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Stock Market & Financial Investment News

News Breaks
February 5, 2014
11:03 EDTSYK, VJET, GE, SSYS, JNJ, XONE, DDD3D printer makers tumble after profit warning from 3D Systems
Shares of 3D printer makers are sinking after the largest company in the sector in terms of market capitalization, 3D Systems (DDD), pre-announced lower than expected fiscal 2013 profit and gave a disappointing earning outlook for next year. WHAT'S NEW: 3D Systems reduced its fiscal 2013 earnings per share outlook to 83c-87c from 93c-$1.03. Analysts' consensus estimate was 96c. However, the company reported preliminary fiscal 2013 revenue of $513 million-$514 million, within its previous outlook of $500M-$530M. Analysts' consensus estimate was $514.24M. 3D Systems blamed its lower than expected fiscal 2013 EPS on "very significant R&D, manufacturing and marketing investments designed to accelerate revenue growth," along with weaker than expected demand for its parts and consumer products. For fiscal 2014, 3D Systems predicted that its EPS would be 73c-85c, versus analysts' consensus estimate of $1.27. However, the 3D printer maker expects its fiscal 2014 revenue to come in at $680M-$720M, versus the consensus estimate of $671.29M. ANALYST REACTION: In a note to investors earlier today, Jefferies analyst Peter Misek wrote that 3D Systems' opportunity in the professional and industrial markets is "only just beginning." 3D Systems' guidance is "appropriately conservative," wrote Misek, adding that his research suggests that the 3D printer maker is likely to announce deals with at least three major companies in 2014: Stryker (SYK), Johnson & Johnson (JNJ), and GE (GE). Misek kept a Buy rating on the stock. PRICE ACTION: In mid-morning trading, 3D Systems tumbled 22% to $59.25, but the stock was well above its low for the day of $54.63. Likewise, another major 3D printer maker, Stratasys (SSYS), retreated 8% to $108.60, but was well off its low for the day of $102.20. Another company in the space, ExOne (XONE), sank 10% to $40.27, while European 3D printer maker Voxeljet (VJET) gave back 6% to trade near $32.
News For DDD;SSYS;VJET;XONE;GE;SYK;JNJ From The Last 14 Days
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February 2, 2016
10:01 EDTGEGE Appliances agrees to four-year contract extension with Taylor Morrison
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08:53 EDTJNJPiper Jaffray biopharma analyst holds an analyst/industry conference call
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08:47 EDTJNJAduro Biotech shares undervalued, says Roth Capital
After Aduro (ADRO) received a $22.4M payment from Johnson & Johnson (JNJ), Roth Capital says that Aduro's valuation does not adequately reflect its opportunities. The firm thinks the company has several "broad business development opportunities." It keeps a $68 price target and Buy rating on the shares.
07:42 EDTJNJPressure mounts on big pharma names to shrink, sharpen focus, FT says
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06:32 EDTJNJGSK, J&J back Index Ventures' $1B biotech business spinoff, Reuters says
GlaxoSmithKline (GSK) and Johnson & Johnson (JNJ) will back a new spinoff from Index Ventures, which is spinning off its biotech portfolio into a new $1B entity, Reuters reports. The New Medicxi Ventures business will be helmed by the existing life sciences team from Index and will include all the current biotech portfolio firms, the report says. Medicxi raises $229M for a new fund in Europe with GSK and J&J each putting in 25%, Reuters reports. Reference Link
February 1, 2016
14:28 EDTSYKStryker deal for Smith & Nephew now unlikely, says Piper Jaffray
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12:13 EDTSYKOn The Fly: Top stock stories at midday
Stocks on Wall Street were lower at midday, but off their worst levels of the day, as oil is once again being weighed on by worries of slower growth in China. Several M&A announcements helped fuel speculation that deal-making may be set to pick up, but the headwinds of lower oil prices and weak economic data are outweighing that potential boost and keeping stocks in the red to start the month. ECONOMIC EVENTS: In the U.S., personal income rose 0.3% in December, versus expectations for an increase of 0.2%, while spending was flat, versus expectations for an increase of 0.1%. Markit's manufacturing purchasing managers index for January dipped to 52.4 in the final January reading, down from the 52.7 flash reading and the below the 52.6 reading that was expected. The Institute for Supply Management's manufacturing index for January came in at 48.2, below the 48.4 that analysts expected. Construction spending rose 0.1% in December, which was weaker than the 0.6% increase that was forecast. In China, the statistics bureau's official manufacturing purchasing managers index fell to 49.4 in January from 49.7 in December. The private