New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
June 25, 2014
16:24 EDTEPD, PSX, AERI, SBGI, VLO, PXD, MPC, GTN, ICPT, NXST, TSO, HFC, MEG, PVA, CBSOn 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
Sign up for a free trial to see the rest of the stories you've been missing.
1 | 2 | all recent news | >>
January 29, 2015
08:04 EDTPSXPhillips 66 says two Midstream projects on budget and on schedule
Phillips 66 said that in Midstream, the 100,000 BPD Sweeny Fractionator One is more than 50% complete, with startup planned in the second half of 2015. Construction is also progressing on the 4.4 million-barrel-per-month Freeport LPG Export Terminal, with completion expected in the second half of 2016. Both projects remain on budget and on schedule. Phillips 66 Partners formed two joint ventures to develop the Palermo Rail Terminal and the Sacagawea Pipeline in North Dakota. The Palermo Rail Terminal is a crude oil rail-loading facility currently under construction. The terminal is anticipated to include a pipeline connection to the Sacagawea Pipeline, allowing increased outbound capacity and market access for oil producers and marketers in the Bakken region. In Chemicals, CPChem is investing in domestic growth projects to capture the benefits of low-cost petrochemical feedstocks on the U.S. Gulf Coast. During the quarter, CPChem completed the expansion of ethylene production at its Sweeny facility with the addition of a tenth furnace, which is expected to increase its annual production by 200M pounds. An expansion project is underway to increase CPChem's normal alpha olefin capacity by 220M pounds per year at its Cedar Bayou facility, with estimated completion in mid-2015. Lastly, construction continued on its world-scale USGC Petrochemicals Project with startup anticipated in mid-2017.
08:02 EDTPSXPhillips 66 reports Q4 adjusted EPS $1.63, consensus $1.37
Subscribe for More Information
07:46 EDTVLOValero sees 2016 CapEx $2.4B
2016 CapEx view includes $1.4B for stay-in-business capital and $1B for growth investment, and excludes $300M for a St. Charles methanol project that remains under evaluation.
07:45 EDTVLOValero sees 2015 CapEx $2.65B
Subscribe for More Information
07:43 EDTVLOValero reports Q4 adjusted EPS $1.83, consensus $1.33
Subscribe for More Information
06:32 EDTEPDEnterprise Products CEO sees 2015 growth CapEx $3.5B
Subscribe for More Information
06:13 EDTEPDEnterprise Products reports Q4 EPS 34c with items, consensus 37c
Reports Q4 revenue $10.19B, consensus $13.29B. Q4 EPS was reduced by non-cash impairment charges of $16 million, or 1c per unit on a fully diluted basis and by $21M, or 1c per unit on a fully diluted basis for severance costs and costs related to the acquisition of ownership interests in Oiltanking Partners.
January 28, 2015
15:38 EDTVLO, PSXNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Celgene (CELG), consensus 99c... ConocoPhillips (COP), consensus 59c... Abbott Laboratories (ABT), consensus 67c... Occidental Petroleum (OXY), consensus 68c... Colgate-Palmolive (CL), consensus 74c... Ford (F), consensus 23c... Dow Chemical (DOW), consensus 69c... Alibaba (BABA), consensus 75c... Thermo Fisher (TMO), consensus $1.94; Time Warner Cable (TWC), consensus $2.09... Phillips 66 (PSX), consensus $1.34... Alexion Pharmaceuticals (ALXN), consensus $1.29... Baxter International (BAX), consensus $1.31... Cardinal Health (CAH), consensus $1.10... Raytheon (RTN), consensus $1.08... Northrop Grumman (NOC), consensus $2.25... Viacom (VIAB), consensus $1.28... Valero Energy (VLO), consensus $1.32... Sherwin-Williams (SHW), consensus $1.38... Hershey (HSY), consensus $1.06... Mead Johnson (MJN), consensus 88c... Zimmer (ZMH), consensus $1.71... Xcel Energy (XEL), consensus 34c... Royal Caribbean (RCL), consensus 42c... Coach (COH), consensus 66c... Kate Spade (KATE), consensus 24c... Harley-Davidson (HOG), consensus 34c... Stanley Black & Decker (SWK), consensus $1.52... L-3 Communications (LLL), consensus $2.27... JetBlue (JBLU), consensus 24c.
