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Stock Market & Financial Investment News

News Breaks
February 5, 2013
05:55 EDTWYN, WYN, TWX, TWX, MSG, MSG, RL, RL, MRO, MRO, ICE, ICE, CVS, CVS, CMI, CMI, CVH, CVH, GAS, GASCompanies reporting Before the Market Open on Wednesday, February 6
Notable companies reporting before the opening bell on Wednesday include AGL Resources (GAS), Coventry Health Care (CVH), Cummins (CMI), CVS Caremark (CVS), IntercontinentalExchange (ICE), Marathon Oil (MRO), Ralph Lauren (RL), Madison Square Garden (MSG), Time Warner (TWX), and Wyndham Worldwide (WYN).
News For GAS;CVH;CMI;CVS;ICE;MRO;RL;MSG;TWX;WYN From The Last 14 Days
Check below for free stories on GAS;CVH;CMI;CVS;ICE;MRO;RL;MSG;TWX;WYN the last two weeks.
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April 16, 2014
07:41 EDTICEICE owner purchases Algo Technologies, Bloomberg says
The new owner of IntercontinentalExchange has been exploring matching engine software and purchased Algo Technologies in response to that, according to Bloomberg, citing two people familiar with the matter. The sources said that Algo Technologies is a firm that claims to have the industry’s quickest matching engine. Reference Link
06:58 EDTTWXFormer Sony chairman to take place on Time Inc's board, NY Post says
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April 15, 2014
07:28 EDTICESEC officials weighing curbs on trading fees, WSJ says
SEC officials, including some commissioners, are considering a trial program to curb "maker-taker" fee plans that are a major source of revenue for exchanges and some high-frequency trading firms, according to The Wall Street Journal. Fund managers, including BlackRock (BLK), are concerned about the negative effects of maker-taker, the report added. IntercontinentalExchange (ICE) CEO Jeffrey Sprecher, along with representatives from T. Rowe Price (TROW) and from RBC Capital (RY), recently held a series of private meetings with SEC Chairman Mary Jo White to push for its elimination, according to the report, citing people familiar with the matter. Like IntercontinentalExchange, which owns the New York Stock Exchange, Nasdaq (NDAQ) is a publicly-traded exchange operator. Reference Link
April 14, 2014
12:01 EDTICEIntercontinentalExchange sets new daily record for ICE NYH RBOB futures
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April 10, 2014
13:43 EDTICEFidelity to pitch new lost cost trading venue to large asset managers, WSJ says
Fidelity is working on a new trading venue, dubbed "Sakura," that it hopes will be a collaboration among big mutual-fund firms to reduce costs and streamline trading and will be an improvement over other "dark pools," reported The Wall Street Journal, citing people with knowledge of the matter. The report said Fidelity is in the initial planning stages and has just started pitching the idea to other large asset managers. Publicly traded fund managers include BlackRock (BLK), Franklin Resources (BEN) and T. Rowe Price (TROW), while Investment Technology Group (ITG) currently operates dark pools that facilitate block trading among large institutions. Exchange operators Nasdaq (NDAQ) and Intercontinentalexchange's (ICE) NYSE have previously testified to legislators that too much trading occurs in dark pools, hurting investors. Reference Link
11:35 EDTTWXCNN to use 9pm for original series, documentaries, Variety reports
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11:23 EDTCVSRite Aid hits 52-week high after results, sales view top estimates
Shares of retail drugstore Rite Aid (RAD) are rallying after the company's fourth quarter results and fiscal 2015 revenue outlook topped analysts' consensus estimates. WHAT'S NEW: This morning, Rite Aid reported fourth quarter adjusted earnings per share of 10c and revenue of $6.6B, compared to expectations of 4c and $6.54B, respectively. Q4 same store sales increased 2.1%. Rite Aid forecast FY15 EPS of 31c-42c, compared to the consensus of 35c. FY15 revenue was seen at $26B-$26.5B, ahead of the consensus $25.75B. FY15 same-store sales are expected by the company to be up 2.5%-4.5%. WHAT'S NOTABLE: Rite Aid also announced it has acquired RediClinic, which currently operates 30 clinics in the greater Houston, Austin and San Antonio areas. Rite Aid CEO John Standley said, “Our recent acquisitions of Health Dialog and RediClinic, our expanded partnership with McKesson and our continued commitment to investing in our store base have positioned us to transition our strategy from turnaround to growth as we more aggressively pursue opportunities to become a growing retail healthcare company.” PRICE ACTION: In late morning trading, Rite Aid rose 71c, or about 11%, to $7.11 on more than twice its average daily trading volume. Earlier in the session, the stock hit a fresh 52-week high of $7.39. Including today's advance, the stock is up approximately 300% over the past twelve months. OTHERS TO WATCH: Other retail drugstore operators include Walgreen Company (WAG) and CVS Caremark (CVS).