Caixin manufacturing PMI edged up to 48.4 from 48.2 in the prior reading, but both figures still remain in contraction territory. In Europe, Markit's manufacturing PMI for the euro zone dropped to 52.3 from December's 53.2, in-line with the earlier flash estimate. COMPANY NEWS: Shares of Twitter (TWTR) advanced 9% after tech reporter Jessica Lessin said private equity firm Silver Lake and investor Marc Andreessen have "considered some sort of deal" for the microblog service operator. Lessin noted in the report published on her site, The Information, that she did not know if deal talks are "active" now between Andreessen, Silver Lake and Twitter... Alere (ALR) surged 45% to $54 per share near midday after Abbott (ABT) agreed to acquire the company for $56 per share at a total expected equity value of $5.8B. In other Monday M&A news, Questar (STR) rose 22% after Dominion Resources (D) agreed to acquire it for $25 per share, or about $4.4B, and assume Questar's outstanding debt. Meanwhile, Stryker (SYK) announced a deal to acquire Sage Products for $2.775B in cash. The buyers' shares did not fare as well in the wake of the deal announcements, as Abbott slipped 0.5%, Dominion dipped 1% and Stryker fell 1%. Also lower were shares of Smith & Nephew (SNN), which slid fractionally as investors may have been concerned that Stryker's deal decreases the likelihood that it will come after S&N. Additionally, Smith & Nephew announced that its CEO Olivier Bohuon has been diagnosed with a "highly treatable" form of cancer. MAJOR MOVERS: Among the notable gainers was Lumber Liquidators (LL), which gained 8.5% after a judge accepted the company's $10M plea deal to settle timber source crime charges, according to media reports. Also higher was Chipotle (CMG), which rose 5.5% after The Wall Street Journal reported that the Centers for Disease Control and Prevention is expected to formally declare the end to its E.coli outbreak as soon as today. In addition, Sysco (SYY) and Aetna (AET) were up 7% and 2%, respectively, after reporting quarterly earnings. Among the noteworthy losers was Nokia (NOK), which fell 12% after it forecasted how much revenue it expects to gain from its IP portfolio after its patent deal with Samsung (SSNLF) and its shares were downgraded at Canaccord and BofA Merrill Lynch. Also lower was GoPro (GPRO), which was slid 5% after analysts from Piper Jaffray and Citi predicted that the company's guidance to be issued this week will disappoint investors. In addition, Roper Technologies (ROP) and ImmunoGen (IMGN) were down 6.5% and 5.7%, respectively, after reporting quarterly earnings. INDEXES: Near midday, the Dow was down 56.40, or 0.34%, to 16,409.90, the Nasdaq was down 12.25, or 0.27%, to 4,601.70, and the S&P 500 was down 6.51, or 0.34%, to 1,933.73.
09:07 EDTGEGE to stop making coiled compact fluorescent lamps for U.S. market
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08:32 EDTGEGE Hitachi Nuclear Energy completes services outage at PWR facility
GE Hitachi Nuclear Energy announced the successful completion of its first services outage at a Pressurized Water Reactor, or PWR, facility. The outage, completed in partnership with Exelon Generation at the R.E. Ginna Nuclear Power Plant in Ontario, New York, was completed under budget and ahead of schedule with no safety-related or human performance issues. GEH is a part of a global nuclear alliance created by GE and Hitachi to serve the global nuclear industry.
08:13 EDTJNJAduro Biotech receives $20M milestone payment from Janssen Biotech
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08:09 EDTSYKOptions expected to be active
Options expected to be active: GOOGL GOOG YHOO UPS KORS UPS BAX RCL CCL PFE AET D STR DWA CMG ABT SYK.
07:34 EDTSYKStryker expects Sage Products acquisition to close in 2Q16
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07:33 EDTSYKStryker raises FY16 adjusted EPS to $5.55-$5.75 from $5.50-$5.70
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07:33 EDTSYKStryker agrees to acquire Sage Products from Madison Dearborn for $2.775B
Stryker announced a definitive agreement to acquire Sage Products from Madison Dearborn Partners in an all cash transaction for $2.775B. The transaction includes an anticipated future tax benefit which is expected to exceed $500M and to positively impact cash flows over approximately 15 years. Sage develops, manufactures and distributes disposable products targeted at reducing "Never Events," primarily in the intensive care unit and MedSurg hospital unit setting. Sage sales for fiscal 2015 totaled $430M, up 13% over the prior year. The closing of the transaction is subject to expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions. The transaction is expected to be accretive to Stryker's 2016 adjusted net earnings per diluted share excluding acquisition, integration-related and intangible amortization charges and will continue to be accretive thereafter.
