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Stock Market & Financial Investment News

News Breaks
December 5, 2012
12:32 EDTC, MFRM, SVU, TOT, CIE, JPM, TRV, BAC, FB, AAPL, PXP, MMR, FCX, POn The Fly: Midday Wrap
Stocks on Wall Street were mixed at midday, as the financials lead the Dow higher and Apple (AAPL) weighed on the Nasdaq. A number of factors, including Facebook's (FB) upcoming inclusion in the Nasdaq 100 and reports of increased margin requirements on its stock, may have contributed to Apple's slide of over 4%. Conversely, strength in Bank of America (BAC), Travelers (TRV) and JP Morgan (JPM) powered the blue chip index higher... ECONOMIC EVENTS: In the U.S., payroll processor ADP said employers added 118,000 jobs last month, which was below analysts' forecasts, but the chief economist at Moody's Analytics estimated Superstorm Sandy cut the total by 86,000 jobs. The Labor Department revised its estimate for Q3 productivity growth up to an annual rate of 2.9% from its initial estimate of 1.9%. Labor costs in the quarter dropped at a rate of 1.9%, which was more than the 0.1% dip initially estimated. Factory orders rose 0.8% in October, versus expectations for them to be flat, and the ISM non-manufacturing PMI rose to 54.7, versus expectations for it to slip to 53.5. In China, stocks bounced back from multi year lows as the government allowed insurers to invest more in banks and its new leaders made comments that were viewed favorably... COMPANY NEWS: In a bold step by its new CEO, Citigroup (C) announced it will cut about 4% of its workforce, or 11,000 jobs, with about 6,200 coming from its consumer banking unit and about 1,900 coming from the institutional clients group, which includes investment banking. Citi sees pre-tax charges of around $1B in Q4 due to the restructuring but expects the cuts to save $900M next year and slightly more after that. Citi shares jumped nearly 6% following the news... In a huge deal that takes Freeport McMoRan (FCX) from being a metals pure play and back to its roots as a diversified commodities producer, the company agreed to repurchase McMoRan Exploration (MMR) for $14.75 per share in cash and to acquire Plains Exploration (PXP) for $6.9B in cash and stock. Following the news, which was broken last night by Financial Times, shares of Freeport plunged 13%, while McMoRan Exploration surged 82% and Plains jumped 26%.. MAJOR MOVERS: Among the notable gainers were Cobalt International Energy (CIE), up nearly 15% after announcing a Gulf of Mexico discovery in partnership with Total (TOT), and SuperValu (SVU), up over 9% following a report that the company may be close to selling its two biggest grocery chains to a private equity firm. Among the noteworthy losers were Mattress Firm (MFRM), down 21%, and Pandora (P), down 17% following their quarterly reports... INDICES: Near noon, the Dow was up 104.41, or 0.81%, to 13,056.19; the Nasdaq was down 12.63, or 0.42%, to 2,984.06; and the S&P 500 was up 4.66, or 0.33%, to 1,411.71.
News For C;FCX;MMR;PXP;AAPL;FB;BAC;TRV;JPM;CIE;TOT;SVU;MFRM;P From The Last 14 Days
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April 8, 2014
06:24 EDTCCitigroup may miss return-on-tangible-common-equity goal, WSJ reports
According to sources, Citigroup may miss a its 2015 target for return-on-tangible-common-equity after the Federal Reserve last month rejected the bank's capital plan, the Wall Street Journal reports. The Fed denied Citigroup's proposal to boost its dividend and increase stock buybacks on March 26, making it unlikely Citigroup can meet this key profitability target. Reference Link
06:20 EDTAAPLApple may release iWatch in Q3, DigiTimes reports
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06:07 EDTAAPLMicrosoft investing in 'invisible user interface' technology, WSJ reports
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April 7, 2014
19:57 EDTJPM, C, BACFederal Reserve announces extension on some CLOs
The Federal Reserve Board announced that it intends to exercise its authority to give banking entities two additional one-year extensions to conform their ownership interests in and sponsorship of certain collateralized loan obligations, or CLOs, covered by section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly referred to as the Volcker rule. Section 619 of the Dodd-Frank Act directed the board to adopt rules for the conformance period and the board previously extended the conformance period for all activities and investments by one year to July 21, 2015. To ensure effective compliance, the board intends to grant banking entities two additional one-year extensions, which together would extend until July 21, 2017, to conform their ownership interests in and sponsorship of CLOs to the statute. Publicly traded companies that may be impacted by the announcement 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
17:16 EDTCCitigroup to resolve certain private-label securitization repurchase claims
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16:01 EDTP, AAPL, COptions Update; April 7, 2014
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14:06 EDTAAPLApple slips to lows of the day, levels to watch
Shares were last at $522.56, just off the session low. At current price, next support is at $517.35. Resistance is at $527.67.
