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Stock Market & Financial Investment News

News Breaks
December 4, 2012
12:08 EDTMSPD, BIDU, PBY, GERN, YOKU, BIG, GALE, UEPS, SINA, DRIOn The Fly: Midday Wrap
Stocks on Wall Street were mixed at midday in a lackluster trading session, with the Dow the leader and the Nasdaq the laggard. In the latest chapter of the unfolding fiscal cliff drama, President Obama’s administration rejected a Republican plan that did not include higher tax rates for wealthy Americans. The next batch of cliff headlines may come from an interview that President Obama has scheduled for this afternoon on Bloomberg Television... ECONOMIC EVENTS: No major economic data was released in the U.S. Internationally, the Reserve Bank of Australia cut its key benchmark interest rate to 3.00% from 3.25%, as expected, and the Bank of Canada maintained its target for its overnight rate at 1%... COMPANY NEWS: Darden Restaurants (DRI), the parent company of Olive Garden, Red Lobster and LongHorn Steakhouse, warned its profit for the current quarter and the year may fall well short of analyst expectations. The company, whose shares tumbled nearly 10% after the outlook announcement, blamed failed promotions and negative press on its tests to limit rising health care costs for its under performance... Among companies reporting quarterly results, Big Lots (BIG) advanced 9.7% while Pep Boys (PBY) declined 13.7%... A number of U.S.-listed Chinese companies traded lower after the SEC charged the Chinese subsidiaries of the four major U.S. accounting firms with refusing to cooperate in investigations of alleged accounting fraud at Chinese companies. Shares of Sina (SINA), Youku Tudou (YOKU) and Baidu (BIDU) were among those declining following the news... MAJOR MOVERS: Among the notable gainers were Galena Biopharma (GALE), up almost 10% after signing a commercialization partnership for its NeuVax drug with Teva (TEVA), and Mindspeed Technologies (MSPD), up 7% after raising its Q1 revenue view. Among the noteworthy losers was Net 1 UEPS (UEPS), which plunged 56% after disclosing the DOJ and FBI are investigating the company for potential violations of the Foreign Corrupt Practices Act. Also lower were shares of Geron (GERN), down 25% after it discontinued development of a treatment for brain cancer, announced job cuts and said its CFO is leaving the company to pursue other opportunities... INDICES: Near noon, the Dow was up 15.36, or 0.12%, to 12,980.96; the Nasdaq was down 11.77, or 0.39%, to 2,990.43; and the S&P 500 was down 1.88, or 0.13%, to 1,407.58.
News For DRI;BIG;PBY;SINA;YOKU;BIDU;UEPS;GERN;MSPD;GALE From The Last 14 Days
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February 12, 2016
12:33 EDTBIDUOn The Fly: Top stock stories at midday
Stocks on Wall Street began the session in positive territory and have continued to gain upside momentum throughout the session. The are being aided by a surge in oil prices, which have rallied more than 10% on the heels of reports that OPEC nations may be ready to talk about a production freeze. The market, hoping to put an end to it recent losing streak, looks on track to do so with participation likely to tail off in the afternoon ahead of a long holiday weekend. ECONOMIC EVENTS: In the U.S., retail sales increased 0.2% in January, versus expectations for an increase of 0.1%. Import prices dropped 1.1%, while export prices fell 0.8% last month. The University of Michigan's consumer sentiment index fell to 90.7 in the preliminary February print, versus expectations for a 92.3 reading. In Europe, the euro zone's gross domestic product grew by 0.3% in the last three months of 2015, meeting expectations. In Asia, Japan suffered another ugly day, with its key indexes each falling about 5%, after the market reopened following a one-day holiday. COMPANY NEWS: Square (SQ) advanced 8% after credit card giant Visa (V) disclosed in a regulatory filing that it holds shares in the company that could convert to the equivalent of a 9.99% stake in the payments up-and-comer. The details about the stake held by the Dow member, which has held an investment in Square since prior to its IPO, also appeared to give a boost to Twitter (TWTR), which both share Jack Dorsey as their Chief Executive Officer... The Dow is being helped by the advance in shares of JPMorgan (JPM), which are higher by 8% after its CEO Jamie Dimon disclosed he bought 500,000 shares of the bank's stock in the open market yesterday. MAJOR MOVERS: Among the noteworthy gainers was Baidu (BIDU), which rallied 9% after it received a non-binding proposal to acquire Qiyi.com. Also higher were Groupon (GRPN) and Wynn Resorts (WYNN), which gained 27.5% and 13.5%, respectively, after reporting quarterly earnings. Among the notable losers was Pandora (P), which fell 12% after the company reported lower than expected fourth quarter earnings per share. The loss gave back all of the gains, and then some, that the stock enjoyed yesterday after the New York Times said the music service operator has held talks about selling the company. Also lower were Activision Blizzard (ATVI) and CBS (CBS), which were down 9.5% and 1%, respectively, after reporting quarterly results. INDEXES: Near midday, the Dow was up 236.58, or 1.51%, to 15,896.76, the Nasdaq was up 58.02, or 1.36%, to 4,324.85, and the S&P 500 was up 28.03, or 1.53%, to 1,857.11.
