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Stock Market & Financial Investment News

News Breaks
April 10, 2012
16:19 EDTOPTR, DHR, DB, SNE, VPHM, XRIT, STD, BBY, JAG, BCS, UNCFFOn The Fly: Closing Wrap
Stocks on Wall Street were sharply lower, with the Dow falling over 200 points for the session. Equity futures were quiet in the pre-market trading session leading to a relatively flat open for the broader market. The averages picked up momentum to the downside following the wholesale inventories report for the month of February. The selling picked up in earnest around midday, with the averages eventually tacking on losses of more than 1.5%. The buyers may have been sitting on the sideline waiting to see how the earnings season begins tonight when Alcoa (AA) reports... ECONOMIC EVENTS: In the U.S., the NFIB small business optimism index fell to 92.5 in March. Wholesale inventories rose 0.9% in February, versus analysts' expectations for an increase of 0.5%. In China, an unexpected $5.35B trade surplus was reported for March, as imports rose 5.3% and exports increased 8.9% from a year ago. In Europe, the yield on Spanish 10-year bonds rose to nearly 6% despite the government's plans for additional budget cuts and local media reports in Italy pointed toward its government cutting its 2012 growth forecasts... COMPANY NEWS: Best Buy (BBY) said it came to "a mutual agreement" with CEO Brian Dunn that new leadership was needed, prompting Dunn to resign. Shares initially spiked on the news, then reversed to close down $1.33, or 5.87%, to $21.32... Sony (SNE) cut its outlook for the fourth time in less than a year, more than doubling its projected annual loss to $6.4B. The warning sent its stock tumbling $1.86, or 9.25%, to $18.24... Shares of a number of European banks fell with fears about the debt crisis in Europe coming back to the forefront. Unicredit (UNCFF) sank 6.82%, Banco Santander (STD) dropped 3.85%, Deutsche Bank (DB) declined 3.29%, and Barclays (BCS) slid 5.31%... MAJOR MOVERS: Among the notable gainers were X-Rite Incorporated (XRIT), up $1.54, or 38.50%, to $5.54, on news Danaher (DHR) will acquire the company for $5.55 per share, and Jaguar Mining (JAG), up 57c, or 14.11%, to $4.61, on speculation of a takeover bid after shares of China Shandong Gold, which had previously tried to buy the miner, were halted for trading overseas. Noteworthy losers included ViroPharma (VPHM), down $6.17, or 21.57%, to $22.44, after the FTC opened an investigation into the company and several competitors launched generic versions of its Vancocin drug, and Optimer Pharmaceuticals (OPTR), down $1.37, or 9.99%, to $12.35, following a warning that Q1 revenue will miss consensus... INDICES: The Dow fell 213.66, or 1.65%, to 12,715.93; the Nasdaq dropped 55.86, or 1.83%, to 2,991.22; and the S&P 500 lost 23.61, or 1.71%, to 1,358.59.
News For BBY;SNE;UNCFF;STD;DB;BCS;XRIT;DHR;JAG;VPHM;OPTR From The Last 14 Days
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November 19, 2014
07:37 EDTBCSCitigroup to hold a conference
Global Financial Conference is being held in Singapore on November 19-20.
07:26 EDTBBYBest Buy November volatility elevated into Q3 and holiday outlook
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05:58 EDTBBYStocks with implied volatility above IV index mean; BBY SPLS
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November 18, 2014
15:02 EDTBBYBest Buy management to meet with Jefferies
Meeting to be held in Boston on November 25 hosted by Jefferies.
15:01 EDTBBYBest Buy management to meet with B. Riley
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10:34 EDTSNESony climbs after setting long-term targets for movie unit
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09:56 EDTSNEOn The Fly: Analyst Upgrade Summary
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07:40 EDTDBDeutsche Bank to exit most individual company CDS trading, Bloomberg reports
A Deutsche Bank spokeswoman confirmed the bank will stop trading most credit-default swaps tied to individual companies, citing the higher costs from new banking regulations, reported Bloomberg, which noted that the bank plans to maintain trading in the more active market for credit swaps tied to benchmark indexes. Reference Link
07:00 EDTDBDeutsche Bank looking to sell further AT1 bonds, Reuters reports
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06:40 EDTSNESony looking to boost movie entertainment revenue, Reuters reports
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06:39 EDTSNESony to re-evaluate support for free online music, WSJ says
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06:34 EDTBCS, DBDraghi sees positive signs in euro zone, NY Times reports
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06:30 EDTSNESony upgraded to Buy from Hold at Deutsche Bank
Deutsche Bank upgraded Sony to Buy after the company gave Pictures and Music sales targets for FY17 saying it had undervalued management's strategic initiatives.
06:28 EDTSNESony targets FY17 Pictures sales $10B-$11B, Music sales $4.8B-$5.2B
Sony announced its financial targets for the Pictures and Music segments for the fiscal year ending March 31, 2018. For Pictures, Sony targets FY17 sales of $10B-$11B and operating income margin of 7%-8%. For Music, Sony targets FY14 sales of $4.8B-$5.2B and operating margin income 10.5%-11.5%. Sony also announced that it has increased its $250M in targeted overhead and procurement savings in its Pictures segment that it announced in November 2013, by $50 for a total of $300M. Sony expects the annualized savings to be fully implemented by the end of the fiscal year ending March 31, 2016. For FY15, Sony targets Pictures sales of $8.1B and Music sales of $4.8B.
November 17, 2014
15:45 EDTBBYBest Buy remains a top pick for the holiday season at BofA/Merrill
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10:02 EDTSNEOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: CyrusOne (CONE) upgraded to Buy from Hold at Stifel... MGIC Investment (MTG) upgraded to Conviction Buy from Buy at Goldman... NuVasive (NUVA) upgraded to Outperform from Market Perform at Wells Fargo... Phillips 66 (PSX) upgraded to Outperform from Neutral at Credit Suisse... Pinnacle Foods (PF) upgraded to Buy from Hold at Deutsche Bank... Rayonier (RYN) upgraded to Outperform from Sector Perform at RBC Capital.. Thoratec (THOR) upgraded to Outperform from Market Perform at Wells Fargo... Volcano (VOLC) upgraded to Outperform from Neutral at Credit Suisse... Progressive Waste (BIN) upgraded to Neutral from Underperform at Macquarie... Clean Harbors (CLH) upgraded to Outperform from Neutral at Wedbush... McGraw Hill Financial (MHFI) upgraded to Buy from Hold at Benchmark Co... Chesapeake (CHK) upgraded to Outperform from Market Perform at Bernstein... American Science & Engineering (ASEI) upgraded to Fair Value from Sell at CRT Capital... Sony (SNE) upgraded to Overweight from Equal Weight at Morgan Stanley.
07:39 EDTBBYBest Buy price target raised to $42 from $35 at Stifel
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07:12 EDTBCSBloomberg / Mayer Brown to co-host a conference
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07:05 EDTBBYBest Buy price target raised to $40 from $36 at RBC Capital
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November 16, 2014
19:58 EDTSNEJapan's GDP contracts 1.6% in third quarter, WSJ says
Japan's economy has slumped into a recession in the third quarter as a sales tax increase resulted in firms cutting inventory and capital investment, says the Wall Street Journal. According to the Wall Street Journal report, Japan's real GDP in Q3 retreated 1.6% on an annualized basis against a median forecast for a 2.25% expansion. The setback in the country's growth will likely result in Prime Minster Shinzo Abe postponing a second sales tax increase, added the Wall Street Journal. Reference Link
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