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April 16, 2014
10:00 EDTSPN, MSI, GSJK, HK, NTAP, UNH, FGL, RGA, INTC, GDPOn 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.
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November 18, 2015
15:11 EDTFGLFidelity & Guaranty Life reports Q4 adjusted operating EPS 72v, consensus 52c
Average assets under management increased 8% over prior year; net investment spread across all product lines up 27 basis points year over year.
14:47 EDTNTAPNetApp November 31 straddle priced for 8.6% movement into Q2
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14:38 EDTNTAPNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include Salesforce (CRM), consensus 19c... L Brands (LB), consensus 52c... (CTRP), consensus 9c... NetApp (NTAP), consensus 57c... Keurig Green Mountain (GMCR), consensus 71c.
14:13 EDTNTAPNetApp technical comments ahead of earnings
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13:44 EDTINTCBefore the Move: Watch Intel into tomorrow's analyst day
Chipmaker Intel's (INTC) analyst day tomorrow could yield information on numerous company operations, but Jefferies analyst Mark Lipacis cautions investors that the probability for positive surprises appears low given recent spending outlays. BACKGROUND: Intel, one of the largest semiconductor makers in the world, is scheduled to hold an analyst day on Thursday, November 19. Beyond providing forecasts for its various business segments and remarks on the larger computer market, Intel is expected to provide further clarity on several recent stories, including its memory joint venture with Micron (MU), plans to invest heavily in a Chinese production facility and progression towards chips on the 10 nanometer scale. STRONG OUTLOOK, MILD MEETING: Intel's pending acquisition of Altera (ALTR) and its plans to invest as much as $5.5B in a computer memory facility in Dalian, China leave little room for positive surprises at tomorrow's event in regards to 2016 margins, capital expenditures, or shareholder returns, Jefferies analyst Mark Lipacis said in a recent research note. That said, the analyst views Intel's Chinese facility expansion as part of a "brilliant investment strategy that positions Intel as a partner to China" and "keeps the market open" to its microprocessors, perhaps Intel's more famed business segment. Though the two initiatives are certain to push up near-term debt load, Lipacis takes the longer-term view, reminding investors that Intel has shown consistently strong free cash flow over the past decade, leading him to forecast another $13B in 2016. The year may also bring "a number" of other positives for the company, including more data center wins after the Altera tie-up, potentially renewed sales on a cyclical uptick in PC gaming, and even the possibility of an iPhone chip contract, though Lipacis said none of those points look set to be discussed tomorrow. The analyst kept a Buy rating and $38 price target on the shares while reiterating that Thursday's Intel event may have little in store for those expecting eye-grabbing surprises. PRICE ACTION: Shares of Intel have advanced roughly 0.9% to $32.92 Wednesday afternoon. "Before the Move" is The Fly's recurring series of exclusive stories that identify potentially market moving events, along with analyst predictions, ahead of the news.
November 17, 2015
16:32 EDTMSIMotorola Solutions raises quarterly dividend 20% to 41c per share
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15:40 EDTINTCIntel to host investor meeting
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13:22 EDTNTAPJPMorgan cautious on NetApp into earnings, cuts target to $25
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11:03 EDTINTCTsinghua Chairman says in talks with U.S.-based chipmaker, Reuters reports
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10:00 EDTRGAOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Antero Resources (AR) initiated with a Buy at Goldman... Applied Micro Circuits (AMCC) initiated with a Buy at Drexel Hamilton... Arc Logistics (ARCX) initiated with a Buy at DA Davidson... CNO Financial (CNO) initiated with a Buy at Goldman... Capstone Turbine (CPST) initiated with a Perform at Oppenheimer... Dominion (D) initiated with an Outperform at Scotia Howard Weil... Duke Energy (DUK) initiated with a Sector Perform at Scotia Howard Weil... EQT Corporation (EQT) initiated with a Neutral at Goldman... EverBank (EVER) initiated with a Hold at Sandler O'Neill... Exelon (EXC) initiated with a Sector Perform at Scotia Howard Weil... First Data (FDC) initiated with a Neutral at BTIG... Genworth (GNW) initiated with a Neutral at Goldman... Marinus Pharmaceuticals (MRNS) initiated with a Buy at Jefferies... New Relic (NEWR) initiated with a Buy at Needham... NextEra Energy Partners (NEP) initiated with a Sector Perform at Scotia Howard Weil... NextEra Energy (NEE) initiated with an Outperform at Scotia Howard Weil... PG&E (PCG) initiated with a Neutral at Citi... Reinsurance Group (RGA) initiated with a Sell at Goldman... The Advisory Board (ABCO) initiated with an Overweight at JPMorgan... Torchmark (TMK) initiated with a Neutral at Goldman... Ubisoft Entertainment (UBSFY) initiated with a Buy at Jefferies.
