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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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July 25, 2014
10:02 EDTCATOn The Fly: Analyst Downgrade Summary
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10:02 EDTPBROn The Fly: Analyst Upgrade Summary
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08:59 EDTCATCaterpillar downgraded to Neutral from Positive at Susquehanna
Susquehanna downgraded Caterpillar citing valuation.
08:54 EDTJNJEMA issues positive opinion, recommends approval of Imbruvica
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07:27 EDTBMYEMA recommends expanded indication for Baraclude
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07:17 EDTJNJEMA recommends approval for Gilead, Janssen blood cancer drugs
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06:00 EDTBMYBristol-Myers implied volatility of 17 at lower end of index mean range
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05:43 EDTPBRPetrobras upgraded to Overweight from Equal Weight at Barclays
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July 24, 2014
12:32 EDTCATOn The Fly: Midday Wrap
Stocks on Wall Street were slightly higher at midday amid another wave of earnings reports, headlined by Facebook (FB), Caterpillar (CAT), General Motors (GM) and Ford (F). The market has moved in a narrow range as investors try to digest the bevy of earnings reports that were released last night and this morning. The market has also had to battle a negative economic report on new home sales, which not only disappointed in June but saw the prior month revised lower as well. ECONOMIC EVENTS: In the U.S., initial jobless claims dropped 19K to 284K in the week ended July 19. While the BLS said there were no special factors in the claims data, they also reminded that the numbers can be very volatile at this time of year due in part to auto shutdowns. Markit's flash U.S. PMI for July dipped 1 point to 56.3 from 57.3 in June. June new home sales fell 8.1% to a 406K rate, which was worse than expected, and May's data was downwardly revised. In China, HSBC's flash manufacturing Purchasing Managers' Index rose to 52 in July from 50.7 a month earlier. COMPANY NEWS: Facebook achieved a new all-time high and its share price eclipsed $76, a level that was more than double the price of its initial public offering, after its revenue and profits beat expectations. After the report a number of Wall Street analysts hiked their price targets on the stock, with Jefferies and Topeka both raising their targets on the social network operator's stock to $100... Shares of General Motors declined more than 3% after its earnings per share, excluding special items, missed consensus expectations and its revenue also fell short of the analysts' forecast. The company took a $400M special charge related to its ignition switch compensation program, but cautioned that there is no cap on this program and it is possible the total cost could increase by another $200M. Also, GM recorded a non-cash pre-tax special charge of about $900M in the second quarter for the estimated costs of future possible recalls for "up to the next 10 years on 30M GM vehicles on the road today." In contrast, Ford reported earnings per share, excluding special items, and revenue that beat expectations and its stock rose 1%... Caterpillar dropped over 3% after its quarterly revenue missed expectations and it narrowed its outlook for full-year revenue. However, the heavy machine maker's earnings did beat the consensus forecast and it raised it fiscal year profit outlook. MAJOR MOVERS: Among the notable gainers was Sodastream (SODA), which jumped nearly 20% after Bloomberg said the home beverage system maker is in talks with an investment firm on deal that would make it a private company and value it at about $828M, or $40 per share. Also higher following their earnings reports were Under Armour (UA), which rose 15%, and Dr. Pepper Snapple (DPS), which gained 5%. Among the noteworthy losers following their earnings reports were homebuilder DR Horton (DHI), which fell 10%, online travel company TripAdvisor (TRIP), which dropped 9%, and semiconductor chip maker Qualcomm (QCOM), which slid 6%. Also lower was review service operator Angie's List (ANGI), which plunged 19% after reporting second quarter losses per share and revenue that were worse than expected, prompting a number of downgrades of its stock by Wall Street analysts. INDEXES: Near midday, the Dow was up 8.25, or 0.05%, to 17,094.88, the Nasdaq was up 6.10, or 0.14%, to 4,479.80, and the S&P 500 was up 2.98, or 0.15%, to 1,989.99.
11:22 EDTBMYBristol-Myers says considering different sizes of deal opportunities
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11:14 EDTCATCaterpillar says Q3 likely to be weakest profit quarter of year
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10:57 EDTBMYBristol-Myers says M&A would have to be good strategic fit
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10:48 EDTBMYBristol-Myers says guidance assumes R&D credit will be extended
Says Reyataz seeing increased competitive pressure. Says business development a top priority for capital allocation. Comments made on the Q2 earnings conference call.
