New User:

Forgot your password?

Stock Market & Financial Investment News

News Breaks
May 12, 2014
10:02 EDTNAVI, JMI, WB, SPWH, OPB, MEG, ELGX, VTL, PAYC, MC, KKR, DKS, PLUS, TRIV, PEGI, CIO, CSII, CRDCOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Cardica (CRDC) initiated with a Buy at Craig-Hallum... Cardiovascular Systems (CSII) initiated with a Buy at BofA/Merrill... City Office REIT (CIO) initiated with an Outperform at Oppenheimer... Dick's Sporting (DKS) coverage assumed with an Outperform at Credit Suisse... Endologix (ELGX) initiated with a Neutral at JPMorgan... JAVELIN Mortgage (JMI) assumed with a Perform at Oppenheimer... KKR (KKR) reinstated with a Buy at Goldman... Media General (MEG) initiated with an Outperform at Wells Fargo... Moelis (MC) initiated with a Buy at UBS... Navient (NAVI) initiated with a Buy at Buckingham... Opus Bank (OPB) initiated with an Outperform at Credit Suisse... Pattern Energy (PEGI) resumed with an Outperform at BMO Capital... Paycom Software (PAYC) initiated with a Buy at Canaccord... Sportsman's Warehouse (SPWH) initiated with a Neutral at RW Baird... TriVascular (TRIV) initiated with a Buy at Canaccord... Vital Therapies (VTL) initiated with an Outperform at Credit Suisse... Weibo (WB) initiated with an Overweight at Piper Jaffray... ePlus (PLUS) initiated with a Buy at Stifel.
Sign up for a free trial to see the rest of the stories you've been missing.
1 | 2 >>
October 7, 2015
16:54 EDTMEGMedia General puts Meredith deal on hold after Nexstar bid, Bloomberg says
Subscribe for More Information
16:01 EDTCSIICardiovascular Systems sees Q1 EPS (43c)-(41c), consensus (39c)
Sees Q1 revenue $43.9M, consensus $49.37M. Figures provided in preliminary earnings report.
15:28 EDTMEGMeredith disputes reports 'misstating the status' of merger agreement
Subscribe for More Information
11:00 EDTMEGMedia General agreement to buy Meredith 'is dead,' NY Post reports
Subscribe for More Information
08:17 EDTELGXEndologix a stock to own into 2016, says JPMorgan
Subscribe for More Information
October 6, 2015
09:56 EDTMEGOppenheimer not supporting Media General, Meredith deal, NY Post reports
Subscribe for More Information
07:24 EDTKKRbloomberg to hold a summit
Subscribe for More Information
October 5, 2015
18:04 EDTMEGNexstar says large Media General shareholders supportive of potential merger
Subscribe for More Information
08:06 EDTCRDCCardica appoints Julian Nikolchev as President and CEO
Cardica announced the appointment of Julian Nikolchev as President, CEO and a member of the Cardica board, effective October 15, 2015. Nikolchev succeeds Bernard Hausen, M.D., Ph.D., who cofounded Cardica and served as president and chief executive officer since 2000 and who announced that he was stepping down from his positions in August 2015.
