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Stock Market & Financial Investment News

News Breaks
February 25, 2013
12:29 EDTELN, DVAX, ZNGA, AFFY, BKSOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday as worries about Italy's election dented European markets and the U.S. averages followed suit. Stocks trading in New York began the session moderately higher as the market looked to extend Friday's gains. The market appeared to be on its way to enjoying a positive session but by mid-morning the gains had been pared and the averages turned mixed. The weakness began following reports indicating Silvio Berlusconi's party may win many senate seats, sparking fear that Italy may abandon its austerity plans... ECONOMIC EVENTS: In the U.S., two regional Federal Reserve banks reported data. The Chicago Fed national activity index dropped to -0.32 in January, indicating that economic activity in the month was below average trends. Also, the Dallas Fed's manufacturing index dropped back to 2.2 in February, erasing the 3 point increase to 5.5 in the prior month. In Europe, Italy's markets were volatile as polls indicated that formerly ousted prime minister Silvio Berlusconi is faring better than expected in the nation's general election. In China, HSBC's flash PMI manufacturing index fell to 50.4 in February from 52.3 in January. This was a worse than expected drop, though Lunar New Year may have distorted the February data... COMPANY NEWS: Shares of bookseller Barnes & Noble (BKS) jumped 12% after the company’s founder, largest stockholder and Chairman of the Board Leonard Riggio said he plans to propose to purchase all of the assets of the retail business of the company. The company publicly acknowledged the plan for an offer, which will exclude its NOOK e-reader business, and said it will set up a committee to evaluate its best course of action... MAJOR MOVERS: Among the notable gainers was Zynga (ZNGA), which advanced another 12% after rising about 8% on Friday following Nevada's passage of a bill to legalize online gambling in the state. Also higher were shares of Elan (ELN), which rose over 6% to $11.28 near noon after getting an $11 per share takeover offer from Royalty Pharma. Among the noteworthy losers was Affymax (AFFY), which plunged 85% after the company initiated a safety recall for its anemia drug Omontys and the stock was downgraded by at least four analyst firms. Also lower were shares of Dynavax (DVAX), which fell 30% after the FDA said its investigational adult hepatitis B vaccine cannot be approved without further safety evaluation... INDICES: Near noon, the Dow was down 51.87, or 0.37%, to 13,948.70; the Nasdaq was down 3.08, or 0.10%, to 3,158.74; and the S&P 500 was down 5.06, or 0.33%, to 1,510.54.
News For BKS;ZNGA;ELN;AFFY;DVAX From The Last 14 Days
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November 26, 2014
16:24 EDTAFFYAffymax adopts tax benefit preservation plan
Affymax announced that its board has adopted a Tax Benefit Preservation Plan, or Rights Plan, in an effort to preserve the value of its significant net operating loss carryforwards, or NOLs, in relation to the potential limitations under Section 382 of the Internal Revenue Code. The company had federal NOLs totaling approximately $481M at December 31, 2013, a substantial portion of which are limited due to a prior “ownership change”. The company’s use of the remaining NOLs could be substantially limited if the company experiences another “ownership change”. In general, an ownership change occurs if there is a cumulative change in a company’s ownership by “5% shareholders” that increases by more than 50 percentage points over the lowest percentage owned by such stockholders at any time during the prior three years on a rolling basis. The company noted that the Rights Plan is designed to serve the interests of all stockholders by helping to protect the company’s ability to use its NOLs to offset future tax liabilities and is similar to plans adopted by other companies with significant tax attributes.
16:22 EDTAFFYAffymax announces 5c per share special distribution
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16:20 EDTAFFYAffymax appoints Jonathan Couchman as CEO
The Affymax board appointed Jonathan M. Couchman as a Class I director of the company and as its president and CEO, and the remaining members of the board have resigned. The company, under the leadership of Couchman, will continue its evaluation of strategic alternatives.
November 25, 2014
11:10 EDTBKSWorldwide tablet growth expected to slow to 7.2% in 2014, IDC says
The worldwide tablet market is expected to see a massive deceleration in 2014 with year-over-year growth slowing to 7.2%, down from 52.5% in 2013, according to a new forecast from International Data Corporation (IDC). At the core of this slowdown is the expectation that 2014 will represent the first full year of decline in Apple iPad shipments. Both the iPad and the overall market slowdown do not come as a surprise as device lifecycles for tablets have continued to lengthen, increasingly resembling those of PCs more than smartphones. "The tablet market continues to be impacted by a few major trends happening in relevant markets," said Ryan Reith, Program Director with IDC's Worldwide Quarterly Mobile Device Trackers. "In the early stages of the tablet market, device lifecycles were expected to resemble those of smartphones, with replacement occurring every 2-3 years. What has played out instead is that many tablet owners are holding onto their devices for more than 3 years and in some instances more than 4 years. We believe the two major drivers for longer than expected tablet lifecycles are legacy software support for older products, especially within iOS, and the increased use of smartphones for a variety of computing tasks." Publicly traded companies in the space include Samsung (SSNLF), Apple (AAPL), Google (GOOG), Amazon.com (AMZN) and Barnes & Noble (BKS). Reference Link
November 24, 2014
14:35 EDTBKSBarnes & Noble volatility increases into Q2 and outlook
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06:29 EDTBKSBarnes & Noble moves into gifts to reverse declines in store traffic, WSJ says
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November 21, 2014
17:25 EDTDVAXAmici Capital reports 7.45% passive stake in Dynavax
November 17, 2014
13:09 EDTZNGAZynga's Pincus, directors must face lawsuit over 'lockup' sales, Reuters says
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November 13, 2014
09:40 EDTZNGAActive equity options trading
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