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Stock Market & Financial Investment News

News Breaks
April 17, 2014
12:53 EDTWLP, ADS, MS, GS, SNDK, AET, BHI, UNH, GE, IBM, MU, PM, DD, AXP, GOOGOn 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
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August 17, 2015
15:55 EDTUNHWellCare, Amerigroup, UnitedHealth, AmeriHealth awarded Iowa healthcare contract
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12:42 EDTGOOGGoogle says testing Project Sunroof
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12:02 EDTAXPAmerican Express reports July net write-off rate 1.3% vs. 1.3% last month
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11:11 EDTSNDK, MUAnalysts split on Micron after analyst day
Analysts were divided on the outlook for flash memory product maker Micron (MU) following its analyst day. Wells Fargo upgraded the stock to Market Perform from Underperform and Piper Jaffray said that the stock was unlikely to drop much further. However, Bank of America/Merrill and Wedbush cut their rating on the shares to Neutral from Buy. UPGRADE: Wells Fargo upgraded Micron to Market Perform from Underperform. Following the stock's decline over the last few months, the shares "reflect a more realistic view" of the flash memory sector's outlook, the firm stated. Additionally, the sector's financial condition has improved in recent years, which should boost the sector's profits and margins over the longer term, Wells Fargo stated. However, the firm still believes that the company is facing several risks, including falling prices for DRAM, a widespread form of flash memory, and its rising capital spending. Although Micron is facing "challenging near-term conditions," including a weak PC market, the company outlined many positive aspects of its business, according to Piper Jaffray analyst Ruben Roy. The longer term trends for the flash memory sector remain positive, as consolidation, low supply growth and diversifying demand should increase the profits of suppliers, Roy believes. And although Micron said its capital spending would be above expectations, Roy expects these investments to help the company enhance its manufacturing process and efficiency, boosting its performance over the longer term. Micron may miss estimates in the short-term but its share price is unlikely to drop much further, and its performance should improve significantly next year, according to Roy. He kept an Overweight rating on the stock. BEARISH TAKE: The DRAM supply/demand dynamic probably won't improve and Micron's cost reductions probably won't outpace price declines until mid-2016, according to Wedbush analyst Betsy Van Hees. Although Van Hees believes that the company's spending will help it over the longer term, she forecast that the stock would "continue to struggle" until the DRAM supply/demand dynamic stabilizes. The analyst cut her price target on the name to $19 from $26. Micron's decision to raise its capital spending suggests that it is "overconfident" in its new chips, according to Bank of America/Merrill Lynch analyst Simon Dong-je Woo. The margins on the new chip "could easily" be negative, the analyst believes. Woo thinks that Micron's capital expenditures next year should be $3B-$4B versus the company's guidance of $5.3B-$5.8B. The analyst's target on the name fell to $19 from $28.40. PRICE ACTION: In late morning trading, Micron lost 0.2% to $17. Earlier the stock reached a new 52-week low of $16.12. The shares of another flash memory product maker, SanDisk (SNDK), were flat at $58.
10:09 EDTMUOn The Fly: Analyst Downgrade Summary
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09:51 EDTMUFollow-up: Micron downgraded to Neutral on capex hike at BofA/Merrill
As previously reported, BofA/Merrill downgraded Micron to Neutral from Buy. The firm said the unexpected FY16 capex hike may reflect overconfidence by management for new chips and could cause execution and earnings misses.. Additionally, BofA/Merrill said Hynix's capex increase is likely to be material and could lead to capex increases by rivals. The firm lowered its price target on shares to $19 form $28.40.
09:38 EDTMUActive equity options trading on open
Active equity options trading on open: AAPL FB BAC MU NFLX TWTR HUN TSLA BABA MSFT
09:16 EDTMUMicron downgraded to Neutral from Buy at BofA/Merrill
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08:02 EDTGEGE Healthcare wins FDA approval for low dose CT lung cancer screening
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07:39 EDTIBMTMC to hold a conference
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07:32 EDTADSAlliance Data reports July average receivables up 34% to $11.20B
Reports July net charge-offs as percentage of receivables 4.6% vs. 4.4% last month. Reports July net charge-offs $42.85M. Reports July delinquency rate 4.2% vs. 4.1% last month.
07:30 EDTMUMicron weakness from concerns with investment returns, says Susquehanna
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07:13 EDTPMPhilip Morris should be bought at current levels, says Wells Fargo
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07:01 EDTMUMicron downgraded to Neutral from Outperform at Wedbush
07:00 EDTMUMicron upgraded to Market Perform from Underperform at Wells Fargo
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06:31 EDTMUMicron share downside limited from here, says Piper Jaffray
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06:06 EDTGSGoldman expected to take minority stake in India's Piramal Realty, Reuters says
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06:03 EDTGOOGStocks with implied volatility below IV index mean; GMCR GOOG
Stocks with implied volatility below IV index mean; Keurig Green Mountain (GMCR) 38, Google (GOOG) 23 according to iVolatility.
05:59 EDTAETStocks with implied volatility movement; AET PMCS
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August 16, 2015
13:59 EDTIBMIBM product development strategy leaves cause for concern, Barron's says
IBM's hefty dividend and buyback programs have expended upward of 80% of operating cash flow in the past three years, and the company's "thin" R&D investments should give investors a "reason to be concerned," Barron's contends in its 'Technology Trader' column. Reference Link
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