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News Breaks
February 24, 2014
Today's noteworthy initiations include: Canadian Solar (CSIQ) initiated with an Overweight at JPMorgan... Celladon (CLDN) initiated with an Overweight at Barclays... H&R Block (HRB) initiated with an Outperform at Credit Suisse... Lifetime Brands (LCUT) initiated with a Buy at Canaccord... Paragon Shipping (PRGN) initiated with a Buy at Jefferies... Zillow (Z) initiated with an Equal Weight at Morgan Stanley... bebe stores (BEBE) initiated with a Buy at Sidoti... OceanFirst Financial (OCFC) initiated with an Outperform at Boenning & Scattergood... Dicerna (DRNA) initiated with a Buy at Stifel... PACCAR (PCAR) initiated with a Buy at ISI Group... American States Water (AWR) initiated with a Buy at Ladenburg... Hilton Worldwide (HLT) initiated with a Neutral at Macquarie... Dicerna (DRNA) initiated with a Buy at Jefferies... Move, Inc. (MOVE) initiated with an Equal Weight at Morgan Stanley... Target (TGT) initiated with a Neutral at Sterne Agee... AES Corp. (AES) initiated with a Neutral at JPMorgan... Noble Energy (NBL) initiated with a Buy at KLR Group... Agenus (AGEN) initiated with a Buy at H.C. Wainwright... GenVec (GNVC) initiated with a Buy at H.C. Wainwright.
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November 18, 2014
15:08 EDTTGTTarget technical comments ahead of results
The stock in the past three months has outperformed the broader averages, trading up over 14%. Most of that outperformance has been in recent days leading up to earnings. That move broke the shares out of a very narrow trading range that had persisted for two months. With the shares trading close to the 52-week high at $68.28, strong positive news or an upside surprise could propel the stock through that level and to the lifetime high at $73.50. A failure to break through the $70 area, particularly on a negative surprise, could leave the shares vulnerable to a larger than normal correction. On a long-term basis a failure at $70 would be a third attempt up that failed at resistance. Support levels to watch as potential downside objectives would be at $64.65, $61.46, and $59.57. The low of the range prior to the recent breakout was at $54.66, which is the 52-week low.
12:59 EDTCSIQChinese solars advance following JA Solar results
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12:44 EDTTGTEarnings Preview: Target sees FY14 adjusted EPS view of $3.10-$3.30
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11:18 EDTCSIQCanadian Solar initiated with a Buy at Standpoint Research
Target $36.
10:20 EDTCSIQOptions with decreasing implied volatility
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08:04 EDTAWRAmerican States Water announces approval by CPUC of new rates at GSWC
American States Water Company announced that the California Public Utilities Commission recently issued a final decision adopting the settlement agreement between Golden State Water Company a subsidiary of AWR, and all the parties involved in the general rate case for GSWC’s electric division, Bear Valley Electric Service, on the revenue requirement in the case. The final decision sets new rates for the years 2013–2016 providing for modest increases in customer rates. While the new rates are retroactive to January 1, 2013, they are not expected to materially impact GSWC’s 2014 – 2016 earnings. Among other things, the settlement agreement authorizes a return on equity of 9.95% with a corresponding return on rate base of 8.60%, and approves $11 million of capital projects for 2013 – 2016. The final decision also authorized approximately $8.5 million of additional capital projects to be filed for revenue recovery with advice letters when those projects are completed.
07:53 EDTTGTTarget November volatility elevated into Q3 and outlook
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07:29 EDTHLTDeutsche Bank to hold a conference
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07:02 EDTCSIQCanadian Solar modules to power series of projects in Georgia totaling 5.1 MW
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November 17, 2014
16:39 EDTAESAES COO Andrew Vesey to leave company
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15:43 EDTMOVEGabelli liquidates stake in Move, Inc.
Gabelli's most recent stake, as reported on November 3, was 8.84%. As a result of the completion of the acquisition of the company by News Corp. (NWSA), Gabelli no longer has beneficial ownership of any of its shares.
