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Stock Market & Financial Investment News

News Breaks
March 6, 2014
12:28 EDTBJRI, AAPL, LOV, P, SPLS, PXLW, COSTOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday as a drop in weekly jobless claims may have increased confidence that tomorrow's closely watched monthly jobs report may not be as bad as feared. Other reports showed factory orders fell in January and fourth quarter non-farm productivity was downwardly revised, but both of those were widely expected. The Dow has been today’s leader while the Nasdaq has been the laggard, reversing yesterday's trend. ECONOMIC EVENTS: In the U.S., weekly jobless claims fell 26K to 323K, which was better than the forecast for 335K initial claims. The government's estimate of productivity growth in the fourth quarter was lowered sharply to 1.8% from 3.2%, though this was generally in line with analysts' expectation. Unit labor costs fell 0.1% in the quarter, which was less than anticipated. Factory orders declined 0.7% in January, though that was only a bit worse than expected and was improved from the prior month's drop. Excluding transportation, orders were up 0.2%. In Europe, the European Central Bank and the Bank of England kept their key interest rates unchanged. COMPANY NEWS: Wholesale club operator Costco (COST) fell over 2% after its second quarter earnings and sales came in below analysts consensus estimate. Costco said its second quarter comparable store sales rose 3% and that its February comparable store sales were up 2%... Shares of office products retailer Staples (SPLS) plunged 15% after the company's fourth quarter results and first quarter guidance trailed expectations. The company also announced it expects to close up to 225 stores in North America by the end of 2015 and that it will no longer provide annual sales or EPS guidance. MAJOR MOVERS: Among the notable gainers was Pixelworks (PXLW), which jumped 55% after the company disclosed that more than 10% of its revenue in 2013 was attributable to its sales to Apple (AAPL). Also higher was BJ's Restaurants (BJRI), which rose 18% after two different investor groups stated their intent to nominate slates to stand for election to BJ's board and the stock was upgraded to Buy at Buckingham. Among the noteworthy losers was internet radio provider Pandora (P), which fell 2.5% after its listener hour growth decelerated to 9% in February and the company announced it will discontinue its monthly report of key metrics. Also lower was Spark Networks (LOV), which was downgraded at both Canaccord and William Blair and fell 21% after the company's earnings report and forecast that revenue from its Christian Mingle website would drop modestly in 2014. INDEXES: Near midday, the Dow was up 85.41, or 0.52%, to 16,445.59, the Nasdaq was up 10.94, or 0.25%, to 4,368.92, and the S&P 500 was up 7.63, or 0.41%, to 1,881.44.
News For COST;SPLS;P;PXLW;AAPL;BJRI;LOV From The Last 14 Days
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April 13, 2015
17:10 EDTAAPLIBM establishes a Watson Health Cloud
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16:21 EDTAAPLOn The Fly: Top stock stories for Monday
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16:01 EDTAAPLOptions Update; April 13, 2015
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13:26 EDTAAPLOn The Fly: Top stock stories at midday
Stocks on Wall Street were mixed at midday, with the Dow and S&P 500 slightly lower and the Nasdaq clinging to a narrow gain. The broader market opened in positive territory and the averages moved in a narrow trading range during the morning. The Nasdaq has been the strongest of the indices since the open, though early gains from Apple (AAPL) and Qualcomm (QCOM) had evaporated by near midday, taking a bite out of the gains the index had been seeing earlier in the session. ECONOMIC EVENTS: In the U.S., no major economic data was released. In China, export sales unexpectedly contracted 15% in March, while imports shrank 12.7% last month from a year ago. The March fall in imports was in line with forecasts, unlike the one for exports, which were expected to rise 12%. COMPANY NEWS: Activist investor Jana Partners is putting pressure on Qualcomm to increase stock buybacks and take other actions to increase shareholder value, including an exploration of spinning off its chip unit from its patent-licensing unit. In response to statements made by JANA, Qualcomm noted that it recently increased its stock repurchase authorization to $15B and repeated that it plans to repurchase $10B of common stock within one year. Barry Rosenstein of JANA Partners, while speaking on CNBC, said Qualcomm should buy back $15B of its shares over the next six months, before the company undertakes strategic actions that could move the stock higher... Apple shares were rising early in the trading day but had given up their gains by midday. Pre-orders of its new Apple Watch started Friday. The company did not release any sales figures for the first weekend, but research firm Slice Intelligence estimated that nearly one million customers in the U.S. preordered the device on the first day it was available. MAJOR MOVERS: Among the notable gainers were Alamos Gold (AGI), which rose 6%, and AuRico Gold (AUQ), which rose 7%, after the companies announced an agreement to combine via "a merger of equals" with a transaction equity value of about $1.5B. Upon completion of the deal, former Alamos and AuRico shareholders will each own approximately 50% of the new Alamos Gold and a new company, to be named AuRico Metals, will be created to hold AuRico's Kemess project and some other assets. The newly formed company will own a 4.9% equity interest in the spinoff and the remaining "SpinCo" shares will be distributed 50% each to former Alamos and AuRico shareholders. Also higher was Builders FirstSource (BLDR), which gained 65% after announcing that it has entered into an agreement to acquire ProBuild Holdings in an all-cash transaction valued at about $1.63B. Among the noteworthy losers was Basic Energy (BAS), which fell 8% after Raymond James downgraded the stock to Market Perform based on valuation, substantial pricing pressure, and industry overcapacity. Also lower were U.S.-listed shares of Sina (SINA), which dropped 5% after the Financial Times reported that China's government has warned that it will shut down the company's service if it does not "improve censorship." INDEXES: Near midday, the Dow was down 19.08, or 0.11%, to 18,038.57, the Nasdaq was up 7.93, or 0.16%, to 5,003.91, and the S&P 500 was down 3.04, or 0.14%, to 2,099.02.
