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Stock Market & Financial Investment News

News Breaks
May 25, 2013
10:14 EDTBIOS, AFCE, CONN, JDSUConn's, BioScrip, JDS Uniphase, AFC Enterprises may be growth plays, Barron's says
Growth stockss at reasonable prices are becoming increasingly harder to find, however, Conn's (CONN), BioScrip (BIOS), JDS Uniphase (JDSU), and AFC Enterprise (AFCE) could potentially be growth plays, Barron's postulates in a Feature article. Reference Link
News For CONN;BIOS;JDSU;AFCE From The Last 14 Days
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December 12, 2014
12:36 EDTJDSUSandell Asset comments on JDSU voting results
Sandell Asset Management issued the following statement after the release of final voting results from the JDS Uniphase 2014 Annual Meeting of Stockholders: “Sandell is encouraged by the support it received from JDSU stockholders, who together voted approximately 57.9 million shares 'AGAINST' current Director Martin Kaplan, or more than 34% of the shares voting at the Annual Meeting. Furthermore, Mr. Kaplan was elected with only 47% of total outstanding shares voting in his favor; approximately 35.4 million shares either voted to abstain or were broker non-votes. The fact that Sandell was able to generate such strong support without actively soliciting proxies from stockholders speaks in our view to the profound frustration of the investor base to the entrenchment actions taken by this company’s Board of Directors and its refusal to conduct a more fulsome process to unlock stockholder value. Sandell has appreciated its dialogue with the stockholders of JDSU, including conversations with some of the company’s largest institutional stockholders. Based on this dialogue, we feel that we have significantly heightened the awareness among stockholders of the company’s troubling governance practices, as well as focused the investor base’s fervent desire to see additional value delivered to the stockholders, who are the true owners of the company. Notably, calls for consolidation in the optical components industry are only growing louder, in our view reinforcing the need to conduct a formal sale process for the CCOP business. The formal communication of this sale process is paramount, as we believe most legitimate strategic acquirers will not dedicate the time and effort required to conduct due diligence and compose a credible offer for CCOP without the express consent from the company and the opening of a comprehensive data room. The fact that leading proxy advisory firm Institutional Shareholders Services noted how the actions of the company served to frustrate the exercise of shareholder rights, coupled with the resulting media attention criticizing the troubling steps that the Board had taken to impinge upon the shareholder franchise, should not go unheeded by the Board of Directors. Furthermore, we remind stockholders that the entire Board is up for election next year. These voting results should serve as a wake-up call to the Board of Directors that the stockholders will not sit idly by and allow their rights to be usurped, nor will stockholders allow the significant value associated with the company’s unique collection of assets to remain obstructed.”
December 10, 2014
09:31 EDTCONNConn's still 'somewhat undervalued,' says SunTrust
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December 9, 2014
16:28 EDTCONNOn The Fly: Closing Wrap
Stocks on Wall Street opened in the red on the heels of a sharp sell-off in China and amid continued concern over tumbling oil prices. The domestic economic calendar offered little in the way of a catalyst and the market moved in a narrow range throughout the morning. However, the averages began to pare their losses once the European markets closed. By mid-afternoon the averages had turned mixed with the Nasdaq higher, the S&P flat, and the Dow the laggard, which is the way the trading day closed. ECONOMIC EVENTS: In the U.S., the National Federation of Independent Business' optimism index rose to 98.1 from a prior reading of 96.1. The JOLTS report showed job openings increased 149K to 4.83M in October, which was above the expectation for 4.795M openings. Wholesale sales increased 0.2% in October and inventories grew 0.4%, both of which were better than expected. In Asia, China's Shanghai composite index plunged 5.4%, making for the stock market's sharpest selloff in years, after the country’s securities clearing house raised the threshold for the type of collateral used for short-term loans and policymakers warned about potentially slower economic growth. In Europe, Greek stocks and bonds also tumbled after a move to bring forward presidential elections, which could potentially derail Greece’s bailout and austerity efforts. COMPANY NEWS: Verizon (VZ) was among the Dow's worst performers, sinking $1.98, or 4.05%, to $46.92 after the company warned that Q4 impacts of its promotional offers, together with the strong customer volumes this quarter, will put short-term pressure on its earnings per share. After last night's commentary from the company, Robert W. Baird downgraded Verizon shares to Neutral from Outperform and lowered its price target on the stock to $50 from $54... Merck (MRK) also weighed on the Dow, as the drugmaker fell $1.87, or 3.02%, to $60.01 after a Delaware court denied Cubist's (CBST) bid to stop Hospira (HSP) from selling a generic version of Cubicin in 2016. Merck announced just yesterday morning that it had agreed to buy Cubist in a transaction with a total value of approximately $9.5B. The news is a "tough start" to Merck's takeover and makes the $9.5B buyout price look $2B to $3B too high, according to analysts at Leerink. Shares of Cubist also fell $xxx, or xxx%, to $xxx following the court ruling. MAJOR MOVERS: Among the notable gainers was bluebird bio (BLUE), which surged $35.39, or 72.39%, to $84.28 after the company announced data from eight subjects treated with its LentiGlobin drug product and Piper Jaffray more than doubled its price target for the shares to $112 from $52. Among the noteworthy losers was Conn's (CONN), which plunged $14.26, or 40.64%, to $20.83 after unexpectedly reporting losses for its third fiscal quarter, withdrawing its FY15 guidance and announcing the departure of its CFO. Also lower was Spirit Airlines (SAVE), which slid $10.70, or 12.67%, to $73.77 after the company said last night that since late October there has been compression in the fare structure for close-in bookings, believed to be driven by the industry’s willingness to trade lower fuel prices for lower fares. Also, this morning, Raymond James downgraded Spirit Airlines to Market Perform from Outperform, citing valuation, European deflation headwinds, and earnings that are still being revised down. INDEXES: The Dow fell 51.28, or 0.29%, to 17,801.20, the Nasdaq rose 25.77, or 0.54%, to 4,766.46, and the S&P 500 slipped 0.49, or 0.02%, to 2,059.82.
