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Stock Market & Financial Investment News

News Breaks
June 2, 2014
12:19 EDTPBYI, SHPG, NPSP, MTZ, SWKS, CONN, QCOM, GSK, AVGO, PL, BRCMOn 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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November 13, 2014
16:22 EDTPBYIPuma Biotechnology announces positive top line results from PB272 Phase II Trial
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12:59 EDTGSKApollo plans bid for GSK mature drugs business, Reuters reports
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12:37 EDTBRCMBroadcom hits 52-week high after Goldman ups to Buy
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10:01 EDTBRCMOn The Fly: Analyst Upgrade Summary
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05:34 EDTBRCMBroadcom upgraded to Buy from Neutral at Goldman
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November 12, 2014
12:55 EDTQCOMNVIDIA says Samsung files counter-suit, patent infringement claims
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09:16 EDTGSKLigand reports GlaxoSmithKline EU regulatory submission for Revolade
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08:53 EDTGSKGlaxoSmithKline weakness creates buying opportunity, says Argus
After GlaxoSmithKline cut its near-term EPS guidance, Argus still believes that the company's deals with Novartis (NVS) should boost its EPS growth in the years ahead, likely as soon as 2015. The firm thinks the stock is a good value for long-term investors, and it keeps a Buy rating on the shares.
08:18 EDTGSKUBS to hold a conference
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November 11, 2014
16:32 EDTSWKSSkyworks announces new $300M stock repurchase program
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November 10, 2014
16:32 EDTPBYIPuma Biotechnology reports Q3 EPS (84c), consensus ($1.21)
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16:08 EDTNPSPNPS Pharmaceuticals sees FY14 OpEx $185M-$195M vs. prior view of $180M-$200M
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16:07 EDTGSKUBS to hold a conference
UBS European Conference is being held in London, England on November 11-12.
16:07 EDTNPSPNPS Pharmaceuticals sees FY14 revenue at low end of $100M-$110M range
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16:06 EDTNPSPNPS Pharmaceuticals reports Q3 EPS (2c), consensus 2c
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15:26 EDTNPSPNotable companies reporting after market close
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10:04 EDTMTZOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Abercrombie & Fitch (ANF) downgraded at Oppenheimer... American Eagle (AEO) downgraded to Neutral from Buy at B. Riley... BP (BP) downgraded to Neutral from Overweight at JPMorgan... Callon Petroleum (CPE) downgraded to Neutral from Buy at SunTrust... EP Energy (EPE) downgraded to Hold from Buy at Deutsche Bank... Eaton Vance (EV) downgraded at Sterne Agee... Ecopetrol (EC) downgraded to Underperform from Sector Perform at RBC Capital... General Mills (GIS) downgraded to Sector Perform from Outperform at RBC Capital... Genworth (GNW) downgraded to Market Perform from Outperform at Keefe Bruyette... MasTec (MTZ) downgraded to Hold from Buy at BB&T... Ocean Rig UDW (ORIG) downgraded to Neutral from Buy at Guggenheim... Performant Financial (PFMT) downgraded at Morgan Stanley... Petrobras (PBR) downgraded to Market Perform from Outperform at Cowen... R.R. Donnelley (RRD) downgraded to Hold from Buy at Benchmark Co.... Rex Energy (REXX) downgraded to Market Perform from Outperform at BMO Capital... Salix (SLXP) downgraded to Neutral from Buy at Mizuho... Siemens (SIEGY) downgraded to Neutral from Overweight at JPMorgan... Solazyme (SZYM) downgraded to Equal Weight from Overweight at Morgan Stanley... Stonegate Mortgage (SGM) downgraded to Market Perform at FBR Capital... Syngenta (SYT) downgraded to Neutral from Overweight at HSBC... ViaSat (VSAT) downgraded to Hold from Buy at Needham... Vistaprint (VPRT) downgraded to Neutral from Buy at SunTrust... Walter Investment (WAC) downgraded at Sterne Agee... WesBanco (WSBC) downgraded to Market Perform from Outperform at Keefe Bruyette... Whiting USA Trust II (WHZ) downgraded to Underperform at Raymond James... Wipro (WIT) downgraded to Sell from Buy at UBS... XOMA (XOMA) downgraded to Neutral from Buy at Ladenburg... Yanzhou Coal (YZC) downgraded to Sell from Hold at Deutsche Bank.
09:39 EDTMTZFollow-up: MasTec downgraded at BB&T
As previously reported, BB&T downgraded MasTec (MTZ) to Hold from Buy. On Friday, MasTec's largest customer, AT&T (T), lowered 2015 capex guidance by almost 15% year-over-year, and as a result, lowered its revenue estimate by $150M.
09:12 EDTMTZMasTec downgraded to Hold from Buy at BB&T
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06:28 EDTQCOMReport: TSMC may buy Qualcomm Taiwan factory, DigiTimes says
TSMC (TSM) is considering an acquisition of Qualcomm's (QCOM) Taiwan factory to expand its packaging and test business, reports DigiTimes. Citing a Chinese-language Economic Daily News report, the Qualcomm factory will be acquired for several billion NT dollars. Reference Link
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