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Stock Market & Financial Investment News

News Breaks
July 9, 2014
12:54 EDTGRMN, GPRO, AAPLGarmin tumbles after analyst sees risk from GoPro, Apple products
Shares of portable device maker Garmin (GRMN) are sinking after research firm Pacific Crest downgraded the stock to Underperform from Sector Perform, saying that the company is facing a number of challenges. WHAT'S NEW: Sales of the company's fitness tracker, vivofit, are unlikely to surpass expectations this year or propel the company's EPS above the current consensus outlook, Pacific Crest analyst Brad Erickson wrote. Meanwhile, Erickson said Garmin's action camera, VIRB, is being crushed by a competing product from newly-public GoPro (GRPO), which is showing no signs of slowing down. Additionally, Apple (AAPL) is widely expected to launch a larger screen iPhone later this year and such a device could create challenges for Garmin's personal navigation devices, the analyst warned. Also, the watch that Apple is reportedly developing would create some competitive risk for Garmin and create a negative catalyst, according to Erickson. The analyst added that with the potential headwinds facing the company, its stock multiple could compress, pushing its fair value to "the mid-$40 range." PRICE ACTION: In early afternoon trading, Garmin sank $3.59, or 6%, to $57.04.
News For GRMN;GPRO;AAPL From The Last 14 Days
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September 16, 2014
14:55 EDTAAPLVirnetX filed new suit against Apple prior to appeal ruling, Patently Apple says
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13:54 EDTAAPLVirnetX announces Apple VPN on Demand confirmed to infringe patents
VirnetX Holding Corporation (VHC) announced that the U.S. Court of Appeals for the Federal Circuit, or USCAFC, issued their ruling in the VirnetX vs. Apple (AAPL) infringement lawsuit. In that ruling, The USCAFC affirmed the jury's finding that all 4 of VirnetX's patents are valid, confirmed the jury's finding of infringement of VPN on Demand under many of the asserted claims of the '135 and '151 patents, and confirmed the district's court's decision to allow evidence concerning the VirnetX's licenses and royalty rates in connection with the determination of damages. In its order, the USCAFC also vacated the jury's damages award and the district court's claim construction with respect to parts of the '504 and '211 patents and remanded the damages award and determination of infringement with respect to FaceTime, for further proceedings consistent with its opinion. "While we are disappointed that the Federal Circuit has vacated portions of the judgment for further proceedings, we are bolstered by the fact that the patents were again found valid and that it was confirmed that Apple's VPN on Demand functionality infringes the VirnetX patents," said Kendall Larsen, VirnetX CEO and president. "We look forward to readdressing the FaceTime infringement and damages issues as soon as possible."
12:18 EDTAAPLOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday, with some attributing the move to noted Fed watcher Jon Hilsenrath of The Wall Street Journal giving the opinion that he does not believe the central bank will drop the language that interest rates will "remain low for an extended period of time" when it issues its latest policy statement tomorrow. The averages began the session in negative territory and appeared to be heading for another listless day of trading. The market drifted lower during the opening hour but the Dow and S&P crossed into positive ground and the Nasdaq eventually followed. ECONOMIC EVENTS: In the U.S., the Producer Price Index was unchanged in August, as expected. The core reading, which excludes food and energy, increased 0.1%, also matching expectations. Of note, the Fed's FOMC rate setting group kicked off its two-day policy meeting. COMPANY NEWS: Shares of Apple (AAPL) slid over 1% after Chinese-language 21st Century Business Herald reportedly said the company might not get the necessary approval to launch its new iPhone 6 models throughout China until next year after failing to come to an agreement with a regulator in the nation. Shares of China Mobile (CHL), which is buy far the largest phone carrier in China, slipped 2% after the report... Glimcher Realty Trust (GRT) surged 29% after it agreed to sell itself to fellow REIT Washington Prime Group (WPG) for $14.20 per share. Washington has agreed to buy Glimcher for about $4.3B in a cash and stock deal. Glimcher shareholders will receive $10.40 in cash and 0.1989 of a share of Washington stock upon the closing of the transaction, the companies stated. As part of the deal, Simon Property Group (SPG), which completed its separation of Washington Prime Group this May, agreed to buy two shopping malls owned by Glimcher for $1.09B in cash. Shares of fellow mall owning REITs CBL & Associates (CBL), Rouse Properties (RSE) and Pennsylvania REIT (PEI) rose following the deal announcement. MAJOR MOVERS: Among the notable gainers was Bill Barrett (BBG), which rose 12% after selling natural gas, oil and natural gas liquids assets in the Piceance Basin in Colorado for $525M to Vanguard Natural (VNR). Vanguard Natural also gained 1% following the deal announcement. Among the noteworthy losers was VirnetX (VHC), which plunged nearly 50% after an appeals court vacated a jury’s damages award in its patent case with Apple. Also lower were shares of Atlantic Power (AT), which dropped 32% after announcing that it concluded a sale or merger of the company is not in the best interests of the company or its stakeholders and the company cut its annual dividend. INDEXES: Near midday, the Dow was up 88.18, or 0.52%, to 17,119.32, the Nasdaq was up 16.11, or 0.36%, to 4,535.01, and the S&P 500 was up 11.94, or 0.6%, to 1,996.07.
