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Stock Market & Financial Investment News

News Breaks
October 10, 2012
07:10 EDTAXP, CVS, GDOTGreen Dot partner CVS may soon offer AmEx prepaid cards, says Jefferies
Jefferies said its channel checks indicate CVS Caremark (CVS), one of Green Dot's (GDOT) largest distribution partners, may offer as soon as next week American Express' (AXP) new prepaid cards. The firm believes the potential loss of share at CVS could represent incremental headline risk for Green Dot and lowered its price target for Green Dot shares to $13 from $17. Jefferies also dropped its 2012 and 2013 earnings estimates for Green Dot citing American Express' recent penetration of Green Dot's key distribution partners Wal-Mart (WMT) and CVS.
News For GDOT;CVS;AXP From The Last 14 Days
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April 16, 2014
18:55 EDTAXPOn The Fly: After Hours Movers
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17:35 EDTAXPAmerican Express cites Q1 sequential slower growth in U.S. billings
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16:40 EDTAXPOn The Fly: Closing Wrap
Stocks on Wall Street were higher after Fed Chair Janet Yellen struck a dovish tone in comments to the Economic Club of New York, which was in step with the minutes of the last FOMC meeting released last week. The Fed also released its latest Beige Book report, which indicated that economic activity increased in most regions after the severe winter weather that gripped much of the country to start the year had let up. Corporate earnings season continues to pick up steam, with Dow members IBM (IBM) and American Express (AXP), as well as Google (GOOG), reporting after the market close. ECONOMIC EVENTS: In the U.S., housing starts in March were up 2.8% from the prior month to a rate of 946K, versus expectations for an increase of 7%. Building permits were down 2.4% to a 990K rate, versus expectations for a decline of 0.4%. Industrial production rose 0.7% in March, which was ahead of the 0.5% forecast. The Fed's Beige Book report indicated that economic activity rebounded and strengthened in most regions over the last six week. In China, data showed its economy grew 7.4% in the first quarter from a year earlier, providing relief after recent signs that growth in the world's second largest economy has been slowing. COMPANY NEWS: Bank of America (BAC) fell 26c, or 1.59%, to $16.13 after the bank reported a first quarter loss of 5c per share, largely due to $6B in legal charges. Excluding the impact of this litigation expense, which was related to a previously announced settlement with the Federal Housing Finance Agency and other legacy mortgage-related matters, the banking major reported earnings that appeared to beat estimates... Yahoo (YHOO) gained $2.14, or 6.26%, to $36.35 after its quarterly report, with investors reacting most positively to the 66% year-over-year revenue growth reported by Chinese e-commerce company Alibaba, in which Yahoo holds a 24% stake. Yahoo's quarterly profit and revenue also beat expectations and the company's CEO Marissa Mayer said during its earnings webcast that the search giant's core business has moved from declining growth to stable to modest growth. MAJOR MOVERS: Among the notable gainers was CBS Outdoor (CBSO), which jumped $1.94, or 6.69%, to $30.96 after the IRS approved a plan for the company, which was just last week spun-off from its parent CBS (CBS), to convert into a real estate investment trust, or REIT. Other companies seeking REIT status, including Equinix (EQIX), Iron Mountain (IRM) and Lamar Advertising (LAMR), also rose following CBS' announcement. Also higher was drugmaker Zogenix (ZGNX), up 48c, or 20.51%, to $2.82 after confirming that a judge prevented a ban on sales of the company's Zohydro pain medication in Massachusetts. Among the noteworthy losers were U.S.-listed shares of Credit Suisse (CS), which fell 54c, or 1.7%, to $31.22 after the Swiss bank reported net income and revenue that fell when compared to the prior year. Also lower were Agnico Eagle Mines (AEM) and Yamana Gold (AUY) after agreeing to jointly acquire Osisko Mining. Angico shares fell $2.61, or 8.56%, to $27.88, while Yamana was down 36c, or 4.3%, to $8.02. INDEXES: The Dow was up 162.29, or 1.0%, to 16,424.85, the Nasdaq was up 52.06, or 1.29%, to 4,086.23, and the S&P 500 was up 19.33, or 1.05%, to 1,862.31.
16:10 EDTAXPAmerican Express says Q1 card member spending up 6% globally
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16:09 EDTAXPAmerican Express reports Q1 U.S. card services net income up 9% to $876M
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16:06 EDTAXPAmerican Express reports Q1 EPS $1.33, consensus $1.30
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15:17 EDTAXPNotable companies reporting after market close
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April 15, 2014
14:48 EDTAXPEarnings Preview: American Express to report results amid positive card trends
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12:03 EDTAXPAmerican Express reports March write-off rate 1.8% vs. 1.7% last month
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06:53 EDTAXPAmazon.com rejects bitcoin, doesn't rule out payment network, Re/code says
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06:43 EDTAXPFormer AmEx Singapore employee fined for client data misuse, Bloomberg says
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April 10, 2014
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
11:48 EDTGDOTGreen Dot shares recommended at BTIG
BTIG believes Green Dot shares are poised to rebound and recommends purchase at current levels. Shares are Buy rated with a $31 price target.
April 7, 2014
07:24 EDTCVSCVS Caremark price target raised to $84-$89 from $75-$80 at Wells Fargo
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