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Stock Market & Financial Investment News

News Breaks
June 26, 2014
16:23 EDTAUXL, RDEN, BABA, MEI, YHOO, BCS, QLTI, IRM, GPROOn 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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December 8, 2014
07:32 EDTGPRORaymond James to hold a conference
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07:28 EDTGPROFBN Securities to hold a bus tour
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06:54 EDTBABAMobile payments way up at Alipay, Reuters reports
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06:21 EDTBCSDeadline for Petsmart bidders extended as lenders put on leash, NY Post reports
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December 5, 2014
16:36 EDTYHOOOn The Fly: Closing Wrap
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13:56 EDTIRMIron Mountain management to meet with Piper Jaffray
Meetings to be held in New York December 10-11 hosted by Piper Jaffray.
12:50 EDTYHOOOn The Fly: Midday Wrap
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11:12 EDTGPROAmbarella retreats despite better than expected results
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10:59 EDTGPROStocks with call strike movement; SDRL GPRO
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10:20 EDTBABA, YHOOYahoo rises, Google falls after BofA changes ratings on both
Shares of Yahoo (YHOO) are rising and Google's (GOOG, GOOGL) stock is falling after Bank of America Merrill Lynch upgraded Yahoo and downgraded Google. WHAT'S NEW: Bank of America analyst Justin Post upgraded his rating on Yahoo to Buy from Neutral. Post said he had previously not expected to obtain information about Yahoo's strategy for avoiding taxes on the sale of its stake in Chinese e-commerce giant Alibaba (BABA) at least until well into 2015. However, Yahoo's CFO recently stated that the company continued to be optimistic that it would be able to cut its tax bill and added that the company would divulge its plans for doing so during its next earnings conference call. Yahoo's next earnings conference call is expected to take place by the end of next month, Post noted. He set a $62 price target on Yahoo shares. Meanwhile, Post downgraded Google to Neutral from Buy. The analyst thinks the company is facing several headwinds, including the maturity of its search business, a lack of products that can provide catalysts, and margin pressures as it invests in competitive businesses. As a result of these headwinds, Google's results are likely to be below expectations, Post believes. Meanwhile, the company is also facing increased regulatory risk, particularly in the EU, and increased competition from Facebook (FB) and other social networks. He trimmed his price target on Google to $580 from $600. PRICE ACTION: In early trading, Yahoo climbed 1% to $50.94, while Google class A shares declined 1.5% to $534.33.
10:00 EDTYHOOOn The Fly: Analyst Upgrade Summary
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09:37 EDTBABAHedgeye recirculates Alibaba bear case note, schedules call
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09:36 EDTYHOOActive equity options trading
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08:55 EDTYHOOYahoo seen overtaking Twitter in U.S. mobile ad market share, WSJ reports
Research firm eMarketer predicts Google (GOOG, GOOGL) and Facebook (FB) will account for about 35% and 17%, respectively, of the U.S. mobile ad market in 2015, but the firm also expects Yahoo (YHOO) will edge past Twitter (TWTR) in terms of mobile ad revenue, with projected market shares of 3.74% and 3.69%, respectively, reported The Wall Street Journal. Reference Link
07:43 EDTYHOOFollow-up: Yahoo upgraded at BofA/Merrill
As previously reported, BofA/Merrill upgraded Yahoo (YHOO) to Buy from Neutral. The firm upgraded shares based on increased optimism for a Alibaba (BABA) tax solution and a slight improvement in the core business outlook. Price target raised to $62 from $55.
07:28 EDTYHOOYahoo upgraded to Buy from Neutral at BofA/Merrill
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07:04 EDTQLTIQLT Inc. announces results from QLT091001 Phase 2a clinical trial
QLT Inc. announced results from its multi-center, Phase 2a clinical trial of repeated treatments of oral QLT091001 in adult subjects with early age-related macular degeneration, or AMD, and impaired dark adaptation and/or impaired low luminance vision. The Company previously announced positive results from its Phase 1b clinical trials for QLT091001 in subjects with the rare inherited retinal degenerative diseases, Leber Congenital Amaurosis, or LCA, and Retinitis Pigmentosa, or RP. In this Phase 2a trial, oral doses of QLT091001 dosed once per week for 3 consecutive weeks with one additional dose the day after the third dose, showed trends in improvement in dark adaptation rate and in glare recovery time relative to placebo. QLT091001 treatment had an acceptable safety profile and was well-tolerated. David Saperstein, MD, QLT's Chief Medical Advisor, stated, "Dark adaptation and glare recovery in elderly patients, especially in patients with AMD, are a growing problem in our aging population. The trend towards rapid improved dark adaptation and glare recovery times in this small placebo-controlled trial is encouraging. This study represents the first clinical trial with QLT091001 outside of rare orphan disease indications. These encouraging proof of concept results warrant further research aimed at refining the dosing, and endpoint evaluation to further establish the clinical significance of these findings."
06:43 EDTGPROAmbarella results suggest GoPro estimates conservative, says Piper Jaffray
Piper Jaffray believes the "strong" results and outlook from Ambarella (AMBA), a supplier of video compression and image processing semiconductors used in HERO devices, suggest consensus estimates for GoPro's (GPRO) next two quarters are conservative. Piper has a Neutral rating on GoPro with a $90 price target.
December 4, 2014
15:45 EDTGPROGoPro January volatility elevated at 67
GoPro November weekly call option implied volatility is at 84, December is at 56, January is at 67, Februatuy is at 63; compared to its 16-week average of 56 according to Track Data, suggesting large near term price movement.
11:38 EDTGPROStocks with call strike movement; RIG GPRO
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