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Stock Market & Financial Investment News

News Breaks
April 14, 2014
16:24 EDTNQ, MDT, C, AKBA, EW, RTRX, GDP, TWTROn The Fly: Closing Wrap
Stocks on Wall Street were higher after U.S. retail sales for March surprised to the upside. The averages spent much of the session higher before losing altitude during the afternoon, with the Nasdaq even turning negative near 3:00 pm ET. An aggressive rally took hold in the final 30 minutes of trade, with the indexes closing just off their best levels of the day. ECONOMIC EVENTS: In the U.S., retail sales climbed 1.1% in March, beating expectations for an increase of 0.8%. Retail sales excluding autos rose 0.7%, which also beat estimates. Business inventories grew 0.4% in February, versus the consensus forecast for a 0.5% gain. In Europe, industrial production across the 18 country shared currency bloc rose by 0.2% in February from the prior month and by 1.7% from the same month of the prior year. COMPANY NEWS: Citigroup (C) gained $1.99, or 4.36%, to $47.67 after its adjusted first quarter earnings easily beat the consensus forecast. CEO Michael Corbat said the company delivered strong results despite a quarter "that was difficult," which included the bank surprisingly having its capital plan rejected by the Federal Reserve and the disclosure of fraud in its Mexican unit... Twitter (TWTR) shares held up better than they have in recent sessions after its co-founders, Jack Dorsey and Evan Williams, along with CEO Richard Costolo, disclosed that they have no plans to sell any of their shares as part of the May 5 lockup expiration... Edwards Lifesciences (EW) gained $8.03, or 11.0%, to $81.00 after being granted a preliminary injunction limiting the sale of Medtronic's (MDT) CoreValve system in the U.S. due to patent infringement. The ruling triggered upgrades of Edwards' shares from at least two analyst firms. Medtronic, which received at least one downgrade following the news, slipped $1.12, or 1.89%, to $58.08. MAJOR MOVERS: Among the notable gainers was Goodrich Petroleum (GDP), which surged $5.56, or 30.22%, to $23.96 after the company reported strong results for a well it drilled in Louisiana. Also higher was Akebia (AKBA), which rose $4.28, or 25.39%, to $21.14 after no fewer than four analyst firms initiated coverage on the shares with a Buy or equivalent rating. Among the noteworthy losers was NQ Mobile (NQ), which fell another $1.65, or 12.99%, to $11.05, adding to the 20% decline it suffered Friday after the company disclosed accounting errors along with its mixed earnings report. Short-seller Muddy Waters, which revealed a public short position on NQ in October, released a report today saying NQ's disappointing quarter was driven by heightened auditor scrutiny. Also lower Retrophin (RTRX), which dropped $2.35, or 15.3%, to $13.01 despite raising its fiscal 2014 revenue view after announcing that the FDA is unwilling to grant expedited access for children to the company's RE-024 treatment. INDEXES: The Dow was up 146.49, or 0.91%, to 16,173.24, the Nasdaq was up 22.96, or 0.57%, to 4,022.69, and the S&P 500 was up 14.92, or 0.82%, to 1,830.61.
News For C;TWTR;EW;MDT;GDP;AKBA;NQ;RTRX From The Last 14 Days
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March 15, 2015
15:23 EDTMDTMedtronic unveils preclinical outcomes of its novel Drug-Filled Stent
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15:20 EDTMDTMedtronic announces outcomes for its next-generation CoreValve Evolut R System
Medtronic announced initial clinical outcomes for its next-generation CoreValve Evolut R System. At 30-days, the new recapturable, self-expanding valve showed no incidents of all-cause mortality or stroke in a high and extreme risk patient population. Data from the Evolut R Study, which enrolled 60 patients from six centers in the United Kingdom, Australia and New Zealand, were unveiled today at the 64th Annual Scientific Session of the American College of Cardiology. The CoreValve Evolut R System is not approved for commercial use in the United States where it is currently undergoing clinical trials. "Initial clinical experience with the Evolut R system is remarkable and ushers in a new era of TAVR technology that provides increased confidence with recapturability, excellent procedural results, and impressive clinical outcomes," said Ian Meredith, M.D., of Monash Heart - Monash Health, Melbourne, Australia, who is one of the investigators of the study. "The 14 French equivalent delivery system allowed transfemoral access for most patients and the recapturable technology enabled implanters to optimize valve placement for improved annular sealing and reduced conduction disturbances without compromise on mortality or stroke."
14:10 EDTEWEdwards Lifesciences announces data on Sapien 3 transcatheter aortic valve
Edwards Lifesciences announced that 30-day outcomes for high- and intermediate-risk patients treated with the Sapien 3 transcatheter aortic valve demonstrated the lowest all-cause mortality rates of any of the PARTNER studies, as well as excellent clinical outcomes on the other components of the primary endpoint measures of stroke and paravalvular regurgitation. This first report of Sapien 3 data in the United States, and first report on intermediate risk transcatheter aortic valve replacement, TAVR, patients, was presented as part of the late-breaking clinical trials at the American College of Cardiology's 64th Annual Scientific Session in San Diego.
