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Stock Market & Financial Investment News

News Breaks
April 4, 2012
12:10 EDTIBM, GE, YHOO, PPO, GM, DDIC, VIAS, SNDK, WBMDOn The Fly: Mid-Day Wrap
Stocks on Wall Street were sharply lower at mid-day, as the slide that began after yesterday's release of the Federal Open Market Committee minutes deepened. The comments which sank the market revolved around the lack of additional stimulus unless the economy faltered, ruling out at least for the time being any semblance of further quantitative easing. Though Fed Chairman Bernanke said as much last month, the market reacted strongly late yesterday and again today after digesting the implications further. The economic data released today was generally in line with expectations but did little to improve the dour tone of the market... ECONOMIC EVENTS: In the U.S., ADP said the private sector added 209K jobs in March, just exceeding forecasts for the addition of 206K jobs. The ISM non-manufacturing index had a reading of 56.0, versus expectations for 56.8. Crude oil inventories built up by much more than expected, growing by 9M barrels. In Europe, Spain's bond yields rose following the country's first auction after its new austerity budget had been announced. Also, the European Central Bank left its benchmark rate unchanged at 1.0%... COMPANY NEWS: IBM (IBM) shares were downgraded to Neutral from Buy at Bank of America's Merrill Lynch, which cited valuation and limited earnings upside in the near-term, though the firm did raise its price target on the stock to $215 from $205... Moody's downgraded the debt ratings of General Electric (GE) and its finance unit, General Electric Capital Corporation... Yahoo! (YHOO) confirmed that it will cut about 2,000 jobs as part of a restructuring that its new CEO Scott Thompson said will result in a "smaller, nimbler, more profitable" company... MAJOR MOVERS: Among the notable gainers were Polypore (PPO), after William Blair said General Motor's (GM) decision to restart Volt production earlier than planned could be a positive for the battery component supplier, and DDi Corp. (DDIC), on news it will be acquired by Viasystems Group (VIAS) for $13 per share. Noteworthy losers included SanDisk (SNDK), after the company lowered its Q1 revenue guidance, and WebMD (WBMD), after the company said it expects to acquire about 5.77M shares of its common stock at a price of $26.00 per share pursuant to its completed modified "Dutch auction" tender offer... INDICES: Near noon, the Dow was down 145.95, or 1.11%, to 13,053.60; the Nasdaq was down 53.46, or 1.72%, to 3,060.11; and the S&P 500 was down 15.89, or 1.12%, to 1,397.49.
News For IBM;GE;YHOO;PPO;GM;DDIC;VIAS;SNDK;WBMD From The Last 14 Days
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October 14, 2014
07:47 EDTSNDKSanDisk October volatility elevated into Q3 and guidance
SanDisk October call option implied volatility is at 98, November is at 44, January is at 35; compared to its 26-week average of 32 according to Track Data, suggesting large near term price movement into the expected release of Q3 results on October 16.
06:20 EDTGMGeneral Motors downgraded to Buy from Conviction Buy at Goldman
Goldman removed General Motors from the Conviction Buy List and lowered estimates to to cuts in North American and European production and a difficult pricing environment. The firm maintains its Buy rating and views risk/reward as favorable and expects reasonably strong comps over then next two quarters. Price target lowered to $47 from $48.
October 13, 2014
13:10 EDTYHOOGoogle's Schmidt says Amazon is company's biggest search rival, FT reports
Eric Schmidt, the executive chairman of Google (GOOG), says Amazon (AMZN) is his company's biggest rival in search, not Bing (MSFT) or Yahoo (YHOO), the Financial Times reports. Schmidt also argued in Berlin that Google should not be regulated "as if it were the gatekeeper of the internet," given the influence of Amazon and Facebook (FB). Reference Link
12:13 EDTYHOOYahoo upgraded as BGC sees higher chances for tax efficient monetization
Research firm BGC Partners upgraded its rating on Yahoo (YHOO) to Buy from Hold, saying that the chances of the company monetizing its assets in a more tax efficient manner have increased now that Alibaba (BABA) has come public. Among the possible scenarios, Yahoo may be acquired by Alibaba, the firm added. WHAT'S NEW: Yahoo's chances of paying a relatively low tax rate on the sale of its stakes in Alibaba and Yahoo Japan, a Japanese Internet company, have risen, BGC Financial analyst Colin Gillis stated. Yahoo could owe up to $15B of taxes on its sale of the assets, the analyst estimated. If Yahoo pays full tax liability, its stakes would be worth $43.5B. If it pays no taxes, the assets would be worth $58.5B, he estimated. Gillis set his price target on Yahoo at $50, representing the midpoint of the two scenarios, he stated. Among various scenarios that could play out, Alibaba could choose to buy Yahoo and subsequently unload Yahoo's core business and the American company's stake in Yahoo Japan, the analyst said. Yahoo shareholders could receive cash and shares of Alibaba as part of such a deal, Gillis stated. If Yahoo is not acquired by Alibaba, the American company should combine with AOL (AOL), as recently proposed by activist investor Starboard Value, Gillis contended. Merging with AOL could accelerate Yahoo's revenue growth by over 50% and increase its EBITDA by over 35%, Gillis estimated. PRICE ACTION: In early afternoon trading, Yahoo fell 1% to $39.18.
