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January 27, 2014
09:22 EDTYRCW, CSCO, CAT, MM, RCL, T, NWBO, RYN, VODOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Caterpillar (CAT), up 7%... Royal Caribbean (RCL), up 4%... .ALSO HIGHER: Rayonier (RYN), up 8.4% after earnings, announcing plan to separate into two public companies in mid-2014... Millennial Media (MM), up 8.8% after guiding to better than forecast Q4 preliminary pro forma revenue, appointing former Yahoo (YHOO) Chief Revenue Officer Michael Barrett to replace departing CEO Paul Palmieri... YRC Worldwide (YRCW), up 12% after announcing Teamsters approve agreement protecting 30,000 jobs... Northwest Biotherapeutics (NWBO), up 7% after expanding capacity for DCVax products. LOWER: Vodafone (VOD), down 2.3% after AT&T (T) files statement saying it does not intend to bid on the company... Cisco (CSCO), down 2.2% following downgrade at JPMorgan.
News For CAT;VOD;T;CSCO;RYN;RCL;YRCW;NWBO;MM From The Last 14 Days
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November 30, 2015
16:35 EDTTAT&T to raise price of grandfathered unlimited plans to $35 from $30, CNBC says
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07:37 EDTNWBONW Bio welcomes Woodford call for investigation of short-seller allegations
Northwest Biotherapeutics announced that the board is committed to adding an additional independent director, and the company welcomes Neil Woodford's call for an independent investigation of allegations in a recent anonymous internet report on NW Bio. The company's Board is under way on both initiatives. NW Bio CEO Linda Powers stated, "We agree with Mr. Woodford that, at NW Bio's current stage of development, expanding our board to include another independent director with financial expertise can be quite helpful for the company's continued growth. Our clinical programs are growing, and we have expanded the management personnel in important areas during this year, including expansion of the independent external team that has been performing our CFO function since 2012, as well as expansion of internal financial personnel and clinical personnel. It makes sense to expand the Board as well. The interview and consideration process for a new board seat is well under way with Mr. Woodford's candidate, Mr. Elliott Leary. Our board is hoping to meet with him again in the next couple of days, and to promptly complete the process. We also welcome Mr. Woodford's proposal for an independent investigation of claims made in a recent internet report. Most of those claims have been recycled over and over, and the internet report was anonymous. However, the company and the board take such claims seriously, the board has already been meeting to address the report, and the board plans to meet again this week in regard to moving forward on an independent investigation such as Mr. Woodford has proposed."
November 25, 2015
10:59 EDTRCLHSBC sees Carnival revenue yield topping guidance, starts at buy
HSBC initiated coverage of cruise operator Carnival (CCL) with a Buy rating, saying that the company's net revenue yield should surpass its guidance. WHAT'S NEW: Increases in Carnival's on-board revenue, combined with its greater price discipline, should enable the cruise operator's net revenue yield to beat expectations going forward, according to HSBC analyst Lena Thakkar. Other factors that should help the company's net revenue yield grow faster than that of its peers include its expansion in China, its major marketing push and new destinations it has added, according to Thakkar. Moreover, Carnival can reduce its costs that are currently "uncoordinated," including flights and hotels for its crews and its port costs, Thakkar believes. The cruise operator may beat its guidance for a "slight increase" in its costs next year, predicted the analyst, who set a $60 price target on the shares. OTHERS TO WATCH: Other prominent cruise operators include Royal Caribbean (RCL) and Norwegian Cruise Line (NCLH). PRICE ACTION: In late morning trading, Carnival rose 1.4% to $51.09.
