New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
April 17, 2014
12:53 EDTGOOG, AET, MU, ADS, BHI, PM, MS, UNH, DD, GS, GE, AXP, SNDK, IBM, WLPOn The Fly: Midday Wrap
Stocks on Wall Street were mixed but near the flat-line at midday as investors sifted through a barrage of earnings reports from some of the world's biggest companies. Stock futures were pointing to a lower open in the early hours of the morning following last night's misses by two of the biggest names in tech. However, the futures moved off their lows as some other corporate giants reported better than expected earnings and weekly jobless claims also positively surprised, though the broader market opened slightly lower. The averages have managed to pare their losses throughout the morning and turn mixed. The market is on track to have it best weekly performance since last year if it can hold near current levels into the close. ECONOMIC EVENTS: In the U.S., initial jobless claims edged up 2K to 304K in the week ended April 12, though that was below the consensus 315K forecast of economists. The Philly Fed manufacturing index climbed to 16.6, beating expectations for a more modest uptick to 10.0. COMPANY NEWS: Two of the biggest names in technology, Google (GOOG) and IBM (IBM), both reported revenue that missed expectations last night, which weighed on both of their stocks. Google, which also missed expectations for earnings per share, slid over 4% near noon, while shares of IBM were down over 3%... In addition to IBM, five other Dow components reported on their just ended quarters: General Electric (GE), which rose over 2%, UnitedHealth (UNH), which declined more than 3.5%, American Express (AXP), which slid about 2%, DuPont (DD), which fell 1%, and Goldman Sachs (GS), whose shares were little changed near midday... Among the many other companies that reported after last night's closing bell and this morning's open, Baker Hughes (BHI) and Morgan Stanley (MS) advanced, while Phillip Morris International (PM) and Alliance Data Systems (ADS) declined. MAJOR MOVERS: Among the notable gainers was SanDisk (SNDK), which advanced 10% after the company's quarterly results topped analysts' consensus estimates and the company raised its adjusted gross margin outlook. SanDisk peer Micron (MU), which issued its own quarterly report two weeks ago today, also rose 5%. Among the noteworthy losers were a number of health insurers following the quarterly report from UnitedHealth, which is the largest company in the sector. Shares of peer WellPoint (WLP) slid almost 4%, while Aetna (AET) fell 3%. INDEXES: Near midday, the Dow was down 7.07, or 0.04%, to 16,417.78, the Nasdaq was up 8.54, or 0.21%, to 4,094.76, and the S&P 500 was up 2.20, or 0.12%, to 1,864.51.
News For GOOG;IBM;SNDK;AXP;GE;GS;DD;UNH;MS;PM;BHI;ADS;MU;AET;WLP From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | all recent news | >>
October 12, 2014
13:03 EDTGS, MSBanks agree on derivatives procedures for future crisis scenario, WSJ says
Meeting at the Federal Reserve in Washington, top banking executives from 18 large U.S., European and Japanese banks agreed in principle to wait up to 48 hours before seeking to terminate derivatives contracts and collect associated payments from a troubled financial institution, says the Wall Street Journal. Publicly traded companies in the space include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
October 10, 2014
18:05 EDTGEGeneral Electric negotiating deal to buy Milestone Aviation, WSJ reports
General Electric's finance unit is negotiating a deal to acquire Milestone Aviation Group, and the purchase price could be more than $2.5B, The Wall Street Journal reports, citing people familiar with the matter. Reference Link
16:22 EDTMUOn The Fly: Closing Wrap
Stocks on Wall Street had a bit of a see-saw trading day, but ended the session in the red once again. The Nasdaq took the brunt of the losses, falling over 2%, while the Dow's slide erased its gains for the year. ECONOMIC EVENTS: In the U.S., the import price index fell 0.5% in September, versus expectations for a 0.7% decline. Oil slumped to a four-year low during the session, as brent crude touched $88.11 intra-day, its lowest level since December 2010. COMPANY NEWS: The semiconductor sector was weak across the board after one of the companies in the space, Microchip Technology (MCHP), warned that it believes the sector has entered a correction. Microchip President and CEO Steve Sanghi claimed his company often sees the turn of the semiconductor industry ahead of others, noting that it does business with over 80,000 customers and that it built a significant amount of inventory in the distribution channel in the September quarter. Sanghi stated, "We believe that another industry correction has begun and that this correction will be seen more broadly across the industry in the near future. Microchip, which also pre-announced weaker than expected second quarter revenue, dropped $5.58, or 12.26%, to $39.96. Intel (INTC) fell $1.71, or 5.09%, to $31.91, Avago (AVGO) declined $9.24, or 11.46%, to $71.36, Texas Instruments (TXN) slipped $3.28, or 7.13%, to $42.74 and Micron (MU) dropped $2.71, or 8.86%, to $27.93. MAJOR MOVERS: Among the notable gainers was Exact Sciences (EXAS), which rallied $6.48, or 35.76%, to $24.60 after the company announced last night that the Centers for Medicare & Medicaid Services, or CMS, had agreed to cover the company's colorectal cancer and pre-cancer test through Medicare. Also higher was Dave & Buster (PLAY), which gained $1.28 to $17.28 after commencing trading on the Nasdaq following its initial public offering. Among the noteworthy losers was Procera Networks (PKT), which was downgraded by at least four research firms and plunged $2.85, or 33.33%, to $5.70 after the company warned its Q3 revenue will miss expectations. Also lower were shares of Caesars (CZR), which dropped $1.92, or 17.36%, to $9.14 after disclosing in a regulatory filing that its Chief Accounting Officer resigned to accept a position with another company. INDEXES: The Dow fell 115.15, or 0.69%, to 16,544.10, the Nasdaq plunged 102.10, or 2.33%, to 4,276.24, and the S&P 500 dropped 22.08, or 1.15%, to 1,906.13.
