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Stock Market & Financial Investment News

News Breaks
May 23, 2014
16:15 EDTHPQ, GME, PTCT, ARO, ARUNOn The Fly: Closing Wrap
Stocks on Wall Street opened in quiet fashion, though with an upward bias, and proceeded to trade that way throughout the session. The averages drifted higher in a broad based move that saw each of the major averages tack on gains of at least 0.3%. The volume was light, as was to be expected prior to a holiday weekend, and there was little volatility as the market moved in a narrow range once it found its level. Ending the week on a high note, the benchmark S&P 500 managed to close above 1,900 for the first time. ECONOMIC EVENTS: In the U.S., new home sales rose 6.4% in April to a rate of 433K. The percentage increase trailed expectations, but the rate was higher than expected due to upward revisions to last months figures. COMPANY NEWS: Shares of Hewlett-Packard (HPQ) rose $2.00, or 6.1%, to $33.72 after the computer and printer making giant reported second quarter adjusted earnings per share that matched estimates and announced additional job cuts. Following the report, Citigroup said it sees "meaningful upside" to the stock and believes HP's cost savings are underappreciated. After HP's report of roughly in-line results and more layoffs, Wells Fargo noted that HP said it was more confident in its growth outlook. The firm thinks the layoffs may reflect newly discovered cost cutting opportunities, rather than end market pressures, and kept an Outperform rating on the shares. MAJOR MOVERS: Among the notable gainers was PTC Therapeutics (PTCT), which surged $4.71, or 30.74%, to $20.03 after the Committee for Medicinal Products for Human Use of the European Medicines Agency adopted a positive opinion regarding the company's application for a conditional marketing authorization of Translarna for the treatment of nonsense mutation Duchenne muscular dystrophy. Also higher was video game retailer GameStop (GME), which rose $1.55, or 4.2%, to $38.43 after the company reported better than expected first quarter profits and backed its fiscal 2014 guidance. Among the noteworthy losers following their earnings reports were apparel retailer Aeropostale (ARO), which fell $1.09, or 24.12%, to $3.43, and network solutions provider Aruba Networks (ARUN), which slid $2.17, or 10.82%, to $17.89. INDEXES: The Dow was up 63.19, or 0.38%, to 16,606.27, the Nasdaq was up 31.47, or 0.76%, to 4,185.81, and the S&P 500 was up 8.04, or 0.42%, to 1,900.53.
News For HPQ;GME;PTCT;ARO;ARUN From The Last 14 Days
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September 15, 2014
07:19 EDTHPQSNIA to hold a conference
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05:45 EDTPTCTPTC Therapeutics initiated with a Buy at Deutsche Bank
Target $75.
September 12, 2014
15:29 EDTHPQHP exploring sale of Snapfish photo service, Reuters reports
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15:26 EDTHPQHP exploring sale of Snapfish photo service, Reuters reports
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10:00 EDTARUNOn The Fly: Analyst Initiation Summary
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07:19 EDTGMEConsoles lead video game sales up 8% in August, Bloomberg reports
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05:36 EDTGMEAugust NPD video game software sales fell 21%, says Piper Jaffray
Piper Jaffray says August NPD video game software sales fell 21% year-over-year. The firm continues to expect growth beginning in late 2014 and recommends using any weakness in shares of GameStop (GME), Electronic Arts (EA), Activision Blizzard (ATVI) and Take-Two (TTWO) as a buying opportunity.
