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Stock Market & Financial Investment News

News Breaks
July 7, 2014
11:14 EDTINO, SAN, PSEC, MDR, AVP, SFLY, YRCW, KING, XONE, IDIXOptions with increasing implied volatility
Options with increasing implied volatility: INO XONE KING YRCW SFLY AVP MDR PSEC SAN IDIX
News For INO;XONE;KING;YRCW;SFLY;AVP;MDR;PSEC;SAN;IDIX From The Last 14 Days
Check below for free stories on INO;XONE;KING;YRCW;SFLY;AVP;MDR;PSEC;SAN;IDIX the last two weeks.
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August 12, 2014
19:02 EDTKINGOn The Fly: After Hours Movers
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17:41 EDTKINGKing Digital plummets to fresh lows after cutting FY14 growth outlook
Shares of interactive entertainment company King Digital (KING) are plunging in after-hours trading after the company cut its outlook for fiscal 2014 growth rates. WHAT'S NEW: After the bell, King Digital reported Q2 adjusted earnings per share of 59c and revenue of $593.5M, compared to consensus estimates of 59c and $605.67M, respectively. It reported Q2 gross bookings of $611M, up 27% compared to Q2 of 2013 and down 5% from Q1. Daily Active Users were 138M, up 82% from last year and down 3% from Q1. Monthly Active Users were 485M up 83% from last year and up 1% from Q1. The company also announced a $150M special dividend and acquired 100% of the equity of Nonstop Games, a games developer based in Singapore. WHAT'S NOTABLE: King Digital lowered its outlook for FY14 growth rates. Based on recent results and insights into the second half of the year, the company expects gross bookings to decline sequentially in Q3, followed by sequential gross bookings growth in Q4. For full year 2014, the company expects growth in gross bookings as compared to full year 2013. It sees Q3 gross bookings of $500M-$525M and FY14 gross bookings of $2.25B-$2.35B. King CEO Riccardo Zacconi said, "While our second quarter gross bookings came in below our expectations leading us to reduce our outlook for full-year 2014 growth rates, from a profitability perspective, the business continued to perform well, delivering adjusted EBITDA margins of 42% and generating healthy cash flows of $154M to boost cash and cash equivalents to more than $800M." PRICE ACTION: In after-hours trading, King Digital fell $4.05, or about 22.3%, to $14.19 on heavy trading volume. This represents a fresh low for the stock, eclipsing the previous low of $15.26 made in May. King Digital debuted in late March at around $20 a share, and thus has fallen approximately 30% since its IPO.
16:10 EDTKINGKing Digital tumbles to fresh life low after earnings and outlook
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16:09 EDTKINGKing Digital drops 22% after lowering outlook for FY14 growth rates
16:08 EDTKINGKing Digital acquires game developer Nonstop Games
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16:07 EDTKINGKing Digital reduces outlook for FY14 growth rates
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16:04 EDTKINGKing Digital announces $150M special dividend
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16:03 EDTKINGKing Digital reports Q2 adjusted EPS 59c, consensus 59c
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15:48 EDTKINGKing Digital August 18 straddle priced for 14.4% move into Q2
15:23 EDTKINGNotable companies reporting after market close
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08:39 EDTAVPAvon Products risk/reward has improved, says Wells Fargo
Wells Fargo sees an improved risk/reward on shares of Avon Products after meeting with the company's CEO Sheri McCoy and CFO Kimberly Ross. Wells believes a bottom may be forming with management pointing to progress and easing comps on both the top and bottom line. Wells keeps an Outperform rating on the stock.
August 11, 2014
16:50 EDTINOOn The Fly: Closing Wrap
Stocks on Wall Street opened in positive territory but were never able to gain any upside momentum. There was little to account for the initial move other than no change to the status quo for Israel and Russia. The averages moved in a narrow range but managed to stay on the plus side into the close, though in lackluster fashion. ECONOMIC EVENTS: In the U.S., no significant economic data was released. In prepared comments for a conference, Federal Reserve Vice Chairman Stanley Fischer said rebounds across advanced economies have been disappointing, leading the Fed and other observers to lower their long-term expectations for growth potential in the U.S. COMPANY NEWS: Shares of Kinder Morgan (KMI) advanced $3.25, or 9.0%, to $39.37 after announcing it will consolidate its oil-and-gas holdings into one company by acquiring all of the outstanding shares of a number of its subsidiaries, including Kinder Morgan Energy Partners (KMP), Kinder Morgan Management (KMR) and El Paso Pipeline Partners (EPB). The total transaction has a value of about $70B and the combined entity will be the largest energy infrastructure company in North America and the third largest energy company overall with an estimated enterprise value of approximately $140B, the company said. Afterward, Kinder Morgan was upgraded to Buy from Neutral at BofA Merrill Lynch, though Wells Fargo viewed the plans as mixed near-term. Wells believes the deal helps address some of the structural issues that have been pressuring Kinderís valuation in recent quarters, but it believes itís unclear how the market will ultimately value the new structure and the firm kept its Market Perform rating on all four stocks involved. MAJOR MOVERS: Among the notable gainers was salad and banana distributor Chiquita Brands (CQB), which jumped $3.04, or 30.22%, to $13.10 to close above the $13 per share takeover offer announced by Cutrale Group and the Safra Group. Note that Chiquita previously agreed to combine with Fyffes plc in a stock-for-stock transaction. Also higher was Mattress Firm (MFRM), which advanced $6.52, or 13.58%, to $54.53 after reporting preliminary second quarter results that beat expectations and raising it fiscal year outlook. Among the noteworthy losers following their earnings reports were Walter Investment (WAC), which fell $3.52, or 12.45%, to $24.75, and Inovio (INO), which dropped 99c, or 9.94%, to $8.97. INDEXES: The Dow edged up 16.05, or 0.1%, to 16,569.98, the Nasdaq gained 30.43, or 0.7%, to 4,401.33, and the S&P 500 rose 5.33, or 0.28%, to 1,936.92.