12:10 EDTGMGM lawyer says 27 people eligible for ignition switch compensation, AP reports
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10:08 EDTYHOOOn The Fly: Analyst Upgrade Summary
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09:28 EDTYHOOYahoo upgraded to Buy from Hold at BGC Financial
BGC Financial analyst Colin Gillis upgraded his rating on Yahoo (YHOO) shares to Buy saying the company's remaining assets should get monetized in a more tax efficient manner now that Alibaba (BABA) is public. Gillis also points out that Alibaba could see benefits from acquiring Yahoo. He raised his price target for Yahoo shares to $50 from $37.
09:02 EDTGEGE receives order from BAE Systems for 3U VPX rugged systems
GE’s Intelligent Platforms business (GE) announced at AUSA that it had received a $2.6M order from BAE Systems Platforms and Services (BAESY) for a quantity of its latest generation 3U VPX COTS Rugged Systems that deliver an advanced HPEC capability. The COTS Rugged Systems will be deployed as part of the US Army’s CETU which sees in-vehicle training and simulation incorporated into the Bradley Fighting Vehicle.
09:01 EDTGEGE Capital Aviation to acquire Milestone Aviation for $1.775B
GE Capital Aviation Services, the aircraft leasing unit of GE, announced the signing of an agreement to acquire Milestone Aviation Group, the Dublin-based helicopter lessor, for $1.775B. The acquisition is in line with GE Capital’s strategic plan of growing and enhancing value in core areas aligned with GE’s industrial domains including energy, aviation, oil & gas and healthcare, while reducing the overall size of GE Capital through the disposition of non-strategic assets such as the recently executed IPO and planned split-off of our North American Retail Finance business and the sale of our consumer banks in the Nordics. The transaction remains subject to customary closing conditions, including regulatory approvals, and is targeted to close in 2015. Richard T. Santulli, chairman and CEO, Milestone Aviation Group, will serve as chairman of the helicopter leasing business and will become an officer of GE.
06:44 EDTGMRegulators seeking banks' auto loan data, Reuters reports
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October 12, 2014
17:41 EDTGEGeneral Electric could return 25%, Barron's says
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17:21 EDTGMTesla ahead of other car makers on semiautonomous driving system, WSJ says
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17:20 EDTGEGE, Splunk, Cisco, others could benefit from Internet of Things, Barron's says
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October 10, 2014
18:05 EDTGEGeneral Electric negotiating deal to buy Milestone Aviation, WSJ reports
General Electric's finance unit is negotiating a deal to acquire Milestone Aviation Group, and the purchase price could be more than $2.5B, The Wall Street Journal reports, citing people familiar with the matter. Reference Link
10:29 EDTSNDKMicrochip CEO warning on industry correction sinks semiconductors
Shares of a number of semiconductor makers are falling sharply after one of the companies in the space, Microchip Technology (MCHP), warned that it believes the sector had entered a correction. In a note to investors today, research firm FBR Capital said Microchip's comments "could be worrisome, " and the firm responded by taking a more defensive stance on the space. WHAT'S NEW: Microchip, which develops microcontroller and analog semiconductors, estimated that its second quarter revenue would come in at $546.2M, versus its previous guidance of $560.0M-$575.9M and analysts' consensus estimate of $568M. The company said that it had experienced a number of negative trends during the quarter, including a weaker than usual September, weakness in China, and significant inventory builds at its distributor customers. Microchip President and CEO Steve Sanghi claimed his company often sees the turn of the semiconductor industry ahead of others, noting that it reports sales from distribution on a sell-through basis and built a significant amount of inventory in the distribution channel in the September quarter and that it does business with over 80,000 customers. Sanghi