New User:

Forgot your password?

Stock Market & Financial Investment News

News Breaks
June 26, 2014
16:23 EDTQLTI, IRM, GPRO, AUXL, RDEN, BABA, MEI, YHOO, BCSOn 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.
Sign up for a free trial to see the rest of the stories you've been missing.
1 | 2 | 3 | 4 >>
September 28, 2015
06:20 EDTBCSCOMCO probing UBS, Julius Baer for metals market price fixing, AFP reports
Subscribe for More Information
September 25, 2015
16:35 EDTGPROStocks end week lower as biotechs sink, Volkswagen crashes
Stocks ended the week lower after concerns about drug prices were reignited, sinking biotech stocks, an emissions scandal engulfed Volkswagen (VLKAY), dragging down shares of automakers and their suppliers, and Caterpillar (CAT) announced that it may eliminate as many as 10,000 jobs in the next three years as commodity prices continue to slump. MACRO NEWS: Following the Federal Reserve's decision last week to wait before raising rates, the central bank made a concerted effort to give the market more clarity this week. Over last weekend, three Federal Reserve officials - San Francisco Fed President John Williams, St. Louis Fed President James Bullard and Richmond Fed President Jeffrey Lacker - all argued that an interest-rate increase is still warranted this year. Then, on Thursday night, Fed Chair Janet Yellen said during a speech at UMass Amherst that the central bank remains inclined to hike rates this year. Yellen's remarks were incrementally hawkish, but welcomed by the market, since they helped clarify the message the Fed delivered a week ago... In the U.S., Markit's flash manufacturing purchasing manager's index was flat at 53.0 in September, which was slightly better than the expectation for it to dip to 52.8. Durable goods orders for August declined 2.0%, versus expectations for a drop of 2.3%. When transportation items were removed, the core reading was breakeven, versus expectations for a rise of 0.1%. The third estimate of second quarter GDP showed the economy grew 3.9% quarter-over-quarter, versus expectations for the GDP growth estimate to stay at 3.7%. Personal consumption in Q2 is now believed to have grown 3.6%, up from the prior estimate of 3.1%. The final University of Michigan consumer sentiment reading for September came in at 87.2, which was down from August's 91.9 but above the expected 86.2 reading... The Asian Development Bank cut its growth forecast for the region, citing a weaker outlook for China and India and a delayed recovery in the world's advanced economies. The bank now sees the Chinese economy growing 6.8% this year and 6.7% next year, down from its previous forecasts of 7.2% and 7%, respectively. Markit's flash manufacturing PMI for China fell to 47.0 in September from 47.3 last month. Meanwhile, Japanese Prime Minister Shinzo Abe unveiled new economic targets, including a goal for a 20% increase in the target size of the Japanese economy to 600T yen, though he gave no timeframe for achieving this aspiration... In Europe, Markit's composite PMI for the eurozone came in at 53.9 in the first look for September, down from 54.3 in August and below expectations for a reading of 54.1. COMPANY NEWS: Biotech stocks declined after privately-held Turing Pharmaceuticals made headlines by enacting a 5,000% price increase on its treatment for toxoplasmosis, reigniting a debate around drug prices that previously embroiled costly Hepatitis C drugs including AbbVie's (ABBV) Viekira Pak and Gilead's (GILD) Sovaldi and Harvoni. Presidential candidate Hillary Clinton sent the debate to center stage by criticizing the "outrageous" prices of specialty drugs and laying out a plan to tackle "price gouging" in the specialty drug market. The NASDAQ Biotechnology index fell roughly xxx% for the week amid the attention paid to Turing's drug and Clinton's response... Volkswagen (VLKAY) shares trading in New York fell sharply to begin the week and ended the week far from where they'd been last Friday before the EPA said it found manipulations that violate U.S. environmental standards while testing certain of the automaker's diesel cars. The EPA said Volkswagen may face civil penalties of $37,500 for each vehicle not in compliance with federal clean air rules, which could total as much as $18B, according to Reuters. In the wake of the scandal, Chief Executive Officer Martin Winterkorn resigned, with the company's supervisory board subsequently praising the decision and selecting Matthias Mueller, the former head of Porsche (POAHY), as Winterkorn's successor as the company's new CEO... Caterpillar (CAT) shares dropped after the heavy machinery maker announced plans for job cuts and lowered its revenue guidance for this year and next. Caterpillar said that it would lay off 4,000-5,000 of its employees between now and the end of 2016 and could lay off up to 10,000 employees by 2018. Caterpillar cut its fiscal year 2015 revenue forecast by $1B and said its sees its fiscal year 2016 revenue to be 5% below this year, adding that it expects revenue declines in all three large segments next year... Online and mobile deal provider Groupon (GRPN) said it plans to cut 1,100 jobs relating primarily to the company's international operations... Nike jumped after the athletic gear giant reported better than expected earnings and futures orders, prompting numerous price target hikes and at least one upgrade at Street research firms. Among other companies reporting earnings this week, BlackBerry (BBRY), ConAgra (CAG), Carnival (CCL), and CarMax (KMX) fell immediately following their quarterly reports... Apple (AAPL), which has previously been reported to be working on an electric car via its "Project Titan," is speeding up those efforts and setting 2019 as a target to ship its first vehicle, according to The Wall Street Journal... Against the backdrop of China's President Xi Jinping visiting the U.S., Boeing (BA) announced deals to sell 300 planes to three Chinese companies and set up an aircraft factory in in the Asian nation, while Cisco (CSCO) announced a partnership with Chinese server maker Inspur Group... Lloyd Blankfein, Goldman Sachs (GS) Chairman and CEO, disclosed that he was diagnosed with lymphoma. "Fortunately, my form of lymphoma is highly curable and my doctors' and my own expectation is that I will be cured," Blankfein stated in an open letter that was shared by the bank... GoPro (GPRO) finished the week about xxx% lower after Barron's contended in a feature article last weekend that the company's stock could plunge another 30% to $25 as Apple, Sony (SNE) and others pressure the company's "one-hit wonder" products... On the M&A front, Atmel (ATML) agreed to be acquired by German chipmaker Dialog Semiconductor in a deal valued at roughly $4.6B and Starwood Waypoint (SWAY) announced a stock-for-stock merger agreement with Colony American Homes. INDEXES: The Dow lost about 0.43% to close at 16,314.67, the S&P 500 fell about 1.35% to close at 1,931.34, and the Nasdaq declined about 2.89% to close at 4,686.50.