09:16 EDTJNJ, CATOn The Fly: Pre-market Movers
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08:39 EDTJNJOrganovo enters 3D bio-printed tissue agreement with J&J unit
Organovo (ONVO) announced that it has entered into an agreement with Janssen Research and Development, a pharmaceutical company of Johnson & Johnson (JNJ), to evaluate the use of 3D bio-printed tissue in a drug discovery setting, outside of the company’s work in 3D liver tissue for toxicity testing. Terms were not disclosed.
08:28 EDTBMYBristol-Myers management to meet with JPMorgan
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08:19 EDTJNJLeerink medical devices analyst holds an analyst/industry conference call
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07:53 EDTCATCaterpillar down 1.3% after Q2 earnings, guidance revision
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07:43 EDTCATCaterpillar Financial reports Q2 revenue $728M
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07:38 EDTCATCaterpillar sees $2.5B stock repurchase in Q3
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07:37 EDTCATCaterpillar raises FY14 EPS view to $6.20 from $6.10, consensus $6.23
Narrows FY14 revenue view to $54B-$56B from $53.2B-$58.8B, consensus $56.23B. Most of the change in the mid-point of the range is in Construction Industries and reflects weaker sales in China, the CIS and in the Africa/Middle East region. The expectation for restructuring costs in 2014 is now about $400M—the bottom end of the $400M-$500M range that was previously expected. The company said, "After a sizable drop in sales and revenues in 2013, our ongoing forecasting process has, since the third quarter of last year, pegged 2014 as a roughly ­flat year for sales. That's still the case. There have been plusses and minuses, but they've both been relatively muted in the context of our total sales and revenues. While we'd certainly like to see improvement in economies around the world, and more specifically, the mining industry, the stability that we've seen this year has helped. Even though sales and revenues are relatively flat compared to last year, we've improved the bottom line with better execution and continued focus on costs."
07:34 EDTCATCaterpillar raises FY14 EPS view, narrows FY14 revenue outlook
07:33 EDTCATCaterpillar reports Q2 EPS $1.57, consensus $1.53
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07:32 EDTBMYBristol-Myers reaffirms 2014 EPS outlook $1.70-$1.80, consensus $1.77
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07:31 EDTBMYBristol-Myers reports Q2 EPS 48c, consensus 44c
Reports Q2 revenue $ $3.89B, consensus $3.85B.
07:09 EDTIQNTInteliquent reports Q2 EPS 28c, consensus 27c
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05:26 EDTBMYBristol-Myers, Ono Pharmaceutical announces strategic collaboration in Japan
Bristol-Myers Squibb and Ono Pharmaceutical have signed a strategic collaboration agreement to jointly develop and commercialize multiple immunotherapies as single agents and combination regimens to help address the unmet medical needs of patients with cancer in Japan, South Korea and Taiwan. As part of the agreement, Bristol-Myers Squibb and Ono will jointly develop and commercialize Opdivo and Yervoy across a broad range of tumor types. Bristol-Myers Squibb and Ono will jointly pursue development of monotherapy and combination regimens, with Opdivo as the foundational therapy in Japan, South Korea and Taiwan, and leverage global clinical trials by including patients from the three countries.
July 23, 2014
15:30 EDTBMY, CATNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Ford (F), consensus 36c; General Motors (GM), consensus 58c; Potash (POT), consensus 46c; Caterpillar (CAT), consensus $1.52; 3M (MMM), consensus $1.91; Union Pacific (UNP), consensus $1.43; Bristol-Myers Squibb (BMY), consensus 44c; Eli Lilly (LLY), consensus 65c; Celgene (CELG), consensus 89c; Precision Castparts (PCP), consensus $3.35; Raytheon (RTN), consensus $1.59; Noble Energy (NBL), consensus 79c; Hershey (HSY), consensus 76c; Southwest Airlines (LUV), consensus 61c; Boston Scientific (BSX), consensus 19c; JetBlue (JBLU), consensus 19c.
15:10 EDTBMYBristol-Myers technical comments before earnings
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12:59 EDTCATEarnings Preview: Caterpillar shares near 52-week high ahead of Q2 report
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10:47 EDTCATCaterpillar July weekly volatility elevated into Q2 and outlook
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10:44 EDTCATCaterpillar read-through modest negative for Cummins, says Wells Fargo
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10:28 EDTCATCaterpillar reports 3-month end June retail machine sales down 10%
Caterpillar disclosed in a regulatory filing earlier that its total retail sales of machines for the 3-month rolling period ended June were down 10%. In the rolling period, retail machine sales were down 30% in Asia/Pacific, down 21% in EAME, down 18% in Latin America and up 14% in North America. Total energy & transportation retail sales for the 3-month rolling period were down 10%.
