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December 5, 2012
12:32 EDTAAPL, FCX, MFRM, CIE, BAC, PXP, C, SVU, JPM, FB, MMR, P, TOT, TRVOn 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.
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November 18, 2015
09:34 EDTFB, AAPLActive equity options trading on open
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08:55 EDTBAC, JPM, CMorgan Stanley exec sees Q4 not much better than Q3 for banks, DJ reports
Morgan Stanley (MS) Institutional Securities President Colm Kelleher cautioned that fixed-income markets "still seem subdued," according to Dow Jones, citing his comments at an investment conference. Morgan Stanley was among the banks that reported lower revenue from fixed-income, currency and commodities trading during the third quarter and Kelleher said he doesn't think "the fourth quarter is going to be much better," the report noted. Large bank peers to Morgan Stanley include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
06:14 EDTAAPLApple upgraded to Conviction Buy from Buy at Goldman
Goldman Sachs analyst Simona Jankowski upgraded Apple to Conviction Buy saying the stock trades at a 30% discount to the S&P 500 multiple. The market views Apple as a "hardware" stock, or a company with limited recurring revenue and visibility that only extends to the next product cycle, Jankowski tells investors in a research note. Over the next year, however, the analyst expects the market focus will shift from unit growth to installed base monetization and recurring revenues, which she dubs "Apple-as-a-Service." Jankowski believes Apple has a "significant multi-year opportunity" to increase monetization given its estimated installed base of 500M loyal iPhone users. She has a $163 price target for shares. The iPhone maker closed yesterday down 49c to $113.69.
06:13 EDTBACBofA CEO: Banks trying to revamp checking to fend off startups, Bloomberg says
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06:12 EDTAAPLApple Pay coming to Domino's by end of year, Cinnabon in 2016, AP reports
Apple (AAPL) yesterday said that company-owned Domino's (DPZ) pizza outlets will be accepting Apple Pay by the end of 2015, while Cinnabon plans to integrate the mobile payments solution in its stores in 2016, The Associated Press reports. Reference Link
05:56 EDTAAPLSony Mobile, LG to develop smartphone app processors in-house, DigiTimes says
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05:55 EDTFBFacebook partners with Airtel Africa to bring free basics to 17 countries
In an announcement on Facebook, CEO Mark Zuckerberg said, "In South Africa , we announced with Airtel Africa that we will be bringing free basic services to all 17 countries where they operate. first launched in Zambia and today half of the 30 countries with Free Basics are in Africa. These new launches will bring free services to Burkina Faso, Chad, Gabon, Madagascar, Niger, Nigeria, Republic of the Congo, Sierra Leone and Uganda. We also recently partnered to launch a satellite to provide internet coverage to remote areas of Sub-Saharan Africa starting in 2016. We've also partnered with the Praekelt Foundation to give developers the tools they need to build free basic services to reach people just coming online. Connecting people across the African continent is critical to our mission. We're going to keep pushing forward to develop new ways to bring people online until the whole world is connected." Reference Link
05:42 EDTCStora Enso Oyj appoints Citi as successor depositary bank for ADR program
Citi (C), acting through Citibank N.A., has been appointed by Stora Enso Oyj (SEOAY) as successor depositary bank for its Level 1 American Depositary Receipt, or ADR, program, which trades on the U.S. OTCQX marketplace under the symbol "SEOAY". Stora Enso's underlying ordinary shares are listed and trade on the NASDAQ OMX Helsinki Stock Exchange under symbol "STERV".
