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Stock Market & Financial Investment News

News Breaks
July 10, 2014
18:35 EDTRCII, GPS, ARTX, MTG, RDN, JOEZ, CUDA, PSMTOn The Fly: After Hours Movers
UP AFTER EARNINGS: Joe's Jeans (JOEZ), up 15.5% after reporting second quarter results above analyst estimates... Barracuda Networks (CUDA), up 2.2% after reporting quarterly results and guidance... DOWN AFTER EARNINGS: PriceSmart (PSMT), down 3.7% after reporting third quarter revenue below analyst estimates... Rent-A-Center (RCII), down 11% after reporting disappointing preliminary second quarter results. ALSO LOWER: Gap (GPS), down 2% after reporting June Same Store Sales down 2%... Arotech (ARTX), down 5.6% after filing an automatic common stock shelf... NOTABLE: MGIC Investment (MTG), down 4.8% and Radian Group (RDN), down 3.8% following the FHFA proposal to tighten capital rules for mortgage insurers.
News For JOEZ;CUDA;PSMT;RCII;GPS;ARTX;MTG;RDN From The Last 14 Days
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July 16, 2014
06:37 EDTRCIIConn's recent sell-off a buying opprotunity, says Piper Jaffray
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July 15, 2014
15:19 EDTMTGNotable companies reporting before tomorrow's open
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11:34 EDTRCIIAaron's falls after cutting second quarter outlook
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July 14, 2014
05:51 EDTMTGStocks with implied volatility movement; MTG LNCO
Stocks with implied volatility movement; MGIC Investment (MTG) 59, LinnCo (LNCO) 23 according to iVolatility.
July 11, 2014
16:22 EDTRCIIOn The Fly: Closing Wrap
Stocks on Wall Street were higher today, but were still lower for the week, as concerns in Europe have come back to the forefront of investors' minds. Today's modest bounce was not enough to make up for the declines seen in three of the other four sessions earlier in the week. ECONOMIC EVENTS: In the U.S., the June federal budget statement showed a surplus of $70.5B for the month, compared to analysts' forecast for a $79B surplus. COMPANY NEWS: Shares of Wells Fargo (WFC) slipped 32c, or 0.62%, to $51.49 after the largest mortgage lender in the U.S. posted earnings of $1.01 a share that matched analysts' consensus forecast. Wells did note that its credit performance continued to improve in Q2 and CEO John Stumpf said he is "optimistic about the future" for the bank... Lorillard (LO) advanced $2.92, or 4.63%, to $66.01, while Reynolds American fell 51c, or 0.82%, to $61.75, after the two cigarette makers confirmed that they are holding talks about a possible merger, as has been speculated by various media reports in recent weeks... In another update to an ongoing M&A story, Japan's Nikkei reported that Sprint's (S) corporate parent, Softbank (SFTBF), has reached an agreement to acquire T-Mobile (TMUS) from Deutsche Telecom (DTEGY), clearing the way for the long-speculated merger between the third and fourth largest wireless carriers in the U.S. Following the new story, Sprint shares finished the day up 30c, or 3.64%, to $8.55, while T-Mobile rose 62c, or 1.89%, to $33.50. MAJOR MOVERS: Among the notable gainers was Ruckus Wireless (RKUS), which advanced 87c, or 7.9%, to $11.88 after the FCC announced that it would allocate new funds to subsidize the launch of WiFi networks in schools and libraries. Also higher was Amazon.com (AMZN), which climbed $18.28, or 5.57%, to $346.20 after consulting firm ChannelAdvisor (ECOM) reported that the company's same-store sales growth had accelerated significantly in June compared with May. Among the noteworthy losers was Rent-A-Center (RCII), which dropped $3.18, or 10.94%, to $25.88 after the company warned that its revenue and earnings for Q2 will not meet expectations. Also lower were shares of industrial and construction supply retailer Fastenal (FAST), which fell $2.00, or 4.16%, to $46.15 after its Q2 revenue missed analysts' consensus view and the company reported plans to close 45 stores. INDEXES: The Dow was up 28.74, or 0.17%, to 16,943.81, the Nasdaq was up 19.29, or 0.44%, to 4,415.49, and the S&P 500 was up 2.83, or 0.14%, to 1,967.51.
