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Stock Market & Financial Investment News

News For C;BA;BAC;BLK;NUS;KSWS;CBS;CLSN;WSM;PWER;AB From The Last 14 Days
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March 5, 2015
18:21 EDTC, BACOn The Fly: After Hours Movers
UP AFTER EARNINGS: YY Inc. (YY), up 5.2%... Finisar (FNSR), up 5%... Martha Stewart Living (MSO), up 5.1%... Thor (THO), up 3.5%... The Fresh Market (TFM), up 2.5%... Cooper (COO), up 2.6%. ALSO HIGHER: Calithera Biosciences (CALA), up 39% after gaining license to TransTech hexokinase inhibitors... Bank of America (BAC), up 2% following results of 2015 Dodd-Frank Stress Test. DOWN AFTER EARNINGS: Checkpoint Systems (CKP), down 20.4%... Emergent BioSolutions (EBS), down 8.5%. ALSO LOWER: Gap (GPS), down 2.1% after reporting February sales... AEterna Zentaris (AEZS), down 13.7% after filing to sell common units, no amount given... Citigroup (C), down marginally following results of 2015 Dodd-Frank Stress Test.
17:24 EDTBACBank of America releases results of 2015 Dodd-Frank Stress Test
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17:06 EDTCCiti releases results of 2015 Dodd-Frank Stress Test
Basel I Hybrid Tier 1 common ratio would be 11.1% in severe adverse scenario and Tier 1 risked based capital ratio would be 9.2%. Reference Link
16:47 EDTC, BACFed stress test reveal all 31 banks meet capital requirements
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16:00 EDTBACOptions Update; March 5, 2015
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15:05 EDTCCitigroup volatility elevated into part one of stress test results
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15:04 EDTBACBank of America volatility elevated into stress test results
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14:04 EDTBAFAA adds South Carolina-built 787-9 Dreamliners to Boeing production certificate
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11:34 EDTCCostco sees FY15 CapEx $2.5B-$2.7B
Costco (COST) says plans to open 20 new locations for rest of FY15. Sees opening "just a few" locations in Q3, 18 in Q4, with 10 in the U.S. and 10 international locations. Says U.S. Canada renewal rates at 91% in Q2. Says co-branded credit card with Citi (C), Visa (V) to be fee free. Believes deal will benefit shareholders long-term. Still sees FY15 CapEx $2.5B-$2.7B. Reports Q2-end membership 32.7M. Comments made on the Q2 earnings conference call. Costco is up 1.98% to $150.09 in late morning trading.
11:04 EDTBABoeing reports five new orders in weekly update
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09:36 EDTCActive equity options trading on open
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09:30 EDTBABoeing CFO sees 2015 earnings, cash growth being back-loaded
09:12 EDTBABoeing CFO sees defense sales likely staying flat in near-term
09:11 EDTBABoeing CFO says seeing 'stable' pricing for new jetliners
Smith says well-positioned to raise 787 output and sees jet output increases to boost free cash flow in 2016. The CFO said the company sees its 2016 capex remaining about level with 2015, and sees capital spending declining after 2016. Smith added the company sees its book-to-bill staying close to 1 for 2015. Boeing CFO Greg Smith is speaking at the J.P. Morgan Aviation, Transportation and Industrials Conference.
08:09 EDTCBSDeutsche Bank hosts an Analyst/Industry Media & Entertainment conference call
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07:20 EDTBAJPMorgan to hold a conference
Aviation, Transportation & Industrials Conference is being held in New York on March 3-5 with webcasted company presentations to begin on March 5 at 8 am; not all company presentations may be webcasted. Webcast Link
07:18 EDTCCiti tax credits seen as advantage in winning Costco business, Reuters says
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07:12 EDTBACUBS strengthens U.S. M&A unit with Evercore, Lazard, BofA hires, WSJ says
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06:16 EDTBAPentagon delays bomber contract until summer, WSJ says
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06:03 EDTCCiti sells 9.9% stake in Akbank for $1.15B
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March 4, 2015
19:23 EDTCBSCBS News releases details on tests used to investigate Lumber Liquidators
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16:02 EDTCOptions Update; March 4, 2015
iPath S&P 500 VIX Short-Term Futures down 6c to 27.22. Option volume leaders: AAPL TSLA TWTR AA PBR NFLX MNKD FB BMY C according to Track Data.
