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Stock Market & Financial Investment News

News Breaks
April 16, 2014
10:00 EDTRGA, INTC, GDP, SPN, MSI, GSJK, HK, NTAP, UNH, FGLOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Halcon Resources (HK) downgraded to Reduce from Hold at KLR Group... Goodrich Petroleum (GDP) downgraded to Hold from Buy at KLR Group... Fidelity & Guaranty Life (FGL) downgraded to Neutral from Outperform at Macquarie... Compressco (GSJK) downgraded to Market Perform from Outperform at Raymond James... Intel (INTC) downgraded to Neutral from Buy at B. Riley... UnitedHealth (UNH) downgraded to Neutral from Buy at Citigroup... Motorola Solutions (MSI) downgraded to Neutral from Buy at Nomura... Reinsurance Group (RGA) downgraded to Equalweight from Overweight at Barclays... NetApp (NTAP) downgraded to Neutral from Buy at UBS... Superior Energy (SPN) downgraded to Equal Weight from Overweight at Morgan Stanley.
News For HK;GDP;FGL;GSJK;INTC;UNH;MSI;RGA;NTAP;SPN From The Last 14 Days
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February 25, 2015
16:25 EDTHKHalcon Resources sees Q1 production averaging 42–44 MBoe/d
16:24 EDTHKHalcon Resources reports Q4 EPS 5c, consensus 0c
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10:34 EDTINTCHP slide after currency driven guidance cut called buying opportunity
The shares of Hewlett-Packard (HPQ) are falling after the company reported lower than expected first quarter revenue and sharply lowered its free cash flow guidance and cut its fiscal year profit view. However, analysts at Citigroup, Bernstein, and Brean Capital all recommended buying the stock on weakness in separate notes to investors today. BACKGROUND: HP reported slightly higher than expected Q1 profits, but its revenue came in below expectations. The company sharply lowered its fiscal 2015 free cash flow guidance to $3.5B-$4B from its previous outlook of $6.5B-$7B. The tech giant also lowered its fiscal 2015 EPS guidance to $3.53-$3.73 from its previous outlook of $3.83-$4.30. "While we were able to manage the impact of currency in the quarter and deliver earnings as expected, we believe the impact on FY15 will be significantly greater than we anticipated in November. We'll work hard to offset these impacts through re-pricing and productivity, but fully mitigating currency movements of this size would require reducing investments and mortgaging our future. We won't do that," said HP CEO Meg Whitman. ANALYST REACTION: The decline in HP's EPS guidance was entirely due to foreign currency fluctuations, while most of the cut in its free cash flow guidance was caused by one-time costs related to the upcoming split of HP into two separate companies, Citi analyst Jim Suva stated. Most of the company's businesses "continue to perform well or at least make progress," wrote Suva. The decline in the stock has created an attractive entry point for investors who are looking to own the shares in order to benefit from the break-up, according to the analyst. He kept a Buy rating on the shares. Bernstein analyst A.M. Sacconaghi was less upbeat on HP's outlook, but also recommended buying the shares on today's weakness. Although revenue estimates for HP may be too high, the stock's valuation remains attractive, as it is the second least expensive tech stock in the S&P 500, according to Sacconaghi, who believes the shares are worth $45-$50. Cautioning that HP's stock is likely "to be in the penalty box" in the near-term, Sacconaghi nonetheless believes that the shares could get a significant boost when the company provides more information about its spin-off. He recommended that investors buy the stock on today's weakness and kept an Outperform rating on the shares. HP's fundamentals haven't changed, as the company continues to expect its revenue to remain flat in fiscal 2015, and it has not changed its capital return guidance, Brean Capital analyst Ananda Baruah stated. The company also continues to expect free cash flow of at least $5B-$6B in 2016 and beyond, Baruah added. Moreover, HP's share repurchases are unlikely to be significantly reduced as a result of the decline in its free cash flow guidance, the analyst predicted. Baruah recommended buying the stock on today's weakness and kept a $45 price target and Buy rating on the shares. PRICE ACTION: In early trading, HP fell 9.5% to $34.84. OTHERS TO WATCH: Other large cap PC levered names are also weak in morning trading after HP's report last night, with Microsoft (MSFT) down 0.25% and Intel (INTC) down 1.2%.
