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Stock Market & Financial Investment News

News Breaks
March 18, 2014
12:41 EDTGME, ICE, MSFT, PVA, WMT, NDAQ, HTZ, AAPLOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday amid continued headlines from Russia regarding the Crimea region of Ukraine and a report that showed the cost of living in the U.S. was little changed in February. Also, the Federal Reserve kicked off its two-day policy meeting, which will culminate tomorrow with Janet Yellen's first press conference as the head of the central bank. ECONOMIC EVENTS: In the U.S., consumer prices rose 0.1% in February, matching the consensus forecast of economists. Housing starts fell 0.2% from the prior month in February to a rate of 907K, while building permits rose 7.7% to a rate of 1.02M. In Europe, Vladimir Putin formally called for Crimea and Sevastopol to be annexed and added to Russia, but added in his address to his parliament that Russia is not seeking to split up Ukraine. A measure of German economic expectations dropped more-than-expected to 46.6 in March, which was linked to the Crimea crisis and represented its weakest reading since August 2013. COMPANY NEWS: Rental car company Hertz (HTZ) confirmed plans to separate its equipment rental business and announced a new $1B share repurchase program, but missed earnings expectations. The stock's reaction to the spin-off news was likely muted due to the fact that Financial Times, citing sources familiar with the matter, had already reported on the spin-off on Friday evening and the stock advanced nearly 5% yesterday after that report. MAJOR MOVERS: Among the notable gainers was Penn Virginia (PVA), which jumped 13% after activist investor Soros Fund Management disclosed that it has taken a 9.18% stake and urged the company to explore strategic alternatives. Also higher was Microsoft (MSFT), which rose almost 4% after the tech blog The Verge, citing sources, said the company will introduce a version of its Office product suite for Apple's iPad (AAPL) at a press event later this month. Barclays also published a positive note on Microsoft this morning, stating that the firm believes that the benefit Microsoft could receive from the monetization of Office 365 is underappreciated, while the company's revenue growth from Azure is accelerating. Among the noteworthy losers was Nasdaq OMX (NDAQ), which fell about 4% after New York Attorney General Eric Schneiderman called for tougher regulations and market reforms to eliminate what he called the "unfair advantages" provided to high-frequency trading firms. Also possibly weighing on its shares was a Dow Jones report that claimed the New York Stock Exchange, which is owned by IntercontinentalExchange (ICE), is viewed as the front-runner for the upcoming IPO of China's largest e-commerce company, Alibaba. Also lower were shares of video game retailer GameStop (GME), which slid 4% after Wal-Mart (WMT) announced that customers would soon be able to trade in their used video games in return for store credit. INDEXES: Near midday, the Dow was up 81.65, or 0.5%, to 16,328.87, the Nasdaq was up 41.74, or 0.98%, to 4,321.69, and the S&P 500 was up 10.56, or 0.57%, to 1,869.39.
News For HTZ;PVA;GME;NDAQ;MSFT;AAPL;WMT;ICE From The Last 14 Days
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November 14, 2014
09:56 EDTHTZHertz falls on restatements, levels to watch
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09:38 EDTHTZJANA Partners gives quarterly update on stakes
NEW STAKES: AMD (AMD), AECOM Technology (ACM), Alibaba (BABA), McDonald's (MCD), Amgen (AMGN), Gaming and Leisure Properties (GLPI), Iron Mountain (IRM), iRobot (IRBT), Seadrill Partners (SDLP), Valeant (VRX). INCREASED STAKES: eBay (EBAY), Charter (CHTR), Groupon (GRPN), HD Supply (HDS), Hertz (HTZ). DECREASED STAKES: Apache (APA). LIQUIDATED STAKES: CBS (CBS), Endo (ENDP), FMC Corporation (FMC), SeaWorld (SEAS), SunEdison (SUNE).
09:38 EDTAAPL, HTZ, MSFTActive equity options trading
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09:18 EDTMSFTTyler Technologies signs contract with Ohio Police and Fire Pension Fund
Tyler Technologies (TYL) has signed a contract with the Ohio Police and Fire Pension Fund to implement Microsoft Dynamics AX, an enterprise resource planning solution with public sector functionality that Tyler Technologies jointly developed with Microsoft (MSFT). The contract includes related professional services, licensing, training and support.
