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December 18, 2013
12:29 EDTF, FDX, AAPL, CHL, CVS, VCI, JBL, MUOn The Fly: Midday Wrap
Stocks on Wall Street were mixed at midday as all eyes and ears are trained on the Fed, despite big news earlier this morning from Ford (F) and FedEx (FDX). Federal Reserve officials are wrapping up their last meeting of the year and investors eagerly await news on whether the central bank will start trimming its $85B per month bond-buying program in the wake of recently improved economic data and the two-year budget deal passed earlier this month. ECONOMIC EVENTS: In the U.S., the MBA mortgage market index for last week sank 5.5%. Housing starts rose 22.7% in November to a 1.09M rate, versus expectations for a 955K rate. Building permits decreased 3.1% last month to a 1M rate, versus expectations for a decline of 4.7% to a 990K rate. However, the big economic events of the day await, as the Federal Reserve is scheduled to release its statement and projections after its two-day meeting at 2:00 pm ET, to be followed by Chairman Ben Bernanke’s press conference at 2:30 pm ET. COMPANY NEWS: Ford (F) was among the worst performers in the S&P 500, falling about 7% after the carmaker projected pre-tax profit excluding certain items of $7B-$8B in fiscal year 2014, which is below its expectation for total company pre-tax profit of about $8.5B in this fiscal year. Beyond 2014, Ford said it "generally remains on track" to achieve its mid-decade outlook, but its Automotive operating margin target of 8%-9% is at risk due to the "severe" European downturn and conditions in South America, especially in Venezuela, that were not anticipated at the time the guidance was provided in 2011. Shipping giant FedEx (FDX) reported second quarter sales and profit that missed analysts' consensus expectations, but its shares held near their opening levels as the company also raised its forecast of full-year earnings per share growth to 8%-14% from its prior call for 7%-13% growth. MAJOR MOVERS: Among the notable gainers was Valassis (VCI), which rose over 21% after a subsidiary of MacAndrews & Forbes agreed to acquire all of the outstanding shares of Valassis for $34.04 per share in cash. Also higher were shares of CVS Caremark (CVS), which advanced 2% after the company raised its dividend 22%, approved a new $6B share buyback and issued 2014 guidance. Among the noteworthy losers was Jabil Circuit (JBL), which plunged 21% after the company agreed to sell its aftermarket services unit for $725M, issued a second quarter earnings and sales view that missed expectations, and saw its shares downgraded by at least three firms. Jabil's disappointing outlook may have also weighed on one of its largest and most noteworthy customers, Apple (AAPL), which was down 2% near noon, though its weakness may also be attributable to reports that the company has yet to strike a deal with China's largest carrier, China Mobile (CHL). Also lower were shares of Micron (MU), which fell over 7% after Bloomberg reported that one of the company's competitors, Hynix, plans to build a new factory in South Korea. INDEXES: Near noon, the Dow was up 28.03, or 0.18%, to 15,903.29; the Nasdaq was down 17.40, or 0.43%, to 4,006.28; and the S&P 500 was down 1.13, or 0.06%, to 1,779.87.
News For F;FDX;AAPL;CHL;CVS;VCI;JBL;MU From The Last 14 Days
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April 4, 2014
09:36 EDTMU, AAPLActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL TSLA MU GNK AMZN FB GILD MA NFLX
09:13 EDTMUOn The Fly: Pre-market Movers
HIGHER: Mylan (MYL), up 6.8% after report of desire to buy Swedish rival Meda, which confirmed it had been in talks with Mylan but rejected the company's takeover offer. Shares of Mylan were also upgraded to Buy this morning at Citigroup... Mercury Systems (MRCY), up 8.8% after Reuters said Boeing (BA) is considering a takeover bid of the supplier..Micron (MU), up 3% after reporting earnings and revenue that topped expectations... Align (ALGN), up 6% after winning patent case against ClearCorrect... GameStop (GME), up 2.8% following upgrade at BofA Merrill Lynch... Potbelly (PBPB), up 4.6% after upgrade at William Blair.... SYNNEX (SNX), up 18.5% after earnings report. LOWER: CarMax (KMX), down 3.3% after reporting earnings and revenue that fell below expectations... Halozyme (HALO), down 33% after announcing temporary halt of Phase 2 trial enrollment for PEGPH20... Ocean Power (OPTT), down 15% after 3.8M share Spot Secondary priced at $3.10.
08:18 EDTAAPLApple June quarter results likely to miss expectations, says BMO Capital
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08:15 EDTMUMicron price target raised to $40 from $34 at Needham
Needham raised its price target for Micron shares to $40 citing favorable DRAM dynamics and gross margin expansion following the company's better than expected quarter. The firm sees see continued share upside and keeps a Buy rating on the stock.
07:55 EDTFFord outpacing rivals in China on strength of SUVs, WSJ says
Thanks in large part to a rising demand in China for sport-utility vehicles, Ford's (F) China deliveries jumped past Toyota (TM) in 2013 and the U.S. automaker also gained on General Motors (GM) and Volkswagen (VLKAY), who it has similarly trailed in China for years, reported The Wall Street Journal. Reference Link
06:14 EDTAAPLApple acquires Novauris, terms not disclosed, Re/code reports
Apple has confirmed that it has acquired Novauris Technologies, a speech technology company, Re/code reports. Reference Link
06:13 EDTMUMicron strong DRAM profitability to continue, says Jefferies
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05:45 EDTMUMicron assumed with an Overweight at Piper Jaffray
Price target lowered to $30 from $32.
April 3, 2014
18:56 EDTMUOn The Fly: After Hours Movers
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17:16 EDTMUMicron sees five year NAND demand CAGR in high 30% to low 40% range
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16:47 EDTMUMicron provides Q3 Bit Growth, ASP, Cost/Bit guidance
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16:37 EDTMUMicron sees FY14 CapEx $2.6B-$3.2B
Comment from presentation slides on Q2 earnings.
16:19 EDTMUMicron reports Q2 consolidated gross margin 34%
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16:10 EDTMUMicron reports Q2 adjusted EPS 85c, consensus 76c
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16:00 EDTAAPLOptions Update; April 3, 2014
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15:05 EDTMUMicron April weekly 24 straddle priced for 8.6% move into Q2
09:37 EDTAAPLActive equity options trading on open
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09:30 EDTF, AAPLApple, Pfizer others create 'go slow' patent lobby group, Reuters says
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07:40 EDTAAPLApple bulls bet new products to prompt stock revival, Bloomberg says
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07:16 EDTMUMicron April volatility elevated into Q2 and outlook
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