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Stock Market & Financial Investment News

News Breaks
March 27, 2013
12:14 EDTCLF, AOL, MFRM, LOGM, RAXOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday though well off their worst levels. The market dropped sharply at the open, with the early weakness being attributed to continued worries about Europe, where Cyprus has yet to reopen its banks and Italy is still struggling to form a new government. The selling soon pushed the Dow to triple digit losses, but the Dow and the other averages cut their losses by more than half by noon. In addition to the impending holiday weekend, the end of the quarter is approaching and investment managers may be making portfolio adjustments today and tomorrow since they will be unable to on Friday... ECONOMIC EVENTS: In the U.S., pending home sales dipped 0.4% in February from the prior month, compared to expectations for a 0.3% decline. On a year-over-year basis, however, pending sales were up 5%. In Europe, Italian benchmark bonds fell after the nation's Democratic Party leader Pier Luigi Bersani said there was no possibility of a broad coalition to resolve the deadlock caused by last month's elections... COMPANY NEWS: Cliffs Natural Resources (CLF) was in the sights of a number of Wall Street analysts, as Morgan Stanley cut its rating on the stock to Underweight from Equal Weight and Credit Suisse lowered its price target on the stock to $10 from $30. Goldman Sachs upgraded Cliffs due to valuation, but that only brought the firm's rating up to a Neutral from its prior Sell recommendation. Shares of Cliffs sank 15% following the flurry of notes to investors... MAJOR MOVERS: Among the notable gainers were Mattress Firm (MFRM), up 10% following its earnings report, and AOL (AOL), up over 7% after being upgraded at Barclays. Among the noteworthy losers was LogMeln (LOGM), which slid 12% near noon to give back some of the 20% advance it garnered yesterday following a positive ruling in a patent lawsuit. Also lower were shares of Rackspace (RAX), which fell 4% after CLSA initiated coverage of the stock with an Underperform rating and $52 price target... INDICES: Near noon, the Dow was down 44.94, or 0.31%, to 14,514.71; the Nasdaq was down 6.03, or 0.19%, to 3,246.45; and the S&P 500 was down 4.09, or 0.26%, to 1,559.68.
News For CLF;AOL;MFRM;LOGM;RAX From The Last 14 Days
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July 14, 2014
08:40 EDTAOLYahoo, AOL unlikely to be plotting merger at Sun Valley conference, Re/code says
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08:18 EDTRAXRackspace upgraded to Neutral from Underperform at DA Davidson
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08:15 EDTCLFCliffs Natural recommends voting WHITE proxy card
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July 11, 2014
16:13 EDTLOGMPoint72 Asset reports 5.2% passive stake in LogMeln
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15:00 EDTRAXChance of Rackspace strategic buyer lower if CenturyLink out, says Wells Fargo
After BrightWire said that CenturyLink's (CTL) interest in Raxspace (RAX) had faded, Wells Fargo cautioned that it is difficult to judge the validity of sources in "articles such as this." However, Wells added that if CenturyLink is actually out, that the possibility of Raxspace finding a strategic buyer could be "meaningfully" lower. The firm keeps it Outperform rating on Raxspace, citing its fundamentals.
14:08 EDTRAXRackspace drawing 'tepid' interest from potential buyers, BrightWire says
Rackspace (RAX) is receiving a "tepid" response from potential buyers, according to BrightWire, citing three sources familiar with the matter. One industry source said CenturyLink (CTL) made an initial overture, but a banking source said the interest was only casual and soon faded, according to the report. Reference Link
11:17 EDTAOLHigh option volume stocks
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11:16 EDTAOLAOL, Yahoo CEOs have late-night talk, WSJ reports
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10:00 EDTLOGMOn The Fly: Analyst Upgrade Summary
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06:42 EDTLOGMLogMeln upgraded to Outperform from Market Perform at Cowen
July 10, 2014
18:02 EDTRAXWells sees 'shrinking list' of strategic buyers for Rackspace
Wells Fargo sees a "shrinking list" of potential buyers for Rackspace (RAX), with only remaining HP (HPQ) and CenturyLink (CTL) remaining in its opinion. Wells believes Rackspace going private through a leveraged buyout is a possibility, but it thinks such an outcome is a lower probability given the required return assumptions and implied exit multiple. The firm believes the market has correctly assumed a high probability that Rackspace will not undergo a strategic event. However, Wells thinks the potential for a value creating event limits downside in the name. It keeps an Outperform rating on the stock.
12:23 EDTCLFCasblanca Capital condemns Cliffs Natural's compensation practices in letter
Casablanca Capital LP, the beneficial owner of approximately 5.2% of Cliffs Natural Resources, issued a letter to shareholders in connection with Casablanca’s campaign for fundamental change at Cliffs and its nomination of six director candidates for election to the Board of Directors at the company’s upcoming 2014 Annual Meeting of Shareholders on July 29. In the letter, Casablanca details escalating management compensation while shareholder returns have plummeted, the opaque nature of the management bonus and review process, and the ways in which bonus compensation metrics have changed from year to year in an apparent effort by the Cliffs Board to justify management bonuses despite severe underperformance. Casablanca reiterates that, in contrast to the current 0.3% of Cliffs shares that the current Board and management team owns, Casablanca has economically aligned itself with the interests of fellow shareholders, with Casablanca owning 5.2% of Cliffs shares and with Lourenco Goncalves’ personal investment of $1.5M in Cliffs’ shares. Donald Drapkin, Chairman of Casablanca said, “The Cliffs Board and management team have been pursuing their own personal agendas and enrichment at the expense of shareholders for far too long. It is time for the gravy train to end and for the Board to be held accountable. We are confident that on July 29 Cliffs’ shareholders will vote to support a slate of new directors who will reverse the outrageous value destruction and stop the pattern of excessive compensation and self-dealing at Cliffs.”
08:35 EDTCLFBofA/Merrill steel analysts hold an analyst/industry conference call
Global Steel Analysts review market conditions in Asia, Europe and the U.S. and discuss recent price moves in iron ore, met coal and global steel on an Analyst/Industry conference call. Covered companies AKS, ATI, CLF, CMC, GGB, MTL, NUE, RS, SCHN, SID, STLD, TX and X may be discussed on the Analyst/Industry conference call to be held on July 14 at 10 am.
July 9, 2014
18:10 EDTRAXHP sources deny bid made for Rackspace, Re/code reports
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15:20 EDTRAXRackspace mentioned positively at Cowen
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11:51 EDTLOGMLogMeln weakness after short report a buying opportunity, says Piper Jaffray
Piper Jaffray attributes today's weakness in shares of LogMeIn to a short report out on the company, but the firm disagrees with the report, which it thinks understates the strength of LogMeIn's core business and opportunities. Piper reiterates its Overweight rating and $56 price target on LogMeIn.
10:37 EDTLOGMLogMeln responds to 'short thesis' report from Off Wall Street
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10:02 EDTLOGMOn The Fly: Analyst Initiation Summary
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09:20 EDTLOGMLogMeln initited with a Sell at Off Wall Street
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06:22 EDTMFRMMattress Firm price target raised to $57 from $53 at Citigroup
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