July 22, 2014
06:04 EDTPBRPetrobras implied volatility of 47 at upper end of index mean range
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July 21, 2014
18:40 EDTJNJOn The Fly: After Hours Movers
UP AFTER EARNINGS: Netflix (NFLX), up marginally after reporting Q2 results... Sanmina (SANM), up 13.2% after reporting third quarter results and fourth quarter guidance above analyst estimates... Chipotle (CMG), up 10.1%... Helix (HLX), up 5.2%... Canadian National (CNI), up 1.13%... CYS Investments (CYS), up 1.7%. ALSO HIGHER: Apache (APA), up 5% after Bloomberg says JANA discloses $1B position... Johnson & Johnson (JNJ), up 1% after announcing a $5B share repurchase program... TG Therapeutics (TGTX), up 4.3% after reporting second quarter results and preliminary clinical results from TG-1101 Phase I study... DOWN AFTER EARNINGS: Rambus (RMBS), down 3.6% after reporting second quarter results... Ultra Clean (UCTT), down 4% after reporting quarterly results. ALSO LOWER: Tallgrass Energy (TEP), down 5% after filing to sell 7M common units representing limited partners.
17:03 EDTJNJJohnson & Johnson announces $5B share repurchase program
Johnson & Johnson announced that its board has approved the repurchase of up to $5B of the company's common stock. The company had approximately 2.82B shares of common stock outstanding as of June 29.
17:01 EDTJNJJohnson & Johnson announces $5B share repurchase program
16:58 EDTKRCKilroy Realty to acquire 1.6 acre development opportunity for $27M
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12:11 EDTPBRStocks with call strike movement; PBR CLF
Petrobras (PBR) October 20 call option implied volatility increased 3% to 44, Cliffs Natural (CLF) October 17 call option implied volatility increased 7% to 48 according to IVolatility
09:22 EDTCATCaterpillar confident in chances in tax suit, WSJ says
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07:41 EDTCATWhistleblowers allege bogus repairs by Caterpillar unit, WSJ says
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06:43 EDTBMYGrowing market for hepatitis-C treatment prompts legal scramble, WSJ says
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July 20, 2014
11:58 EDTCATCaterpillar, five others should benefit from global recovery, Barron's says
Caterpillar (CAT), Teradata (TDC), Kennametal (KMT), Capital One Financial (COF), T. Rowe Price Group (TROW), and Chesapeake Energy (CHK) are all relatively cheap and should benefit from global recovery, Barron's contends in its cover article. Reference Link
July 18, 2014
10:40 EDTJCPJ.C. Penney call active on renewed takeover chatter
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10:28 EDTJCPRumor: J.C. Penney moves up on renewed takeover chatter
July 17, 2014
16:01 EDTPBROptions Update; July 17, 2014
iPath S&P 500 VIX Short-Term Futures up 2.66 to 29.93. Option volume leaders: AAPL FB GOOG APA MSFT PBR SUNE AMZN TWTR TSLA according to Track Data.
14:54 EDTJNJJohnson & Johnson weakness creates buying opportunity, says Argus
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10:56 EDTJNJJohnson & Johnson reports 18% passive stake in Minerva
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08:08 EDTBMYBristol-Myers, Pfizer announce enrollment in Phase IV EMANATE trial for Eliquis
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July 16, 2014
08:55 EDTJNJJohnson & Johnson pullback a buying opportunity, says Leerink
Leerink views the post-earnings pullback in shares of Johnson & Johnson as a buying opportunity. The firm expects "several" more quarters of outperformance and raised its price target for the stock to $115 from $110. It keeps an Outperform rating on J&J.
07:25 EDTJNJJohnson & Johnson should be bought on pullbacks, says RBC Capital
RBC Capital believes that Johnson & Johnson reported strong Q2 results, and the company raised its estimates for the company. The firm continues to recommend buying the stock on pullbacks.
06:26 EDTBMYBristol-Myers lung cancer trials being underestimated, says Citigroup
After building a statistical model of Bristol-Myers' two critical registration trials for Opdivo in lung cancer, Citigroup believes the market is "materially" underestimating both Phase III trials. Citi says potential Opdivo FDA approval in 2015 in lung cancer would give Bristol-Myers an up to two year lead time versus Merck (MRK) and Roche (RHHBY). The firm estimates 2023 Opdivo revenue at $7B and reiterates a Buy rating on Bristol with a $60 price target.
July 15, 2014
16:40 EDTJNJOn The Fly: Closing Wrap
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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.