stated, "We believe that another industry correction has begun and that this correction will be seen more broadly across the industry in the near future.” ANALYST REACTION: In a note to investors today, FBR Capital analyst Christopher Rolland said that Microchip's statements come in the wake of other negative signs for the sector. In August and September, lead times for the sector fell versus the month before, the analyst stated. Additionally, revenue trends at Taiwanese chip makers weakened in August, Rolland stated. The analyst said that Microchip's statements pushed him over the fence, causing him to take a more defensive stance on the sector. He removed ON Semiconductor (ONNN) from FBR's Top Picks list but kept an Outperform rating on the stock, as he believes that its valuation is "very reasonable." Rolland maintained Market Perform ratings on Atmel (ATML), Texas Instruments (TXN), Fairchild (FCS), AMD (AMD), and Applied Micro Circuits (AMCC). Sterne Agee also attributed weakness in the sector to Microchip's warnings, but the firm recommended buying NXP Semiconductors (NXPI), Avago (AVGO), and Skyworks (SWKS) due to their strong product cycles with EMV and upcoming iPhone-iPad launches from Apple (AAPL). In addition, the firm said it would buy Micron (MU) and SanDisk (SNDK) given tight supply, below normal inventory levels, and tailwinds from China. PRICE ACTION: In early trading, Microchip dropped nearly 14% to $39.29, Intel (INTC) fell almost 6% to $31.67, On Semiconductor slid 10% to $7.53, Atmel tumbled 11.5% to $6.61, Texas Instruments slipped 8% to $42.16, Fairchild slumped 10.6% to $12.95, AMD dropped 6% to $2.77, Applied Micro declined 10% to $6.19, and NXP Semiconductors was 14% lower to $55.27.
10:20 EDTSNDKSemiconductors defended at Sterne Agee
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10:01 EDTIBMOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: 2U (TWOU) initiated with an Outperform at Pacific Crest... Bloomin' Brands (BLMN) initiated with an Outperform at BMO Capital... Brinker (EAT) initiated with a Market Perform at BMO Capital... Buffalo Wild Wings (BWLD) initiated with an Outperform at BMO Capital... Chipotle (CMG) initiated with a Market Perform at BMO Capital... Chuy's (CHUY) initiated with a Market Perform at BMO Capital... Darden (DRI) initiated with a Market Perform at BMO Capital... EMC (EMC) initiated with a Buy at Jefferies... EPR Properties (EPR) initiated with a Buy at BofA/Merrill... HP (HPQ) initiated with a Hold at Jefferies... IBM (IBM) initiated with an Underperform at Jefferies... McDermott (MDR) initiated with an In-Line at Imperial Capital... NetApp (NTAP) initiated with a Hold at Jefferies... New Residential (NRZ) initiated with a Neutral at Piper Jaffray... Nimble Storage (NMBL) initiated with a Buy at Jefferies... Noodles & Company (NDLS) initiated with an Outperform at BMO Capital... PDC Energy (PDCE) initiated with an Overweight at Stephens... Panera Bread (PNRA) initiated with a Market Perform at BMO Capital... Pioneer Natural (PXD) initiated with an Outperform at Imperial Capital... Resource America (REXI) initiated with a Buy at MLV & Co.... Rex Energy (REXX) initiated with an Overweight at Stephens... Seagate (STX) initiated with a Buy at Jefferies... Silicon Motion (SIMO) initiated with a Buy at Brean Capital... Texas Roadhouse (TXRH) initiated with a Market Perform at BMO Capital... W.P. Carey (WPC) initiated with a Neutral at BofA/Merrill... Wayfair (W) initiated with a Buy at Janney Capital...Western Digital (WDC) initiated with a Buy at Jefferies... Yelp (YELP) initiated with a Buy at Sterne Agee.
07:25 EDTGEGE CEO to continue shedding divisions in FY15, Bloomberg says
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07:21 EDTGEGE expects data division to exceed $1B in sales this year, Reuters says
GE CEO Jeff Immelt said that the company was en route to gross over $1B in sales from its industrial data-analysis division in FY14, and is looking to broaden the availability of its software platform in FY15, according to Reuters, citing comments from Immelt. Reference Link
06:12 EDTGMGeneral Motors reports September China sales up 15.2% to 319,936
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