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Stock Market & Financial Investment News

News Breaks
March 1, 2013
12:31 EDTAT, DECK, MDR, SHS, BBY, FWLT, CRMOn 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 Managersí 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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February 26, 2015
09:25 EDTCRMOn The Fly: Pre-market Movers
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07:55 EDTCRMSalesforce.com price target raised to $80 from $75 at Credit Suisse
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07:43 EDTCRMSalesforce.com price target raised to $80 from $70 at Canaccord
Canaccord raised its price target on Salesforce.com to $80 from $70 following its Q4 report, citing increased guidance, margin expansion, and an increase in large deal transactions. Canaccord reiterated its Buy rating on Salesforce.com shares.
07:42 EDTCRMSalesforce.com price target raised to $79 from $70 at Stifel
Stifel increased its price target on Salesforce.com after the company reported in-line results but higher than expected billings. The firm thinks the company's margins are continuing to expand and it keeps a Buy rating on the stock.
07:06 EDTCRMSalesforce.com guidance conservative, says Pacific Crest
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07:05 EDTCRMSalesforce.com price target raised to $80 from $70 at Deutsche Bank
Deutsche Bank raised its price target for Salesforce.com shares to $80 after the company posted 37% constant currency billings growth in Q4. It reiterates a Buy rating on the stock.
06:38 EDTCRMSalesforce.com price target raised to $78 from $71 at Citigroup
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February 25, 2015
18:24 EDTCRMOn The Fly: After Hours Movers
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16:09 EDTCRMSalesforce.com FY16 EPS 67c-69c, consensus 69c
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16:07 EDTCRMSalesforce.com sees Q1 EPS 13c-14c, consensus 15c
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16:06 EDTCRMSalesforce.com reports Q4 EPS 14c, consensus 14c
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15:12 EDTCRMSalesforce.com technical notes ahead of results
Shares have been trading in a range largely bound between $55 at the low and $65 at the high for the last several months. There is a bullish bias within the range. The two extremes of the range may be helpful for understanding where price could go post-earnings. A move up to and above the high at $65 would mean a potential breakout to the 52-week high and life high at $67. That high was set nearly a year ago to date. A breakout above $67 would set up a run to $70. The $70 area would be the top of the long-term price channel, projected forward in time. If the news is not as bullish as traders appear to expect, a move down to the $55 area would be possible. Support prior to that range low is at $58.92, the 50-day moving average, which could be a downside objective on a less severe disappointment. A breakdown below $55 would see next support at $52.74.
15:05 EDTCRMNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include salesforce.com (CRM), consensus 14c... Avago Technologies (AVGO), consensus $1.94... L Brands (LB), consensus $1.80... Workday (WDAY), consensus (6c)... BioMarin (BMRN), consensus (59c)... Concho Resources (CXO), consensus 84c... Antero Resources (AR), consensus 28c... Medivation (MDVN), consensus $1.34... Transocean (RIG), consensus 77c... Sprouts Farmers Market (SFM), consensus 9c... SINA Corporation (SINA), consensus 18c.
14:52 EDTCRMSalesforce.com February weekly 62 straddle priced for 7.2% movement into Q4
07:12 EDTCRMSalesforce.com February weekly volatility elevated into Q4 and outlook
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05:20 EDTMDRMcDermott and Petrofac form five-year strategic alliance
McDermott and Petrofac Limited announced they have formed a strategic marketing alliance to pursue top-tier deepwater subsea, umbilical, riser and flowline, or SURF, projects. The five-year alliance expects to provide oil and gas companies a competitive, integrated solution across a broad range of complex engineer, procure, construct, install Subsea projects in deep and ultra-deepwater across the US Gulf of Mexico, Mexico, Brazil, the North Sea, Mediterranean and West Africa. SURF projects are expected to be above $200M, with the project scope anticipated to be split between partners roughly equally, but according to the specifics of a particular opportunity, and governed by separate project agreements.
February 23, 2015
06:20 EDTCRMSalesforce.com February weekly volatility elevated into Q4 and outlook
Salesforce.com February weekly call option implied volatility is at 76, March is at 35, April is at 33, May is at 30; compared to its 26-week average of 33 according to Track Data, suggesting larger near term price movement into the expected release of Q4 results after the market close on February 25.
February 19, 2015
17:42 EDTCRMSalesforce.com CEO sold 125K shares for $7.39M, Barron's says
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February 18, 2015
09:32 EDTBBYComarco files patent suit against Best Buy
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07:53 EDTCRMSalesforce.com Q4 closed well, says Oppenheimer
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