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Stock Market & Financial Investment News

News Breaks
December 12, 2013
12:49 EDTUNS, ORCL, IAG, BA, JDSU, LULU, XLS, ANF, MHK, FB, ADS, TEROn The Fly: Midday Wrap
Stocks on Wall Street were lower again at midday, as the averages appear to be continuing their "good economic news is bad news" trend. Stocks began the session in positive territory, as the initial reaction was to push the market higher following jobless claims data and retail sales figures. However, concern over when the Fed would begin its tapering again kept the market from gaining any upside momentum. Early in the session the averages slipped into negative ground, where they remained near midday. ECONOMIC EVENTS: In the U.S., jobless claims rose to 368K last week from 300K in the week before, which was higher than the consensus forecast of 325K. Retail sales rose 0.7% in November, versus the expected increase of 0.6%. The core reading, which excludes autos and gas, was up 0.6%, beating the expected increase of 0.3%. Business inventories rose 0.7% in October, versus consensus of 0.3% for the month. COMPANY NEWS: Facebook (FB) shares gained about 3.5% after it was announced that the social network's stock will join the S&P 500 after the market close next Friday, December 20, replacing Teradyne (TER). Also joining the S&P 500 on the same date will be Alliance Data Systems (ADS) and Mohawk Industries (MHK), to replace JDSU (JDSU) and Abercrombie & Fitch (ANF)... Shares of Oracle (ORCL) declined 2.5% near midday after both Morgan Stanley and RBC Capital downgraded their ratings on the stock. MAJOR MOVERS: Among the notable gainers was defense and technology contractor Exelis (XLS), up almost 7% near midday after the company last night announced plans to spin-off its military and government services business into a separate publicly traded company and was selected by Boeing (BA) to produce composite airframe substructures for the 787 Dreamliner. Also higher were shares of UNS Energy (UNS), which gained 28% after the utility agreed to be acquired by Canada's Fortis for $60.25 per share. Among the noteworthy losers was lululemon (LULU), down nearly 11% after the yoga apparel maker reported third quarter results that were slightly better than expected, but gave a fourth quarter profit and sales view that disappointed. Also lower were shares of IAMGOLD (IAG), which fell 10% after the gold miner announced last night that it will suspend its dividend until further notice. INDEXES: Near midday, the Dow was down 118.51, or 0.75%, to 15,725.02; the Nasdaq was down 7.45, or 0.19%, to 3,996.36; and the S&P 500 was down 8.19, or 0.46%, to 1,774.03.
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April 9, 2014
16:34 EDTANFAbercrombie & Fitch names Joanne Crevoiserat CFO
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16:23 EDTFBOn The Fly: Closing Wrap
Stocks on Wall Street were higher after the minutes of the latest FOMC meeting struck a particularly dovish note. The averages, which were higher for the second straight session ahead of the minutes release, climbed to their highs over the final two hours of trade. Each index posted gains of over 1%, with the tech-heavy Nasdaq again the biggest winner. ECONOMIC EVENTS: The minutes for the March 18-19 FOMC showed that some committee members were concerned that its future interest rate projections could be misconstrued by the market as advocating tighter monetary policies. The minutes also showed that committee members expect to continue tapering the Fed's asset purchases if the economy performs as expected going forward. Wholesale inventories rose 0.5% in February, matching economists' forecast. COMPANY NEWS: Several auto majors were in the news, notably General Motors (GM), which fell 91c, or 2.64%, to $33.62 as the National Highway Traffic Safety Administration yesterday announced that it fined the automaker for failing to respond to the administration's inquiry into its recall related to faulty ignition switches in a timely manner. Analysts at Morgan Stanley also downgraded the stock to Underweight from Equal Weight. U.S.-listed shares of Toyota Motor (TM) fell $1.37, or 1.26%, to $107.73 after the company announced the recall of over 6M vehicles worldwide. A report from Automotive News said that Volkswagen (VLKAY) issued a stop-sale order on some of it newer-model cars, but U.S.-listed shares of the German automaker, which were upgraded earlier in the session by Bernstein to Outperform, were unfazed and gained $2.91, or 5.72%, to $53.78... Two notable initial public offerings took place today, with hotel chain operator La Quinta (LQ) gaining 12c, or 0.71%, to $17.12 and Chinese medical exam and screening center operator iKang Healthcare (KANG) gaining $1.20, or 8.57%, to $15.20, in their first day of trade. MAJOR MOVERS: Among the notable gainers was marketing software and solutions provider Constant Contact (CTCT), up $6.30, or 28.74%, to $28.22 after the company's preliminary first quarter revenue exceeded analysts' projection. Also higher was social media giant Facebook (FB), up $4.22, or 7.25%, to $62.41 after analysts at Susquehanna and SunTrust published positive commentary on the company. Among the noteworthy losers was Intuitive Surgical (ISRG), down $33.20, or 6.78%, to $456.64 after last night saying it expects first quarter revenue to come in well below expectations, though the stock was defended by no fewer than three analyst firms following the announcement. Also lower were a number of coal producers, including Alpha Natural Resources (ANR) and Walter Energy (WLT), which each lost more than 6%, and Arch Coal (ACI), which fell over 3%, after all three stocks were downgraded to Sell at UBS. INDEXES: The Dow was up 181.04, or 1.11%, to 16,437.18, the Nasdaq was up 70.91, or 1.72%, to 4,183.90, and the S&P 500 was up 20.22, or 1.09%, to 1,872.18.