09:05 EDTUNHOptumRx acquires AxelaCare
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07:48 EDTINTCHP Enterprise announces alliance with Intel
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06:40 EDTRGAReinsurance Group initiated with a Sell at Goldman
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06:27 EDTINTCIntel November volatility elevated into investor meeting
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November 16, 2015
09:37 EDTINTCActive equity options trading on open
Active equity options trading on open: AAPL FB ORCL BAC SUNE FDX FCX EXPE NFLX MU AMZN INTC TSLA
09:06 EDTUNHDiplomat seen as compelling amid specialty pharmacy fallout
Shares of specialty pharmacy operator Diplomat Pharmacy (DPLO) and pharmacy benefit manager Express Scripts (ESRX) have each been knocked down by the negative news surrounding the sector amid the troubles faced by Valeant (VRX) and others, but an analyst at Leerink contends in a note to investors that the pullbacks in both stocks provide buying opportunities. BACKGROUND: Drugmaker Valeant and its prior specialty pharmacy partner, Philidor Rx Services, have been at the center of the firestorm engulfing the sector. Following claims that Philidor urged its employees to modify prescriptions to ensure more orders of Valeant-branded drugs rather than generics, as well as other allegations of wrongdoing, Express Scripts (ESRX) and peer CVS Health (CVS) terminated Philidor from their networks. The day after those termination announcements, Valeant said that it was severing all ties with Philidor and that the pharmacy planned to shut down operations as soon as possible, consistent with applicable laws. Valeant has subsequently said that Philidor has committed to cease operations by January 30, 2016, at the latest. More recently, Express Scripts, the nation's largest pharmacy benefit manager, announced that it stopped doing business with Linden Care, accusing it of being a "captive" pharmacy that dispenses mostly products made by Horizon Pharma (HZNP). In turn, Horizon called the idea that Linden Care is a captive pharmacy "entirely false," stating that "at best Express Scripts is being reckless in its allegations and at worse it is intentionally attempting to mislead investors." Express Scripts' move also impacted shares of Insys Therapeutics (INSY), which reportedly also used Linden Care to fulfill prescription for its drugs. DIPLOMAT LIKELY TO STAY IN-NETWORK: Leerink analyst David Larsen acknowledged that recent events indicate that Express Scripts appears to be evaluating certain retail pharmacies and their relationships with manufacturers, but he believes Diplomat's mix of drugs for diseases like multiple sclerosis, HIV, hepatitis C and cancer differentiate it as a "true" specialty pharmacy. Larsen does not think Diplomat is at risk of being excluded from the pharmacy networks of Express Scripts, CVS or UnitedHealth's (UNH) Optum, he tells investors. Larsen expects limited distribution agreements to stay an important channel strategy for drugmakers and believes these agreements are appropriate for high cost specialty drugs that require special handling and additional services to manage patient adherence. The analyst, who thinks Diplomat remains well positioned to deliver annual growth of over 30% in the next several years, keeps an Outperform rating on its shares. EXPRESS BUYING OPPORTUNITY: Larsen also thinks concerns around manufacturer and pharmacy relationships have put unwarranted pressure on shares of Express Scripts. He does not expect Express Scripts to disclose new lawsuits around rebate dollars owed over other manufacturer disputes and keeps an Outperform rating on the stock, which he views as having an "attractive" valuation. WHAT'S NOTABLE: Larsen also thinks that the specialty channel remains an opportunity for Walgreens Boots Alliance (WBA) and believes its proposed acquisition of Rite Aid (RAD) can strengthen its specialty offering. The analyst keeps an Outperform rating on Walgreens shares as well. PRICE ACTION: Over the last three months, Diplomat Pharmacy shares have declined 28%, Express Scripts has fallen 6% and Walgreens has dropped 14%.
