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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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May 13, 2015
08:11 EDTGMGeneral Motors and Toyota implement Microchip's infotainment networking devices
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07:56 EDTDKSDick's Sporting should report solid Q1 results, says UBS
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05:25 EDTSPLSStaples announces partnerships with Bidvest Waltons, Dacris
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May 12, 2015
19:31 EDTGMGM recalls 522,000 Malibu, Colorado, Canyon models, Auto News says
General Motors is recalling roughly 53,000 2015 Chevrolet Colorado and GMC Canyon pickup trucks due to faulty seat frame hooks, as well as 469,000 2011-2012 Chevrolet Malibus with weak seat belt cables, reports Automotive News, citing an emailed statement from the company. GM said it is aware of 36 claims and one minor injury related to the Malibu seat belt defect, though no accidents or fatalities have been reported. Reference Link
17:10 EDTGMGeneral Motors halts Brazilian factory over shipping troubles, Reuters says
GM has halted production at a factory in southern Brazil after transportation firms Tegma and Transzero stopped shipping cars from the plant, reports Reuters, citing company statements. Reference Link
13:54 EDTURBNUrban Outfitters volatility elevated into Q1 and outlook
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09:26 EDTNVSNovartis Animal Health issued FDA warning letter over marketing materials
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07:43 EDTTJXTJX a top growth story in retail, says UBS
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May 11, 2015
16:14 EDTOPHTOphthotech completes patient recruitment of first Phase 3 trial of Fovista
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16:09 EDTOPHTOphthotech reports Q1 EPS 22c, may not compare to consensus (75c)
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15:54 EDTNVSGlaxo CEO defends strategy, warns of risks of chasing higher prices, FT says
GlaxoSmithKline (GSK) CEO Andrew Witty defends the company's shift in focus from high-priced prescription drugs to higher volume, but lower priced, products, warning that chasing ever-higher prices risks undermining the industry and may create "its own tension that leads to some kind of change,” reported Financial Times, citing an interview. Witty acknowledges the company's asset swap with Novartis (NVS) opens the door to a potential break up, but argues there are benefits to keeping pharmaceuticals, vaccines and consumer goods together and there would be “no logic” in a split at this early time after the Novartis deal, the report added. Reference Link
10:44 EDTGMGM ignition fund approves claims for 100 deaths, Detroit News says
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10:14 EDTCATAnalyst says buy Caterpillar, Joy Global before mining bottoms
The shares of Joy Global (JOY) and Caterpillar (CAT) are climbing after research firm Baird analyst Mircea Dobre upgraded both names, citing a potential bottom in commodity prices. Both companies develop mining equipment. WHAT'S NEW: In a note to investors earlier today, Baird's Dobre upgraded Joy Global and Caterpillar to Outperform from Market Perform. There are signs that the worst of the downturn in commodity prices may have passed, the analyst stated. Additionally, the shares of both Caterpillar and Joy Global historically bottom three to five quarters before mining equipment shipments rebound, according to Dobre. Consequently, investors who wait for evidence of a turnaround in the companies' mining equipment bookings may be late to the party, the analyst warned. Both stocks have now underperformed the market by amounts that are similar to their worst underperfomance during the early 1980s commodity bust, according to Dobre, who raised the price target on Caterpillar to $101 from $80 and on Joy Global to $62 from $45. PRICE ACTION: In early trading, Joy Global climbed nearly 4% to $43.64 and Caterpillar rose 1.5% to $88.60.
09:59 EDTCATOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Alcatel-Lucent (ALU) upgraded to Outperform from Neutral at Exane BNP Paribas... Caterpillar (CAT) upgraded to Outperform at Baird... Cisco (CSCO) upgraded to Outperform with $36 target at Pacific Crest... Evolution Petroleum (EPM) upgraded to Outperform from Market Perform at Northland... Hecla Mining (HL) upgraded on hedging discipline at Roth Capital... Joy Global (JOY) upgraded to Outperform from Neutral at Baird... Monster Beverage (MNST) upgraded to Buy from Neutral at Citigroup... Nokia (NOK) upgraded to Outperform from Neutral at Exane BNP Paribas... On Deck Capital (ONDK) upgraded to Neutral from Sell at Sterne Agee CRT... Royal Caribbean (RCL) upgraded to Outperform from Neutral at Wedbush... SMC (SMECF) upgraded to Buy from Neutral at Goldman... Sally Beauty (SBH) upgraded to Outperform from Market Perform at Raymond James... Southwestern Energy (SWN) upgraded to Overweight from Equal Weight at Barclays... Sprouts Farmers Markets (SFM) upgraded to Outperform at BMO Capital... Suburban Propane (SPH) upgraded on positive outlook at Stifel... Suffolk Bancorp (SUBK) upgraded to Outperform from Market Perform at Keefe Bruyette... Syngenta (SYT) upgraded to Buy from Neutral at UBS... Triumph Group (TGI) upgraded to Outperform from Sector Perform at RBC Capital... United Natural Foods (UNFI) upgraded to Overweight from Equal Weight at Stephens... Web.com (WWWW) upgraded to Buy from Hold at Deutsche Bank... Zillow Group (Z) upgraded to Buy from Neutral at SunTrust.
09:02 EDTCATCaterpillar upgraded to Outperform at Baird
As reported previously, Baird upgraded Caterpillar to Outperform from Neutral as the firm noted the stock's meaningful underperformance over the past four years and its history of having never underperformed the broader market for five consecutive years. Baird raised its price target to $101 from $80 on Caterpillar shares.
08:06 EDTHDHome Depot May weekly volatility elevated into Q1 and outlook
Home Depot May weekly call option implied volatility is at 24, June and August is at 20; compared to its 90-day average of 20, suggesting large near term price movement into the expected release of Q1 results on May 19.
06:23 EDTCATCaterpillar upgraded to Outperform from Neutral at Baird
May 8, 2015
09:03 EDTGMBofA/Merrill auto analysts hold an analyst/industry conference call
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07:49 EDTSPLSJPMorgan recommeds long Staples, short Office Depot pair trade
JPMorgan believes Staples (SPLS) is positioned to win whether or not the merger with Office Depot (ODP) receives regulatory approval. Should the deal go through, the potential synergies are "substantial" and should drive higher estimates, JPMorgan says. Should it not, Staples' performance gap over Office Depot will only widen, the firm believes. The firm thinks a long Staples, short Office Depot trade can generate positive returns over time. It keeps a Neutral rating on both stocks.
05:15 EDTNVSNovartis drug Zykadia gains EU approval
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