11:07 EDTYHOO, BABAStocks with call strike movement; BABA YHOO
Subscribe for More Information
September 24, 2015
16:00 EDTBABAOptions Update; September 24, 2015
Subscribe for More Information
12:37 EDTYHOOYahoo reports total government data requests 15,583 from January 1-June 30
Subscribe for More Information
12:36 EDTBABAAlibaba volatility increases as trend lower
Subscribe for More Information
11:17 EDTBABAStocks with call strike movement; BABA DOW
Alibaba (BABA) December 70 call option implied volatility increased 4% to 40, Dow Chemical (DOW) December 47 call option implied volatility increased 5% to 51 according to iVolatility.
08:52 EDTIRMIron Mountain announces debt offering
Iron Mountain Incorporated announced a proposed private offering of $800M in aggregate principal amount of its Senior Notes due 2020. The Notes will be senior unsecured obligations of the company and will be guaranteed by certain of its subsidiaries. The company intends to use the net proceeds from the offering and borrowings under its revolving credit facility for the redemption of all of its outstanding 6.75% Euro Senior Subordinated Notes due 2018, 7.75% Senior Subordinated Notes due 2019 and 8.375% Senior Subordinated Notes due 2021. The exact terms and timing of the offering will depend upon market conditions and other factors.
06:32 EDTGPRO360-degree video should boost GoPro sales, says JPMorgan
JPMorgan analyst Paul Coster believes GoPro (GPRO) has first-mover advantage in the creation of high-quality, low-cost 360-degree content after being named the exclusive spherical content provider for Facebook's (FB) News Feed. Coster is "still reeling from the experience" of riding yesterday via Facebook with Ronnie Renner across the dunes of Idaho. The launch of 360-degree content on Facebook's News Feed should spur sales of GoPro's hardware and give momentum to the company's media and entertainment initiatives, Coster tells investors in a research note. The analyst keeps an Overweight rating on the action camera maker with a $75 price target. The stock closed yesterday down 67c to $32.64.
September 23, 2015
20:08 EDTBABAChinese president visits U.S. amid cybersecurity, copyright worries
As part of his first official U.S. visit, Chinese president Xi Jinping held a meeting with American business leaders on Wednesday to address concerns of copyright infringement and cybersecurity, among numerous topics. In attendance were corporate giants from both nations, including Microsoft (MSFT), Apple (AAPL), Amazon (AMZN), Cisco (CSCO), Alibaba (BABA), Tencent (TCEHY), and Baidu (BIDU), according to media reports. COPYRIGHT CONCERNS: Responding to oft-cited concerns of copyright infringement by Chinese companies, Xi said China will "stand firm to protect" the intellectual property rights of American companies, according to Wall Street Journal coverage of the event. Note that in late 2014, China began establishing specialized courts to deliberate on intellectual property rights cases, and Xi commented Wednesday that "the newly established IPR courts are working smoothly. This means there will be much stronger IPR protection which will serve the interests of foreign businesses as well as Chinese companies." Chinese consumer electronics company Xiaomi is perhaps the most talked-about firm when it comes to the matter, with media outlets frequently criticizing its alleged "copying" of Apple design sensibilities. In mid-July, Xiaomi VP of global operations Hugo Barra told Bloomberg that the company is preparing to enter U.S. markets, though he cautioned that the launch could be "much more" than a year away as it seeks to build up its patent portfolio. CYBERSECURITY TENSIONS: Wednesday's meeting comes in the wake of numerous high-profile "hack attacks," with Sony (SNE), American Airlines (AAL), Anthem (ANTM), United Airlines (UAL), and Target (TGT) all reporting digital security breaches in recent years. Xi has consistently denied the involvement of state-backed hackers, but tensions have nevertheless arisen as cybersecurity firms such as FireEye (FEYE) and Palo Alto Networks (PANW) backtrace connections to the country. Cybersecurity intrusions originating from China have recently slowed ahead of Xi's visit, according to Reuters, with Kevin Mandia of security firm Mandiant telling the publication, "In my gut, I feel like the Chinese and the U.S. over the next couple of years are going to figure this out."