08:12 EDTNTAPNetApp volatility elevated into Q2 and outlook
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November 13, 2015
09:35 EDTINTCActive equity options trading on open
Active equity options trading on open: AAPL CSCO FB BAC BABA MSFT NFLX INTC JCP AMZN C
November 12, 2015
13:24 EDTINTCEarnings Watch: Cisco seeks to break out of trading rut with Q1 report
Cisco Systems (CSCO) is scheduled to report results of its fiscal first quarter after the market close on Thursday, November 12 with a conference call scheduled for 4:30 pm ET. Cisco, a member of the Dow Jones Industrial Average, sells Internet protocol-based networking and other products related to the communications and IT industry and provides related services. EXPECTATIONS: Analysts are looking for earnings per share of 56c on revenue of $12.65B, according to First Call. The consensus range for EPS is 55c-59c on revenue of $12.55B-$12.81B. Along with its quarterly report, Cisco guided to Q1 EPS of 55c-57c and said it expects its revenue to increase 2%-4% year over year. LAST QUARTER: On August 12, Cisco reported fourth quarter EPS of 59c on revenue of $12.8B, beating consensus estimates of 56c and $12.65B for EPS and revenue, respectively. NEWS: On its Q4 earnings conference call, Cisco said that it was looking at acquisitions at the right price, particularly in areas like software and security. On August 31, Apple (AAPL) and Cisco announced a partnership to build a "fast lane" for iOS business users by optimizing Cisco networks for iOS devices and apps, integrating iPhone with Cisco enterprise environments and providing unique collaboration on iPhone and iPad. The next day, Cisco was among multiple other companies, including Amazon (AMZN), Google (GOOG), Intel (INTC), Microsoft (MSFT), Mozilla, and Netflix (NFLX), announcing the formation of the Alliance for Open Media to build next-generation media formats, codecs, and technologies in the public interest. On September 3, Business Insider reported that people at Cisco still though that chairman John Chambers was running the show as chief executive officer after appointing Chuck Robbins to that role last May. On September 15, Mandiant, a FireEye (FEYE) subsidiary, said in a blog post that researchers discovered previously unknown attacks on certain routers and that such attacks replace the operating system used in Cisco equipment. About a week later, the Wall Street Journal reported that Cisco was aiming to strengthen its business in China by joining forces with Inspur group, a move which was confirmed on September 24. On October 29, Cisco announced its intention to acquire 1 Mainstream. CNBC later reported that the company paid $100M-$150M to acquire 1 Mainstream. On November 9, Ericsson (ERIC) and Cisco announced a global business and technology partnership to "create the networks of the future." The companies said that the strategic partnership will be a key driver of growth and value for the next decade, with each company benefiting from incremental revenue in calendar year 2016 and expected to ramp to $1B or more for each by 2018. STREET RESEARCH: On August 17, Morgan Stanley downgraded Cisco to Equal Weight from Overweight and maintained a $30 price target on the stock, saying it did not believe improved growth is "secular" and anticipates growth will revert to GDP like levels as the upgrade cycle concludes. Wells Fargo said on August 28 that a 10% selloff in communication tech stocks, including Cisco, had created an attractive buying opportunity. Bernstein said a week later that Cisco, Juniper (JNPR), and F5 Networks (FFIV) should be bought on wider macro economic weakness. On October 6, Citi initiated coverage of Cisco with a Buy rating and $30 price target. A week later, Barclays initiated coverage of Cisco with an Overweight rating and a $32 price target. On November 9, RBC Capital maintained an Outperform rating and $33 price target on Cisco, saying it expects the company to report slightly better than expected results. The next day, SunTrust maintained a Buy rating on Cisco, saying its partnership with Ericsson was a positive and should strengthen Cisco's service provider business. PRICE ACTION: In afternoon trading ahead of tonight's report, Cisco shares were up 0.5% to $27.97. In the last three months, Cisco shares are fractionally higher and virtually unchanged when discounting this afternoon's slight rise.
November 11, 2015
07:36 EDTSPNJefferies to hold a conference
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