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News For GOOG;MSFT;AAPL;AMZN;RIMM From The Last 14 Days
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November 12, 2015
18:58 EDTGOOGT-Mobile in preliminary talks to include YouTube in 'Binge On' service, WSJ says
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18:37 EDTAMZNAmazon could apply India-style shipping to other markets, Reuters says
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18:32 EDTAMZNHulu in talks to sell stake to Time Warner, WSJ says
Hulu, a joint venture of Disney (DIS), Comcast (CMCSA, CMCSK), and Fox (FOX, FOXA), is in talks to sell a stake in the company to Time Warner (TWX) that would value the service at more than $5B, reports the Wall Street Journal, citing sources. The potential deal would see Time Warner becoming an equal stakeholder alongside the aforementioned companies, with Disney, Comcast, and Fox each reducing their stakes 25% from roughly 33%, said the report. The news comes as Hulu and other players in the media space aim to compete with Netflix (NFLX) and Amazon (AMZN), said the Journal. Reference Link
17:41 EDTMSFTValueAct discloses sale of 18.65M shares of Microsoft
In a regulatory filing, ValueAct disclosed the sale of 18.65M shares of Microsoft.
16:27 EDTAAPLOn The Fly: Top stock stories for Thursday
Stocks on Wall Street opened in negative territory and weakened throughout the day, pushing equities down to their lowest levels of November. Comments made by Fed officials early in the day lent more uncertainty, not more clarity, regarding the chances of a rate hike at the FOMC meeting in December. The commodity sector was also weak, led by oil, which saw benchmark U.S. prices hit a three month low as WTI crude slid below $42 per barrel. ECONOMIC EVENTS: In the U.S., initial jobless claims were unchanged at 276,000 in the week of November 7, versus expectations for 270,000 first-time claims. The JOLTS report showed job openings rebounded 149,000 to 5.53M in September. In Europe, European Central Bank president Mario Draghi, in remarks delivered in a hearing in the European Parliament, once again signaled that the bank is ready to boost stimulus at its December meeting, if warranted. COMPANY NEWS: Shares of Angie's List (ANGI) gained $1.05, or 13.26%, to $8.97 after IAC/InterActiveCorp (IACI), the parent company of HomeAdvisor, made public a $8.75 per share cash buyout offer. Yelp (YELP), which also connects people with local businesses via its web-based and mobile services, rose 92c, or 3.66%, to $25.90 following the revelation of the takeout bid for Angie's List... Department store owner Kohl's (KSS) advanced $2.64, or 6.12%, to $45.80 after its third quarter earnings and revenues beat expectations... Shares of PayPal (PYPL) were weak for a second straight session following a report yesterday afternoon alleging that Apple (AAPL) is set to launch a competitor to one of the payment technology company's offerings. Shares of PayPal slipped 1.8% to close at $36.33 yesterday following The Wall Street Journal's report, then dipped another 2.1% to close at $35.57 today. MAJOR MOVERS: Among the notable gainers was Eros International (EROS), which rebounded 65c, or 7.88%, to $8.90 after calling allegations of security laws violations "baseless and misleading." Also higher was Splunk (SPLK), which rose $1.61, or 2.82%, to $58.78 after research firm JMP Securities reiterated an Outperform rating on the name, saying recent checks indicate that spending on Splunk products "remains healthy." (JD) advanced 3.2% to $28.78 after reporting 130% sales growth for China's Singles Day event. Among the noteworthy losers was Fairmount Santrol (FMSA), which fell 66c, or 22%, to $2.34 after reporting downbeat third quarter earnings and suspending its earnings guidance due to market "uncertainty." Also lower was Advance Auto Parts (AAP), which declined $30.00, or 15.41%, to $164.67 after its quarterly report missed analyst expectations, which came alongside a retirement announcement by its CEO and news of Starboard chief Jeff Smith being appointed to the company's board. Additionally, Derma Sciences (DSCI) lost 27.9% to $4.04 after terminating its Phase 3 clinical trials of aclerastide for the treatment of foot ulcers due to futility. INDEXES: The Dow fell 254.15, or 1.44%, to 17,448.07, the Nasdaq lost 61.94, or 1.22%, to 5,005.08, and the S&P 500 dropped 29.03, or 1.4%, to 2,045.97.