09:25 EDTINTCCisco, Apple among U.S. names cut from China state buying list, Reuters says
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07:27 EDTINTCThe Linley Group to hold a conference
Linley Data Center Conference 2015 is being held in Santa Clara, California on February 25-26.
February 23, 2015
19:40 EDTUNHLeerink healthcare services analyst holds an analyst/industry conference call
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16:27 EDTUNHOn The Fly: Closing Wrap
Stocks on Wall Street began the session in negative territory and remained there for most of the session, with the Nasdaq the lone index to post a small gain. The Dow was weighed down by shares of Boeing (BA), which slid after the stock received a downgrade. There was little in the way of positive economic news, as the most notable report showed existing homes were lower than expected due to a shortage of inventory. The averages drifted for most of the session, as investors may be waiting on the sidelines ahead of tomorrow’s banking panel testimony by Fed Chair Janet Yellen. ECONOMIC EVENTS: In the U.S., the Chicago Fed national activity index rebounded to 0.13 in January, which was nearly in-line with expectations. Existing home sales dropped 4.9% to a 4.82M rate in January, which was much worse than the expected 1.8% drop to a 4.95M unit rate. In Europe, the Ifo Institute’s measure of German business confidence rose to 106.8 in February, which was up a tenth of a percentage point from the previous month but below the 107.7 consensus forecast. Also, the Bank of Israel became the latest central bank to cut rates this year, lowering its main interest rate to 0.1% from 0.25%. COMPANY NEWS: The shares of a number of health insurers rose after the Centers for Medicare and Medicaid Services, or CMS, issued preliminary 2016 Medicare Advantage rates. According to Credit Suisse, the rates were favorable for the insurers. Following the CMS announcement made late Friday, Humana (HUM) climbed $8.40, or 5.38%, to $164.52, UnitedHealth (UNH) rose $3.78, or 3.36%, to $116.40, and WellCare (WCG) gained $4.68, or 5.53%, to $89.30. MAJOR MOVERS: Among the notable gainers was PTC Therapeutics (PTCT), which jumped $9.77, or 17.7%, to $64.96 after Reuters said the company is working with financial advisers to explore a potential sale after receiving takeover interest from several companies including Shire (SHPG) and BioMarin (BMRN). Also higher was Valeant (VRX), which rose $25.49, or 14.71%, to $198.75 after the company agreed to buy Salix (SLXP) for $158 per share and also reported better-than-forecast earnings. Salix shares, however, fell $2.09, or 1.32%, to $155.76, as a report Friday from CNBC's David Faber telegraphed the deal and suggested Valeant could value Salix around $160 per share. Among the noteworthy losers was Spectrum Pharmaceuticals (SPPI), which dropped $1.18, or 15.82%, to $6.28 after a judge ruled that a drug which could compete with the company's Fusilev treatment does not infringe on the company's intellectual property. Also lower were shares of Boeing, which fell $3.57, or 2.26%, to $154.74 after the stock was downgraded to Sell from Neutral at Goldman Sachs. INDEXES: The Dow fell 23.60, or 0.13%, to 18,116.84, the Nasdaq gained 5.01, or 0.1%, to 4,960.97, and the S&P 500 slipped 0.64, or 0.03%, to 2,109.66.
