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Stock Market & Financial Investment News

News Breaks
November 20, 2012
12:40 EDTKKD, CS, HPQ, PDCO, KO, JPM, CLF, GMCR, BBYOn The Fly: Midday Wrap
Stocks on Wall Street were mixed at midday as a surprisingly large write-down, and associated charges of fraud, from Dow component Hewlett-Packard (HPQ) somewhat overshadowed better than expected U.S. housing data. Stocks began the day moderately lower, with the early weakness attributed to a downgrade of French sovereign debt. The averages found a level almost immediately from which they began paring their losses. The averages were mixed and sitting on either side of the flat line as Fed Chairman Bernanke gave a speech stating that the fiscal cliff has the potential to influence economic growth significantly, for better or worse, this coming year... ECONOMIC EVENTS: In the U.S., housing starts increased 3.6% in October from the prior month, to an annual rate of 894K, versus expectations for a decline of 3.7%. Building permits declined 2.7%, to an 866K annual rate, versus expectations for a decline of 2.9%. In Europe, Moody's downgraded France's government bond rating to Aa1 from Aaa... COMPANY NEWS: Hewlett-Packard shares plunged 11% to a 10-year low after the company recorded a $8.8B write-down "linked to serious accounting improprieties, disclosure failures and outright misrepresentations” related to its purchase of U.K. software company Autonomy. Almost lost in the scandal were H-P's results, as its quarterly earnings beat expectations but its view for profit next quarter trailed Street estimates... Best Buy's (BBY) earnings fell short of lowered expectations, its same store sales declined 4.3% and the company lowered its free cash flow view by almost a half a billion dollars, sending shares down 12%... In the financial sector, JPMorgan (JPM) announced a new Chief Financial Officer and Credit Suisse (CS) said it will combine its asset management unit with its private bank resulting in a simplified corporate structure with only two arms... MAJOR MOVERS: Among the notable gainers was Green Mountain Coffee Roasters (GMCR), which rose 6% after it named former Coca-Cola (KO) executive Brian Kelley as its new CEO. Also higher were shares of Krispy Kreme (KKD), up 22% after its Q3 results topped expectations. Among the noteworthy losers were Cliffs Natural Resources (CLF), down 9% following a downgrade to Sell at Goldman, and Patterson Companies (PDCO), down 7% after the company lowered its FY13 EPS view... INDICES: Near 12:30 pm ET, the Dow was up 2.42, or 0.02%, to 12,798.38; the Nasdaq was down 3.44, or 0.12%, to 2,912.63; and the S&P 500 was down 0.33, or 0.02%, to 1,386.56.
News For HPQ;BBY;JPM;CS;GMCR;KO;KKD;CLF;PDCO From The Last 14 Days
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January 31, 2016
20:43 EDTJPM, KOOn The Fly: Top five weekend stock stories
Catch up on the weekend's top five stories with this list compiled by The Fly: 1. Coca-Cola (KO) announced a minority stake in diary and juice company Chi, with plans to take full ownership within three years. 2. Billionaire investor Nelson Peltz is considering taking an activist position in Time Warner (TWX), the New York Post reported. 3. Toyota (TM) could temporarily halt domestic production after an explosion at a key supplier curbed its supply of steel, Reuters said. 4. Investigations into Herbalife (HLF), as well as investigations into Bill Ackman himself, have fizzled and criminal charges look unlikely, the Wall Street Journal revealed. 5. Virtu Financial (VIRT) and Ctrip (CTRP) were discussed positively by Barron's this week, as well as "tech bargains" Autodesk (ADSK), Akamai (AKAM), Western Digital (WDC), SanDisk (SNDK) and Lam Research (LRCX) and attractive banking stocks Citi (C), JPMorgan (JPM), Bank of America (BAC) and Wells Fargo (WFC).