September 11, 2014
18:30 EDTHPQHP, Russia plead guilty, sentenced for bribing Russian government officials
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18:07 EDTARUNAruba Networks initiated with an Equal Weight at Morgan Stanley
16:10 EDTHPQHP acquires open source cloud software maker Eucalyptus
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11:17 EDTHPQEMC seen as potential target after said to mull VMware stake sale
EMC (EMC) is considering selling its 80% stake in cloud computing infrastructure provider VMware (VMW), The New York Post reported today, citing unnamed sources. Calling The New York Post "surprisingly accurate" on M&A news, UBS said the likelihood of change at EMC has increased and it has become a potential takeover target. WHAT'S NEW: EMC is exploring the possibility of selling its stake in VMware, which could be acquired by HP (HPQ), according to one source, The Post reported. EMC could also look to sell other assets, the newspaper quoted a second unnamed source as saying. ANALYST REACTION: UBS analyst Steven Milunovich wrote that he is more convinced in the wake of the Post story that "something is up" at EMC. Although EMC has denied in the past that it would consider selling or spinning off VMware, the company could change its tune, the analyst stated. HP could buy VMware or all of EMC, while Oracle (ORCL) and Cisco (CSCO) are also potential buyers of EMC, Milunovich believes.The analyst kept a $33 price target and Buy rating on shares of EMC. WHAT'S NOTABLE: Activist investor Elliott Management, a hedge fund, has taken a $1B stake in EMC and wants the company to spin off VMware, The Wall Street Journal reported in July. Early last month, research firm FBR Capital wrote that an EMC spin-off of VMware could enhance shareholder value for both companies and make VMware a top acquisition candidate by a larger technology company. The firm kept an Outperform rating on EMC at that time. PRICE ACTION: In late morning trading, EMC was little changed at $29.50, down from its earlier high of $29.89. VMware fell 0.7% to $96.75, down from its earlier daily high of $97.86.
10:30 EDTHPQUBS sees increasing likelihood of change at EMC
UBS calls the New York Post "surprisingly accurate on M&A" after the paper reported that EMC (EMC) is considering the sale of its stake in VMware (VMW). The firm believes the likelihood for change at the company is rising. In addition, UBS says the industry should consolidate, and it views EMC as a potential target. UBS thinks Cisco (CSCO), Oracle (ORCL) and HP (HPQ) might be interested parties in owning part or all of EMC. The firm believes an HP, EMC merger would make sense. UBS has a Buy rating on EMC with a $33 price target.
07:07 EDTHPQEMC to explore selling VMware stake, NY Post reports
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September 10, 2014
11:38 EDTGMEGameStop achieved high share of Destiny sales, says BofA/Merrill
Activision (ATVI) announced that it sold more than $500M of Destiny on its first day, making it the biggest new video game franchise launch in history. BofA/Merrill believes GameStop (GME) had a very high share of Destiny sales and expects further clarity in the coming months. The analyst continues to believe GameStop is leveraged to momentum in the console cycle and believes competitive threats from full game downloads id overblown. Shares of GameStop are Buy rated with a $56 price target.
08:51 EDTGMEGameStop volatility at low end of historic range
GameStop September call option implied volatility is at 31, November is at 33, January is at 36; compared to it 26-week average of 41 according to Track Data, suggesting decreasing price movement.
08:31 EDTHPQRiverbed names Mike Nefkens, Steffan Tomlinson to board of directors
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07:31 EDTGMEGameStop, Alliance Data announce branded private label credit card program
GameStop Corporation (GME) and Alliance Data Systems Corporation (ADS) announced the introduction of a GameStop-branded private label credit card program. Under the terms of the long-term agreement, Alliance Dataís Retail Services business, which manages more than 135 private label and co-brand credit programs, will deliver a customized loyalty-driven private label credit program designed to further enrich GameStopís relationship with its more than 28 million members of the successful PowerUp Rewards loyalty program. The new GameStop PowerUp Rewards Credit Card will provide cardholders with convenience and benefits exclusive to account holders, including being able to make purchases with the card in-store and online, promotional financing for larger purchases, online and mobile platform card management and payment services, as well as no annual fee and exclusive offers for savings throughout the year. Upon the opening of an account, PowerUp Rewards Pro members will receive a one-time award of 15,000 bonus points, and PowerUp Rewards Basic members will receive a one-time award of 5,000 bonus points.
September 9, 2014
14:04 EDTHPQHP price target raised to $43 from $40 at Argus
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08:07 EDTPTCTPTC Therapeutics completes enrollment of Phase 3 trial of Translarna
PTC Therapeutics announced that it has completed enrollment of ACT DMD, the Phase 3 confirmatory trial of Translarna, or ataluren, for patients with nonsense mutation Duchenne muscular dystrophy, or nmDMD. Top-line data from the trial is expected in the second half of 2015 and will support further approvals globally, following European approval received earlier this year.
07:17 EDTHPQThe Wireless Association to hold a conference
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