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Stock Market & Financial Investment News

News Breaks
October 16, 2012
12:14 EDTC, JNJ, KO, UNH, AUO, FOSL, RATE, CLWR, SOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday as quarterly results from three Dow members provided hope that this earnings season may not be as bad as feared. Stocks began the session in positive territory and continued to move higher throughout the early part of the session. The premarket economic reports had little impact on the market but better than expected earnings from some of the countryís largest corporations did push the averages higher. The NAHB homebuilder sentiment index, which was released after the open, also helped as the measure hit its highest level since June 2006 and added credence to the belief that a housing market recovery is progressing... ECONOMIC EVENTS: Domestically, the headline consumer price index rose 0.6% in September, versus expectations of an increase of 0.5%. The core CPI reading, which excludes food and energy components, indicated prices inched up 0.1%, versus expectations for an increase of 0.2%. Industrial production rebounded 0.4% in September, versus consensus expectations for a 0.2% rise. The NAHB homebuilder sentiment index rose to 41, which was in line with expectations. Internationally, the Wall Street Journal reported that Spain is considering a request for a line of credit from the EU's new bailout mechanism... COMPANY NEWS: One day after Citigroup (C) reported stronger than expected third quarter earnings, the bank's board shocked Wall Street by announcing that Chief Executive Officer Vikram Pandit had stepped down, effective immediately. John Havens, Citiís President and Chief Operating Officer, also resigned. Pandit will be replaced by the current head of the European and Middle Eastern unit, Michael Corbat. Citigroup shares, which initially sold off, recovered and were up nearly 1% at midday... Among Dow members reporting earnings, Johnson & Johnson (JNJ) and UnitedHealth (UNH) both beat expectations and raised their full year views, while Coca-Cola (KO) shares moved down fractionally after its results were roughly in line with analysts' forecasts... MAJOR MOVERS: Among the notable gainers were AU Optronics (AUO), up 9% after being upgraded to Buy from Sell at CLSA, and Fossil (FOSL), up 8% following an upgrade to a Buy rating at Citigroup. Among the noteworthy losers was Bankrate (RATE), down 24% after the company gave weaker than expected guidance for its Q3 results. Also lower was Clearwire (CLWR), down 13% after Bloomberg said sources indicate that Sprint (S) has no immediate plans to acquire its smaller partner, as has been speculated... INDICES: Near noon, the Dow was up 123.01, or 0.92%, to 13,547.24; the Nasdaq was up 36.34, or 1.19%, to 3,100.52; and the S&P 500 was up 14.90, or 1.03%, to 1,455.03.
News For C;JNJ;KO;UNH;AUO;FOSL;RATE;CLWR;S From The Last 14 Days
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July 15, 2014
14:48 EDTCCitigroup reports June credit loss 2.33% vs. 2.40% last month
Reports June delinquencies 1.43% vs. 1.46% last month.
13:44 EDTSSprint, T-Mobile jointly raising $10B for airwave auction, WSJ says
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12:21 EDTJNJOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday despite better than expected quarterly reports from two of the nation's largest financial institutions. Stock futures improved during the pre-market trading session, leading to a higher open for the broader market, following better than expected earnings reports from JP Morgan (JPM) and Goldman Sachs (GS). The earnings news also came alongside another huge M&A deal, as tobacco giants Reynolds American (RAI) and Lorillard (LO) confirmed plans to merge. However, the major averages weakened throughout the morning and fell into negative ground against the backdrop of Fed Chair Janet Yellen giving testimony on Capital Hill. In the Board of Governors' Monetary Policy Report, the central bank said valuation metrics in "some sectors" appear substantially stretched, "particularly those for smaller firms in the social media and biotechnology industries." ECONOMIC EVENTS: In the U.S., retail sales increased 0.2% in June compared to the month prior, making for the weakest reading since January and missing the consensus forecast for an increase of 0.6%. The Empire State manufacturing index climbed to a four-year high of 25.6 in July, beating expectations for a reading of 16.5. Import prices rose 0.1% in June, with export prices slipping 0.4%. Business inventories grew 0.5% in May, which was just below the 0.6% consensus growth expectation. In Europe, Germany's ZEW survey missed expectations, as both its Current Situation and Expectations reading were lower than forecast. COMPANY NEWS: Shares of JPMorgan advanced nearly 4% after the bank