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Stock Market & Financial Investment News

News Breaks
December 30, 2013
16:12 EDTCROX, BX, CTB, NQ, DIS, MYGN, TWTROn The Fly: Closing Wrap
The Wall Street averages were mixed, with the Dow the only one of the major indexes to close in the green. The market saw extremely light volume on a paltry news flow to start the second straight holiday-shortened trading week. Ahead of tomorrow's final trading session of 2013, the benchmark S&P 500 is up about 29%, the tech-heavy Nasdaq is higher by nearly 38%, and the blue-chip Dow is up over 25%, making 2013 one of the best years for equities since the late-1990s. ECONOMIC EVENTS: In the U.S., the pending home sales index increased 0.2% in November from the prior month, versus an expected increase of 1%. The Dallas Fed's manufacturing index edged up to 3.1 in December after falling to 1.9 in November. COMPANY NEWS: Footwear maker Crocs (CROX), rose $2.81, or 21.08%, to $16.14 after the company announced a financial partnership with private equity firm Blackstone (BX). Blackstone will buy $198 million of convertible preferred stock in Crocs, which will launch a $350 million share buyback initiative. In conjunction with the deal, Blackstone will be able to name two representatives to Crocs' board and the company's CEO, John McCarvel, will resign... Cooper Tire (CTB) shares rose $1.24, or 5.4%, to $24.20 after the company announced it had terminated its merger agreement with India's Apollo Tyres. MAJOR MOVERS: Among the notable gainers was NQ Mobile (NQ), up $2.05, or 17.3%, to $13.90 after Morgan Stanley (MS) disclosed a 5.2% passive stake in the Chinese mobile Internet service provider. Also higher was Disney (DIS), which advanced $1.88, or 2.53%, to $76.23 after the stock was upgraded by analysts at Guggenheim to Buy from Neutral and reports said that the continued strong performance of "Frozen" at the box office has made it the company's second-highest grossing animated film of all time. Myriad Genetics (MYGN) fell $3.35, or 13.88%, to $20.79 after the Centers for Medicare and Medicaid Services confirmed on Friday that it plans to cut reimbursement rates for the company's BRCA genetic tests, which are used to identify people who have a very high likelihood of developing certain cancers. Among the other noteworthy losers was Twitter (TWTR), which fell another $3.24, or 5.08%, to $60.51, bringing the stock's decline to more than 16% since its post-Christmas closing high of $73.31. INDEXES: The Dow gained 25.88, or 0.16%, to 16,504.29, the Nasdaq lost 2.40, or 0.06%, to 4,154.20, and the S&P 500 slipped 0.33, or 0.02%, to 1,841.07.
News For CROX;BX;CTB;NQ;DIS;MYGN;TWTR From The Last 14 Days
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April 10, 2014
19:00 EDTNQOn The Fly: After Hours Movers
NOTABLE: According to a Bloomberg report that cited sources, Kathleen Sebelius, U.S. Secretary of Health and Human Services, is set to resign tomorrow. A New York Times report added that President Obama is expected to nominate Sylvia Mathews Burwell, Director of the Office of Management and Budget, as Sebelius' replacement. HIGHER: Shares of BofI Holding (BOFI) and H&R Block (HRB) both advanced after announcing a deal for BofI to acquire H&R Block's bank assets. BofI, which saw shares gain 9% after hours, said it expects ongoing annual revenue from the deal of $26M-$28M beginning with its fiscal 2015. H&R Block, which gained 7%, said it expects the deal to be 7c-9c dilutive to earnings per share beginning in its fiscal 2015, and the company said it sees the deal resulting in $200M-$250M of immediate excess capital. LOWER: Gap (GPS), down 2.6% after reporting March same-store sales that fell 6% and saying that it expects first quarter gross margins to decline more when compared to the prior year period than they did in the preceding quarter... NQ Mobile (NQ), down 8.8% after reporting earnings that missed expectations on revenue that topped estimates and saying that it identified an accounting overstatement related to share-based compensation for the three and nine months ended September 30... Datawatch (DWCH), down 25% after cutting its second quarter revenue outlook... TTM Technologies (TTMI), down 3.9% after cutting its first quarter earnings outlook and saying it expects first quarter revenue to come in at the low end of its previous guidance range.
17:23 EDTNQNQ Mobile down over 9% to $14.40 following Q4 results, guidance
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17:18 EDTNQNQ Mobile discusses accounting overstatement
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17:10 EDTNQNQ Mobile sees Q1 revenue $75M-$76M, consensus $65.5M
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17:09 EDTNQNQ Mobile raises FY14 revenue view to $320M-$325M from $305M-$310M
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17:07 EDTNQNQ Mobile reports Q4 adjusted EPS 22c, consensus 32c
Reports Q4 revenue $67.9M, consensus $62.83M.
