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Stock Market & Financial Investment News

News For CAT;IQNT;GRMN;JCP;JNJ;KRC;NKTR;STRA;VRTX;VNO;BMY;PBR;HES From The Last 14 Days
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October 29, 2014
13:31 EDTKRCKilroy Realty still sees FY14 occupancy 93.9%
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13:28 EDTKRCKilroy Realty raises FY14 FFO view to $2.76-$2.80 from $2.70-$2.79
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12:11 EDTGRMNGarmin slips after automotive, mobile revenues decline
Shares of GPS device maker Garmin (GRMN) are trading lower at midday after the company's third quarter results included a 5% decline in revenue from its automotive/mobile segment. WHAT'S NEW: Garmin reported Q3 earnings per share and revenue this morning that were both higher than analysts consensus estimates. The company reported Q3 EPS of 76c on revenue of $706M, beating analysts' consensus expectations of 71c and $677M, respectively. Garmin also gave full year 2014 EPS guidance of $3.10, higher than analysts expectations of $3.07 and revenue guidance of $2.85B, which is at the high-end of expectations. WHAT'S NOTABLE: Garmin, which operates in five segments including Outdoor, Fitness, Aviation, Marine and Auto/Mobile, reported growth in all except its automotive/mobile segment, which posted a revenue decline of 5%. Garmin attributed the decline in Auto/Mobile segment to volume declines in personal navigation devices. Garmin CEO Cliff Pemble commented on the quarter, saying, “Our strong year continued with a third consecutive quarter of revenue, operating income and pro forma EPS growth. Our non-automotive/mobile segments delivered 24% revenue growth and 70% of our operating profits. We believe we are well positioned with our current product portfolio while also investing for long-term sustained growth through further innovation and diversification.” On its earnings conference call, Garmin management said the company feels good on where it stands on product positioning and said that it is too early to give specific guidance for 2015. PRICE ACTION: Garmin shares fell 5.75% to $53.92 near noon. Over the last 12 months, the stock is up around 12%.
11:18 EDTGRMNGarmin rollout of Vivofit products not limited by channels
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11:10 EDTGRMNGarmin says nothing to announce for potential new action camera products in 2015
11:10 EDTGRMNGarmin: Q3 results not surprising due to seasonality
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11:08 EDTJNJOptions with increasing implied volatility: ACHN CZR ARCP HSY JNJ
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10:58 EDTPBROptions with decreasing implied volatility:
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10:55 EDTGRMNGarmin feels good on where it stands on product positioning
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10:46 EDTGRMNGarmin 2014 tax rate to be 17% due to delayed approval of R&D tax credit
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10:38 EDTGRMNGarmin falls after results, levels to watch
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10:17 EDTJNJGilead retreats after Hepatitis C drug sales miss expectations
Shares of drug maker Gilead (GILD) are falling after the company last night announced lower than expected third quarter profits and reported sales of its Hepatitis C treatment, Sovaldi, that came in below expectations. WHAT'S NEW: Gilead reported Q3 earnings per share of $1.84, versus analysts' consensus estimate of $1.92. The company's revenue came in slightly above expectations. Gilead said its Sovaldi drug had generated $2.8B of sales last quarter. On average, analysts had expected sales of the drug to come in at $2.93B. Sales of Sovaldi dropped 20% in Q3 versus Q2. However, the company said on its earnings conference call that the launch of its new Hepatitis C treatment, Harvoni, was off to a strong start. ANALYST REACTION: In a note to investors earlier today, Bernstein analyst Geoffrey Porges wrote that Gilead's Q3 revenue and EPS were reduced by one-time events. Its EPS would have easily beaten expectations if the company did not have to pay one-time taxes related to the Affordable Care Act, Porges stated. The lower than expected Sovaldi sales were caused by a variety of factors, including anticipation of the Harvoni launch, the analyst believes. The challenges facing Sovaldi should not affect Harvoni's performance in Q4 and 2015, added Porges, who remains very upbeat on the company's overall Hepatitis C franchise for the near to medium term. He kept a $130 price target and Outperform rating on the shares. Analysts at UBS also remained positive on Gilead, writing that the company had a good quarter with its HIV franchise that resulted in a top-line beat despite the lower than expected Sovaldi sales. The firm said it remains bullish on the Harvoni launch and sees potential upside to estimates. UBS reiterated its Buy rating and $125 price target on Gilead shares. OTHERS TO WATCH: Other pharmaceutical companies offering and developing Hepatitis C treatments include Johnson & Johnson (JNJ) and Abbvie (ABBV). PRICE ACTION: In early trading, Gilead fell 2% to $111.25.
09:19 EDTGRMNOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Goodyear Tire (GT), up 10%... Electronic Arts (EA), up 3.7%... ZELTIQ (ZLTQ), up 9%... Eaton (ETN), up 2.3%... Anadarko (APC), up 2%... U.S. Steel (X), up 7.7%... IAC (IACI), up 3.6%. ALSO HIGHER: Fiat Chrysler (FCAU), up 12% after reporting quarterly results, announcing plan to spin off Ferrari... Cara Therapeutics (CARA), up 17.8% after HAL trial of IV formulation of CR845 met primary endpoint... Jamba (JMBA), up 4% after upgraded at Wedbush. DOWN AFTER EARNINGS: Facebook (FB), down 5.7%... Gilead (GILD), down 3.2%... Ralph Lauren (RL), down 2.3%... SodaStream (SODA), down 3%... Garmin (GRMN), down 5%... Applied Micro Circuits (AMCC), down 9.9%... STMicroelectronics (STM), down 10%... Ballard Power (BLDP), down 8.7%... Hershey (HSY), down 3.3%... Deutsche Bank (DB), down 2.3%... McKesson (MCK), down 2%. ALSO LOWER: Sanofi (SNY), down 5.7% after downgraded at various firms including Barclays and BofA/Merrill after the company's board removed Christopher Viehbacher as CEO... InvenSense (INVN), down 22%, downgraded at Pacific Crest, Northland and Piper Jaffray following the company's Q2 earnings results... CareTrust REIT (CTRE), down 3.6% after acquiring Cross Healthcare Seniors housing portfolio... Orbital (ORB), down 16% after Orb-3 launch mishap... American Realty (ARCP), down 22% after announcing resignations of CFO, CAO.
07:32 EDTHESHess Corp. reports Q3 adjusted EPS $1.24, consensus $1.08
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07:02 EDTGRMNGarmin sees FY14 pro forma EPS approx. $3.10, consensus $3.07
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07:01 EDTGRMNGarmin reports Q3 pro forma EPS 76c, consensus 71c
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05:03 EDTHESChevron sanctions Stampede project in deepwater U.S. Gulf of Mexico
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October 28, 2014
18:42 EDTVRTXOn The Fly: After Hours Movers
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17:50 EDTKRCKilroy Realty reports Q3 FFO 69c, consensus 67c
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17:45 EDTHESHess Corp. announces plan to develop Stampede field in Gulf of Mexico
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