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Stock Market & Financial Investment News

News Breaks
August 25, 2014
07:52 EDTGEFGreif cuts FY14 EPS view to $1.98-$2.08 from $2.48-$2.80
Consensus is $2.81. Greif announced revised guidance for its fiscal year ending October 31, 2014. Earnings per Class A share, excluding timberland gains and further impairment charges, are expected to be $1.98 to $2.08 per Class A share for the 2014 fiscal year compared to the company’s previous guidance of $2.48 to $2.80 per Class A share, excluding timberland gains. Subsequent to the second quarter 2014, the company continued to take actions to strengthen its business portfolio. Certain of these actions resulted in non-cash asset impairment charges of $15.4M, as well as $33M of non-cash allocations of goodwill for divestitures reducing book gains and generating no tax benefits. The company has incurred and anticipates higher SG&A expenses for the remainder of the fiscal year and slightly lower than expected results from operations.
News For GEF From The Last 14 Days
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March 5, 2015
16:20 EDTGEFOn The Fly: Closing Wrap
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13:03 EDTGEFGreif plummets after Q1 results miss expectations
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12:33 EDTGEFOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday as the market looks to break the two day skid that started the day after Nasdaq broke 5,000. A lower growth forecast in China is being offset this morning by Europe getting more constructive on its outlook, as the European Central Bank raised its growth forecasts and confirmed that it plans to start its bond buying program next week. ECONOMIC EVENTS: In the U.S., initial jobless claims rose 7K to 320K in the week ended February 28, which was above the consensus forecast for 296K first-time claims. Nonfarm productivity in the fourth quarter was revised to -2.2% from -1.8% in the government's prior estimate. Unit labor costs are now believed to have risen 4.1% in Q4, which is up from the 2.7% growth estimated in the advance report. Factory orders dipped 0.2% in January, versus expectations for them to be up 0.2%. China's government set an economic growth rate target of about 7% for 2015, which is down from the 7.5% target that it narrowly missed last year with its 2014 GDP growth of 7.4%. In Europe, both the Bank of England and European Central Bank kept their key interest rates unchanged. As is often the case in Europe, the real news came after the rate decision when ECB president Mario Draghi held his press conference. During the conference, Draghi said the bank's first asset purchases will come next week as part of its plan to buy $66B a month in bonds. The ECB also raised its economic growth forecasts for this year and next and said its inflation outlook puts it on track to reach its inflation goal near 2%. COMPANY NEWS: AbbVie (ABBV) agreed to buy Pharmacyclics (PCYC) for $261.25 per share, or $21B, the companies announced. Pharmacyclics' flagship product is Imbruvica, a treatment for hematologic cancers, that it co-markets with Johnson &Johnson (JNJ). Media reports as late as last night said J&J was close to buying its partner. Piper Jaffray said AbbVie paid a "staggering" price for Pharmacyclics when taking into account the company bought only 50% of the rights to Imbruvica and that "nearly everything looks cheap" in the biotechnology space when the deal's metrics are used as a benchmark against other names. Deutsche Bank however, views AbbVie's acquisition as a positive, saying the deal provides near term top-line growth and diversifies its business away from Humira... A Delta (DAL) plane skidded off the runway at New York's La Guardia Airport, prompting the airport to close until later this evening. MAJOR MOVERS: Among the notable gainers was Kythera Biopharmaceuticals (KYTH), which gained nearly 25% after the FDA released briefing documents for an advisory committee meeting planned for March 9 to discuss the company's deoxycholic acid, or DCA. Kythera is seeking approval for DCA for the improvement in the appearance of moderate to severe convexity or fullness associated with submental fat in adults, more commonly known as "double-chin." Also higher after its earnings report was grocery store operator Kroger (KR), which advanced 5%. Among the noteworthy losers was Greif (GEF), which dropped 13.5% after its earnings missed expectations, with the company stating that profits were adversely impacted by product and geographic mix issues resulting in lower gross profit and a higher effective tax rate. Also lower was mining equipment maker Joy Global (JOY), which fell about 7% after the company's results missed forecasts and it cut it fiscal year outlook. INDEXES: Near midday, the Dow was up 26.04, or 0.14%, to 18,122.94, the Nasdaq was up 11.33, or 0.23%, to 4,978.47, and the S&P 500 was up 0.94, or 0.04%, to 2,099.47.
March 4, 2015
15:13 EDTGEFNotable companies reporting after market close
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March 2, 2015
07:25 EDTGEFPackaging sector downgraded to Market Weight at Wells Fargo
Wells Fargo downgraded the Packaging sector to Market Weight from Overweight saying current valuation levels reflect known catalysts. Wells made no stock rating changes along with the sector, and continues to view International Paper (IP) and Crown Holdings (CCK) as its top picks. Other Outperform ratings in the space include Berry Plastics (BERY), Greif (GEF), Owens-Illinois (OI) and Packaging Corp. (PKG).

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