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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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June 25, 2015
19:34 EDTKOAirbus, Qualcomm, others invest $500M in OneWeb's global internet initiative
OneWeb announced it has raised $500M in funding from a number of companies, including Airbus (EADSY), Bharti, EchoStar's (SATS) Hughes, Intelsat (I), Qualcomm (QCOM), Coca-Cola (KO), Totalplay, and Virgin Group. OneWeb is engaged in developing satellite technologies to "beam" broadband internet to rural and underdeveloped locations, as well as to ships, planes, trains, and oil platforms. Bharti chairman Sunil Bharti Mittal will be joining Airbus Group CEO Tom Enders as well as Virgin's Richard Branson and Qualcomm's Paul Jacobs on the OneWeb board of directors. OneWeb also reiterated its June 15 announcement of its joint venture with Airbus to design and manufacture 900 microsatellites. "We are committed to giving our full industrial and space expertise to this mission," remarked Airbus' Tom Enders. "Intelsat has the world’s largest fleet of Ku Band geostationary satellites and our interoperability will enable pole-to-pole and urban canyon coverage with new services," said Intelsat. Note that both Facebook (FB) and Google (GOOG) are working on similar projects to facilitate global internet access. Reference Link
17:56 EDTHPQMicron plunges after Q3 results, guidance impacted by PC headwinds
Shares of PC related memory chip maker Micron Technology (MU) are plunging after reporting third quarter financial results and fourth quarter guidance that missed analyst expectations. WHAT'S NEW: After the close, Micron reported Q3 earnings per share of 54c on revenue of $3.85B, both shy of analyst estimates of 56c and $3.9B, respectively. Citing "near-term headwinds driven primarily by weakness in PC sector," Micron gave a fourth quarter revenue view of $3.45B-$3.7B which was significantly lower than analyst expectations of $4.16B. WHAT'S NOTABLE: On the company's earnings conference call, Micron said, consistent with prior expectations, "We are forecasting DRAM industry supply bit growth in the mid-20s in calendar 2015 and in the low-to-mid 20s in 2016." The company said it sees DRAM gross margins for Q4 down mid-single digits sequentially. Additionally, the chip maker said it sees Q4 DRAM bit growth flat to up low single digits. ANALYST TAKE: On June 22, Micron was downgraded to Sell from Neutral at Goldman Sachs. Goldman analyst Mark Delaney downgraded Micron Technology to Sell saying rising DRAM supply will lower selling prices and contract margins. Delaney expects DRAM prices to drop up to 30% over the next three quarters and cut his price target for shares to $19 from $27. On the same day, JP Morgan lowered its price target on Micron shares to $33 from $37. The firm also lowered its estimates for Micron citing lower than anticipated DRAM pricing in the past three months. The firm, however, kept an Overweight rating on Micron, saying improving demand in other segments like mobile and the company's decision to not hold inventory during Q3 should help offset the DRAM weakness. PRICE ACTION: Shares of Micron are lower by 11.5% in after- hours trading to $21.25. OTHER PC RELATED STOCKS: In after-hours trading, PC related chip makers are also lower, with Intel Corporation (INTC) down 0.9%, NVIDIA (NVDA) lower by 1.1%, and AMD (AMD) down fractionally. Others trading lower include Microsoft (MSFT), SanDisk (SNDK), Hewlett-Packard (HPQ), and Seagate (STX).
13:31 EDTHPQWi-LAN unit enters into license agreement with Acuity Brands
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09:19 EDTGMCRKeurig Green Mountain price target lowered to $95 from $117 at BofA/Merrill
BofA/Merrill lowered Neutral rated Keurig Green Mountain's price target to $95 from $117 and lowered estimates to reflect 2016 spending and slower hot platform growth. The firm expects 2016 to be a significant investment year and lowered its hot brewer expectations due to a muted consumer reception for second generation brewers.
