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Stock Market & Financial Investment News

News Breaks
June 12, 2013
10:14 EDTBIIB, WAB, USB, SNX, PRU, ORIG, MERC, MPLX, LM, KGC, KS, FIATY, DF, WFCOn the Fly: Downgrade Summary
Biogen (BIIB) downgraded to Neutral from Buy at Citigroup… Dean Foods (DF) downgraded to Market Perform from Outperform at Bernstein… Fiat (FIATY) downgraded to Neutral from Buy at UBS… KapStone (KS) downgraded to Hold from Buy at Deutsche Bank… Kinross Gold (KGC) downgraded to Market Perform from Outperform at Cowen… Legg Mason (LM) downgraded to Sell from Neutral at Goldman… MPLX (MPLX) downgraded to Neutral from Buy at BofA/Merrill… Mercer (MERC) downgraded to Sector Underperformer from Sector Performer at CIBC… Ocean Rig UDW (ORIG) downgraded to Neutral from Outperform at Credit Suisse… Prudential (PRU) downgraded to Outperform from Top Pick at RBC Capital… SYNNEX (SNX) downgraded to Market Perform from Outperform at Raymond James… U.S. Bancorp (USB) downgraded to Underweight from Neutral at Atlantic Equities… Wabtec (WAB) downgraded to Market Perform from Outperform at Raymond James… Wells Fargo (WFC) downgraded to Underweight from Neutral at Atlantic Equities.
News For BIIB;DF;FIATY;KS;KGC;LM;MPLX;MERC;ORIG;PRU;SNX;USB;WAB;WFC From The Last 14 Days
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April 10, 2014
06:32 EDTFIATYAutomakers have recalled nearly 15M vehicles since start of year, WSJ reports
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April 9, 2014
06:35 EDTUSB, WFCRegulators increase leverage ratio requirement for large banks, NY Times says
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06:27 EDTWFC, USBBig banks must add capital to comply with new rules, WSJ reports
A of January 1, 2018, the U.S.'s eight largest banks -- including Citigroup (C), JPMorgan (JPM) and Goldman Sachs (GS) -- must add up to $68B in extra capital to comply with a new rule intended to help firms weather losses during periods of market stress, the Wall Street Journal. The banks will be required to maintain well above the minimum levels of capital held against assets on their books. Banks must report the new levels next year. Reference Link
April 8, 2014
07:22 EDTBIIBCaSA-ISPE to hold a conference
21st Annual Lilfe Sciences Technology Conference is being held in Raleigh, North Carolina on April 8.
April 7, 2014
19:57 EDTWFC, USBFederal Reserve announces extension on some CLOs
The Federal Reserve Board announced that it intends to exercise its authority to give banking entities two additional one-year extensions to conform their ownership interests in and sponsorship of certain collateralized loan obligations, or CLOs, covered by section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly referred to as the Volcker rule. Section 619 of the Dodd-Frank Act directed the board to adopt rules for the conformance period and the board previously extended the conformance period for all activities and investments by one year to July 21, 2015. To ensure effective compliance, the board intends to grant banking entities two additional one-year extensions, which together would extend until July 21, 2017, to conform their ownership interests in and sponsorship of CLOs to the statute. Publicly traded companies that may be impacted by the announcement include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
April 4, 2014
16:30 EDTSNXOn The Fly: Closing Wrap
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12:09 EDTSNXOn The Fly: Midday Wrap
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10:25 EDTSNXSYNNEX soars to 52-week high after results, guidance top estimates
Shares of business process services company SYNNEX (SNX) are rallying after the company’s first quarter results and second quarter outlook topped analysts’ consensus estimates. WHAT'S NEW: Last night, SYNNEX reported Q1 adjusted earnings per share of $1.25 and revenue of $3.03B, against consensus views of 94c and $2.77B, respectively. The company forecast Q2 adjusted EPS of $1.34-$1.38, easily surpassing the consensus of $1.14. Q2 revenue was seen at $3.1B-$3.2B, compared to the consensus of $3.01B. “We believe the strength we have recently experienced in IT demand will continue in our second quarter,” stated Kevin Murai, President and CEO of SYNNEX. “We are on track with our integration of the combined Concentrix business and expect to close the IBM customer care acquisition in the remaining countries in the coming months.” ANALYST REACTION: This morning, research firm Brean Capital raised its price target on SYNNEX to $85 from $72 following the company’s results and guidance. The firm cited solid demand in the core distribution business complemented by impressive growth in the Concentrix business. Shares were Buy rated. PRICE ACTION: In morning trading, SYNNEX soared $14.36, or about 23%, to $76.78 on heavy trading volume. Earlier in the session, the stock hit a fresh 52-week high of $77.98. Including today’s advance, the stock has gained approximately 117% over the past twelve months. OTHERS TO WATCH: Others in the business process services industry include Ingram Micro (IM) and Tech Data (TECD).
