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Stock Market & Financial Investment News

News Breaks
January 28, 2013
12:39 EDTJOSB, CAT, KERX, MW, HESOn The Fly: Midday Wrap
Stocks on Wall Street were mixed at midday as some positive durable goods data was offset by disappointing news about pending home sales in December. The Nasdaq was able to rise about 0.3% while the Dow and S&P lagged, but were not far in negative territory... ECONOMIC EVENTS: In the U.S., orders for durable goods rose 4.6% in December to a seasonally adjusted $230.74B, versus an expected increase of 2.0%. The Pending Home Sales report for December showed a decline of 4.3%, versus expectations for no change from the prior month. Also, over the weekend, China's National Bureau of Statistics released figures that showed industrial earnings grew 20.4% in Q4 after negative growth over the first three quarters of the year... COMPANY NEWS: Caterpillar (CAT) shares were up about 2% near noon in spite of reporting headline sales and profit figures that missed consensus and providing guidance for the upcoming year that spans a wide range of possible outcomes. The company's Q4 reported EPS of $1.04 missed the consensus forecast of $1.70, but included a previously disclosed charge of $580M, or 87c per share, for a writedown of a subsidiary. The company said it expects FY13 EPS anywhere between $7.00 to $9.00 and gave a similarly wide range of projected sales for the upcoming year, citing uncertainty in the global economy... MAJOR MOVERS: Among the notable gainers was Hess (HES), which rose 5% after the company said it has hired Goldman Sachs (GS) to pursue a sale of its terminal network. Hess also announced it has completed its exit of the refinery business and that shareholder Elliott Associates may seek to acquire additional Hess shares valued at more than $800M. Also higher was Keryx Biopharmaceuticals (KERX), which jumped over 73% after the company's successful top-line results from a long-term study of one of its drugs prompted research firms Brean Capital, Roth Capital and Maxim to raise their price targets on Keryx shares. Among the noteworthy losers was JoS. A. Bank (JOSB), which tumbled nearly 18% after warning that its FY12 net income would likely drop about 20% compared with the previous year. Also lower after its announcement were shares of fellow suit retailer The Men's Wearhouse (MW), which fell more than 6%... INDICES: Near noon, the Dow was down 11.18, or 0.08%, to 13,884.80; the Nasdaq was up 9.22, or 0.29%, to 3,158.93; and the S&P 500 was down 1.54, or 0.10%, to 1,501.42.
News For CAT;HES;KERX;JOSB;MW From The Last 14 Days
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September 4, 2015
16:21 EDTCATStocks end week lower with September rate hike still a focus of angst
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15:19 EDTCATCaterpillar will reward patient investors, Barron's reports
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10:00 EDTCATOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: BP (BP) downgraded to Underperform from Neutral at BofA/Merrill... Cameron (CAM) downgraded to Equal Weight from Overweight at Barclays... Caterpillar (CAT) downgraded to Neutral from Outperform at Baird... Ciena (CIEN) downgraded to Hold from Buy at Deutsche Bank... Diana Shipping (DSX) downgraded to Sell from Neutral at UBS... EV Energy (EVEP) downgraded to Underperform from Market Perform at Raymond James... First Connecticut (FBNK) downgraded to Market Perform from Outperform at Keefe Bruyette... NetSuite (N) downgraded to Underperform from Market Perform at Raymond James... Sovran Self Storage (SSS) downgraded to Market Perform at Raymond James... UniCredit (UNCFF) downgraded to Neutral from Overweight at JPMorgan... Vince Holding (VNCE) downgraded to Underperform from Neutral at BofA/Merrill.
09:42 EDTKERXBattleground: Will this $5 biotech stock go to $22 or $1.50?
In the last two days, analysts have issued widely divergent opinions and price targets on Keryx Biopharmaceuticals, a small-cap biotech company focused on the treatment of renal diseases. CITI SAYS SELL: Citi analyst Yigal Nochomovitz started shares of Keryx yesterday with a Sell rating and $1.50 price target. Nochomovitz expects the Auryxia launch and long-term sales trends to "materially underperform" consensus expectations. Auryxia is a phosphate binder used for the control of serum phosphorus levels in patients with chronic kidney disease on dialysis. Nochomovitz estimates Auryxia has peak U.S. sales potential of $57M, well below the consensus estimate of $485M. BREAN SAYS BUY: Brean Capital analyst Jonathan Aschoff told investors this morning that he views the recent selloff in shares of Keryx as overdone. The bearish assessment of Auryxia's ultimate market potential is premature, Aschoff contends. Auryxia "finally achieved" a majority of insurance coverage in early August, which will facilitate prescription writing, the analyst argues. He also believes Keryx's 50% salesforce increase should make a "noticeable impact" on revenue. Aschoff reiterated a Buy rating on the stock with a $22 price target. WHAT'S NOTABLE: Along with yesterday's note on Keryx, Nochomovitz expanded Citi's coverage of the Biotech space by initiating seven other small- and mid-cap names. Chimerix (CMRX) is Nochomovitz's top pick with a Buy rating and $80 price target. Other stocks to which he assigned Buy ratings include Ophthotech (OPHT), Relypsa (RLYP) and ZS Pharma (ZSPH). In addition to placing a Sell rating on Keryx, Nochomovitz started Ultragenyx (RARE) with a sell and an $87 price target. He rounded out his coverage with Neutral ratings on Medivation (MDVN) and Puma Biotechnology (PBYI). PRICE ACTION: In early trading, Keryx shares fell 40c, or 7,9%, to $4.66, which comes on top of the 16% decline the stock suffered yesterday. Over the last three months, Keryx shares have fallen more than 50%.
