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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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July 15, 2014
08:16 EDTCONNConn's management to meet with Oppenheimer
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08:06 EDTSWKSSkyworks Q4 guidance poised to beat expectations, says Oppenheimer
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07:50 EDTQCOMQualcomm estimates adjusted to reflect inventory transition, says Canaccord
Canaccord adjusted its estimates for Qualcomm to reflect an ongoing inventory transition in China from 3G to 4G devices. The firm continues to expect strong growth of smartphones, the upgrade to new air interface technologies, and strong market share gains to drive sales and earnings growth. Qualcomm shares are Buy rated with a $95 price target.
06:11 EDTQCOMSamsung, HiSilicon to sell more handset solutions to vendors, DigiTimes says
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06:04 EDTSHPGStocks with implied volatility below IV index mean; BBBY SHPG
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July 14, 2014
21:08 EDTGSKCodexis to host conference call
Conference call to discuss the strategic collaboration and license agreement with GSK will be held on July 15 at 8:30 am. Webcast Link
16:30 EDTSHPGOn The Fly: Closing Wrap
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16:18 EDTSHPGShire shareholders should support latest AbbVie offer, Telegraph says
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16:06 EDTGSKCodexis announces $25M collaboration, license agreement with GlaxoSmithKline
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10:00 EDTQCOMOn The Fly: Analyst Downgrade Summary
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10:00 EDTAVGOOn The Fly: Analyst Upgrade Summary
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10:00 EDTSHPGOptions with decreasing implied volatility: SHPG INFY CWH FDO IDIX FAST
09:55 EDTSHPGHigh option volume stocks: PTEN MFRM GTIV SHPG IMMR
09:16 EDTSHPGOn The Fly: Pre-market Movers
HIGHER: Citigroup (C), up 3.6% after reporting better than expected Q2 results, announcing $7B settlement with DOJ and FDIC... Apple (AAPL), up 0.7% after Barclays upgrades stock to Overweight, Morgan Stanley raises Apple estimates above consensus... Shire (SHPG), up 1.6% after receiving revised proposal from AbbVie (ABBV) of GPB 53.20 per share, which it says it would be willing to recommend to Shire shareholders. AbbVie is down 2.8% after the news... Mylan (MYL), up 4% after acquiring Abbott's (ABT) non-U.S. developed markets specialty and branded generics business in all-stock transaction valued at about $5.3B. Abbott up 1.6% after the news... Progenics (PGNX), up 13% after FDA says RELISTOR can be approved on data submitted in sNDA... Exelixis (EXEL), up 13% after announcing coBRIM Phase 3 trial met primary endpoint... URS (URS) up 8% after acquired by AECOM Technology (ACM) for $56.31 per share. AECOM shares alos up 2% after deal announcement... Whiting Petroleum (WLL), up 4.5% after agreeing to acquire Kodiak Oil & Gas (KOG) in a $6B transaction. Kodiak Oil & Gas up 3%... Kandi Technologies (KNDI), up 11% after announcing JV's sale of 4,114 EVs in Q2. LOWER: Riverbed (RVBD), down 4.5% after saying it sees its Q2 adjusted EPS at low end of 26c-28c range... Harmonic (HLIT), down 13% after reporting preliminary Q2 earnings results.. EBay (EBAY), down 0.5% after downgraded at Pacific Crest, confirming partnership plans with Sotheby's (BID).
09:14 EDTSWKSSemiconductor top picks at Topeka
Topeka's anticipates strong unit growth in the smartphone, tablet and wearable end markets and recommends exposure to large/mid cap growth names Intel (INTC), Skyworks (SWKS), Atmel and (ATML), small cap growth name, Rambus (RMBS), and value names Freescale (FSL), Spansion (CODE) and Silicon Motion (SIMO).
08:16 EDTQCOMQualcomm downgraded to Neutral from Strong Buy at ISI Group
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06:17 EDTGSKXinhua: China indicts two GSK foreign investigators, The Guardian reports
Prosecutors in China have indicted two foreign investigators, British national Peter Humphrey and his wife, Yu Yingzeng, linked to GlaxoSmithKline, for illegally obtaining private information on Chinese citizens, reports The Guardian. Citing state media news agency Xinhua, the case is the first indictment by Chinese prosecutors against foreigners for illegal investigation. Reference Link
06:14 EDTAVGOAvago resumed with a Buy from Neutral at Citigroup
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06:03 EDTSHPGStocks with implied volatility below IV index mean; BBBY SHPG
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05:27 EDTSHPGShire receives revised proposal from AbbVie of GPB 53.20 per share
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