11:34 EDTCCiti OneMain sale, Costco win both positive for shares, says Morgan Stanley
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09:07 EDTWSMWilliams-Sonoma volatility elevated into Q4 and outlook
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08:56 EDTBLKBlackRock, Vanguard to be more assertive with boards, WSJ says
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08:21 EDTCCiti sales of OneMain positive, says Bernstein
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08:00 EDTCCiti, MasterCard sign new global 10-year agreement
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07:22 EDTC, BACBanks, not Apple, on hook for 'post-Apple Pay fraud,' says Trustev
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07:17 EDTNUSUBS to hold a conference
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07:12 EDTBAJPMorgan to hold a conference
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06:00 EDTCBSStocks with implied volatility movement; MNKD CBS
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05:40 EDTBABoeing, Ryanair announce order for three additional Next-Generation 737-800s
Boeing (BA) and Ryanair (RYAAY) have announced an order for three Next-Generation 737-800s. The order, previously unidentified on the Boeing Orders & Deliveries website, is valued at $280M at current list prices. With this order the Irish low-cost carrier now has unfilled orders for 174 Next-Generation 737-800s and 100 737 MAX 200s.
March 3, 2015
16:23 EDTCOn The Fly: Closing Wrap
Stocks on Wall Street were lower, as the major averages receded from record levels. The Dow and S&P 500 closed yesterday at all-time highs, though the market was unable to build upon those records. Auto sales for February included disappointments for several companies, but that was quickly blamed on the poor weather during the month. With the economic calendar light, investors began looking forward to end of the week, when the highly anticipated monthly nonfarm payrolls are released. ECONOMIC EVENTS: In the U.S., no major economic data was reported. COMPANY NEWS: Automakers reported on their sales in the U.S. during February, with several falling short of expectations. Ford (F) reported sales fell about 2% last month compared to the prior year, and its stock fell 40c, or 2.41%, to $16.17 afterward. Shares of Fiat Chrysler (FCAU), which reported a 6% increase in U.S. sales last month, declined 52c, or 3.28%, to $15.31. General Motors (GM) reported its February U.S. sales rose a bit over 4%, but that was below the nearly 6% increase that had been forecast by analysts, and shares gained 19c, or 0.51%, to $37.80... Target (TGT) shares gained 32c, or 0.41%, to $78.00 as the company held its investor day meeting. During the meeting, the retailer guided for its fiscal 2015 EPS to be $4.45-$4.65, versus consensus $4.50, and projected that its sales will grow 2%-3% during the fiscal year. Target also said it is targeting $2B in share repurchases this year and said it expects 5%-10% annual dividend growth. MAJOR MOVERS: Among the notable gainers was Orexigen (OREX), which surged $1.85, or 31.95%, to $7.64 after the company disclosed that its weight loss drug, Contrave, demonstrated a statistically significant benefit over placebo for cardiovascular events when announcing a method of treatment patent was issued by the USPTO. Also higher was Springleaf Holdings (LEAF), which gained $12.19, or 32.05%, to $50.23 after agreeing to acquire OneMain Financial from Citigroup (C) for $4.25B. Among the noteworthy losers was Primoris Services (PRIM), which fell $3.87, or 18.35%, to $17.22 after reporting fourth quarter results that fell short of consensus expectations and were below last yearís fourth quarter. Also lower were shares of Micron (MU), which fell $1.58, or 5.06%, to $29.66 after Nomura downgraded the stock to Neutral from Buy. INDEXES: The Dow fell 85.26, or 0.47%, to 18,203.37, the Nasdaq lost 28.20, or 0.56%, to 4,979.90, and the S&P 500 declined 9.61, or 0.45%, to 2,107.78.
16:01 EDTC, BACOptions Update; March 3, 2015
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13:08 EDTCBSCBS added to Focus List at JPMorgan
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12:31 EDTBABoeing and Silk Way West announce order for three 747-8 freighters
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10:12 EDTCCitigroup volatility elevated into stress test results
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10:00 EDTCOn The Fly: Analyst Upgrade Summary
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09:35 EDTCActive equity options trading on open
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09:13 EDTBAUnited Airlines may buy more Boeing 777X planes, Reuters reports
United Airlines (UAL) is not interested in buying Boeing's (BA) new 777X aircraft in the near-term, but it thinks Boeing's older 777-300ER planes may be a good fit for it, the carrier's CFO, John Rainey, said, according to Reuters. The 777-300ER "could be a quick fix" for United in markets where the company requires additional seats, Reuters quoted Rainey as saying. Reference Link
07:31 EDTCFortress Co-Chairman Wes Edens comments on Springleaf acquisition of OneMain
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07:15 EDTCSpringleaf to host conference call
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06:38 EDTBAAir Lease to lease two Boeing aircrafts to Air Tahiti Nui
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06:34 EDTCCiti confirms sale of OneMain Financial To Springleaf to $4.25B
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06:32 EDTCSpringleaf confirms acquisition of Citi's OneMain for $4.25B
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06:06 EDTCCiti upgraded to Overweight from Neutral at JPMorgan
JPMorgan upgraded Citigroup (C) to Overweight saying the Costco (COST) co-branding credit card deal announced yesterday will add to revenue growth and return on assets. Further, the firm expects the Federal Reserve to approve Citi's capital return in 2015 and for the banking giant to achieve its operating efficiency targets this year. It upped its price target for shares to $58 from $54. Citi closed Monday up $1.07 to $53.49.