09:13 EDTSNXOn The Fly: Pre-market Movers
HIGHER: Mylan (MYL), up 6.8% after report of desire to buy Swedish rival Meda, which confirmed it had been in talks with Mylan but rejected the company's takeover offer. Shares of Mylan were also upgraded to Buy this morning at Citigroup... Mercury Systems (MRCY), up 8.8% after Reuters said Boeing (BA) is considering a takeover bid of the supplier..Micron (MU), up 3% after reporting earnings and revenue that topped expectations... Align (ALGN), up 6% after winning patent case against ClearCorrect... GameStop (GME), up 2.8% following upgrade at BofA Merrill Lynch... Potbelly (PBPB), up 4.6% after upgrade at William Blair.... SYNNEX (SNX), up 18.5% after earnings report. LOWER: CarMax (KMX), down 3.3% after reporting earnings and revenue that fell below expectations... Halozyme (HALO), down 33% after announcing temporary halt of Phase 2 trial enrollment for PEGPH20... Ocean Power (OPTT), down 15% after 3.8M share Spot Secondary priced at $3.10.
09:00 EDTSNXIngram Micro price target raised to $40 from $31 at Brean Capital
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09:00 EDTSNXSYNNEX rises 18.6%
SYNNEX is up 18.6%, or $11.58, to $74.00
07:38 EDTFIATYGM ups truck discounts in April, Reuters says
GM (GM) again increased discounts on its full-size Chevrolet Silverado pickups after being outsold in March by Chrysler's Ram 1500, according to Reuters, citing GM's details of the discount on the company's consumer website. Chrysler is a unit of Fiat (FIATY). Reference Link
07:34 EDTSNXSYNNEX price target raised to $85 from $72 at Brean Capital
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07:18 EDTWFCWells Fargo April volatility elevated at 19 into Q1 and outlook
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05:42 EDTFIATYFiat upgraded to Buy from Neutral at UBS
April 3, 2014
18:56 EDTSNXOn The Fly: After Hours Movers
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16:08 EDTSNXSYNNEX sees Q2 adjusted EPS $1.34-$1.38, consensus $1.14
Sees Q2 revenue $3.1B-$3.2B, consensus $3.01B. “We believe the strength we have recently experienced in IT demand will continue in our second quarter,” stated Kevin Murai, President and CEO of SYNNEX Corporation. “We are on track with our integration of the combined Concentrix business and expect to close the IBM customer care acquisition in the remaining countries in the coming months.”
16:06 EDTSNXSYNNEX reports Q1 adjusted EPS $1.25, consensus 94c
Reports Q1 revenue $3.03B, consensus $2.77B.
10:00 EDTUSBOn The Fly: Analyst Downgrade Summary
BB&T (BBT) downgraded to Outperform from Strong Buy at Raymond James... Broadcom (BRCM) downgraded to Neutral from Overweight at Piper Jaffray... CF Industries (CF) downgraded to Neutral from Buy at Citigroup... CSX (CSX) downgraded to Equalweight from Overweight at Barclays... Cheniere Energy (LNG) downgraded to Neutral from Outperform at Credit Suisse... Citigroup (C) downgraded to Neutral from Buy at Sterne Agee... Deutsche Bank (DB) downgraded to Neutral from Overweight at JPMorgan... G&K Services (GK) downgraded to Neutral from Outperform at RW Baird... Marcus (MCS) downgraded to Neutral from Buy at B. Riley... National Retail Properties (NNN) downgraded to Sell from Neutral at UBS... Norfolk Southern (NSC) downgraded to Neutral from Overweight at Atlantic Equities... Orion Energy (OESX) downgraded to Hold from Buy at Ascendiant... VIVUS (VVUS) downgraded to Underweight from Neutral at Piper Jaffray... Liquidity Services (LQDT) downgraded to Neutral from Outperform at RW Baird... Shaw Communications (SJR) downgraded to Sector Performer from Outperformer at CIBC... USG (USG) downgraded to Neutral from Outperform at Macquarie... Level 3 (LVLT) downgraded to Hold from Buy at Gabelli... U.S. Bancorp (USB) downgraded to Neutral from Conviction Buy at Goldman... Extra Space Storage (EXR) downgraded to Buy from Conviction Buy at Goldman... First Republic Bank (FRC) downgraded to Buy from Conviction Buy at Goldman... TELUS (TU) downgraded to Neutral from Outperform at Macquarie.
07:45 EDTUSBU.S. Bancorp downgraded to Neutral from Conviction Buy at Goldman
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