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Stock Market & Financial Investment News

News Breaks
April 3, 2014
12:10 EDTBKS, VVUS, C, LQDT, LMCA, RPM, AMRSOn The Fly: Midday Wrap
Stocks on Wall Street began the session in positive territory, with the Dow notching a new all-time high, but had slid into negative ground at midday. The Nasdaq is the biggest loser, as it is down more than 0.6%, while the Dow and Nasdaq are just slightly below the flat line. ECONOMIC EVENTS: In the U.S., initial jobless claims rose to 326K in the week ended March 29, versus the expected 319K claims. The trade deficit widened to $42.3B in February from a revised $39.3B deficit in January. ISM's non-manufacturing PMI rose 1.5 points to 53.1 in March, though that was a bit below the 53.5 forecast of economists. In Europe, the ECB maintained its current rates despite the ongoing debate over disinflationary forces posing an increasing risk. In Asia, China's State Council announced a stimulus package for new railways and subways, low-income housing and tax breaks for small business, but most of the measures were part of the government's previously communicated annual economic work plan. COMPANY NEWS: Shares of Barnes & Noble (BKS) are declining after Liberty Media (LMCA) announced a deal to reduce its stake in the bookseller. Liberty said it has sold the majority of its shares to institutional buyers and will retain approximately 10% of its initial investment, which has been reported to equate to a roughly 2% stake in Barnes & Noble. B&N Chairman Leonard Riggio said that Liberty’s reduced ownership gives the company greater flexibility to pursue various strategic options, but shares of B&N slid 13% following the announcement... Citigroup (C) shares fell almost 2% after The New York Times said the federal government has started a criminal investigation into alleged fraud involving Citi's Banamex unit in Mexico. Also of note, research firm Sterne Agee downgraded the stock to Neutral, citing the Fed's refusal to approve the bank's capital plan, along with its slowing earnings growth and lack of catalysts, as reasons for the downgrade. MAJOR MOVERS: Among the notable gainers was Amyris (AMRS), which rose 8% after announcing that it is entering into a strain engineering research and development agreement with chemical giant BASF (BASFY). Also higher was chemical, paint, and coating maker RPM (RPM), which gained 4% and hit a fresh 52-week high earlier in the session after the company raised its fiscal 2014 profit outlook. Among the noteworthy losers was Liquidity Services (LQDT), which slid another 12% after the company confirmed it's withdrawal from auction bidding for a U.S. Department of Defense contract and said it will need to reset its adjusted earnings expectations. Also lower were shares of weight-loss drug maker VIVUS (VVUS), which fell nearly 8% following a downgrade to Underweight at Piper Jaffray. INDEXES: Near midday, the Dow was down 16.31, or 0.1%, to 16,556.69, the Nasdaq was down 26.65, or 0.62%, to 4,249.81, and the S&P 500 was down 3.48, or 0.18%, to 1,887.42.
News For BKS;LMCA;C;AMRS;LQDT;VVUS;RPM From The Last 14 Days
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August 3, 2015
06:30 EDTVVUSVIVUS price target lowered to $2.30 from $3 at WallachBeth
WallachBeth analyst Bob Ai lowered his price target for VIVUS for $2.30 after the company announced plans to cut its sales force by one-half, to 50, in order to achieve its new corporate goal of operating cash flow being neutral or positive by the end of 2016. This is not the best move for long-term shareholders, Ai tells investors in a research note. The sales force reduction may result in a significant sales decline, the analyst believes. He keeps a Hold rating on VIVUS.