14:28 EDTINOInovio not seeking partner for VGX-3100 right now, says Maxim
Maxim noted that Inovio management indicated it plans to initiate a pivotal phase III study for VGX-3100 in early 2016 and estimated that a pivotal program should cost about $100M. The firm also noted that Inovio is not seeking a partner on the drug right now and that the pivotal trial could move up depending on the company's meeting with the FDA. Maxim maintains a Buy rating and $18 price target on Inovio.
14:15 EDTKINGKing Digital volatility elevated into Q2 and outlook
King Digital August call option implied volatility is at 148, September is at 66, November is at 61, January is at 54; compared to its 18-week average of 56 according to Track Data, suggesting large price movement into the expected release of Q2 results on August 12.
12:25 EDTKING, INOOn The Fly: Midday Wrap
Stocks on Wall Street opened in positive territory and have remained there throughout the morning. There was little in the way of a catalyst, as the economic calendar was empty, though investors may have been encouraged that there was no breakdown in the ceasefire agreement between Israel and Gaza and no big headlines from the Russia/Ukraine border. Additionally, some may have viewed comments from Fed Vice Chair Fischer as dovish and in support of continued easing. ECONOMIC EVENTS: In the U.S., no significant economic data was released. In prepared comments for a conference, Federal Reserve Vice Chairman Stanley Fischer said rebounds across advanced economies have been disappointing, leading the Fed and other observers to lower their long-term expectations for growth potential in the U.S. COMPANY NEWS: Shares of Kinder Morgan (KMI) advanced 10% after announcing it will consolidate its oil-and-gas holdings into one company by acquiring all of the outstanding shares of a number of its subsidiaries, including Kinder Morgan Energy Partners (KMP), Kinder Morgan Management (KMR) and El Paso Pipeline Partners (EPB). In addition to the rise in the shares of the parent, Kinder Morgan Energy shares rose 19%, Kinder Morgan Management gained 25% and El Paso Pipeline moved up 22%. MAJOR MOVERS: Among the notable gainers was salad and banana producer Chiquita Brands (CQB), which jumped 31% to trade above $13 per share after Cutrale Group and the Safra Group proposed to acquire 100% of the company's outstanding stock for $13 in cash each. Also higher was electric car maker Tesla (TSLA), which rose 5% after Deutsche Bank upgraded the stock to Buy from Hold and raised its price target on the shares to $310 from $220. Among the noteworthy losers was social game maker King Digital (KING), which slid 3% after the stock was downgraded at Pacific Crest to Sector Perform from Outperform. Also lower following their earnings reports were Inovio (INO), which fell over 8%, and Gogo (GOGO), which dropped nearly 6%. INDEXES: Near midday, the Dow was up 51.25, or 0.31%, to 16,605.18, the Nasdaq was up 38.19, or 0.87%, to 4,409.08, and the S&P 500 was up 10.12, or 0.52%, to 1,941.71.
12:05 EDTKINGKing Digital shares defended at Cowen
Cowen defended King Digital and said it disagrees with a competitor comments comparing Soda Sage Beta data vs. actual launch data for Candy Crush and Farm Hero, which benefited from marketing ad spend and app store featuring.
11:48 EDTKINGKing Digital shares weaker after Pacific Crest downgrade
Shares of interactive entertainment company King Digital (KING) are falling in late-morning trading after the company was downgraded at Pacific Crest. WHAT'S NEW: In a note to investors earlier today, Pacific Crest analysts downgraded the company to Sector Perform from Outperform, saying King Digital's "Candy Crush Soda Saga" will not drive a return to growth. The firm believes that the game's popularity may have already peaked and leveled off. WHAT'S NOTABLE: In light of their low confidence in the "Soda Saga" game and the current trends in King Digital's portfolio, Pacific Crest is lowering its 2015 estimates, although it expects near-term estimates in the third quarter to meet expectations. The firm believes that the company faces the same risks as other videogame companies and must be able to develop another hit game to sustain growth, and says growth forecasts are more difficult to achieve in the fourth quarter and beyond. PRICE ACTION: Shares of King Digital are down 58c, or 3.01%, to $18.71 in late-morning trading. Year-to-date, shares are down over 1.5%.
10:19 EDTKINGOn The Fly: Analyst Downgrade Summary
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08:38 EDTINOInovio reports Q2 EPS (18c), consensus (19c)
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05:33 EDTKINGKing Digital downgraded to Sector Perform from Outperform at Pacific Crest
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