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Stock Market & Financial Investment News

News For BBY;SAM;CLWR;S;CVS;RIGL;ENDP;YELP;AAPL From The Last 14 Days
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July 30, 2015
09:36 EDTAAPLActive equity options trading on open
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09:36 EDTAAPLActive equity options trading on open
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09:08 EDTCVSCVS Health enters into two new clinical affiliations
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09:01 EDTBBYAmerican Express, Best Buy announce e-commerce technology integration
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06:48 EDTCVSCVS Health announces partnership with IBM Watson
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06:48 EDTAAPLGlobal tablet market fell 7% y/y in Q2, DigiTimes reports
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06:30 EDTSSoftBank's Arora: Still committed to turning Sprint around, WSJ reports
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06:04 EDTAAPLApple implied volatility of 20 at lower end of index mean range
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July 29, 2015
17:05 EDTYELPOn The Fly: Top stock stories for Wednesday
Stocks began the session in positive territory but soon turned mixed as the tech heavy Nasdaq was unable to hold its gains. The Federal Reserve's statement that accompanied its rate decision was little changed from its last meeting, keeping investors optimistic about a possible delay in its first interest rate hike in many years. ECONOMIC EVENTS: In the U.S., the Federal Reserve concluded a two-day meeting on monetary policy and kept benchmark interest rates unchanged between 0% and 0.25%, as expected. The Fed said information received since the last time the FOMC met indicates that economic activity has been expanding "moderately" in recent months, noting that the labor market continued to improve, with "solid job gains and declining unemployment." The central bank repeated that even after employment and inflation near "mandate-consistent levels," economic conditions may warrant keeping the target federal funds rate below "normal" levels. An index of pending home sales fell 1.8% in June, versus expectations for it to have risen 1% compared to the prior month. In China, the Shanghai composite index rose 3.4%, stemming its most recent stretch of declines, though the index is still deeply in the red on a week-to-date basis. COMPANY NEWS: Shares of Twitter (TWTR) fell $5.30, or 14.5%, to $31.24 after the company reported better than expected quarterly results but its management tempered expectations about its user growth. Several analysts cut their price targets on the stock and warned its shares may be range bound in the near-term, but maintained their buy ratings on the stock based on the social network operator's long-term potential. Analysts were not as ready to jump to the defense of another Internet stock, Yelp (YELP), which plunged $8.40, or 25.07%, to $25.11 after the local business review site operator reported lower than expected profit and lowered its fiscal year revenue guidance. At least eight research firms downgraded the stock after the company's outlook missed expectations and it announced the exit of brand advertising... Two defense contractors, Northrop Grumman (NOC) and General Dynamics (GD), advanced after each topped expectations with their quarterly reports and raised their fiscal year outlooks. General Dynamics shares gained 3.93% to $149.96 following its "beat and raise" report, while Northrop jumped 6.18% to $173.44. MAJOR MOVERS: Among the notable gainers was Cytec Industries (CYT), which gained 27.04% to $74.19 after agreeing to be acquired by Brussels-based Solvay (SVYZY) for $75.25 per share in cash, corresponding to an enterprise value of $6.4B. Among the noteworthy losers was Tableau Software (DATA), which fell $13.58, or 10.67%, to $113.64 after its earnings report. Cantor Fitzgerald analyst Brian White attributed today's pullback in shares to "very high" expectations going into the quarter, while Wedbush said Tableau's Q2 deceleration was due to difficulty in sustaining its "extraordinarily high" growth rate. Also lower were shares of Medivation (MDVN), which fell $8.77, or 8.39%, to $95.74 after Cowen analyst Eric Schmidt said prescription trends for the company's prostate cancer drug Xtandi have "slowed considerably." Schmidt, who thinks consensus expectations calling for Xtandi sales topping $3B in sales by 2019 are "far too high," recommended selling the shares and lowered his price target on the stock to $77. INDEXES: The Dow rose 121.12, or 0.69%, to 17,751.39, the Nasdaq gained 22.53, or 0.44%, to 5,111.73, and the S&P 500 advanced 15.32, or 0.73%, to 2,108.57.
15:15 EDTYELPYelp downgraded to Neutral from Buy at MKM Partners
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12:42 EDTYELPOn The Fly: Top stock stories at midday
Stocks on Wall Street overcame a tentative start and are higher at midday ahead of the statement from the Federal Reserve following its latest monetary policy meeting. The pending home sales report showed an unexpected decline from the prior month, reminding investors the economy still isn't seeing the most robust of recoveries. ECONOMIC EVENTS: In the U.S., an index of pending home sales fell 1.8% in June, versus expectations for it to have risen 1% compared to the prior month. The Federal Reserve concludes a meeting on monetary policy today and its post-meeting statement is scheduled to be released at 2 pm EDT. The central bank is not expected to raise rates at this meeting and no post-meeting press conference is scheduled for Fed Chair Janet Yellen. In China, the Shanghai composite index rose 3.4%, stemming its most recent stretch of declines, though the index is still deeply in the red on a week-to-date basis. COMPANY NEWS: Shares of Twitter (TWTR) fell 13% after the company reported better than expected quarterly results but its management tempered expectations about its user growth. Several analysts cut their price targets on the stock and warned its shares may be range bound in the near-term, but maintained their buy ratings on the stock based on the social network operator's long-term potential. MAJOR MOVERS: Among the notable gainers following their earnings reports were hepatitis C drug maker Gilead (GILD), which rose 3%, and two defense contractors who raised their outlooks: Northrop Grumman (NOC), which advanced 7%, and General Dynamics (GD), which gained nearly 5%. Also higher was Citrix Systems (CTXS), which jumped about 10% after issuing better than expected fiscal year earnings guidance, reporting its CEO Mark Templeton plans to retire and entering into a cooperation agreement with activist investor Elliott Management, which owns approximately 7.5% of the company’s common stock. Among the noteworthy losers was Yelp (YELP), which tumbled 28% and hit a multi-year low after the local business review site operator reported lower than expected profit and lowered its fiscal year revenue guidance. Also lower following their earnings reports were Akamai (AKAM), which fell 5%, and Level 3 Communications (LVLT), which dropped 6%. INDEXES: Near midday, the Dow was up 94.46, or 0.54%, to 17,724.73, the Nasdaq was up 6.72, or 0.13%, to 5,095.92, and the S&P 500 was up 9.02, or 0.43%, to 2,102.27.