15:37 EDTCSBarclays, Credit Suisse to pay $154M to settle dark pool claims, Bloomberg says
Barclays (BCS) and Credit Suisse (CS) are expected to reach a $154.3M settlement Monday with New York and the SEC over allegations that they didn't give clients accurate information regarding their dark pool trading, reports Bloomberg, citing a source. Barclays will pay $70M while Credit Suisse will pay $84.3M, noted Bloomberg. Reference Link
15:06 EDTKOCoca-Cola makes strategic investment in Chi, plans full ownership within 3 years
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12:33 EDTJPMU.S. banks could return 20% or more, Barron's says
The banking sector looks like "one of the best bargains in the market," Barron's contends in a cover story. Names such as Citi (C), JPMorgan (JPM), Bank of America (BAC), Wells Fargo (WFC), Goldman Sachs (GS), Morgan Stanley (MS), BB&T (BBT), PNC Financial (PNC), SunTrust (STI) and U.S. Bancorp (USB) are showing healthy balance sheets and could offer "at least" 20% upside, the publication argues, adding that the industry's exposure to the energy sector "looks manageable" given information offered in recent earnings reports and conference calls. Reference Link
January 29, 2016
13:02 EDTJPMBarclays names Venkatakrishnan chief risk officer
Barclays (BCS) has named C.S. Venkatakrishnan as Chief Risk Officer. Venkatakrishnan joins Barclays from JP Morgan Chase (JPM) where he has been the Head of Model Risk and Development since 2012 and Head of Operational Risk since September 2013. He will join the Executive Committee of Barclays and report directly to the group CEO Jes Staley. Once Mr Venkatakrishnan assumes his new role, current Chief Risk Officer Robert Le Blanc will become Vice Chair of Risk and Strategy, reporting to Staley. Reference Link
12:24 EDTGMCRCitron sees Monster Beverage shares hitting $80 in near term
Shares of Monster Beverage (MNST) are likely to hit $80 in the near term, Citron Research writes in a new research report on the energy drink maker. The short-selling research firm says valuing Monster versus Dr Pepper Snapple (DPS) results in 48% downside for the stock. "For the sake of the benefit of the doubt we used the post GMCR takeout value as a benchmark to get to $80 a share for Monster," Citron states. Monster shares are down $7.15, or 5%, to $130.05 in midday trading. Reference Link
January 28, 2016
15:18 EDTHPQXcel Brands collaborates with HP Inc. to create Isaac Mizrahi smartwatch
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10:32 EDTGMCROptions with increasing implied volatility: RAD GMCR
10:04 EDTPDCOOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Amdocs (DOX) upgraded to Buy from Neutral at BofA/Merrill... Cheesecake Factory (CAKE) upgraded to Overweight from Equal Weight at Stephens... Chemical Financial (CHFC) upgraded to Buy from Hold at Sandler O'Neill... Cimarex Energy (XEC) upgraded to Buy from Hold at Wunderlich... Cirrus Logic (CRUS) upgraded to Outperform from Perform at Oppenheimer... Citrix (CTXS) upgraded on Q4 results, valuation at JMP Securities... Comerica (CMA) upgraded to Market Perform from Underperform at BMO Capital... Community Health (CYH) upgraded to Market Perform from Underperform at Raymond James... Denny's (DENN) upgraded to Overweight from Equal Weight at Stephens... Dolby (DLB) upgraded to Buy from Neutral at Dougherty... EMC (EMC) upgraded to Buy from Neutral at Mizuho... Halliburton (HAL) upgraded to Buy from Accumulate at KLR Group... Hanmi Financial (HAFC) upgraded to Strong Buy from Outperform at Raymond James... Hawaiian Holdings (HA) upgraded to Neutral at BofA/Merrill... Hologic (HOLX) upgraded to Buy from Hold at Needham... Kinder Morgan (KMI) upgraded at Stifel... MGM China (MCHVF) upgraded to Overweight from Neutral at JPMorgan... Nimble Storage (NMBL) upgraded to Buy from Hold at Maxim... Patterson Companies (PDCO) upgraded to Buy from Neutral at UBS... PayPal (PYPL) upgraded to Outperform on core market share gains at Wedbush... Prosperity Bancshares (PB) upgraded to Buy from Neutral at DA Davidson... RPC, Inc. (RES) upgraded to Overweight from Equal Weight at Morgan Stanley... Rowan Companies (RDC) upgraded to Equal Weight from Underweight at Morgan Stanley... SanDisk (SNDK) upgraded to Buy from Neutral at Mizuho... Stillwater Mining (SWC) upgraded to Outperform from Market Perform at FBR Capital... Vantiv (VNTV) upgraded to Positive from Neutral at Susquehanna... Wilshire Bancorp (WIBC) upgraded to Outperform from Market Perform at Raymond James.
05:50 EDTPDCOPatterson Companies upgraded to Buy from Neutral at UBS
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January 27, 2016
10:36 EDTGMCROptions with increasing implied volatility: SNDK GMCR
09:12 EDTCLFOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Biogen (BIIB), up 5.6%... Hawaiian Holdings (HA), up 6.7%... Capital One (COF), up 1.5%. ALSO HIGHER: Capnia (CAPN), up 34.1% after entering into an exclusive distribution agreement with Bemes... Fate Therapeutics (FATE), up 18.6% after announcing that the FDA has cleared the company's investigational new drug application for ProTmune... Raptor Pharmaceutical (RPTP), up 12.1% after being upgraded to Buy from Neutral at Citi... Aquinox (AQXP), up 5.6% after Baker Bros. buys 140,786 shares in the company... Sunedison (SUNE), up 7.4% after SunEdison and Greenlight Capital announced that they have mutually agreed to corporate governance initiatives... Citizens Financial Group (CFG), up 3% after it will be added to the S&P 500... Terex (TEX), up 5.2% after being upgraded to Neutral from Underweight at JPMorgan. DOWN AFTER EARNINGS: Tupperware Brands (TUP), down 11.4%... VMware (VMW), down 6.5%... Textron (TXT), down 9.9%... Cliffs Natural (CLF), down 5.8%... Boeing (BA), down 6.2%... Fiat Chrysler (FCAU), down 3%... Apple (AAPL), down 3.4%. ALSO LOWER: Priceline (PCLN), down 2.9% after being downgraded to Neutral from Buy at Goldman... Bed Bath & Beyond (BBBY), down 4.2% after being downgraded at Citi and KeyBanc... Tripadvisor (TRIP), down 5.5% after being downgraded to Sell from Neutral at Goldman.