16:00 EDTMSFT, AAPLOptions Update; November 12, 2015
iPath S&P 500 VIX Short-Term Futures up 1.28 to 20.18. Option volume leaders: GE AAPL MNKD XOM BAC FB SUNE CSCO NFLX SYF BABA MSFT
13:24 EDTAAPL, AMZN, GOOG, MSFTEarnings Watch: Cisco seeks to break out of trading rut with Q1 report
Cisco Systems (CSCO) is scheduled to report results of its fiscal first quarter after the market close on Thursday, November 12 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 56c on revenue of $12.65B, according to First Call. The consensus range for EPS is 55c-59c on revenue of $12.55B-$12.81B. Along with its quarterly report, Cisco guided to Q1 EPS of 55c-57c and said it expects its revenue to increase 2%-4% year over year. LAST QUARTER: On August 12, Cisco reported fourth quarter EPS of 59c on revenue of $12.8B, beating consensus estimates of 56c and $12.65B for EPS and revenue, respectively. NEWS: On its Q4 earnings conference call, Cisco said that it was looking at acquisitions at the right price, particularly in areas like software and security. On August 31, Apple (AAPL) and Cisco announced a partnership to build a "fast lane" for iOS business users by optimizing Cisco networks for iOS devices and apps, integrating iPhone with Cisco enterprise environments and providing unique collaboration on iPhone and iPad. The next day, Cisco was among multiple other companies, including Amazon (AMZN), Google (GOOG), Intel (INTC), Microsoft (MSFT), Mozilla, and Netflix (NFLX), announcing the formation of the Alliance for Open Media to build next-generation media formats, codecs, and technologies in the public interest. On September 3, Business Insider reported that people at Cisco still though that chairman John Chambers was running the show as chief executive officer after appointing Chuck Robbins to that role last May. On September 15, Mandiant, a FireEye (FEYE) subsidiary, said in a blog post that researchers discovered previously unknown attacks on certain routers and that such attacks replace the operating system used in Cisco equipment. About a week later, the Wall Street Journal reported that Cisco was aiming to strengthen its business in China by joining forces with Inspur group, a move which was confirmed on September 24. On October 29, Cisco announced its intention to acquire 1 Mainstream. CNBC later reported that the company paid $100M-$150M to acquire 1 Mainstream. On November 9, Ericsson (ERIC) and Cisco announced a global business and technology partnership to "create the networks of the future." The companies said that the strategic partnership will be a key driver of growth and value for the next decade, with each company benefiting from incremental revenue in calendar year 2016 and expected to ramp to $1B or more for each by 2018. STREET RESEARCH: On August 17, Morgan Stanley downgraded Cisco to Equal Weight from Overweight and maintained a $30 price target on the stock, saying it did not believe improved growth is "secular" and anticipates growth will revert to GDP like levels as the upgrade cycle concludes. Wells Fargo said on August 28 that a 10% selloff in communication tech stocks, including Cisco, had created an attractive buying opportunity. Bernstein said a week later that Cisco, Juniper (JNPR), and F5 Networks (FFIV) should be bought on wider macro economic weakness. On October 6, Citi initiated coverage of Cisco with a Buy rating and $30 price target. A week later, Barclays initiated coverage of Cisco with an Overweight rating and a $32 price target. On November 9, RBC Capital maintained an Outperform rating and $33 price target on Cisco, saying it expects the company to report slightly better than expected results. The next day, SunTrust maintained a Buy rating on Cisco, saying its partnership with Ericsson was a positive and should strengthen Cisco's service provider business. PRICE ACTION: In afternoon trading ahead of tonight's report, Cisco shares were up 0.5% to $27.97. In the last three months, Cisco shares are fractionally higher and virtually unchanged when discounting this afternoon's slight rise.
12:38 EDTGOOGYouTube launches Music app
YouTube has launched the YouTube Music app for iOS and Android. In a blog post, the company commented, YouTube is offering a free 14-day trial of premium mode. "No matter where you start in the app, the music will never stop. Every song you play or artist you choose will take you on an endless journey through YouTube's music catalog. A simple tap and you're on your way, enjoying your favorite music and discovering new artists effortlessly. The home tab will recommend tracks just for you and create personalized stations based on your tastes." Reference Link
12:31 EDTAAPLPayPal will see limited impact from competition, says Baird
Baird analyst Colin Sebastian expects competition from other online payment platforms, including Apple's (AAPL) ApplePay, to have a limited impact on PayPal (PYPL). The cross-border remittance market, with regulations, compliance costs and management of fraud risk, has high barriers to entry, Sebastian tells investors in an intraday research note. He believes PayPal's combination with Xoom (XOOM) creates a "well-established remittance service" that should see accelerating growth. The ApplePay remittance threat "seems misunderstood," Sebastian argues. He keeps an Outperform rating on PayPal with a $45 price target. The stock is down today $1.04 to $35.29.