09:47 EDTTAT&T management to meet with Oppenheimer
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09:35 EDTNWBOWoodford turns activist on Northwest Biotherapeutics
Woodford Investment Management transitioned from a passive investor to an active shareholder in Northwest Biotherapeutics after sending a letter to the company's board requesting an independent non-executive director be appointed. In a letter to the board disclosed last night in a regulatory filing, Neil Woodford of Woodford Investment stated, "I am writing to ask you to formally accept our proposal to appoint an independent non-executive director to the Board. As we have stated, we believe that, at your current stage of development, the Company and its shareholders would greatly benefit from the appointment of one or more directors with the skills and experience to provide significant contributions and oversight to the Company's operations and growth." Woodford has also engaged Freeh Group International Solutions to provide risk management services in relation to its investment in Northwest Bio. "These services include the provision of a suitably qualified candidate, Mr Elliott Leary, for appointment to the Company's Board. Following your agreement in principle to this proposal on 13 November, 2015, we submitted a highly qualified candidate who met with the Board last week," the letter to the board stated. Woodford explained, "We believe the candidate's skills are especially suited to the current situation of the Company in relation to the various allegations of financial improprieties and regulatory failure that have been published by at least one anonymous source. We would like to note that we only became aware of certain of these allegations after the completion of our recent investment in the Company comprising US $30 million in new equity." Woodford Investment owns 28.1% of Northwest's outstanding shares. The stock is up 5c to $5.01 in early trading.
November 24, 2015
11:33 EDTCSCOBrocade sinks to 52-week low after Q1 outlook trails estimates
Shares of Brocade (BRCD), a supplier of networking equipment, are sinking after the company's outlook for the first quarter trailed analysts' consensus estimates. WHAT'S NEW: Last night, Brocade reported fourth quarter adjusted earnings per share of 26c and revenue of $588.83M, beating analysts' consensus estimates of 24c and $575.1M, respectively. Adjusted gross margin for the quarter was 67.9%, while adjusted operating margin was 25%. SAN product revenue was $325M in Q4, flat year-over-year and up 5% quarter-over-quarter, while Q4 IP Networking product revenue was $170M, up 12% year-over-year and 10% quarter-over-quarter. GUIDANCE: Looking ahead to Q1, Brocade forecast adjusted EPS of 23c-25c and revenue of $550M-$570M, below analysts' consensus estimates of 26c and $582.17M, respectively. The company also sees Q1 adjusted gross margin of 67%-67.5%, adjusted operating margin of 24%-25.5%, adjusted free cash flow of $30M-$50M, operating cash flow of $50M-$70M and capital expenditures of $15M-$20M. Additionally, the company forecast Q1 SAN product revenue flat to up 3% quarter over quarter, "as we typically see stronger buying patterns from our OEM partners in our fiscal Q1." IP Networking revenue is expected down 16% to down 22% q/q, driven by U.S. federal seasonality and lower router sales. The company sees Q1 Global Services revenue down 2% q/q due to a one-time catch-up benefit realized in Q4 of approximately $3M. Brocade noted that at the end of Q4, OEM inventory was approximately 1.3 weeks of supply based on SAN business revenue and the company expects inventory to be between one to two weeks in Q1. ANALYST REACTION: JPMorgan analyst Rod Hall downgraded Brocade to Neutral from Overweight this morning, saying that enterprise IT spending continues to look weak after the company's guidance missed estimates. Hall also cut his price target for shares to $9 from $14. PRICE ACTION: Brocade fell 82c, or about 8%, to $9.27 in late morning trading on more than three times its average daily trading volume. Earlier in the session, the stock hit a fresh 52-week low of $9.16. Including today's pull back, the shares have lost approximately 20% over the past 12 months. OTHERS TO WATCH: Other networking equipment suppliers include Cisco Systems (CSCO), down 0.6%, Juniper Networks (JNPR), down 0.4%, Extreme Networks (EXTR), down 0.7%, and QLogic (QLGC), down 1.3%.
11:08 EDTTAT&T management to meet with Jefferies
Meetings to be held in Atlanta/Orlando/Tampa on November 30-December 1 hosted by Jefferies.