08:11 EDTBIDUBaidu receives non-binding offer to acquire Qiyi.com
Baidu announced that its board of directors has recently received a non-binding proposal from Robin Yanhong Li, chairman and CEO of Baidu, and Yu Gong, CEO of Qiyi.com, proposing to acquire all of the outstanding shares of Qiyi beneficially owned by Baidu based on an enterprise valuation of $2.8B for 100% of Qiyi on a cash-free and debt-free basis. Pursuant to the non-binding proposal, the buyers expect that Qiyi will remain a strategic partner of Baidu after the consummation of the transaction and enter into business cooperation agreements with Baidu. Baidu currently owns 80.5% of Qiyi's total outstanding shares on an as-converted and fully-diluted basis. The Board has formed a special committee comprised of three independent directors to evaluate the transaction. "The Board cautions Baidu's shareholders and others considering trading in its securities that the Board recently received the non-binding proposal and no decisions have been made with respect to Baidu's response to the proposal. There can be no assurance that any definitive offer will be made, that any legally binding agreement will be executed or that this or any other transaction will be approved or consummated," Baidu stated.
February 8, 2016
08:31 EDTUEPSNet 1 UEPS weakness a buying opportunity, says Baird
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07:25 EDTGALEBiotech Industry Organization to hold a conference
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07:13 EDTGALEGalena receives notice of allowance of U.S. patent for NeuVax
Galena Biopharma announced the United States Patent Office issued a Notice of Allowance for an additional U.S. patent application covering multiple uses of NeuVax. NeuVax is a peptide immunotherapy currently being evaluated for the prevention of cancer recurrence and is Galena's lead development agent in multiple ongoing and planned clinical trials. This patent will expand both the protection and the potential population of cancer patients NeuVax may address. Once issued, the patent will expire in 2028, not including any patent term extensions.
February 5, 2016
06:33 EDTBIDUChinese public growing unhappy with Baidu, WSJ says
The people of China are becoming unhappy with Baidu, and the internet search giant needs to exercise a balance to maintain profit and public interest, Wall Street Journal columnist Li Yuan says. Yuan brings up the example of Pan Longfei, a man with a rare heart and kidney disease who was led astray to a private hospital featured on a sponsored link on Baidu, when a public hospital in Guangzhou was able to properly diagnose and treat his condition better. Baidu is the largest search engine in China with approximately 80% of the market, the report says. Pan joined a revolt against Bauidu after seeing a post claiming that Baidu populated the web with information from shoddy businesses, including a hospital which reportedly didn't have a medical license, the report says. Reference Link
February 4, 2016
16:16 EDTUEPSNet 1 UEPS lowers FY16 EPS to at least $2.45 from $2.57, one estimate $2.08
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16:14 EDTUEPSNet 1 UEPS reports Q2 EPS 42c with items, one estimate 51c
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February 3, 2016
07:34 EDTPBYIcahn Enterprises announces expiration of cash tender offer for Pep Boys shares
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February 1, 2016
10:08 EDTGALEHigh option volume stocks
High option volume stocks: NOK HLT NCLH DF GALE VMW DPS SYY SYMC PGR
January 29, 2016
10:05 EDTDRIOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Abbott (ABT) downgraded to Market Perform from Outperform at William Blair... Chuy's (CHUY) downgraded to Market Perform from Outperform at Raymond James... Cypress Semiconductor (CY) downgraded to Neutral from Buy at Sterne Agee CRT... Darden (DRI) downgraded to Underperform from Market Perform at Raymond James... Dominion (D) downgraded to Neutral from Buy at UBS... Ensco (ESV) downgraded to Neutral from Buy at Citi... First Financial (FFIN) downgraded to Sell from Hold at Sandler O'Neill... Global Partners (GLP) downgraded to Neutral from Overweight at Mitsubishi UFJ... Investors Bancorp (ISBC) downgraded to Sell from Neutral at Compass Point... NetScout (NTCT) downgraded to Hold from Buy at Needham... Precision Castparts (PCP) downgraded to Sell from Buy at Gabelli... Spirit AeroSystems (SPR) downgraded to Sell from Neutral at Goldman... Synaptics (SYNA) downgraded to Buy from Strong Buy at Needham... Terex (TEX) downgraded to Market Perform from Outperform at Avondale... UniCredit (UNCFF) downgraded to Hold from Buy at Berenberg... United Rentals (URI) downgraded to Neutral from Positive at Susquehanna... Xcel Energy (XEL) downgraded to Neutral from Outperform at Macquarie.
06:23 EDTDRIDarden downgraded to Underperform from Market Perform at Raymond James
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