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Stock Market & Financial Investment News

News Breaks
January 27, 2014
12:35 EDTCRZBY, XRX, MRK, DB, RHI, CAT, CRARY, GERN, GAMEOn 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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August 31, 2015
10:03 EDTXRXHigh option volume stocks
High option volume stocks: MDCO IR TROV RLGY PAH XRX ACRX
06:35 EDTDBCiti plans to rebuild equities franchise, Reuters reports
Citigroup (C) is planning to rebuild its equities franchise in an effort to capitalize on a retrenchment by rivals in the face of new rules created to make the financial system less risky, Reuters reports, citing people familiar with the bank's plans. It may be tough to overcome leaders such as Goldman Sachs (GS), Morgan Stanley (MS), and JPMorgan Chase (JPM), that have long dominated the sector, the report says. Citi is aiming to profit from a retreat of rivals slow to adapt new rules forcing banks to keep more capital, the report says. Deutsche Bank (DB), Credit Suisse (CS), and Barclays (BCS) are among others rebuilding their investment banking businesses, the report adds. Reference Link
06:10 EDTDBBanks lobby EU over privacy rules overhaul, FT reports
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August 30, 2015
12:33 EDTMRKDividend-rich blue chips look attractive amid market volatility, Barron's says
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August 28, 2015
17:23 EDTGERNGeron files $250M mixed securities shelf
06:28 EDTDBProsecutor wants to summon Murdoch, others in Deutsche Bank case, Reuters says
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August 27, 2015
18:02 EDTDBU.S. may prohibit Deutsche Bank, others from managing pensions, Bloomberg says
In correspondence dated mid-July, the U.S. Labor Department tentatively rejected requests from Deutsche Bank (DB), UBS (UBS), RBS (RBS) to manage U.S. pension funds, reports Bloomberg, citing letters between the organizations. Bloomberg notes that the Department could use the "threat of denial" to mandate stricter conditions on pension management. Reference Link
13:46 EDTCATCaterpillar planst to lay off 475 more employees, Reuters reports
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August 26, 2015
12:06 EDTDBDeutsche Bank traders questioned by SFO in Libor probe, Bloomberg says
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08:53 EDTMRKMerck management to meet with SunTrust
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August 25, 2015
16:49 EDTCRARYHSBC, others back Abengoa capital increase, Reuters says
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09:00 EDTRHIBG Staffing names Dan Hollenbach CFO
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August 24, 2015
10:01 EDTXRXXerox to acquire RSA Medical, terms not disclosed
Xerox announced a definitive agreement to acquire RSA Medical. The acquisition, once closed, will expand Xerox's portfolio of healthcare service offerings to payers and life insurers using predictive analytics to enhance member outreach services aimed at improving overall population health. The RSA Medical management team and its employees will remain with the company. The transaction is subject to customary closing conditions and is expected to close in the third quarter of 2015. Terms of the transaction were not disclosed.
09:26 EDTCATCaterpillar set to open near 4-year lows
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August 23, 2015
12:35 EDTMRKBiotech firms could see 'billions' in sales from new cancer drugs, Barron's says
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August 21, 2015
13:02 EDTCATChanos says heavy equipment companies 'have the wind in their face'
Jim Chanos of Kynikos Associates said on CNBC that the companies selling heavy equipment will "have the wind in their face" for years as inventory is worked though. Chanos added that he remains short shares of Caterpillar (CAT), pointing out the company acquired Bucyrus at the top of the market. Peers of Caterpillar include Deere (DE) and AGCO (AGCO).
12:56 EDTCATChanos says still short shares of Caterpillar
Jim Chanos of Kynikos Associates said on CNBC .
05:44 EDTMRKStocks with implied volatility movement; DIS MRK
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August 20, 2015
11:33 EDTMRKLeerink major pharmaceuticals analyst holds an analyst/industry conference call
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08:38 EDTMRKMerck says to present new analyses from IMPROVE-IT study
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