10:54 EDTMEGMedia General leases 62nd floor of Empire State Building
Media General (MEG) has leased the entire 62nd floor, comprising 26,782 square feet, at the Empire State Building, to centralize its six digital media companies and national sales headquarters into one location, announced landlord Empire State Realty Trust (ESRT), and Douglas Elliman Real Estate, which represented Media General in the transaction.
09:59 EDTTSOOn The Fly: Analyst Downgrade Summary
Subscribe for More Information
06:10 EDTTSOTesoro downgraded to Neutral from Buy at Citigroup
Subscribe for More Information
January 23, 2015
14:34 EDTPVANokomis Capital reports 6.0% passive stake in Penn Virginia
13:41 EDTVLOValero increases quarterly dividend by 45%
Subscribe for More Information
January 22, 2015
14:00 EDTCBSCBS initiated with a Hold at Societe Generale
Target $60.
13:02 EDTEPDEnterprise Products to move forward with Panola NGL pipeline expansion
Subscribe for More Information
07:17 EDTICPTIntercept price target lowered to $300 from $500 at Deutsche Bank
Subscribe for More Information
January 21, 2015
07:14 EDTMPC, HFC, VLOCitgo scraps auction process, to raise debt instead, WSJ reports
The auction for Venezuela’s Citgo Petroleum, which drew interest from Marathon Petroleum (MPC), HollyFrontier (HFC), Valero Energy (VLO) and private equity firms, has been called off, said The Wall Street Journal, citing people familiar with the matter. Citgo will still seek to raise $2.5B in debt at this point and could restart its sales process later, the report added. Reference Link
January 20, 2015
17:16 EDTPVAICS Opportunities lowers passive stake in Penn Virginia to 4.8% from 5.2%
Subscribe for More Information
January 18, 2015
16:39 EDTPSXPhillips 66 could jump 50%, Barron's says
Phillips 66 shares could jump 50% after the company's restructuring, Barron's contends in a feature article. Despite falling revenues, EPS should rise, driven by lower oil costs and share repurchases, the paper adds. Reference Link
13:25 EDTCBSNFL, CBS renew agreement for Thursday Night Football
The National Football League will continue its partnership with CBS to produce and televise Thursday Night Football for the 2015 season, it was announced by NFL Commissioner Roger Goodell and Leslie Moonves, president and CEO of CBS Corp., and Sean McManus, Chairman, CBS Sports. CBS will broadcast the first eight Thursday Night Football games which also will be simulcast on NFL Network. NFL Network will also exclusively televise eight games in the run-up to the playoffs. The mix of games will include 14 on Thursday nights and two late-season games on Saturday. The full slate of 16 regular-season games will be produced by CBS with its lead broadcasters and production team on all Thursday night games. The pregame, halftime and postgame shows will continue to feature NFL Network and CBS Sports hosts and analysts. The agreement is for the 2015 season with an additional year at the NFL’s option. “We are pleased to extend our partnership with CBS for Thursday Night Football,” said Goodell. “The promotion and production by CBS and NFL Network last season made Thursday night a night for NFL football. We look forward to working again next season with CBS. ”The programming relationship between the NFL and CBS will expand to include, among other elements, the development of new programming initiatives across the various CBS and NFL platforms. In addition to Thursday Night Football in 2015, CBS will conclude its 56th year broadcasting the NFL with its exclusive presentation of Super Bowl 50 from Levi's Stadium in Santa Clara, Calif. on Feb. 7, 2016. Reference Link
1 | 2 | all recent news | >>

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use