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Stock Market & Financial Investment News

News Breaks
January 18, 2013
12:20 EDTCOF, LIFE, INTC, STT, FB, MS, FNSR, PATH, AAPL, GEOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday, as earnings reports and economic data did little to spur the markets. Shares of Intel (INTC), Apple (AAPL), and Facebook (FB) were all trading lower at midday, weighing on the Nasdaq, while the Dow and S&P sat a bit below the flat-line after both averages touched five-year highs during yesterday's trading... ECONOMIC EVENTS: In the U.S., the preliminary University of Michigan Consumer Confidence reading dropped to 71.3, versus an expected first look reading of 75.0 for January. In Asia, China's GDP grew 7.9% in the final quarter of the year. The late-year rebound led the nation's full year GDP to grow 7.8%, beating analyst consensus of 7.7% and the government's 7.5% target. Also, Japan's stock market surged on increased expectations that the government will take even more aggressive easing steps... COMPANY NEWS: General Electric (GE) reported earnings that were just above Street estimates and a record equipment and services backlog of $210B to end the year, sending shares up almost 3% at midday... Morgan Stanley (MS) also reported earnings that beat consensus estimates, and the company said expenses could decline by about $1.6B through 2014. Shares of Morgan Stanley were leading the financial sector at midday, up over 7.5%... Intel dropped 6.5% at midday after the company reported earnings last night that were generally in-line with Street estimates, though investor concerns over slowing sales and continued capital spending spurred a sell-off of shares... MAJOR MOVERS: Among the notable gainers was Life Technologies (LIFE), up about 10.6% as a number analysts said a takeover or leveraged buyout could be in the works for the company following a media report indicating talks are ongoing. Also higher were shares of NuPathe (PATH), up 8.2% after the company's migraine treatment Zecuity received FDA approval, and State Street (STT), up 5.9% after the company reported earnings that beat estimates and announced the elimination of 630 jobs worldwide. Among noteworthy losers were shares of Capital One Financial (COF), down 8.3% after Janney Capital downgraded shares to Neutral citing last night's disappointing Q4 results, and Finisar (FNSR), down 7.4% following a downgrade to Underperform at Jefferies... INDICES: Near noon, the Dow was down 21.64, or 0.16%, to 13,574.38; the Nasdaq was down 14.97, or 0.48%, to 3,121.03; and the S&P 500 was down 3.85, or 0.26%, to 1,477.09.
News For GE;MS;INTC;AAPL;FB;LIFE;PATH;STT;COF;FNSR From The Last 14 Days
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July 14, 2015
11:16 EDTGEAnalyst says sell Orbitz as risks to Expedia deal mount
The shares of online travel agency Orbitz Worldwide (OWW) are falling after UBS downgraded the stock to Sell from Neutral, citing increased risk that regulators will block the company's proposed takeover by Expedia (EXPE). WHAT'S NEW: Based on recent press reports and his own conversations with players in the online travel sector, UBS analyst Eric Sheridan believes that antitrust concerns surrounding the proposed takeover of Orbitz are mounting. Specifically, travel suppliers are voicing more concern about the deal to regulators, Sheridan stated. Additionally, regulators have vetoed a number of proposed takeovers recently, including Time Warner Cable's (TWC) proposed acquisition by Comcast (CMCSA) and Electroloux's (ELUXY) proposed acquisition of GE's (GE) home appliances unit, Sheridan noted. As a result of these developments, the risk/reward ratio of Orbitz's stock is now "skewed negative," according to the analyst, who cut his price target on the stock to $10 from $12. PRICE ACTION: In morning trading, Orbitz fell 2.4% to $11.12. On February 12, Expedia announced it had agreed to acquire Orbitz for $12 per share in cash.
10:52 EDTINTCAnalysts say Micron could be sold, but not at price Tsinghua said to offer
Research firms have reacted to a Wall Street Journal report, published last night, that Chinese chip maker Tsinghua had offered to acquire Micron (MU) for $23B, or $21 per share. Summit Research said that Tsinghua would probably raise its bid, while JMP Securities wrote that the deal would be logical from Tsinghua's perspective. However, Piper Jaffray contended that the reported buyout offer is illogical and Cowen agreed, saying that the deal makes no sense for shareholders. ANALYST REACTION: Tsinghua may have indicated that it was making the "low ball" offer in order to gauge the reaction of Micron's management and shareholders to it, Summit Research analyst Srini Sundarararjan contended in a note to investors. Tsinghua will probably increase its bid, the analyst predicted, adding that he expects Micron's stock to reach $21 soon. Sundarararjan kept a $34 price target and Buy rating on Micron. JMP Securities analyst Alex Gauna wrote that the deal would be logical for Tsinghua, as it would allow the Chinese company to access leading edge process technology, enable it to deliver more complete system solutions, and give it access to 3D NAND technology. The analyst, who believes that other Chinese companies may make competing bids for Micron, finds it difficult to believe that Micron would accept an offer more than 5%-10% below its 52-week high of $36.50. Piper Jaffray analyst Ruben Roy countered that the deal makes sense for Tsinghua and China, but not for Micron. If a takeover of Micron was based on the average valuation that companies in Micron's sector have received in takeover deals over the last 18 months, it would fetch a takeover price of $43 per share, Roy estimated. Micron and Tsinghua are more likely to reach an intellectual property sharing deal than complete a takeover transaction, according to Roy, who kept an Overweight rating on Micron. Similarly, Cowen analyst Timothy Arcuri wrote that the $21 per share price wouldn't make sense for Micron's shareholders, since it's barely above the estimated replacement cost of the company's capacity. The analyst indicated that he does not believe that Tsinghua would actually make the deal and he thinks that the U.S. Department of Justice would not approve the deal if it does get offered. WHAT'S NOTABLE: In a separate note, Summit's Sundarararjan, noting that Intel (INTC) has a 20% stake in Tsinghua. contended that the U.S. chip giant probably "midwifed" Tsinghua's offer for Micron. The analyst says that Intel "carries a lot of weight" with the U.S. Department of Justice and he believes that the DOJ could approve the deal. PRICE ACTION: In morning trading, Micron jumped 11% to $19.60. Several other semi chip related stocks were also rising, with SanDisk (SNDK) gaining 4%, Advanced Micro Devices (AMD) advancing 3% and Atmel (ATML) adding 2%.