11:06 EDTSSprint introduces Family Share Pack plan
With more data than T-Mobile (TMUS), and with significant savings over Verizon (VZ) and AT&T (T), Sprint (S) introduces the new Sprint Family Share Pack. Families switching to Sprint get four lines, unlimited talk, text and 10GB of high-speed data while on the Sprint network for $100/month starting July 31. Sprint says its new plan will save families $480/year over Verizon and $720/year over AT&T for virtually the same 10GB of data. Sprint says that 10GB is more than double the high-speed data in T-Mobile’s family plan.
10:57 EDTYELPYelp tumbles to multi-year low as downgrades pile up after earnings
The shares of Yelp (YELP) are plunging and hit a multi-year low after the company reported lower than expected second quarter profit and provided third quarter revenue guidance that missed expectations. A number of firms downgraded the stock following the report, while others reduced their price target but kept Buy ratings on the name. EARNINGS: Yelp reported a loss per share of (2c), versus the consensus outlook of a 1c per share profit. The company's revenue was in-line with expectations. However, Yelp provided Q2 revenue guidance of $139M-$142M, versus the consensus outlook of of $152.66M. It also lowered its full-year revenue guidance to $544M-$550M and announced that its chairman, Max Levchin, had resigned. Additionally, the company announced that it would eliminate its brand advertising product by the end of 2015. The product's revenue dropped to $8.3M last quarter, down 8% from the same period in 2014, Yelp reported. ANALYST REACTION: Oppenheimer analyst Jason Helfstein downgraded Yelp to Perform from Outperform, saying the reduction in the company's guidance was caused by the difficulties it has had with hiring new salespeople and sustaining high levels of sales productivity, as well as the discontinuation of its brand advertising program. Until the company can show that it has increased its sales and marketing leverage, investors will likely expect the company's margins to peak at 20% going forward, down from 40% previously, according to Helfstein. Also downgrading Yelp was Morgan Stanley analyst Brian Nowak, who lowered his rating on the shares to Equal Weight from Overweight. Among the reasons Nowak cited for his downgrade were the company's weaker than expected results, its decisions to hire fewer sales professionals, the discontinuation of its brand advertising business and the likely increase in its costs going forward. He lowered his EPS estimates for the company and set a $25 price target on the shares. Yelp was also downgraded by analysts at Topeka, Raymond James, Cowen, JMP Securities and BofA Merrill Lynch this morning. However, Citi analyst Mark May kept a Buy rating on the shares, saying that the stock's valuation already reflects the company's slower growth outlook and the investments it must make going forward. Moreover, the company still has strategic value, according to May, who cut his price target on the name to $35 from $54. Similarly, Brean Capital analyst Tom Forte wrote that Yelp still has significant value and the company could still be a takeover target. He lowered his price target on the name to $40 from $58 but kept a Buy rating on the shares. PRICE ACTION: In morning trading, Yelp tumbled 28% to $24. Earlier in the session, the stock hit a 52-week low of $23.66.
10:41 EDTBBYOptions with increasing implied volatility
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10:27 EDTBBYOptions with decreasing implied volatility
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10:07 EDTYELPYelp hits fresh multi-year low, levels to watch
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10:00 EDTYELPOn The Fly: Analyst Downgrade Summary
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09:35 EDTAAPLActive equity options trading on open
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09:13 EDTYELPOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Buffalo Wild Wings (BWLD), up 11.4%... Panera Bread (PNRA), up 5.9%... Sonus Networks (SONS), up 7.2%... Gilead Sciences (GILD), up 3.6%... U.S. Steel (X), up 3.3%... Synchronoss (SNCR), up 2.8%. ALSO HIGHER: Cytec Industries (CYT), up 26.7% after being acquired by Solvay (SVYZY)... MagneGas (MNGA), up 7.8% after receiving multiple orders... AK Steel (AKS), up 5.2% after being upgraded to Outperform from Neutral at Macquarie. DOWN AFTER EARNINGS: Yelp (YELP), down 23.6%... VASCO Data Security (VDSI), down 13.3%... Tableau Software (DATA), down 16%... Twitter (TWTR), down 11.4%... Akamai Technologies (AKAM), down 7.9%.
08:23 EDTYELPYelp downgraded on guidance, margin outlook at Oppenheimer
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