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Stock Market & Financial Investment News

News Breaks
July 22, 2014
12:29 EDTHOG, DAL, DD, MCD, KMB, CIT, TRV, VZ, HLF, NFLX, CMG, UTX, KOOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday despite worse than expected quarterly sales from the owners of two of the largest, most well-known brands in the world, Coca-Cola (KO) and McDonald's (MCD). Those two were among the six Dow members that reported this morning, as earnings season significantly picks up its pace. The market has also managed to shrug off news that airlines, headlined by Delta (DAL), have suspended service until further notice to and from Tel Aviv following reports of a rocket or associated debris near the Israeli airport. ECONOMIC EVENTS: In the U.S., the Consumer Price Index rose 0.3% in June, matching expectations. The FHFA home price index rose 0.4% to 212.4 in May. Existing home sales rose 2.6% to a rate of 5.04M in June, beating expectations for a 2.2% monthly increase to a 5.0M rate. The Richmond Fed's manufacturing index rose 3 points to 7 in July, missing the consensus forecast by 1 point. COMPANY NEWS: One fifth of the Dow Jones Industrial Average reported on their earnings this morning. Among the six members that issued quarterly reports, only Verizon (VZ) advanced, while Coca-Cola, McDonald’s, United Technologies (UTX), Travelers (TRV) and DuPont (DD) all declined... Shares of Herbalife (HLF) began the day in negative territory after having fallen yesterday after hedge fund manager Bill Ackman, who has repeatedly called the company a pyramid scheme, told CNBC that his presentation on the company today would show why the company "is going to collapse." Among the allegations made today, Ackman estimated that Herbalife's nutrition clubs lose an average of $12K for their operators, that the clubs contribute "enormously" to Herbalife's results and that Herbalife insiders are selling while the company is repurchasing shares. The stock moved into positive territory shortly after the presentation began and was up more than 13% near midday as the presentation was continuing. MAJOR MOVERS: Among the notable gainers was Chipotle Mexican Grill (CMG), which rallied 13% after the fast casual restaurant operator's second quarter results handily beat analysts' consensus estimates and it raised its fiscal 2014 comparable restaurant sales outlook. Also higher was CIT Group (CIT), which rose 11% after reporting on its second quarter and announcing plans to acquire OneWest Bank for $3.4B in cash and stock. Among the noteworthy losers following their earnings reports were Harley Davidson (HOG), which fell 6%, Netflix (NFLX), which dropped 5% and Kimberly Clark (KMB), which slid more than 2%. INDEXES: Near midday, the Dow was up 69.71, or 0.41%, to 17,121.44, the Nasdaq was up 36.51, or 0.83%, to 4,461.21, and the S&P 500 was up 11.54, or 0.58%, to 1,985.17.
News For HLF;MCD;KO;VZ;DD;UTX;TRV;DAL;CMG;CIT;HOG;NFLX;KMB From The Last 14 Days
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March 13, 2015
13:10 EDTHOGHarley-Davidson has a major top in place, levels to watch
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13:00 EDTHLFGlobal Strategy Group says not subject of federal investigation, Forbes reports
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12:33 EDTHLFOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday after data showed that U.S. wholesale prices unexpectedly declined in February for a fourth straight month. The Dow has lost more than 200 points, giving back most of what it had gained yesterday. ECONOMIC EVENTS: In the U.S., the producer price index decreased 0.5% in February, versus expectations for a gain of 0.3%. The "core" PPI, which excludes food and fuel, also declined 0.5%. The University of Michigan consumer sentiment index dropped to 91.2 in the preliminary reading for March, which was down from February's 95.4 reading and below the 95.5 consensus forecast. The Baker Hughes U.S. rig count for the week of March 13 is expected at 1:00 pm EDT. Outside the U.S., Russia's central bank cut its key interest rate by one percentage point to 14%. COMPANY NEWS: Herbalife (HLF) shares advanced nearly 13% after The Wall Street Journal reported last night that the FBI and Manhattan's federal attorney's office are investigating whether the stock has been manipulated. In response, Pershing Square Capital's Bill Ackman said his firm is not aware of any statements that it has made that are untrue, nor is it aware of any unlawful conduct on its part or by any consultants that it has hired, in relation to Herbalife, which Ackman reiterated he believes is a pyramid scheme. MAJOR MOVERS: Among the noteworthy advancers was NXP Semiconductors (NXPI), which gained 4% after Needham initiated coverage of with a Strong Buy and $140 price target. Also of note, the U.S. International Trade Commission agreed to investigate certain electronic products with near field communication systems made by Dell that NXP claims infringe its patents. Also higher was El Pollo Loco (LOCO), which rose 12.5% after the restaurant operator’s quarterly results surpassed consensus estimates. Among the noteworthy losers was Whiting Petroleum (WLL), which slid 8.5% following a report from Reuters that said the company may look to sell certain assets, not the whole company as had previously been suggested by media reports. Also lower following its earnings reports was teen apparel retailer Aeropostale (ARO), which fell more than 17%. INDEXES: Near midday, the Dow was down 211.25, or 1.18%, to 17,683.97, the Nasdaq was down 44.12, or 0.9%, to 4,849.17, and the S&P 500 was down 20.01, or 0.97%, to 2,045.94.