05:37 EDTCSpringleaf close to buying Citi's OneMain for $4.25B, WSJ reports
Springleaf (LEAF) could announce as early as today a deal to acquire Citi's (C) OneMain Financial for about $4.25B, Wall Street Journal reports, citing people familiar with the matter. Reference Link
March 2, 2015
17:08 EDTBACOverstock.com market-riggin case to proceed
Overstock.com (OSTK) announces that due to the California Supreme Court's decision last week not to review a lower appellate court ruling, relevant discovery materials gained in its long-fought battle with Goldman Sachs (GS) and Merrill Lynch (BAC) will be released to the public, and it will be proceeding to trial against Merrill Lynch. In a suit filed in 2007, Overstock.com alleged certain brokerages engaged in illegal market manipulation in a deliberate effort to manipulate Overstock.com's share prices. Over many years and millions of dollars of discovery generating millions of documents, it fashioned its case against some of the premier brokerages on Wall Street. As was previously disclosed in a filing with the SEC in December 2010, Overstock.com entered into a settlement with certain other defendants in the aggregate amount of $4.44M, the terms of which are confidential. In January 2012, a California trial court decided that relevant portions of the voluminous discovery records regarding Goldman and Merrill should be made public, but dismissed the case on narrow, technical grounds. Last week's decision by the California Supreme Court not to review the appellate court ruling means that the process for public release of information gathered through the discovery process may now proceed, and also the trial against Merrill Lynch. Overstock SVP and General Counsel Mark Griffin added, "It is unfortunate the Court has decided that, despite the substantial evidence against Goldman Sachs, due to jurisdictional grounds they cannot be made to account for it in a California courtroom. Overstock looks forward to making that evidence available to the public for review, and we can't wait to get Merrill Lynch in front of a jury, and let them decide what to do about these manipulative stock market abuses."
16:02 EDTBAC, COptions Update; March 2, 2015
iPath S&P 500 VIX Short-Term Futures down 91c to 26.70. Option volume leaders: AAPL TSLA TWTR MBI MCD NFLX AMZN GOOG BAC C according to Track Data.
12:00 EDTCBSFCC probing Comcast, Time Warner Cable, The Verge says
The FCC is investigating whether Comcast (CMCSA) or Time Warner Cable (TWC) limited or restricted companies' ability to access streaming video services, according to The Verge, which cited an FCC document. Disney (DIS), CBS (CBS), and Viacom (VIA) were among the companies approached by the FCC about the matter, The Verge stated. Reference Link
11:24 EDTCCiti CFO sees Q1 fixed-income, equity markets revenue declining, Reuters says
Citi CFO John Gerspach sees revenue from fixed-income and equity markets declining by mid-to-high single-digits in Q1 y/y due to the Swiss currency reevaluation and a "slow start" in spread products, reports Reuters, citing an investor conference. Reference Link
10:02 EDTCSantander names Scott Powell CEO of Santander Holdings USA
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10:00 EDTBLKOn The Fly: Analyst Downgrade Summary
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08:14 EDTBLKBlackRock, State Street may lose advantage over newer ETF firms, Reuters says
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08:11 EDTCCapital One slips after Costco enters co-brand card pact with Visa, Citi
Shares of Capital One (COF) are slipping in pre-market trading after Costco Wholesale (COST) announced it has entered into a new co-brand credit card program agreement with Citi (C) and an acceptance and co-brand incentive agreement with Visa (V). The Fly notes that on February 12 American Express (AXP) announced that its U.S. co-brand and merchant acceptance agreements with Costco are set to end on March 31, 2016. On October 1 of last year, MasterCard Canada (MA) entered into an agreement with Costco Canada to open credit card acceptance to MasterCard cardholders. In addition, Capital One rolled out a new cobranded MasterCard credit card with Costco Canada at that time, which may have led some to speculate that Capital One and MasterCard could have the inside track for a U.S. deal with Costco. In pre-market trading, Capital One shares slid 0.56% to $78.27 and MasterCard shares slipped fractionally lower to $90.