08:07 EDTCLFCliffs Natural sees FY16 CapEx $50M vs. $83M in FY15
For 2016, Cliffs expects full-year sales volume of approximately 17.5 million tons from its U.S. Iron Ore business. In order to reduce pellet inventory levels and generate cash flow from working capital, the Company currently plans to produce approximately 16 million tons of iron ore pellets. Cliffs' full-year 2016 U.S. Iron Ore cash production cost per ton expectation is $50 - $55. The Company's cash cost of goods sold per ton expectation is $55 - $60, representing a reduction of $5 from the previously disclosed 2016 cash costs of goods sold per ton expectation of $60 - $65. Cliffs anticipates depreciation, depletion and amortization to be approximately $7 per ton for full-year 2016. The Company remains in active negotiations with the United Steelworkers and is committed to reaching a fair and equitable agreement. The current contract has been extended by mutual agreement of both parties. The contract extension covers approximately 2,200 USW-represented workers at Cliffs' Empire and Tilden mines in Michigan, and its United Taconite and Hibbing Taconite mines in Minnesota. Cliffs' full-year 2016 Asia Pacific Iron Ore expected sales and production volume is approximately 11.5 million tons. The product mix is expected to contain 50 percent lump and 50 percent fines. The Company expects full-year 2016 interest expense to be approximately $240 million, of which approximately $205 million is cash interest. Cliffs expects full-year 2016 capital expenditures to be $50 million, a significant reduction compared to 2015 expenditures of $83 million. The reduction is driven by the divestiture of the remaining coal assets as well as spending discipline exhibited in the U.S. Iron Ore business.
08:06 EDTCLFCliffs Natural reports Q4 US Iron Ore total sales volume 4.5M
U.S. Iron Ore pellet sales volume in the fourth quarter of 2015 was 4.5 million tons, a 42 percent decrease when compared with 7.8 million tons sold in the fourth quarter of 2014. The decrease was driven principally by the termination of a customer contract, lower demand from U.S. mills and higher sales in the comparable quarter in the prior year from the delayed start-up of the 2014 shipping season. Cash production cost per ton in U.S. Iron Ore was $45.36, down 23 percent from $58.96 in the prior year's fourth quarter. The decrease was driven by lower employment costs, reduced maintenance and repair costs, and year-over-year lower energy rates. Reports Q4 US Iron Ore total production volume 4.5M. Fourth-quarter 2015 Asia Pacific Iron Ore sales volume of 2.9 million was flat compared to the fourth quarter of 2014.
08:04 EDTCLFCliffs Natural reports Q4 cont ops EPS (14c), consensus (26c)
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January 26, 2016
14:32 EDTCLFNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's open, with earnings consensus, include Novartis (NVS), consensus $1.18... Boeing (BA), consensus $1.26... United Technologies (UTX), consensus $1.52... Biogen (BIIB), consensus $4.08... EMC (EMC), consensus 65c... General Dynamics (GD), consensus $2.38... Anthem (ANTM), consensus $1.22... Illinois Tool Works (ITW), consensus $1.21... State Street (STT), consensus $1.18... Norfolk Southern (NSC), consensus $1.24... Progressive (PGR), consensus 47c... St. Jude Medical (STJ), consensus $1.01... Rockwell Automation (ROK), consensus $1.33... Textron (TXT), consensus 83c... Hess (HES), consensus ($1.47)... Cliffs Natural (CLF), consensus (26c).
12:12 EDTBBYJP Morgan reports 8.1% passive stake in Best Buy
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10:48 EDTGMCRTreeHouse may benefit from strategy shifts, says Detwiler Fenton
Detwiler Fenton said TreeHouse (THS) may benefit from Keurig Green Mountain's (GMCR) and Starbucks' (SBUX) focust shift into new products. Keurig Green Mountain dropping of its private-label business opens the door for TreeHouse to take market share, the firm's analyst said. Detwiler sees TreeHouse benefiting from Starbucks' shifts away from Keurig Green Mountain and into other product opportunities.
10:32 EDTGMCROptions with increasing implied volatility: CLDX SNDK GMCR RAD
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06:11 EDTJPMJPMorgan reaches $1.42B settlement agreement in Lehman case, Bloomberg says
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