reported a profit of $1.46 a share, which included a legal expense of 13c a share, beating analysts' consensus forecast of $1.29. The earnings report comes after CEO Jamie Dimon recently disclosed that he has throat cancer. During the company's conference call, Dimon said he was "feeling great," that doctors had found no evidence of cancer anywhere except in the location where it had originally been detected, and that his prognosis for recovery is "excellent"... Also in the large-cap bank sector, Goldman Sachs' headline earnings and revenue similarly beat expectations. The firm, which said it ranks first in worldwide announced and completed mergers and acquisitions for the year-to-date, advanced about 1% following its report... Along with JPMorgan in the Dow Jones Industrial Average, Johnson & Johnson (JNJ) reported quarterly sales and profits that beat expectations and the healthcare conglomerate raised its fiscal year EPS view to $5.85-$5.92 from $5.75-$5.85. However, its increased outlook range still fell short of the $5.90 per share consensus forecast that analysts had prior to its report... Reynolds American confirmed news that has been speculated for many weeks, announcing that it will acquire peer Lorillard in a cash-and-stock transaction currently valued at $68.88 per Lorillard share, or a total of $27.4B, including the assumption of net debt. Shares of both fell afterward, with Lorillard down 8% to trade near $61.75 at midday and Reynolds slipping 5%. MAJOR MOVERS: Among the notable gainers was small-cap pharma biotechnology research company Codexis (CDXS), which surged nearly 50% after announcing a collaboration and license agreement with GlaxoSmithKline (GSK). Among the noteworthy losers was Aaron's (AAN), which is engaged in the lease ownership and retail sale of a variety of consumer products. Its stock fell over 6% after the company lowered its second quarter outlook, citing lower than expected performance of its core business as the reason for the revision. INDEXES: Near midday, the Dow was down 33.45, or 0.2%, to 17,021.97, the Nasdaq was down 40.48, or 0.91%, to 4,399.94, and the S&P 500 was down 9.24, or 0.47%, to 1,967.86.
10:37 EDTCOptions with decreasing implied volatility
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10:05 EDTJNJJohnson & Johnson says committed to diabetes space
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09:50 EDTJNJJohnson & Johnson sees competition in Hepatitis products a headwind in 2015
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09:36 EDTJNJJohnson & Johnson sees FY14 pre-tax op. margin improving over FY13
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09:30 EDTJNJJohnson & Johnson says will buy back shares with net gain from OCD divestiture
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09:28 EDTJNJJohnson & Johnson sees 2014 sales $74.5B-$75.3B, consensus $74.91B
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08:54 EDTJNJJ&J CEO says confident about long term growth prospects of healthcare market
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08:25 EDTJNJJohnson & Johnson says innovation sustaining long-term growth
Says MD&D progressing well towards 30 major filings by 2017. In Pharmaceuticals, sees 10 new products and 25 significant line extensions planned by 2017. Sees ~4.5% CAGR expected for WW prescription drug sales through 2017, despite potential headwinds. Comments from slides that will be presented on the Q2 earnings conference call.
07:49 EDTJNJJohnson & Johnson reports Q2 Worldwide Pharmaceutical sales of $8.5B
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07:48 EDTJNJJohnson & Johnson raises FY14 EPS to $5.85-$5.92 from $5.75-$5.85
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07:47 EDTJNJJohnson & Johnson reports Q2 Domestic sales up 14.9% to $9.13B
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07:46 EDTJNJJohnson & Johnson reports Q2 EPS excluding items $1.66, consensus $1.55
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07:43 EDTCCitigroup successfully executing plan, says RBC Capital
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07:37 EDTCAmerican Enterprise Institute holds a discussion
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07:34 EDTCCitigroup shares cheap on valuation, says UBS
UBS views Citigroup shares as cheap and does not expect them to trade below tangible book value indefinitely. The firm sees earnings stabilization, better than expected trading results, strong loan growth, and valuation as reasons to maintain its Buy rating and raise its price target on Citigroup shares to $61 from $60.
07:15 EDTKOIIR Holdings to hold a conference
14th Annual Shopper Insights in Action Conference to be held in Chicago on July 14-16.
06:13 EDTAUOAU Optronics to start producing 43-inch TV models in Q3, DigiTimes says
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