09:59 EDTAAPLSterne Agee sees 'great buying opportunity' in NXP pullback
The weakness in NXP Semiconductors (NXPI) following its third quarter results gives investors "a great buying opportunity," research firm Sterne Agee wrote in a note to investors today. NXP Semiconductors is a chip maker that agreed to acquire another player in the space, Freescale (FSL), last March. WHAT'S NEW: Synergies from the Freescale deal could increase NXP's EPS by 31c in 2016 and 92c in 2017, Sterne Agee CRT analyst Douglas Freedman wrote. Moreover, NXP's ability to generate stronger earnings growth than its peers despite a tough demand environment is "impressive," contended the analyst. The company's outperformance and debt deleveraging should cause its stock's multiple to rise, forecast Freedman, who kept a $107 price target and Buy rating on the shares. WHAT'S NOTABLE: NXP Semiconductors was among the chip makers whose stock rose after Apple (AAPL) reported stronger than expected results on October 27. However, Credit Suisse on November 10 cut its estimates for iPhone shipments going forward into 2016, noting that NXP is one of the chip makers that gets 10% or more of its revenue from Apple. PRICE ACTION: In early trading, NXP lost 0.4% to $80.98.
09:36 EDTAAPL, AMZNActive equity options trading on open
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09:19 EDTGOOG, AAPLPayPal sinks with Apple eyeing peer-to-peer payments
Shares of PayPal (PYPL) are weak again this morning following a report yesterday afternoon alleging that Apple (AAPL) is set to launch a competitor to one of the payment technology company's offerings. Analysts that were already split about PayPal's prospects are also divided on the potential impact of Apple's entry, with a bull at Citi downplaying the risk and a bear at Piper Jaffray voicing greater concern. APPLE COMPETITION: Apple is in talks with U.S. banks to create a mobile person-to-person payment service, reported The Wall Street Journal yesterday afternoon, citing people familiar with the matter. Apple's service, which would likely be linked to the company's Apple Pay system and could get off the ground next year, would compete with PayPal's Venmo peer-to-peer, or P2P, payment platform, the Journal said. BULLISH TAKE: Citi analyst Ashwin Shirvaikar says his Buy thesis on PayPal is unchanged after the Journal's report regarding Apple's efforts. Apple is a "viable competitor in a crowded field," but its product is unlikely to change the near-term growth trajectory of PayPal's Venmo, Shirvaikar told investors in a research note. He keeps a Buy rating on PayPal with a $44 price target. BEARISH TAKE: Piper Jaffray analyst Gene Munster believes Apple's reported plans for a P2P payment offering sometime in 2016 will have limited to no impact on his model for the iPhone maker, but cautions that more mobile wallets offering P2P will add to the challenges facing PayPal's Venmo. The analyst believes the "real estate for all logos at the point-of-sale will be scarce and cluttered," noting that in addition to new entrants like Apple Pay, Samsung Pay, Google's (GOOG) Android Pay, JPMorgan's (JPM) Chase Pay, MCX/CurrentC and PayPal there are still legacy players such as Visa (V) Checkout, MasterCard (MA) Masterpass, and American Express' (AXP) Express Checkout. Munster thinks Venmo is a strong offering that will keep gaining share, but in addition to competition, he sees low interest rates hindering float income and thinks the value proposition for consumers and merchants remains "uncertain." The analyst keeps an Underweight on PayPal, which is the firm's equivalent of a "sell" rating, with a $30 target for its shares. PRICE ACTION: Shares of PayPal slipped 1.8% to close at $36.33 yesterday following the Journal's report. In pre-market trading, the stock fell another 1% to $36 per share.
