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March 6, 2014
12:28 EDTLOV, BJRI, AAPL, PXLW, COST, P, SPLSOn 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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September 21, 2015
11:17 EDTPPandora 'pleased' copyright office affirmed Merlin pact as benchmark
In statement to Reuters, Pandora said it is "pleased that the copyright office affirmed the admissibility of Pandora's agreement with Merilin as a valid benchmark in the copyright royalty board proceedings," the news service reported.
10:51 EDTPOptions with increasing implied volatility
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10:49 EDTAAPLGoPro falls after Barron's predicts 'dramatic' drop in share price
GoPro (GPRO) shares fell in morning trading after an article from Barron's argued that the company's share price may drop to as low as $25. WHAT'S NEW: Alexander Eule argued in a Barron's article that GoPro's stock price may see a "dramatic" slip of as much as 30% to $25 due to significant competitive pressure from Apple (AAPL), Sony (SNE) and others. Eule noted that the company's shares have crashed to a recent $35 after peaking at $98 in October 2014 and even called the mostly bullish analyst views on the camera maker's stock "wishful thinking." Additionally, Eule called the company's cameras a "one-product wonder" and compares them to BlackBerry (BBRY) smartphones and Palm digital organizers, which previously dominated their respective markets. The article adds that there is risk in being overly bearish on the company, since the "impressive" brand might become an acquisition target. WHAT'S NOTABLE: Last Wednesday, Citi analyst Jeremy David said that GoPro chief financial officer Jack Lazar confirmed at the bank's Global Tech Conference the week before that the Hero4 Session camera has been off to a slow start since its launch on July 12. David said that the recent selloff in the company's shares has been motivated by investor concerns about the Session. At the time, Citi cut its third quarter fiscal 2015 estimate for the company to $425M from $438M and fourth quarter estimate to $560M from $737M, $148M below consensus estimate at the time of $708M. David also said he was reducing estimates for the second half of fiscal 2015 and first quarter of fiscal 2016 as a result of downside from the Hero4 Session, but left estimates after 1Q16 unchanged, saying the long-term fundamentals of the company are "intact." The analyst added that his firm was "humbled" by the recent move in share price and acknowledged that GoPro is the "quintessential product cycle stock," though he said he remains bullish on the long-term prospects of the camera maker and reiterated a $90 price target. David argued that GoPro missing Q3 estimates and guiding below the consensus for Q4 is largely priced in. Separately, The Wall Street Journal said on September 13 that shares of GoPro were starting to look like a bargain after dropping 50% in a month. The company had a difficult time selling its Hero4 Session camera in July in the face of competition from older GoPro models, the publication added. PRICE ACTION: In morning trading, GoPro shares are down 5.15% to $33.34. OTHERS TO WATCH: Ambarella (AMBA), which supplies chips to GoPro, is down 3.7% to $68.81.
10:43 EDTPPandora well off highs, shares still up 5% to $20.64
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10:25 EDTPPandora trading resumes, shares up 13% to $22.26
10:18 EDTPPandora halted second time for volatility after jumping 8% to $21.31
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10:17 EDTPPandora trading resumes, shares now up 8% to $21.30
10:16 EDTPPandora jumps as investors await Copyright Royalty Board decision
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10:13 EDTPPandora trading halted for volatility after jumping $1.28 to $20.98
09:40 EDTAAPLActive equity options trading on open
Active equity options trading on open: AAPL BAC ESV BABA FB NFLX TSLA TWTR GE GPRO JPM ONVO MU
08:31 EDTAAPLApple says iPhone 6s, iPhone 6s Plus to arrive on Friday, September 25
Apple announced iPhone 6s and iPhone 6s Plus will be available at 8:00 a.m. local time on Friday, September 25 at Apple's retail stores. Stores will have the new iPhones available for walk-in customers who are encouraged to arrive early. Both models will also be available on Friday from AT&T, Sprint, T-Mobile, Verizon Wireless, additional carriers and select Apple Authorized Resellers. Apple also announced the fastest iOS adoption ever, with more than 50 percent of devices already using iOS 9. Apple says "iPhone 6s and iPhone 6s Plus bring a powerful new dimension to iPhone's revolutionary Multi-Touch(TM) interface with 3D Touch, which senses how deeply you press the display, letting you do essential things more quickly and simply. The new iPhones introduce Live Photos, which bring still images to life, transforming instants frozen in time into unforgettable living memories. Live Photos, 3D Touch, 12-megapixel iSight camera, 5-megapixel FaceTime HD camera with Retina Flash and more are powered by the Apple-designed A9 chip, the most advanced chip ever in a smartphone, delivering faster performance and great battery life. iPhone 6s and iPhone 6s Plus are designed with the strongest glass on any smartphone and 7000 series aluminum, the same alloy used in the aerospace industry, in gorgeous metallic finishes that now include rose gold."
08:22 EDTAAPLApple survey suggests strong iPhone demand, says Baird
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07:43 EDTAAPLApple surveys indicate iPhone increasing high-end share, says Canaccord
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06:34 EDTAAPLSamsung may be planning leasing program for Galaxy phones, Forbes reports
Samsung (SSNLF) is rumored to be planning to launch a leasing program for its Galaxy phones in the U.S., similar to the program Apple (AAPL) recently announced, Forbes reports, citing an industry executive with knowledge of Samsung's plans. According to the source, Samsung could launch the leasing program in the next few months. Apple's iPhone Upgrade Program encourages consumers to buy iPhones directly from the Apple Store instead of going through carriers, the publication notes. Publicly traded wireless carriers include AT&T (T), Verizon (VZ), Sprint (S) and T-Mobile US (TMUS). Reference Link
06:24 EDTAAPLFoxconn seeks to acquire Sharp's LCD business, Nikkei reports
Taiwan's Hon Hai Precision Industry, better known as Foxconn (HNHPF) has offered to buy Sharp's (SHCAY) struggling LCD business and plans to seek funding from Apple (AAPL), a key Sharp customer, The Nikkei reports. According to the report, Foxconn would take a majority stake in a LCD company spun off by Sharp, with Apple also making an investment. Reference Link
06:07 EDTAAPLApple hit by rare malware in China, Financial Times reports
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06:07 EDTAAPLApple meets with regulators to discuss self-driving cars, Financial Times says
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05:09 EDTSPLSStocks with implied volatility movement; BMY SPLS
Stocks with implied volatility movement; Bristol-Myers (BMY) 39. Staples (SPLS) 50 according to iVolatility.
September 20, 2015
14:46 EDTAAPLCompany split may not end troubles at Hewlett-Packard, Barron's says
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12:49 EDTAAPLGoPro shares could fall another 30% to $25, Barron's says
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