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Stock Market & Financial Investment News

News Breaks
January 27, 2014
12:35 EDTCAT, MRK, GAME, RHI, XRX, GERN, DB, CRZBY, CRARYOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday as a decline in new home sales last month more than offset any positive momentum built in the early hours by Caterpillar's (CAT) better than expected earning report. Stocks began the week in positive territory, briefly bouncing back from last week’s sell-off, but the market resumed its downward trend by the time the larger than expected drop in new home sales was reported near 10 am ET. As the lunch hour approached, the averages were all in the red and stood near session lows. ECONOMIC EVENTS: In the U.S., new home sales dropped 7% to a 414K rate in December from a downwardly revised 445K rate in November, missing expectations. However, the report may have been somewhat discounted as largely due to the extreme weather seen in many markets during the month. In Europe, the Ifo institute’s German business confidence measure beat economists’ forecasts and rose to its highest level in more than two years with a 110.6 reading in January. Also, the Organization for Economic Cooperation and Development reportedly estimated that European banks have a combined capital shortfall of about 84 billion euros, with Credit Agricole (CRARY), Deutsche Bank (DB) and Commerzbank (CRZBY) listed among the banks having significant gaps. COMPANY NEWS: Dow component Caterpillar advanced about 4% after its quarterly earnings easily beat the consensus expectation of analysts. The company also gave a forecast for revenue in the new fiscal year that surpassed expectations and approved a program to repurchase up to $10B of its shares. MAJOR MOVERS: Among the notable gainers was Chinese online game maker Shanda Games (GAME), which gained 13% after its controlling shareholder proposed to acquire the company in a "going private" transaction for $6.90 per American depositary share. Also higher was Robert Half (RHI), which rose 3% following an upgrade to Buy from Neutral at research firm Northcoast, which cited the valuation of its shares and expectations for top-line trends to accelerate due to easier comparisons and improving end markets. Also higher following an upgrade were shares of Merck (MRK), which gained nearly 3% after Morgan Stanley upgraded the stock two notches to Overweight from Underweight. Among the noteworthy losers was Geron (GERN), which fell 19% after disclosing that an investigator-sponsored clinical trial to evaluate imetelstat in patients with myelofibrosis and other myeloid malignancies has been closed to new patient enrollment and that the company believes approximately 20 patients have discontinued from the study since its inception. Also lower were shares of Xerox (XRX), which were downgraded to Market Perform from Outperform at BMO Capital and slid almost 5% near noon. INDEXES: Near midday, the Dow was down 76.11, or 0.48%, to 15,803.00, the Nasdaq was down 69.13, or 1.67%, to 4,059.04, and the S&P 500 was down 15.10, or 0.84%, to 1,775.19.
News For CAT;MRK;GAME;RHI;XRX;GERN;DB;CRZBY;CRARY From The Last 14 Days
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July 22, 2014
18:33 EDTRHIOn The Fly: After Hours Movers
UP AFTER EARNINGS: Broadcom (BRCM), consensus up 3% after reporting second quarter results... Intuitive Surgical (ISRG), up 10.4%... Manhattan Associates (MANH), up 3%... Robert Half International (RHI), up 3.9%... Hawaiian Holdings (HA), up 3.1%... Microsoft (MSFT), up just under 1%... FMC Technologies (FTI), up 1.1%. ALSO HIGHER: Ballard Power Systems (BLDP), up 2.7% following purchase order from New Flyer Industries... Unwired Planet (UPIP), up 2.4% after filing a lawsuit against Microsoft for breach of contract. NOTABLE: Puma Biotechnology (PBYI), up 193.8% after reporting positive top line results from Phase III PB272 trial. DOWN AFTER EARNINGS: Xilinx (XLNX), down 8.7%... Apple (AAPL), down after reporting third quarter results and fourth quarter guidance... Juniper Networks (JNPR), down 4.7%... ALSO LOWER: Farmland Partners (FPI), down 3.8% after filing to sell 3.72M shares of common stock.
16:46 EDTRHIRobert Half sees Q3 EPS 55c-60c, consensus 56c
Sees Q3 revenue $1.18B-$1.23B, consensus $1.17B. Guidance provided in Q2 earnings conference call prepared remarks presentation.
16:44 EDTRHIRobert Half up 4.3% following Q2 results
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16:11 EDTRHIRobert Half Reports Q2 EPS 55c, consensus $52c
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15:32 EDTDBNY Fed said Deutsche Bank U.S. unit reports 'inaccurate, unreliable,' WSJ says
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07:31 EDTDBSenate Homeland Security & Government Affairs Committee to hold a hearing
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July 21, 2014
11:45 EDTRHIManpower falls despite better than expected earnings
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11:31 EDTXRXXerox names Kennedy Chief Marketing Officer
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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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07:21 EDTMRKGilead could be hurt by new HCV drugs, says Wells Fargo
Noting that data on a new Merck (MRK) HCV treatment is expected in November, Wells Fargo thinks Merck's HCV drug could be combined with Gilead's (GILD) Sovaldi to shorten the duration of treatment to four weeks. Other companies could take similar actions, and Gilead's per patient revenues would be significantly reduced if this occurs, the firm warned. However, it continues to have an upbeat outlook on Gilead heading into what it sees as a strong quarter and is still upbeat on the company's long-term HCV opportunity. It keeps an Outperform rating on Gilead.
06:43 EDTMRKGrowing 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
06:26 EDTDBMetro hires Deutsche to guide on consumer-electronics unit, Bloomberg says
Metro (MTTRY) hired Deutsche Bank (DB) to examine options for its consumer-electronics unit, according to Bloomberg, citing two people with direct knowledge of the matter. The sources said that alternatives may include a sale, spinoff or IPO of the Media-Saturn division. Reference Link
July 16, 2014
11:58 EDTXRXDruckenmiller says IBM facing problems similar to Xerox, Kodak
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08:25 EDTDBCNBC / Institutional Investor to host a conference
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06:26 EDTMRKBristol-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
11:13 EDTMRKPerrigo retreats after analyst sees limited potential buyers
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08:11 EDTMRKMerck looks to revive livestock drug Zilmax, WSJ says
Merck has been preparing to conduct a large-scale study this summer to evaluate the safety of its Zilmax feed additive, which the company pulled from the U.S. market last year over concerns in the beef industry that the drug made it difficult for some animals to walk, reported The Wall Street Journal. Reference Link
07:35 EDTMRKPerrigo 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.
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