14:04 EDTEWEdwards Lifesciences announces clinical data for high-risk Sapien patients
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March 13, 2015
16:01 EDTC, TWTROptions Update; March 13, 2015
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15:40 EDTCDOJ sets $1B staring point in forex settlement talks with banks, Bloomberg says
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15:22 EDTCDOJ starts forex manipulation settlement talks at $1B per bank, Bloomberg says
Barclays (BCS), Citi (C), JPMorgan (JPM), RBS (RBS) and UBS (UBS) are said to be probed by U.S. over currency manipulation, Bloomberg says.
13:28 EDTTWTRPeriscope says joined Twitter in January
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13:06 EDTNQNQ Mobile volatility elevated into Q4 and outlook
NQ Mobile March call option implied volatility is at 153, April is at 103, June is at 95, September is at 85; compared to its 26-week average of 101 according to Track Data, suggesting large near term price movement into the expected release of Q4 results on March 18.
09:50 EDTTWTRActive equity options trading on open
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09:48 EDTTWTRTwitter tests new TV engagement feature, Mashable says
Twitter has begun limited testing of a "TV Timelines" feature which allows users to better track and participate in the live conversations around TV broadcasts, reports Mashable, citing an early access test of the feature. After a user tweets about a particular show, the feature will prompt the user to join the "show timeline," which then changes the Twitter interface to highlight only posts about the show. Sources say ads have not been implemented yet. Reference Link
05:57 EDTCJudge blocks Citi from processing Argentine bond payment, Financial Times says
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March 12, 2015
16:01 EDTTWTR, COptions Update; March 12, 2015
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12:29 EDTCOn The Fly: Midday Wrap
Stocks on Wall Street were sharply higher at midday. A slight bounce in the euro overnight lifted overseas markets and U.S. stocks followed. Stock futures were higher during early pre-market trading, then strengthened further following the report of lower than expected retail sales figures for last month, which gave investors hope the Fed will wait longer to raise interest rates. ECONOMIC EVENTS: In the U.S., headline retail sales fell 0.6% in February compared to the prior month, missing expectations for an increase of 0.3%. Retail sales excluding autos and gas declined 0.2%, versus the consensus estimate for a month-over-month increase of 0.3%. Initial jobless claims fell to 289K in the week ended March 7, versus the consensus forecast for 305K first-time claims. Business inventories were flat in January, versus the consensus forecast for them to grow 0.1%. In Asia, the Bank of Korea cut rates for the third time since last August, lowering its base rate to the historical low level of 1.75%. The decision came as a surprise, more in terms of the timing than the cut itself. Data from China showed the nationís M2 money supply growth picked up in February and its banksí new loan creation came in higher than expected as well. COMPANY NEWS: Shares of Intel (INTC) fell 4% after the chip-making giant lowered its Q1 revenue outlook to $12.8B, plus or minus $300M, compared to the previous expectation of $13.7B, plus or minus $500M, citing weaker than expected demand for business desktop PCs and lower than expected inventory levels across the PC supply chain. Some other stocks levered to PCs also slid, with Microsoft (MSFT) declining 2% and Advanced Micro Devices (AMD) sliding 3.5%. Hewlett-Packard (HPQ) shares were up fractionally, despite Intel's news and the fact that Barclays downgraded HP's stock this morning to Equal Weight, saying the weak euro could impact demand for PCs and printers... Citi (C), American Express (AXP) and Regions Financial (RF) were identified by analysts as being among the winners following the Fed's recently completed Comprehensive Capital Analysis and Review, or CCAR. Analysts were more cautious on Bank of America (BAC), after the Fed identified deficiencies in the bank's capital planning process and ordered it to resubmit its plan, but allowed it to proceed with its capital plan in the meantime. MAJOR MOVERS: Among the notable gainers was Amarin (AMRN), which jumped 27% after H.C. Wainwright upgraded the stock to Buy and raised its price target for shares to $10 from $2.50, citing management's commitment to completing the Vascepa outcomes' study REDUCE-IT. Also higher was Lumber Liquidators (LL), which rose 12.5% after the company held a call to update on the impact that 60 Minutes' recent critical report has had on its business. As part of the call, the flooring retailer reported on its recent sales trends, gave Q1 guidance and said it believes its cash flow from operations and existing liquidity sources will be sufficient to fund operations and anticipated capital expenditures for the "foreseeable future." Among the noteworthy losers was ACADIA (ACAD), which dropped 25% after announcing that it will delay submitting its NUPLAZID NDA for the treatment of Parkinsonís disease psychosis by two or three quarters and reporting that its CEO has retired. Also lower following their first earnings reports since coming public was Box, Inc. (BOX), which dropped 15%. INDEXES: Near midday, the Dow was up 183.31, or 1.04%, to 17,818.70, the Nasdaq was up 26.68, or 0.55%, to 4,876.62, and the S&P 500 was up 18.56, or 0.91%, to 2,058.80.
