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Stock Market & Financial Investment News

News Breaks
November 13, 2012
16:29 EDTGBX, MSFT, TROX, BAC, HD, AMD, MBI, AKSOn The Fly: Closing Wrap
Stocks on Wall Street were unable to rally after the major averages spent the majority of the day near their starting points. The U.S. reported its October federal budget at midday and the market met the data with a shrug. Dow member Cisco Systems (CSCO) is among those reporting earnings after today's close... ECONOMIC EVENTS: In the U.S., October's budget deficit grew to $120B from a $98.5B shortfall a month ago. Analysts forecast a $113B deficit for October. In Europe, euro-zone leaders failed to agree on the release of the latest round of aid for Greece, though the nation was granted a two-year extension by the EU to repay its current bailout loans... COMPANY NEWS: Home Depot (HD) reported better than expected earnings before the bell and outpaced all members of the Dow Jones Industrial Average, advancing $2.22, or 3.63%, to $63.38... Microsoft (MSFT) saw shares trade down 90c, or 3.22%, to $27.09 after the head of its Windows unit resigned, though Stifel Nicolaus suggested that the departure could help the company over the long term... Shares of MBIA (MBI) slipped $1.60, or 19.02%, to $6.81 after midday news broke that Bank of America (BAC) commenced a debt tender offer in a bid to stop MBIA from getting consent from bondholders to make certain changes to its bond covenants... MAJOR MOVERS: Among the notable gainers was Greenbrier (GBX), up $2.78, or 19.93%, to $16.73 after activist investor Carl Icahn reported a 9.99% stake in the company and called shares undervalued. Also higher were shares of Advanced Micro Devices (AMD), which spiked as high as $2.26 but closed up 10c, or 5.03%, at $2.09 after Reuters said the company has hired JPMorgan (JPM) to explore options potentially including the sale of patents or an outright sale of the company. Among the noteworthy losers was Tronox (TROX), down $3.54, or 18.91%, to $15.18 after the company reported Q3 earnings that missed consensus estimates, though the company's CEO said he sees sales increasing in 2013. Also lower were shares of AK Steel (AKS), down 96c, or 17.58%, to $4.50 after the company warned its Q4 losses are likely to be worse than analysts estimated... INDICES: The Dow lost 58.90, or 0.46%, to 12,756.18; the Nasdaq fell 20.37, or 0.70%, to 2,883.89; and the S&P 500 shed 5.50, or 0.40%, to 1,374.53.
News For HD;MSFT;MBI;BAC;GBX;AMD;TROX;AKS From The Last 14 Days
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July 15, 2015
07:06 EDTBACBank of America CEO says benefited from improvement in U.S. economy
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07:05 EDTBACBank of America reports Book Value per Share $21.91 at June 30
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07:04 EDTBACBank of America reports Q2 provision for credit losses $780M
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07:02 EDTBACBank of America reports Q2 revenue net of interest expense $22.3B on FTE basis
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07:01 EDTBACBank of America reports Q2 EPS 45c, consensus 36c
Reports Q2 revenue $21.12B, consensus $21.32B.
07:01 EDTBACBank of America reports Q2 EPS 45c, consensus 36c
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06:49 EDTAMDAMD initiated with a Neutral at Mizuho
Target $2.25.
July 14, 2015
17:11 EDTMSFTMicrosoft M&A chief says Salesforce sale 'depends on' Benioff, Fortune reports
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16:35 EDTMSFTMicrosoft CEO to focus on 'a few phones,' ZDNet says
In a ZDNet interview at the Worldwide Partner Conference, Microsoft CEO Satya Nadella remarked, "I'm not going to launch a phone a day. I'm going to focus on a few phones that actually grab share that, in fact, showcase our uniqueness." Nadella called the company's restructuring of its mobile phone business "a change to our operating approach," and he added that "we will do everything we have to do to make sure we're making progress on phones." Reference Link
16:01 EDTMSFT, BACOptions Update; July 14, 2015
iPath S&P 500 VIX Short-Term Futures down 15c to 17.76 Option volume leaders: AAPL FB BAC T AMZN BABA INTC JPM LVS AAL CHK MSFT NFLX TSLA TWTR MPC
15:03 EDTBACBank of America July 17 straddle priced for 2.5% movement into Q2
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15:01 EDTBACNotable companies reporting before tomorrow's open
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14:13 EDTBACEarnings Watch: Bank of America continues Q2 earnings for big banks
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10:52 EDTAMDAnalysts say Micron could be sold, but not at price Tsinghua said to offer