08:06 EDTCCostco enters long-term co-brand credit card agreement with Citi, Visa
Costco Wholesale (COST) announced it has entered into a new co-brand credit card program agreement with Citi (C) and an acceptance and co-brand incentive agreement with Visa (V). The implementation of these agreements is subject to the purchase of the existing co-brand credit card portfolio by Citi. Under the terms of the agreements, Citi, the world's largest issuer of consumer credit cards, would become the exclusive issuer of Costco's co-brand credit cards and Visa will replace American Express as the credit card network for Costco in the United States and Puerto Rico beginning April 1, 2016. Once issued, Costco's co-brand Visa credit card would provide generous rewards to Costco members, serve as the Costco membership card, and would be accepted at Costco locations in the United States and Puerto Rico, as well as all merchants worldwide that accept Visa credit cards. Costco will provide its members with additional information in the coming months regarding the anticipated transition from its existing co-brand credit card program.
08:06 EDTCCostco enters long-term co-brand credit card agreement with Citi, Visa
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07:50 EDTCCitigroup volatility elevated into stress test results
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07:41 EDTCBSMorgan Stanley to hold a conference
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06:16 EDTCCiti CEO, CFO may be pressured to leave if bank fails stress test, FT says
Citi is preparing for the results of the Federal Reserve's capital distribution stress test and if the bank were to fail, CEO Mike Corbat, CFO John Gerspach, and head of risk Brian Leach will be pressured by investors to step down, reports the Financial Times, citing two anonymous Citi executives. Reference Link
06:15 EDTBLK, ABBlackRock downgraded to Neutral from Buy at Citigroup
Citigroup downgraded BlackRock (BLK) to Neutral citing the stock's proximity to its unchanged price target of $385. Citi's top pick in the Asset Managers space is Invesco (IVZ), followed by AllianceBernstein (AB) and OM Asset Management (OMAM), which it upgraded this morning to Buy.
February 27, 2015
16:19 EDTBACBank of America files mixed securities shelf
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16:06 EDTBAC, COptions Update; February 27, 2015
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10:45 EDTC, BACBank of America falls after analyst warns of potential Fed test failure
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10:17 EDTBLKBlackRock invests $300M in Jawbone, Fortune reports
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09:58 EDTBACOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: 500.com (WBAI) downgraded to Hold from Buy at Deutsche Bank... Akorn (AKRX) downgraded to Hold after share rally at Needham... Allscripts (MDRX) downgraded to Market Perform from Outperform at Leerink... Bank of America (BAC) downgraded to Neutral from Buy at UBS... Bill Barrett (BBG) downgraded to Hold from Buy at KLR Group... CA Technologies (CA) downgraded to Underperform from Neutral at Credit Suisse... CBOE Holdings (CBOE) downgraded at BofA/Merrill... CONE Midstream (CNNX) downgraded to Sector Perform from Outperform at RBC Capital... Calamos (CLMS) downgraded to Underperform from Neutral at Credit Suisse... Crane (CR) downgraded to Market Perform from Outperform at FBR Capital... Dick's Sporting (DKS) downgraded to Equal Weight from Overweight at Barclays... EnerNOC (ENOC) downgraded to Buy from Strong Buy at Needham... Hercules Offshore (HERO) downgraded to Sell from Buy at Deutsche Bank... Insulet (PODD) downgraded at Oppenheimer... Intelsat (I) downgraded to Underperform from Neutral at Credit Suisse... Laredo Petroleum (LPI) downgraded to Market Perform from Outperform at Northland... Mavenir Systems (MVNR) downgraded to Equal Weight from Overweight at Morgan Stanley... Memorial Production (MEMP) downgraded to Underperform from Perform at Oppenheimer... Mobileye (MBLY) downgraded to Neutral from Buy at Dougherty... NTELOS (NTLS) downgraded to Market Perform from Outperform at Wells Fargo... Ocwen (OCN) downgraded to Sell from Neutral at Compass Point... Pegasystems (PEGA) downgraded to Neutral from Buy at Merriman... Performant Financial (PFMT) downgraded to Neutral from Buy at Compass Point... Pharmacyclics (PCYC) downgraded to Neutral from Buy at Goldman... Potbelly (PBPB) downgraded to Underweight from Overweight at Piper Jaffray... SYNNEX (SNX) downgraded to Hold from Buy at Stifel... Safe Bulkers (SB) downgraded at Credit Suisse... Sarepta (SRPT) downgraded to Market Perform from Outperform at Cowen... Seadrill Partners (SDLP) downgraded to Sector Perform from Outperform at RBC Capital... Spirit Realty (SRC) downgraded at RBC Capital... Transocean (RIG) downgraded to Sector Perform from Outperform at Iberia... UIL Holdings (UIL) downgraded to Neutral from Outperform at RW Baird... WCI Communities (WCIC) downgraded to Neutral from Buy at Citigroup... Walter Investment (WAC) downgraded to Neutral from Outperform at Credit Suisse.
