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May 9, 2012
12:38 EDTDTEGY, CPWM, M, DVAX, PCS, SODA, DIS, CQB, BBBY, TMOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday, but the major averages were well off the lows seen about an hour into trading. The market is down for the sixth consecutive session, its longest losing string of the year. The weakness is being attributed to concern about the fate of the euro zone as a new leader takes over in France and Greece struggles to form a government and may need to hold another round of elections. The past several sessions have seen the market open lower but rally during the later hours of the session to reduce the day's losses. So far today that trend is continuing as the averages have recovered significantly from their worst levels... ECONOMIC EVENTS: In the U.S., wholesale inventories rose 0.3% in March, versus the expected increase of 0.6%. In Europe, Spanish 10-year bond yields rose above 6% and more reports indicated that efforts to form a new government in Greece were expected to fail, putting the country's bailout deal in doubt and renewing concerns about Greece intentionally exiting or being forced off the euro. A Reuters report, citing EU sources, said the EU is more likely than not to agree to the latest EUR 5.2B bailout payment due tomorrow to Greece from the EFSF bailout fund, which may have contributed to a late morning rally seen here in the States... COMPANY NEWS: Disney (DIS) shares gained over 2% after its earnings beat expectations, while Macy's (M) slid more than 3% in spite of earnings that also came in above consensus... Toyota (TM) reported a surge in its Q4 net income and forecast a doubling of profits in the current fiscal year, sending its stock up more than 3%... MAJOR MOVERS: Among the notable gainers were SodaStream (SODA), up over 26%, after it reported much stronger than expected results and boosted its 2012 guidance, and Cost Plus (CPWM), up about 22%, after agreeing to be acquired by Bed Bath & Beyond (BBBY) for $22 per share. Also higher were shares of MetroPCS (PCS), up about 19%, after Bloomberg reported Deutsche Telekom (DTEGY) was said to be in talks with the company on a potential T-Mobile deal. Noteworthy losers included Chiquita Brands (CQB), down 32%, after its earnings fell short of consensus and it warned that it sees 2012 continuing to be "a challenging year," and Dynavax (DVAX), down more than 22%, after pricing 17.5M shares at $4.25 in a secondary stock offering... INDICES: Near 12:30 pm ET, the Dow was down 98.05, or 0.76%, to 12,834.04; the Nasdaq was down 17.19, or 0.58%, to 2,929.08; and the S&P 500 was down 9.58, or 0.70%, to 1,354.14.
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October 5, 2015
10:27 EDTBBBYRumor: Bed Bath & Beyond moves up on renewed takeover chatter
10:00 EDTMOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: AK Steel (AKS) downgraded to Hold from Buy at Deutsche Bank... Applied Materials (AMAT) downgraded to Underperform from Sector Perform at RBC Capital... BRF S.A. (BRFS) downgraded to Sell from Neutral at Goldman... BancorpSouth (BXS) downgraded to Market Perform from Outperform at Raymond James... CSI Compressco (CCLP) downgraded to Outperform from Strong Buy at Raymond James... Cal-Maine Foods (CALM) downgraded to Hold from Buy at BB&T... Century Aluminum (CENX) downgraded to Hold from Buy at Deutsche Bank... Chesapeake Lodging (CHSP) downgraded to Sector Weight from Overweight at KeyBanc... Chimerix (CMRX) downgraded to Equal Weight from Overweight at Morgan Stanley... Colfax (CFX) downgraded to Underweight from Equal Weight at Barclays... Cytec Industries (CYT) downgraded to Neutral from Buy at Sterne Agee CRT... DiamondRock (DRH) downgraded to Sector Weight from Overweight at KeyBanc... DineEquity (DIN) downgraded to Sector Weight from Overweight at KeyBanc... East West Bancorp (EWBC) downgraded to Market Perform from Outperform at Raymond James... Eaton (ETN) downgraded to Equal Weight from Overweight at Barclays... FireEye (FEYE) downgraded to Neutral from Overweight at Piper Jaffray... First Defiance Financial (FDEF) downgraded to Market Perform at Raymond James... Freeport McMoRan (FCX) downgraded to Hold from Buy at Deutsche Bank... Hi-Crush Partners (HCLP) downgraded to Market Perform from Outperform at Raymond James... Lam Research (LRCX) downgraded to Underperform from Sector Perform at RBC Capital... Macy's (M) downgraded to Neutral from Buy at Cleveland Research... Mid-America Apartment (MAA) downgraded to Neutral from Outperform at Baird... Norfolk Southern (NSC) downgraded to Underweight from Equal Weight at Barclays... Rexnord (RXN) downgraded to Equal Weight from Overweight at Barclays... Rockwell Automation (ROK) downgraded to Equal Weight from Overweight at Barclays... Scripps Networks (SNI) downgraded to Sell from Neutral at Goldman... ServisFirst (SFBS) downgraded to Outperform from Strong Buy at Raymond James... Strategic Hotels (BEE) downgraded to Sector Perform from Outperform at RBC Capital... Time Warner (TWX) downgraded to Buy from Conviction Buy at Goldman... Tyco (TYC) downgraded to Equal Weight from Overweight at Barclays... Union Pacific (UNP) downgraded to Equal Weight from Overweight at Barclays... Viacom (VIAB) downgraded to Neutral from Buy at Goldman.