10:24 EDTGEWells Fargo says ongoing U.S. economic expansion 'on track'
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10:01 EDTINTCOn The Fly: Analyst Downgrade Summary
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09:35 EDTINTC, AAPL, FBActive equity options trading on open
Active equity options trading on open: AAPL FB BAC T AMZN BABA INTC JPM LVS AAL CHK MSFT
09:03 EDTGEGE, Pitney Bowes announce alliance to develop APM applications
GE (GE) and Pitney Bowes (PBI) announced an alliance to develop customized asset performance management applications for Pitney Bowes and its Enterprise Business Solutions customers. All of the services will be built on and powered by Predix, GEs software platform for the Industrial Internet. This will enable Pitney Bowes to analyze data generated from its own production mailing and shipping machines and those of its clients to provide client and productivity services, and job scheduling capabilities that improve business outcomes.
08:56 EDTAAPLMorgan Stanley names 'Vintage Values 2016' list
Morgan Stanley named its "Vintage Values 2016" list, comprised of the firm's analysts' best ideas to hold over the next 12 months. Included on the list are Ameriprise (AMP), Apple (AAPL), Bank of America (BAC), Comcast (CMCSA), Crown Castle (CC), Estee Lauder (EL), Hilton (HLT), Ingersoll-Rand (IR), LinkedIn (LNKD), Magna (MGA), Marathon Oil (MRO), McKesson (MCK), Oaktree Capital (OAK), Thermo Fisher (TMO) and Visa (V).
08:51 EDTGEGeneral Electric July volatility increases into Q2 and outlook
General Electric July call option implied volatility is at 28, August is at 17, September is at 18, compared to its 52-week range of 13 to 25, suggesting large near term price movement into the expected release of Q2 results on July 17.
08:19 EDTAAPLFBR Capital looks past 'speed bump' in Apple shares
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07:40 EDTINTCCiti sees arbitrage opportunity in Altera ahead of buyout
Shares of Altera (ALTR) currently trade at a 7.5% discount to Intel's (INTC) buyout offer of $54, Citi analyst Christopher Danely points out today in a research note. Danely expects the deal will go through without any antitrust issues. As such, he sees an arbitrage opportunity in Altera. He raised his price target for shares to $54 from $43. The chipmaker closed yesterday up 50c to $50.25. Shares of Intel (INTC) are trading down 24c to $29.49 in pre-market trading after Bernstein downgraded the name to its sell-equivalent Underperform.
07:06 EDTINTCIntel July volatility elevated into Q2 and outlook
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06:46 EDTFBFacebook Messenger to add 'Moneypenny' feature, The Information reports
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06:41 EDTINTCMicron, Tsinghua deal 'probably won't happen,' WSJ reports
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06:37 EDTAAPLApple progresses in TV app talks with networks, NY Post reports
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06:36 EDTINTCIntel downgraded to Underperform from Market Perform at Bernstein
Bernstein analyst Stacy Rasgon downgraded Intel to Underperform ahead of the company's Q2 results and cut his price target for shares to $25 from $29. Rasgon believes weaker than expected Data Center Group results is a "real possibility," which he feels would be "much worse" than weak PCs.
06:30 EDTAAPLApple Pay launches in U.K., has technical problems, Reuters reports
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06:14 EDTFBFacebook's Instagram has 14M monthly active users in U.K., Business Insider says
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05:53 EDTAAPLSamsung expected to launch Galaxy Note 5 on August 14, DigiTimes reports
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05:53 EDTAAPLReport: Apple research center in Japan part of govt IT strategy, DigiTimes says
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05:46 EDTINTCIntel may have 'midwifed' Tsinghua bid for Micron, says Summit Research
Summit Research analyst Srini Sundararajan says Tsinghua Unigroup's reported $23B offer for Micron (MU) is highly likely to have been "midwifed" by Intel (INTC). Intel owns 20% of Tsinghua, Sundararajan points out. The analyst thinks the potential merger will "only have a few objections to work through," despite doubt from investors that the deal will be allowed by the Department of Justice. Sundararajan has viewed Micron as an acquisition candidate and keeps a Buy rating on the name with a $34 price target after the Wall Street Journal reported last night that the state-owned Tsinghua offered $21 a share for Micron. The chip maker is up $1.99 to $19.60 in pre-market trading.
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