07:39 EDTKOMonster Beverage legacy international sales can at least triple, says Stifel
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07:16 EDTJPMJPMorgan executive Patrick Moore leaves company, Reuters reports
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07:13 EDTJPMFed director says full transparency in stress testing can be 'enormous weakness'
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06:03 EDTJPMJPMorgan in settlement talks with SEC to settle product steering probe, WSJ says
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June 24, 2015
15:53 EDTBBYSunTrust identifies the most likely M&A activity in specialty retail
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11:11 EDTBBYAnalyst says Best Buy shares poised to rise
Best Buy's (BBY) stock is poised to advance after the company reports its second quarter results, research firm B. Riley predicted. WHAT'S NEW: Best Buy's forecast for increased margins in the second half of the year, along with easing comparisons, should cause the stock to rise, predicted B. Riley in a note to investors earlier today. The shares will be particularly well-positioned to climb after the company updates its guidance following its Q2 results, the firm believes. Best Buy's initiatives should help increase its revenue and profits heading into fiscal 2017 and the retailer can continues to increase its market share at the expense of Sears (SHLD), RadioShack and others. Additionally, macro economic trends remain favorable for Best Buy and its key product categories continue to perform well, according to B. Riley. The firm, which is particularly confident about the company's ability to beat Q4 consensus estimates, keeps a $47 price target on the name and reiterates a Buy rating on the shares. WHAT'S NOTABLE: In their own note to investors this morning, SunTrust analysts David Magee and D. Mitch Van Zelfden speculated on potential M&A activity in the specialty retail space, noting that "Wall Street’s appetite for acquisitions has strengthened recently." In their opinion, Best Buy acquiring GameStop (GME) is among the "most compelling relationships" in the sector, the note explained. PRICE ACTION: In mid-morning trading, Best Buy slid 0.4% to $34.72, while GameStop rose 1.3% to $44.92.
08:57 EDTJPMJPMorgan price target raised to $77 from $70 at Argus
Argus increased its price target on JPMorgan based on the bank's cost cutting efforts and expectations for rising interest rates., along with what Argus sees as moderating concerns over litigation expenses and a good investment banking/trading environment. The firm expects the stock's multiple to increase, and it reiterates a Buy rating.
07:27 EDTBBYBest Buy recommended ahead of 2H margin gains at B. Riley
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07:19 EDTJPMJPMorgan names Nachimowski head of chemicals dealmaking in EMEA, Bloomberg says
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06:37 EDTJPMDeutsche downgrades Citi, Goldman after share rallies
Deutsche Bank analyst Matt O'Connor recommends using the strong share performance of both Citi (C) and Goldman Sachs (GS) as on opportunity to take profits. The analyst this morning downgraded shares of both investment banks to Hold from Buy. Citi is up 21% from the lows on January 30 while Goldman is up 30% since July 1, 2014, the analyst points out. On Citi, O'Connor sees less near term upside with fixed income trading entering a seasonally weak period and core cost reductions largely over. On Goldman, the analyst sees a lack of catalysts to drive the stock meaningfully higher in the near term. His top picks among U.S. Banks are Bank of America (BAC), JPMorgan (JPM), M&T Bank (MTB) and SunTrust (STI).
June 23, 2015
12:54 EDTHPQPC concerns weighing on shares of Seagate, Western Digital
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06:53 EDTCSPSAV prepares for IPO that could raise roughly $300M, Bloomberg says
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06:05 EDTHPQNo clear prospects for PC component suppliers until July, DigiTimes reports
There are no clear business prospects for PC component suppliers until July, reports DigiTimes. According to sources in the supply chain, Intel's decision to delay the launch of its Skylake platform has weakened market demand for notebooks and other PC systems. The planned release of Microsoft (MSFT) Windows 10 may also affect the production of PC makers. Reference Link
06:00 EDTGMCRKeurig Green Mountain implied volatility of 25 at lower end of index mean range
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June 22, 2015
17:29 EDTKOCoca-Cola reports 16.7% stake in Monster Beverage
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16:00 EDTJPMOptions Update; June 22, 2015
iPath S&P 500 VIX Short-Term Futures down 78c to 17.45. Option volume leaders: AAPL FB BAC CHK WMB BABA TWTR MU AMBA TSLA JPM
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