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Stock Market & Financial Investment News

News Breaks
March 27, 2013
12:14 EDTMFRM, RAX, AOL, LOGM, CLFOn 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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January 29, 2015
13:25 EDTRAXRackspace spikes off lows of the day on takeover speculation
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13:22 EDTRAXRumor: Rackspace strength attributed to takeover speculation
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10:06 EDTCLFCliffs Natural volatility elevated into Q4 and outlook
Cliffs Natural February weekly call option implied volatility is at 149, February is at 118, March is at 120, compared to its 26-week average of 80 according to Track Data, suggesting large price movement into the expected release of Q4 results on February 3.
January 28, 2015
13:17 EDTAOLAOL sinks after downgrade, report of no Yahoo interest
Shares of AOL (AOL) are falling after Wells Fargo downgraded the stock to Market Perform from Outperform and CNBC’s David Faber reported that Yahoo has ruled out a potential acquisition of the company. WHAT'S NEW: AOL is likely to encounter increased competition in Internet video advertising, in the wake of acquisitions by Facebook (FB) and Yahoo (YHOO), Wells contended in a note to investors earlier today. Specifically, Facebook's acquisition of Liverail will enable the social network to improve the targeting of its video ads, while Yahoo is using its sales force to find buyers for the video assets of Brightroll, which Yahoo acquired. AOL is also encountering increased competition for internet video ad spending from Google's YouTube, Wells believes. Meanwhile, AOL, along with other Google search partners, may find it more difficult to maintain its current share of queries as more searches are conducted on mobile device, the firm stated. The superior functionality of Google's mobile web and app base search, along with the default search position that Google enjoys on Android devices, create headwinds for AOL and its peers, the firm stated. Wells cut its valuation range on AOL to $49-$51 from $55-$$57. WHAT'S NOTABLE: Activist investor Starboard Value has called on Yahoo to explore the possibility of combining with AOL. CNBC's David Faber, however, after speaking last night with Yahoo CEO Marissa Mayer, reported that the search giant has ruled out a potential acquisition of AOL. The interview followed Yahoo’s fourth quarter results and announcement that it would carry out a tax free spin-off of its remaining stake in Chinese e-commerce giant Alibaba (BABA). PRICE ACTION: In mid-afternoon trading, AOL fell 8% to $44, while yahoo rose 2% to $49.
09:59 EDTAOLOn The Fly: Analyst Downgrade Summary
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07:31 EDTAOLAOL downgraded on rising competition at Wells Fargo
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05:30 EDTAOLAOL downgraded to Market Perform from Outperform at Wells Fargo
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January 27, 2015
13:14 EDTCLFCliffs Natural seeks CCAA protection for Bloom Lake mine
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13:12 EDTCLFCliffs Natural seeks CCAA protection for Bloom Lake mine
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12:55 EDTCLFCliffs Natural trading halted, pending news
12:45 EDTAOLEarnings Preview: Yahoo may announce Alibaba plans with Q4 earnings
Yahoo (YHOO) is expected to report fourth quarter earnings after the market close on Tuesday, January 27 with a conference call scheduled for 5:00 pm ET. Yahoo is a digital media company that provides properties and services such as Yahoo! Search and Yahoo! News. EXPECTATIONS: Analysts are looking for earnings per share of 29c on revenue of $1.19B. The consensus range is 17c-57c for EPS, and $1.16B-$1.22B for revenue, according to First Call. LAST QUARTER: Yahoo reported Q3 EPS 52c against estimates of 30c on revenue ex-tac of $1.09B against estimates of $1.04B. The company reported Q3 GAAP display revenue down 5% to $447M and Q3 AAP search revenue up 4% to $452M. Looking ahead, Yahoo expected Q4 revenue ex-TAC $1.14B-$1.18B, Q4 non-GAAP net income $190M-$230M, and Q4 adjusted EBITDA $340M-$380M. Yahoo also said Tumblr monthly active users exceeds 1B, up 6% vs. last year. In regards to the Alibaba (BABA) sale, Yahoo expected taxes of $3.3B in Q1. NEWS: In the past quarter, Starboard and other major Yahoo supporters have voiced their support for a combination with AOL (AOL). In a letter to Yahoo's CEO and board, Starboard also said Yahoo should explore monetization for non-core minority equity investments. In a separate NY Times report, other major unnamed shareholders are collaborating to push for a merger with AOL. The Associated Press also reported that Yahoo may announce its plans for Alibaba during its Q4 earnings report. The report noted that investors hope CEO Marissa Mayer will spin off the $37B stake to ease potential taxes. Yahoo has also been rumored to be in talks to acquire a cable network. Re/code's Kara Swisher, however, said Yahoo is not buying CNN and Variety reported Yahoo has not held talks to buy Food Network from Scripps (SNI). During a Credit Suisse Technology Conference in December, Yahoo's CFO said the company's total headcount has been taken down. The company also noted that its PC display business has been challenged, but mobile is growing. IT will continue to invest in Search and is looking at new ways to monetize Flickr. STREET RESEARCH: Ahead of the Q4 earnings, BGC Financial said Yahoo is unlikely to announce a spin-out with earnings. Citigroup meanwhile believes an Alibaba spin-off will likely occur in the second half of 2015 as Yahoo begins to return to focus on its core business. Citi adds that core Yahoo is showing "green shoots "as fast growing mobile revenue become a bigger part of overall results. FBR Capital sees positive risk/reward for Yahoo shares ahead of Q4 earnings, saying expectations are low for core Yahoo business at a time when engagement is improving. PRICE ACTION: Yahoo shares have risen more than 19%, since the first day of trading following the company's Q3 report. In Tuesday afternoon trading ahead of the Q4 report, Yahoo shares are trading up 2.3%.
07:47 EDTAOLAOL Platforms technology president Amir Ashkenazi leaves company, Re/code says
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06:13 EDTAOLAOL shutting down gaming site Joystiq, more closures to follow, Re/code says
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06:01 EDTCLFCliffs Natural implied volatility of 109 at upper end of index mean range
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January 26, 2015
07:11 EDTAOLAOL 'drastically' reorganizing advertising sales staff, Re/code reports
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07:06 EDTCLFCliffs Natural announces debt reduction and elimination of quarterly dividend
Cliffs Natural Resources announced that during the Q4 of FY14 and the beginning of January 2015, the Company reduced its net debt balance by more than $400M. This accelerated debt reduction was achieved through the repayment of short-term debt as well as the repurchase of more than $200M aggregate principal amount of senior notes in the open market at an average discount of 34% to par, capturing a total discount of approximately $70M. The sources of funds to execute the accelerated debt reduction program were cash from operations generated during the Q4 of 2014 and net proceeds from the sale of Cliffs Logan County Coal. In addition, the Cliffs' Board of Directors has decided to eliminate the quarterly dividend of 15c per share on Cliffs' common shares. The decision is applicable to the Q1 and all subsequent quarters.
January 20, 2015
14:06 EDTCLFCitizens, Keysight identified as long positions by Einhorn
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13:24 EDTCLFGreenlight has new long positions in Citizens, Time Warner, Bloomberg says
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09:40 EDTRAXFollow-up: Rackspace upgraded at CLSA
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09:17 EDTRAX, RAXRackspace upgraded to Buy from Outperform at CLSA
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