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Stock Market & Financial Investment News

News Breaks
April 26, 2013
17:20 EDTGS, JCPGoldman secures financing for J.C. Penney, CNBC reports
According to a report by CNBC's David Faber, Goldman Sachs (GS) has commitments for a $1.75B term loan for J.C. Penney (JCP) that would be backed by the company's real estate and real estate leases. The report adds that the loan would have a coupon slightly above 7% and would not involve an equity component. Shares of J.C. Penney, which had been trading higher following George Soros' stake disclosed after yesterday's market close, rallied to their highs following Faber's report, eventually settling up $1.76, or 11.55%, to $17.00. Reference Link
News For JCP;GS From The Last 14 Days
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September 2, 2015
06:25 EDTGSGoldman Sachs volatility increases to upper end of one-year range
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September 1, 2015
10:59 EDTJCPStocks with call strike movement; JCP HAL
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08:30 EDTGSGoldman Sachs management to meet with Guggenheim
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August 31, 2015
12:20 EDTGSOn The Fly: Top stock stories at midday
Stocks on Wall Street were lower at midday, putting the averages on track to close out a down month with a down day. The weakness is being attributed to comments from several Fed officials on the likelihood of interest rates rising sometime this year. Also impacting the negative tone may be the media reports regarding China pulling back on its recent asset purchases to shore up its stock market. ECONOMIC EVENTS: In the U.S., the Chicago PMI dipped to 54.4 in August from 54.7 in July, versus expectations for it to have edged up to 54.5. The Dallas Fed manufacturing survey general activity index fell to -15.8, versus expectations for a reading of -4.0. In Asia, Chinese stocks fell once again, with the Shanghai composite index closing down 0.82% to finish the month of August with a 12% decline. Japan's Nikkei index finished the month with an even worse daily decline, falling about 1.3%, giving the Nikkei an 8% drop during August. In Europe, a flash estimate from Eurostat showed inflation in the euro area remained unchanged at 0.2% in August. COMPANY NEWS: Shares of Phillips 66 (PSX) advanced 3% after Warren Buffett's Berkshire Hathaway (BRK.A) disclosed late Friday a $4.5B stake in the oil and gas refining and marketing company. Berkshire owns of the oil refiner. Berkshire increased its stake in Phillips 66 to nearly 58M shares between August 26 and August 28, according to filings with the SEC... Intel (INTC) and Goldman Sachs (GS) were the top gainers on the Dow and among the only names in the green among the members of the bluechip index, as both stocks benefited from analyst upgrades. Research firm Northland Capital upgraded Intel to Outperform, saying that the PC market has bottomed and that the chipmaking giant should benefit from its pending acquisition of Altera (ALTR), while Evercore ISI upgraded Goldman Sachs to Buy, saying the recent pickup in volatility has led to higher trading volumes, which should give a boost to the typically slowest summer month of the year. MAJOR MOVERS: Among the notable gainers was Vital Therapies (VTL), which gained 14% after the company announced that additional data from its VTI-208 clinical trial were presented this weekend at an international symposium on dialysis in liver disease. Also higher were shares of The Medicines Company (MDCO), which rose 18% after several analyst said that a Phase I trial of the company's ALN-PCSsc cholesterol treatment yielded better than expected results. Shares of The Medicines Company's partner on the drug, Alnylam Pharmaceuticals (ALNY), slipped 4% following the data announcement. Also lower were shares of ConforMIS (CFMS), which fell 18% after the company initiated a voluntary recall of specific serial numbers of patient-specific instrumentation for its knee replacement product systems and lowered its fiscal year revenue guidance. INDEXES: Near midday, the Dow was down 61.37, or 0.37%, to 16,581.64, the Nasdaq was down 16.59, or 0.34%, to 4,811.74, and the S&P 500 was down 8.73, or 0.44%, to 1,980.14.
