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Stock Market & Financial Investment News

News Breaks
June 2, 2014
10:13 EDTVOLVY, Z, UEIC, XLNX, THRX, TISI, STM, ESRX, BNPQY, TMUS, ZQK, IFNNY, SRLP, MCHP, BIGOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: BNP Paribas (BNPQY) downgraded to Neutral from Conviction Buy at Goldman... Big Lots (BIG) downgraded to Equalweight from Overweight at Barclays... Express Scripts (ESRX) downgraded at Cowen... Infineon (IFNNY) downgraded to Neutral from Buy at Citigroup... Microchip Technology (MCHP) downgraded to Neutral from Buy at Goldman... Quiksilver (ZQK) downgraded at B. Riley... STMicroelectronics (STM) downgraded to Sell from Neutral at Citigroup... Sprague Resources (SRLP) downgraded to Neutral from Overweight at JPMorgan... T-Mobile (TMUS) downgraded to Neutral from Outperform at Macquarie... Team (TISI) downgraded to Hold from Buy at BB&T... Theravance (THRX) downgraded at RW Baird... Universal Electronics (UEIC) downgraded to Neutral from Buy at B. Riley... Volvo (VOLVY) downgraded to Sell from Neutral at Goldman... Xilinx (XLNX) downgraded to Neutral from Buy at Goldman... Zillow (Z) downgraded at Pacific Crest.
News For BNPQY;BIG;IFNNY;ESRX;MCHP;ZQK;STM;SRLP;TMUS;TISI;THRX;UEIC;VOLVY;XLNX;Z From The Last 14 Days
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August 19, 2015
06:01 EDTTMUSNetflix price target raised to $143 from $116 at UBS
UBS analyst Doug Mitchelson raised his price target for Netflix (NFLX) shares to $143 after increasing his longer term revenue assumptions. The streaming service closed yesterday down $1.31 to $124.05. Mitchelson upped his 2020-2026 revenue estimates to reflect his belief that Netflix will successfully monetize its streaming platform beyond just monthly subscription fees, such as bundling and promoting third party services. He has increased confidence in the company's U.S. growth outlook after T-Mobile (TMUS) just launched a promotion for its wireless service that included one free year of Netflix. As competition among broadband providers intensifies, Netflix's inexpensive monthly streaming service could become one of the standard promotional tools, Mitchelson tells investors in a research note. The analyst's "upside case" for Netflix shares is $199 while his "downside case" is $55. The downside case assumes Hollywood starts restricting content licensing to streaming services like Netflix in attempt to slow their growth. Mitchelson keeps a Buy rating on Netflix.
05:46 EDTESRXStocks with implied volatility movement; ESRX BMY
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August 18, 2015
18:30 EDTMCHPChip makers advance after Analog Devices reports Q3 financial results
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13:35 EDTMCHPMicrochip selects Intel technology to enhance Internet-of-Things security
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13:33 EDTTMUSOn The Fly: Top stock stories at midday
Repeating yesterday's start, the market began the session in negative territory before recapturing those losses. Early weakness was attributed to a dip in Wal-Mart (WMT) shares after the company's earnings report as well as a selloff in the Chinese market overnight. Heading into the afternoon, the market has drifted back across the flat line, with all three indices negative despite July's housing starts showing the strongest reading in eight years. ECONOMIC EVENTS: In the U.S., housing starts edged up 0.2% in July to 1.206M, outpacing consensus estimates for 1.180M in the best reading since October 2007. Building permits fell 16.3% to 1.119M against expectations for 1.230M from a revised 1.337M in June, while single family starts rose 12.8% and multifamily numbers fell 17.0%. In Europe, Eurozone parliaments are set to vote on Greece's prospective bailout deal this week, with Reuters reporting earlier today that the Austrian parliament has approved the EUR86B agreement. COMPANY NEWS: Shares of National Penn (NPBC) rose nearly 17% to $12.77 after BB&T (BBT) agreed to acquire the company in a $1.8B cash and stock deal. On a conference call discussing the acquisition, BB&T CEO Kelly King called the "very, very synergistic" deal a "compelling use of capital," adding that the company expects to consolidate about 25 branches to help drive annual cost savings of $65M... Wal-Mart (WMT) fell roughly 3.2% to near $69.50 after cutting its full year earnings outlook this morning, with CFO Charles Holley noting that operating profit will see continued pressure. Meanwhile, Home Depot (HD) and Dicks Sporting Goods (DKS) saw respective gains of about 2.3% and 1.8% after their pre-market earnings reports. MAJOR MOVERS: Among the notable gainers was Omeros (OMER), surging more than 69% to $24.58 after releasing positive preliminary data on its Phase 2 trial of OMS721 for the treatment of organ blood clots. Also higher was Inteliquent (IQNT), rising about 19% to $21.24 after announcing a three-year agreement with T-Mobile (TMUS) to provide IP voice services for the carrier. Separately, Lumber Liquidators (LL) has gained almost 5.7% to nearly $15 in afternoon trading after announcing the appointment of Jill Witter as Chief Compliance and Legal Officer. Among the noteworthy losers was Esperion (ESPR), falling over 11% despite rising 5% in pre-market trading after reporting that the ETC-1002 Phase 3 program is on track, adding that the FDA will not require a cardiovascular outcomes trial prior to the drug's potential approval. Also lower was American Apparel (APP), slipping about 1.9% after disclosing "substantial doubt" about its ability to sustain operations during the coming year. INDEXES: Near midday, the Dow was down 40.37, or 0.23%, to 17,504.81, the Nasdaq lost 26.86, or 0.53%, to 5,064.96, and the S&P 500 was lower by 6.02, or 0.29%, to 2,096.41.
