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Stock Market & Financial Investment News

News Breaks
June 12, 2014
12:31 EDTGERN, TWTR, LULU, HPQ, WAVX, RHOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday after retail sales rose less than expected in May and first-time unemployment claims increased last week. In addition to the mixed bag of economic data, there has also been increased anxiety about Iraq in recent days amidst a backdrop of an Islamist militant uprising there, as evidenced by a seven month high in the price of crude oil. The market opened in negative territory and has remained there throughout the morning, though the averages have drifted in a fairly narrow range again. ECONOMIC EVENTS: In the U.S., retail sales rose only 0.3% in May, and were up 0.1% excluding autos, as both growth figures missed the consensus forecast. Initial jobless claims rose to 317K in the week ended June 7, which was above the expectation for 310K new claims. Import and export prices both rose 0.1% in May. Business inventories rose 0.6% in April, with sales up 0.7%. In Europe, the euro zone's industrial output rose 0.8% in April, versus expectations for a 0.4% increase. COMPANY NEWS: Shares of Hewlett-Packard (HPQ) climbed nearly 2% near noon after Goldman Sachs admitted that its negative thesis on the stock was wrong and upgraded the shares to Neutral from Sell. Among 34 research firms tracked by Bloomberg, none now have a "Sell" or equivalent rating on shares of HP following Goldman's upgrade... Twitter (TWTR) shares gained 4% after the company confirmed a report from Re/code that Ali Rowghani has resigned from his position as Chief Operating Officer. Rowghani will continue to be an employee and act as a strategic advisor to the CEO and the company does not intend to hire a replacement for the COO role, Twitter stated. MAJOR MOVERS: Among the notable gainers was Geron (GERN), which advanced 26.5% after the FDA removed its partial clinical hold on the company's trial of imetelstat in myelofibrosis. Also higher were shares of home furnishings retailer Restoration Hardware (RH), which rose 13% after the company's first quarter quarter results topped analysts' consensus estimates and it raised its fiscal 2014 outlook. Among the noteworthy losers was yoga wear maker lululemon (LULU), which dropped over 15% and was downgraded at both William Blair and Stifel after the company reported Q1 results, lowered its FY14 guidance and announced the retirement of CFO John Currie. Also lower following was Wave Systems (WAVX), which fell 22% after it announced plans to sell about 5.2M shares of its common stock at a price of $1.90 per share. INDEXES: Near midday, the Dow was down 51.99, or 0.31%, to 16,791.89, the Nasdaq was down 10.49, or 0.24%, to 4,321.45, and the S&P 500 was down 5.57, or 0.29%, to 1,938.32.
News For HPQ;TWTR;RH;LULU;GERN;WAVX From The Last 14 Days
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September 25, 2015
18:19 EDTHPQFormer HP Chairman Ray Lane tried to stop Autonomy acquisition, WSJ says
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15:29 EDTTWTRSquare to file IPO within next two weeks, Fortune reports
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11:58 EDTTWTRStocks with call strike movement; TWTR NFLX
Twitter (TWTR) January 32 call option implied volatility increased 2% to 53, Netflix (NFLX) January 115.7 call option implied volatility decreased 2% to 55 according to IVolatility.