07:31 EDTSYKStryker agrees to acquire Sage Products from Madison Dearborn for $2.775B
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05:46 EDTGEGE Oil & Gas reports over $700M of customer agreements
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05:44 EDTGEGE Oil & Gas announces investments in Italy worth $600M
GE Oil & Gas announced a new Memorandum of Understanding that will lead to the investment of $600M over the next five years in Italy. The MoU was signed today in Florence by GE Oil & Gas at a ceremony attended by the Minister of Economic Development Federica Guidi, the President of Tuscany Region Enrico Rossi, GE's Chairman and CEO Jeff Immelt, the President and CEO of GE Italia Sandro De Poli, the President and CEO of GE Oil & Gas Lorenzo Simonelli and the President of Nuovo Pignone Massimo Messeri. The investment in significant research, development and technological innovation in the country reaffirms GE Oil & Gas' commitment to the Italian market, and reinforces its cooperation with universities, SMEs and the regional economy where it operates. Tuscany is the home to Oil & Gas' Turbomachinery Solutions division and is also present in Lombardy, Calabria and Apulia. Another Memorandum of Understanding has been signed in the last weeks between Avio Aero - a GE Aviation business - and the Italian Minister of Economic Development, consisting of EUR200M over the next four years and involving Piedmont, Apulia and Campania, the geographical areas in which Avio Aero employs about 4,000 people. The MoU announced today will see GE Oil & Gas operations invest $600M over the next five years establishing a centre of global excellence in Tuscany for the oil and gas sector that will involve 500 highly qualified people coming from GE, universities, research labs, and small and medium-sized enterprises. The project aims at increasing Italian production by 50% and increase company revenue by $1.7B in five years. The program, named Galileo, supports the development of gas turbines and centrifugal compressors with a 5-65MW power range and innovative digital technologies covering their entire life cycle with aim of optimising the performance and operative life of the products.
January 31, 2016
11:39 EDTJNJS&P falls 5% in January despite second straight winning week to close month
Stocks finished the month of January with two straight winning weeks, but investors are still glad to see the calendar flip as those winners only cut the S&P's loss to 5% for the month. With growth worries abounding amid troubling signs from China and as oil languishes below $35 per barrel, the manufacturing readings from China, Europe, and the U.S. due out on Monday will be essential to whether the new month continues the uptrend of the end of January or the dour tone that dominated the early half of the month. MACRO NEWS: The Federal Reserve kept interest rates unchanged following its policy meeting this week, as almost universally expected. In its accompanying statement, the central bank said its committee members expect that economic conditions will "evolve in a manner that will warrant only gradual increases in the federal funds rate." The group added that inflation is expected to "remain low in the near term, in part because of the further declines in energy prices, but to rise to 2% over the medium term as the transitory effects of declines in energy and import prices dissipate and the labor market strengthens further"... In other domestic economic news, the Commerce Department's first read on fourth quarter gross domestic product came in at 0.7% annualized growth, below the already anemic 0.8% growth forecast. The S&P/Case-Shiller 20-city home price index rose 5.8% from the prior year in November, topping expectations for a 5.7% year-over-year increase. The separate FHFA house price index showed a monthly gain of 0.5% in November, matching the consensus forecast. Markit's services PMI for January came in at 53.7, missing the 54.0 forecast. The preliminary reading of the Conference Board's consumer confidence index for January came in at 98.1, topping the 96.5 reading that was expected. New home sales surged 10.8% to a 544,000 annualized pace in December, topping expectations and hitting their highest level in 10 months. Initial jobless claims fell to 278,000 last week, versus the expected 281,000 first-time claims. Durable goods orders dropped 5.1% in December, versus expectations for a decrease of 0.7%. The core reading, which removes transportation items, was down 1.2%, versus expectations for a decline of 0.1%. The University of Michigan consumer sentiment index slipped to 92.0 in the final January print, missing the 93.0 reading that was forecast... In a surprising move in Asia, the Bank of Japan introduced a rate of minus 0.1% on certain excess holdings of cash while maintaining the pace of its asset purchases. Japan also reported data pointing to a softening economy, as total CPI grew 0.2% year-over-year in December, core CPI rose at only a 0.1% pace and industrial