April 8, 2014
13:24 EDTCVSCVS confirms final SEC settlement, says will not be required to restate earnings
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13:08 EDTCVSCVS Caremark pays $20M to settle SEC accounting charges
The SEC announced that it charged CVS Caremark "with misleading investors about significant financial setbacks and using improper accounting that artificially boosted its financial performance." CVS has agreed to pay $20M to settle the charges, the agency said. Reference Link
08:51 EDTTWXTime Warner announces proposed $1.4B financing by Time Inc
Time Warner Inc. and Time Inc. announced that, in connection with Time Warner Inc.’s previously announced intention to separate Time Inc. from Time Warner Inc., Time Inc. plans to raise an aggregate $1.4B of debt through an offering of unsecured senior notes and by entering into a secured term loan facility. Time Warner Inc. will not be a guarantor or otherwise provide credit support for the notes or the term loan facility. Time Inc. intends to use the expected net proceeds from this financing to fund the acquisition of Time Inc.’s U.K. publishing business, which is currently owned by a wholly owned subsidiary of Time Warner Inc. Time Inc. intends to use the remaining expected net proceeds from this financing to pay a special cash dividend to Time Warner Inc.
08:19 EDTWYNFTC data-breach suit against Wyndham allowed to proceed, WSJ says
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06:27 EDTTWXMajor movie studios file lawsuit against Megaupload, Engadget reports
The MPAA announced that major movie studios have filed a civil lawsuit against filesharing site megaupload two years after federal investigators shut down the website and filed criminal charges against its founder, reports Engadget. The lawsiut targets the site's Uploader Rewards program with the claim that the business model was "designed to encourage theft." Reference Link
April 7, 2014
08:48 EDTGASAGL Resources sees Q1 wholesale services EPS $1.53
AGL Resources announced that it expects to report significantly higher results for its wholesale services business in the first quarter of 2014 than previously anticipated. Economic earnings EBIT, or earnings before interest and taxes adjusted for mark-to-market gains and losses, are expected to be approximately $270M through March 31, compared to $29M for the first quarter of 2013. Preliminary EBIT for the segment is $290M and diluted earnings per share related to wholesale services is expected to be approximately $1.53 for Q1, compared to 8c for the first quarter of 2013. Both EBIT and EPS for wholesale services for Q1 reflect mark-to-market hedge losses of approximately $45M, which are expected to reverse in future periods. The company's most recently disclosed full-year 2014 expectation for wholesale services was economic earnings of more than $100M and GAAP earnings on a diluted EPS basis of 90c. The results for wholesale services were driven primarily by strong commercial activity associated with the company's transportation and storage portfolios in the Northeast and Midwest regions, both of which benefited from extremely cold temperatures. In addition, AGL Resources expects its distribution operations and retail operations segments combined to exceed expectations by approximately 15c per diluted share driven by colder-than-normal weather in Q1. Further, the Tropical Shipping transaction is expected to result in a combined income tax expense and non-cash goodwill impairment loss of 66c per share, with approximately 42c per share to be recognized in Q1 and the remainder to be recognized in Q2.
08:42 EDTGASAGL Resources sells Tropical Shipping business to Saltchuk Resources
AGL Resources announced it has signed a definitive agreement to sell its Tropical Shipping business to a subsidiary of Saltchuk Resources, Inc. of Seattle, WA. After-tax cash proceeds and repatriated cash from the transaction are expected to be approximately $220M, subject to certain defined post-closing adjustments. As a result of the sale, AGL Resources expects to incur income tax expense of approximately $60M related to the repatriation of cash and investments held offshore and capital gains on the purchase price above tax basis. In addition, the company expects to record a $19M impairment loss related to goodwill assigned to Tropical Shipping in conjunction with AGL Resources' merger with Nicor, Inc. in December 2011. This impairment loss represents approximately one-third of the total goodwill assigned to the cargo shipping segment. On a combined basis, these factors are expected to result in reported income tax and impairment expense of approximately 66c per share. Of this amount, 42c is expected to be recorded in Q1, with the remainder expected to be recorded in Q2.
08:05 EDTTWXTime Warner's HBO Go again suffers connection issues, Re/code says
Just a month after Time Warner CEO Jeff Bewkes promised his pay TV channel HBO Go would be improving its technology after the season finale of “True Detective” was plagued by outages, many users tuning in for the season premiere of “Game of Thrones” received error messages, Re/code reports. Reference Link
07:26 EDTMSGMSG reassigned Ratner due to conservatism, NY Post says
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07:24 EDTCVSCVS Caremark price target raised to $84-$89 from $75-$80 at Wells Fargo
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06:58 EDTICEDark markets could cause more harm than high-frequency trading, Reuters says
After a book by financial author Michael Lewis sparked worries that high-speed traders have been rigging the U.S. stock market, former regulators and academics say a more serious threat to investors could be the increasing amount of trading that happens outside of exchanges, reported Reuters. Top internalizers include units of KCG Holdings (KCG), Citadel, UBS (UBS), and Citigroup (C). Dark pool operators include Credit Suisse (CS) and Morgan Stanley (MS). In an attempt to earn back some of the retail orders, exchanges such as IntercontinentalExchange Group's (ICE) New York Stock Exchange, Nasdaq (NDAQ), and BATS Global Markets, have allowed brokerages to place dark pool-style orders on their platforms, with the trade hidden until after it is executed. Reference Link
April 6, 2014
18:21 EDTWYNTPG led group agrees to invest in apartment-rental site Airbnb, WSJ says
A group led by private-equity firm TPG reached an agreement to invest in apartment-rental site Airbnb that values the starup at about $10B, says the Wall Street Journal. Airbnb lets homeowners rent space to travelers and may offer competition to large hotel chains like Wyndham Worldwide (WYN) and Hyatt Hotels (H), added the Wall Street Journal. Reference Link

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