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Stock Market & Financial Investment News

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June 25, 2014
16:24 EDTCBS, PXD, TSO, PSX, MPC, HFC, AERI, GTN, MEG, SBGI, ICPT, PVA, VLO, NXST, EPDOn The Fly: Closing Wrap
Stocks on Wall Street were higher despite a disappointing downward revision to the government's estimate of economic growth, or rather the lack thereof, in the first three months of the year. Stocks began the session in negative territory following the GDP and durable goods reports, but the major averages soon turned mixed and had all moved back across the flat-line by mid-morning. The market then stalled and drifted for several hours, but moved to the high end of its trading range near the end of the day. ECONOMIC EVENTS: In the U.S., the Bureau of Economic Analysis released its third and final estimate of real gross domestic product for the first quarter. The government now estimates that output in the U.S. declined at an annual rate of 2.9%, which was worse than the prior estimate of 1% contraction and significantly down from the fourth quarter of 2013, when real GDP grew 2.6%. The estimate of Q1 personal spending growth was knocked down to a 1.0% clip from the prior 3.1% pace. Durable goods orders dropped 1.0% in May, versus expectations for them to have been unchanged. Markit's services PMI surged to a record 61.2 for the flash June reading from May's 58.1 figure. COMPANY NEWS: A number of television network owners, most notably CBS (CBS), as well as several tv station owners advanced after the Supreme Court ruled that Aereo, a start-up service that streams tv shows over the Internet, had violated copyright laws. CBS rose $3.64, or 6.19%, to $62.48 following the ruling, while Nexstar Broadcasting (NXST) surged $5.80, or 13.49%, to $48.81, Sinclair Broadcast Group (SBGI) soared $4.56, or 15.6%, to $33.80, Media General (MEG) added $1.86, or 10.07%, to $20.33 and Gray Television (GTN) gained 94c, or 8.35%, to $12.20... Shares of a number of refiners, including Valero Energy (VLO), HollyFrontier (HFC), Marathon Petroleum (MPC), Phillips 66 (PSX), and Tesoro (TSO), were among the day's worst performers after the Commerce Department gave Pioneer Natural Resources (PXD) and Enterprise Products Partners (EPD) permission to export a light, processed form of oil called condensate. White House press secretary Josh Earnest said there have been no changes to the U.S. oil export policies, according to Bloomberg, but the move was widely viewed as a shift and a possible precursor to bigger changes on the horizon amid the shale energy revolution in the U.S. MAJOR MOVERS: Among the notable gainers was Aerie Pharmaceuticals (AERI), which rose $5.95, or 28.29%, to $26.98 after a trial of its once-daily glaucoma eye drop, Roclatan, achieved its primary efficacy endpoint. Also higher was Penn Virginia (PVA), which jumped $1.83, or 12.39%, to $16.60 after a major shareholder, the Soros Fund, called on the company to sell itself. Among the noteworthy losers was Intercept Pharmaceuticals (ICPT), which fell $19.96, or 7.3%, to $253.65 after the company said at a conference that data from the FLINT trial of the company's obeticholic acid for the treatment of nonalcoholic steatohepatitis is "unlikely" to come in July. Also lower were shares of cereal maker General Mills (GIS), which fell $1.94, or 3.61%, to $51.76 after the company's fourth quarter results missed analysts' consensus estimates. INDEXES: The Dow was up 49.38, or 0.29%, to 16,867.51, the Nasdaq was up 29.40, or 0.68%, to 4,379.76, and the S&P 500 was up 9.55, or 0.49%, to 1,959.53.
News For CBS;NXST;VLO;PVA;ICPT;SBGI;MEG;GTN;AERI;HFC;MPC;PSX;TSO;PXD;EPD From The Last 14 Days
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July 10, 2014
11:00 EDTCBSHigh option volume stocks
High option volume stocks: CBS MEMP EWT CBSO DRWI TRW TTS EXK MEOH AG
10:05 EDTNXSTOn The Fly: Analyst Initiation Summary
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10:05 EDTHFCOn The Fly: Analyst Upgrade Summary
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09:09 EDTEPDEnterprise Products increases dividend by 5.9% to 72c
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08:56 EDTCBSCBS announces preliminary results of CBS Outdoor exchange offer
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08:26 EDTICPTLeerink reiterates caution on Intercept ahead of FLINT data
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07:41 EDTHFCHollyFrontier upgraded to Neutral from Underperform at Macquarie
Macquarie upgraded HollyFrontier to Neutral based on valuation. Price target is $45.
07:14 EDTCBSAereo seeks to survive as cable system, WSJ says
Following its Supreme Court loss, Aereo is now arguing that it should be classified as a cable system and receive a compulsory license that would give it legal access to content and allow it to continue operating, reported The Wall Street Journal. Television broadcasters that own the copyrights in many of the programs that Aereo streams, including CBS (CBS), Disney (DIS), 21st Century Fox (FOXA), and Comcast (CMCSA), successfully sued the service for copyright infringement. In addition to Comcast, publicly-traded cable companies include Time Warner Cable (TWC), Cablevision (CVC), and Charter (CHTR). Reference Link
06:06 EDTVLOStocks with implied volatility below IV index mean; LULU VLO
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July 9, 2014
16:28 EDTNXSTNexstar initiated with a Hold at Noble Financial
16:23 EDTGTNGlenhill Advisors reports 5.2% passive stake in Gray Television
14:37 EDTPSXPhillips 66 spikes to highs of session after increased CapEx, share repurchase
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14:32 EDTPSXPhillips 66 approves increased CapEx plan of $3.9B, $2B share repurchase plan
The board of directors of Phillips 66 has approved an increase in 2014 capital spending to support the company’s growth strategy and authorized returning additional capital to shareholders. The board authorized $3.9B of capital expenditures this year, an increase of $1.2B to the previously approved budget. The increased capital program is designed to accelerate the development of the Sweeny Fractionator One and Freeport Liquid Petroleum Gas Export Terminal, as well as fund the recently announced acquisitions of the Beaumont Terminal in Texas and Spectrum Corporation, a specialty lubricants company. The board also approved an additional $2B share repurchase program. Since the third quarter of 2012, the board has authorized a total of $7B in share repurchases. The company’s cumulative share repurchases totaled $3.2B through the first quarter of 2014.
14:30 EDTPSXPhillips 66 approves increased CapEx plan, $2B share repurchase plan
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13:44 EDTCBSNetflix wins video on demand rights to 'Zoo' series, Variety reports
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10:02 EDTCBSOn The Fly: Analyst Initiation Summary
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10:02 EDTHFCOn The Fly: Analyst Upgrade Summary
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07:28 EDTHFCHollyFrontier upgraded to Outperform at Wells Fargo
Wells Fargo upgraded HollyFrontier to Outperform from Market Perform citing the recent pullback in shares and a positive outlook for crude differentials in late 2014/2015. Wells keeps a $50-$53 price target range for shares.
06:05 EDTVLOStocks with implied volatility below IV index mean; DG VLO
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06:04 EDTHFCHollyFrontier upgraded to Outperform from Market Perform at Wells Fargo
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