10:48 EDTJCPJ.C. Penney rises after analyst upgrades stock, calls company 'self-help story'
Shares of retailer J.C. Penney (JCP) saw a boost in morning trading after an analyst from Deutsche Bank upgraded his rating on the company's shares, remarking on the company as a "self-help story." WHAT'S NEW: Deutsche Bank analyst Paul Trussell this morning upgraded J.C. Penney to Buy from Hold. Trussell also upgraded his price target to $12 from $10, noting that the company has already improved its merchandise mix and is now moving toward better pricing and fewer markdowns. Trussell said that the company's target of mid-single digit same-store sales growth looks "achievable" and its brands and assortment "look right." The analyst added that Marvin Ellison, the company's chief executive officer, is "driving the next step" to "bring JCP up the curve in pricing and markdown optimization, supply chain, leveraging IT and reducing corporate redundancies." Trussell, who also said he views the company as a "self-help story with multiple levers to pull," maintained "slightly" conservative estimates given the challenging competitive environment, but sees meaningful upside to the stock. WHAT'S NOTABLE: Other analysts have been relatively bullish on J.C. Penney shares in recent weeks after the company reported better than expected results for the second quarter on August 14. At that time, J.C. Penney reported a loss per share of 45c on revenue of $2.88B and said it expects to be free cash flow breakeven in fiscal year 2015. Additionally, the retailer backed its FY15 SSS view of up 4%-5% and said on its earnings conference call that it expects third quarter SSS to grow sequentially from Q2. J.C. Penney also expressed "confidence" in its ability to meet its $1.2B EBITDA target by 2017. On August 17, Piper Jaffray analyst Neely Tamminga raised her price on the company's shares to $17 from $15. Tamminga said that the company showed the ability for the second straight quarter to reach EBITDA targets regardless of top-line performance. The Piper analyst said she continues to rate the company a top pick for 2015. The same day, B. Riley analyst Jeff Van Sinderen initiated coverage of J.C. Penney with a Buy rating and a $12.50 price target, saying he views Penney as a "speculative turnaround" story and believes the company's "substantial" real estate assets partially offset its heavy debt load. The Fly notes that CEO Marvin Ellison will be speaking at Goldman Sachs 22nd Annual Global Retailing Conference on September 9. PRICE ACTION: J.C. Penney shares are up 3.24% to $9.23 in morning trading.
10:01 EDTJCP, GSOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: 58.com (WUBA) upgraded to Overweight from Underweight at Morgan Stanley... AU Optronics (AUO) upgraded to Outperform from Underperform at Bernstein... Asbury Automotive (ABG) upgraded to Neutral from Underperform at Buckingham... Astec (ASTE) upgraded on upcoming catalysts at Stifel... Baidu (BIDU) upgraded to Buy from Hold at Jefferies... Bob Evans (BOBE) upgraded to Sector Weight from Underweight at KeyBanc... CNOOC (CEO) upgraded to Buy from Neutral at BofA/Merrill... Dover (DOV) upgraded on valuation, headwinds bottom at Bernstein... Envestnet (ENV) upgraded to Outperform from Market Perform at Avondale... Generac (GNRC) upgraded to Outperform from Market Perform at William Blair... Gold Fields (GFI) upgraded to Sector Perform from Underperform at Scotia Howard Weil... Goldman Sachs (GS) upgraded to Buy from Hold at Evercore ISI... Intel (INTC) upgraded to Outperform from Market Perform at Northland... J.C. Penney (JCP) upgraded to Buy from Hold at Deutsche Bank... Leggett & Platt (LEG) upgraded to Outperform from Market Perform at Raymond James... Morgan Stanley (MS) upgraded to Buy from Hold at Evercore ISI... Newmont Mining (NEM) upgraded to Outperform from Sector Perform at Scotia Howard Weil... Pan American Silver (PAAS) upgraded to Outperform at Scotia Howard Weil... QLogic (QLGC) upgraded to Buy from Hold at Summit Research... Stanley Black & Decker (SWK) upgraded to Outperform from Neutral at Macquarie... Telefonica Brasil (VIV) upgraded to Overweight from Equal Weight at Morgan Stanley... Tenet (THC) upgraded to Outperform from Market Perform at BMO Capital... Twitter (TWTR) upgraded to Buy from Neutral at SunTrust... UIL Holdings (UIL) upgraded to Hold from Sell at Argus... Vocera (VCRA) upgraded to Outperform from Market Perform at Leerink... Wisconsin Energy (WEC) upgraded to Conviction Buy from Buy at Goldman.
