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Stock Market & Financial Investment News

News Breaks
February 14, 2014
12:19 EDTAMH, TPX, RNWK, HRG, VOD, NMI, NSM, KMI, RESI, MSFT, JCP, HLF, GMHayman Capital gives quarterly update on stakes
NEW STAKES: General Motors (GM)... Kinder Morgan (KMI)... Altisource Residential (RESI)... Nationstar Mortgage Holdings (NSM)... NMI Holdings (NMI). INCREASED STAKES: Vodafone (VOD)... NRG Energy (NRG)... RealNetworks (RNWK). LIQUIDATED STAKES: Herbalife (HLF)... J.C. Penney (JCP)... Microsoft (MSFT)... Tempur Sealy (TPX)... American Homes 4 Rent (AMH).
News For GM;HLF;JCP;MSFT;RESI;KMI;NSM;NMI;VOD;HRG;RNWK;TPX;AMH From The Last 14 Days
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August 14, 2014
11:56 EDTGMGM planning to invest $2.8B in Brazil over 5-year period, Reuters reports
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11:12 EDTGMGM executive says company in 'massive transformation,' WSJ says
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10:36 EDTJCPEarnings Preview: Analyst sees J.C. Penney reporting positive Q2 comps
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10:05 EDTGMOn The Fly: Analyst Initiation Summary
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08:54 EDTKMIKinder Morgan sees saving $20B in income taxes over 14 years from deal, WSJ says
Kinder Morgan (KMI) sees its $44B deal to consolidate its four entities into one creating about $20B in income-tax savings in the next 14 years, with Kinder Morgan spokesman Larry Pierce stating that the tax advantage isn't unique to this deal, reported The Wall Street Journal. "If someone purchases an office building for $100, they would be allowed to deduct $100 in tax depreciation over time. In our case, KMI is buying pipeline and terminal assets instead of a building, but the same principles apply," the Journal quoted Pierce as saying. Reference Link
08:45 EDTAMHAmerican Homes 4 Rent 13M share Spot Secondary priced at $17.65
The deal range was $17.55-$17.75. Morgan Stanley acted as sole book running manager for the offering.
05:54 EDTJCPStocks with implied volatility movement; JCP P
Stocks with implied volatility movement; J.C. Penney (JCP) 67. Pandora (P) 59 according to iVolatility.
August 13, 2014
16:43 EDTAMHAmerican Homes 4 Rent files to sell 13M Class A common shares
Concurrently with the completion of the offering, the daughter of the company's Chairman of the Board of Trustees, B. Wayne Hughes, will purchase $50M of the company's Class A common shares in a private placement at the public offering price. Morgan Stanley will act as the book-running manager for this offering.
16:07 EDTGMGeneral Motors initiated with an Underperform at Credit Suisse
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16:00 EDTKMIOptions Update; August 13, 2014
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14:54 EDTMSFTEarnings Preview: Cisco reports following Deutsche upgrade, Pac Crest downgrade
Cisco Systems (CSCO) is scheduled to report fourth quarter results after the market close on Wednesday, August 13, with a conference call scheduled for 4:30 pm ET. Cisco, a member of the Dow Jones Industrial Average, sells Internet protocol-based networking and other products related to the communications and IT industry and provides related services. EXPECTATIONS: Analysts are looking for earnings per share of 53c on revenue of $12.14B, according to First Call. The consensus range for EPS is 51c-54c on revenue of $11.8B-$12.25B. Along with its last quarterly report, Cisco guided to Q4 adjusted EPS of 51c-53c and said it expects its revenue to be down 1% to 3% in the quarter compared to the prior year. At that time, the company also said it sees its FY14 adjusted EPS to come in at the higher end of its previously communicated $1.95-$2.05 range. LAST QUARTER: On May 14, Cisco reported third quarter adjusted EPS of 51c, beating the consensus analyst forecast of 48c. It's revenue came in at $11.5B, topping the $11.38B consensus forecast. Cisco reported a Q3 adjusted gross margin of about 62.7%. NEWS: On June 17, Cisco announced its intent to acquire privately held Tail-f Systems, whose products help service providers and enterprise IT organizations easily and cost-effectively implement applications, network services and solutions across networking devices. Upon completion of the acquisition, which is expected to be complete in Q4, Tail-f employees will join Cisco's Cloud and Virtualization Group. About two weeks later, tech blog Gigaom reported that Cisco has acquired British firm Assemblage for technology that uses real-time collaboration that does not require the user to download programs or plug-ins. On July 15, Cisco announced a multi-year sales and go-to-market agreement with Microsoft (MSFT) designed to modernize data centers through the delivery and acceleration of integrated solutions. Cisco and Microsoft will both invest in sales, marketing and engineering resources to drive global alignment, while delivering deeper technology integration across cloud and data center markets, the companies stated. STREET RESEARCH: On May 21, Northland said that after speaking with Cisco's management and attending Cisco Live, the firm believed that the company is taking share form Arista Networks (ANET), which has since come public. The firm added that it did not believe that Juniper (JNPR) has gained traction in data center switching and it recommended Cisco as a cyclical recovery play and a relative bargain to peers. About a week later, Deutsche Bank upgraded its rating on Cisco shares to Buy from Hold, citing expectations that the company's new product ramps in FY15 and FY16 will be stronger than expected. Deutsche said then that it saw upside to consensus estimates and raised its price target for Cisco shares to $30 from $25. On July 28, Pacific Crest downgraded its rating on Cisco shares to Sector Perform from Outperform, citing valuation and concern that the company's margin expansion could moderate in 2015. The firm believes Cisco shares are fairly valued at $26. Less than a week ago, Morgan Stanley said its checks indicate the enterprise market is improving. The firm said it expects Cisco's outlook to be conservative and said concerns over rapid software-defined networking adoption and margin impact are overblown. Morgan Stanley has an Overweight rating with a $30 price target on Cisco. PRICE ACTION: In the last three months, Cisco has advanced about 9.5%. In afternoon trading ahead of tonight's report, Cisco shares are down 0.5% to $25.01.