12:08 EDTGPROStocks with call strike movement; GPRO YHOO
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11:44 EDTAAPLVirnetX increases after appeals court vacates jury award in suit with Apple
VirnetX (VHC) September call option implied volatility is at 249. October is at 110, December is at 91; compared to its 26-week average of 99 according to Track Data, suggesting large price movement after appeals court vacates jury award in suit with Apple (AAPL).
11:16 EDTAAPLVirnetX plunges after appeals court vacates jury award in suit with Apple
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11:09 EDTAAPLVirnetX wins mixed ruling in patent case with Apple, Bloomberg reports
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10:52 EDTAAPLApple, China Mobile trade lower as iPhone 6 unlikely to debut in China this year
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10:31 EDTAAPLApple has a bearish pattern on 1-day basis, levels to watch
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10:22 EDTAAPLBanks set for ad battle to be default choice for Apple Pay, Apple Insider says
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10:12 EDTAAPLApple's iPhone 6 NFC chip restricted to Apple Pay, The Verge reports
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10:09 EDTAAPLApple iPhone 6 launch timing concerns in China overdone, says Susquehanna
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09:59 EDTGPROOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: ACI Worldwide (ACIW) initiated with a Neutral at Sterne Agee... ADP (ADP) initiated with a Market Perform at Bernstein... ANSYS (ANSS) initiated with a Sector Perform at RBC Capital... Accenture (ACN) initiated with a Market Perform at Bernstein... Blackhawk (HAWK) initiated with a Neutral at Sterne Agee... Coca-Cola (KO) initiated with a Market Perform at Cowen... Cognizant (CTSH) initiated with an Outperform at Bernstein... Constellation Brands (STZ) initiated with a Market Perform at Cowen... Dr Pepper Snapple (DPS) initiated with a Market Perform at Cowen... GenCorp (GY) initiated with a Hold at KeyBanc... Global Payments (GPN) initiated with a Neutral at Piper Jaffray... GoPro (GPRO) initiated with a Buy at Cleveland Research... Green Dot (GDOT) initiated with a Neutral at Sterne Agee... Lionsgate (LGF) initiated with a Buy at ISI Group... MEDNAX (MD) initiated with a Neutral at SunTrust... MasterCard (MA) initiated with a Buy at Sterne Agee... Molson Coors (TAP) initiated with an Outperform at Cowen... Monster Beverage (MNST) initiated with a Market Perform at Cowen... NetSuite (N) initiated with an Outperform at RBC Capital... Oracle (ORCL) assumed with a Sector Perform at RBC Capital... PepsiCo (PEP) initiated with an Outperform at Cowen... SAP (SAP) initiated with a Sector Perform at RBC Capital... Teekay (TK) initiated with a Hold at Deutsche Bank... Tesla (TSLA) initiated with a Buy at ISI Group... Visa (V) initiated with a Buy at Sterne Agee... Western Union (WU) initiated with a Neutral at Sterne Agee... Workday (WDAY) initiated with an Outperform at RBC Capital... Yelp (YELP) initiated with a Neutral at RW Baird... Zillow (Z) initiated with an Overweight at Stephens... zulily (ZU) initiated with an Outperform at RW Baird.
09:36 EDTAAPLActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL NFLX TSLA YHOO FB PBR MU AA TWTR WMT
09:13 EDTAAPLApple may need to wait until 2015 to launch iPhone 6 in China, Bloomberg says
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08:18 EDTGPROGoPro initiated with a Buy at Cleveland Research
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07:19 EDTAAPLCompanies' share buybacks at fasttest clip since 2007, WSJ reports
Companies are buying back their own shares at its fastest pace since the financial crisis to fuel a stock rally, reports the Wall Street Journal. According to Birinyi Associates, companies have bought back $338.3B of stock in 1H14, the most since 2007. Citing an analysis by Barclays, companies with the largest buyback programs by dollar value have outperformed the broader market by 20% since 2008. Reference Link
06:42 EDTAAPLPayPal running ads against Apple Pay, Business Insider reports
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06:36 EDTAAPLiPhone 6/6 Plus may suffer similar iPhone 5s/5c inventory issues, DigiTimes says
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06:28 EDTAAPLLenovo, Huawei look to pose threat in high-end smartphone segment, DigiTimes says
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