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Stock Market & Financial Investment News

News Breaks
July 14, 2014
16:30 EDTPRGO, RVBD, FHCO, C, AAPL, MYL, ABT, SHPG, ABBVOn The Fly: Closing Wrap
Stocks on Wall Street began the session sharply higher and then continued to trade in a very narrow range throughout the rest of the day. The higher start was attributed to the host of M&A deals that occurred over the weekend and renewed optimism over the second quarter earnings season following Citigroup's (C) better than expected headline results. ECONOMIC EVENTS: No major economic data was released in the U.S. COMPANY NEWS: Shares of Citigroup advanced $1.42, or 302%, to $48.42 after its headline earnings and revenue beat expectations. Also, the bank announced that it has reached a $7B settlement that resolves actual and potential civil claims by the Department of Justice, several state attorneys general and the Federal Deposit Insurance Corporation relating to RMBS and collateralized debt obligations issued, structured or underwritten by Citi between 2003 and 2008... Mylan (MYL) struck a deal to buy Abbott's (ABT) non-U.S. developed markets specialty and branded generics business in an all-stock transaction valued at about $5.3B. Under the terms of the deal, Abbott will carve out the assets and transfer them to a new public company organized in the Netherlands. Mylan will then merge with that company to become a new public company, called Mylan N.V., allowing it certain tax advantages. Abbott will receive 105M shares of the combined company, meaning it will hold an approximate 21% stake in Mylan following the deal. Shares of both companies advanced after the announcement, with Abbott gaining 52c, or 1.26%, to $41.82 and Mylan rising $1.04, or 2.07%, to $51.24... Shire (SHPG) announced that it requested, and has received, an increased takeover proposal following talks with AbbVie (ABBV). Shire said it would be willing to recommend the raised cash and stock offer, which has an indicative value of GBP 53.20 per Shire share based on AbbVie's share price on July 11, to its shareholders, potentially paving the way for a final deal between the two. After the announcement, Shire shares trading in New York rose $5.21, or 2.09%, to $254.27, while AbbVie declined 11c, or 0.2%, to $54.85. MAJOR MOVERS: Among the notable gainers was Apple (AAPL), which rose $1.23, or 1.29%, to $96.45 after Barclays upgraded its stock to Overweight and raised its price target for the shares to $110 from $95, citing channel checks that indicate near-term upside to consensus estimates and strong new products into 2015. Meanwhile, Morgan Stanley reported that its survey results suggests June quarter iPhone demand upside and the firm raised its iPhone unit estimate and its EPS estimate for Apple's coming quarter above the consensus forecasts. Also higher were shares of Perrigo (PRGO), which rose $12.70, or 8.69%, to $158.85 after Israel's "Globes" financial website, citing sources, said the company has hired an investment bank and seeks a merger with a "major pharmaceutical firm." Among the noteworthy losers was The Female Health Company (FHCO), which fell 79c, or 14.16%, to $4.79 after announcing plans to suspend payment of quarterly dividends and devote cash flows towards strategic initiatives planned to accelerate the company's long-term growth in revenue and earnings. Also lower was Riverbed (RVBD), which fell $1.75, or 8.6%, to $18.60 after the company cut its second quarter adjusted EPS and revenue outlook. Afterward, activist investor Elliot Management reaffirmed its prior $21 per share bid for the company and urged the company's board to "immediately" retain an advisor and announce a review of strategic alternatives, including a sale. INDEXES: The Dow advanced 111.61, or 0.66%, to 17,055.42, the Nasdaq gained 24.93, or 0.56%, to 4,440.42, and the S&P 500 rose 9.53, or 0.48%, to 1,977.10.