15:11 EDTMTGMGIC Investment expects would meet requirements of draft PMIERs
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15:10 EDTMTGMGIC Investment says beginning talks to modify existing reinsurance
MGIC, the principal subsidiary of MGIC Investment Corporation, said its preliminary assessment of the draft private mortgage insurer eligibility requirements released by FHFA for public input was that MGIC's Available Assets would be materially less than its Minimum Required Assets at both the projected effective date and two years thereafter and that we had alternatives to mitigate the shortfall. Using the factors and definitions in the Draft PMIERs, MGIC believes that its Available Assets, at December 31, 2014, would be approximately $5.3B and the Minimum Required Assets would be approximately $5.9B, resulting in a shortfall of approximately $600M. MGIC believes this shortfall would be reduced through operations so that at the end of the two-year transition period it would be approximately $300M. The shortfall projections at both dates include receiving full credit for MGIC's existing reinsurance, approximately $500M of credit at December 31, 2014, increasing to $600M of credit two years later. "However, we do not expect to receive full credit for our current reinsurance. As a result, we are beginning discussions with the reinsurance market to modify our existing reinsurance so that any reduction for reinsurance credit would be minimized," the company said.
15:08 EDTMTGMGIC sees available assets about $5.3B based on draft PMIERs
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14:52 EDTMTGMGIC Investment trading halted, pending news
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12:36 EDTRCII, JOEZ, MTGOn The Fly: Midday Wrap
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11:19 EDTRCIIRent-A-Center plummets after Q2 profit warning
Shares of rent-to-own operator Rent-A-Center (RCII) are sinking after the company’s second quarter profit outlook significantly trailed analysts’ consensus estimates. WHAT'S NEW: Last night, Rent-A-Center forecast Q2 adjusted earnings per share of 36c-38c and revenue of $773M, far short of the consensus views of 48c and $786.4M, respectively. The company’s CEO Robert Davis said, “Macro-economic pressures continue to burden our financially constrained customers contributing to softer than expected demand in our U.S. business segments. Consequently, revenue and earnings for Q2 will not meet expectations. We are not satisfied with our Q2 results and hold ourselves accountable for improving our performance. To that end, we are excited to announce a new product line in our domestic retail stores with our entrance into the burgeoning smartphone business.” WHAT’S NOTABLE: The company’s smartphone rollout offers consumers nationwide one-stop shopping for a variety of name-brand smartphones and no-contract plans, a rent-to-own industry first, the company said. PRICE ACTION: In late morning trading, Rent-A-Center fell $3.22, or about 11%, to $25.86 on more than twice its average daily trading volume. Including today’s pull back, the stock has lost approximately 36% over the past twelve months. OTHERS TO WATCH: Other companies that provide leasing and rent-to-own arrangements of consumer products include Aaron’s (AAN), which is down 3.3%, and CONN’S (CONN), which is down 3.5%.
10:00 EDTMTGOn The Fly: Analyst Downgrade Summary
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10:00 EDTJOEZOn The Fly: Analyst Upgrade Summary
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09:18 EDTRCIIRent-A-Center tumbles on Q2 profit warning, levels to watch
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09:09 EDTMTG, RCII, RDN, CUDA, GPSOn The Fly: Pre-market Movers
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08:35 EDTARTXArotech 2.86M share Secondary priced at $3.50
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08:14 EDTMTGMGIC Investment downgraded to Buy from Conviction Buy at Goldman
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07:24 EDTCUDABarracuda Networks management to meet with JPMorgan
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07:07 EDTJOEZJoe's Jeans upgraded to Buy from Neutral at B. Riley
As previously reported, B. Riley upgraded Joe's Jeans to Buy from Neutral. The firm upgraded shares following the in-line Q2 report and said metrics should reach an inflection in 2H. Price target raised to $1.70 from $1.30.
06:48 EDTJOEZJoe's Jeans upgraded to Buy from Neutral at B. Riley
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