09:54 EDTBAHouse Committee on Science, Space & Technology holds a hearing
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09:42 EDTBACBank of America falls as Chief Accounting Officer, two directors, step down
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09:35 EDTBACActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL MCD GOOG MNST BAC TSLA NFLX SINA AMZN WYNN
08:37 EDTCCiti likely to return 44% of 2015 earnings to shareholders, says Bernstein
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07:17 EDTBACUniversity of Chicago Booth School of Business to hold a forum
U.S. Monetary Policy Forum is being held in New York on February 27.
06:32 EDTBACBank of America Chief Accounting Officer, two directors to step down
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06:07 EDTCBSTiVo, RPX buy Aereo assets, WSJ says
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05:50 EDTBACBank of America downgraded to Neutral from Buy at UBS
UBS analyst Brennan Hawken downgraded Bank of America to Neutral from Buy saying disclosures in the bank's recent annual filing raise the risk of a qualitative failure this year. Hawken believes that even with yesterday's 2.7% pullback, shares of Bank of America are not fully pricing in the risk of a qualified failure in the Federal Reserve's Comprehensive Capital Analysis and Review, or CCAR. The analyst writes that even if BofA passes the CCAR, the Fed's annual exercise to assess whether the largest banks have sufficient capital, its regulatory capital ratios are well below peers, which could drive lower capital returns. Hawken cut his price target on the banking giant to $16 from $20. Shares of Bank of America closed yesterday down 45c to $16.04.
February 26, 2015
16:35 EDTBABoeing files automatic mixed securities shelf
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16:00 EDTCOptions Update; February 26, 2015
iPath S&P 500 VIX Short-Term Futures down 33c to 27.78. Option volume leaders: AAPL TSLA TWTR C ZNGA MCD RIG NFLX according to Track Data.
15:02 EDTC, BACFed extends capital surcharge for SiFi banks comment period to April 3
The Federal Reserve extended until April 3 the comment period for its proposed rule to implement capital surcharges for the largest, most systemically important U.S. bank holding companies. The Fed extended the comment period to allow interested persons more time to analyze the issues and prepare their comments. Originally, comments were due by March 2. The proposed rule would establish a methodology to identify whether a firm is a global systemically important banking organization and would also establish the size of a firm's risk-based capital surcharge. The proposal is designed to further strengthen the capital positions of these institutions. Large U.S. banks include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC).
14:01 EDTC, BACBarclays to double provision for forex rigging fines, Sky News says
Barclays (BCS), which previously excluded itself from a broader settlement between several banking peers and regulators over alleged manipulation of foreign exchange rates as it worked to secure a binding agreement with all relevant authorities, will more than double its existing provision for forex fines next week, which may indicate that a settlement deal could be announced soon, said Sky News. Barclay took a GBP500M charge during the course of last year in advance of expected forex issue costs, the report noted. Other banks that previously agreed to a settlement included Bank of America (BAC), Citibank (C), HSBC (HSBC), JPMorgan Chase (JPM), RBS (RBS) and UBS (UBS). The report indicates that U.S. regulators have stepped up talks with banks including Barclays and the others involved. Reference Link
12:31 EDTBABoeing says received 50 new orders for 737 Max jet in last week
Boeing says it has received 50 new orders from unidentified customers for the 737 Max jet in the last week. The company said customers canceled deals for four of its 737s.