11:40 EDTCMGEl Pollo Loco soars after Q4 results top estimates
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11:32 EDTHLFPershing Square says not aware of making any untrue statements about Herbalife
Pershing Square Capital Management CEO Bill Ackman disclosed a letter to Pershing Square investors in response to yesterday’s article in The Wall Street Journal regarding Herbalife. In the letter, Ackman states: "Since our initial presentation on Herbalife, Herbalife has been petitioning the government to investigate Pershing Square in connection with our short position in the company. We are not aware of any statements that we have made that are untrue, nor are we aware of any unlawful conduct on our part or by any consultants that we have hired...At no time have I or Pershing Square intentionally made any false or misleading statements about Herbalife...We have also voluntarily provided additional information about Herbalife to various U.S. authorities. It is Pershing Square’s long-standing policy to cooperate fully with any requests from any government agency for documents or for interviews."
10:09 EDTHOGHigh option volume stocks
High option volume stocks: ULTA HOG CTIC CTL LOCO IMPV BMRN IMOS ATHX GALE
09:49 EDTHOGHarley-Davidson layoffs have no impact on production, says Wells Fargo
Wells Fargo learned after speaking to management that Harley-Davidson's 169 employee layoffs were related to materials handling outsourcing and will have no bearing on production plans or rates. Wells notes the layoffs were planned and accrued for in Q4 of 2014. It has an Outperform rating on Harley-Davidson.
09:25 EDTHLFOn The Fly: Pre-market Movers
UP AFTER EARNINGS: FXCM (FXCM), up 15.8%... El Pollo LoCo (LOCO), up 9.9%... Ulta Salon (ULTA), up 7.1%... Hibbett Sports (HIBB), up 5.1%... Ann Inc (ANN), up 5.5%... Spectrum Pharmaceuticals (SPPI), up 2.9%. ALSO HIGHER: Herbalife (HLF), up 5.1% following a Wall Street Journal report that federal prosecutors are investigating potential stock manipulation... Mobileye (MBLY), up 4.7% after being upgraded at Goldman... NXP Semiconductors (NXPI), up 1.7% after being initiated with a Strong Buy at Needham. DOWN AFTER EARNINGS: Aeropostale (ARO), down 13.2%... CTI BioPharma (CTIC), down 7.7%... Civeo (CVEO), down 3.4%. ALSO LOWER: Galena Biopharma (GALE), down 10.4% after announcing public offering of common stock and warrants... Whiting Petroleum (WLL), down 7.6% following a report from Reuters that explains that the company looks to sell certain assets instead of the whole company... Continental Building (CBPX), down 7.5% after 5M share Spot Secondary priced at $19.70.
09:20 EDTVZBofA/Merrill media/telecom analysts hold analyst/industry conference call
Media & Telecom Analyst Reif-Cohen and Barden, along with Matthew Brill, Pratner at Latham & Watkins LLP, discuss the FCC Open Internet Order on an Analyst/Industry conference call to be held on March 13 at 11 am.
08:16 EDTHLFAckman says not trading around Herbalife position
Bill Ackman of Pershing Square is speaking on CNBC.
08:10 EDTHLFAckman says Herbalife CEO has 'disappeared' the last two years
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08:07 EDTHLFAckman reiterates Herbalife is a pyramid scheme
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08:05 EDTHLFAckman says spending on Herbalife investigation less than $50M
Bill Ackman of Pershing Square is speaking on CNBC.
08:05 EDTHLFAckman says received no subpoenas over Herbalife
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07:20 EDTHLFAckman says 'puzzled' by Herbalife manipulation story, CNBC reports
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07:05 EDTUTXUnited Technologies to buyback $2.65B under accelerated share repurchase plans
United Technologies (UTX) disclosed in a regulatory filing that it entered into accelerated share repurchase, or ASR, agreements with each of Goldman Sachs (GS) and Morgan Stanley (MS) to repurchase an aggregate of $2.65B of the company's common stock. Under the terms of the ASR agreements, the company will make a $1.325B payment to each of Goldman Sachs and Morgan Stanley on March 13 and will receive from each of them on the same day an initial delivery of 9,289,426 shares of the company's common stock. The final number of shares to be repurchased will be based on the average of the daily volume-weighted average prices of the company's common stock during the term of the ASR transaction, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR agreements. The final settlement of the transactions under the ASR agreements is expected to occur no later than the fourth quarter of 2015 and may be accelerated at the option of Goldman Sachs or Morgan Stanley, as the case may be.
07:03 EDTUTXUnited Technologies to buyback $2.65B under accelerated share repurchase plans
06:21 EDTUTXUnited Technologies considered selling Sikorsky several times, WSJ says
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05:59 EDTHOGHarley-Davidson laying off Kansas City employees, Journal Sentinel says
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05:54 EDTUTXUnited Technologies CEO says Pratt CapEx needs to go down, Financial Times says
United Technologies CEO Greg Hayes said Pratt & Whitney CapEx will "have to come down" to a more sustainable level so that the company can afford the next "innovative investment" when it sees the opportunity, reports the Financial Times. Pratt is in the middle of investing $10B to introduce the new Geared Turbofan engine for narrow-body jets and wil lmake $2.6B capital investments this year. Reference Link
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