13:08 EDTMUOn The Fly: Midday Wrap
Stocks on Wall Street opened in negative territory and saw several swings throughout the morning. Near midday the averages were mixed, with the Dow a bit higher and the Nasdaq weighed down by weakness across the semiconductor sector. ECONOMIC EVENTS: In the U.S., the import price index fell 0.5% in September, versus expectations for a 0.7% decline. COMPANY NEWS: Shares of a number of semiconductor makers, including industry giant Intel (INTC), were sharply lower after one of the companies in the space, Microchip Technology (MCHP), warned that it believes the sector has entered a correction. Microchip President and CEO Steve Sanghi claimed his company often sees the turn of the semiconductor industry ahead of others, noting that it does business with over 80,000 customers and that it built a significant amount of inventory in the distribution channel in the September quarter. Sanghi stated, "We believe that another industry correction has begun and that this correction will be seen more broadly across the industry in the near future. Near noon, Microchip dropped 11%, Intel fell almost 4%, Texas Instruments (TXN) slipped over 6%, Micron (MU) dropped 6% and Fairchild (FCS) declined 12%. MAJOR MOVERS: Among the notable gainers was Exact Sciences (EXAS), which rallied 35% after the company announced last night that the Centers for Medicare & Medicaid Services, or CMS, had agreed to cover the company's colorectal cancer and pre-cancer test through Medicare. Among the noteworthy losers were a number of companies that, similarly to Microchip, warned that their quarterly results will likely miss expectations, including Procera Networks (PKT), which plunged 34%, Manitowoc (MTW), which fell 9%, and Sizmek (SZMK), which dropped 21%. INDEXES: Near midday, the Dow was up 38.02, or 0.23%, to 16,697.27, the Nasdaq was down 35.89, or 0.82%, to 4,342.45, and the S&P 500 was up 0.42, or 0.02%, to 1,928.63.
13:03 EDTBHIBaker Hughes reports U.S. rig count up 8 to 1930
Subscribe for More Information
12:05 EDTDDUSDA raises U.S. corn production estimate to 14.475B
Subscribe for More Information
11:13 EDTMUMicrochip not relevant to DRAM, NAND, says Summit Research
Subscribe for More Information
10:58 EDTMUMicron falls with peers, levels to watch
The shares are down more than 7.5% to $28.30 at time of writing, just off the lows of the session at $27.59 which is now support. Resistance is at $28.78.
10:29 EDTSNDK, MUMicrochip CEO warning on industry correction sinks semiconductors
Shares of a number of semiconductor makers are falling sharply after one of the companies in the space, Microchip Technology (MCHP), warned that it believes the sector had entered a correction. In a note to investors today, research firm FBR Capital said Microchip's comments "could be worrisome, " and the firm responded by taking a more defensive stance on the space. WHAT'S NEW: Microchip, which develops microcontroller and analog semiconductors, estimated that its second quarter revenue would come in at $546.2M, versus its previous guidance of $560.0M-$575.9M and analysts' consensus estimate of $568M. The company said that it had experienced a number of negative trends during the quarter, including a weaker than usual September, weakness in China, and significant inventory builds at its distributor customers. Microchip President and CEO Steve Sanghi claimed his company often sees the turn of the semiconductor industry ahead of others, noting that it reports sales from distribution on a sell-through basis and built a significant amount of inventory in the distribution channel in the September quarter and that it does business with over 80,000 customers. Sanghi stated, "We believe that another industry correction has begun and that this correction will be seen more broadly across the industry in the near future. ANALYST REACTION: In a note to investors today, FBR Capital analyst Christopher Rolland said that Microchip's statements come in the wake of other negative signs for the sector. In August and September, lead times for the sector fell versus the month before, the analyst stated. Additionally, revenue trends at Taiwanese chip makers weakened in August, Rolland stated. The analyst said that Microchip's statements pushed him over the fence, causing him to take a more defensive stance on the sector. He removed ON Semiconductor (ONNN) from FBR's Top Picks list but kept an Outperform rating on the stock, as he believes that its valuation is "very reasonable." Rolland maintained Market Perform ratings on Atmel (ATML), Texas Instruments (TXN), Fairchild (FCS), AMD (AMD), and Applied Micro Circuits (AMCC). Sterne Agee also attributed weakness in the sector to Microchip's warnings, but the firm recommended buying NXP Semiconductors (NXPI), Avago (AVGO), and Skyworks (SWKS) due to their strong product cycles with EMV and upcoming iPhone-iPad launches from Apple (AAPL). In addition, the firm said it would buy Micron (MU) and SanDisk (SNDK) given tight supply, below normal inventory levels, and tailwinds from China. PRICE ACTION: In early trading, Microchip dropped nearly 14% to $39.29, Intel (INTC) fell almost 6% to $31.67, On Semiconductor slid 10% to $7.53, Atmel tumbled 11.5% to $6.61, Texas Instruments slipped 8% to $42.16, Fairchild slumped 10.6% to $12.95, AMD dropped 6% to $2.77, Applied Micro declined 10% to $6.19, and NXP Semiconductors was 14% lower to $55.27.