07:09 EDTPEGIPattern Energy outlook positive, says RBC Capital
Subscribe for More Information
October 2, 2015
16:46 EDTMEGStocks end week higher after Friday reversal following disappointing jobs data
U.S. markets fell sharply following a weaker than expected nonfarm payrolls report on Friday morning, but rallied back to finish the day, and the week, slightly higher. MACRO NEWS: In the U.S., 142,000 nonfarm jobs were added last month, missing expectations for 201,000 job additions. Average hourly earnings were flat month-over-month, compared to expectations for them to rise 0.2% in September. The unemployment rate held at 5.1%, as expected. Factory orders fell 1.7% in August, versus expectations for them to drop 1.2%. Personal income grew 0.3% in August, versus expectations for it to rise 0.4%. Personal spending rose 0.4% last month, versus expectations for growth of 0.3%. Consumer confidence unexpectedly rose in September, as a confidence reading strengthened to 103.0. Markit's manufacturing purchasing managers' index inched up to 53.1 in the final September reading, compared to the preliminary September figure of 53.0. ISM's manufacturing index fell to 50.2 in September, versus expectations for a reading of 50.6... Chinese markets will be closed for "Golden Week" from October 1 to October 7, but monthly manufacturing data was still released. The government's official manufacturing PMI ticked up to 49.8, beating expectations for a 49.6 reading, while the final Caixin/Markit PMI fell to 47.2 in September, though that was slightly improved from an earlier flash estimate of 47. In Japan, the central bank's quarterly tankan survey of large manufacturers for the September quarter came in at positive 12, compared with expectations for a positive 13 reading. Elsewhere in Asia, the Reserve Bank of India made a larger than expected cut to its interest rates, lowering its benchmark policy rate to 6.75% from 7.25%... In Europe, Markit's final Eurozone manufacturing PMI for September came in at 52.0, down from August's final 52.3 reading but still in expansion territory. COMPANY NEWS: Apple (AAPL) reported that it set a record by selling more than 13M new iPhone 6s and iPhone 6s Plus models in the first three days after launch of the devices. However, shares of the tech giant slid following the announcement... Biotech stocks continued recent declines, with Valeant (VRX) dropping after a group of Democratic congressmen urged additional scrutiny of the company's "price hike" business model... Re/code's Kara Swisher and Kurt Wagner reported, citing sources, that Twitter (TWTR) founder and interim CEO Jack Dorsey was set to be named permanent Chief Executive, possibly as soon as Thursday, but no announcement had been made by the company by the end of the week. Shares of Gap (GPS) and Ralph Lauren (RL) moved in opposite directions after an executive for one left to take over for an icon at the other. At least three research firms downgraded Gap shares to sell or equivalent ratings and the stock fell after Stefan Larsson stepped down as global president of Old Navy in order to become the new Chief Executive Officer of Ralph Lauren, while the latter company's shares were upgraded and traded higher in the wake of the executive shake-up... On the M&A front, Reynolds American (RAI) announced that the international rights to the Natural American Spirit brand name and associated trademarks will be sold to the Japan Tobacco Group in an all-cash transaction with a value of about $5B. Nexstar (NXST) proposed to acquire Media General (MEG) for a combination of cash and shares that was valued at $14.50 per Media General share before the proposal was made public on September 28. Media General, which previously announced an agreement to buy Meredith Corporation (MDP), said it would "carefully review and consider the proposal" with the help of its advisors. Shares of Rentrak (RENT) and comScore (SCOR) both advanced after the companies announced a stock-for-stock merger agreement... General Motors (GM) reported its U.S. sales grew 12% in September compared to the same month of last year. Additionally, the auto giant hosted a global business update event, where it announced two new car- and ride-sharing projects and confirmed its plans to jointly develop a commercially viable fuel cell vehicle with Honda (HMC) in the 2020 timeframe. Meanwhile, Ford (F) said its U.S. sales rose 23% in September and Fiat Chrysler's (FCAU) U.S. sales increased 14% last month... FXCM (FXCM) disclosed that it was the victim of a cybersecurity attack involving "a small number of unauthorized wire transfers from customer accounts" and Experian (EXPGY) announced that one of its units experienced an attack by hackers that exposed data from its client T-Mobile (TMUS)... Wynn Resorts (WYNN), Las Vegas Sands (LVS), MGM Resorts (MGM) and Melco Crown (MPEL) all advanced at the end of the week following reports that the Chinese government may provide economic support to the gaming center Macau, where the companies operate casinos. INDEXES: The Dow gained about 0.96% to close at 16,472.37, the S&P 500 rose about 1.02% to close at 1,951.36, and the Nasdaq advanced about 0.43% to close at 4,707.77.
October 1, 2015
07:38 EDTMEGAcquisition of Meredith unlikely to close 'in current form,' says Wells Fargo
Subscribe for More Information
07:29 EDTMEGNexstar bid more accretive than Meredith deal, says Wells Fargo
Subscribe for More Information
September 30, 2015
15:10 EDTNAVINavient comments on national student loan cohort default rate
Navient released a statement regarding Wednesday's federal student loan cohort default rate. "Borrowers in the cohort period whose loans were serviced by Navient were 38% less likely to default compared to other borrowers... Our leadership on this critical measure is a direct result of our data-driven approach to servicing," the company remarked, adding that "as policymakers look for ways to enhance the federal loan program, a focus on streamlining multiple, sound-alike options into easier-to-understand, actionable choices would support borrower success."
