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Stock Market & Financial Investment News

News Breaks
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 24, 2014
07:33 EDTAERIAerie receives NOL for Rhopressa Phase 3 registration trial
Aerie Pharmaceuticals announced that it has received a No Objection Letter from Health Canada to conduct a Phase 3 registration trial of Rhopressa. The study, named “Rocket 3,” is designed to evaluate safety and tolerability of Rhopressa in patients over 12 months and is part of a broad Phase 3 program being conducted by Aerie. The company recently announced the commencement of two Phase 3 trials in the U.S., “Rocket 1” and “Rocket 2,” which are focused on demonstrating non-inferiority of IOP lowering for Rhopressa compared to timolol, the most widely used comparator in registration trials for glaucoma. Aerie anticipates total enrollment of approximately 1,300 patients in the three Phase 3 trials of Rhopressa. The company said, " Pending progress of the program and regulatory approvals, Aerie intends to commercialize Rhopressa in North American markets with its own sales force and will seek commercialization partners in other key territories, including Europe and Japan. Aerie fully owns its product candidates, has no licenses, and has patent protection for both use and composition of matter through 2030."
July 23, 2014
13:38 EDTVLOCST Brands poised for big gains, Barron's reports
Since its spin-off from Valero (VLO), CST Brands (CST) has been raising fuel margins and selling a wider mix of higher margin private-label goods and prepared foods. These upgrades are likely to accelerate earnings growth, Barron's reports. Reference Link
July 21, 2014
16:46 EDTTSOTesoro to launch new petrochemical feedstock project
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July 18, 2014
12:21 EDTCBSCable ad upfront volumes may drop 4% or more, WSJ says
Two of the U.S.'s biggest marketers, Procter & Gamble (PG) and General Motors (GM), have pulled back on their TV network advertising commitments in advance of the "upfront" selling season for cable networks, said The Wall Street Journal, citing people familiar with the matter. The overall volume of ad dollars committed to cable networks during the upfront, which is still under way, could be down 4% or more from last year, people familiar with the situation said. Notable owners of cable television stations include 21st Century Fox (FOXA), Time Warner (TWX), Disney (DIS), CBS (CBS), Comcast (CMCSA), Discovery (DISCA), Viacom (VIAB), and AMC Networks (AMCX). The report added that cutbacks partly reflect a shift of tv ad budgets to digital media, including online video. Google (GOOG) has a large presence in online video with YouTube and Facebook (FB) is taking steps to grow in the area. Reference Link
08:21 EDTCBSTime Warner merger could change Warner Bros. spot in tv landscape, WSJ says
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07:05 EDTCBSCBS CEO says will examine CNN if Time Warner puts up for sale, Reuters says
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July 17, 2014
08:42 EDTCBSCBS, Yahoo among potential CNN buyers if Time Warner divests, WSJ says
If Time Warner (TWX) were to divest CNN, which has been raised as a possiblity given the interest in Time Warner expressed by Fox News owner 21st Century Fox (FOXA), the "long list of potential buyers" would include CBS (CBS), Yahoo (YHOO) and Bloomberg LP, said The Wall Street Journal, citing media analysts and executives. Reference Link
08:32 EDTSBGISinclair Broadcast launches American Sports Network
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07:10 EDTPVAPenn Virginia outlook has improved, says Stifel
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July 16, 2014
16:34 EDTCBSCBS Outdoor completes separation from CBS and REIT conversion
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12:26 EDTCBSOn The Fly: Midday Wrap
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11:45 EDTCBSMedia stocks rally after Time Warner rejects Fox bid
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07:30 EDTCBSTime Warner turned down $80B offer from 21st Century Fox, NYT says
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05:58 EDTCBSCBS CEO says 'willing to talk' to Aereo, VentureBeat reports
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July 15, 2014
11:42 EDTSBGIDoJ requires Sinclair to make divestiture to proceed with Perpetual deal
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09:04 EDTSBGISinclair Broadcast reaches retransmission consent with Buckeye Cable
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08:23 EDTEPDEnterprise Products announces two-for-one split of common units
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08:03 EDTCBSCBS reports results of CBS Outdoor exchange offer
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07:20 EDTCBSCBS resumed with an Overweight at JPMorgan
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07:01 EDTVLOValero Energy volatility expected to move on Q2 guidance
Valero Energy volatility is expected to move after lowering Q2 earnings guidance. Overall option implied volatility of 31 is at its 26-week average according to Track Data, suggesting non-directional price movement.
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