July 31, 2015
06:40 EDTCU.S. banks prepared to take advantage of Euro lenders' cautions, WSJ says
U.S. banks are preparing to advance in the sector after reporting earnings, with executives touting the gloom coming from their European counterparts as a major opportunity to capitalize on their newfound advantage, the Wall Street Journal reports. On Thursday, Deutsche Bank (DB) CEO John Cryan said that the company must "shrink" its balance sheet, while Barclays (BCS) chairman John McFarlane said that Wall Street lenders are "an enormous threat" to Euro investment banks, the report says. On the other hand, Morgan Stanley (MS) chairman James Gorman said after reporting earnings last week that the company is poised to advanced in the debt trading sector, and that "there's a potential for, over a period of time, share gain for our business," the report says. In addition, Goldman Sachs finance chief Harvey Schwartz said that the company is "seeing potential big restructuring on the European side," the report adds. Publicly traded companies in the European space include Banco Santander (SAN), Barclays (BCS), Credit Suisse (CS), Deutsche Bank (DB), HSBC (HSBC), ING Groep (ING), Lloyds Banking (LYG), RBS (RBS) and UBS (UBS). Publicly traded companies in the U.S. space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
July 30, 2015
19:08 EDTVVUSVIVUS announces restructuring plan, will reduce headcount
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16:02 EDTVVUSVIVUS reports Q2 EPS (19c), consensus (24c)
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July 28, 2015
09:32 EDTCCaterpillar announces $1.5B accelerated stock repurchase
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July 27, 2015
08:05 EDTRPMRPM sees FY16 capital expenditures of $120M
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07:40 EDTRPMRPM says consumer segment getting off to weak start in Q1 due to weather
Results for industrial segment, with 50% of its sales outside of the U.S. will be somewhat weighted to 2H16 due to expected negative impact of foreign exchange translation during 1H16, offset in part by expected continuing solid performance of the SPHC companies.
07:39 EDTRPMRPM sees FY16 Industrial segment sales growth of 8%-10%
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07:38 EDTRPMRPM sees FY16 consumer segment sales up 4%-5%
The company said core consumer business continues to gain market share with new product innovations, but poor weather from the spring has continued into the summer months, dampening first-quarter sales. Expects both top- and bottom-line growth in Synta and Kirker units.
07:37 EDTRPMRPM sees FY16 EPS $2.55, consensus $2.73
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07:36 EDTRPMRPM reports Q4 Industrial segment sales up 14.2% to $878.5M
Reports Q4 Industrial segment organic sales up 6.4%. Reports Q4 Consumer segment sales down 2.5% to $494.7M, organic sales down 1.3%.
07:35 EDTRPMRPM reports Q4 EPS 94c, consensus 84c
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July 24, 2015
17:33 EDTBKSS&P announces changes to S&P 400, 500, and 600 indices
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10:46 EDTCCiti's Mexico unit facing expanding money laundering probe, Bloomberg says
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July 23, 2015
16:57 EDTLQDTLiquidity Services appoints Jorge Celaya as CFO
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July 22, 2015
16:26 EDTCCiti releases results of 2015 Dodd-Frank Stress Test
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12:58 EDTCCiti says to wind down banking operations at Banamex USA
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12:53 EDTCFDIC announces $140M civil penalty against Citi's Banamex USA unit
The FDIC announced the assessment of a civil money penalty of $140M against Banamex USA, Century City, California, for violations of the Bank Secrecy Act and anti-money laundering laws and regulations. In a concurrent action, the California Department of Business Oversight assessed a civil money penalty of $40M. The FDIC's penalty of $140M will be satisfied in part by the CDBO's penalty. The FDIC's penalty will be paid to the United States Department of the Treasury. In taking this action, the FDIC determined that the bank failed to implement an effective BSA/AML Compliance Program over an extended period of time. The institution failed to retain a qualified and knowledgeable BSA officer and sufficient staff, maintain adequate internal controls reasonably designed to detect and report illicit financial transactions and other suspicious activities, provide sufficient BSA training, and conduct effective independent testing.
July 21, 2015
16:14 EDTLQDTLiquidity Services receives three months extension for contract with DLA
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10:58 EDTCCiti fined $70M, ordered by CFPB to provide $700M in relief
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