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Stock Market & Financial Investment News

News Breaks
March 1, 2013
12:31 EDTCRM, AT, DECK, MDR, SHS, BBY, FWLTOn The Fly: Midday Wrap
Stocks on Wall Street were up at midday despite "the Sequestor" taking effect at home and disappointing manufacturing data from abroad. The averages dipped right at the opening bell but were not down for long, almost immediately beginning to climb off their opening lows. The recovery was attributed by some to a rumor that an agreement had been reached on averting the Sequester. However, when the rumor went unfounded and President Obama held a press conference to discuss the challenging road ahead toward replacing the cuts, the averages weakened again, before gathering and resuming their upward momentum... ECONOMIC EVENTS: In the U.S., reports showed that personal income fell 3.6% during the month of January, versus expectations of a decline of 2.4%, though personal spending rose 0.2%, which was in line with forecasts. The final Markit PMI reading for February was revised down to 54.3 from a 55.2 prior figure. The University of Michigan Consumer Confidence reading was 77.6, versus the expected reading of 76.3. Construction spending fell 2.1% in the month of January, versus expectations for an increase of 0.4%. The ISM Manufacturing reading was 54.2, versus the expected 52.5, and prices paid reading was 61.5, versus the expected 57.0. In Europe, Markit's final Eurozone manufacturing PMI for February came in at 47.9, with downturns seen in all member nations aside from Germany and Ireland. Also, the unemployment rate in the 17-member single-currency region rose to a record 11.9% in January from 11.8% in December. In China, the official Purchasing Managers’ Index was 50.1 in February, the weakest in five months and down from 50.4 in January. A separate gauge from HSBC dropped to a four-month low of 50.4 from 52.3 in the prior month... COMPANY NEWS: The deadline for Best Buy's (BBY) founder, Richard Schulze, to make an offer to take the company private passed without a bid being made, but the company's stock managed to rise modestly following its report of better than expected sales and adjusted profit during the holiday quarter. Schulze stated in a regulatory filing that he facilitated various offers that would have resulted in private equity investments into the company but the proposals were rejected and that the company now "deserves a chance to implement its own plan." Best Buy shares jumped at the open, but moved lower during the morning, and were up about 1% near midday... MAJOR MOVERS: Among the notable gainers following their earnings reports were Deckers Outdoor (DECK), up 14%, and Salesforce.com (CRM), up over 7%. Also higher were shares of Sauer-Danfoss (SHS), which rose 8.5% after it announced that Danfoss would acquire the 24.4% of the common shares it does not already own for $58.50 per share in cash. Among the noteworthy losers was Atlantic Power (AT), down 29%, after its quarterly report disappointed and the company cut its dividend. Also lower after earnings reports were Foster Wheeler (FWLT), down 16%, and McDermott (MDR), down over 13%... INDICES: Near noon, the Dow was up 12.57, or 0.09%, to 14,067.06; the Nasdaq was up 2.49, or 0.08%, to 3,162.68; and the S&P 500 was up 1.55, or 0.10%, to 1,516.23.
News For BBY;DECK;CRM;SHS;AT;FWLT;MDR From The Last 14 Days
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May 19, 2015
13:05 EDTCRMSalesforce deal talks may have 'died down,' dealReporter says
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12:59 EDTCRMSalesforce drops after dealReporter says potential sale may take time
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09:53 EDTBBYBest Buy May volatility elevated into Q1 and outlook
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07:03 EDTCRMSalesforce.com volatility elevated into Q1 and outlook
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May 18, 2015
07:24 EDTCRMSalesforce buyout rumors may cloud earnings focus, says Susquehanna
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May 14, 2015
08:21 EDTCRMSalesforce price target raised to $87 from $78 at Goldman
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06:21 EDTCRMSalesforce implied volatility of 57 at upper end of index
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May 13, 2015
07:25 EDTMDRUBS to hold a tour
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06:35 EDTBBYBest Buy May volatility elevated into Q1 and outlook
Best Buy May weekly call option implied volatility is at 54, June is at 34, September is at 33; compared to its 90-day average of 32 according to Track Data, suggesting large near term price movement into the expected release of Q1 earnings on May 21.
