 14.68, or 0.29%, to 5,048.23, and the S&P 500 advanced 8.15, or 0.39%, to 2,091.54.
12:37 EDTKINGOn The Fly: Top stock stories at midday
Stocks began the session with modest losses, despite a stabilization in the Chinese yuan overnight. Relatively in line data on producer prices and industrial production did not hurt the situation, but there was also the lack of a catalyst. As a result, the market has drifted throughout the morning session moving up as much as 0.4% before paring its gains. The market is now struggling to hold onto its meager gains. ECONOMIC EVENTS: In the U.S., both industrial production and PPI beat estimates, with industrial production increasing 0.6% and PPI increasing 0.2%. Consumer sentiment for August fell to 92.9 in the preliminary report from the University of Michigan survey, after slipping to 93.1 in July from 96.1 in June. Meanwhile, Euro-area GDP rose 0.3% last quarter. Germany's economy grew 0.4%, Italy's 0.2%, while France stagnated. The Baker Hughes North American rig count report is out at 1 p.m. ET. COMPANY NEWS: General Electric (GE) announced an agreement to sell GE Capital Bank's U.S. online deposit platform along with all deposits of GE Capital Bank, including online savings accounts, online CDs and brokered CDs, to Goldman Sachs Bank USA (GS). Under this agreement approximately $16B of deposits will be transferred to GS Bank. Separately, Goldman Sachs is selling its Colombia coal mining division to privately held Murray Energy. General Motors (GM) is boosting production of its larger SUVs and trucks, according to Reuters. The automaker could make as many as 60,000 additional vehicles for the 2016 model year to capitalize on rising demand. Meanwhile, GM is recalling 73,424 small cars because improper wiring could prevent the roof-mounted driver's side air bag from deploying after a crash, the Associated Press reported. SunTrust analyst Robert Peck said he believes Twitter (TWTR) could announce a permanent CEO as early as next week. Peck continues to think Twitter is likely to unveil a "Triumvirate of leadership" with Jack Dorsey as CEO, Adam Bain as COO and Evan Williams with more board influence, possibly Chairman. Tesla's (TSLA) secondary offering of 2.7 million common shares was priced at $242 each, according to an SEC filing. That represents an increase from the 2.1 million shares Tesla had previously announced for the offering. MAJOR MOVERS: Among the notable gainers following their earnings reports were department store retailers Nordstrom (JWN) and J.C. Penney (JCP), which gained 5.35% and 5.95%, respectively. Also higher was WuXi PharmaTech (WX), up 5.45%, which reported earnings and entered into an agreement to be acquired by a management buyout group for around $3.3B. Cyberark Software (CYBR) also gained 1.8% after being upgraded to Outperform from Market Perform at Wells Fargo. Among the noteworthy losers was El Pollo Loco (LOCO), which dropped 18% after its Q2 revenue fell short of analysts' estimates. Also lower were shares of King Digital (KING), which declined nearly 12% after reporting quarterly earnings and forecasting gross bookings for the third quarter $460M-$485M, citing "recent trends." The company said fourth quarter gross bookings would be "fairly consistent sequentially." JPMorgan downgraded King Digital this morning to Neutral from Overweight citing an elevated risk profile following the results. INDEXES: Near midday, the Dow was up 42.43, or 0.24%, to 17,450.68, the Nasdaq was fractionally lower by 2.96, or 0.06%, to 5,030.59, and the S&P 500 was up 3.46, or 0.17%, to 2,086.89.