10:50 EDTC, BACNew York regulator considering cybersecurity, cash laundering controls, WSJ says
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10:00 EDTABOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: ASUR Airports (ASR) upgraded to Sector Perform from Underperform at Scotia Capital... AcelRx (ACRX) upgraded to Buy from Neutral at Mizuho... AllianceBernstein (AB) upgraded to Buy from Neutral at BofA/Merrill... American Express (AXP) upgraded to Buy from Hold at Deutsche Bank... Argus upgraded Sonoco (SON) on multiple positive catalysts... Columbia Property (CXP) upgraded to Neutral from Sell at Goldman... Deutsche sees American Express (AXP) as undervalued, upgrades to Buy... Eldorado Gold (EGO) upgraded to Neutral from Sell at Goldman... Genesee & Wyoming (GWR) upgraded to Buy from Neutral at BofA/Merrill... Gruma (GMK) upgraded to Overweight from Equal Weight at Barclays... Isle of Capri (ISLE) upgraded to Outperform from Neutral at Macquarie... JAKKS Pacific (JAKK) upgraded at B. Riley... QTS Realty Trust (QTS) upgraded to Buy from Hold at Deutsche Bank... Sonoco (SON) upgraded to Buy from Hold at Argus... T-Mobile (TMUS) upgraded to Buy from Neutral at Citigroup... Vulcan Materials (VMC) upgraded at RBC Capital.
06:35 EDTBABoeing, FedEx oppose punishing Gulf airlines for alleged subsidies, Reuters says
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06:15 EDTABAllianceBernstein upgraded to Buy from Neutral at BofA/Merrill
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February 25, 2015
17:36 EDTCCiti discloses money laundering inquiries, says fully cooperating
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07:57 EDTCBSSandell pressures CBS to divest radio stations to Cumulus Media, The Deal says
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06:10 EDTBAFAA will allow Southwest to fly planes that missed inspection, WSJ reports
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February 24, 2015
16:06 EDTCOptions Update; February 24, 2015
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14:43 EDTBACBofA head of Americas equitites leaving company, Bloomberg reports
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12:12 EDTBACBank of America head of equities for America leaving bank, Bloomberg says
10:24 EDTBABoeing finds buyers for early 787 Dreamliner inventory, Bloomberg says
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10:02 EDTBABoeing lines up buyers for 10 'overweight' 787 Dreamliners, Bloomberg says
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08:28 EDTBASenate Commerce, Science & Transportation Committee holds a hearing
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07:21 EDTC, BACSecurities Industry & Financial Markets Association to hold a conference
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07:12 EDTABWells Fargo to hold a conference
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06:46 EDTBAAirbus told suppliers to prepare for increase in A320 production, Reuters says
Airbus (EADSY) has told suppliers that it is considering increasing the number of A320 jets it produces to 50 per month as early as 2017, according to Reuters. The company, which is looking to make 48 A320 jets per month by the second quarter of 2016, currently manufactures 42 of the jets per month and had previously planned to produce 46 of them monthly by the second quarter of 2016, the news service noted. Boeing (BA) competes with Airbus in international commercial plane markets. Reference Link
05:23 EDTBARaytheon and Boeing partner to provide solutions to Royal Saudi Air Force
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February 23, 2015
16:27 EDTBAOn The Fly: Closing Wrap
Stocks on Wall Street began the session in negative territory and remained there for most of the session, with the Nasdaq the lone index to post a small gain. The Dow was weighed down by shares of Boeing (BA), which slid after the stock received a downgrade. There was little in the way of positive economic news, as the most notable report showed existing homes were lower than expected due to a shortage of inventory. The averages drifted for most of the session, as investors may be waiting on the sidelines ahead of tomorrowís banking panel testimony by Fed Chair Janet Yellen. ECONOMIC EVENTS: In the U.S., the Chicago Fed national activity index rebounded to 0.13 in January, which was nearly in-line with expectations. Existing home sales dropped 4.9% to a 4.82M rate in January, which was much worse than the expected 1.8% drop to a 4.95M unit rate. In Europe, the Ifo Instituteís measure of German business confidence rose to 106.8 in February, which was up a tenth of a percentage point from the previous month but below the 107.7 consensus forecast. Also, the Bank of Israel became the latest central bank to cut rates this year, lowering its main interest rate to 0.1% from 0.25%. COMPANY NEWS: The shares of a number of health insurers rose after the Centers for Medicare and Medicaid Services, or CMS, issued preliminary 2016 Medicare Advantage rates. According to Credit Suisse, the rates were favorable for the insurers. Following the CMS announcement made late Friday, Humana (HUM) climbed $8.40, or 5.38%, to $164.52, UnitedHealth (UNH) rose $3.78, or 3.36%, to $116.40, and WellCare (WCG) gained $4.68, or 5.53%, to $89.30. MAJOR MOVERS: Among the notable gainers was PTC Therapeutics (PTCT), which jumped $9.77, or 17.7%, to $64.96 after Reuters said the company is working with financial advisers to explore a potential sale after receiving takeover interest from several companies including Shire (SHPG) and BioMarin (BMRN). Also higher was Valeant (VRX), which rose $25.49, or 14.71%, to $198.75 after the company agreed to buy Salix (SLXP) for $158 per share and also reported better-than-forecast earnings. Salix shares, however, fell $2.09, or 1.32%, to $155.76, as a report Friday from CNBC's David Faber telegraphed the deal and suggested Valeant could value Salix around $160 per share. Among the noteworthy losers was Spectrum Pharmaceuticals (SPPI), which dropped $1.18, or 15.82%, to $6.28 after a judge ruled that a drug which could compete with the company's Fusilev treatment does not infringe on the company's intellectual property. Also lower were shares of Boeing, which fell $3.57, or 2.26%, to $154.74 after the stock was downgraded to Sell from Neutral at Goldman Sachs. INDEXES: The Dow fell 23.60, or 0.13%, to 18,116.84, the Nasdaq gained 5.01, or 0.1%, to 4,960.97, and the S&P 500 slipped 0.64, or 0.03%, to 2,109.66.
