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Stock Market & Financial Investment News

News Breaks
May 7, 2012
16:38 EDTCTSH, ABT, CECO, DIS, TPX, VRTXOn The Fly: Closing Wrap
Stocks on Wall Street were mixed, as investors had a muted reaction to the anti-austerity backlash evidenced in two elections in Europe. Stock futures pointed to a lower open throughout the pre-market trading session but moved off their low prior to the opening bell. The futures action led to a lower but stable open with the market essentially hitting its lows soon after the open. The market began to drift off its lows after the first hour of trading and by midday made it back to positive ground. The market continued to drift for most the remainder of the session until a downturn into the close pushed the S&P and Nasdaq back down to finish the day near the flat line... ECONOMIC EVENTS: In the U.S., consumer credit increased by $21.36B in March, versus expectations of an increase of $9.8B. In Europe, Francois Hollande defeated Nicolas Sarkozy in France's presidential election and voting in Greece’s general election showed a dramatic swing toward anti-austerity groups and away from the pro-Europe parties... COMPANY NEWS: Disney's (DIS) "The Avengers" set U.S. records with its $200M opening weekend, powering the company's shares 2% higher... Abbott Labs (ABT) announced it reached a settlement and will pay $1.6B in connection with its marketing of Depakote... MAJOR MOVERS: Among the notable gainers were Vertex Pharma (VRTX), up $20.71, or 55.36%, to $58.12, amid at least three upgrades and a number of price target increases after the company reported interim data from a Phase 2 study of a combination therapy for certain cystic fibrosis patients, and Career Education (CECO), up 56c, or 8.70%, to $7.00, after the Accrediting Council for Independent Colleges and Schools removed its show-cause directive on all 71 Career Education campuses accredited by the body and the company said four of its campuses were placed on probation. Noteworthy losers included Cognizant (CTSH), down $13.35, or 19.16%, to $56.31, after the company's earnings beat consensus but it said its revising its guidance to be more conservative after seeing slower-than-expected acceleration in demand, and Tempur-Pedic (TPX), down $8.42, or 14.85%, to $48.29, as Raymond James said in a note to investors that the company will offer a discount on one of its most profitable mattresses, the Cloud Supreme, which the firm said was unusual for the company... INDICES: The Dow lost 29.74, or 0.23%, to 13,008.53; the Nasdaq rose 1.42, or 0.05%, to 2,957.76; and the S&P 500 added 0.48, or 0.04%, to 1,369.58.
News For DIS;ABT;VRTX;CECO;CTSH;TPX From The Last 14 Days
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November 17, 2014
08:16 EDTABTZoetis to purchase assets of Abbott Animal Health for about $255M
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08:15 EDTABTZoetis to purchase assets of Abbott Animal Health for about $255M
06:35 EDTDIS'Dumb and Dumber To' takes first at the box office from 'Big Hero 6', WSJ says
Comcast (CMCSA) company Universal Pictures' "Dumb and Dumber To" brings in $38.1M at the box office, taking first away from Disney's (DIS) "Big Hero 6," which brought in $36M this weekend, reports the Wall Street Journal. "Big Hero 6" has a two week total of $111.7M in North America, the Journal adds. Reference Link
November 14, 2014
17:13 EDTDISAppaloosa gives quarterly update on stakes
NEW STAKES: NXP Semiconductors (NXPI), Lorillard (LO), Alibaba (BABA), and Shire (SHPG). INCREASED STAKES: Whirlpool (WHR), Priceline (PCLN), Delta (DAL), CBS (CBS), and General Motors (GM). DECREASED STAKES: American Airlines (AAL), Disney (DIS), Apple (AAPL), MGM Resorts (MGM), and Eastman Chemical (EMN). LIQUIDATED STAKES: Expedia (EXPE), AIG (AIG), Prudential (PRU), Celanese (CE), and ASML Holding (ASML).