10:20 EDTSNDK, MUSemiconductors defended at Sterne Agee
Subscribe for More Information
10:01 EDTIBMOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: 2U (TWOU) initiated with an Outperform at Pacific Crest... Bloomin' Brands (BLMN) initiated with an Outperform at BMO Capital... Brinker (EAT) initiated with a Market Perform at BMO Capital... Buffalo Wild Wings (BWLD) initiated with an Outperform at BMO Capital... Chipotle (CMG) initiated with a Market Perform at BMO Capital... Chuy's (CHUY) initiated with a Market Perform at BMO Capital... Darden (DRI) initiated with a Market Perform at BMO Capital... EMC (EMC) initiated with a Buy at Jefferies... EPR Properties (EPR) initiated with a Buy at BofA/Merrill... HP (HPQ) initiated with a Hold at Jefferies... IBM (IBM) initiated with an Underperform at Jefferies... McDermott (MDR) initiated with an In-Line at Imperial Capital... NetApp (NTAP) initiated with a Hold at Jefferies... New Residential (NRZ) initiated with a Neutral at Piper Jaffray... Nimble Storage (NMBL) initiated with a Buy at Jefferies... Noodles & Company (NDLS) initiated with an Outperform at BMO Capital... PDC Energy (PDCE) initiated with an Overweight at Stephens... Panera Bread (PNRA) initiated with a Market Perform at BMO Capital... Pioneer Natural (PXD) initiated with an Outperform at Imperial Capital... Resource America (REXI) initiated with a Buy at MLV & Co.... Rex Energy (REXX) initiated with an Overweight at Stephens... Seagate (STX) initiated with a Buy at Jefferies... Silicon Motion (SIMO) initiated with a Buy at Brean Capital... Texas Roadhouse (TXRH) initiated with a Market Perform at BMO Capital... W.P. Carey (WPC) initiated with a Neutral at BofA/Merrill... Wayfair (W) initiated with a Buy at Janney Capital...Western Digital (WDC) initiated with a Buy at Jefferies... Yelp (YELP) initiated with a Buy at Sterne Agee.
10:01 EDTDDOn The Fly: Analyst Upgrade Summary
Subscribe for More Information
09:12 EDTGOOGGoogle could be worth trillion dollars by 2020, says BGC Financial
Subscribe for More Information
07:55 EDTGOOGJapan court orders Google to remove search results, AP reports
Japan has ordered Google to remove search results that hinted at a man's relations with a criminal organization because his privacy rights were violated, reports the Associated Press. Google spokesman Taj Meadows said the company has a standard process for removal requests and will review the Tokyo court injunction. Reference Link
07:25 EDTGEGE CEO to continue shedding divisions in FY15, Bloomberg says
Subscribe for More Information
07:21 EDTGEGE expects data division to exceed $1B in sales this year, Reuters says
GE CEO Jeff Immelt said that the company was en route to gross over $1B in sales from its industrial data-analysis division in FY14, and is looking to broaden the availability of its software platform in FY15, according to Reuters, citing comments from Immelt. Reference Link
06:52 EDTGOOGGoogle allowed to face Rockstar in California court, Reuters says
Subscribe for More Information
06:48 EDTPMSenators call on FDA to adopt strict e-cigarette warning
Subscribe for More Information
06:26 EDTGOOGGoogle to release its largest smartphone, WSJ reports
Subscribe for More Information
05:43 EDTDDDuPont upgraded to Buy from Hold at Jefferies
Jefferies upgraded DuPont to Buy citing the pullback in shares and its belief the company's capital return program should sustain low-teens earnings growth. The firm raised its price target for shares to $84 from $72.
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | all recent news | >>

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use