News For C;AAPL;MYL;ABT;SHPG;ABBV;PRGO;RVBD;FHCO From The Last 14 Days
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September 2, 2014
16:00 EDTAAPLOptions Update; September 2, 2014
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14:32 EDTAAPLApple says no breach in iCloud or Find my iPhone
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12:09 EDTAAPLOn The Fly: Midday Wrap
Stocks on Wall Street were mixed at midday, with the Nasdaq clinging to narrow gains and the Dow and S&P both down about 0.25%. Stocks began the session basically unchanged but turned mixed within minutes of the open. The volume has been light and the market has moved in a narrow range, continuing the type of pattern that was seen all of last week ahead of the holiday. ECONOMIC EVENTS: In the U.S., Markit's final manufacturing PMI for August dipped slightly from the flash print of 58.0 to 57.9, but that was up from July's 55.8 reading. ISM's manufacturing index for August climbed to 59.0 from 57.1 in July, beating expectations. Construction spending bounced back 1.8% in July, beating expectations for it to have risen 1.0% after declining in the prior month. In Asia, HSBC's final manufacturing PMI for China edged down to 50.2 from the preliminary 50.3 August reading, which was already down from the 51.7 report in July. The Chinese government's official purchasing managers index came in at 51.1 for August, which was down from its 51.7 reading in July. In Europe, the Eurozone's final manufacturing PMI for August was revised down to 50.7 from 51.8 in the preliminary reading. COMPANY NEWS: Apple (AAPL) was in the headlines following a celebrity photo hack involving several of its iCloud accounts. Despite the negative publicity from those events, the stock gained nearly 1% after noted Piper Jaffray analyst Gene Munster raised his price target on the tech giant's shares to $120 from $105, citing the upcoming launch of new products and services. Another firm, Cantor, said in its own note to investors that it believes that Apple will have its most exciting product launches "in many years" over the next few months... In M&A news, Dollar General (DG) rose almost 1% after increasing its all-cash proposal to buy Family Dollar (FDO) to $80.00 per share and also increasing the number of stores that it would be willing to agree to divest to 1,500 if ordered by the FTC. Shares of Family Dollar, which previously rejected Dollar General's prior proposal on the basis of antitrust regulatory concerns, traded above the new offer price, while Dollar Tree (DLTR), which currently has a merger agreement deal in place with Family Dollar, also gained 1.5%. MAJOR MOVERS: Among the notable gainers were two other companies involved in M&A, one which was a buyer and one which was bought. Norwegian Cruise Line (NCLH) advanced 12% after agreeing to acquire upscale peer Prestige Cruises for $3.03B, while Compuware (CPWR) rose over 12% after the company confirmed it agreed to be acquired by private equity investment firm Thoma Bravo in a transaction valued at approximately $2.5B. Among the noteworthy losers was Exelixis (EXEL), which plunged 53% after its phase 3 pivotal trial of cabozantinib in certain men with metastatic castration-resistant prostate cancer did not meet its primary endpoint and the stock was downgraded by at least three Street research firms. Also lower was lease-to-own retailer CONN'S (CONN), which dropped 30% and was downgraded at Piper Jaffray after weakness in its credit operations prompted a Q2 earnings miss and caused the company to cut its fiscal year guidance. INDEXES: Near midday, the Dow was down 43.58, or 0.25%, to 17,054.87, the Nasdaq was up 2.97, or 0.06%, to 4,583.24, and the S&P 500 was down 4.83, or 0.24%, to 1,998.54.
11:03 EDTAAPLApple hits another fresh life high, levels to watch
Despite headlines concerning a high-level iCloud security breach targeting celebrity accounts, the stock is edging to a fresh life high this morning. Traders appear more focused on the upcoming product announcement on September 9th. At the current price of $103.65, there is no overhead resistance. A new upside objective for the bulls would potentially be at $105 or $107, both typical and currently active options strike prices. Support is at $102.50, the prior closing price.
10:33 EDTAAPLApple price target raised by noted analyst ahead of launches
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09:41 EDTAAPLActive equity options trading on open
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07:14 EDTCCiti to boost senior pay in Europe to adjust for bonus cap rules, FT says
Citigroup recently told various senior staff members in Europe that they will receive fixed monthly payments in addition to their salaries as a way of compensating for newer rules there that limit bonuses, said Financial Times, citing several people close to the situation. Reference Link
07:12 EDTABBVCredit Suisse names its Top U.S. Pharmaceutical picks for 2H
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07:09 EDTAAPLApple new product launch to be most exciting in years, says Cantor
Cantor believes that over the next few months Apple will have its most exciting product launch "in many years." The firm thinks the 4.7 inch and 5.5 inch iPhones may not be made available for purchase simultaneously, while the company's watch could be announced next week but not be made available immediately. The firm keeps a $123 price target and Buy rating on the shares.
06:36 EDTABBVMedtronic, AbbVie reimburse executives for inversion-triggered taxes, WSJ says
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06:34 EDTAAPLApple cuts iPad mini prices as non-Apple vendors may follow, DigiTimes says
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06:34 EDTAAPLApple's iWatch still under EVT stage, DigiTimes reports
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06:14 EDTAAPLT-Mobile planning September 10 'Uncarrier' event, Re/code reports
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06:13 EDTAAPLApple has discussed $400 price tag for wearable device, Re/code reports
Apple has considered putting a $400 price tag on its new wearable device, Re/code reports. It is not clear whether the price will be firmed up before its September 9 press conference. Reference Link
06:05 EDTAAPLApple investigating hack relating to violation of iCloud accounts, Re/code says
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05:54 EDTAAPLApple price target raised to $120 from $105 at Piper Jaffray
Piper Jaffray analyst Gene Munster raised his price target on Apple shares to $120 from $105 citing the company's upcoming launch of new products and services. Munster expects Apple to unveil the iPhone 6 with two new screen sizes at the September 9 event, and he sees a 70% chance of an announcement around payments. Munster pegs at the chances of an iWatch announcement at 50%. He expects Apple shares to move higher through year-end and keeps an Overweight rating on the stock.
August 31, 2014
17:14 EDTAAPLApple said to be partnering to develop iPhone wallet, Bloomberg says
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13:23 EDTABTGoldman to hold a conference
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13:20 EDTC, RVBDCitigroup to hold a conference
Global Technology Conference to be held in New York on September 2-4.
12:50 EDTABTEuropean Society of Cardiology to hold a conference
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