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Stock Market & Financial Investment News

News Breaks
February 25, 2014
07:13 EDTCUBNYSE changes Cubic ticker symbol due to late filing
Cubic Corporation, as expected and pursuant to prior conversations with the New York Stock Exchange, announced that the company received notice from the staff of the NYSE indicating that Cubic is not in compliance with listing standards due to its failure to file its quarterly report on Form 10-Q for the quarter ended December 31, 2013 on a timely basis. The issuing of such notices is considered routine practice in situations when there are late filings with the SEC. On February 10, 2014, Cubic Corporation announced that the Audit Committee of the Board of Directors of Cubic Corporation, after consultation with Ernst & Young LLP, Cubicís independent registered public accounting firm, determined that Cubicís financial statements for the fiscal years ended September 30, 2013 and 2012 and each of the prior quarters of 2013 and 2012 can no longer be relied upon as being in compliance with generally accepted accounting principles. Accordingly, Cubic will restate such financial statements. Preliminary indications from Cubicís evaluation are that the restatement will result in an increase in revenues and net income cumulatively over the period of the restatement and an increase in retained earnings as of September 30, 2013. Cubic is continuing to evaluate the total amount of the adjustments and the specific impact on each period covered by the restatement, which may result in an increase or decrease in previously reported amounts for individual periods. Until Cubic has completed such evaluation, it will not be in a position to file its quarterly report on Form 10-Q for the quarter ended December 31, 2013.
News For CUB From The Last 14 Days
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November 26, 2014
16:14 EDTCUBOn The Fly: Closing Wrap
Stocks on Wall Street were modestly higher ahead of the Thanksgiving holiday. The market opened in relatively quiet fashion and remained that way throughout the day. There was little reaction to the host of economic reports that were released during the day as many investors prepared for the Thanksgiving holiday and tried to stay clear of the first winter storm of the season. The volume remained light as it has been all week as investors look toward Black Friday and its effect on the retail industry. ECONOMIC EVENTS: In the U.S., initial jobless claims rose to 313K last week from the prior week's 291K first-time claims. Expectations were for claims to fall to 288K. Consumer spending rose a seasonally adjusted 0.2% from the prior month in October, versus the forecast for a 0.3% rise. Personal income increased 0.2%, which also undershot the 0.4% increase that was expected. Durable goods orders rose 0.4% in October from a month earlier, beating expectations for overall orders to fall 0.5%. However, the rise largely reflected a surge in demand for defense aircraft and excluding transportation, orders fell 0.9%, which was the biggest drop since December 2013. The National Association of Realtors' pending home sales index fell 1.1% to 104.1 in October, versus expectations for it to have risen 0.5%. New home sales rose 0.7% to a 458K rate in October, which was bit below the 0.8% increase that was forecast. The University of Michigan consumer confidence final reading for November came in at 88.8, which was not quite as good as the preliminary reading of 89.4 but was up compared to October's 86.9 final figure. In Europe, European Central Bank VP Vitor Constancio said the central bank "will have to consider" buying other assets, including sovereign bonds in the secondary market, early next year if it decides that more aggressive stimulus measures are needed. COMPANY NEWS: Deere (DE) shares fell 72c, or 0.81%, to $87.07 after the company forecast a 20% decline in farm equipment sales for the recently started fiscal year. The company's just completed quarter was more profitable than expected, but its implied EPS forecast for the new fiscal year significantly trailed the consensus forecast. HP (HPQ) advanced $1.56, or 4.16%, to $39.19 after its fourth quarter earnings matched estimates and its revenue came in nearly in-line with the consensus forecast. Following the report, Citigroup said HP's Q4 results show the company's fundamentals are improving, while Wells Fargo believes the company is well-positioned in a number of areas and has "largely turned the corner." MAJOR MOVERS: Among the notable gainers was defense contractor Cubic (CUB), which rose 8.3% after the companyís fourth quarter results surpassed analystsí consensus estimates and it raised its semi-annual dividend. GoPro (GPRO) was up 5.7% after announcing it was developing its own line of consumer drones. Among the noteworthy losers were two drilling contractors, Seadrill (SDRL) and North Atlantic Drilling (NADL), which fell 23% and 16% respectively after each of the companies announced that they have suspended their dividends. INDEXES: The Dow rose 12.81, or 0.07%, to 17,827.75, the Nasdaq added 29.07, or 0.61%, to 4,787.32, and the S&P 500 gained 5.80, or 0.28%, to 2,072.83.
12:56 EDTCUBOn The Fly: Midday Wrap
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11:41 EDTCUBCubic soars after results beat estimates, dividend raised
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10:11 EDTCUBOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: 21Vianet (VNET) downgraded to Hold from Buy at Canaccord... Agrium (AGU) downgraded to Underperform from Neutral at BofA/Merrill... Cinemark (CNK) downgraded to Hold from Buy at Topeka... Copa Holdings (CPA) downgraded to Neutral from Overweight at JPMorgan... Ctrip.com (CTRP) downgraded to Equal Weight from Overweight at Barclays... Cubic (CUB) downgraded to Hold from Buy at Needham... Helix Energy (HLX) downgraded at Morgan Stanley... Louisiana-Pacific (LPX) downgraded to Underperform from Sector Perform at RBC Capital... U.S. Silica (SLCA) downgraded to Market Perform at Wells Fargo.
07:14 EDTCUBCubic downgraded to Hold from Buy at Needham
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November 25, 2014
16:28 EDTCUBCubic sees FY15 EPS $2.60-$2.85, consensus $2.93
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16:24 EDTCUBCubic raises semi-annual dividend to 13.5c per share from 12c per share
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16:22 EDTCUBCubic reports Q4 EPS $1.22, consensus 94c
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15:31 EDTCUBNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include Hewlett-Packard (HPQ), consensus $1.06; Analog Devices (ADI), consensus 68c; Cubic (CUB), consensus 94c; Nimble Storage (NMBL), consensus (16c); Veeva Systems (VEEV), consensus 8c; Infoblox (BLOX), consensus 3c; TiVo (TIVO), consensus 7c; Perfect World (PWRD), consensus 40c.

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