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Stock Market & Financial Investment News

News Breaks
June 19, 2014
16:36 EDTNGLS, CMGE, ETE, PIR, TRGP, BBRYOn The Fly: Closing Wrap
Stocks on Wall Street finished the day mixed after moving in a narrow range for the entire session. There were several passes back and forth across the flat line throughout the day as the market consolidated its gains from yesterday. Investors seemed content to sit on the sidelines ahead of what could be a volatile session tomorrow in what is called "quadruple witching," when various stock index futures, stock index options, stock options, and single stock futures expire. 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 80c, or 9.65%, to $9.09 after the company reported losses that weren't as steep as expected for the first quarter and said that it had recognized revenue on more handsets in Q1 than in the previous quarter. Moreover, it said that it was close to reaching the breakeven point on hardware sales and that it expects to be profitable "sometime in fiscal 2016." MAJOR MOVERS: Among the notable gainers was Targa Resources (TRGP), which surged $25.57, or 20.45%, to $150.62, and its operating unit Targa Resources Partners (NGLS), which gained $12.29, or 17.74%, to $81.55, after Bloomberg reported late in the day that both could potentially be acquired shortly by Energy Transfer Equity (ETE). Energy Transfer Equity closed the session down fractionally but was up more than 5% in after-hours trading following Bloomberg's report. Among the noteworthy losers was home furnishings retailer Pier 1 Imports (PIR), which dropped $2.40, or 13.14%, to $15.86 after the company's first quarter results missed analysts' consensus estimates and it cut its fiscal 2015 earnings per share outlook. Also lower were shares of China Mobile Games (CMGE), which fell $4.25, or 22.47%, to $14.65 before eventually being halted by Nasdaq after the company reportedly removed a total of nine executives, according to a Chinese-language report quoted by Bloomberg. INDEXES: The Dow was up 14.84, or 0.09%, to 16,921.46, the Nasdaq was up 3.51, or 0.08%, to 4,359.33, and the S&P 500 was up 2.50, or 0.13%, to 1,959.48.
News For BBRY;PIR;CMGE;TRGP;ETE;NGLS From The Last 14 Days
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January 26, 2015
07:43 EDTPIROppenheimer upgrades Bed Bath & Beyond, Pier 1 on better macro outlook
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05:37 EDTPIRPier 1 Imports upgraded to Outperform from Perform at Oppenheimer
Oppenheimer upgraded Pier 1 Imports to Outperform with a $20 price target.
January 23, 2015
16:58 EDTTRGPSalient Capital Advisors reports 7.76% passive stake in Targa Resources
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16:55 EDTBBRYMarket ends week higher after ECB announces bond purchase plan
Stocks finished higher for the week after the European Central Bank unveiled a larger than expected bond buying plan and earnings season in the U.S. picked up steam. MACRO NEWS: The European Central Bank announced that it would buy EUR 60B of government and private bonds per month through September 2016. Reports before the ECB's official announcement had suggested that the central bank would buy EUR 50B of bonds per month... On a negative note, the International Monetary Fund cut its 2015 global growth outlook to 3.5% from 3.8%... U.S. economic data was mixed, as weekly jobless claims and sales of existing homes in December were worse than expected, but the index of leading economic indicators and new housing permits for December came in above the consensus outlook. COMPANY NEWS: Netflix (NFLX), Starbucks (SBUX), firearm maker Smith & Wesson (SWHC), and Southwest Airlines (LUV) were among the companies whose stocks rose following their results and guidance. On the other side of the ledger, Johnson & Johnson (JNJ), IT management solution provider CA Technologies (CA), UPS (UPS), and application delivery networking products maker F5 Networks (FFIV) were among the companies that fell after they reported their earnings or updated their financial outlooks... M&A reports moved a number of stocks this week. The Financial Post reported that Samsung (SSNLF) had hired investment bank Evercore (EVR) to evaluate a purchase of the troubled Canadian company. Samsung is still considering purchasing BlackBerry (BBRY), the newspaper added. However, Canada's BNN reported that Evercore said that Samsung has not been a recent client of theirs and that they prepare ideas "routinely" on their "own accord." Avon (AVP) has held talks about a potential sale to private equity firm TPG Capital, dealReporter stated. Bloomberg reported that online travel agency Orbitz Worldwide (OWW) is working with an adviser to contact potential buyers and has drawn interest from private-equity funds and other Internet companies... DreamWorks Animation (DWA) tumbled after announcing a new strategic plan that will see it cut its feature production from three films per year down to two and axe about 500 jobs. INDEXES: For the week, the Dow dipped 0.37% to 17,672.60, the Nasdaq rose 1.14% to 4,757.88, and the S&P gained 0.34% to 2,051.82.
11:36 EDTBBRYStocks with call strike movement; PBR BBRY
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09:34 EDTBBRYBlackBerry up 1.5% in early trading as Reuters correct prior story
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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
17:27 EDTTRGP, NGLSTarga Resources increases quarterly dividend 6% to 77.5c
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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
11:59 EDTCMGEChina Mobile Games management to meet with Roth Capital
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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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