10:46 EDTCCiti, American Express, Regions Financial seen as CCAR winners
Citi (C), American Express (AXP) and Regions Financial (RF) were identified by analysts as being among the winners following the Fed's recently completed Comprehensive Capital Analysis and Review, or CCAR. Analysts were more cautious on Bank of America (BAC) after the CCAR results were announced. WHAT'S NEW: Citi and Regions Financial were the biggest winners of the CCAR process, Deutsche Bank analyst Matt O' Connor wrote. Noting that Citi won approval to pay a quarterly dividend of 5c per share and buy back $7.8B of its shares, the analyst wrote that the figures were in-line with expectations or better than expected. Many investors probably were relieved by the news, the analyst stated. Addressing Regions Financial, O'Connor wrote that the bank's $875M share buyback plan was much higher than the $625M that Deutsche Bank had expected. The analyst had a mixed take on Bank of America. After the Fed identified deficiencies in the bank's capital planning process and ordered it to resubmit its plan, but allowed it to proceed with its capital plan in the meantime, the analyst wrote that the news was slightly disappointing. However, since some had worried that the Fed would reduce Bank of America's capital ratios when it exits parallel run, the news was positive overall for the bank, O'Connor wrote. Also upbeat on Citi and Regions was BMO Capital analyst Lana Chan, who predicted that Citi's stock should "re-rate" on the news and kept a $63 price target and Outperform rating on the shares. Regions Financial's buyback was 85% above Chan's forecast, she reported. The large size of the buyback indicates that the company believes its stock is undervalued, the analyst added. Bank of America "seems to have just squeaked by with a conditional pass," and its $4B share buyback plan "is more than a token," wrote Oppenheimer analyst Chris Kotowski . The analyst continued to recommend Bank of America's stock. American Express (AXP) was the "standout of the CCAR process," as it received permission for a total payout of over 100% to shareholders in 2015, Kotowski stated. The analyst, however, kept a Perform rating on AmEx shares. PRICE ACTION: In mid-morning trading, Citi jumped 3.2% to $54, Regions rallied 3.3% to $9.85, American Express added 1.5% to $80.62, and Bank of America slid 0.6% to $16.
09:35 EDTC, TWTRActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL C PBR POT MRVL AMAT MSFT TSLA X TWTR
09:32 EDTMDTMedtronic announces start of Resolute Onyx studies in U.S.
Medtronic announced the start of its Resolute Onyx Clinical Program in the United States, which will evaluate the Resolute Onyx drug-eluting stent in patients who have coronary artery disease. Included in the first phase of the study are patients with small vessels that would require a 2.0 mm stent, which until now, often were untreatable with a DES. Core sizes of the stent will be studied separately.
08:50 EDTCCiti shares to re-rate after capital return approved, says BMO Capital
BMO Capital predicts that Citi's shares will "re-rate" after the Fed approved the bank's 5c per share dividend and $7.8B share buyback initiative. The firm keeps a $63 price target and Outperform rating on the stock.
07:44 EDTCDeutsche calls Citi, Regions biggest stress test winners
Deutsche Bank views Citi (C) and Regions Financial (RF) as the biggest winners coming out of the Federal Reserve's stress tests. Citi's non-objection, buybacks of $7.8B and a quarterly dividend of 5c were all in-line to better than expected, while Regions' buybacks of $875M was much higher than its $625M estimate, Deutsche points out. The firm believes KeyCorp (KEY), Morgan Stanley (MS) and SunTrust (STI) were also winners after announcing larger than expected buybacks. It views the results for Bank of America (BAC) as a "slight disappointment," but adds some investors may be relieved by the lack of rejection to the capital plan.
06:23 EDTCHSBC, Citi, others linked to foreign money laundering bank, WSJ says
HSBC (HSBC), Bank of America (BAC), Citi (C), and Deutsche Bank (DB) reportedly had correspondent-banking relationships with Banca Privada díAndorra, reports the Wall Street Journal, citing the Treasury Departmentís Financial Crimes Enforcement Network. The Treasury Department Tuesday labeled Banca Privada a "primary money-laundering concern" allegedly working with organized crime, and HSBC "immediately terminated" its relationship with the bank upon learning of the link, said a person familiar with the matter. The three other banks stated they will or have taken appropriate action, and the Treasury Department has not accused the firms of any wrongdoing. Reference Link
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