12:46 EDTAAPLApple to update capital return policy on April 27, says Piper Jaffray
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11:28 EDTSPLSStarboard CEO says Staples, Office Depot merger 'likely to go through'
Says confident the potential merger will pass anti-trust scrutiny. Jeff Smith is speaking on CNBC.
09:34 EDTAAPLActive equity options trading on open
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09:24 EDTAAPLApple Watch sales conversion showing good results, says Cowen
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09:20 EDTAAPLOn The Fly: Pre-market Movers
HIGHER: Builders FirstSource (BLDR), up 54.35% after acquiring ProBuild in all-cash transaction... Arrowhead (ARWR), up 14.3% after being cleared to proceed with multiple dose Phase 2b study of ARC-520... Oramed Pharmaceuticals (ORMP), up 6.9% after enrolling first patient in glucose clamp study for oral insulin... Clovis Oncology (CLVS), up 8.2% after being upgraded to Buy from Neutral at Goldman... Quantum (QTM), up 3.2% after announcing go-to-market partnership with Dot Hill Systems (HILL)... Netflix (NFLX), up 3.4% after being upgraded to Buy from Neutral at UBS... Apple (AAPL), up just under 1% following reports of Apple Watch orders. LOWER: Sina (SINA), down 3% following a report from the Financial Times that China may shut down the company if censorship doesn't improve... Ruckus Wireless (RKUS), down 2.9% after being downgraded to Buy from Conviction Buy at Goldman... Allot Communications (ALLT), down 2.7% after being downgraded to Hold from Buy at Needham.
09:16 EDTPPandora gaps up, levels to watch
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08:42 EDTPPandora rises after Spotify reportedly valued above $8B in fundraising
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07:48 EDTAAPLVocera announces first clinical communications app for Apple Watch
Vocera (VCRA) announced the Vocera app for Apple's (AAPL) Apple Watch. The Apple Watch enables Vocera to extend the power of the Vocera Communication Platform in new ways so physicians and care teams can engage with and respond to life-critical communications and alerts. The Vocera app for Apple Watch will allow users to rapidly manage life-critical communications by viewing and responding to prioritized calls, alerts, and messages from other care team members, Electronic Health Records and clinical systems, including critical lab values and STAT orders. In addition, users will be able to manage key communication functions by setting their availability to enable proper message routing. The Vocera app also allows users to initiate panic calls in "man-down" emergency situations, improving staff safety. The Vocera app will be available this summer from the Apple Watch App Store.
07:29 EDTAAPLApple May weekly volatility elevated into Q2 and outlook
Apple April call option implied volatility is at 28, May weekly is at 36, June is at 29; compared to its 26-week average of 26 according to Track Data, suggesting large May price into the expected release of Q2 results on April 27.
07:16 EDTPTechWeek to hold a conference
TechWeek Detroit 2015 is being held in Detroit on 4/13-19.
07:15 EDTAAPLApple Watch orders totaled about 957K in U.S. on first day, Apple Insider says
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07:15 EDTCOSTAmerican Express shares could hit $105 in 18 months, says William Blair
William Blair analyst Robert Napoli says shares of American Express (AXP) are trading at nearly a 20% valuation discount to the S&P 500, reflecting "very high" pessimism in the name. Napoli tells investors today that other periods of "extreme pessimism" for American Express included 1998, 2001, and 2008/2009, with each proving to be a buying opportunity. He believes the current period will be no different. Napoli expects Amex shares to trend to historical valuation levels as investors look past the loss of Costco (COST) and better appreciate the company's growth opportunities. The analyst believes a stock price of around $105 is “reasonable” in about 18 months. The credit card issuer closed Friday up 43c to $79.59.
06:51 EDTAAPLApple Watch off to strong start, says Cantor
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06:35 EDTAAPLApple Watch trends show solid demand, limited supply, says Piper Jaffray
Piper Jaffray says lead-times for the Apple Watch were unchanged over the weekend, which it views as an indication that Apple is expecting a ramp in production in mid-May to June. Overall, Piper views the Watch trends over the weekend as suggesting solid demand paired with very limited supply. It maintains an Overweight rating on Apple with a $160 price target.
06:30 EDTAAPLApple in talks with Florence and the Machine for Beats service, Bloomberg says
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05:59 EDTAAPLApple contacts Irish banks ahead of Apple Pay rollou, The Independent says
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