12:29 EDTKINGKing Digital sinks after posting weaker than expected network metrics
Shares of King Digital (KING), an interactive entertainment company for the mobile world, are sinking after the company reported weaker than expected network metrics in the second quarter. WHAT'S NEW: After the close on Thursday, King Digital reported Q2 adjusted earnings per share of 49c and revenue of $500M, ahead of analysts' consensus estimates of 43c and $490.03M, respectively. King reported Q2 total gross bookings of $529M, above the high end of its previously provided guidance range, but down 12% sequentially and 13% year over year. Excluding the impact of changes in foreign exchange rates, King said gross bookings would have decreased by approximately 11% sequentially, and by approximately 6% y/y. King noted that 81%, or $430M, of gross bookings were derived from the mobile audience. The company said "Candy Crush Saga," "Candy Crush Soda Saga" and "Farm Heroes Saga" ranked within the top 10 grossing games in App Store and Play Store in the U.S. during Q2. King said its monthly unique users fell 1% to 340M in Q2, down from 345M last year, while monthly active users were 501M vs. 485M last year; daily active users were 142M in Q2 vs. 138M last year. The company said year-over-year increases in monthly active users and daily active users were primarily due to the introduction of new games, particularly "Candy Crush Soda Saga," partially offset by decline in "Candy Crush Saga" and other more mature games. It said increases also reflect growth in activity from mobile players, partially offset by continued decrease in activity from Facebook (FB) players. WHAT'S NOTABLE: Looking ahead, King Digital said it expects gross bookings in the third quarter of $460M-$485M based on the timing of game releases and recent trends. The company sees fourth quarter bookings "fairly consistent sequentially." ANALYST REACTION: This morning, JPMorgan analyst Doug Anmuth downgraded King Digital Entertainment to Neutral from Overweight citing an elevated risk profile following the company's Q2 results. King's network metrics were weaker than expected while a key component of the company's pipeline, the upcoming mid-core game, is pushed to 2016, Anmuth said. He cut the price target for shares to $17 from $20. PRICE ACTION: In early afternoon trading, King Digital fell $1.81, or 11.84%, to $13.40 on nearly four times its average daily trading volume. Including today's pull back, the shares have lost approximately 3% over the past year. OTHERS TO WATCH: Other companies in the mobile gaming space include Glu Mobile (GLUU), Zynga (ZNGA), Shanda Games (GAME), Activision Blizzard (ATVI), Electronic Arts (EA) and Take-Two Interactive (TTWO).
10:24 EDTKINGOptions with decreasing implied volatility
Subscribe for More Information
10:02 EDTKINGOn The Fly: Analyst Downgrade Summary
Subscribe for More Information
09:08 EDTKINGOn The Fly: Pre-market Movers
Subscribe for More Information
06:35 EDTKINGKing Digital downgraded to Neutral from Overweight at JPMorgan
Subscribe for More Information
06:00 EDTBIIBStocks with implied volatility below IV index mean; BIIB GOOG
Subscribe for More Information
05:09 EDTPCGPG&E pays $300M fine to CPUC
PG&E announced that it has paid a $300M fine levied by the California Public Utilities Commission, or CPUC, in association with the 2010 natural gas transmission pipeline explosion in San Bruno, CA. When the CPUC announced its decision on April 9, PG&E chose to move forward without an appeal. The payment to the state's General Fund is due Oct. 6. The company recently completed the sale of additional stock necessary to fund the payment. In addition to the $300M fine to be paid to the state, the CPUC penalty requires that PG&E shareholders refund $400M to gas customers and pay $850M for gas system safety improvements. The $400M refund, which will be based on usage, will be returned to customers in early 2016 per the CPUC's direction. In addition to the payment to the General Fund, the company has settled claims amounting to more than $500M with all of the victims and families of the San Bruno accident, established a $50M trust for the City of San Bruno for costs related to recovery and contributed $70M to support the city's and community's recovery efforts.
August 13, 2015
18:48 EDTKINGOn The Fly: After Hours Movers
Subscribe for More Information
18:10 EDTRHRestoration Hardware launches RH Teen
Subscribe for More Information
16:33 EDTKINGKing Digital says Q2 monthly unique users down 7% sequentially to 340M
Says year over year increases in monthly active users and daily active users primarily due to introduction of new games, particularly "Candy Crush Soda Saga," partially offset by decline in "Candy Crush Saga" and other more mature games. Says increases also reflect growth in activity from mobile players, partially offset by continued decrease in activity from Facebook players.
16:29 EDTKINGKing Digital sees Q4 gross bookings 'fairly consistent sequentially'
Subscribe for More Information
16:29 EDTKINGKing Digital sees Q3 gross bookings $460M-$485M
Subscribe for More Information
16:07 EDTKINGKing Digital reports Q2 monthly active users 501M
Subscribe for More Information
16:05 EDTKINGKing Digital reports Q2 adjusted EPS 49c, consensus 43c
Subscribe for More Information
14:56 EDTKINGNotable companies reporting after market close
Subscribe for More Information
14:35 EDTKINGKing Digital technical comments before earnings
Subscribe for More Information
11:15 EDTKINGKing Digital August weekly volatility increases into Q2 and outlook
Subscribe for More Information
06:02 EDTBIIBStocks with implied volatility below IV index mean; BIIB GOOG
Subscribe for More Information
1 | 2 >>

Sign up for a free trial to see the rest of the stories you've been missing.
I agree to the theflyonthewall.com disclaimer & terms of use