16:00 EDTCOptions Update; February 23, 2015
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12:21 EDTBAOn The Fly: Midday Wrap
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11:13 EDTBABoeing falls after Goldman downgrades to Sell, levels to watch
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09:59 EDTBAOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Antofagasta (ANFGY) downgraded to Sell from Neutral at Goldman... Arch Coal (ACI) downgraded to Sell from Buy at Argus... BHP Billiton (BHP) downgraded to Equal Weight from Overweight at Morgan Stanley... Beazer Homes (BZH) downgraded to Neutral from Buy at Compass Point... Boeing (BA) downgraded to Sell from Neutral at Goldman... Century Communities (CCS) downgraded to Neutral from Overweight at JPMorgan... CyberArk (CYBR) downgraded to Underweight from Neutral at JPMorgan... DirecTV (DTV) downgraded to Hold from Buy at Brean Capital... Enerplus (ERF) downgraded to Hold from Buy at Desjardins... Fiserv (FISV) downgraded to Neutral from Buy at Monness Crespi... GP Strategies (GPX) downgraded to Neutral from Buy at B. Riley... Interactive Brokers (IBKR) downgraded to Market Perform at Keefe Bruyette... MRC Global (MRC) downgraded at BB&T... Precision Castparts (PCP) downgraded to Neutral from Buy at Goldman... Quest Diagnostics (DGX) downgraded at BofA/Merrill... Rio Tinto (RIO) downgraded to Equal Weight from Overweight at Morgan Stanley... Roth Capital downgraded Spectrum (SPPI) on court case loss... Royal Dutch Shell (RDS.A) downgraded to Sector Perform from Outperform at Howard Weil... Ryland Group (RYL) downgraded to Neutral from Buy at Compass Point... Salix (SLXP) downgraded to Market Perform from Outperform at Leerink... Standard Pacific (SPF) downgraded to Neutral from Buy at Compass Point... Superior Energy (SPN) downgraded to Neutral from Outperform at Credit Suisse... Transocean (RIG) downgraded to Negative from Neutral at Susquehanna... Vale (VALE) downgraded to Equal Weight from Overweight at Morgan Stanley.
09:39 EDTCActive equity options trading on open
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08:10 EDTCLSNCelsion announces survival data from HEAT study of ThermoDox
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07:40 EDTABBMO Capital to hold a conference
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06:51 EDTBAAerospace sector downgraded to Neutral from Attractive at Goldman
Goldman downgraded the Aerospace sector to Neutral based on group outperformance and increased downside risks. The firm believes Boeing (BA) and Airbus are now oversupplying the market after a decade of undersupply and replacement demand required to sustain production may prove difficult to achieve. Goldman said accelerated new aircraft replacements was partially due to fuel economics and lower fuel prices and global growth volatility could substantially change Aerospace dynamics. As part of the sector view change, Goldman downgraded Boeing to Sell from Neutral and Precision Castparts (PCP) to Natural from Buy.