08:30 EDTMSFTMicrosoft volatility flat as shares trade near 14-year high
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06:49 EDTAAPLQualcomm share loss at Samsung worse than expected, says JPMorgan
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06:49 EDTAAPLPayPal volatility elevated after reports of Apple working on payment service
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06:39 EDTMSFTMicrosoft unveils plan to protect European data from U.S. overreach, FT says
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06:37 EDTAAPLCiti says PayPal thesis unchanged with possible Apple P2P launch
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05:51 EDTAAPLApple P2P offering to have limited impact, says Piper Jaffray
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November 11, 2015
18:45 EDTGOOGGoogle may face competitive hurdles in China, WSJ says
Google (GOOG) could face intense competition in China even as it looks to secure government approval to launch its Google Play mobile app store in the country, reports the Wall Street Journal. After pulling its services from China roughly five years ago over censorship issues, local rivals Baidu (BIDU), Xiaomi, and others have gained significant footholds. Sources in the Chinese internet industry told the Journal it "shouldn't be too difficult" for Google to obtain regulatory approval for Play, and the app store may in fact be Google's best chance of penetrating the region, given the high fragmentation and security issues of local offerings. Reference Link
16:26 EDTAMZN, AAPLOn The Fly: Top stock stories for Wednesday
Stocks on Wall Street finished the day lower following a range-bound session marked by lighter than normal volume due to the Veteran's Day holiday. The lower participation allowed the market to digest the latest round of earnings with the reporting season beginning to wind down. Oil remained under pressure and closed near three week lows, as production has not really declined despite lower pricing. ECONOMIC EVENTS: In the U.S., the economic calendar was quiet with no major data reported. U.S. bond markets were closed in observance of Veteran's Day. In China, industrial output rose 5.6% in October, matching March's reading as the weakest since 2008. Retail sales climbed 11% last month, beating expectations. COMPANY NEWS: Shares of Alibaba Group (BABA) trading in New York fell $1.62, or 1.98%, to $79.81 despite its report of blockbuster sales for the 11.11 shopping festival, better known as "Singles' Day." By the end of Wednesday in China, gross merchandise volume on Alibaba's platforms hit $14.3B, far exceeding last year's 24-hour total of $9.3B and topping the company's $11B forecast... Macy's (M) shares fell 14% to $40.41 after the department store operator cut its fiscal year sales and profit forecasts and said it would not follow an activist investor's suggestion to form a real estate investment trust. A number of its peers fell as well, including J.C. Penney (JCP), which dipped 1.9% despite previewing that its own quarterly results should be better than its prior expectations. Penney, which pre-announced stronger than expected same-store sales growth of 6.4% for Q3, is set to report full quarterly results on Friday morning... Anheuser-Busch InBev (BUD) and SABMiller (SBMRY) came to terms on a deal to combine the companies in a transaction worth $107B. In relation to their deal, Molson Coors (TAP) agreed to purchase SABMiller's 58% stake in MillerCoors, the joint venture formed in the United States in 2008, in a deal valued at $12B. Molson Coors was the biggest winner following today's announcements, rising 4.4% to $92.19. MAJOR MOVERS: Among the notable gainers was Atmel (ATML), which rose 33c, or 4.39%, to $7.85 after Dialog Semiconductor (DLGNF) issued a statement saying it continues to "strongly" support its agreement to acquire the company. Also higher was Amazon (AMZN), which gained $14.18, or 2.15%, to $673.86 after research firm Morgan Stanley raised its price target on the name to $800 from $750 on the growing opportunity of Amazon Web Services. Separately, Wayfair (W) rallied 5.4% to $41.57 after Cowen analysts raised their target on the shares to $61 from $56 and reiterated an Outperform rating, calling Tuesday's selloff misguided. Among the noteworthy losers were Horizon Pharma (HZNP) and Insys (INSY), which declined a respective 19.6% and 8.7% after Express Scripts (ESRX) cut ties with Linden Care, a specialty pharmacy used by both companies. Also lower was PayPal (PYPL), which fell 67c, or 1.81%, to $36.33 shortly before the close after the Wall Street Journal reported that Apple (AAPL) is working on a mobile payments service that could compete with the firm's Venmo platform. Additionally, Intercept (ICPT) lost $24.02, or 11.66%, to $181.95 after FBR Capital cut its price target on the stock to $192 from $273, saying the market opportunity for Intercept's obeticholic acid liver disease candidate appears smaller than initially thought. INDEXES: The Dow dropped 55.99, or 0.32%, to 17,702.22, the Nasdaq slid 16.22, or 0.32%, to 5,067.02, and the S&P 500 declined 6.72, or 0.32%, to 2,075.00.
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