11:34 EDTTMUSSprint rises on plans to abandon two-year contracts
Sprint shares are higher this morning after the company's chief executive officer said that the carrier plans to move away from two-year contracts. WHAT'S NEW: In an interview with The Wall Street Journal, Sprint CEO Marcelo Claure said that the company will stop offering two-year contracts by the end of 2015 in favor of a "smartphone lease" model. Sprint began offering a lease option last year, The Journal noted, and Claure said the carrier is planning to move entirely to that model by the end of the year. As part of its shift, Sprint yesterday unveiled iPhone Forever, a new leasing plan that starts at $22 per month for an iPhone. WHAT'S NOTABLE: In a similar move earlier this month, Sprint rival Verizon (VZ) said it would drop phone subsidies and two-year contracts for new customers. T-Mobile (TMUS), another market rival, abandoned contracts over two years ago, leaving AT&T (T) as the only major U.S. carrier still offering to subsidize new smartphone purchases. Separately, Softbank (SFTBF), Sprint's primary stakeholder, disclosed last week that it increased its holdings in the company to approximately 80%, though the company said it does not plan for its stake in the carrier to exceed 85%. Meanwhile, a study released Tuesday by RootMetrics, an independent company that evaluates wireless networks, shows that Sprint is improving its network, having solidified third place nationally in overall performance, surpassing T-Mobile for the second consecutive six-month stretch. PRICE ACTION: Sprint is up 7c, or 1.52%, to $4.67 in morning trading.
11:23 EDTESRXExpress Scripts call activity attributed to takeover speculation
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11:10 EDTESRXRumor: Express Scripts strength attributed to takeover speculation
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07:11 EDTXLNXXilinx dvices selected by Open-Source Virtual Reality Consortium
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August 17, 2015
18:48 EDTTMUSInteliquent raises FY15 revenue view to $240M-$250M from $220M-$230M
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18:45 EDTTMUSInteliquent enters three-year agreement with T-Mobile for IP voice services
Inteliquent (IQNT) announced that it had entered into a three-year agreement with T-Mobile (TMUS), under which Inteliquent will provide a full suite of IP voice services to T-Mobile. The agreement provides that T-Mobile will generally use Inteliquent as its sole provider of voice interconnection services for all calls exchanged between T-Mobile and nearly all other voice providers in the United States (excluding certain traffic, including among other things, traffic that is exchanged with other providers over peering arrangements). The agreement also includes Inteliquent's "Infrastructure as a Solution" offering. This offering allows a customer to remove its time division multiplexing interconnection from its network and use IP/SIP interconnection for voice services. Inteliquent expects that the agreement will result in a significant increase in the volume of traffic carried on Inteliquent's network.