14:51 EDTJCPJ.C. Penney August 9.5 straddle priced for 11.2% move into Q2
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14:04 EDTHLFAckman will continue Herbalife short position as needed, Bloomberg reports
Bill Ackman's hedge-fund Pershing Square said most of the Herbalife contracts it holds will expire next year and that it will extend their terms by "paying additional premiums if it is necessary to do so," according to Bloomberg, citing Ackman's quarterly letter to investors. In the letter, Ackman said that the cost of holding a short position in options of Herbalife has dropped "substantially" after the company canceled its dividend, the report noted. Reference Link
11:56 EDTJCPStocks with call strike movement; JCP DDD
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11:46 EDTJCPMacy's shares trading lower as Q2 results fall short of expectations
Shares of Macy's (M), a retailer that sells a range of merchandise, including apparel, accessories and home furnishings, are lower after the company's second earnings missed analysts' expectations. WHAT'S NEW: The company reported Q2 earnings per share 80c on revenue of $6.23B, falling short of analysts' estimates of 86c and $6.3B, respectively. Comparable sales were up 3.4% for the quarter and comparable sales together with comparable sales of departments licensed to third parties were up 4%. Chief Executive Officer Terry Lundgren noted that even with an improved sales trend in Q2, the company could not make up its sales shortfall from the first quarter. Looking ahead, Macy's reaffirmed its fiscal year 2014 EPS view of $4.40-$4.50 against estimates of $4.47, but cut its FY14 SSS view to 1.5%-2% from 2.5%-3%. Second half same store sales are expected to be up 2%-3%, and the company said expectations for the second half of the year are "on track." Lundgren said the company is approaching 2H with "confident optimism." WHAT'S NOTABLE: On the company's earnings conference call, Macy's Chief Financial Officer Karen Hoguet said the retail expects third quarter SSS to be lower than fourth quarter, adding that it "feels good" about the back half of the year. Macy's said that it sees fall season EPS, or the combined EPS for Q3 and Q4, of $3.04-$3.14 and expects total sales for the second half of the year to be about 30 basis points lower than comp growth. Macy's sees gross margins flat to down slightly for the year and fall season. ANALYST OPINION: This morning, UBS analysts said the Q2 miss could signal Macy's have been unable to generate incremental margin support from brands into increasingly promotional sales trends. Morgan Stanley analysts, meanwhile, believes the Q2 miss and the pullback in shares will be temporary and it presents a buying opportunity. The firm expects more margin misses over the next few weeks due to the promotional environment and remains convinced that Macy's key strategies are still in the early stages of delivering results. PRICE ACTION: In late-morning trading, shares of Macy's dropped $2.89, or 4.84%, to $56.88. OTHERS TO WATCH: J.C. Penney (JCP), which reports earnings tomorrow, is down 2.15%. Nordstrom (JWN), which also reports earnings tomorrow, is relatively flat.
11:21 EDTHLFAckman says Herbalife may be unable to refinance 2016 credit, Bloomberg reports
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10:02 EDTGMGeneral Motors invests $174M in new Lansing stamping facility
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06:24 EDTGMGM says antitrust regulator approached China division, Reuters says
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06:07 EDTGMOpel CFO expects to be profitable in Europe by mid-decade, Detroit News reports
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06:04 EDTGMGM workers returning to Warren tech center after flooding, Detroit News reports
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