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Stock Market & Financial Investment News

News Breaks
June 26, 2014
16:23 EDTBCS, BABA, GPRO, YHOO, RDEN, IRM, MEI, AUXL, QLTIOn The Fly: Closing Wrap
Stocks on Wall Street opened in negative territory and proceeded to spend the entire session there. The early move lower had pushed the Dow to a triple digit loss about an hour into trading, but the market then spent the rest of the day trying to get back to positive territory and fell just short of doing so. ECONOMIC EVENTS: In the U.S., initial jobless claims in the third week of June came in at 312k, which was a hair above the 310K forecast. Personal income rose 0.4% in May, matching expectations, but consumer spending grew only 0.2%, missing the forecast for 0.4% growth. COMPANY NEWS: Shares of Barclays (BCS) trading in New York fell $1.16, or 7.38%, to $14.55 after New York's Attorney General announced a lawsuit against the bank arising from the operation of its dark pool and other aspects of its electronic trading division. Bloomberg, citing people with knowledge of the matter, said some money managers are telling brokers not to send orders to Barclays LX venue after NY AG Eric Schneiderman accused the venue of misleading clients about high-frequency trading... Action camera maker GoPro (GPRO) made its stock market debut and rose $7.34, or 30.58%, to close at $31.34 after its initial public offering priced at $24 per share... China's Alibaba (BABA), in which Yahoo (YHOO) holds a significant stake, confirmed it will apply for listing on the New York Stock Exchange under the symbol “BABA.” MAJOR MOVERS: Among the notable gainers was Iron Mountain (IRM), which gained $5.97, or 20.05%, to $35.74 after its board of directors approved the company’s conversion to a real estate investment trust, or REIT, following the receipt of favorable private letter rulings from the IRS. Also higher was Methode Electronics (MEI), which rose $4.66, or 14.11%, to $37.68 after its Q4 sales and its revenue outlook for the new fiscal year beat estimates. Among the noteworthy losers was Elizabeth Arden (RDEN), which fell $4.59, or 17.0%, to $22.41 after Reuters reported that South Korea's LG Household disclosed that it is no longer considering a takeover of the U.S. cosmetics company. Also lower was Auxilium (AUXL), which fell 54c, or 2.54%, to $20.69 after agreeing to merge with QLT Inc (QLTI). Auxilium shares were up more than 16% near noon but continued to move lower during the afternoon to eventually close in the red, with analysts at Brean Capital saying that the deal suggests that no company was interested in buying "old" Auxilium prior to it reaching this agreement. INDEXES: The Dow slid 21.38, or 0.13%, to 16,846.13, the Nasdaq dropped 0.71, or 0.02%, to 4,379.05, and the S&P 500 slipped 2.31, or 0.12%, to 1,957.22.
News For BCS;BABA;GPRO;YHOO;RDEN;IRM;MEI;AUXL;QLTI From The Last 14 Days
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September 5, 2014
06:22 EDTBCSUBS, Barclays postpone hiring due to stricter background checks, Bloomberg says
UBS (UBS) and Barclays (BCS) have decreased their job opportunities and postponed start dates in response to some banks strengthening background examinations, after past offenses increased the need for more investigative research on the behavior of individuals, according to Bloomberg, citing three people with knowledge of the situation. Reference Link
06:01 EDTYHOOStocks with implied volatility top IV index mean; AMD YHOO
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September 4, 2014
14:19 EDTGPROGoPro slides following downgrade, levels to watch
Shares are down over 5% at time of writing at $54. At that price, next support is at $53.23, the low of the day, and then at $52.19. Resistance is at $55.52. JPMorgan downgraded the shares earlier today to Neutral with a $51 price target.
12:34 EDTMEIOn The Fly: Midday Wrap
Stocks on Wall Street began the session in positive territory after the ECB lowered its benchmark interest rate and took additional measures in an attempt to stimulate the region’s economy. The averages had some early momentum, but found a level about an hour into trading around which they have since traded in a narrow range. ECONOMIC EVENTS: In the U.S., payroll provider ADP estimated private sector employment increased by 204K jobs in August, which was below the consensus forecast for 215K private sector jobs to have been added. Initial jobless claims rose 4K to 302K in the week ended August 30, which was close to the 300K estimate. The trade deficit narrowed slightly to $40.5B in July, beating expectations for a deficit of $42.5B. Second quarter nonfarm productivity growth was revised lower to 2.3% versus the 2.5% pace reported initially. Unit labor costs were revised down to a decrease of 0.1% from a rise of 0.6% estimated previously. Markit's services PMI for August came in at 59.5, versus a consensus forecast of 58.5. ISM's non-manufacturing PMI for August had a reading of 59.6, easily topping the 57.7 consensus estimate. In Europe, the European Central Bank unexpectedly cut the rate at which it issues short-term loans to banks to 0.05% from 0.15% and lowered its growth forecasts for 2014 and 2015. The ECB also announced plans to buy asset-backed securities, which the central bank's president Mario Draghi said will have a “sizable” impact on its balance sheet without providing further details on the size of the planned purchases. COMPANY NEWS: Shares of oil major BP (BP) trading in New York fell about 6% after a federal judge ruled that the company acted with "gross negligence" in causing the Gulf of Mexico spill in 2010 that was the biggest offshore oil spill in U.S. history. U.S. District Judge Carl Barbier, who held a trial without a jury over who was at fault, also found Transocean (RIG) and Halliburton (HAL) "negligent," but rested much more of the blame on BP, with 67% of the liability assigned to BP, 30% to Transocean and 3% to Halliburton. Afterward, BP said it "strongly disagrees" with the decision and will immediately appeal. MAJOR MOVERS: Among the notable gainers following their earnings reports were Mattress Firm (MFRM), which rose 12%, and Methode Electronics (MEI), which gained 16%. Also higher was Bolt Technology (BOLT), which surged 36% after the company agreed to be acquired by Teledyne Technologies (TDY) for $22.00 per share in cash. Shares of Teledyne advanced nearly 2% following last night's deal announcement. Among the noteworthy losers was Matrix Service (MTRX), which dropped 21% after its earnings for the just completed quarter and its profit forecast for its new fiscal year fell short of analysts' expectations. Also lower following their earnings reports were Ciena (CIEN), which fell over 7%, and Shoe Carnival (SCVL), which dropped more than 10%. INDEXES: Near midday, the Dow was up 43.83, or 0.26%, to 17,122.11, the Nasdaq was up 15.15, or 0.33%, to 4,587.71, and the S&P 500 was up 5.23, or 0.26%, to 2,005.95.