15:25 EDTNQNotable companies reporting after market close
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11:23 EDTBXOptions with increasing implied volatility: CYTK BX
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10:00 EDTCROXOn The Fly: Analyst Initiation Summary
Apple (AAPL) initiated with a Buy at Deutsche Bank... Crocs (CROX) initiated with a Buy at Buckingham... Deckers Outdoor (DECK) initiated with a Buy at Buckingham... EMC (EMC) initiated with a Buy at Deutsche Bank... HP (HPQ) initiated with a Buy at Deutsche Bank... IBM (IBM) initiated with a Hold at Deutsche Bank... NeoPhotonics (NPTN) coverage resumed with a Market Perform at Raymond James... NetApp (NTAP) initiated with a Hold at Deutsche Bank... Nutrisystem (NTRI) initiated with a Buy at B. Riley... Questar (STR) initiated with an Underperform at BofA/Merrill... S&T Bancorp (STBA) initiated with an Outperform at Raymond James... STB Systems Inc (STBI) initiated with an Outperform at Raymond James... Skechers (SKX) initiated with an Underperform at Buckingham... Steven Madden (SHOO) initiated with a Buy at Buckingham... UGI Corporation (UGI) initiated with a Buy at BofA/Merrill... Web.com (WWWW) initiated with a Neutral at Buckingham... Ally Financial (ALLY) initiated with a Buy at BTIG... Visteon (VC) initiated with a Buy at Citigroup... Greatbatch (GB) initiated with a Buy at KeyBanc... Steris (STE) initiated with a Buy at KeyBanc... Cooper Companies (COO) initiated with a Hold at KeyBanc... Hill-Rom (HRC) initiated with a Hold at KeyBanc... Invacare (IVC) initiated with a Hold at KeyBanc... Teleflex (TFX) initiated with a Hold at KeyBanc... Provident Financial (PROV) initiated with a Market Perform at Keefe Bruyette... UMH Properties (UMH) initiated with a Hold at Wunderlich.
10:00 EDTTWTROn The Fly: Analyst Upgrade Summary
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09:16 EDTBXRentech announces $150M investment from Blackstone's GSO Capital
Rentech (RTK) announced that GSO Capital Partners LP, the credit investment arm of Blackstone (BX), will invest $150M in Rentech in the form of $100M of convertible preferred stock and a $50M term loan. The transactions closed on April 9. In connection with this investment, Blackstone/GSO appointed two members to Rentech’s Board of Directors: Douglas Ostrover, a senior managing director of Blackstone and co-founder of GSO Capital Partners, and Patrick Moore, the former chairman and chief executive officer of Smurfit-Stone Container Corporation, a paper-based packaging company with significant wood fibre operations. Rentech also announced a settlement with Concerned Rentech Shareholders, whereby CRS will approve an additional member to join Rentech’s Board of Directors and the board’s newly formed Finance Committee. Proceeds from Blackstone/GSO’s investment will fund identified growth opportunities in Rentech’s wood fibre processing business. Rentech also announced changes to its Board of Directors today: Douglas Ostrover, senior managing director of Blackstone and co-founder of GSO Capital Partners, has joined the board. Mr. Ostrover brings shareholder representation and significant finance experience. He has personally overseen GSO’s deployment of $65 billion of capital. Mr. Ostrover will be the chairman of the board’s Finance Committee. Blackstone/GSO appointed Patrick J. Moore, former chairman and chief executive officer of Smurfit-Stone Container Corporation, to the board.
09:06 EDTBXBlackstone reaches a financial closing for Ventika
Fisterra Energy, a company majority owned by funds managed by Blackstone (BX), and Blackstone Energy Partners, announced it has reached a financial closing for Ventika. Ventika will be located in the northeastern Mexican state of Nuevo Leon and is comprised of two 126 megawatt wind farms with total capacity of 252MW. Once completed the project will alleviate significant demands on Mexico’s existing power infrastructure, helping Mexico reduce pollution and CO2 emissions, and meet its target of achieving 35% renewable generation by 2025. The $650M project is being jointly developed by CEMEX (CX) and Fisterra Energy. This investment funds the installation of 84 Acciona AW-3000 wind turbine generators, each with a hub height of 120 meters and a nominal output of 3MW per turbine. Construction of the project, which is scheduled to be completed in FY16, is expected to generate approximately 1K jobs and more than 2K additional jobs in related industries.
07:49 EDTBXApollo, EQT, Blackstone mull offers for Gas Natural unit, Bloomberg says
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07:21 EDTDISHulu's head of original programming development to leave company, AdWeek says
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06:33 EDTTWTRTwitter upgraded to Hold from Sell at Cantor
Cantor Fitzgerald upgraded its rating on Twitter (TWTR) shares to Hold from Sell citing the recent pullback in the stock as well as the upcoming launch of new ad formats which it believes should drive monetization. Cantor maintains a $45 price target for the stock and says it continues to prefer Facebook (FB). Shares of Twitter closed yesterday up 71c to $42.49.
06:12 EDTCROXCrocs initiated with a Buy at Buckingham
Target $20.
April 9, 2014
16:00 EDTTWTROptions Update; April 9, 2014
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14:42 EDTDISHSN and Disney Studios announce multi-film collaboration
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11:45 EDTTWTRTwitter May volatility elevated at 69
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05:48 EDTBXStocks with implied volatility movement; DLLR BX
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