September 29, 2015
19:46 EDTNAVINavient falls after government report criticizes student loan servicers
Shares of student loan stock Navient (NAVI) fell over 4% on Tuesday after the Consumer Financial Protection Bureau, or CFPB, released a report critical of student loan servicers, titled 'Student loan servicing: Analysis of public input and recommendations for reform.' WHAT'S NEW: The CFPB's 152-page report cited issues such as conflicting, incomplete, or inaccurate loan statements; missing or ignoring specific payoff instructions which would apply payments to higher interest loans; and servicing transfers resulting in processing problems, surprise fees, damaged credit, lost repayment benefits and loan records, among other issues. WHAT'S NOTABLE: CFPB Director Richard Cordray said in a statement, "With one out of four student loan borrowers struggling to repay their loans or already in default, cleaning up the servicing market is critical. Today's report underscores the need for market-wide student loan servicing reforms to halt harmful practices and boost assistance for distressed borrowers." PRICE ACTION: Shares of Navient dropped 53c, or 4.36%, to $11.63 in Tuesday's trading session. PEERS: Other student loan servicers include First Marblehead (FMD), which fell 3.4%, SLM Corporation (SLM), which declined 0.86%, and Nelnet (NNI), which was up fractionally.
16:24 EDTMEGOn The Fly: Top stock stories for Tuesday
Stocks on Wall Street hovered near the flat line throughout today's session before finishing mixed, with the Dow and S&P rising and the Nasdaq falling. A measure of U.S. home prices rose by about 5% in July compared to the prior year, as expected, while a measure of consumer confidence was stronger than expected. ECONOMIC EVENTS: In the U.S., consumer confidence unexpectedly rose in September. Analysts expected the consumer confidence reading to pull back to 96.8 from the prior 101.5 figure, but it actually strengthened to 103.0. The S&P/Case Shiller composite index of 20 metro areas in July gained 5% year over year, which was just below the projected a 5.1% gain. Stocks sold off in much of Asia last night, with China's Shanghai composite index sliding 2% while Japan's Nikkei dropped 4%, erasing year-to-date gains in the process. India was the one country in the region to buck the trend of stock market declines, after the Reserve Bank of India made a larger than expected cut to its interest rates, lowering its benchmark policy rate to 6.75% from 7.25%. COMPANY NEWS: Shares of Yahoo (YHOO) advanced about 2.4% to $28.26 after its board authorized the company to continue to pursue its spin-off of Aabaco Holdings, a newly formed independent company that will hold all of Yahoo's remaining holdings in Alibaba Group (BABA)... Reynolds American announced that the international rights to the Natural American Spirit brand name and associated trademarks, along with the international companies that distribute and market the brand outside the U.S., will be sold to the Japan Tobacco Group in an all-cash transaction with a value of about $5B. The purchase does not include the rights to the Natural American Spirit brand name and associated trademarks in the U.S. market or U.S. territories, which will be retained by a wholly owned subsidiary of RAI. MAJOR MOVERS: Among the notable gainers was IHS (IHS), which advanced $5.22, or 4.96%, to $110.56 after the company reported earnings and commented on its associated conference call that it was not pursuing an acquisition of Solera (SLH), whose shares lost 2.3% after the news. Also higher was Nexstar (NXST), which rose 8% to $46.99 after an upgrade to Buy at Jefferies, with the research firm saying it assumes the company's offer for Media General (MEG) will ultimately find shareholder support. Among the noteworthy losers was Esperion (ESPR), which lost $16.76, or 47.76%, to $18.33 after warning that the FDA could mandate additional studies before approving the company's ETC-1002 treatment. Also lower was Team (TISI), which dropped $7.93, or 19.34%, to $33.08 after pre-announcing Q1 earnings, with figures coming in significantly below expectations on what the company called softness in demand. INDEXES: The Dow rose 47.24, or 0.3%, to 16,049.13, the Nasdaq lost 26.65, or 0.59%, to 4,517.32, and the S&P 500 advanced 2.32, or 0.12%, to 1,884.09.