11:35 EDTYHOOStocks with call strike movement; CLF YHOO
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10:29 EDTGPROOn The Fly: Analyst Downgrade Summary
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10:00 EDTGPROGoPro slips after JPMorgan cuts rating citing valuation
Shares of GoPro (GPRO) are falling after JPMorgan downgraded the stock to Neutral from Overweight based on valuation concerns. GoPro develops mountable and wearable cameras. WHAT'S NEW: GoPro has risen 137% from its IPO price of $24 and the stock should not be bought at current levels, JPMorgan analyst Paul Coster wrote in a note to investors. However, the analyst continues to believe that GoPro remains dominant in the action camera sector and he says that it could launch new cameras ahead of the holiday season. Consequently, Coster does not recommend that investors sell shares of the stock, as he believes that the shares are as likely to go up as they are to go down. He kept a $51 price target on the stock. WHAT'S NOTABLE: Coster believes that GoPro's stock may have risen recently partly on speculation that the company could benefit from the growing push for police officers to use wearable cameras. After speaking with GoPro's CFO, however, the analyst thinks that GoPro's opportunity in this area is "quite modest." A number of other companies that provide cameras and related services to police forces have moved higher in recent trading, including Digital Ally (DGLY) and TASER (TASR). PRICE ACTION: In early trading, GoPro fell $1.10, or 2%, to $55.76.
09:06 EDTMEI, GPROOn The Fly: Pre-market Movers
UP AFTER EARNINGS: PVH Corp. (PVH), up 9%... Verifone (PAY), up 3.8%... Methode Electronics (MEI), up 13%... Bazaarvoice (BV), up 9%. ALSO HIGHER: Bolt Technology (BOLT), up 35.7% after Teledyne (TDY) agrees to acquire the company for $22 per share in cash... Mitek Systems (MITK), up 58% after USAA lawsuit settlement... Tibco Software (TIBX), up 7% after announcing that it is reviewing strategic alternatives... Stereotaxis (STXS), up 22% after receiving FDA clearance for Vdrive with V-Loop system... NewLink (NLNK), up 3.4% after reporting FDA approval for Phase 1 clinical studies of Ebola vaccine. DOWN AFTER EARNINGS: Ciena (CIEN), down 3%... Joy Global (JOY), down 1%... Matrix Service (MTRX), down 11%... Mobileye (MBLY), down 1.3%. ALSO LOWER: Yum! Brands (YUM), down 2.8% after updating third quarter China division same-store sales guidance... 3D Systems (DDD), down 2.9% after downgraded at Pacific Crest... GoPro (GPRO), down 3.5% after downgraded at JPMorgan... Shanda Games (GAME), down 4% after announcing reconstitution of special committee.
08:33 EDTIRMIron Mountain to provide data center colocation services for First Marblehead
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06:34 EDTMEIMethode Electronics raises FY15 EPS view to $2.10-$2.20, consensus $1.97
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06:32 EDTMEIMethode Electronics reports Q1 EPS 55c, consensus 40c
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06:19 EDTGPROGoPro downgraded to Neutral from Overweight at JPMorgan
JPMorgan downgraded GoPro to Neutral citing valuation following the recent rally in shares. The firm has a $51 price target for the stock, which closed yesterday up 5% to $56.86.
06:10 EDTYHOO, BABAGoldman overseeing early share trading in Alibaba IPO, Reuters says
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06:08 EDTYHOOStocks with implied volatility top IV index mean; CHL YHOO
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September 3, 2014
15:29 EDTMEINotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Joy Global (JOY), consensus 84c; VeriFone Systems (PAY), consensus 35c; Ciena (CIEN), consensus 29c; Mattress Firm (MFRM), consensus 60c; Methode Electronics (MEI), consensus 40c; UTi Worldwide (UTIW), consensus 1c.
12:19 EDTGPROOptions with increasing implied volatility
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11:40 EDTYHOOYahoo volatility elevated into Alibaba offering
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10:46 EDTBCSHigh option volume stocks
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10:28 EDTYHOOYahoo CFO: We have a high bar when it comes to acquisitions
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05:55 EDTYHOOStocks with implied volatility above IV index mean; AMD YHOO
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