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Stock Market & Financial Investment News

News Breaks
July 14, 2014
12:21 EDTC, AAPL, URS, RVBD, MYL, ABT, ACM, HLITOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday to start the week after Citigroup's (C) better than expected headline results appeared to renew investor optimism over the earnings season. Also, a number of additional M&A deals were reported over the weekend and this morning. Since its initial move higher the market has moved in a very narrow range, but the early gains are still enough to put the major averages on track for their best daily performance since late May. ECONOMIC EVENTS: In the U.S., no major economic data was released this morning. COMPANY NEWS: Shares of Citigroup (C), the second major U.S. bank to report on its second quarter results, advanced 3% 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 deal announcement, with Abbott gaining 1% and Mylan rising nearly 3%. MAJOR MOVERS: Shares of Apple (AAPL) rose 1.5% 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. The firm also said it believes troubles at Samsung are creating an opportunity for Apple to regain market share. 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 the coming quarter above the consensus forecasts. Among the notable gainers with merger news was URS (URS), which rose about 11% after it announced this weekend that it agreed to be acquired by AECOM Technology (ACM) for a combination of cash and stock valued at approximately $4B, or $56.31 per URS share. Shares of the buyer also rose 7.5% after the announcement. Among the noteworthy losers was Harmonic (HLIT), which plunged 10.5% after the company's second and third quarter outlooks fell significantly short of analysts' consensus estimates. Also lower following its own profit warning was Riverbed (RVBD), which fell 5.5% 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: Near midday, the Dow was up 129.89, or 0.77%, to 17,073.70, the Nasdaq was up 31.62, or 0.72%, to 4,447.11, and the S&P 500 was up 11.13, or 0.57%, to 1,978.70.
News For C;AAPL;URS;RVBD;MYL;ABT;ACM;HLIT From The Last 14 Days
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October 14, 2014
07:13 EDTCCitigroup chairman suggests wrapping FDIC, OCC into single regulator, WSJ says
Citigroup Chairman Michael O'Neill is calling for a more rational regulatory landscape, the Wall Street Journal reports. He suggests wrapping the FDIC and the Office of the Comptroller of the Currency into a single banking regulator. Reference Link
06:37 EDTAAPLUMC lands 28nm LTE chip orders from Qualcomm, DigiTimes reports
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06:36 EDTAAPL'Double Irish' tax arrangement poised to halt, itnews says
Ireland is positioned to enact legal revisions soon that will slowly cease its "Double Irish" tax agreement, which has allowed companies like Google (GOOG) and Apple (AAPL) to not spend billions of dollars worth of taxes, according to itnews, citing, two sources familiar with the situation. Reference Link
06:30 EDTAAPLApple expected to show new iPads at Thursday's event, Re/code says
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06:30 EDTAAPLSolvay, Apple allegedly enter supply agreement, Bloomberg says
Solvay (SVYZY) and Apple (AAPL) have supposedly entered a supply agreement in which the Belgium chemical company will supply a type of high-performance plastic for iPhone 6 devices, according to Bloomberg, citing two people with knowledge of the situation. Reference Link
October 13, 2014
17:24 EDTURS, ACMS&P announces changes to the S&P MidCap 400 and S&P SmallCap 600 indices
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17:17 EDTURSTanger Factory to replace URS Corporation in S&P 400 as of 10/17 close
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16:02 EDTAAPL, COptions Update; October 13, 2014
iPath S&P 500 VIX Short-Term Futures up 3.71 to 39.56. Option volume leaders: AAPL TSLA TWTR AMZN FB NFLX SUNE GILD BAC PBR according to Track Data.
15:24 EDTCNotable companies reporting before tomorrow's open
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14:33 EDTCEarnings Preview: Citigroup to report with shares up 11% over last six months
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13:48 EDTCCitigroup October volatility increases into Q3 and revenue outlook
Citigroup October call option implied volatility is at 39, November is at 25, December is at 25, January is at 24; compared to its 26-week average of 23 according to Track Data, suggesting large near term price movement into the expected release of Q3 results on October 14.
09:39 EDTAAPLActive equity options trading on open
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08:31 EDTAAPLApple says iPhone 6, 6 Plus to arrive in 36 more countries this month
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07:19 EDTCAmEx, Capital One profits seen boosted by credit card 'sweet spot,' WSJ says
Credit card players such as American Express (AXP) and Capital One (COF), as well as banks with significant card units like JPMorgan (JPM), stand to benefit from the U.S. card industry's "sweet spot" of moderate economic growth, low interest rates and consumers who are better managing payments while growing their spending, said The Wall Street Journal, which noted that consulting firm R.K. Hammer estimates U.S. card issuers' revenue will grow 9% this year to $158.6B. Other U.S. banks with credit card units include Bank of America (BAC), Citigroup (C), and Wells Fargo (WFC) and other card companies include Visa (V) and MasterCard (MA). Reference Link
07:12 EDTRVBDRiverbed news already priced into stock, says JMP Securities
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06:44 EDTCRegulators seeking banks' auto loan data, Reuters reports
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06:41 EDTAAPLWalgreens to roll out Apple Pay on October 18, MacRumors reports
Walgreens (WAG) will begin rolling out Apple Pay (AAPL) on Saturday, October 18, according to a memo obtained by MacRumors. Reference Link
06:05 EDTAAPLReport: Apple iPhone 6 pre-orders in China reach 20M, Digitimes says
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00:04 EDTCBanking regulators want more disclosure on auto loans, Reuters says
Banking regulators are requesting that banks provide more details on their auto loan portfolios, says Reuters. Balances remaining on auto loans are rising and about a fifth of the loans are subprime, added Reuters. Publicly traded companies in the space include Bank of America (BAC), Citigroup (C), Capital One (COF), JPMorgan (JPM), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
October 12, 2014
13:03 EDTCBanks agree on derivatives procedures for future crisis scenario, WSJ says
Meeting at the Federal Reserve in Washington, top banking executives from 18 large U.S., European and Japanese banks agreed in principle to wait up to 48 hours before seeking to terminate derivatives contracts and collect associated payments from a troubled financial institution, says the Wall Street Journal. Publicly traded companies in the space include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
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