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Stock Market & Financial Investment News

News Breaks
June 16, 2014
12:19 EDTCOV, FIO, MDT, SNDK, YHOO, TWTC, LVLT, BLUE, DWAOn The Fly: Midday Wrap
Stocks on Wall Street have traded on both sides of the ledger this morning, as investor concerns over the developing situation in Iraq are competing with another flurry of merger activity. There were a number of economic reports released during the morning, though the data had little effect on the market. Near noon the major averages were slightly lower, but once again moving in a narrow range, as headlines about the advance of insurgents in Iraq continue to dominate the news flow. ECONOMIC EVENTS: In the U.S., industrial production increased 0.6% in May, versus an expected increase of 0.5%, while capacity utilization rose slightly to 79.1%. The NY Fed Empire state survey for June ticked up to a four-year high of 19.3, which was higher than expected. The NAHB homebuilder survey index climbed to 49 in June, beating expectations for it to rise from its previous reading of 45 to 47. COMPANY NEWS: A number of merger and acquisition deals were announced over the weekend and this morning, headlined by a another pharmaceutical industry mega-merger. Medtronic (MDT) agreed to acquire Ireland's Covidien (COV) in a cash-and-stock transaction valued at $93.22 per Covidien share, or a total of approximately $42.9B based on Medtronic's closing stock price on June 13. Following the deal announcement, Covidien shares trading in New York rose 19%. Medtronic, which also raised its dividend by 9% this morning, was upgraded at both William Blair and JPMorgan, though it declined about 2.5% near noon. Meanwhile, SanDisk (SNDK) agreed to acquire Fusion-io for $11.25 per share in cash, or $1.1B net of cash assumed. SanDisk rose 3% following the deal, which Piper Jaffray said expands the company's enterprise and hyper-scale product line-up. Research firm Craig-Hallum said in a note to investors that it believes another interested party could step-in and make a bid for Fusion-io, which was up about 23% to $11.39 in midday trading, or 14c above the price agreed to by SanDisk. Additionally, Level 3 (LVLT) agreed to acquire tw telecom (TWTC) for $10 cash and 0.7 shares of Level 3 common stock per share in a transaction valued at $40.86 per share based on market close as of June 13. MAJOR MOVERS: Among the notable gainers outside of the M&A newsmakers was Bluebird bio (BLUE), which jumped 35% after reporting data over the weekend that Piper Jaffray believes solidifies LentiGlobin prospects in one indication and positions it attractively for another indication that is also being pursued for the drug. Among the noteworthy losers was family-film producer DreamWorks Animation (DWA), which dropped 11.5% after its latest film, "How to Train Your Dragon 2," didn't do as well as analysts had expected in its box-office debut. Also lower were shares of Yahoo! (YHOO), which fell 5% after Alibaba disclosed additional information about its revenue, income and other financial data as its gets closer to its planned initial public offering. Yahoo continues to be a significant shareholder in the Chinese e-commerce company, whose coming stock offering could surpass Facebook’s (FB) record as the biggest tech IPO. INDEXES: Near midday, the Dow was down 23.37, or 0.14%, to 16,752.37, the S&P 500 was down 1.00, or 0.05%, to 1,935.16, and the Nasdaq was virtually flat at 4,310.44.
News For COV;FIO;MDT;SNDK;YHOO;TWTC;LVLT;BLUE;DWA From The Last 14 Days
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September 8, 2014
06:45 EDTYHOOYahoo to receive $8.8B in first tranche of Alibaba stake, says Cantor
Cantor Fitzgerald says that based on Alibaba's (BABA) updated F1 on Friday, Yahoo (YHOO) will receive $8.8B in the first tranche of its Alibaba stake. Cantor estimates that at the mid-point, Alibaba's proposed market cap is $158.3B, with Yahoo's stake valued at $33B. The firm notes this is below its $180B estimate. Cantor says Yahoo is only selling 140M shares in the first tranche, leaving 384M shares to be sold in a year-plus, likely at a higher valuation and on better tax terms. Cantor keeps a Buy rating on the stock.
06:33 EDTYHOOYahoo's core business valued at $11B, WSJ reports
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06:28 EDTYHOOAlibaba recently added three new partners, WSJ reports
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06:04 EDTYHOOStocks with implied volatility top IV index mean; AMD YHOO
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September 5, 2014
16:01 EDTYHOOOptions Update; September 5, 2014
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11:47 EDTCOVOptions with increasing implied volatility
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10:39 EDTLVLTAkamai seen as 'Google of Internet infrastructure' by UBS
Shares of Akamai (AKAM) are advancing after UBS began coverage of the stock with a positive view, calling the company "the Google of Internet Infrastructure." Akamai provides infrastructure for delivering content over the Internet. WHAT'S NEW: UBS analyst Steven Milunovich initiated coverage of Akamai with a Buy rating in a note to investors today. Like Google (GOOG), Akamai relies on sophisticated algorithms, the analyst stated. Increased demand for Internet media delivery could cause the Internet content delivery sector to perform better than expected, Milunovich believes. Akamai's strong reliability is difficult to match, which should enable it to fend off competition in the space, according to the analyst. Moreover, Milunovich is upbeat on the company's new security and cloud initiatives. He set a $70 price target on the shares. OTHERS TO WATCH: Other companies in the Internet content delivery space include Limelight Networks (LLNW) and Level 3 (LVLT). PRICE ACTION: In mid-morning trading, Akamai rose nearly 1% to $60.91.
10:05 EDTSNDKOn The Fly: Analyst Upgrade Summary
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09:35 EDTYHOOActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL GILD TSLA YHOO WFM SLW ABX GOOG FB BIDU
09:31 EDTSNDKSanDisk acquisition positive, says Bernstein
After SanDisk bought Fusion-io, Bernstein thinks the deal plugs the gap in the company's Enterprise SSD market and will accelerate its growth in this new market. The firm expects the deal to be dilutive to SanDisk until 3Q15. It keeps an Outperform rating on the shares.
08:01 EDTSNDKSanDisk upgraded at Morgan Stanley
As previously reported, Morgan Stanley upgraded SanDisk to Overweight from Equal Weight. The firm upgraded shares based on valuation and a solid NAND supply/demand balance for 2015-2016.
06:11 EDTMDTMedtronic Linq device being underappreciated, says Citigroup
Citigroup believes the Street is underestimating the near-term potential of Medtronic's recently released Reveal Linq insertable cardiac monitor. Citi thinks the combination of the U.S. Corevalve rollout and Linq contribution will drive sales to the high end of the company's 3%-5% guidance. The firm raised its price target for shares to $74 from $73 and keeps a Buy rating on the stock.
06:01 EDTYHOOStocks with implied volatility top IV index mean; AMD YHOO
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05:57 EDTSNDKSanDisk upgraded to Overweight from Equal Weight at Morgan Stanley
September 4, 2014
17:57 EDTBLUEbluebird bio initiated with a Buy at SunTrust
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11:35 EDTYHOOStocks with call strike movement; CLF YHOO
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08:09 EDTLVLTLevel 3 expands network in Apharetta, Georgia
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06:55 EDTSNDKSanDisk reinstated with a Buy at Deutsche Bank
Deutsche Bank reinstated shares of SanDisk with a Buy rating citing limited NAND supply risk in the next 12 months and the demand pickup from SSDs and smartphones. The firm has a $110 price target for shares.
06:10 EDTYHOOGoldman overseeing early share trading in Alibaba IPO, Reuters says
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06:08 EDTYHOOStocks with implied volatility top IV index mean; CHL YHOO
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