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Stock Market & Financial Investment News

News Breaks
May 27, 2014
16:27 EDTHSH, PF, PPC, DYAX, BAC, DRTX, FROOn The Fly: Closing Wrap
Stocks on Wall Street were higher as investors returned from their holiday weekend. The major averages were higher from the outset of the trading day and most of the market action happened shortly after the opening bell. By mid-morning the averages found a level and settled into a narrow trading range for the remainder of the session. The Nasdaq was the clear leader as it tacked on gains of more than 1%. Though the Dow and S&P 500 rose more modestly, both closed at new record levels. ECONOMIC EVENTS: In the U.S., durable orders rose 0.8% in April, beating expectations for them to have fallen 0.7% in the month. The Case Shiller 20-city home price index rose 1.2% in March, which was more than expected. Markit's flash services PMI climbed to 58.4 in May from 55.0 in April. The Richmond Fed manufacturing index for May held at 7 for a second straight month. A reading of consumer confidence improved to 83.0 in May, as expected, after slipping to 81.7 last month. COMPANY NEWS: Shares of Hillshire Brands (HSH) surged $8.17, or 22.07%, to $45.19 after receiving an unsolicited $45 per share takeover proposal from chicken producer Pilgrim's Pride (PPC). Pilgrim's Pride shares rose 42c, or 1.67%, to $25.52 after it made its offer public. However, Pinnacle Foods (PF) sank $1.79, or 5.38%, to $31.48, as it had previously agreed to be acquired by Hillshire and the new bid from Pilgrim's Pride potentially puts that deal in doubt... Shares of Bank of America (BAC) gained 50c, or 3.4%, to $15.22 after it disclosed that it has resubmitted its requested capital actions to the Federal Reserve. As previously announced, the requested capital actions contained in the resubmission are less than the 2014 capital actions to which the Fed previously did not object. MAJOR MOVERS: Among the notable gainers was apparel retailer Aeropostale (ARO), which rose 51c, or 14.96%, to $3.92 and was upgraded to Neutral at Piper Jaffray after entering into definitive agreements with respect to its previously announced strategic partnership and $150M credit facilities with Sycamore Partners. Also higher was Dyax (DYAX), which jumped $1.81, or 27.42%, to $8.41 after another drug company, BioCryst (BCRX), reported positive data on its inherited angioedema treatment. In a note to investors earlier today, research firm Jefferies wrote that BioCryst's data bodes well for Dyax's own hereditary angioedema treatment. BioCryst shares also gained 98c, or 10.94%, to close at $9.99, but the stock was off about 1% in after-hours trading after the company filed to sell $100M in common stock. Among the noteworthy losers was Durata Therapeutics (DRTX), which fell $1.84, or 10.89%, to $15.05, giving back all of the 5.5% increase the stock saw last Friday after the FDA announced late in the day that it approved the company's Dalvance drug for the treatment of certain acute bacterial skin and skin structure infections. Also lower were shares of shipping company Frontline (FRO), which fell 47c, or 16.43%, to $2.39 after reporting on its first quarter results and warning that it sees weaker operational result to come in the current quarter. INDEXES: The Dow was up 69.23, or 0.42%, to 16,675.50, the Nasdaq was up 51.26, or 1.22%, to 4,237.07, and the S&P 500 was up 11.38, or 0.6%, to 1,911.91.
News For HSH;PF;PPC;DYAX;BAC;DRTX;FRO From The Last 14 Days
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September 10, 2014
11:19 EDTBACBofA to continue execution of nonperforming loan sales
Bank of America sold $2.1B nonperforming loans in 2Q14; approximately $2B expected to be sold in 3Q14.
11:15 EDTBACBofA Basel 3 Common Equity Tier 1 Capital $137.2B as of June 30
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07:16 EDTBACRepublicans, Democrats both push for harder 'too big to fail' rules, WSJ says
Lawmakers from both the Republican and Democrat sides of the aisle urged U.S. regulators to push forward additional regulations to ensure the biggest banks aren't "too big to fail," said The Wall Street Journal. Publicly traded large U.S. banks include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
06:35 EDTBACFed may raise capital requirement for some banks to 11.5%, NY Times reports
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06:20 EDTBACBarclays hires BofA Merrill Lynch's Richard Casavechia, FT reports
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September 9, 2014
16:00 EDTBACiPath S&P 500 VIX Short-Term Futures up 74c to 28.25
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14:54 EDTBACApple announces Apple Pay
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09:36 EDTBACActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL KNDI NFLX YHOO TWTR TSLA C BAC FB MCD
09:16 EDTPFPinnacle Foods 15M share Spot Secondary priced at $32.30
The deal range was $32.20-$32.40. Credit Suisse and Morgan Stanley acted as joint book running managers for the offering.
09:12 EDTPFOn The Fly: Pre-market Movers
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06:33 EDTBACFed looks set to pressure large banks to shrink, NY Times says
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06:32 EDTBACFed to require large US banks to have extra financial padding, WSJ reports
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September 8, 2014
18:31 EDTPFOn The Fly: After Hours Movers
UP AFTER EARNINGS: Casey's General Stores (CASY), up 3.6%... Korn/Ferry (KFY), up 2.8%. ALSO HIGHER: Annies (BNNY), up 37.3% after General Mills (GIS) announced it will acquire the company for $46 per share... General Mills is trading just under 1% higher... Following the Annies/General Mills announcement, Hain Celestial Group (HAIN) is 3.6% higher, WhiteWave Foods (WWAV) is up 6.3%, and Boulder Brands (BDBD) is up 8.7%... iPass (IPAS), up 35.1% after announcing that it is exploring strategic alternatives... CTI BioPharma (CTIC), up 8.1% after being initiated with an Overweight at Piper Jaffray... Threshold Pharmaceuticals (THLD), up 5% after being initiated with a Buy at Cantor. DOWN AFTER EARNINGS: Pep Boys (PBY), down 6.7% following second quarter miss. ALSO LOWER: Pinnacle Foods (PF), down 3.7% after filing an automatic common stock shelf and announcing the sale of 15M shares of common stock for holders... Physicians Realty Trust (DOC), down 4.9% after offering 9M common shares.
16:53 EDTPFPinnacle Foods files to sell 15M shares of common stock for holders
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16:40 EDTPFPinnacle Foods files automatic common stock shelf
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16:00 EDTBACOptions Update; September 8, 2014
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10:48 EDTBACBank of America upgraded as legal issues recede
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10:06 EDTBACOn The Fly: Analyst Upgrade Summary
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09:40 EDTBACActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL TWTR TSLA YHOO BAC FB MSFT NFLX GILD MCD
05:40 EDTBACBank of America upgraded to Buy from Neutral at Goldman
Goldman Sachs upgraded its rating on Bank of America (BAC) shares to Buy citing the resolution of a lot of the bank's legal issues and the shift of its earnings mix towards higher growth businesses. Goldman raised its price target for shares to $19 from $17. Bank of America closed Friday down 9c to $16.02.
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