10:00 EDTC, POn The Fly: Analyst Upgrade Summary
Agios Pharmaceuticals (AGIO) upgraded to Overweight from Neutral at JPMorgan... Alcoa (AA) upgraded to Hold from Sell at Deutsche Bank... Align Technology (ALGN) upgraded to Outperform from Market Perform at Barrington... Analog Devices (ADI) upgraded to Neutral from Sell at Goldman... B&G Foods (BGS) upgraded to Outperform from Sector Perform at RBC Capital... Citigroup (C) upgraded to Neutral from Underweight at HSBC... Intel (INTC) upgraded to Outperform from Sector Perform at Pacific Crest... JetBlue (JBLU) upgraded to Neutral from Sell at Goldman... Kindred Healthcare (KND) upgraded to Outperform from Sector Perform at RBC Capital... Lennox (LII) upgraded to Outperform from Market Perform at Wells Fargo... Newmont Mining (NEM) upgraded to Hold from Sell at Deutsche Bank... PBF Energy (PBF) upgraded to Buy from Neutral at Citigroup... Renasant (RNST) upgraded to Outperform from Market Perform at Raymond James... Select Medical (SEM) upgraded to Outperform from Sector Perform at RBC Capital... Ultra Petroleum (UPL) upgraded to Outperform from Market Perform at Raymond James... Under Armour (UA) upgraded to Buy from Neutral at Sterne Agee... Hercules Technology (HTGC) upgraded to Buy from Hold at Sandler ONeill... Standard Pacific (SPF) upgraded to Outperform from Market Perform at Raymond James... Yelp (YELP) upgraded to Outperform from Perform at Oppenheimer... Netflix (NFLX) upgraded to Outperform from Perform at Oppenheimer... Pandora (P) upgraded to Outperform from Neutral at Wedbush.
09:34 EDTAAPLActive equity options trading on open
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09:10 EDTPOn The Fly: Pre-market Movers
HIGHER: Questcor (QCOR), up 27% after agreeing to be bought by Mallinckrodt (MNK) for cash, stock valued at $86.10 per Questcor share... Agios Pharmaceuticals (AGIO), up 25% after program shows "promising clinical activity" for advanced blood cancers, shares upgraded at JPMorgan... Vocus (VOCS), up 47% after agreeing to be acquired by GTCR for $446.5M, or $18.00 per share... Pandora (P), up 1.3% following upgrade at Wedbush. LOWER: MannKind (MNKD), down 13% after announcing FDA extension of PDUFA date for Afrezza... American Eagle (AEO), down 2.2% following downgrade at Cowen... Pfizer (PFE), down 2.8% after announcing data for palbociclib in metastatic breast cancer... Mattel (MAT), down 3% following downgrade at BMO Capital... WWE (WWE), down 1.2% after cautious mention in Barron's, company announcing WrestleMania 30 grossed $10.9M.
08:56 EDTJPMJPMorgan, U.K.'S DFID, CDC to invest $20M combined in Novastar Ventures
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08:45 EDTAAPLInvenSense price target raised to $27 from $20 at Pacific Crest
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07:51 EDTAAPLApple sent iTV panel samples from Korean display maker, Korea Herald says
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07:45 EDTPNoble Financial Capital Markets to hold a forum
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07:37 EDTAAPLApple considered dumping long-time ad agency, WSJ reports
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07:16 EDTAAPLRetailers muscle into competitive mobile payment market, Reuters says
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07:03 EDTPPandora upgraded to Outperform from Neutral at Wedbush
Wedbush upgraded Pandora to Outperform from Neutral based on valuation. Price target remains $35.
06:58 EDTCDark markets could cause more harm than high-frequency trading, Reuters says
After a book by financial author Michael Lewis sparked worries that high-speed traders have been rigging the U.S. stock market, former regulators and academics say a more serious threat to investors could be the increasing amount of trading that happens outside of exchanges, reported Reuters. Top internalizers include units of KCG Holdings (KCG), Citadel, UBS (UBS), and Citigroup (C). Dark pool operators include Credit Suisse (CS) and Morgan Stanley (MS). In an attempt to earn back some of the retail orders, exchanges such as IntercontinentalExchange Group's (ICE) New York Stock Exchange, Nasdaq (NDAQ), and BATS Global Markets, have allowed brokerages to place dark pool-style orders on their platforms, with the trade hidden until after it is executed. Reference Link
06:36 EDTAAPLApple's sales force worried about iPhone outlook, Re/code reports
Apple's (AAPL) sales force has been worried about weakness in the iPhone's market share, amid strong competition from Google's (GOOG) Android operating system, a document presented in a court case showed, Re/code reported on Friday. According to the internal Apple document, the only portions of the smartphone market showing growth were large devices costing more than $300 or devices that cost less than $300, the website stated. Reference Link
06:05 EDTCCitigroup upgraded to Neutral from Underweight at HSBC
HSBC upgraded Citigroup to Neutral citing the recent underperformance of shares. The firm raised its price target for the stock to $51 from $48.
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