09:54 EDTMMacy's downgraded to Neutral on challenging sales trends at Cleveland Research
As previously reported, Cleveland Research downgraded Macy's to Neutral from Buy. Analyst Matthew Delly said Macy's underlying sales trends look difficult through mid-quarter, with weak customer traffic levels during both back-to-school and September, lower tourism levels, and mounting issues with merchandising mix.
09:22 EDTMMacy's downgraded to Neutral from Buy at Cleveland Research
October 4, 2015
19:47 EDTTMAutomakers ask for easier European emissions tests, NY Times says
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18:42 EDTDISDisney considering demand-based pricing for theme parks, WSJ says
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October 2, 2015
07:34 EDTTMToyota recalling 423,456 2009-2012 RAV4 vehicles
Toyota Motor Engineering & Manufacturing is recalling 423,456 model year 2009-2012 RAV4 vehicles manufactured October 27, 2008, to December 19, 2012 and 2012-2014 RAV4 EV vehicles manufactured July 24, 2012, to August 29, 2014. In the affected vehicles, water may drip onto the joint the connects the wiper linkage to the wiper motor. Over time, the dripping water may cause corrosion and wear at the joint, potentially resulting in the separation of the wiper linkage. Once this occurs, the wipers would not function, reducing driver visibility and increasing the risk of a crash.
October 1, 2015
11:14 EDTTMToyota reports September U.S. sales up 16.2% to 194,370 units
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11:09 EDTTMToyota reports September U.S. sales up 16.2%, Bloomberg says
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10:37 EDTDISBofA/Merrill's Top 10 US Ideas for Q4 2015
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10:16 EDTBBBYOptions with decreasing implied volatility: WMB TEX BBBY NKE
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05:56 EDTTMTrueCar boosts 2015 U.S. sales forecast to 17.4M from 17.2M
TrueCar (TRUE) raised its 2015 annual forecast by 200,000 units to 17.4 million as sales growth in the remaining months of 2015 is poised to remain vigorous. New auto sales in September, aided by a later-than-usual Labor Day, should expand by 12.6 percent from a year ago, while the Seasonally Adjusted Annual Rate should reach 17.7 million units. That strength underpins TrueCar's revised full-year industry forecast of 17.4 million units, the highest volume since 2000. Retail share of the total industry likely expanded a full point in September versus last year, indicating busier-than-average showrooms. Confident consumers are expected to push new vehicle revenue to a record $45 billion for the month, up 13.2 percent versus the same period last year. Publicly traded companies in the space include Fiat Chrysler (FCAU), Ford (F), General Motors (GM), Honda (HMC), Nissan (NSANY), Toyota (TM), Daimler (DDAIF) and Volkswagen (VLKAY). TrueCar EVP Larry Dominique commented, "Volkswagen's stop sell of diesel vehicles in the U.S. causes a noticeable hit to its September revenue, with a 7.7 percent decline. We expect sales to dip by at least by 5 percent and incentives to increase by $235 per unit, which will be essential to push non-impacted models off the lots."