09:18 EDTCATOn The Fly: Pre-market Movers
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06:40 EDTCATBaird downgrades Caterpillar on less confidence in bookings rebound
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06:25 EDTCATCaterpillar downgraded to Neutral from Outperform at Baird
06:17 EDTKERXKeryx recent selloff overdone, says Brean Capital
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September 3, 2015
16:27 EDTCATOn The Fly: Top stock stories for Thursday
Stocks on Wall Street began the session in positive territory thanks in part to dovish comments from the ECB. The averages were helped as well by the fact that the Chinese stock market, the source of so much volatility recently, was closed. The lack of distraction allowed buyers to be empowered and to extend the market's gains from yesterday. By noon, the averages had pared their gains, with the Nasdaq eventually crossing into negative territory. The average drifted near the flatline from there, as investors positioned ahead of tomorrow's jobs report. ECONOMIC EVENTS: In the U.S., initial jobless claims rose to 282,000 in the week ended August 29, versus expectations for 275,000 first-time claims. The trade balance report showed a deficit of $41.86B for July, versus expectations for a deficit of $42.2B. Markit's services PMI rose to 56.1 for the final August print, versus July's 55.7 and the 55.2 preliminary August reading. ISM's non-manufacturing index dipped to 59.0 in August, but that topped expectations for a reading of 58.2. In Europe, the European Central Bank left its benchmark interest rate unchanged, as expected, and economists at the bank trimmed their eurozone growth projections for this year and through 2017. ECB president Mario Draghi said the bank needs to determine if the recent global volatility is transitory before it decides "whether to do more or not," but also emphasized the bank's "willingness to act, its readiness to act and its ability to act." In Asia, Chinese markets were closed today and will be closed tomorrow for a holiday. COMPANY NEWS: Shares of Joy Global (JOY) plummeted $3.24, or 14.64%, to $18.89 following the company's report of lower than expected quarterly earnings and revenue. Joy's warnings about "one of the most challenging [end market environments] seen in decades" come as mining equipment makers like Caterpillar (CAT), Terex (TEX), and Joy grapple with low commodity prices leading to significantly reduced capital expenditures at mining firms. Shares of Dow member Caterpillar were the worst performer on the blue chip index, slipping 2.17% to $74.45 after Joy said ongoing challenges in commodity markets, along with slowing global economic growth, have "weighed on [its] customers' financial position and [its] incoming order rates." MAJOR MOVERS: Among the notable gainers was B&G Foods (BGS), which advanced $3.55, or 11.66%, to $34.00 after agreeing to purchase the Green Giant and Le Sueur vegetables brands from General Mills (GIS) for roughly $765M. Also higher was Pericom Semiconductor (PSEM), which gained $4.58, or 37.6%, to $16.76 after Diodes (DIOD) agreed to acquire the company for $17 per share. Shares of Diodes were also driven higher after the news, rising 11.8% to $21.89. Additionally, Methode Electronics (MEI) surged $5.43, or 19.82%, to $32.82 after releasing first quarter results and announcing a $100M share repurchase program. Among the noteworthy losers was World Acceptance (WRLD), which declined $2.21, or 5.95%, to $34.92 after Kase Capital's Whitney Tilson reiterated his belief that the stock is going to zero, as reported by ValueWalk. Also lower were Catalent (CTLT) and Five Below (FIVE), which dropped a respective 9.6% and 9.3% following their earnings reports. INDEXES: The Dow added 23.38, or 0.14%, to 16,374.76, the Nasdaq slid 16.48, or 0.35%, to 4,733.50, and the S&P 500 advanced 2.27, or 0.12%, to 1,951.13.
14:16 EDTCATJoy Global crashes after warning of continued sector pressure
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12:23 EDTKERX, CATOn The Fly: Top stock stories at midday
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08:15 EDTKERXChimerix rallies, Keryx falls after Citi expands Biotech coverage
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06:39 EDTKERXKeryx initiated with a Sell, $1.50 price target at Citi
Citi analyst Yigal Nochomovitz started shares of Keryx Biopharmaceuticals (KERX) with a Sell rating and $1.50 price target. The stock closed yesterday up 18c to $6.03. Nochomovitz expects the Auryxia launch and long-term sales trends to "materially underperform" consensus expectations. Auryxia is a phosphate binder used for the control of serum phosphorus levels in patients with chronic kidney disease on dialysis. Nochomovitz estimates Auryxia has peak U.S. sales potential of $57M, well below the consensus estimate of $485M. He named Chimerix (CMRX) his top pick in the small- and mid-cap biotech space. The analyst initiated the name this morning with a Buy rating and $80 price target.
September 2, 2015
12:13 EDTMWMen's Wearhouse November calls active
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August 31, 2015
16:09 EDTCATLongbow to hold a conference
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14:59 EDTHESHess Corp. elevated as WTI oil rally's 8% to $48
Hess Corp. current 30-day call option implied volatility is at 41, compared to a one-month ago level of 31, suggesting large price movement as WTI crude oil trades above $48.
August 27, 2015
13:46 EDTCATCaterpillar planst to lay off 475 more employees, Reuters reports
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August 24, 2015
09:26 EDTCATCaterpillar set to open near 4-year lows
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