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Stock Market & Financial Investment News

News Breaks
June 16, 2014
16:47 EDTJOY, CENXCentury Aluminum appoints Rick Dillon as CFO
Century Aluminum (CENX) announced that its board has appointed Rick T. Dillon as executive vice president and CFO of Century. Prior to joining Century, Dillon served as vice president of finance - Surface Mining Group at Joy Global (JOY).
News For CENX;JOY From The Last 14 Days
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March 5, 2015
12:33 EDTJOYOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday as the market looks to break the two day skid that started the day after Nasdaq broke 5,000. A lower growth forecast in China is being offset this morning by Europe getting more constructive on its outlook, as the European Central Bank raised its growth forecasts and confirmed that it plans to start its bond buying program next week. ECONOMIC EVENTS: In the U.S., initial jobless claims rose 7K to 320K in the week ended February 28, which was above the consensus forecast for 296K first-time claims. Nonfarm productivity in the fourth quarter was revised to -2.2% from -1.8% in the government's prior estimate. Unit labor costs are now believed to have risen 4.1% in Q4, which is up from the 2.7% growth estimated in the advance report. Factory orders dipped 0.2% in January, versus expectations for them to be up 0.2%. China's government set an economic growth rate target of about 7% for 2015, which is down from the 7.5% target that it narrowly missed last year with its 2014 GDP growth of 7.4%. In Europe, both the Bank of England and European Central Bank kept their key interest rates unchanged. As is often the case in Europe, the real news came after the rate decision when ECB president Mario Draghi held his press conference. During the conference, Draghi said the bank's first asset purchases will come next week as part of its plan to buy $66B a month in bonds. The ECB also raised its economic growth forecasts for this year and next and said its inflation outlook puts it on track to reach its inflation goal near 2%. COMPANY NEWS: AbbVie (ABBV) agreed to buy Pharmacyclics (PCYC) for $261.25 per share, or $21B, the companies announced. Pharmacyclics' flagship product is Imbruvica, a treatment for hematologic cancers, that it co-markets with Johnson &Johnson (JNJ). Media reports as late as last night said J&J was close to buying its partner. Piper Jaffray said AbbVie paid a "staggering" price for Pharmacyclics when taking into account the company bought only 50% of the rights to Imbruvica and that "nearly everything looks cheap" in the biotechnology space when the deal's metrics are used as a benchmark against other names. Deutsche Bank however, views AbbVie's acquisition as a positive, saying the deal provides near term top-line growth and diversifies its business away from Humira... A Delta (DAL) plane skidded off the runway at New York's La Guardia Airport, prompting the airport to close until later this evening. MAJOR MOVERS: Among the notable gainers was Kythera Biopharmaceuticals (KYTH), which gained nearly 25% after the FDA released briefing documents for an advisory committee meeting planned for March 9 to discuss the company's deoxycholic acid, or DCA. Kythera is seeking approval for DCA for the improvement in the appearance of moderate to severe convexity or fullness associated with submental fat in adults, more commonly known as "double-chin." Also higher after its earnings report was grocery store operator Kroger (KR), which advanced 5%. Among the noteworthy losers was Greif (GEF), which dropped 13.5% after its earnings missed expectations, with the company stating that profits were adversely impacted by product and geographic mix issues resulting in lower gross profit and a higher effective tax rate. Also lower was mining equipment maker Joy Global (JOY), which fell about 7% after the company's results missed forecasts and it cut it fiscal year outlook. INDEXES: Near midday, the Dow was up 26.04, or 0.14%, to 18,122.94, the Nasdaq was up 11.33, or 0.23%, to 4,978.47, and the S&P 500 was up 0.94, or 0.04%, to 2,099.47.
11:13 EDTJOYJoy Global sees FY15 CapEx at lower end of $100M-$125M
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11:12 EDTJOYJoy Global says 30% of earnings in 2015 will come in 1H
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11:09 EDTJOYJoy Global sees FY15 restructuring charges of $10M-$20M
Comments from Q1 earnings conference call.
10:12 EDTJOYJoy Global falls after earnings, levels to watch
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10:05 EDTCENXOn The Fly: Analyst Downgrade Summary
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09:20 EDTJOYOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Pacific Ethanol (PEIX), up 11.7%... Vivint Solar (VSLR), up 9%... Canadian Solar (CSIQ), up 2.6%... Costco (COST), up 2.4% after reporting quarterly results and February Same Store Sales. ALSO HIGHER: Second Sight (EYES), up 19.1% following implants of Argus II system at two new centers... Celladon (CLDN), up 13.4% after being initiated with a Buy at Roth Capital. NOTEABLE: Pharmacyclics (PCYC), up 1.27% after being acquired by AbbVie (ABBV). Abbvie is down 5.2%. DOWN AFTER EARNINGS: Joy Global (JOY), down 6.7%... Momo (MOMO), down 4.4%. ALSO LOWER: DragonWave (DRWI), down 10.1% after providing fourth quarter and fiscal 2015 revenue guidance... Apollo Commercial (ARI), down 4.2% after 10M share Spot Secondary priced at $17.00... Antero Resources (AR), down 1.9% after filing to sell 11.5M shares of common stock... Callidus Software (CALD), down 2.4% after 4.6M share Secondary priced at $13.00.
06:46 EDTCENXCentury Aluminum downgraded to Equal Weight from Overweight at Morgan Stanley
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06:05 EDTJOYJoy Global lowers FY15 adj EPS view to $2.50-$3.00 from $3.10-$3.50
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06:02 EDTJOYJoy Global reports Q1 adjusted EPS 25c, consensus 36c
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March 4, 2015
15:35 EDTJOYJoy Global March weekly 42 straddle priced for 4.6% move into Q1
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15:13 EDTJOYNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Costco (COST), consensus $1.18... Kroger (KR), consensus 90c... Joy Global (JOY), consensus 36c... Ares Management (ARES), consensus 36c... Canadian Solar (CSIQ), consensus $1.34.
10:01 EDTCENXOn The Fly: Analyst Downgrade Summary
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07:48 EDTCENXCentury Aluminum downgraded at BofA/Merrill
As previously reported, BofA/Merrill downgraded Century Aluminum to Neutral from Buy. The firm lowered its aluminum forecasts to reflect worsening aluminum fundamentals from increased Chinese exports and pressure from LME warehouse rule changes. Price target lowered to $23.
06:35 EDTCENXCentury Aluminum downgraded to Neutral from Buy at BofA/Merrill
March 3, 2015
10:14 EDTJOYJoy Global March volatility elevated into Q1 and revenue outlook
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March 2, 2015
10:00 EDTJOYOn The Fly: Analyst Downgrade Summary
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07:37 EDTJOYJoy Global downgraded to Neutral from Buy at BofA/Merrill
BofA/Merrill downgraded Joy Global to Neutral ahead of the March 5 report given challenging end markets. The firm expects consensus estimates to continue to move lower based on the weaker start to the year, deteriorating order trends, and FX headwinds. BofA/Merrill expects Joy to accelerate cost cutting but needs to do more capacity right-sizing and SG&A in order to sustain trough earnings. Price target cut to $47 from $55.
February 26, 2015
09:32 EDTCENXCentury Aluminum expands share repurchase program by $20M
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February 24, 2015
16:02 EDTCENXCentury Aluminum reports Q4 EPS 63c, consensus 64c
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