10:45 EDTMEGStarboard Value sends letter to Media General regarding Nexstar proposal
Starboard Value, one of the shareholders of Media General, with beneficial ownership of approximately 4.5% of the outstanding shares of the Company, announced that it has delivered a letter to Stewart Bryan III, Chairman of Media General's board, and Vincent L. Sadusky, Chief Executive Officer of the Company, with a copy to the Board. In the letter, Starboard Value said, "We believe a combination of Nexstar and Media General is highly strategic. Nexstar management has a proven track record of execution and has created substantial value for its shareholders over the past five years. In addition, we believe Nexstar's estimated synergies of $75 million appear conservative with significant upside making any stock component of a transaction particularly attractive. Clearly, Nexstar is serious about pursuing a transaction with Media General, and it is incumbent upon the Board to make every effort to negotiate the best deal possible with Nexstar within the parameters of the current Meredith merger agreement... It is clear to us, and should be clear to the Board, that the Nexstar proposal is reasonably expected to lead to a superior proposal, as required under the Meredith merger agreement in order for Media General to enter into a confidentiality agreement and negotiate a transaction with a third party bidder. The Board should waste no time in making this determination so that discussions and due diligence with Nexstar can begin expeditiously. In light of the events leading up to the situation Media General currently faces, the Board must be reminded of its fiduciary duty to act in the best interests of its shareholders. The trading activity in Media General following the announced transaction with Meredith and then the trading activity following the public disclosure of the proposal from Nexstar, should provide sufficient insight to the Board regarding the views of its shareholders. Additionally, on yesterday's Nexstar conference call regarding its proposal, two of Media General's largest shareholders voluntarily voiced their support of a combination between Media General and Nexstar."
10:00 EDTVTLOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: ARM Holdings (ARMH) downgraded to Neutral from Buy at Natixis... Arthur J. Gallagher (AJG) downgraded to Hold from Buy at Sandler ONeill... CareDx (CDNA) downgraded to Market Perform from Outperform at Raymond James... Carlisle (CSL) downgraded to Sector Weight from Overweight at KeyBanc... Imation (IMN) downgraded to Hold from Buy at Lake Street... Mediaset Espana (GETVF) downgraded to Underweight from Equal Weight at Barclays... New Source Energy (NSLP) downgraded to Sell from Hold at Wunderlich... Peugeot (PUGOY) downgraded to Buy from Conviction Buy at Goldman... RTL Group (RGXLY) downgraded to Equal Weight from Overweight at Barclays... Regal-Beloit (RBC) downgraded to Neutral from Buy at Buckingham... Sequenom (SQNM) downgraded to Market Perform from Outperform at William Blair... Southern Copper (SCCO) downgraded to Sector Perform at Scotia Howard Weil... TerraForm Global (GLBL) downgraded to Neutral from Overweight at JPMorgan... Verastem (VSTM) downgraded to Hold from Buy at Jefferies... Vital Therapies (VTL) downgraded to Neutral from Buy at SunTrust... Williams (WMB) downgraded to Sector Perform from Outperform at Scotia Howard Weil.
08:14 EDTVTLVital Therapies downgraded to Neutral from Buy at SunTrust
SunTrust downgraded Vital Therapies after the company reported top-line data from the pivotal VTI-208 trial that failed to meet its primary and secondary endpoints. Target to $5 from $50.
06:09 EDTMEGNexstar upgraded to Buy from Hold at Jefferies
Jefferies analyst John Janedis upgraded Nexstar (NXST) to Buy saying the recent pullback in shares provides a good entry point. Janedis assumes Nexstar's offer will ultimately be supported by Media General's (MEG) shareholders but says the company's M&A strategy is not dependent on the merger. He keeps a $57 price target for Nexstar shares.
1 | 2 >>

Sign up for a free trial to see the rest of the stories you've been missing.
I agree to the disclaimer & terms of use