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News Breaks
February 3, 2014
12:16 EDTAKAM, GM, SNN, LVLT, RSH, F, BEAT, ARTC, AAPL, JOSB, FIATY, MWOn 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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April 13, 2015
17:10 EDTAAPLIBM establishes a Watson Health Cloud
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16:21 EDTAAPLOn The Fly: Top stock stories for Monday
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16:01 EDTAAPLOptions Update; April 13, 2015
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13:31 EDTGMDeath claims linked to GM ignition switches up to 84, WSJ reports
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13:26 EDTAAPLOn The Fly: Top stock stories at midday
Stocks on Wall Street were mixed at midday, with the Dow and S&P 500 slightly lower and the Nasdaq clinging to a narrow gain. The broader market opened in positive territory and the averages moved in a narrow trading range during the morning. The Nasdaq has been the strongest of the indices since the open, though early gains from Apple (AAPL) and Qualcomm (QCOM) had evaporated by near midday, taking a bite out of the gains the index had been seeing earlier in the session. ECONOMIC EVENTS: In the U.S., no major economic data was released. In China, export sales unexpectedly contracted 15% in March, while imports shrank 12.7% last month from a year ago. The March fall in imports was in line with forecasts, unlike the one for exports, which were expected to rise 12%. COMPANY NEWS: Activist investor Jana Partners is putting pressure on Qualcomm to increase stock buybacks and take other actions to increase shareholder value, including an exploration of spinning off its chip unit from its patent-licensing unit. In response to statements made by JANA, Qualcomm noted that it recently increased its stock repurchase authorization to $15B and repeated that it plans to repurchase $10B of common stock within one year. Barry Rosenstein of JANA Partners, while speaking on CNBC, said Qualcomm should buy back $15B of its shares over the next six months, before the company undertakes strategic actions that could move the stock higher... Apple shares were rising early in the trading day but had given up their gains by midday. Pre-orders of its new Apple Watch started Friday. The company did not release any sales figures for the first weekend, but research firm Slice Intelligence estimated that nearly one million customers in the U.S. preordered the device on the first day it was available. MAJOR MOVERS: Among the notable gainers were Alamos Gold (AGI), which rose 6%, and AuRico Gold (AUQ), which rose 7%, after the companies announced an agreement to combine via "a merger of equals" with a transaction equity value of about $1.5B. Upon completion of the deal, former Alamos and AuRico shareholders will each own approximately 50% of the new Alamos Gold and a new company, to be named AuRico Metals, will be created to hold AuRico's Kemess project and some other assets. The newly formed company will own a 4.9% equity interest in the spinoff and the remaining "SpinCo" shares will be distributed 50% each to former Alamos and AuRico shareholders. Also higher was Builders FirstSource (BLDR), which gained 65% after announcing that it has entered into an agreement to acquire ProBuild Holdings in an all-cash transaction valued at about $1.63B. Among the noteworthy losers was Basic Energy (BAS), which fell 8% after Raymond James downgraded the stock to Market Perform based on valuation, substantial pricing pressure, and industry overcapacity. Also lower were U.S.-listed shares of Sina (SINA), which dropped 5% after the Financial Times reported that China's government has warned that it will shut down the company's service if it does not "improve censorship." INDEXES: Near midday, the Dow was down 19.08, or 0.11%, to 18,038.57, the Nasdaq was up 7.93, or 0.16%, to 5,003.91, and the S&P 500 was down 3.04, or 0.14%, to 2,099.02.
12:58 EDTGMGM says it has resolved Bolt's technical challenges, Financial Times reports
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12:46 EDTAAPLApple to update capital return policy on April 27, says Piper Jaffray
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12:44 EDTGMFiat Chrysler interested in partnering with GM, Reuters says
Fiat Chrysler 9FCAU) CEO Sergio Marchionne is looking to make a "mega deal" before stepping down in early 2019 and has shown "particular interest" in partnering with GM(GM), according to Reuters. GM is strong in Asia, an area of weakness for Fiat Chrysler, while GM is looking to expand in Europe, the news service stated. Reference Link
09:34 EDTAAPLActive equity options trading on open
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09:24 EDTAAPLApple Watch sales conversion showing good results, says Cowen
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09:20 EDTAAPLOn The Fly: Pre-market Movers
HIGHER: Builders FirstSource (BLDR), up 54.35% after acquiring ProBuild in all-cash transaction... Arrowhead (ARWR), up 14.3% after being cleared to proceed with multiple dose Phase 2b study of ARC-520... Oramed Pharmaceuticals (ORMP), up 6.9% after enrolling first patient in glucose clamp study for oral insulin... Clovis Oncology (CLVS), up 8.2% after being upgraded to Buy from Neutral at Goldman... Quantum (QTM), up 3.2% after announcing go-to-market partnership with Dot Hill Systems (HILL)... Netflix (NFLX), up 3.4% after being upgraded to Buy from Neutral at UBS... Apple (AAPL), up just under 1% following reports of Apple Watch orders. LOWER: Sina (SINA), down 3% following a report from the Financial Times that China may shut down the company if censorship doesn't improve... Ruckus Wireless (RKUS), down 2.9% after being downgraded to Buy from Conviction Buy at Goldman... Allot Communications (ALLT), down 2.7% after being downgraded to Hold from Buy at Needham.
07:48 EDTAAPLVocera announces first clinical communications app for Apple Watch
Vocera (VCRA) announced the Vocera app for Apple's (AAPL) Apple Watch. The Apple Watch enables Vocera to extend the power of the Vocera Communication Platform in new ways so physicians and care teams can engage with and respond to life-critical communications and alerts. The Vocera app for Apple Watch will allow users to rapidly manage life-critical communications by viewing and responding to prioritized calls, alerts, and messages from other care team members, Electronic Health Records and clinical systems, including critical lab values and STAT orders. In addition, users will be able to manage key communication functions by setting their availability to enable proper message routing. The Vocera app also allows users to initiate panic calls in "man-down" emergency situations, improving staff safety. The Vocera app will be available this summer from the Apple Watch App Store.
07:29 EDTAAPLApple May weekly volatility elevated into Q2 and outlook
Apple April call option implied volatility is at 28, May weekly is at 36, June is at 29; compared to its 26-week average of 26 according to Track Data, suggesting large May price into the expected release of Q2 results on April 27.
07:16 EDTGMTechWeek to hold a conference
TechWeek Detroit 2015 is being held in Detroit on 4/13-19.
07:15 EDTAAPLApple Watch orders totaled about 957K in U.S. on first day, Apple Insider says
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06:51 EDTAAPLApple Watch off to strong start, says Cantor
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06:35 EDTAAPLApple Watch trends show solid demand, limited supply, says Piper Jaffray
Piper Jaffray says lead-times for the Apple Watch were unchanged over the weekend, which it views as an indication that Apple is expecting a ramp in production in mid-May to June. Overall, Piper views the Watch trends over the weekend as suggesting solid demand paired with very limited supply. It maintains an Overweight rating on Apple with a $160 price target.
06:30 EDTAAPLApple in talks with Florence and the Machine for Beats service, Bloomberg says
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05:59 EDTAAPLApple contacts Irish banks ahead of Apple Pay rollou, The Independent says
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April 12, 2015
19:01 EDTAAPLNokia maps unit HERE may be of interest to several tech firms, Re/code says
If Nokia is putting its mapping unit HERE up for sale it may draw interest from firms like Microsoft (MSFT), Yahoo (YHOO), Amazon (AMZN) and Apple (AAPL), says Re/code. Reference Link
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