11:48 EDTRHPier 1 Imports plunges to 52-week low after cutting FY16 outlook
Shares of home furnishings retailer Pier 1 Imports (PIR) are sinking after the company's second quarter results missed analysts' consensus estimates. The company also lowered its outlook for fiscal year 2016. WHAT'S NEW: After the close on Thursday, Pier 1 Imports reported Q2 earnings per share of 4c and revenue of $430M, missing analysts' consensus estimates of 7c and $435.38M, respectively. Company comparable sales increased 2.5% in Q2, or 3.8% on a constant currency basis. Alex Smith, the company's president and chief executive officer, commented in the earnings report that top line growth in the period was "below our expectations." Smith noted that margins were impacted by higher promotional and clearance activity, as well as inventory-related issues within its distribution center network. Looking ahead, Pier 1 Imports expects third quarter EPS of 10c-14c, far short of analysts' consensus estimates of 23c. Company comparable sales growth, which includes e-commerce, is expected in the low-single digits for the quarter. WHAT'S NOTABLE: Pier 1 lowered its FY16 EPS view to 56c-64c from 83c-87c, well below analysts' estimates of 83c. The company also cut its FY16 company comparable sales growth view, including e-commerce, to low single-digits from its prior view of mid-single digits. For FY16, Pier One sees capital expenditures of approximately $60M, EBITDA margins of approximately 7.5%-8% and merchandising margin, as a percentage of sales, of 55.5%-56%. Smith said the company is on track to end FY16 with year-over-year inventory levels "down meaningfully," but noted that operating with elevated inventories "has been a challenge." PRICE ACTION: In late morning trading, Pier 1 Imports fell $1.45, or 16.71%, to $7.23 on more than seven times its average daily trading volume. Earlier in the session, the stock hit a fresh 52-week low of $6.84. Including today's pull back, the shares have lost approximately 40% over the past year. OTHERS TO WATCH: Other home furnishing retailers include Williams-Sonoma (WSM), up 0.73% and Restoration Hardware (RH), up 0.11%.
10:39 EDTTWTRTwitter falls, levels to watch
The stock is down over 2.4% at time of writing to $25.98. At that price next support is at $25.02. Resistance is at $26.42.
09:09 EDTLULUlululemon recent weakness a buying opportunity, says Baird
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09:04 EDTHPQHP management to meet with JPMorgan
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05:34 EDTLULUStocks with implied volatility below IV index mean; LULU ASHR
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September 24, 2015
16:40 EDTTWTRTwitter rolls out autoplay video ads for apps
Twitter announced in a blog post that "advertisers can now use the power of video to promote their mobile apps on Twitter" starting Thursday. "The Video App Card autoplays in timelines... In beta, we saw that this highly engaging format helped some advertisers nearly triple their conversion rate from app click to install," the company said. Reference Link
13:19 EDTTWTROn The Fly: Top stock stories at midday
Stocks on Wall Street were sharply lower at midday, with each of the major indexes down more than 1%. Continued weakness in Asia and a lack of clarity regarding the Fed's rate decision last week has kept buyers on the sidelines while the sellers have had their way. Lowered guidance from Dow component Caterpillar (CAT) has weighed on the market in addition to some economic data points that were below expectations. ECONOMIC EVENTS: In the U.S., initial jobless claims were 267,000, versus expectations for 272,000 first-time claims. Durable goods orders for August declined 2.0%, versus expectations for a drop of 2.3%. When transportation items were removed, the core reading was breakeven, versus expectations for a rise of 0.1%. The Chicago Fed National Activity Index had a reading of -0.41, versus expectations of +0.24. New home sales jumped 5.7% in August to a 552,000 rate, versus expectations for a rise of 1.6% to a 515,000 rate. In Asia, Japan's stock market reopened for the first time since Friday and the Nikkei suffered a nearly 3% decline as it caught up to other global market trends in the week-to-date. The slide came despite Japanese Prime Minister Shinzo Abe unveiling new economic targets, including a goal for a 20% increase in the target size of the Japanese economy to 600T yen, though he gave no timeframe for achieving this aspiration. Elsewhere, Norway and Taiwan both cut interest rates this morning. The Norges Bank lowered rates by 25 basis points to 0.75%, while Taiwan cut its benchmark by 12.5 basis points to 1.75% in the nation's first lowering of rates since 2009. COMPANY NEWS: A slide in shares of Caterpillar weighed on the Dow Jones Industrial Average after the heavy machinery maker announced plans for job cuts and lowered its revenue guidance