16:53 EDTBABAAlibaba defends 'huge' e-commerce metrics, Fortune says
Following a Barron's article questioning Alibaba's e-commerce metrics, company spokesperson Bob Christie told Fortune Magazine that "you just can't compare" U.S. and Chinese marketplaces. The spokesperson offered additional color seeking to justify Alibaba's growth numbers, saying China has 668M internet users, which is more than double the entire U.S. population. Additionally, the company registered 367M active users in 2014 who purchased more than one package per week on average, explained the spokesperson. Reference Link
16:00 EDTBABAOptions Update; September 23, 2015
iPath S&P 500 VIX Short-Term Futures down 53c to 23.81 Option volume leaders: AAPL NFLX BAC FB BABA DOW RIG MU FCX PBR XOM JPM
15:27 EDTBABAAlibaba unveils low-priced, payments-focused smartwatch, VentureBeat reports
Alibaba (BABA) has unveiled Pay Watch, a smartwatch to be priced at $160 and lower that supports mobile payments through the company's Alipay platform, said VentureBeat, which notes that there is still no official English-language announcement on the device. Some health features are also being advertised and comparisons to Apple's (AAPL) Watch "seem inevitable," though "certainly not on price," the blog added. Reference Link
13:10 EDTGPROGoPro launches 360-degree videos on Facebook
GoPro (GPRO) announces it is bringing "immersive, spherical videos" to Facebook's (FB) News Feed. Beginning today, people on Facebook can experience GoPro 360-degree video directly through their web browser or Android mobile device, the action camera maker said in a press release. In the coming weeks, GoPro will launch additional 360-degree content on Facebook, it added. Shares of the action camera maker are up 10c to $33.41 in afternoon trading.
11:36 EDTBABAStocks with call strike movement; BABA TSLA
Subscribe for More Information
10:46 EDTMEIMethode Electronics management to meet with B. Riley
Subscribe for More Information
10:44 EDTBABAChinese Internet stock pullback a buying opportunity, CLSA says
Shares of multiple Chinese Internet companies are down again in morning trading amid more weak economic data from the Asian nation. However, research firm CLSA released a note making favorable comments and evaluations of several of the country's largest Internet players amid the economic slowdown. LITTLE IMPACT FROM SLOWDOWN: After 25 Chinese Internet and telecom companies attended CLSA's Investors' Forum, analyst Elinor Leung stated that Internet companies in China reported that they have been little affected by growing weakness in the nation's economy. Leung said that such companies have attributed their successful performance to a high savings rate, which increases consumer spending power, as well as gains in offline market share. Additionally, companies already listed may benefit from a weak A-share market in China, since smaller companies do not have access to financing and the slow market speeds up consolidation, Leung noted. RATINGS CHANGES: CLSA upgraded online travel service provider Ctrip (CTRP) to Buy from Outperform and maintained an $85 price target on its shares, while also raising its rating on Baidu (BIDU) two notches, to Buy from Underperform. Leung, who lowered Baidu's price target to $180 from $225, said the firm's top sector picks in the country are (JD), Alibaba (BABA), Tencent (TCEHY), and Ctrip. The analyst added that Tencent and Ctrip shares are the "most defensive" stocks, while JD and Alibaba could rebound even more after sentiment improves. WHAT'S NOTABLE: Last Thursday, TechInAsia reported that Baidu chief executive officer Robin Li said that the company was weighing the idea of delisting from the Nasdaq (NDAQ) and re-listing on the A-shares market in China. TechInAsia later added that a spokesperson from the Chinese internet giant "downplayed" the potential move, saying that Li's comments referred to an "unlikely hypothetical situation" in which U.S. investors don't recognize the importance of the online-to-offline market. PRICE ACTION: In morning trading, Baidu shares fell 1.4% to $134.21, Ctrip shares were flat near $66.64, shares slid 2% to $25.04 and Alibaba shares declined 2% to $60.69.
09:18 EDTBABAPaulson Institute and CCPIT to co-host U.S.-China Business Roundtable
The Paulson Institute and the China Council for the Promotion of International Trade (CCPIT) provide an opportunity for U.S. and Chinese business leaders to discuss issues facing the two countries in a roundtable being held in Seattle, Washington on September 23.
09:10 EDTGPROGoPro price target lowered to $60 from $76 at Cowen
Cowen lowered its Go Pro price target to $60 from $76, stating that the slower than expected start for the HERO4 Session now look well discounted. The firm also believes competitive concerns are overblown. Cowen reiterated its Outperform rating on GoPro shares.
07:50 EDTBABA, upgraded to Buy from Outperform at CLSA
Subscribe for More Information
1 | 2 | 3 | 4 >>

Sign up for a free trial to see the rest of the stories you've been missing.
I agree to the disclaimer & terms of use