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Stock Market & Financial Investment News

News Breaks
February 21, 2014
08:46 EDTDTV, JPM, JEF, TROW, LMT, AMZN, TWC, WMT, VOD, SHI, ICE, FB, GE, CMCSA, DANG, VZ, RY, GOOG, ANFOn the Fly: Periodicals Wrap
WSJ: Comcast (CMCSA) plans Time Warner Cable (TWC) takeover filings next month...DirecTV (DTV) CEO White against Comcast (CMCSA), TWC (TWC) deal...GE (GE) CFO: 'Quite seriously' may raise debt...Amazon (AMZN) in talks with retailers (ANF) for listings...REUTERS: WhatsApp (FB) faces strong competition in Asia...Lockheed Martin (LMT): Drone potential strong for military, commercial...EU antitrust chief dismisses criticism of Google (GOOG) deal...BLOOMBERG: NYSE (ICE), others (TROW, RY) seek to end 'maker-taker' rebate system...Sinopec (SHI) falls after Jefferies (JEF) says rally unjustified...Verizon (VZ) sale slices Vodafone (VOD) value by half to $100B...OTHER NEWS: JPMorgan (JPM) convinces activists to forgo vote on Chairman, CEO split, FT reports...Dangdang (DANG), Wal-Mart's (WMT) Yhd.com to launch partnership, China Daily reports.
News For CMCSA;TWC;DTV;GE;AMZN;ANF;FB;LMT;GOOG;ICE;TROW;RY;SHI;JEF;VZ;VOD;JPM;DANG;WMT From The Last 14 Days
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December 9, 2014
05:34 EDTAMZNChannelAdvisor says Amazon November SSS up 35.7%, eBay up 9.8%
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December 8, 2014
18:24 EDTVZOn The Fly: After Hours Movers
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17:05 EDTVZVerizon sees Q4 impacts of promotional offers will pressure wireless EBITDA, EPS
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16:24 EDTWMTOn The Fly: Closing Wrap
Stocks on Wall Street were lower amid another drop in crude oil prices, which tumbled to five-year lows. The market opened slightly lower following weaker than expected data from China and Japan, with nothing of note on the domestic calendar to get buyers involved in the dayís activity. Near noon, the averages gained downside momentum and though the market pared its losses several times, it was never able to gain any steam to pull the indexes back into the green. ECONOMIC EVENTS: In the U.S., no major economic data was released. In Asia, Chinese exports rose 4.7% from a year earlier in November, which missed the consensus estimate for an 8% increase. Chinese imports fell 6.7% from the prior year last month, compared with projections for a 3.8% increase. Additionally, Japan's revised third quarter gross domestic product estimate showed the economy shrank more than initially thought, with growth contracting an annualized 1.9%. COMPANY NEWS: Shares of Cubist Pharmaceuticals (CBST) surged $26.24, or 35.29%, to $100.60 after Merck (MRK) agreed to acquire the maker of next-generation antibiotics for $102 per share in cash, or $8.4B and the assumption of $1.1B in debt. A number of other antibiotic makers also climbed, including Tetraphase (TTPH), which rose $2.45, or 8.82%, to $30.24, and Cempra (CEMP), which advanced $1.64, or 11.37%, to $16.06, while shares of Merck finished fractionally higher, adding 39c, or 0.63%, to $61.88 following the deal announcement. MAJOR MOVERS: Among the notable gainers following their presentations at the American Society of Hematology, or ASH, annual meeting were Calithera Biosciences (CALA), which gained $2.38, or 22.52%, to $12.95, and Acceleron Pharma (XLRN), which jumped $5.11, or 13.6%, to $42.67. Among the noteworthy losers was McDonald's (MCD), which fell $3.70, or 3.84%, to $92.61 after the Dow member reported a 2.2% decline in global same-restaurant sales in November. Additionally, the fast-food giant warned that its fourth quarter results would be hurt by its sales pressures, supplier issues in China and a stronger U.S. dollar. Also lower were shares of Liquidity Services (LQDT), which plunged $2.77, or 27.0%, to $7.49 after the company disclosed that Wal-Mart (WMT) had terminated a deal to provide it with surplus merchandise. INDEXES: The Dow fell 106.31, or 0.59%, to 17,852.48, the Nasdaq dropped 40.06, or 0.84%, to 4,740.69, and the S&P 500 slipped 15.06, or 0.73%, to 2,060.31.
16:00 EDTAMZNOptions Update; December 8, 2014
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15:08 EDTICEIntercontinentalExchange sees EUR 96.8M proceeds from sale of Euronext stake
Intercontinental Exchange announced the pricing of the placement of 4.2M shares in Euronext, representing approximately 6% of Euronextís share capital, by way of an accelerated book-building to institutional investors. The gross proceeds to ICE from the sale amount to EUR 96.8M. Following the sale, which is expected to close on December 11, ICE will no longer hold any of Euronextís shares or voting rights and the transaction marks the final exit from Euronext by ICE initiated in 2014, the company said.
14:36 EDTCMCSA, TWCTime Warner Cable CEO reports strong trends in October, November, says UBS
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12:40 EDTWMTOn The Fly: Midday Wrap
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11:41 EDTICEIntercontinentalExchange to sell remaining shares in Euronext
Intercontinental Exchange announced its intention to sell approximately 4.2M shares in Euronext N.V., representing approximately 6% of Euronextís share capital, by way of an accelerated book-building to institutional investors. Following the sale, assuming all shares are sold, ICE will no longer hold any of Euronextís share capital and voting rights. This transaction marks the final exit from Euronext by ICE, in line with its previously announced strategy. ICE received a waiver of the lock-up agreement entered into at the time of the Euronext initial public offering in June 2014, which was due to expire on December 21. The shares will be offered by way of a private placement to institutional investors. The book-building will commence immediately. ICE reserves the right to close the books at short notice. Pricing and allocations will be determined at the conclusion of the offering and are expected to be announced in a separate press release.