14:57 EDTJDSUTelecom equipment stocks rally after Verizon CFO comments on wireless CapEx
Telecom equipment stocks, which opened lower, rallied after Verizon (VZ) CFO Fran Shammo said he sees wireless CapEx continuing to trend upward. Shammo, speaking at the UBS 42nd Annual Global Media And Communications Conference, said, "The day we start to cut wireless CapEx is the day we start to wonder where the future of this industry is going." Ciena (CIEN), JDSU (JDSU), and Finisar (FNSR) all reversed earlier losses. PRICE ACTION: In afternoon trading, Ciena is up 1.5%, JDS Uniphase is up 3.8%, and Finisar is up 4.5%. Verizon, which was downgraded this morning to Neutral from Buy by RW Baird, is trading down almost 5%.
12:37 EDTCONNConn's downgraded to Hold from Buy at Canaccord
Canaccord downgraded Conn's to Hold following the Q3 report citing credit deterioration and limited visibility. Price target is $21.
12:25 EDTCONNOn The Fly: Midday Wrap
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10:19 EDTCONNHigh option volume stocks
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10:08 EDTCONNHigh option volume stocks
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09:21 EDTCONNOn The Fly: Pre-market Movers
UP AFTER EARNINGS: AutoZone (AZO), up 3.8%... Burlington Stores (BURL), up 3.3%. ALSO HIGHER: bluebird bio (BLUE), up 56.5% after price target raised at Piper Jaffray and SunTrust... Camtek (CAMT), up 6.7% after being awarded a $2.8M order from a semiconductor manufacturer... PDC Energy (PDCE), up 5.8% after providing fiscal 2015 production guidance... Mast Therapeutics (MSTX), up 3.1% after reporting that it will begin recruiting patients for MST-188 study in first half of fiscal 2015... Idera Pharmaceuticals (IDRA), up 1.4% after announcing data for its lead product candidate, IMO-8400. DOWN AFTER EARNINGS: UTi Worldwide (UTIW), down 10.8%... CONN'S (CONN), down 35.9% after reporting third quarter results, withdrawing fiscal 2015 guidance, stating that there is no timetable set for completion of strategic alternatives, and announcing the departure of its CFO. ALSO LOWER: Apple (AAPL), down 1.6% after Pacific Crest says that weak iPad demand could cause Apple to miss estimates and following a Wall Street Journal report that a judge denied Apple's efforts to throw out iPod pricing lawsuit... Allied Nevada Gold (ANV), down 30.1% after announcing pricing of common stock and warrant offering... United Continental (UAL), down 2.7% after reporting November traffic.
07:09 EDTCONNConn's announces departure of CFO Brian Taylor
Conn’s announced the departure of Brian Taylor, the company’s CFO. Effective immediately, the company has appointed Mark Haley as Interim CFO. Prior to joining Conn’s as VP and Chief Accounting Officer in October 2014, Haley was Vice President and Chief Accounting Officer at Coldwater Creek, Inc. for four years. The company has engaged an executive search firm to identify qualified candidates for the permanent CFO position. The search process will include both internal and external candidates.
07:05 EDTCONNConn's sees Q4 SSS flat to up 3%
The following are the company’s expectations for its business for the fourth quarter: Same stores sales flat to up 3%; Retail gross margin between 39.0% and 40.0%; Opening of 2 new stores during the quarter; and Closure of 1 store during the quarter. Beginning with December results, the company will release, shortly after the end of the month, same store sales and greater than 60 days delinquency performance. The company believes this will provide investors with timely, relevant information about business trends and expects to continue this practice until the company experiences more stability in its results.
07:04 EDTCONNConn's withdraws FY15 guidance
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07:04 EDTCONNConn's says no timetable set for completion of strategic alternatives process
In October, the Company announced that its Board of Directors authorized management to explore a full range of strategic alternatives for the Company to potentially enhance value for stockholders. The Company has engaged an independent financial advisor to assist in this process and is actively engaged in preliminary discussions with multiple parties about a range of potential strategic alternatives. No timetable has been set for the completion of the process. Conn's does not expect to comment further or update the market with any further information on the process unless and until its Board of Directors has approved a specific transaction or otherwise deems disclosure appropriate or necessary. There can be no assurance that this strategic alternatives review will result in the Company changing its current business plan, pursuing a particular transaction or completing any such transaction.
07:03 EDTCONNConn's says initiating search for president
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07:03 EDTCONNConn's reports Q3 EPS (8c), may not compare to consensus 68c
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