16:00 EDTFBOptions Update; April 9, 2014
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14:42 EDTFBFacebook breaks out above resistance, levels to watch
The shares are taking another leg higher in late afternoon trading, last at $61.66. At that price next resistance is at $62.72. Support is at prior resistance from earlier today at $60.78.
13:49 EDTBABoeing, Air Canada sign agreement for Boeing Maintenance Performance Toolbox
Boeing (BA) announced that Air Canada (AIDIF) has signed an agreement to implement the Boeing Maintenance Performance Toolbox to support maintenance operations for its 767, 777, 787 and 737 MAX airplane fleets. The Maintenance Performance Toolbox suite delivers access to information that technicians need to resolve airplane maintenance issues. As part of the Toolbox deployment project, Boeing will also provide services for transition and migration of customized data from maintenance management applications currently used by Air Canada, and will enable integration with existing maintenance resource planning systems.
13:02 EDTFBFacebook COO Sandberg says not running for office, Business Insider reports
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11:51 EDTORCLOracle management to meet with Jefferies
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10:48 EDTFBFacebook climbs after upbeat notes from two analysts
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10:39 EDTFBFacebook breaks out above recent downtrend, levels to watch
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10:33 EDTORCLConstant Contact surges after preliminary Q1 revenue beats consensus
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09:36 EDTFBActive equity options trading on open
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09:20 EDTANFBofA/Merrill's retail analysts hold an analyst/industry conference call
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08:59 EDTFBFacebook shares should be bought into Q1 results, says SunTrust
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08:58 EDTFBFacebook ad-driven beat story should continue, says Susquehanna
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07:37 EDTFBFacebook partner says ad prices up 10% in Q1, Adweek says
Despite the recent outcry over diminished “organic reach,” Facebook ad prices have increased from Q4 to Q1, with the SVP of marketing at Facebook partner Nanigans saying pricing was "up 10% across the board” from quarter to quarter, reported Adweek. Reference Link
07:22 EDTORCLOracle management to meet with Deutsche Bank
Meetings to be held in Zurich/Milan on April 9 hosted by Deutsche Bank.
07:15 EDTFBJPMorgan sees opportunities in Internet stocks after pullback
JPMorgan believes the recent sell-off in Internet stocks has created opportunities in companies it feels has strong fundamentals, namely Facebook (FB), Priceline (PCLN), Netflix (NFLX) and Pandora (P).
07:08 EDTIAGIAMGOLD updates activities at Pitangui, Brazil, and Boto Gold, Senegal, projects
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06:54 EDTFBIndia Facebook's second top market with over 100M users, FT says
Facebook confirmed that more than 100M people in India now access its services each month, which is up from just 8M in the middle of 2010 and makes the nation the second top market for the social network, trailing only the U.S., reported Financial Times. Reference Link
06:03 EDTFBFacebook making slight changes to privacy settings, Re/code reports
Re/code reports that Facebook is slightly tweaking its privacy settings in a move to minimize "accidental sharing incidents." The company is also testing privacy surveys to see which features users are not comfortable with. Reference Link
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