10:49 EDTWMTLiquidity Services plunges after Wal-Mart seeks to end supply deal
Shares of Liquidity Services (LQDT) are tumbling after the company disclosed that Wal-Mart (WMT) had terminated a deal to provide it with merchandise. Liquidity Services operates an auction marketplace that features surplus and salvaged items. WHAT'S NEW: Liquidity Services reported after Friday's market close in a regulatory filing that Wal-Mart had decided to stop supplying products to Liquidity Services.The auction company noted that it had previously had the right to purchase certain consumer items that have been removed from Wal-Mart's shelves. However, Wal-Mart, on December 1, reported to the company that it would terminate the deal, effective today. Wal-Mart is alleging that Liquidity Services violated certain requirements of the agreement between the companies, Liquidity Services stated. However, the auction company disputed Wal-Mart's assertions and said it was "evaluating all its options" before determining how to proceed. Liquidity Services indicated that it still expects to meet its guidance for its December quarter results. ANALYST REACTION: In a note to investors today, Colin Sebastian, an analyst at research firm Robert W. Baird, predicted that the loss of the contract would have a significant impact on Liquidity Services' results starting in 2015. However, he believes that the extent of the impact on the company's earnings before interest taxes depreciation and amortization will depend on its ability to manage its expenses. The analyst cut his price target on the name to $9 from $12 and kept a Neutral rating on the shares. Meanwhile, Janney Capital analyst Shawn Milne wrote that Liquidity Services had previously disclosed that Wal-Mart accounted for 11% of its gross merchandise volume in fiscal 2014. Milne predicted that the termination of the deal would reduce Liquidity Services' annual EBITDA by less than $10M. He also kept a Neutral rating on the stock. PRICE ACTION: In early trading, Liquidity Services sank 25% to $7.70.
10:42 EDTDTVOptions with increasing implied volatility
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10:20 EDTANFOptions with decreasing implied volatility
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10:03 EDTWMTLiquidity Services price target lowered to $9 from $12 at RW Baird
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09:20 EDTWMTLiquidity Services estimate cuts possible on Wal-Mart fight, says Janney Capital
After Liquidity Services (LQDT) disclosed that Wal-Mart (WMT) terminated its return agreement and that the two are now in dispute over the deal, Janney Capital noted Liquidity 's recent 10K filing indicated that Wal-Mart accounted for 11% of FY14 gross merchandise volume, including Commercial Capital assets. Janney estimates the full year EBITDA impact from the contract to be somewhere below $10M, but said there is a potential for further estimate cuts given the dispute. The firm maintains its Neutral rating on Liquidity Services shares.
09:13 EDTWMTLiquidity Services reports Walmart terminates return agreement
Liquidity Services (LQDT) had previously acquired from ILJ Enterprises its business of purchasing closeouts, excess merchandise and customer returns for resale to retailers, wholesalers, and other third parties and consumers. In connection with the acquisition, the company, through one of its subsidiaries, assumed ILJís rights and obligations with Wal-Mart Stores (WMT). Under the Wal-Mart agreement, Liquidity Services has the exclusive right to purchase certain consumer products from Wal-Mart that have been removed from the sales stream of Wal-Martís retail operations. On December 1, Wal-Mart provided Liquidity Services written notice terminating the Wal-Mart Agreement, effective December 8. The termination notice alleges that the company failed to comply with certain provisions under the Wal-Mart agreement with respect to service level requirements and restrictions on the disposition of merchandise, Liquidity disclosed in a regulatory filing late Friday. The company disputes these allegations and is contesting the termination of the agreement with Wal-Mart. The company had been in negotiations with Wal-Mart to address Wal-Martís failure to honor the companyís exclusive right to purchase selected merchandise from Wal-Mart but was unable to reach a satisfactory resolution. The company is currently evaluating all of its options, reserves all rights with respect to this matter and will continue to seek appropriate relief from Wal-Mart for its failure to honor the companyís exclusive rights to purchase selected merchandise and any related actual damages the company has incurred. The company does not believe that the purported termination of the Wal-Mart Agreement will result in the company being unable to meet its financial guidance for its first fiscal quarter ending December 31, 2014, Liquidity Services stated.
08:50 EDTAMZNAmazon increasing robot fulfilment use faster than expected, says Janney Capital
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07:23 EDTTWCUBS to hold a conference
42nd Annual Global Media & Communications Conference is being held in New York on December 8-10 with webcasted company presentations to begin on December 8 at 8 am; not all presentations may be webcasted. Webcast Link
06:35 EDTJPMValue of Wall Street's M&A bankers has risen, NY Times says
The value of Wall Street's bankers who advise large companies seems to be increasing, while traders are becoming less valuable, according to The New York Times. Bankers who work on M&A deals are expecting their bonuses to increase, while traders anticipate that their compensation will drop, the newspaper added. Furthermore, banks seem to be going the extra mile to hire top notch bankers, the newspaper stated. Publicly traded large banks include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
06:30 EDTAMZNAmazon's German workers strike again, WSJ reports
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06:21 EDTJPMDeadline for Petsmart bidders extended as lenders put on leash, NY Post reports
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