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Stock Market & Financial Investment News

News Breaks
June 2, 2014
12:19 EDTBRCM, GSK, PBYI, SWKS, AVGO, SHPG, CONN, PL, NPSP, QCOM, MTZOn The Fly: Midday Wrap
Stocks on Wall Street were mixed and little changed at midday, as investors await bigger macroeconomic events that are scheduled for later in the week. Better than expected manufacturing data from China was followed by a pair of confusing and apparently conflicting manufacturing reports from the U.S., which came to be more aligned after one of the two data providers issued a correction. This morning's data, however, may be seen a precursor to the big economic events coming later in the week, which include a meeting of the European Central Bank and the U.S. payroll report for May. ECONOMIC EVENTS: In the U.S., the Institute for Supply Management's manufacturing index appeared to fall to 53.2 in May, missing expectations for a slight rise, but the group than corrected its index to 56, noting that wrong seasonal adjustments were used in the first, incorrect reading. Markit's manufacturing PMI rose to 56.4 for May, which is a little better than the 56.2 flash print and up from April's 55.4. Construction spending rose 0.2% in April, which was less than the 0.6% growth expected. In China, the government's official Purchasing Managers' Index rose to 50.8 in May from April's 50.4, beating market expectations and indicating that factory activity there expanded at its fastest pace in five months. COMPANY NEWS: Shares of Broadcom (BRCM) rose 10% after the company announced it is exploring strategic alternatives for its cellular baseband business, including a potential sale or wind-down, and has engaged JPMorgan (JPM) in connection with its efforts. After the announcement, analysts at Sterne Agee said they think the wind down of the unit improves Qualcomm's (QCOM) positioning and that the firm also expects Avago (AVGO) and Skyworks (SWKS) to benefit from Broadcom's move. MAJOR MOVERS: Among the notable gainers were NPS Pharmaceuticals (NPSP), which jumped 11% after The Times of London reported that Shire (SHPG) has secured a $5B credit facility for a takeover bid, and Protective Life (PL), which surged 10.5% after the Nikkei said that Japan's Dai-ichi Life Insurance is in late stage talks to acquire its U.S. life insurance peer. Also higher was Conn's (CONN), which rose over 5% after the company reported higher than expected first quarter earnings and said execution in its collections operation improved during the quarter and delinquency declined. In late April, noted hedge fund manager David Einhorn revealed that his Greenlight Capital initiated a new position in Conn's during the first three months of the year. Among the noteworthy losers was Puma Biotechnology (PBYI), which fell 20% after it announced the presentation of results from an ongoing Phase II clinical trial of its investigational drug, neratinib, for the treatment of HER2 positive metastatic breast cancer that has metastasized to the brain. Citigroup said it believes data presented over the weekend at the American Society of Clinical Oncology annual meeting, including a failed trial announced by GlaxoSmithKline (GSK), showed "some challenges" being faced by Puma's neratinib. Also lower were shares of infrastructure construction company MasTec (MTZ), which tumbled 11% after the firm lowered its second quarter outlook, citing delays in wireless project spending and weaker than anticipated oil and gas segment results. INDEXES: Near midday, the Dow was up 18.76, or 0.11%, to 16,735.93, the Nasdaq was down 6.98, or 0.16%, to 4,235.64, and the S&P 500 was up 0.69, or 0.04%, to 1,924.26.
News For BRCM;QCOM;NPSP;PL;CONN;SHPG;AVGO;SWKS;PBYI;GSK;MTZ From The Last 14 Days
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August 12, 2014
07:15 EDTGSKWHO says ethical to offer unproven interventions in light of Ebola outbreak
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06:18 EDTGSKGSK CEO faces pressure as company deals with weak sales, allegations, WSJ says
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August 11, 2014
18:29 EDTMTZOn The Fly: After Hours Movers
UP AFTER EARNINGS: DealerTrack (TRAK), up 11.3%... DTS Inc. (DSTI), up 12.8%... Globalstar (GSAT), up 1.6%... Halozyme Therapeutics (HALO), up 2.4%. ALSO HIGHER: Intercept Pharmaceuticals (ICPT), up 57.7% after announcing that 46% of OCA group met FLINT endpoint as well as reporting second quarter results... Cempra (CEMP), up 5.8% following Intercept Pharmaceuticals' FLINT announcement... Scotts Miracle-Gro (SMG), up 3.6% after board approves a $500M share repurchase authorization and announces a $2.00 per share special dividend. DOWN AFTER EARNINGS: Galena Biopharma (GALE), down 13.4%... Nuance Communications (NUAN), down 9.7%... Millennial Media (MM), down 7.1%... MasTec (MTZ), down 3.6%... Turtle Beach (HEAR), down 3.5%... magicJack (CALL), down 5.8%... Geron (GERN), down 2.4%. ALSO LOWER: Sprouts Farmers Market (SFM), down 3.7% after filing to sell 15M shares of common stock for holders.
16:46 EDTMTZMasTec sees FY14 adjusted EPS $1.55-$1.58, consensus $1.82
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16:45 EDTMTZMasTec sees Q3 adjusted EPS approximately 56c, consensus 61c
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16:43 EDTMTZMasTec CEO sees return to normalized level of wireless project revenue in FY15
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16:39 EDTMTZMasTec reports Q2 adjusted EPS 40c, consensus 40c
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16:36 EDTPBYIPuma Biotechnology reports Q2 adjusted EPS ($1.05), consensus (66c)
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12:57 EDTGSKGlaxoSmithKline facing new bribery allegations in Syria, Reuters reports
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08:47 EDTGSKGlaxo to conduct Ebola vaccine trials later this year, Guardian says
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08:11 EDTBRCMBroadcom has meaningful upsise, says Morgan Stanley
Morgan Stanley said Broadcom management is in the early stages of transforming the company to one of stable growth and high profitability from one focused on growth, which should catch the focus of investors. The firm expects shares to trade higher and reiterates its Overweight rating and raises its price target to $44.
07:53 EDTBRCMBroadcom upcoming changes not priced into shares, says Jefferies
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August 8, 2014
11:51 EDTQCOM, BRCMNVIDIA rallies after Q2 quarter profit, Q3 revenue outlook top estimates
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10:36 EDTSHPGOptions with increasing implied volatility
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09:03 EDTGSKGlaxoSmithKline weakness creates buying opportunity, says Argus
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06:18 EDTGSKRoyal Bank of Scotland's Hampton leads race to become new GSK chair, FT reports
Royal Bank of Scotland (RBS) Chairman Philip Hampton is the frontrunner to succeed Christopher Gent as chairman of GlaxoSmithKline (GSK), the Financial Times reports, citing sources. Gent will step down from his role at GSK next year. Hampton is not expected to step down from RBS until after May's general election, the sources say. Reference Link
August 7, 2014
10:51 EDTSHPGOptions with increasing implied volatility
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08:10 EDTNPSPNPS Pharmaceuticals management to meet with Leerink
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07:27 EDTPBYIUBS to hold a conference
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05:43 EDTSWKSSkyworks resumed with an Outperform at Pacific Crest
Target $65.
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