September 30, 2015
10:52 EDTBBBYOptions with decreasing implied volatility
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09:03 EDTMMetLife leads insurers giving $1B, 12-year loan to refinance luxury mall
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September 29, 2015
15:19 EDTDISDiscovery drops as investor day fails to dispell cord-cutting fears
Shares of Discovery Communications (DISCA) have dropped today as the company held its first-ever investor day amid ongoing concerns about the potential decline of pay TV. NEW GUIDANCE: Discovery Chief Financial Officer Andrew Warren updated the company's full year 2015 outlook, saying he expects constant currency adjusted earnings per share to grow in the low double digits. The company expects revenue for the year to grow 9%-10%, with free cash flow up in low single digits. Meanwhile, year over year currency headwinds were seen deducting $460M from revenue and 24c-29c from adjusted EPS. Discovery also established long-term guidance, saying it sees its adjusted EPS compound annual growth rate up in low double digits from 2015 to 2018, on a constant currency basis. "Third quarter results are on track, highlighted by strong U.S. advertising growth," Warren added. THREE BILLION SUBSCRIBERS: CEO David Zaslav commented during the investor day that the company is "confident in the long-term outlook for our business," adding that Discovery expects to reach 3B cumulative worldwide subscribers by year's end. The Chief Executive highlighted what he called five differentiators for Discovery's growth potential, including its ownership of a growing and diverse portfolio of content and IP "that uniquely positions Discovery for the changing media landscape." CORD CUTTING: Multiple Discovery executives showcased the company's European products, including Eurosport and the Eurosport Player OTT service, as well as the company's apparent first-mover advantage in Latin America. The seemingly increased attention on foreign initiatives comes as U.S. cord-cutting trends continue generating headlines, with Citi analyst Jason Bazinet arguing as recently as September 18 that Disney (DIS) would be the only cable network to make more money in a bundle-free world. According to media reports of today's Discovery event, Chief Executive Zaslav said "it's not rational" that media companies are selling so much of their content to streaming services like Netflix (NFLX) that threaten the appeal of cable bundles. The CEO added that Discovery has assumed a 1%-2% decline in pay TV over "the next couple of years," though he reassured investor day attendees that the company's adjusted operating income should be roughly flat even in a worst-case scenario. PRICE ACTION: Shares of Discovery crashed as much as 7% in early morning trading before seeing hesitant moves higher. The stock is down just under 4% to roughly $26.70 heading towards session close.
13:55 EDTDTEGYT-Mobile could be eventual target for Altice, dealReporter says
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September 28, 2015
10:18 EDTMJ.C. Penney rises after CEO meeting prompts upgrade
Shares of J.C. Penney (JCP) are rising in morning trading after a Sterne Agee CRT analyst upgraded the retailer to Buy with a $13 price target following a meeting with the company's new chief executive officer. WHAT'S NEW: Sterne Agee CRT analyst Charles Grom upgraded J.C. Penney this morning to Buy from Neutral with a $13 price target after recently spending time with new CEO Marvin Ellison at the company's headquarters. Grom said he came away from the meeting "more confident" in the company's turnaround plan, adding that Ellison has the "right demeanor" and business sense to lead the company and "right the ship." Ellison took over as CEO of the retailer on August 1, replacing previous CEO Myron "Mike" Ullman. Sterne's Grom said that while the firm has previously been critical of the retailer's strategy, he believes the initiatives, led by Ellison, are "refreshing" and could boost the company's EBITDA. Grom thinks Ellison is the right person to help revive J.C. Penney and believes the company can surpass its long-term EBITDA target of $1.2B by 2017, saying that this goal "may prove to be a floor rather than a ceiling." Additionally, the analyst sees "multiple levers" to drive same-store sales higher. Despite his optimism in J.C. Penney's recovery story, the analyst notes that U.S. consumer spending is shifting away from traditional items in department stores toward move service-oriented products, traditional mall traffic trends remain "suppressed" and weather trends across the U.S. in August and September were not "ideal" for mall-based retailers. WHAT'S NOTABLE: J.C. Penney recently named John Tighe as executive vice president and chief merchant, effective October 1. Tighe, most recently senior vice president and senior general merchandise manager for the men's, children's, footwear, handbag and intimate apparel divisions, will succeed Elizabeth "Liz" Sweney, the company said. On August 31, Deutsche Bank analyst Paul Trussell upgraded J.C. Penney to Buy from Hold and raised his price target on the stock to $12 from $10, calling the company a "self-help story." Trussell noted that the company has already improved its merchandise mix and is now moving toward better pricing and fewer markdowns. Trussell said that the company's target of mid-single digit same-store sales growth looks "achievable" and its brands and assortment "look right." OTHERS TO WATCH: Other department store operators include Macy's (M), Kohl's (KSS) and Sears Holdings (SHLD). PRICE ACTION: J.C. Penney is up 1.5% to $9.57 in morning trading and is up nearly 50% year-to-date.
10:14 EDTBBBYOptions with decreasing implied volatility
Options with decreasing implied volatility: HRTX ARWR RHT BBBY
09:36 EDTDIS Active equity options trading on open
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06:42 EDTMPerfume makers look to Wal-Mart, Target, WSJ reports
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