09:05 EDTMSFT, GMENPD says U.S. video game sales down 27% in October, Bloomberg reports
U.S. retail sales of video-game hardware and software in October were nearly flat compared to the same month of last year at $790.7M, according to NPD Group, which noted that game sales fell 27% and hardware sales increased 59%, reported Bloomberg. Publicly traded companies in the space include Activision Blizzard (ATVI), Electronic Arts (EA), GameStop (GME) and Take-Two (TTWO). Game console makers include Microsoft (MSFT), Sony (SNE) and Nintendo (NTDOY). Reference Link
08:20 EDTHTZHertz November volatility elevated into outlining new rental car strategy
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07:52 EDTAAPLIntegrated Device to benefit from wireless charging adoption, says Craig-Hallum
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07:37 EDTWMTWal-Mart price target raised to $91 from $83 at UBS
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07:27 EDTWMTWal-Mart price target raised to $92 from $82 at BofA/Merrill
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07:21 EDTHTZHertz: Lower revenue growth, higher directing expenses are transitionary
Interim CEO Brian MacDonald said, "We believe the lower revenue growth and higher direct operating expenses we are experiencing in 2014 are transitory, primarily associated with fleet and systems integration challenges related to the Dollar Thrifty acquisition as well as some execution issues. We are addressing the operational issues by strategically repositioning the fleet, hiring incremental sales and maintenance staff and migrating the Dollar and Thrifty financial and counter systems onto Hertz systems. Accordingly, 2015 will represent a transitional year with a more normal base performance becoming evident in 2016."
07:20 EDTHTZHertz sees FY14 corporate EBITDA $1.3B-$1.45B
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07:20 EDTHTZHertz reports Q3 revenue $3.12B, compared to $3.07B a year ago
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07:17 EDTHTZHertz to restate 2011, 2012, 2013 financial statements
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07:16 EDTHTZHertz to implement global cost reduction program
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07:16 EDTHTZHertz announces new U.S. rental car fleet strategy
Hertz announced a new fleet purchasing strategy to improve the U.S. rental car business's competitive position and customer experience. Hertz will purchase roughly 350,000 model year 2015 vehicles in the U.S., approximately 60% more than the model year 2014 vehicles. Approximately 25% of the model year 2015 fleet buy is being delivered in the fourth quarter of 2014. Approximately 70% of the U.S. operating fleet is expected to be risk vehicles in calendar year 2015 versus approximately 85% in 2014. As the company strategically transforms the U.S. fleet, the average U.S. risk-car holding period for 2014 and 2015 model year vehicles is expected to be substantially lower than the 2013 model year holding periods. To accelerate its fleet transformation, the company increased its fourth quarter U.S. risk vehicle dispositions by 45% versus plan, targeting its highest mileage vehicles. As of the end of October, approximately 40% of the sales planned for fourth quarter 2014 have been completed. For the full year 2014, U.S. car rental monthly depreciation per vehicle is expected to be approximately $280 - $300 per unit, which is higher than forecast primarily due to the accelerated disposition timeline and weaker residual values.
07:05 EDTAAPLApple told FTC health data will be protected, Reuters reports
The U.S. Federal Trade Commission has asked Apple to prevent sensitive health data that will be collected by its devices from being used without users' consent, according to Reuters, which cited two unnamed sources. The tech giant has promised the FTC that it will not sell the data to third parties or allow developers to do so, the news service stated. Reference Link
06:54 EDTAAPLU.S.warns on vulnerability in Apple's iOS, Reuters reports
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06:49 EDTWMTWal-Mart downgraded to Underperform from Market Perform at BMO Capital
06:16 EDTAAPLEU says Starbucks tax deal in Netherlands may be illegal state aid, WSJ says
The European Union said the tax deal struck by Starbucks (SBUX) in the Netherlands amounts to illegal state aid, reports the Wall Street Journal. European Commission regulators said it reached a preliminary view that the tax deal violated guidelines produced by the Organization for Economic Cooperation and Development. It said the tax deal "tolerates questionable adjustments which allow Starbucks Manufacturing BV to lower the resulting corporate income tax basis in the Netherlands." The EU is also investigating tax arrangements of Apple (AAPL) in Ireland and Amazon (AMZN) and Fiat S.p.A. (FIATY) in Luxembourg. Reference Link
05:52 EDTGMEOctober NPD video game software sales fell 27%, says Piper Jaffray
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