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Stock Market & Financial Investment News

News Breaks
February 3, 2014
12:16 EDTBEAT, ARTC, AAPL, JOSB, FIATY, MW, AKAM, GM, SNN, LVLT, RSH, FOn The Fly: Midday Wrap
Stocks on Wall Street were sharply lower at midday in the first trading day of February, which is opening with a downbeat session reminiscent of many seen last month. Reports showed that manufacturing activity slumped in January in both the U.S. and in China. Adding to the negative sentiment were reports from auto makers showing that sales dropped for most of them amid January's frigid weather. ECONOMIC EVENTS: In the U.S., ISM's manufacturing Purchasing Managers' Index, or PMI, for January plunged to 51.3. The decline was significantly worse than forecast by economists. A separate manufacturing PMI for January from Markit was unchanged from the preliminary 53.7 reading, though that was down 1.3 points from December's 55.0 figure. Construction spending inched up 0.1% in December, versus expectations for it to have remained flat. In China, data released over the weekend showed factory growth slumped to a six-month low in January, with the nation's official manufacturing PMI falling to 50.5 in January from 51 last month. China's official non-manufacturing PMI fell to 53.4 in January from 54.6 in December. The lone bright spot among the global manufacturing data releases came from Europe, where Markit's eurozone manufacturing sector PMI rose to a 32-month high of 54 points in January from 52.7 in December. COMPANY NEWS: Ford (F) shares fell 3% after the company's U.S. sales declined 7% from a year ago to 154,644 vehicles in January. General Motors (GM) reported an even worse decline of nearly 12% in the month to 171,486 vehicles sold and its shares also slid 2%. Fiat-owned (FIATY) Chrysler was the only one of the "Big Three" to report a sales increase in the month, stating "the bad weather only seemed to affect our competitors' stores as we had a great January with sales up 8%." U.S. industry vehicle sales, which previously came in at a 15.6M unit pace in December and were expected to rise to a 15.7M unit rate, were estimated by GM to actually have declined to a 15.3M unit pace in the month. MAJOR MOVERS: Shares of RadioShack (RSH) appeared to benefit from a positive reaction to the company's Super Bowl advertising, with the stock rising more than 9% near noon following last night's game. Another notable gainers was ArthroCare (ARTC), which rose 7% after the U.K.'s Smith & Nephew (SNN) agreed to buy the U.S. medical device maker in a $1.37B deal. Also higher was BioTelemetry (BEAT), which surged 22% after the company announced it achieved a victory in its patent infringement case against Mednet, which it subsequently agreed to acquire in an accretive transaction. Among the noteworthy losers was JoS. A. Bank (JOSB), which fell over 3% after The Wall Street Journal reported the company is in talks to buy sportswear retailer Eddie Bauer, which could complicate the ongoing takeover battle Jos. A. Bank has been having with Men's Wearhouse (MW). Also, Jos. A. Bank made public a letter it sent to Men's Wearhouse, saying the most recent buyout offer its peer made is inadequate. Also lower were shares of Akamai (AKAM), which fell 4% after a blog report claimed Apple (AAPL) has recently hired a number of employees as part of a new group assigned to build out a new content delivery network, or CDN. Apple has historically relied on CDN providers Akamai and Level 3 (LVLT), the Streaming Media report noted. INDEXES: Near midday, the Dow was down 232.90, or 1.48%, to 15,465.95, the Nasdaq was down 74.29, or 1.81%, to 4,029.59, and the S&P 500 was down 28.08, or 1.58%, to 1,754.51.
News For F;GM;JOSB;RSH;AKAM;AAPL;LVLT;MW;ARTC;SNN;FIATY;BEAT From The Last 14 Days
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January 27, 2016
09:12 EDTAAPLOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Biogen (BIIB), up 5.6%... Hawaiian Holdings (HA), up 6.7%... Capital One (COF), up 1.5%. ALSO HIGHER: Capnia (CAPN), up 34.1% after entering into an exclusive distribution agreement with Bemes... Fate Therapeutics (FATE), up 18.6% after announcing that the FDA has cleared the company's investigational new drug application for ProTmune... Raptor Pharmaceutical (RPTP), up 12.1% after being upgraded to Buy from Neutral at Citi... Aquinox (AQXP), up 5.6% after Baker Bros. buys 140,786 shares in the company... Sunedison (SUNE), up 7.4% after SunEdison and Greenlight Capital announced that they have mutually agreed to corporate governance initiatives... Citizens Financial Group (CFG), up 3% after it will be added to the S&P 500... Terex (TEX), up 5.2% after being upgraded to Neutral from Underweight at JPMorgan. DOWN AFTER EARNINGS: Tupperware Brands (TUP), down 11.4%... VMware (VMW), down 6.5%... Textron (TXT), down 9.9%... Cliffs Natural (CLF), down 5.8%... Boeing (BA), down 6.2%... Fiat Chrysler (FCAU), down 3%... Apple (AAPL), down 3.4%. ALSO LOWER: Priceline (PCLN), down 2.9% after being downgraded to Neutral from Buy at Goldman... Bed Bath & Beyond (BBBY), down 4.2% after being downgraded at Citi and KeyBanc... Tripadvisor (TRIP), down 5.5% after being downgraded to Sell from Neutral at Goldman.
