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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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September 3, 2014
16:01 EDTAAPLOptions Update; September 3, 2014
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13:33 EDTAAPLGT Advanced September volatility elevated into Apple event
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12:59 EDTAAPLNXP Semiconductors volatility flat as shares near record high into Apple event
NXP Semiconductors overall option implied volatility of 32 is near its 26-week average of 34 according to Track Data, suggesting non-directional price movement.
12:33 EDTAAPLOn The Fly: Midday Wrap
Stocks on Wall Street were higher to begin the day, as reports spurred optimism that a ceasefire agreement between Russia and the Ukraine may soon be reached. The move was short lived, as the averages turned mixed during the second hour of trading. Shares of Apple (AAPL) are weighing down the Nasdaq after an analyst recommended investors take some profits in the stock. ECONOMIC EVENTS: In the U.S., factory orders rose 10.5% in July, which was a bit below the forecast for 11.0% growth. The Fed's Beige Book is scheduled to be released at 2:00 pm ET. In Europe, the final reading of Eurozone services PMI was knocked down to 53.1 from a preliminary 53.5 reading, mirroring the lowering of the Eurozone manufacturing PMI reading yesterday. COMPANY NEWS: Shares of Apple retreated 4% after research firm Pacific Crest advised investors to take some profits in the stock. Pacific Crest analyst Andy Hargreaves forecast the percentage of new iPhone users who buy the next version of the device beyond the iPhone 6 is likely to decline versus prior cycles. The stock likely has only limited room to increase, according to Hargreaves, who said he would probably downgrade Apple unless new products that can generate billions of dollars in new operating profit are launched at its September 9 event... Carmakers reported on August vehicle sales in the U.S., with Chrysler (FIATY) reporting a 20% increase, Ford stating that sales rose slightly compared to the prior year and General Motors (GM) posting a 1.2% decline in sales. MAJOR MOVERS: Among the notable gainers was Infinity Pharmaceuticals (INFI), which jumped 46% after the company announced a cancer drug collaboration with AbbVie (ABBV) and a master clinical supply agreement with Roche (RHHBY). Also higher was Mobileye (MBLY), which gained nearly 10% after Morgan Stanley wrote that the stock could rise "towards $100" if the company maintains its current market, gross margins and earnings position. Mobileye is scheduled to report on its second quarter results tomorrow morning, which will be its first quarterly report since its August IPO. Among the noteworthy losers was Repros Therapeutics (RPRX), which dropped 15% after newly posted FDA briefing documents regarding a panel on T-normalizing therapies prompted Piper Jaffray to downgrade the stock to Neutral from Overweight. Also lower following its earnings report was apparel company Vince Holding (VNCE), which fell 11%. INDEXES: Near midday, the Dow was up 33.71, or 0.2%, to 17,101.27, the Nasdaq was down 23.24, or 0.51%, to 4,574.95, and the S&P 500 was down 0.64, or 0.03%, to 2,001.64.
12:22 EDTRVBDRiverbed sees more opportunity than risk in Russia
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12:17 EDTRVBDRiverbed sees Q3 as a strong performing quarter in the government vertical
Comments made at the Citi Global Technology Conference.
11:44 EDTAAPLApple breaks support, levels to watch
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11:24 EDTAAPLApple slumps after analyst advises taking profits
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10:40 EDTAAPLAnalyst sees security 'spending frenzy' amid high-profile hacks
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10:27 EDTAAPLApple falls, levels to watch
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09:36 EDTC, AAPLActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL TSLA TWTR PBR C GILD NFLX FB BIDU
09:32 EDTABTAbbott receives CE Mark for FreeStyle Libre
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09:06 EDTCBB&T to acquire additional Texas branches from Citibank
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08:58 EDTAAPLInvestors should take profits in Apple, says Pacific Crest
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08:06 EDTAAPLApple iWallet poses threat to PayPal, says RW Baird
Baird said an Apple (AAPL) mobile payments platform will pose a headline risk to eBay's (EBAY) PayPal. The firm sees it as a particular threat to growth opportunities at point-of-sale, although Baird notes PayPal has a solid start, a strong fraud detection platform, compliance with bank regulators, and accelerating growth in e-commerce payments. The firm has Outperform ratings on both stocks, with a price target of $63 on eBay and a target of $105 on Apple.
07:57 EDTAAPLApple coverage assumed with a Perform at Oppenheimer
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07:29 EDTCFinal liquidity, swaps margin rules to be unveiled today, Reuters says
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07:05 EDTAAPLNordstrom in talks to be early merchant partner with Apple, Bank Innovation says
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06:34 EDTCFBI hasn't found evidence JPMorgan hack hit other big banks, WSJ reports
The FBI hasn't found any evidence to suggest that the recent breach at JPMorgan hit any of the other big U.S. banks, the Wall Street Journal reports, citing four people close to the probe. JPMorgan said it isn't experiencing "unusual amounts of fraud," and, according to two sources, consumers "likely don't face a serious risk." Reference Link
06:20 EDTAAPLSupply chains ramp up component production for 9.7-inch iPad, DigiTimes says
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