06:19 EDTBABoeing downgraded to Sell from Neutral at Goldman
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February 20, 2015
16:20 EDTCOn The Fly: Closing Wrap
Stocks on Wall Street opened in negative territory with time running out for Greece to reach an extension of its bailout agreement. The morning was filled with headlines from both Greek and eurozone finance leaders, many of which indicated that prospects for a deal looked grim. When reports surfaced that an agreement on an extension had been reached the Dow took off and hit its first new high of 2015. The S&P 500 followed to its own new high and the Nasdaq continued to close in on the 5,000 level. ECONOMIC EVENTS: In the U.S., Markit's flash PMI rose to 54.3 in February, versus the consensus forecast for a preliminary reading of 53.6 for the month. In Europe, the Eurogroup and Greece reached a tentative deal for an extension of the current EFSF Master Financial Assistance Facility Agreement for up to four months. The deal is predicated on Greek authorities presenting a first list of reform measures, based on the current arrangement, by the end of Monday. Also, the Eurozone flash composite PMI came in at 53.5, versus expectations for a reading of 53. The services PMI was better than expected, while the manufacturing PMI was lower than expected. COMPANY NEWS: Deere reported Q1 earnings per share of $1.12 and revenue of $6.38B, which beat consensus forecasts of 84c and $5.59B, respectively. However, Deere said company equipment sales are projected to decrease about 17% for fiscal 2015 and now sees net income to be about $1.8B, which is down from the company's prior net income outlook of $1.9B. Analysts at Wells Fargo calculate that the implied EPS guidance from Deere dropped to $5.25 from $5.50. Consensus for FY15 EPS prior to Deere's report was $5.51. Shares of the farm, construction and forestry equipment maker rose 72c, or 0.79%, to $92.43 following this morning's report. MAJOR MOVERS: Among the notable gainers was National Bank of Greece (NBG), whose shares trading in New York jumped 35c, or 21.74%, to $1.96 after the Greek aid extension deal was negotiated. Also higher was Springleaf (LEAF), which gained $4.40, or 12.88%, to $38.57 after Reuters reported that the company has beaten out rival bidders and is in advanced talks to buy consumer finance unit OneMain Financial from Citigroup (C) for more than $4B. Two stock that dropped after their earnings reports prompted multiple analyst downgrades were Noodles & Company (NDLS), which plunged $8.84, or 31.87%, to $18.90, and Rocket Fuel (FUEL), which fell $3.95, or 26.74%, to $10.82. INDEXES: The Dow rose 154.67, or 0.86%, to 18,140.44, the Nasdaq gained 31.27, or 0.63%, to 4,955.97, and the S&P 500 advanced 12.85, or 0.61%, to 2,110.30.
15:05 EDTCSpringleaf in lead to buy OneMain for over $4B, Reuters says
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14:18 EDTCSpringleaf in advanced talks to buy OneMain from Citi for over $4B, Reuter says
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10:47 EDTCNY AG says Santander Bank to adopt new policies regarding use of ChexSystems
New York Attorney General Eric T. Schneiderman announced that Santander Bank, N.A. (SAN) has agreed to adopt new policies governing its use of ChexSystems, a consumer-reporting agency that screens people seeking to open checking or savings accounts. Santanderís new policies are expected to allow thousands of additional New Yorkers and consumers nationwide to open bank accounts by September 30. The change comes amid concerns that screenings by ChexSystems and other consumer-reporting agencies, which are used by most of the nationís banks, adversely affect lower-income applicants and force them to turn to high-cost alternative financial services like check-cashing outlets. With this agreement, Santander now joins Capital One (COF) and Citibank (C) as the third bank to commit to overhaul its use of ChexSystems. The three banks operate a combined 613 branches across New York State and 2,822 branches nationwide.
10:46 EDTWSMWest Coast dockworkers have not reached labor deal, CNBC reports
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10:11 EDTWSMWest Coast dockworkers reported to strike labor deal, CNBC says
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08:54 EDTCCiti confirms retirement of global consumer banking head Manuel Medina-Mora
In a filing, Citigroup said that on February 18, Manuel Medina-Mora, Citiís Co-President and CEO, Global Consumer Banking, submitted a notice of retirement to Citi. The effective date of the retirement is June 1.
08:48 EDTBABoeing price target raised to $196 from $164 at Sterne Agee
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08:43 EDTCCiti's head of consumer banking set to retire in June, WSJ reports
Citigroup co-president and head of consumer banking, Manuel Medina-Mora, is planning to retire in June, The Wall Street Journal reports, citing memos sent by Medina-Mora and Citigroup CEO Michael Corbat. Medina-Mora is expected to stay with the bank as the non-executive chairman of Banamex. Citigroup plans to name a new head of the consumer bank "in the near future." Reference Link
08:01 EDTCLSNCelsion presents clinical data for GEN-1 IL-12 immunotherapy
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