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Stock Market & Financial Investment News

News Breaks
July 21, 2014
12:10 EDTEMC, VMW, AGN, VRX, ITRI, KNDI, EXTR, EZPWOn The Fly: Midday Wrap
Stocks on Wall Street began the session in negative territory and have remained there throughout the morning. The focus has been on the events in both Israel and Russia, which have pushed earnings into the background for now. The President spoke this morning and called for an immediate ceasefire in Gaza and for the Russian separatists to stop tampering with evidence. The losses remain moderate as investors remain concerned about the world stage but are bracing for a number of huge earnings reports this week, including the latest sales figures from Apple (AAPL), Microsoft (MSFT) and Verizon (VZ). ECONOMIC EVENTS: In the U.S., the Chicago Fed's National Activity Index dipped to 0.12 in June from a reading of 0.16 in May. The index has been in positive territory, reflecting above trend growth, since February. COMPANY NEWS: Shares of EMC (EMC) advanced 4% after the Wall Street Journal reported, citing sources, that activist investor Elliott Management has taken a stake of over $1B in the data-storage company and plans to push it to break itself up. Elliott reportedly believes EMC's stock would get a boost from spinning off VMware (VMW), in which it owns an 80% stake. Shares of VMware were down a bit over 1% following the Journal's report... Allergan (AGN) rose about 2% after the company's Q2 results and its FY14 outlook beat expectations. The company, which is working to fend off a proposed acquisition by Valeant Pharmaceuticals (VRX), also announced plans to cut its workforce by about 1,500 employees as part of a broader restructuring effort. In related news, Valeant announced it has contacted both the SEC and Canadian financial authorities regarding Allergan's "apparent attempt to mislead investors and manipulate the market for Valeant common shares by continuing to make false and misleading statements regarding Valeant's business." MAJOR MOVERS: Among the notable gainers was Extreme Networks (EXTR), which rose 15% after the company raised its Q4 earnings per share outlook and narrowed its Q4 revenue view. Also higher were shares of Chinese electric car maker Kandi Technologies (KNDI), which gained 10% after a Chinese newspaper reported that electric cars made outside of China would not qualify for a key tax break in the country, though domestically-made ones would. Among the noteworthy losers was EZCORP (EZPW), which dropped 12% after it appointed CFO Mark Kuchenrither as its interim CEO and President and its stock was downgraded to Neutral from Buy at Sidoti. Also lower were shares of Itron (ITRI), which fell 8% after Bank of America Merrill Lynch downgraded the stock two notches to Underperform from Buy, citing its view that meter deployments will not support the stock's current valuation given continued delays and lower than expected margins. INDEXES: Near midday, the Dow was down 72.05, or 0.42%, to 17,028.13, the Nasdaq was down 17.99, or 0.41%, to 4,414.15, and the S&P 500 was down 8.27, or 0.42%, to 1,969.95.
News For EMC;VMW;AGN;VRX;ITRI;KNDI;EXTR;EZPW From The Last 14 Days
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October 8, 2014
08:55 EDTEMC, VMWEMC rises after VMware separation urged by Elliott Management
Shares of EMC Corp. (EMC) are higher in pre-market trading after investor Elliott Management, affiliates of which collectively own or have economic exposure to about 2.2% of the common stock and equivalents of EMC, sent a letter to the company's board detailing the firm's recommendations, including a separation of VMware (VMW) from Core EMC. Shares of EMC are up about 1% to $28.39 following Elliott's public disclosure of its letter to the company's board.
08:54 EDTEMC, VMWElliott Management urges separation of VMware from EMC
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08:42 EDTAGNSalix shares should be bought on weakness, says Sterne Agee
After Reuters yesterday afternoon reported that Actavis (ACT) plans to make a new merger approach to Allergan (AGN), Sterne Agee believes that Salix's standalone value is $162. The firm expects the shares to reach that level following approval of its Xifaxan IBS-D drug after the February 2015 PDUFA date.
08:31 EDTEMCElliott Management sends letter to EMC board
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08:08 EDTVMWVMware should be bought ahead of earnings, says Pacific Crest
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07:19 EDTAGNCBI to hold a conference
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06:23 EDTVRX, AGNActavis more inclined to pursue Allergan over Salix, says Citigroup
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October 7, 2014
18:29 EDTAGN, VRXOn The Fly: After Hours Movers
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18:05 EDTAGN, VRXValeant, Pershing Square plan to raise Allergan bid by $15 a share, WSJ says
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17:52 EDTVRX, AGNAllergan up 2.8% after Dow Jones says Valeant planning to boost bid for company
17:49 EDTAGN, VRXValeant up 3.9% after Dow Jones says planning to boost Allergan bid
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17:47 EDTAGN, VRXValeant, Pershing Square planning to boost Allergan bid by $15 a share, DJ says
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15:21 EDTAGN, VRXAllergan warms to sale as Actavis plans new approach, Reuters says
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15:01 EDTAGNAllergan up 1.5% following report on Actavis planned approach on merger
14:59 EDTAGNActavis plans new approach to Allergan, Reuters reports
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10:50 EDTKNDIKandi Technologies mentioned cautiously by ShareSleuth
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08:09 EDTEMCHP undisclosed info seen pointing to life in EMC talks, Bloomberg reports
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07:48 EDTAGNSalix reinstated with a Buy at Jefferies
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07:12 EDTVRX, AGNAllergan requests Ackman be hindered from voting at meeting, Bloomberg says
In an effort to avoid an unsolicited $54B acquisition offer from Valeant Pharmaceuticals (VRX), Allergan (AGN) filed a request in a California court for a judge to hinder Bill Ackmanís Pershing Square from voting its 10% stake at the December shareholder meeting, according to Bloomberg, citing the filing. A hearing regarding Allergan's request is set to occur on October 28. Reference Link
07:03 EDTEMCEMC valuation of $39 per share achievable, says RBC Capital
RBC Capital valued each of EMC's business lines separately following recent spin-offs in the tech space and concluded that fair valuation of $39 per share is achievable. RBC believes shares are positioned to break out of a long held trading range and that now is an appropriate time for the company to look at strategic alternatives with CEO Joe Tucci retiring in February 2015. The firm has an Outperform rating on EMC with a $33 price target.
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