09:01 EDTFFord Ohio Assembly Plant adds Ford F-Series Super Duty chassis cab
Ford announced that its Ohio Assembly Plant will support additional production of the all-new 2017 Ford F-Series Super Duty chassis cab. Together with Kentucky Truck Plant, Ohio Assembly will produce F-350, F-450 and F-550 Super Duty chassis cab configurations.
08:16 EDTAAPLApple set-up 'increasingly attractive,' says Bernstein
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08:11 EDTAAPLApple guidance better than feared, says Morgan Stanley
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08:02 EDTAAPLApple price target lowered to $120 from $140 at Stifel
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07:57 EDTAAPLCiti recommends buying Skyworks on Apple weakness
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07:49 EDTAAPLApple revenue view already factored in Skyworks, Qorvo shares, says Stephens
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07:45 EDTAAPLApple price target lowered to $130 from $145 at Citi
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07:39 EDTAAPLApple price target lowered to $130 from $150 at FBR Capital
FBR Capital analyst Daniel Ives says Apple CEO Tim Cook "finally ripped the band-aid off" and lowered the company's outlook based on softer iPhone 6S demand and a choppy macro environment. Apple has a "few tough quarters ahead" pending the iPhone 7 buildup later this year, Ives tells investors in a post-earnings research note. He lowered his price target for the iPhone maker to $130 from $150 and keeps an Outperform rating on the name.
07:36 EDTAAPLApple price target lowered to $120 from $130 at UBS
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07:33 EDTAAPLApple to remain range bound , says RBC Capital
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07:23 EDTAAPLApple guidance more firm than expected, says Brean Capital
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07:18 EDTAAPLApple outlook still positive, says Oppenheimer
After Apple's guidance indicated that iPhone sales would decline during the current quarter, Oppenheimer nonetheless believes that the company's "growth potential in China and other emerging markets has not been fully realized." The firm says that patient investors in the stock will be rewarded. It keeps a $120 price target and Outperform rating on the shares.
07:03 EDTAAPLDeutsche still sees limited catalysts for Apple shares
Deutsche Bank analyst Sherri Scribner says Apple's March quarter guidance implies a "significant decline" year-over-year in iPhone units, which likely drives a decline for FY16. The analyst remains concerned about the lack of growth in iPhone units this year, the slowdown in China sales and gross margin pressure following Apple's Q1 results. She sees limited catalysts for the shares in the near term and expects the stock to be range-bound. In a post-earnings research note titled "Is Apple season over?", Scribner keeps a Hold rating on the iPhone maker with a $105 price target.
06:59 EDTAAPLOptions expected to be active: AAPL FB AMZN BIIB GD HES TXT BA UTX X T
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06:35 EDTAAPLiPhone 7 Plus may include dual camera system, 9to5Mac reports
Apple's iPhone 7 Plus will likely include a dual-camera system, 9to5Mac reports, citing Apple analyst KGI securities. By using two separate lenses, Apple can use the additional image data to create higher quality pictures, the report says. Reference Link
06:28 EDTAAPLApple reported strong Q1 but guided weak for Q2, says JPMorgan
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06:20 EDTAAPLPiper's Munster says Apple remains top pick for 2016
Piper Jaffray analyst Gene Munster believes Apple's "insistence on broader macroeconomic headwinds" during its Q1 earnings conference call "may have spooked investors." He points out shares are trading down 3% despite iPhone guidance coming in above buy-side expectations. If macro headwinds remain an issue for Apple, the entire market would be impacted and the iPhone maker would be a relative winner, Munster tells investors in a post-earnings research note. He believes investors will view the safety of Apple's capital return program as a positive. Munster still predicts multiple expansion for Apple given the iPhone 7 and easier comps at the end of the year. The analyst lowered his price target for the stock to $172 from $179 but says Apple remains his top pick for 2016.
06:01 EDTFIBM names Ford President and CEO Mark Fields to board, effective March 1
The IBM (IBM) board of directors yesterday elected Mark Fields to the board effective March 1, 2016. Fields is president and CEO, Ford (F). Ginni Rometty, IBM chairman, president and CEO, said: "We are pleased that Mark will be joining the IBM board of directors. Mark led the highly successful transformation of his company in a competitive industry where technology has driven innovation. He is leading Ford into a future where cars are not only vehicles, but increasingly becoming mobile technology platforms. His knowledge and insights in running a complex global business will make a significant contribution to IBM."
05:47 EDTAAPLTwitter close to hiring Natalie Kerris to run communications unit, Re/code says
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