09:48 EDTJCPJ.C. Penney tests recent range highs
The shares are bucking the broader market trend and heading higher, last up over 1.8% to $9.10. The next level of major resistance would be at $9.42, a high that has not been met since April. Support is at $9.03. A breakout above $9.42 would break the stock out of a long base, which would be technically bullish for future price.
09:24 EDTJCPOn The Fly: Pre-market Movers
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06:55 EDTGSGoldman Sachs upgraded to Buy from Hold at Evercore ISI
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06:54 EDTJCPJ.C. Penney upgraded to Buy from Hold at Deutsche Bank
Deutsche Bank analyst Paul Trussell upgraded J.C. Penney to Buy and raised his price target for shares to $12 from $10. The retailer closed Friday up 47c to $8.94. Penny's target of mid-single-digit same-store-sales growth looks achievable while the company's brands and assortment look right, Trussell tells investors in a research note. Further, new CEO Marvin Ellison is bringing Penny "up the curve" in pricing and markdown optimization while reducing corporate redundancies, the analyst writes. He views the company as a "self-help story with multiple levers to pull."
06:35 EDTGSCiti plans to rebuild equities franchise, Reuters reports
Citigroup (C) is planning to rebuild its equities franchise in an effort to capitalize on a retrenchment by rivals in the face of new rules created to make the financial system less risky, Reuters reports, citing people familiar with the bank's plans. It may be tough to overcome leaders such as Goldman Sachs (GS), Morgan Stanley (MS), and JPMorgan Chase (JPM), that have long dominated the sector, the report says. Citi is aiming to profit from a retreat of rivals slow to adapt new rules forcing banks to keep more capital, the report says. Deutsche Bank (DB), Credit Suisse (CS), and Barclays (BCS) are among others rebuilding their investment banking businesses, the report adds. Reference Link
August 28, 2015
06:03 EDTJCPJ.C. Penney implied volatility of 48 at lower end of index mean range
August 27, 2015
06:46 EDTGSFed ups scrutiny of U.S. bank payment systems, WSJ reports
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06:34 EDTGSBanks, investors may suffer from margin calls, WSJ reports
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06:23 EDTGSGoldman hiring 'several hundred' employees for Warsaw units, Reuters reports
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August 24, 2015
05:47 EDTGSStocks with implied volatility movement; DIA GS
Stocks with implied volatility movement; Diamonds Fund ETF (DAI) 25, Goldman Sachs (GS) 31 according to iVolatility.
August 20, 2015
19:53 EDTJCPRetailers, others question heightened fees at Port of Oakland, WSJ says
After the Port of Oakland said it is considering implementing additional fees, the Retail Industry Leaders Association told the Federal Maritime Commission that it is "troubled" due to the lack of details regarding the fees, according to the Wall Street Journal. The retailer group also questioned the general effectiveness of such a program, and the Agriculture Transportation Coalition echoed the criticism, said the report. Note that executives from Lowe's (LOW), Best Buy (BBY), Target (TGT), Coca-Cola (KO), J.C. Penney (JCP), Tyson Foods (TSN), SunOpta (STKL), and Whole Foods (WFM) serve on the boards of the aforementioned associations. Reference Link
10:28 EDTJCPOptions with decreasing implied volatility
Options with decreasing implied volatility: KING JCP URBN DKS JWN HIG ADI DAR LOW TJX
06:07 EDTGSSamsung Bioepis picks Citi, Goldman as lead managers for IPO, Reuters says
Samsung Bioepis has selected Citigroup (C) and Goldman Sachs (GS) as the lead managers for its planned listening on Nasdaq next year, a source tells Reuters. Morgan Stanley (MS) and Credit Suisse (CS) will also take part in the listing for Samsung's (SSNLF) biosimilar drug development arm, the source says. Reference Link

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