11:38 EDTNKTRNektar management to meet with Jefferies
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11:13 EDTBMYPerrigo retreats after analyst sees limited potential buyers
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10:05 EDTJNJJohnson & Johnson says committed to diabetes space
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09:59 EDTSTRAApollo Education discloses new Department of Education review
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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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07:35 EDTBMYPerrigo potential buyers list could be limited, says Jefferies
After Globes reported that Perrigo retained an investment bank to assist with a potential merger, Jefferies says the list of potential buyers could be limited since the store brand business is fundamentally a high volume, lower margin model. The firm notes U.S. companies that currently do not have large over-the-counter divisions include Bristol-Myers (BMY), Eli Lilly (LLY) and Merck (MRK). Jefferies views the merger speculation surrounding Perrigo as not surprising given the company's strong long-term fundamentals and attractive Irish domicile. It has a Buy rating on the stock with a $160 price target.
July 14, 2014
15:24 EDTJNJNotable companies reporting before tomorrow's open
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15:19 EDTJNJ Johnson & Johnson July 105 straddle priced for 1.6% move into Q2
14:27 EDTJNJEarnings Preview: J&J pharmaceutical sales expected to drive Q2
Johnson & Johnson (JNJ) is scheduled to report second quarter earnings before the market open on Tuesday, July 15, with a conference call scheduled for 8:30 am ET. Johnson & Johnson, together with its subsidiaries, is engaged in the research and development, manufacture, and sale of various products in the health care field worldwide. EXPECTATIONS: Analysts are looking for earnings per share of $1.55 on revenue of $18.94B, according to First Call. The consensus range for EPS is $1.45-$1.61 on revenue of $18.55B-$19.30B. LAST QUARTER: Johnson & Johnson reported first quarter EPS of $1.54 against estimates of $1.48 on revenue of $18.1B against estimates of $18B. The drug maker raised its fiscal year EPS view to $5.80-$5.90 against a consensus estimate of $5.83. J&J noted a 3.2% decrease in worldwide consumer sales in Q1 but saw a 10.8% increase in worldwide pharmaceutical sales. Primary contributors to operational sales growth in Q1 pharmaceutical sales were Stelara, Invega, Sustenna/Xeplion, Prezista, Velcade and sales of new products. Pharmaceutical sales results were negatively impacted by loss of exclusivity for Aciphex, a proton pump inhibitor for gastrointestinal disorders and Concerta for the treatment of attention deficit hyperactivity disorder. STREET RESEARCH: On July 14, RBC Capital raised its Q2 estimates for Johnson & Johnson to reflect the firm's outlook for higher pharmaceutical sales by the company. The firm raised its price target on the shares to $110 from $106 and kept an Outperform rating on the stock. PRICE ACTION: Shares of Johnson & Johnson are up approximately 8.5% since its last earnings report, and are trading near flat in afternoon trading.
12:24 EDTJNJJohnson & Johnson technical notes before earnings
The company is scheduled to report before market open on July 15th. The shares in the prior three months have risen by more than 8%, anticipating positive news for the current and forthcoming quarters. At the current price of $105.39, the only remaining established resistance on the daily chart is at the life high of $106.74. If the news and guidance is better than expected, a run to $110, or $115 at an extreme, would be possible. If the news fails to meet expectations or guidance is weak, support would be at $102.70, the 50-day moving average. A break below this uptrend support proxy would be a sell signal in many technical trading systems and would break an uptrend in place since early March of this year. On a sliding scale of increasingly weaker news, supports would next be at $99.96, and then at $96.87.
11:49 EDTPBRStocks with call strike movement; TSLA PBR
Tesla (TSLA) January 270 call option implied volatility increased 2% to 44, Petrobras (PBR) November 18 call option implied volatility increased 3% to 44 according to IVolatility.
08:30 EDTJNJJohnson & Johnson should be bought on any weakness, says RBC Capital
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07:43 EDTCATGE far ahead of Caterpillar in race for cleaner diesel train, WSJ says
Caterpillar (CAT) has fallen far behind in the race to offer a locomotive that meets stricter emission standards taking effect next year, with its Electro-Motive Diesel unit stating that its freight trains probably won't be available until 2017, while General Electric (GE) is already testing trains that comply with the new rules, reported The Wall Street Journal. Reference Link
05:49 EDTPBRPetrobras added to LatAm Spotlight List at Goldman
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July 13, 2014
15:18 EDTJCPJ.C. Penney CEO successor search faces setback, WSJ says
It appears that J.C. Penney (JCP) is not having an easy time of identifying a successor for current CEO Myron Ullman, says the Wall Street Journal. According to the WSJ report, Mindy Grossman, CEO of HSN (HSNI), who is considered the lead candidate for Ullman's position, had been in talks with J.C. Penney but could not agree on terms and negotiations broke down moths ago. Reference Link
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