May 12, 2015
16:33 EDTCRMSalesforce, Sage announce strategic partnership, new small business platform
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11:38 EDTCRMLivePerson sinks to 52-week low after cutting fiscal 2015 outlook
Shares of LivePerson (LPSN), a provider of cloud-based digital engagement solutions, are sinking after the firm lowered its outlook for fiscal 2015. WHAT'S NEW: LivePerson yesterday reported first quarter adjusted earnings per share of 4c, in line with analysts' consensus estimates, on revenue of $59.8M, slightly below analysts' consensus estimates of $60.79M. LivePerson said it signed 147 deals in the quarter, including the addition of 30 new customers. Looking ahead to the second quarter, LivePerson forecast adjusted EPS of 0c-2c and revenue of $58.5M-$59.5M, well below the analysts' consensus estimates of 6c and $63.88M, respectively. WHAT'S NOTABLE: The company lowered its fiscal year 2015 adjusted EPS view to 10c-15c from 27c-32c, significantly trailing analysts' consensus estimates of 28c. LivePerson also cut its FY15 revenue outlook to $243M-$247M from $263M-$269M, also well below analysts' estimates of $264.36M. The company reduced reduced FY15 revenue guidance by $21M when comparing the midpoint of its updated guidance range to the midpoint of its previous guidance range. The adjustment reflects the impact of one large customer contract that ended, an increase in foreign exchange headwinds and a slightly slower start to the year than expected as the company intensified its focus on bringing LiveEngage to the market, the company said. LivePerson said it expects to record a $2.5M charge in Q2 related to cost-cutting move, which it described as "reprioritizing on areas showing the highest potential growth." The company believes its cost-savings initiatives will generate approximately $13M of expense savings in 2015. ANALYST REACTION: Credit Suisse this morning downgraded LivePerson to Neutral from Outperform and lowered its price target to $8 from $19. The firm said LivePerson was "forced" to lower revenue guidance for FY15 primarily due to the loss of AT&T (T) as a pay-for-performance chat customer, as well as from a slow sales start and FX. The firm said the ability of LivePerson to transition its large customer base to LiveEngage 2.0 will take longer than previously estimated. PRICE ACTION: In late morning trading, LivePerson fell $1.16, or 12.26%, to $8.30 on more than five times its average daily trading volume. Earlier in the session, the stock hit a fresh 52-week low of $8.10. Including today's pull back, the shares have lost approximately 15% over the past 12 months. OTHERS TO WATCH: Other companies offering cloud-based digital engagement solutions include eGain (EGAN), down 1.2%, Zendesk (ZEN), down 4.05%, and Salesforce.com (CRM), up 0.2%.
06:02 EDTCRMSalesforce implied volatility of 64 at upper end of index
May 11, 2015
16:27 EDTMDRMcDermott reports Q1 EPS (6c), consensus (8c)
Reports Q1 revenue $550.5M, consensus $759.1M. It stated, "Revenues for the first quarter 2015 were affected by weather and third-party performance delays on the Company’s INPEX project, as well as customer initiated changes on Middle East brownfield projects that impacted the timing of vessel mobilization."
15:00 EDTMDRNotable companies reporting after market close
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10:03 EDTCRMSalesforce to hold a press event
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10:00 EDTCRMSalesforce to hold a meeting
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09:59 EDTATOn The Fly: Analyst Downgrade Summary
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08:51 EDTATAtlantic Power downgraded to Underperform from Sector Perform at RBC Capital
07:06 EDTCRMSalesforce removed from Best Ideas List at Morgan Stanley
Morgan Stanley removed Salesforce.com from the Best Ideas List and maintained its Buy ratting and $80 price target. The firm said Salesforce.com's secular growth and margin expansion remain in place but shares are trading on an acquisition premium and risk/reward is balanced near-term. The firm views an acquisition as unlikely and said the sheer size would make it extremely complicated, with few bidders.
06:04 EDTCRMSalesforce removed from Best Ideas List at Morgan Stanley
Morgan Stanley removed Salesforce from its Best Ideas list saying the near-term risk/reward is more balanced with shares trading at an "acquisition premium." The firm keeps an Overweight rating on the name with an $80 price target.
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