Research firms have reacted to a Wall Street Journal report, published last night, that Chinese chip maker Tsinghua had offered to acquire Micron (MU) for $23B, or $21 per share. Summit Research said that Tsinghua would probably raise its bid, while JMP Securities wrote that the deal would be logical from Tsinghua's perspective. However, Piper Jaffray contended that the reported buyout offer is illogical and Cowen agreed, saying that the deal makes no sense for shareholders. ANALYST REACTION: Tsinghua may have indicated that it was making the "low ball" offer in order to gauge the reaction of Micron's management and shareholders to it, Summit Research analyst Srini Sundarararjan contended in a note to investors. Tsinghua will probably increase its bid, the analyst predicted, adding that he expects Micron's stock to reach $21 soon. Sundarararjan kept a $34 price target and Buy rating on Micron. JMP Securities analyst Alex Gauna wrote that the deal would be logical for Tsinghua, as it would allow the Chinese company to access leading edge process technology, enable it to deliver more complete system solutions, and give it access to 3D NAND technology. The analyst, who believes that other Chinese companies may make competing bids for Micron, finds it difficult to believe that Micron would accept an offer more than 5%-10% below its 52-week high of $36.50. Piper Jaffray analyst Ruben Roy countered that the deal makes sense for Tsinghua and China, but not for Micron. If a takeover of Micron was based on the average valuation that companies in Micron's sector have received in takeover deals over the last 18 months, it would fetch a takeover price of $43 per share, Roy estimated. Micron and Tsinghua are more likely to reach an intellectual property sharing deal than complete a takeover transaction, according to Roy, who kept an Overweight rating on Micron. Similarly, Cowen analyst Timothy Arcuri wrote that the $21 per share price wouldn't make sense for Micron's shareholders, since it's barely above the estimated replacement cost of the company's capacity. The analyst indicated that he does not believe that Tsinghua would actually make the deal and he thinks that the U.S. Department of Justice would not approve the deal if it does get offered. WHAT'S NOTABLE: In a separate note, Summit's Sundarararjan, noting that Intel (INTC) has a 20% stake in Tsinghua. contended that the U.S. chip giant probably "midwifed" Tsinghua's offer for Micron. The analyst says that Intel "carries a lot of weight" with the U.S. Department of Justice and he believes that the DOJ could approve the deal. PRICE ACTION: In morning trading, Micron jumped 11% to $19.60. Several other semi chip related stocks were also rising, with SanDisk (SNDK) gaining 4%, Advanced Micro Devices (AMD) advancing 3% and Atmel (ATML) adding 2%.
09:45 EDTMSFTRackspace preparing deal with Amazon Web Services, CRN reports
In addition to its deal announced yesterday with Microsoft (MSFT) Azure, Rackspace is preparing an alliance with Amazon (AMZN) Web Services, CRN reported last night, citing a source. Reference Link
09:35 EDTMSFT, BACActive equity options trading on open
Active equity options trading on open: AAPL FB BAC T AMZN BABA INTC JPM LVS AAL CHK MSFT
09:33 EDTBACSEC to hold an outreach program
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09:20 EDTAMDOn The Fly: Pre-market Movers
HIGHER: Natural Health Trends Corp. (NHTC), up 16.2% following second quarter guidance... Transgenomic (TBIO), up 14% after launching genetic test for Leukodystrophy diagnosis... Biocept (BIOC), up 12.4% after launching diagnostic assay for BRAF mutations in melanoma patients... Micron (MU), up 13.1% after WSJ reports that Tsinghua made $23B acquisition offer... SanDisk (SNDK) and AMD (AMD) are up 3.8% and 3.1%, respectively, following reports of Tsinghua offer to Micron... GoPro (GPRO), up 3.2% after being upgraded to Overweight from Equal Weight at Barclays. DOWN AFTER EARNINGS: Wells Fargo (WFC), down 1%... JPMorgan (JPM), down fractionally. ALSO LOWER: Vince Holding (VNCE), down 16.3% after being downgraded to Market Perform from Outperform at William Blair... Tonix Pharmaceuticals (TNXP), down 8.3% after 2.3M share Spot Secondary priced at $7.50... Spirit Airlines (SAVE), down 7.4% after pricing pressure leads to reduced fiscal 2015 margin view... Orbitz Worldwide (OWW), down 2.8% after being downgraded to Sell from Neutral at UBS.
08:56 EDTBACMorgan Stanley names 'Vintage Values 2016' list
Morgan Stanley named its "Vintage Values 2016" list, comprised of the firm's analysts' best ideas to hold over the next 12 months. Included on the list are Ameriprise (AMP), Apple (AAPL), Bank of America (BAC), Comcast (CMCSA), Crown Castle (CC), Estee Lauder (EL), Hilton (HLT), Ingersoll-Rand (IR), LinkedIn (LNKD), Magna (MGA), Marathon Oil (MRO), McKesson (MCK), Oaktree Capital (OAK), Thermo Fisher (TMO) and Visa (V).
05:53 EDTMSFTMicrosoft likely to revamp and focus on flagship smartphones, DigiTimes says
Microsoft will likely revamp its strategy for smartphones by focusing on high-end and business-use models, reports DigiTimes. According to sources at Taiwan's handset supply chain, the company's new roadmap is expected to call for the launch of 1-2 models for its high-end business and mid-range to entry-level family lineups. The company and most industry insiders are wondering whether the new Windows 10 OS will help ramp up significantly the share of Windows Phone-based smartphones in the global market. Reference Link
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