November 17, 2015
18:34 EDTJPMU.S. pursuing criminal charges against JPMorgan, RBS executives, WSJ says
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16:01 EDTFCX, BAC, AAPL, FBOptions Update; November 17, 2015
iPath S&P 500 VIX Short-Term Futures up 1.32 to 21.07. Option volume leaders: GE BAC AAPL FB NFLX SYF WMT CSCO MU SUNE VRX BABA AMZN HD FCX
09:35 EDTAAPL, FBActive equity options trading on open: AAPL FB GE HD
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09:02 EDTAAPLAnalyst pans competing products, says buy Fitbit
Shares of previous high-flier Fitbit (FIT) have dropped about 30% in the last two weeks following the company's third quarter earnings report, but an analyst at Bank of America upgraded his view of the fitness tracker maker this morning, saying that now is the time to buy ahead of fourth quarter results that may be boosted by the "underwhelming" new products being launched by its competitors. UNDERWHELMING COMPETITION: Fitbit's sales guidance for this holiday quarter looks conservative, contends Bank of America analyst Nat Schindler, who notes that the company only had the launch of one new product last December but will have the Charge, Charge HR and Surge to drive sales this season. Schindler also notes that the company's international advertising has expanded into more countries ahead of the holidays this year. Key, however, may be the "underwhelming" lineup of new or updated fitness trackers launched by competitors, such as the Microsoft's (MSFT) Band 2, Jawbone's UP4 and Sony's (SNE) Smartband 2, many of which have only minor improvements and no "must have" features to pull consumers away from Fitbit, Schindler told investors in his research note. PLATFORM PICKING UP STEAM: The analyst also pointed out that Fitbit now has more than 20 companies signed onto its health and wellness platform, including big names like Target (TGT) and Barclays (BCS), which he believes should help drive revenue beats in the upcoming fiscal year due to increased device sales. Also, the additional dashboard data should help Fitbit maintain long-term user engagement, said Schindler. APPLE WATCH: Apple's (AAPL) Apple Watch is largely viewed as the biggest potential competitive threat to Fitbit's offerings, but on the fitness tracker maker's last earnings call CEO James Park said Fitbit's products differ from those of its competitors in several key aspects, including pricing, cross-platform compatibility, brand awareness and product line breadth. Other wearables makers include Garmin (GRMN) and Samsung. PRICE ACTION: Since the day after Fitbit's last earnings report after the market close on November 2, its shares have fallen about 29.5% to close yesterday at $28.80. In pre-market trading this morning, Fitbit shares rose 2% to $29.40.
08:16 EDTPPandora acquisitions suggest core business weak, says Pacific Crest
Pacific Crest believes that Pandora's recent acquisitions indicate that its core business has " impaired operational leverage." Additionally, the firm does not think the acquisitions improve the company's long-term profit potential. It does not recommend owning the stock.
07:51 EDTTOTRBC Capital to hold a field trip
European Energy Field Trip travels throughout Europe on November 17-19.
07:50 EDTBAC, JPM, CClearing House to hold a conference
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07:48 EDTJPMBofa/Merrill to hold a conference
Banking & Financial Services Conference 2015 is being held in New York on November 17-18.
07:43 EDTPPandora acquisition an attempt to expand platform, says Canaccord
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07:25 EDTPPandora transaction positive, says Stifel
After Pandora announced that it had acquired key tech assets of Rdio and would launch an on-demand service, Stifel says that Pandora obtained the high quality assets at a lower price than it had previously thought possible. The firm thinks that Pandora's high quality "music discovery" will enable it to differentiate its on-demand product from that of the competition. Stifel keeps a $27 price target and Buy rating on the shares.
07:01 EDTAAPLGlobal Payments to offer Apple Pay support in Canada
Global Payments (GPN) said it will offer its merchants in Canada the ability to accept American Express (AXP) payments made with Apple (AAPL) Pay. As an Apple Pay-qualified payment provider, Global Payments' robust suite of payments solutions is fully enabled for Apple Pay acceptance, allowing merchants to offer their customers the convenience of Apple Pay acceptance in-store, in-app and on-the-go.
05:22 EDTPStocks with implied volatility movement; P PFE
Stocks with implied volatility movement; Pandora (P) 104, Pfizer (PFE) 29 according to iVolatility.
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