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News Breaks | | | | November 9, 2012 | | 12:26 EDT |  | LGF, KYAK, DIS, STRA, ZIP, GRPN, SCLN, PCLN, JCP | On The Fly: Midday Wrap
Stocks on Wall Street were higher at midday as positive economic data in the U.S. and China temporarily distracted investors from worrying over political deadlock getting in the way of progress. The averages opened lower but two economic reports issued near 10 am ET provided a catalyst for a bounce. The averages moved into positive territory ahead of House Speaker John Boehner’s speech on tackling the fiscal cliff crisis and the averages stood near session highs around noon... ECONOMIC EVENTS: In the U.S., import prices rose 0.5% in October from the prior month, versus expectations for them to be flat. Export prices in October were unchanged. The preliminary University of Michigan consumer sentiment reading for November came in at 84.9, versus the expected 82.9. Wholesale inventories were reported to have increased 1.1% in September, versus expectations for an increase of 0.4%. Also, the Congressional Budget Office estimated that going over the fiscal cliff would cut U.S. economic output by about 3%, driving the nation back into recession next year. In Europe, French industrial production fell 2.7% in September from August and the Bank of France warned its economy, Europe’s second-largest, may be poised to tip into recession. In China, factory output rose 9.6% in October from a year earlier, beating expectations, and inflation unexpectedly cooled to the slowest pace in 33 months... COMPANY NEWS: Three well known brand names were down after their companies' quarterly reports: Disney (DIS), J.C. Penney (JCP) and Groupon (GRPN). Disney was the Dow Industrial average's worst performer, falling nearly 6%, after its earnings were in-line with consensus but revenues were lighter and Janney Capital downgraded the stock to a Neutral rating. J.C. Penney shares slid about 6% as well after it reported a worse than expected loss and said same store sales dropped 26.1%, making for its third straight quarter of losses and double digit sales declines. Groupon's stock was hardest hit, plunging 27% in midday trading, after it was downgraded by at least four firms and price targets were lowered at several others following the company's disappointing Q3 results and Q4 guidance... MAJOR MOVERS: Among the notable gainers was Kayak Software (KYAK), which jumped 27% after agreeing to be acquired by Priceline.com (PCLN) in a stock and cash transaction equivalent to $40 per share of Kayak stock. Shares of Priceline advanced fractionally after the deal announcement. Advancers after their earnings reports included Zipcar (ZIP), which jumped over 21%, and Lions Gate Entertainment (LGF), which rose almost 13%. Among the noteworthy losers were SciClone (SCLN), down 24% after cutting its 2012 adjusted earnings view, and Strayer Education (STRA), down 16% after its full-year earnings outlook was well below consensus estimates and the company suspended its dividend... INDICES: Near noon, the Dow was up 65.43, or 0.51%, to 12,876.75; the Nasdaq was up 30.87, or 1.07%, to 2,926.45; and the S&P 500 was up 12.46, or 0.90%, to 1,389.97. | |
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News For DIS;JCP;GRPN;KYAK;PCLN;ZIP;LGF;SCLN;STRA From The Last 14 Days Check below for free stories on DIS;JCP;GRPN;KYAK;PCLN;ZIP;LGF;SCLN;STRA the last two weeks. |
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| May 24, 2013 | | 15:07 EDT |  | DIS | Yahoo submits bid for Hulu, AllThingsD reports
 Subscribe for More Information | | | 13:19 EDT |  | DIS | KKR, Silver Lake to join bidding for Hulu video service, Bloomberg reports
| | | 10:22 EDT | | STRA | Boehner defends student loan bill, White House threatens veto, Politico says
GOP House Speaker John Boehner defended the student loan legislation that the House passed yesterday, according to Politico. The bill would tie student loan rates to Treasury note rates, and would cause an increase of less than two percentage points in student loan rates this year, the website stated. The White House has threatened to veto the bill, as it believes that the legislation would cause rates to jump when the economy improves, Politico stated. Student loan interest rates will double on July 1 if Congress doesn't take action. | | | 07:11 EDT | | DIS | Hulu attracts several bidders, Reuters reports
Subscribe for More Information | | | 06:10 EDT | | DIS | On the Fly: Periodicals Wrap-Up
Subscribe for More Information | | | May 23, 2013 | | 14:58 EDT |  | JCP | J.C. Penney May volatility at eight-month lows
J.C. Penney overall option implied volatility of 52 is below its 26-week average of 62 according to Track Data, suggesting decreasing price movement. | | | May 22, 2013 | | 16:12 EDT | | JCP | J.C. Penney enters into new $2.25B credit facility
J. C. Penney Company announced that its wholly owned subsidiary, J. C. Penney Corporation, has entered into a new five-year $2.25B senior secured term loan credit facility. The size of the facility was increased from the $1.75B anticipated in the commitment letter the company announced on April 29. | | | 05:55 EDT | | LGF | Lionsgate achieves record sales of $250M at 2013 Cannes market
Lionsgate announced to its International distribution partners, the lineup of films for the 2013 Cannes Film Festival, achieving a company record of more than $250M in sales for nine titles that included Mockingjay 1 and 2, the third and fourth installments of the global blockbuster Hunger Games franchise, Step Up 5 and upcoming Lionsgate and Summit titles such as Draft Day, The Last Witch Hunter and Lionsgate UK's A Little Chaos. | | | May 21, 2013 | | 12:58 EDT | | DIS | Disney's ESPN cuts less than 6% of workforce, Bloomberg reports
Disney's (DIS) ESPN unit laid off less than 400 workers today as part of a companywide cost-cutting effort, Bloomberg reports, citing a person with knowledge of the situation. The cuts amount to less than 6% of ESPN’s 7,000 employees, the report adds. Reference Link | | | 08:56 EDT | | JCP | J.C. Penney announces successful tender, consent solicitation for debentures
Subscribe for More Information | | | | 08:14 EDT |  | PCLN | priceline.com price target raised to $900 from $800 at Cantor
Subscribe for More Information | | | May 20, 2013 | | 13:01 EDT | | PCLN | Priceline.com rises after analyst ups rating to Buy
Subscribe for More Information | | | 11:15 EDT | | PCLN | Priceline.com volatility at record low as shares rally to record high
Subscribe for More Information | | | 10:23 EDT | | JCP | J.C. Penney advances after analyst hikes price target to $27
Subscribe for More Information | | | 10:11 EDT |  | JCP, PCLN | On The Fly: Analyst Upgrade Summary
Subscribe for More Information | | | 08:16 EDT | | JCP | Follow-up: J.C. Penney upgraded to Buy from Hold at Maxim
Maxim upgraded J.C. Penney on expectations the company's strategy changes under new CEO Mike Ullman will drive traffic. The firm said its recent channel checks indicate that store traffic has increased and it raised its price target for shares to $27 from $16.50. | | | 08:03 EDT | | JCP | J.C. Penney upgraded to Buy from Hold at Maxim
| | | 07:30 EDT | | JCP | J.C. Penney price target lowered to $7 from $12 at BMO Capital
Subscribe for More Information | | | 05:51 EDT | | PCLN | priceline.com upgraded to Buy from Hold at Deutsche Bank
Subscribe for More Information | | | May 19, 2013 | | 16:41 EDT | | DIS | Viacom's 'Into Darkness' tops Disney's “Iron Man 3” at box office, WSJ says
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