05:51 EDTTAT&T implied volatility of 14 at lower end of index mean range
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November 23, 2015
13:34 EDTTAT&T, A+E Networks reach multi-year distribution agreement
AT&T (T) said in a statement: "AT&T and A+E Networks have signed a long-term, multi-platform distribution agreement, continuing their long-standing relationship. The new agreement delivers to AT&T terms that reflect its new scale and status as the largest pay TV provider in the world." The renewal includes a comprehensive deal that includes linear, TVE, VOD and mobility for the suite of A+E Networks' channels, among the top brands in the media landscape, including: A&E, Lifetime, HISTORY, LMN, FYI and HISTORY en Espanol. In addition, AT&T will launch VICELAND, replacing H2, as part of the A+E Networks' portfolio. A+E Networks said in a statement: "We have worked together with AT&T for many years and we are delighted that this renewal will allow us to do so well into the future. We are thrilled that AT&T's valued customers will be able to enjoy A+E Networks' award-winning portfolio of brands- including A&E, Lifetime, HISTORY, LMN, FYI and HISTORY en Espanol - across their multiple platforms, and that VICELAND's new 24-hour channel will be part of that offering." A+E Networks, LLC. is a joint venture of Disney-ABC Television Group (DIS) and Hearst Corporation.
09:04 EDTYRCWOrion Energy selected by USF Holland as standard for 53 cross-dock terminals
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05:58 EDTTAT&T implied volatility of 14 at lower end of index mean range
November 20, 2015
08:04 EDTCSCOCisco announces intent to acquire Acano for $700M in cash, assumed equity awards
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08:03 EDTCSCOCisco announces intent to acquire Acano for $700M in cash, assumed equity awards
06:13 EDTCSCOTechnicolor completes $600M Cisco Connected Devices acquisition
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November 19, 2015
10:26 EDTCATGoldman says sell Titan with ag and mining weakness expected to continue
Goldman Sachs downgraded Titan International (TWI) to Sell from Neutral today, saying that weakness in agriculture and mining would continue to weigh on the company's results. Goldman's downgrade comes after the company reported much weaker than expected results on November 6. Titan makes tires and wheels used in off-road vehicles which are utilized by farmers and mining and construction companies. WHAT'S NEW Titan derives 80% of its revenue from agriculture and mining, so the weakness in those sectors will continue to hurt its results going forward, wrote Goldman analyst David Tamberino. Additionally, farmers have less money to spend on capital projects, reducing the likelihood that they will adopt Titan's new LSW tires, according to the analyst. Given these factors and the January 2017 maturity of Titan's convertible note, the company could be faced with a cash crunch, the analyst warned. Moreover, Titan is facing increased competition, according to Tamberino. He sharply lowered his 2015-2017 earnings before interest, taxes, depreciation and amortization estimates for the company and slashed his price target on the name to $3 from $8. WHAT'S NOTABLE: Deere (DE), Caterpillar (CAT), and AGCO (AGCO) sell heavy machinery used in agriculture. PRICE ACTION: In early trading, Titan sank 11% to $4.50.
05:54 EDTCSCOCisco implied volatility of 18 at lower end of index mean range
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November 18, 2015
11:33 EDTTSprint announces launch of LTE Plus network
In celebration of the launch of its new LTE Plus network, Sprint (S) is introducing the biggest wireless offer in U.S. history - 50% off the price of most Verizon (VZ), AT&T (T) and T-Mobile (TMUS) rate plans, the company says. New customers can sign up for this offer nationwide Nov. 20 through Jan. 7, 2016. LTE Plus, available today in 77 major markets, takes advantage of Sprint's rich triband spectrum portfolio, and it uses some of the world's most advanced technologies in wireless, such as carrier aggregation and antenna beamforming. Customers who switch get 50 percent off most current rate plan prices from their current carrier. AT&T, T-Mobile and Verizon customers switching to Sprint also can take advantage of iPhone Forever, where they are eligible to upgrade every time a new iPhone launches. Customers must port one line, and can add up to 9 additional lines on the account. Customers must choose from the 50 percent off rate plans available from their current carrier. Cricket and MetroPCS customers also can switch and save 50 percent off their parent company's postpaid rates. 50 percent off pricing remains valid until Jan. 8, 2018, for activations between Nov. 20, 2015, and Jan. 7, 2016.
07:59 EDTCSCOUBS to hold a conference
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November 17, 2015
16:01 EDTCSCOOptions Update; November 17, 2015
iPath S&P 500 VIX Short-Term Futures up 1.32 to 21.07. Option volume leaders: GE BAC AAPL FB NFLX SYF WMT CSCO MU SUNE VRX BABA AMZN HD FCX
14:22 EDTRCLRoyal Caribbean initiated with an Outperform at Wolfe Research
Target $113.
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