for this year and next. Caterpillar said that it would lay off 4,000-5,000 of its employees between now and the end of 2016 and could lay off up to 10,000 employees by 2018. Before the news was announced, research firm Axiom initiated coverage of Caterpillar with a Sell rating and $28 price target, which its shares were 5.7% closer to at midday following their swoon. Other mining and agriculture equipment makers, including Joy Global and Deere (DE), were also weaker following the Dow member's announcement. MAJOR MOVERS: Among the notable gainers was Arrowhead Research (ARWR), which rose 18% after disclosing top-line findings from the Heparc-2001 Phase 2a clinical study of ARC-520, its candidate for the treatment of chronic hepatitis B infection. Also higher was Hudson City Bancorp (HCBK), the parent company of Hudson City Savings Bank, which gained 3% after the bank, the Justice Department and CFPB reached a settlement to resolve allegations that the bank engaged in a pattern or practice of "redlining" predominantly Black and Hispanic neighborhoods in its residential mortgage lending practices. Notably, settling the allegations may pave the way for the bank to close out a proposed merger with M&T Bank (MTB). Among the noteworthy losers was Sientra (SIEN), which dropped 42% after disclosing that the U.K.'s Medicines and Healthcare products Regulatory Agency announced the suspension of the CE certificate for all medical devices made by Silimed, the company's contract manufacturer. Also lower were shares of Twitter (TWTR), which slid 4% after Citi cut its estimates below consensus and lowered its price target on the microblog service operator to $30. INDEXES: Near midday, the Dow was down 186.90, or 1.15%, to 16,092.99, the Nasdaq was down 56.64, or 1.19%, to 4,696.10, and the S&P 500 was down 20.18, or 1.04%, to 1,918.58.
10:58 EDTTWTRStocks with call strike movement; TWTR NFLX
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09:36 EDTHPQGabelli continues to believe Stratasys is a strategic fit for Hewlett-Packard
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09:17 EDTLULUlululemon price adjustment a near-term negative, says Goldman
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09:05 EDTTWTROn The Fly: Pre-market Movers
HIGHER: Arrowhead Research (ARWR), up 35% after disclosing top-line findings from the Heparc-2001 Phase 2a clinical study of ARC-520, its candidate for the treatment of chronic hepatitis B infection... Conatus Pharmaceuticals (CNAT), up 19% after the company's Phase 2 Portal Hypertension clinical trial of emricasan met its primary endpoints... Keryx Biopharmaceuticals (KERX), up 13% after announcing that the European Commission has approved Fexeric for the control of elevated serum phosphorus levels, or hyperphosphatemia, in adults with chronic kidney disease. LOWER: Caterpillar (CAT), down 5% after announcing restructuring plans, lowering revenue guidance, and having stock initiated with a Sell rating and a $28 price target at Axiom... Twitter (TWTR), down 1.5% after Citi cut estimates below consensus and lowered its price target to $30. DOWN AFTER EARNINGS: Worthington (WOR), down 12.5%... Accenture (ACN), down 3%.
08:57 EDTTWTRGoogle price target raised to $781 from $730 at Citi
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08:51 EDTTWTRCiti cuts Twitter estimates below consensus, drops target to $30
Citi analyst Mark May says his analysis indicates the consensus estimates for Twitter (TWTR) may be too high as they assume "meaningful increases" in monetization which he believes may prove difficult to realize. May cut his 2015, 2016 and 2017 earnings per share estimates for Twitter to 30c, 34c and 58c, respectively, well below the consensus estimates of 34c, 63c, and $1.03. He also cut his 2016 revenue estimate to 3% below the consensus. It will be difficult for the stock to achieve sustained multiple expansion until user growth accelerates and/or revenue growth stabilizes, May tells investors in a research note. He moved the stock to Citi's "High Risk" designation given Twitter's recent user trends and his belief that his estimates are unlikely to move up in the near-term. He keeps a Neutral rating on the name. May's top picks among U.S. Internet stocks remain Facebook (FB), (AMZN) and eBay (EBAY).
05:22 EDTLULUStocks with implied volatility below IV index mean; LULU SBUX
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September 23, 2015
19:23 EDTTWTRTwitter to be available in additional languages
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06:32 EDTHPQHP's employee shift ultimatum not going as planned, Business Insider reports
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05:30 EDTLULUStocks with implied volatility below IV index mean; LULU BBY
Stocks with implied volatility below IV index mean; lululemon (LULU) 38, Best Buy (BBY) 32 according to iVolatility.
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