13:30 EDTESRXOn The Fly: Top stock stories at midday
Stocks began the session deep in negative territory after a disappointing Empire Manufacturing report. The data got the market off to a weak start as optimism over last week's finish began to fade. The averages continued to drift in a narrow range for the opening hour before reversing and capturing the opening losses. Each of the major equity indices is now back in positive territory sporting slight gains across the board. ECONOMIC EVENTS: In the U.S., the Empire State manufacturing index plunged to -14.92 in August after rebounding to 3.86 in July from June's -1.98. The consensus estimate was 4.75, and the surprising drop puts the index at its lowest point since April 2009. The employment component slid to 1.82, while new orders crashed to -15.70. Meanwhile, the U.S. NAHB homebuilder sentiment index rose to 61 in August from 60 in June and and is the highest since November 2005. The single family sales index edged up to 66 versus a revised 65 last month, while the index of prospective buyer traffic improved to 45 versus 43 previously. In Europe, various Eurozone parliaments prepare to vote on Greece's new EUR86B bailout plan this week. COMPANY NEWS: Liberty Interactive (QVCA) announced this morning an agreement to acquire zulily (ZU) for $18.75 per share in a deal valuing the online shopping site at $2.4B, driving zulily shares up more than 47% in intraday trading. The acquisition will be attributed to Liberty's QVC Group tracking stock, though QVC and zulily will be operated as separate consumer facing brands. On a conference call discussing the acquisition, Liberty Interactive executives noted that the "highly efficient" deal will allow Liberty to reach a younger base. MAJOR MOVERS: Among the notable gainers AVEO Oncology (AVEO), which rose roughly 50% after announcing a license agreement with Novartis (NVS) for the development and commercialization of AVEO's AV-380 drug and related antibodies. Also higher was Kite Pharma (KITE), which advanced roughly 5.4% after clarifying that an earlier patient death in its Phase 1/2 KTE-C19 trial for non-Hodgkin's lymphoma was unrelated to Kite's therapy. Additionally, shares of Target (TGT) have gained roughly 10c despite lingering in negative territory early Monday after the company promoted CFO John Mulligan to the newly created role of EVP and COO and appointed Cathy Smith as EVP and CFO. Prior to joining Target, Smith served as EVP and CFO at St. Louis-based Express Scripts (ESRX). Among the noteworthy losers was KKR (KKR), which lost roughly 2.4% after Samson Resources announced a restructuring agreement late Friday, adding that it expects to file for bankruptcy within 30 days. Also lower was Estee Lauder (EL), which declined nearly 6.5% after its quarterly guidance missed analysts' estimates. INDEXES: Near midday, The Dow was up 65.11, or 0.37%, to 17,542.51, the Nasdaq gained 34.73, or 0.69%, to 5,082.96, and the S&P 500 advanced 8.80, or 0.42%, to 2,101.03.
12:41 EDTXLNXXilinx August calls active
Xilinx August 44 and 45 calls are active on total call volume of 13,600 contracts (550 puts). August call option implied volatility is at 29, September is at 33; compared to its 52-week range of 18 to 42. Active call volume suggests traders taking positions for price movement for this company that has been subject to takeover speculation.
12:38 EDTXLNXXilinx did not cancel from bus tour, Bloomberg reports
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12:19 EDTZZillow trades after payment of Class C stock dividend
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08:48 EDTESRXTarget names John Mulligan as EVP, COO, Cathy Smith as EVP, CFO
Target Corporation (TGT) promoted John Mulligan to the newly created role of EVP and COO, effective Sept. 1. Mulligan will assume oversight of stores, supply chain and properties. Joining Target as EVP and CFO will be Cathy Smith. Both Mulligan and Smith will report to Target's chairman and chief executive officer, Brian Cornell. Mulligan has worked at the Minneapolis-based company since 1996, when he began as a financial analyst. He has served as the company's CFO since 2012. In 2014, he led the company as the retailer's interim president and CEO from May to August while continuing to act as CFO. Prior to joining Target, Smith served as EVP and CFO at St. Louis-based Express Scripts (ESRX).
07:39 EDTTMUSTMC to hold a conference
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August 16, 2015
19:21 EDTBNPQYRohatyn sells stake in retail brokerage firm to BNP Paribas, Reuters says
The Rohatyn Group has sold its position in Indian retail brokerage firm Sharekhan to BNP Paribas, Reuters reported, citing a source familiar with the deal. Reference Link
August 14, 2015
17:08 EDTZPaulson & Co gives quarterly update on stakes
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16:44 EDTTMUSThird Point gives quarterly update on stakes
NEW STAKES: Baxter (BAX), T-Mobile (TMUS), Sealed Air (SEE), Devon (DVN), and Perrigo (PRGO). INCREASED STAKES: SunEdison (SUNE), Dow Chemical (DOW), Mohawk (MHK), Yum! Brands (YUM), and IAC/InterActiveCorp (IACI). DECREASED STAKES: Ally Financial (ALLY), Amgen (AMGN), Sensata (ST), Masco (MAS), and Delta (DAL). LIQUIDATED STAKES: Dollar General (DG), McKesson (MCK), Edgewell Personal Care (EPC), Maxim (MXIM), and FleetCor (FLT).
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