16:52 EDTTPXGreenlight Capital gives quarterly update on stakes
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14:46 EDTDISDisney movies service partnering with Wal-Mart's Vudu, Reuters reports
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06:37 EDTDISDreamWorks competes with key Hasbro partner Disney, NY Times says
After multiple news outlets reported that Hasbro (HAS) was in talks about buying DreamWorks (DWA), The New York Times says that the toy maker holds very lucrative contracts with Disney (DIS), which views DreamWorks as a key competitor. Hasbro gets up to 30% of its revenue from products linked to Disney, the newspaper quoted some analysts as saying. Reference Link
November 13, 2014
07:01 EDTDISHasbro deal with Disney could be impacted with merger, says Piper Jaffray
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November 12, 2014
12:41 EDTCECOFor-profit education stocks look appealing, analyst says
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11:44 EDTDISSeaWorld sinks to 52-week low after Q3 profit, attendance fall
Shares of theme park and entertainment company SeaWorld (SEAS) are plunging after the company’s profit, attendance and adjusted EBITDA all fell significantly on a year over year basis. The also forecast fiscal year 2014 revenue and adjusted EBITDA to be down from last year. WHAT'S NEW: This morning, SeaWorld reported Q3 adjusted earnings per share of $1.01, missing analysts' $1.13 consensus by 12 cents. Revenue for the quarter was $495.84M, compared to analysts' consensus estimates of $495.4M. Adjusted EBITDA in the quarter was $209.1M, a decrease of $45.3M, or 18%, compared to the third quarter of 2013. Attendance in Q3 ws 8.4M, down from 8.9M a year ago. The company believes the decline in attendance results from a combination of factors including negative media attention in California along with a challenging competitive environment, particularly in Florida. The competitive challenges in Florida relate to significant new attraction offerings at competitor destination parks, along with a delay in the scheduled opening of one of the company's new rides at its Busch Gardens Tampa park. The decrease in total revenue in the third quarter was primarily driven by a 5.2% decline in attendance, along with a 2.9% decline in total revenue per capita from $60.74 in the third quarter of 2013 to $58.99. WHAT’S NOTABLE: Looking ahead, SeaWorld forecast FY14 revenue and adjusted EBITDA to be down 6%-7% and 14%-16%, respectively. The FY14 revenue consensus ahead of the company's report was $1.37B. The company also said it expects to take a restructuring charge of up to $13M in Q4 related to its cost reduction initiatives. The company sees FY14 capital expenditures to be in the range of $155M-$165M and fiscal year 2015 CapEx to be in the range of $185M-$195M. Jim Atchison, the company's Chief Executive Officer, noted that the attendance trends the company experienced in the latter part of the second quarter continued into Q3. He called 2014 a “challenging year,” and said the company was executing a cost savings plan that is expected to deliver approximately $50M of annual cost savings by the end of 2015. He also said the company was adjusting its attraction and marketing plans to address immediate top-line concerns. PRICE ACTION: In late morning trading, SeaWorld fell $2.24, or 12.04%, to $16.36 on more than twice its average daily trading volume. Earlier in the session, the stock hit a fresh 52-week low of $16.53. Including today's pull back, the shares have lost approximately 48% over the past 12 months. OTHERS TO WATCH: Other companies in the theme park space include Disney (DIS), up 0.03%, Six Flags (SIX), down 0.16%, and Cedar Fair (FUN), up 0.76%.
10:43 EDTDISBernstein downgrades Discovery, Viacom, citing 'structural decline' in TV
Research firm Bernstein sees strong evidence that audiences of ad-supported TV have entered a period of "structural decline." The firm cut its rating on Discovery (DISCA), the owner of the Discovery Channel and Animal Planet cable stations, and Viacom (VIA,VIAB), which owns MTV and and Nickelodeon. The firm also cut its price target on CBS (CBS). WHAT'S NEW: Noting that audiences for ad-supported TV have fallen by unprecedented amounts for four months, Bernstein analyst Todd Juenger added that consumption of subscription video on demand, or SVOD, services continue to grow. Meanwhile, TV networks are seeing increased competition from Internet websites for ad dollars, limiting the ability of the networks to raise ad prices, Juenger stated. The profit margins and return on investment of content owners are likely to decline over time, the analyst believes. He downgraded Discovery to Market Perform from Outperform and set a $37 price target on the stock, and cut Viacom to Underperform from Market Perform, placing a $71 price target on that stock. Juenger reduced his price target on CBS to $55 from $60 and kept a Market Perform rating on the shares. He kept Outperform ratings on 21st Century Fox (FOXA), Disney (DIS), and Time Warner (TWX), saying that those are least affected by the trend, as they are less dependent than their peers on the American TV ad market and have a large amount of sports programming. PRICE ACTION: In mid-morning trading, Discovery lost 0.6% to $31.81, Viacom class A shares gained 0.6% to $70.09, CBS fell 0.7% to $51.48, Twenty-First Century Fox class A shares lost 0.5% to $34.75, Time Warner fell 0.5% to $77.69 and Disney was flat near $90 per share.
07:51 EDTDISDisney trades at a premium despite low forward growth, says Cowen
Cowen raised its price target on Disney shares to $83 from $75, but reiterated its Market Perform rating on Disney shares, citing the stock's premium trading valuation despite the lowest forward earnings growth of its peer group. The firm also cited higher sports programming costs, as well as difficulty envisioning outperformance to current estimates.
07:22 EDTCECOPiper says time to increase exposure to Education sector
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05:25 EDTCTSHCognizant acquires Odecee in Australia, terms not disclosed
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November 11, 2014
18:19 EDTDISCBS, Disney look to block FCC Comcast merger disclosures, Bloomberg says
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10:00 EDTCTSHOn The Fly: Analyst Downgrade Summary
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06:12 EDTTPXTempur Sealy management to meet with Stifel
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05:41 EDTCTSHCognizant downgraded to Neutral from Buy at UBS
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November 10, 2014
15:57 EDTDISWorldwide Business Research to hold a conference
ProcureCon for Digital & Marketing Services 2014 is being held in San Antonio on November 11-13.
November 9, 2014
16:36 EDTDISDisney's 'Big Hero 6' comes out on top at box office, Bloomberg says
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