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Stock Market & Financial Investment News

News Breaks
May 20, 2014
12:24 EDTURBN, OPHT, GM, ARX, SPLS, CAT, TJX, NVS, DKS, HDOn The Fly: Midday Wrap
Stocks on Wall Street began the session in negative territory and have remained there throughout the morning. With the economic calendar quiet again and earnings season just about to wind down, there was little to bring investors off the sidelines and reverse the trend. Among the many retailers that reported earnings last night and this morning, a number, including Dicks Sporting Goods (DKS), Staples (SPLS), Urban Outfitters (URBN) and TJX (TJX), missed Wall Street estimates. ECONOMIC EVENTS: In the U.S., no major economic data was released for the second day in a row. COMPANY NEWS: Home Depot (HD) led all advancers on the Dow Jones Industrial Average, rising more than 2.5%, after the company's earnings narrowly beat expectations and it raised its FY14 EPS view to come in-line with analyst consensus estimate. Caterpillar (CAT) was the weakest Dow member, sliding 2%, after it reported April dealer retail sales trends that weakened relative to March... General Motors (GM) shares fell 1.5% near noon after the company announced it is recalling an additional 2.42M vehicles in four separate U.S. recalls. The automaker added $200M to the charge it expects to take in Q2 related to its recalls, bringing the total potential charge up to $400M. MAJOR MOVERS: Among the notable gainers was Aeroflex (ARX), which rose 25% after Cobham plc agreed to acquire the company for $10.50 per share in cash. Also higher was Ophthotech (OPHT), which gained 21% after it signed a licensing and commercialization agreement for its Fovista drug outside of the U.S. with Novartis (NVS). Among the noteworthy losers following their earnings reports were sporting goods retailer Dick's, which slumped 17%, and office supplier Staples, which dropped 13%. INDEXES: Near midday, the Dow was down 91.32, or 0.55%, to 16,420.54, the Nasdaq was down 19.57, or 0.47%, to 4,106.25, and the S&P 500 was down 8.89, or 0.47%, to 1,876.19.
News For HD;CAT;GM;DKS;SPLS;OPHT;NVS;ARX;URBN;TJX From The Last 14 Days
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November 12, 2014
09:54 EDTCATCaterpillar reaffirms 2014 EPS outlook about $6.50, consensus $6.56
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08:42 EDTGMGeneral Motors' Ammann leading push for change, WSJ says
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08:18 EDTNVSUBS to hold a conference
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08:01 EDTHDHome Depot price target raised to $113 from $102 at Jefferies
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07:58 EDTNVSGenVec expects 2014 cash burn between $6M-$7M from Novartis collaboration
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November 11, 2014
17:17 EDTGMGM scales back workers, production at small car plant, WSJ says
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16:14 EDTNVSLeerink biotech analysts hold an analyst/industry conference call
Biotech Analysts provide a preview of items being discussed at the upcoming 56th Annual Meeting of ASH including JAK inhibitors, novel Jakafi combinations for Myelofibrosis and developing compounds on an Analyst/Industry conference call to be held on November 17 at 10 am.
16:01 EDTNVSQIAGEN enters master collaboration agreement with Novartis
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15:43 EDTNVSLeerink major pharma & biotech analysts hold analyst/industry conference call
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09:17 EDTOPHTOn The Fly: Pre-market Movers
UP AFTER EARNINGS: FMSA Holdings (FMSA), up 4.7% following third quarter results. ALSO HIGHER: AVEO Pharmaceuticals (AVEO), up 7.6% after entering agreement with Ophthotech (OPHT) to license tivozanib... Ophthotech is 2.1% higher in pre-market trading... Galena Biopharma (GALE), up 3.6% after first patient dosed in NeuVax and Herceptin combination Phase 2 trial... Yamana Gold (AUY), up 3% after being upgraded to Overweight from Neutral at HSBC... Ambac Financial (AMBC), up 3.1% after being upgraded to Neutral from Sell at MKM Partners... China Finance (JRJC), up 12.4% after announcing a new partnership with Great Wall Securities... Zynga (ZNGA), up 5.7% after being upgraded on mobile business growth at Jefferies... Fiat Chrysler (FCAU), up 2.2% after being initiated with a Conviction Buy at Goldman. DOWN AFTER EARNINGS: Applied Optoelectronics (AAOI), down 10.7%... Ekso Bionics (EKSO), down 2.2%. ALSO LOWER: Alibaba Group (BABA), down 1.6% following comments made by vice chairman Joseph Tsai in an interview.
07:49 EDTDKSBofA/Merrill retail and consumer analysts hold analyst/industry conference call
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07:09 EDTHDHome Depot November volatility elevated into Q3 and revenue outlook
Home Depot November call option implied volatility is at 24, December is at 20, January is at 18; compared to its 26-week average of 18 according to Track Data, suggesting large near term price movement into the expected release of Q3 results on November 18.
06:37 EDTOPHTOphthotech enters into with Aveo Pharmaceuticals to license tivozanib
Ophthotech (OPHT) has entered into an exclusive research and option agreement with Aveo Pharmaceuticals (AVEO) to license tivozanib, a small molecule vascular endothelial growth factor, or VEGF, tyrosine kinase inhibitor, for the treatment of non-oncologic conditions of the eye. Under the terms of the agreement, Ophthotech will pay an upfront fee of $500,000 for exclusive rights to investigate this compound’s potency and potential as an ocular formulation. Ophthotech is solely responsible for the ocular formulation and development of this compound, which will focus initially on a sustained release formulation as a treatment for the maintenance phase of wet AMD therapy. Under the agreement, upon completion of Ophthotech’s initial analysis, if Ophthotech elects to continue the development of an ocular formulation of this anti-VEGF therapy, Ophthotech will pay additional fees based upon Ophthotech’s submission of an Initial New Drug application and upon the demonstration of proof of concept in humans. If Ophthotech exercises its option for an exclusive worldwide license for the compound for ocular indications, Ophthotech will pay a license fee, and development, regulatory and sales-based milestones, if achieved, as well royalties on commercial sales.
06:33 EDTOPHTOphthotech reports Q3 EPS 31c, consensus (62c)
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November 10, 2014
16:07 EDTNVSUBS to hold a conference
UBS European Conference is being held in London, England on November 11-12.
15:57 EDTNVSWorldwide Business Research to hold a conference
ProcureCon for Digital & Marketing Services 2014 is being held in San Antonio on November 11-13.
06:41 EDTGMGM ordered new switches months before recall, WSJ reports
Half a million replacement ignition switches were ordered by General Motors (GM) almost two months before it alerted federal safety regulators of the issues that led to a recall of millions of vehicles, the Wall Street Journal reports, citing email exchanges between the automaker and Delphi Automotive (DLPH). The email exchanges, which took place in mid-December 2013 between a GM contract worker and Delphi, indicate GM placed an "urgent" order for 500,000 replacement switches on December 18, a day after a meeting of senior executives. Reference Link
05:48 EDTURBNU.S. Retail Softlines industry cut to Negative at Barclays
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November 7, 2014
11:59 EDTGMSenators ask U.S. DOJ to review Takata as airbag worries increase, Reuters says
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10:00 EDTURBNOn The Fly: Analyst Initiation Summary
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