production fell a preliminary 1.4% month-over-month in December. COMPANY NEWS: McDonald's (MCD) advanced Monday after the fast food giant reported better than expected earnings and comparable sales growth for the fourth quarter, powered by the launch of All Day Breakfast in the U.S.... Earnings season accelerated Tuesday as four members of the bluechip Dow Jones Industrial Average posted results before the opening bell. 3M (MMM) was the top advanced on the index with a gain of over 5%, while Johnson & Johnson (JNJ), Procter & Gamble (PG) and DuPont (DD) all notched gains that day following their reports as well... Apple (AAPL) declined more than 6.5% on Wednesday after the tech giant reported first quarter earnings that topped consensus estimates, but also issued revenue guidance for the new quarter that missed expectations. The company was noted by several analysts as taking a particularly downbeat tone in its earnings conference call, invoking the difficult macroeconomic environment and weakness it has recently seen in China. Apple was not the worst performer in the Dow that day, as Boeing (BA) shares plummeted nearly 9% after its profit outlook for the new fiscal year fell far short of the Street's consensus forecast... Facebook (FB) surged 15.5% on Thursday after the social media giant's fourth quarter earnings and revenue beat expectations. A number of Wall Street analysts increased their price targets for the stock following the report, including Piper Jaffray's Gene Munster, who hiked his target to a "Street-high" $170 per share. The same day, Caterpillar (CAT) reported better than expected quarterly earnings, excluding certain items, but its revenue came in below the consensus forecast and the heavy equipment maker warned that it does not anticipate an improvement in the world economy or commodity prices in 2016. The stock, which had declined almost 20% in the last three months prior to this morning's report, rebounded almost 5% after the company jumped over the lowered bar that had been set by bearish analysts... On Friday, shares of Amazon (AMZN) declined more than 7.5% after the company's fourth quarter results came in below expectations. Meanwhile, Microsoft (MSFT), which reported better than expected earnings, gained almost 6%. Chevron (CVX) reported a quarterly loss due to taking impairments and other charges of $1.1B. The company, which also reported that its average sales price per barrel of crude oil and natural gas liquids in the U.S. was $35 in fourth quarter, down from $66 a year ago, edged up 0.7% to $86.44... Among the many others reporting earnings this week, Visa (V), Mastercard (MA), Under Armour (UA), Sprint (S) and Biogen (BIIB) gained immediately following their reports, while Qualcomm (QCOM), eBay (EBAY), U.S. Steel (X), VMware (VMW) and Anthem (ANTM) all slid following their own... Xerox (XRX) announced plans to separate into two independent publicly-traded companies: one focused on Document Technology and another Business Process Outsourcing company. Xerox also announced an agreement related to the governance of the Business Process Outsourcing company under which six directors of the new company will be selected by Xerox and three will be selected by current Xerox shareholder Carl Icahn... Terex (TEX) surged more than 36% higher on Tuesday after receiving a $30 per share acquisition offer from China's Zoomlion. Terex peers Manitowoc (MTW), Joy Global (JOY) and Oshkosh (OSK) also gained after the offer was disclosed... Weight Watchers (WTW) shares soared nearly 20% Tuesday after noted shareholder and partner Oprah Winfrey tweeted a video detailing her progress using the company's program, indicating that she'd already lost 26 pounds thanks to its plan... AIG (AIG) provided its much-anticipated strategy update, committing to return at least $25B to shareholders over the next two years and announcing the sale of AIG Advisor Group to Lightyear Capital and PSP Investments. The company, under ongoing pressure from activist investors including Carl Icahn, also said it will publicly offer a portion of its United Guaranty unit, though it expressly rejected a full company breakup... SunEdison (SUNE) gained 18% during the week after agreeing to new corporate governance initiatives with David Einhorn's Greenlight Capital, including amending its bylaws to restrict equity issuances for two years without a supermajority board vote... Twitter (TWTR) slumped nearly 6% this week after CEO Jack Dorsey confirmed the departure of four company executives, leading research firm Stifel to downgrade the shares. INDEXES: The Dow gained about 2.2% to close at 16,466.30; the S&P 500 rose about 1.6% to close at 1,940.24; the Nasdaq advanced about 0.4% to close at 4,613.95.
January 29, 2016
09:34 EDTGEActive equity options trading on open: AMZN MSFT FB AAPL GILD GE
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06:10 EDTGEGE intends to invest $760M in Italy R&D facilities, Bloomberg reports
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