14:21 EDTTGTEarnings Preview: Home Depot shares up over 17% since last earnings report
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08:19 EDTDRNADicerna expects to release initial Phase 1 data from DCR-PH1 trial by 2015-end
Dicerna expects to release initial data from a phase 1 clinical trial of DCR-PH1 in patients with PH1 by the end of 2015. In preclinical studies, DCR-PH1 induces potent and long-term inhibition of HAO1 and significantly reduces urinary oxalate levels, while demonstrating long-term tolerability in animal models of PH1. Following an extensive review of rare diseases with gene targets expressed in the liver, Dicerna has prioritized a broad portfolio of research and development opportunities. The company is currently pursuing discovery research on several rare diseases involving the liver and intends to add additional programs over time. Dicerna expects to declare its first DsiRNA-EX conjugate clinical candidate in 2015 for an undisclosed rare disease involving the liver. For competitive reasons, the company does not plan to specify disease areas or therapeutic targets until a program has reached a late preclinical stage.
08:12 EDTDRNADicerna announces license agreement with Tekmira for PH1 program
Dicerna Pharmaceuticals (DRNA) announced a licensing agreement for Dicerna to use Tekmira’s (TKMR) proprietary lipid nanoparticle technology for delivery of DCR-PH1, Dicerna’s investigational product candidate for primary hyperoxaluria type 1, a rare, inherited liver disorder that often results in kidney failure, and for which there are no approved therapies. This announcement follows the successful testing of DCR-PH1 in combination with Tekmira's LNP technology in animal models, including mice and non-human primates. Under the agreement, Dicerna will pay Tekmira $2.5 million upfront, as well as $22 million in potential development milestones, and a mid-single-digit royalty on future PH1 sales. Tekmira’s LNP system has shown in other human clinical studies to provide potent, safe and effective RNA delivery to hepatocytes. Licensing Tekmira’s LNP will streamline the development path for DCR-PH1 and allows Dicerna to focus its LNP efforts on its oncology pipeline.
07:42 EDTTGTTarget looks to put massive breach in rear-view one year later, WSJ says
Encouraging signs are appearing for Target as the company looks to put its massive data breach in the rear view mirror about one year later as it reports earnings this Wednesday, said The Wall Street Journal's "The Week Ahead" column. Target shares are near 2014 highs after analysts have recently reported a pickup in foot traffic at its stores, the article noted. Reference Link
07:06 EDTCSIQCanadian Solar achieves PV module qualification with Sunrun
Canadian Solar announced that Sunrun, one of the largest dedicated residential solar companies in the United States, approved Canadian Solar as its qualified vendor.
November 14, 2014
10:28 EDTGNVCGenVec management to meet with Roth Capital
Meetings to be held in Boston on November 19 and in New York on November 20 hosted by Roth Capital.
08:29 EDTMOVENews Corp completes acquisition of Move, Inc
News Corp announced that it has successfully completed its acquisition of Move, Inc. Move is a provider of online real estate services and operates a network of sites, including, the official website for the National Association of Realtors. The previously announced tender offer by a subsidiary of News Corp for all of the outstanding shares of Move common stock at a price of $21.00 per share expired as scheduled at the end of the day, 12:00 midnight, New York City time, on November 13, 2014. Excluding shares tendered by notice of guaranteed delivery, a total of approximately 34,299,586 shares were validly tendered into and not withdrawn from the tender offer, representing, together with the shares owned by News Corp and its subsidiaries, approximately 83.1% of Move’s outstanding shares. As a result, News Corp, through its subsidiary, has accepted for payment and will promptly pay for all such validly tendered shares pursuant to the terms of the tender offer. Following its acceptance of the tendered shares, News Corp completed the acquisition by causing the merger of its subsidiary with and into Move without a vote of Move’s stockholders, pursuant to Section 251(h) of the Delaware General Corporation Law. Upon completion of the merger, Move became an indirect, wholly-owned subsidiary of News Corp. As a result of the merger and in accordance with the terms of the merger agreement, all eligible Move shares not tendered into the tender offer were cancelled and converted into the right to receive $21.00 per share in cash, without interest and less any applicable withholding taxes, the same price per share offered in the tender offer. As a result of the acquisition, Move shares ceased to be traded on the NASDAQ Stock Market. REA Group Limited, in which News Corp owns a 61.6% interest, has entered into a definitive agreement with News Corp to acquire a 20% stake in Move. The transaction is expected to be completed on November 17.
08:15 EDTHLTBlackstone may urge U.S. probe to speed sale of Waldorf, NY Post says
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07:44 EDTTGTTarget November volatility elevated at 29 into Q3 and outlook
Target November call option implied volatility is at 29, December is at 21, January is at 16; compared to its 26-week average of 19 according to Track Data, suggesting large near term price movement into the expected release of Q3 results on November 19.
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