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Stock Market & Financial Investment News

News Breaks
March 27, 2014
12:18 EDTAAPL, LULU, C, AMZN, LDOS, BAX, GOOG, GME, BACOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday as slides in Citigroup (C) and a number of tech giants weighed on the indexes. The weakness comes in spite of the government's estimate for GDP growth in the fourth quarter having been revised upward, as well as encouraging data about unemployment claims. ECONOMIC EVENTS: The estimate of GDP growth in the fourth guarter was revised up to 2.6% from the prior 2.4% estimate, but analyst had expected it to be bumped up to 2.7% in this third reading. There were 311K initial jobless claims in the week ended March 22, which was below the consensus forecast for 323K claims. Pending home sales fell 0.8% in February from the prior month, missing expectations for them to have risen 0.2%. COMPANY NEWS: Shares of Citigroup dropped 6% after the bank was one of five to have its capital plan rejected by the Federal Reserve. The central bank said Citi's plan reflected a "number of deficiencies" in its planning. Citi was denied its request for a $6.4B share repurchase program and to increase its dividend to 5c per share, but will be permitted to continue with its current capital actions. Following last night's Fed announcment, Citigroup shares were downgraded at Keefe Bruyette and at Bernstein... Shares of Bank of America (BAC) were also lower by nearly 2% near midday, despite receiving approval from the Fed for its 2014 capital plan. The bank will be allowed to repurchase $4B of its common stock and increase its dividend to 5c from 1c per share. The bank also announced a more than $9B settlement with the Federal Housing Finance Agency related to mortgage-backed securities sold to Fannie Mae (FNMA) and Freddie Mac (FMCC) between 2005 and 2007... Shares of Baxter (BAX) rose 5.5% after the company announced plans to split into two separate, independent companies -- one focused on biopharmaceuticals and the other on medical products. The split, which is intended to take the form of a tax-free distribution to Baxter shareholders of a new publicly traded stock in the new biopharmaceuticals company, is expected to be completed by mid-year 2015... Shares of Apple (AAPL), Google (GOOG), Amazon.com (AMZN) and a number of other tech stocks were all lower near noon. MAJOR MOVERS: Among the notable gainers was athletic apparel maker lululemon (LULU), which rose over 6% after the company's fourth quarter results topped analysts' consensus expectation and the company's previously lowered outlook. Also higher was Garmin (GRMN), which gained 4.5% after research firm Oppenheimer joined Citigroup to issue the second positive note about the GPS product maker in two days. Among the noteworthy losers was security, health and engineering solutions firm Leidos (LDOS), which dropped more than 15% after its guidance dissapointed and its COO announced plans to leave the company. Also lower following its earnings reports was video game retailer GameStop (GME), which fell 7%. INDEXES: Near midday, the Dow was down 35.52, or 0.22%, to 16,233.47, the Nasdaq was down 34.23, or 0.82%, to 4,139.35, and the S&P 500 was down 7.94, or 0.43%, to 1,844.62.
News For C;BAC;BAX;LULU;GME;LDOS;AAPL;GOOG;AMZN From The Last 14 Days
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January 20, 2015
11:21 EDTGOOGYouTube plans launch of original content initiative by end of 2015, Variety says
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10:20 EDTGMEOptions with decreasing implied volatility
Options with decreasing implied volatility: RPRX TLM BBY GME CBST NPSP
09:52 EDTAMZNAmazon.com's Q4 revenue trending to $29.5B vs. consnesus of $29.7B at ITG
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09:38 EDTAAPL, AMZN, C, BACActive equity options trading
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09:02 EDTBAXBaxter receives FDA approval for PHOXILLUM solution
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08:54 EDTBACBank of America upgraded to Conviction Buy from Buy at Goldman
Goldman added Bank of America to the Conviction Buy List with an $18 price target following recent underperformance. The firm continues to believe shares to will be driven by better than expected top-line growth, accelerated capital returns, and a business shift towards less capital intensive earnings streams.
08:17 EDTAMZNPattern Energy to supply power to Amazon Web Services
Pattern Energy Group (PEGI) announced it has entered into a 13-year power purchase agreement, or PPA, to supply power to Amazon Web Services, or AWS, an Amazon.com (AMZN) company. AWS will acquire the production from the 150 megawatt Fowler Ridge IV Wind project, to be renamed Amazon Web Services Wind Farm.
08:16 EDTBAXMerrimack data of Phase 3 MM-398 NAPOLI-1 study supports development programs
Merrimack Pharmaceuticals (MACK) announced that additional analyses were presented on January 16, 2015 from the Phase 3 NAPOLI-1 study of MM-398, also known as nal-IRI, in patients with metastatic pancreatic cancer previously treated with gemcitabine-based therapy. Merrimack and Baxter International's (BAX) biopharmaceutical business are collaborating on the development and commercialization of MM-398 outside of the United States and Taiwan. PharmaEngine holds the rights to commercialize MM-398 in Taiwan. Additionally, Merrimack presented preclinical and clinical data from studies of its investigational agents MM-141 and MM-151 in pancreatic and colorectal cancer, respectively. An investigator-sponsored study of MM-398 in colorectal cancer was also presented. The extended analyses for the global NAPOLI-1 Phase 3 trial presented at ASCO GI support the robustness of the overall survival benefit of MM-398 in combination with 5-fluorouracil, or 5-FU, and leucovorin presented in June 2014, at the European Society for Medical Oncology World Congress on Gastrointestinal Cancer, or ESMO GI. The primary analysis, presented at ESMO GI, demonstrated a statistically significant advantage in overall survival with an unstratified hazard ratio of 0.67, and a median of 6.1 months for the combination of MM-398 plus 5-FU and leucovorin compared to 4.2 months in the control arm.
08:01 EDTAMZNAmazon Web Services to use wind farm power to supply datacenters with power
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07:54 EDTLDOSLeidos awarded contract by the GSA
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07:28 EDTBACTreasury Institute for Higher Education to hold a symposium
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07:00 EDTGOOGEU official calls on Google to make more concessions, NY Times says
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06:38 EDTAAPLApple stops developers in Crimea from creating App Store apps, TechCrunch says
Apple has sent out emails to app developers in Crimea telling them that they can no longer develop iPhone apps, TechCrunch reports. The move is based on new U.S. sanctions against Crimea, the Russian-annexed area of Ukraine. Reference Link
06:10 EDTLULUlululemon implied volatility of 34 at lower end of index mean range
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January 19, 2015
17:57 EDTGOOGGoogle near $1B investment in SpaceX, WSJ reports
Google is near an agreement to invest $1B in Elon Musk's SpaceX, Wall Street Journal reports, citing a person familiar with the matter. The investment would value SpaceX at more than $10B, the Journal adds. The Information earlier today reported Google was near an investment in SpaceX, but did not specify the amount. Reference Link
12:29 EDTGOOGGoogle near investment in Musk's SpaceX, The Information reports
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11:14 EDTAMZNAmazon to produce original movies for theaters, Prime Instant Video
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January 18, 2015
16:57 EDTCCiti may have lost more than $150M on Swiss franc volatility, Bloomberg says
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15:14 EDTCMashreqbank interested in Citigroupís Egyptian consumer unit, Bloomberg says
Dubai-based bank, Mashreqbank PSC confirmed it is interested in acquiring Citigroupís Egyptian consumer banking unit, says Bloomberg citing comments from Mashreqbank PSC CEO Abdul Aziz Al Ghurair. Reference Link
13:45 EDTAAPL, GOOGGoogle in talks to acquire mobile-pay platform Softcard, WSJ says
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