12:21 EDTUNHOn The Fly: Midday Wrap
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11:10 EDTUNHHealth insurers rise after CMS releases preliminary Medicare Advantage rates
The shares of a number of health insurers are rising after the Centers for Medicare and Medicaid Services, or CMS, issued preliminary 2016 Medicare Advantage rates. According to Credit Suisse, the rates were favorable for health insurers. WHAT'S NEW: On Friday after the market closed, CMS issued a proposal for 2016 Medicare Advantage rates. The rates are preliminary and could change when CMS announces the final 2016 rates on April 6 of this year, the agency noted. In a note to investors earlier today, Credit Suisse analyst Ralph Giacobbe estimated that, under CMS' initial proposal, insurers would see rate changes of between -1% and +1%, depending on the risk that each insurer faces. The preliminary rates were "favorable" for insurers, since the rates were "in-line if not slightly better" than investors had expected, the firm stated. Moreover, CMS decided not to restrict at-home health risk assessments, as had been feared, and agreed to reduce the weighting of certain risk factors that had hurt previously certain plans with a higher proportion of low-income beneficiaries, acceding to a request by insurers. Insurers with the highest exposure to Medicare Advantage include Humana (HUM), UnitedHealth (UNH), and WellCare (WCG), the analyst stated. WHAT'S NOTABLE: After analyzing CMS' proposal, health insurer Aetna (AET) estimated that the proposal would cause government funding for its Medicare Advantage business to decline by about 1% in 2016. Aetna added that it is continuing to evaluate the changes outlined in the Advance Notice and their impact on the company and its Medicare Advantage members. OTHERS TO WATCH: Other publicly traded health insurance companies include Anthem (ANTM), AMERIGROUP (AGP), Centene (CNC), Cigna (CI), Health Net (HNT), Healthspring (HS), and Molina Healthcare (MOH). PRICE ACTION: In mid-morning trading, Humana climbed 5.3% to $164.43, UnitedHealth rose 2.6% to $115.56, WellCare gained 6.3% to $90, Aetna advanced 2% to $99.91, and Centene added 3.4% to $61.93.
09:59 EDTINTCOn The Fly: Analyst Initiation Summary
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09:59 EDTSPNOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Antofagasta (ANFGY) downgraded to Sell from Neutral at Goldman... Arch Coal (ACI) downgraded to Sell from Buy at Argus... BHP Billiton (BHP) downgraded to Equal Weight from Overweight at Morgan Stanley... Beazer Homes (BZH) downgraded to Neutral from Buy at Compass Point... Boeing (BA) downgraded to Sell from Neutral at Goldman... Century Communities (CCS) downgraded to Neutral from Overweight at JPMorgan... CyberArk (CYBR) downgraded to Underweight from Neutral at JPMorgan... DirecTV (DTV) downgraded to Hold from Buy at Brean Capital... Enerplus (ERF) downgraded to Hold from Buy at Desjardins... Fiserv (FISV) downgraded to Neutral from Buy at Monness Crespi... GP Strategies (GPX) downgraded to Neutral from Buy at B. Riley... Interactive Brokers (IBKR) downgraded to Market Perform at Keefe Bruyette... MRC Global (MRC) downgraded at BB&T... Precision Castparts (PCP) downgraded to Neutral from Buy at Goldman... Quest Diagnostics (DGX) downgraded at BofA/Merrill... Rio Tinto (RIO) downgraded to Equal Weight from Overweight at Morgan Stanley... Roth Capital downgraded Spectrum (SPPI) on court case loss... Royal Dutch Shell (RDS.A) downgraded to Sector Perform from Outperform at Howard Weil... Ryland Group (RYL) downgraded to Neutral from Buy at Compass Point... Salix (SLXP) downgraded to Market Perform from Outperform at Leerink... Standard Pacific (SPF) downgraded to Neutral from Buy at Compass Point... Superior Energy (SPN) downgraded to Neutral from Outperform at Credit Suisse... Transocean (RIG) downgraded to Negative from Neutral at Susquehanna... Vale (VALE) downgraded to Equal Weight from Overweight at Morgan Stanley.
08:46 EDTINTCIntel initiated with an Outperform at Exane BNP Paribas
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08:05 EDTUNHCMS releases preliminary Medicare Advantage rates for 2016
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06:54 EDTSPNSuperior Energy downgraded to Neutral from Outperform at Credit Suisse
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February 20, 2015
08:41 EDTUNHInsurers should be bought on weakness related to MA rates, says BMO Capital
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February 19, 2015
16:34 EDTSPNSuperior Energy sees cutting capital expenditures at least 35% from 2014
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16:33 EDTSPNSuperior Energy reports Q4 EPS 48c, consensus 49c
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04:46 EDTGDPStocks with implied volatility movement; GDP SD
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February 18, 2015
09:45 EDTNTAPNetApp to participate in a conference call with Credit Suisse
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06:56 EDTUNHObamacare enrollment exceeded goal, Politico reports
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