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Stock Market & Financial Investment News

News Breaks
February 14, 2014
09:13 EDTOXY, MW, MHR, GNC, PHMD, CLF, WTW, JOSB, A, LOGM, ERIC, LCAV, SJM, CPB, TRLA, CHGG, CIEN, VFCOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Campbell Soup Company (CPB), up 4%... Cliffs Natural Resources (CLF), up 6.8%... LogMeln (LOGM), up 23%. ALSO HIGHER: LCA Vision (LCAV), up 27% after PhotoMedex (PHMD) agreed to buy the company for $5.37 per share... Ciena (CIEN), up 6.2% after announcing global agreement with Ericsson (ERIC)... Magnum Hunter (MHR), up 7.8% after announcing gas discovery in first Utica Shale well... Occidental Petroleum (OXY), up 2.8% after authorizing the separation of Occidental’s California assets into an independent and separately traded company. DOWN AFTER EARNINGS: Weight Watchers (WTW), down 22.5%... VF Corp. (VFC), down 7%... GNC Holdings (GNC), down 14%... J.M. Smucker Company (SJM), down 4.6%... Chegg (CHGG), down 10.5%... Trulia (TRLA), down 13.5%... Agilent (A), down 6.5%. ALSO LOWER: Jos. A. Bank (JOSB), down 1.3% after agreeing acquire Everest Holdings, parent of Eddie Bauer, for $825M. Men's Wearhouse (MW), which has offered to buy Jos. A. Bank previously, is down 7.6%.
News For JOSB;MW;CPB;WTW;OXY;SJM;CLF;VFC;LCAV;PHMD;CIEN;ERIC;GNC;CHGG;LOGM;MHR;TRLA;A From The Last 14 Days
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February 5, 2016
06:42 EDTCLFCliffs Natural solvency concerns mounting, says Deutsche Bank
Deutsche Bank analyst Jorge Beristain says that while successful execution of the recently announced debt exchange offer could bring a short-term catalyst for shares of Cliffs Natural, it may not alter medium-term solvency concerns. Post the company's Q4 results, the analyst cut his price target for the shares to $1.00 from $1.50 on lower iron ore realizations. He believes solvency concerns are mounting and reiterates a Sell rating on Cliffs.
February 4, 2016
15:59 EDTAOptions Update; February 4, 2016
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12:55 EDTAAgilent sues Twist, claiming trade secret theft, WSJ reports
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10:50 EDTOXYOccidental Petroleum: No plan to raise shale portion of output above 20%
Says ready to borrow to cover dividends.
10:32 EDTOXYOccidental expects to receive remainder of $900M settlement from Ecuador in FY16
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10:16 EDTOXYOccidental sees gradual recovery in energy prices in FY16
Sees gradual recovery in energy prices in FY16. Says has been able to realign business to focus on core areas amid energy price plunge. Says majority of spending to be allocated to domestic Oil and Gas business. Says decline in core assets attributable almost entirely to energy prices. Comments taken from Q4 earnings conference call.
10:06 EDTOXYOccidental sees FY16 total production from core assets 570,000-585,000 BOED
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10:03 EDTOXYOccidental Petroleum sees Q1 total production 620,000-630,000 BOED
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10:02 EDTOXYOccidental sees FY16 capital budget down 50% year over year
Sees 50% decline in FY16 capital budget year over year. Says 2016 plan approximates expected cash from operations at around current prices. Says will carefully reduce activity levels without harming the strong progress on growth prospects. Says capital spending will continue to decline and cash flows and earnings are expected to grow as projects start-up. Says plan will bring increased flexibility on capital budget in 2016 and 2017. Sees FY16 oil and gas capital budget down 55%. Sees FY16 chemicals and midstream capital budget down 17%. Says overall spending levels in the Permian will decline. Says spending levels in MENA will decline by about 56% mostly from the Al Hosn gas project and the exit from several countries. Says OxyChem is expected to be free cash flow positive through construction of the Ingleside Ethylene joint venture. Says U.S. Midstream in FY16 will decline by about $100M from 2015 levels. Comments taken from slides to be presented on Q4 earnings conference call. Occidental shares gained 2.52% to $69.85.
07:11 EDTOXYOccidental sees 2016 production growth of 2%-4% from ongoing operations
2016 capital program is expected to be no more than $3B with production growth of 2%-4% from ongoing operations, Occidental Petroleum said.
07:10 EDTOXYOccidental Petroleum reports Q4 core EPS (17c), consensus (12c)
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February 3, 2016
15:08 EDTSJMJ.M. Smucker to host analyst and investor meeting
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14:48 EDTOXYNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's open, with earnings consensus, include Philip Morris (PM), consensus 81c... AstraZeneca (AZN), consensus 88c... Occidental Petroleum (OXY), consensus (12c)... ConocoPhillips (COP), consensus (65c)... Cigna (CI), consensus $1.80... Intercontinental Exchange (ICE), consensus $3.01... Boston Scientific (BSX), consensus 25c... Charter Communications (CHTR), consensus (12c)... Ralph Lauren (RL), consensus $2.13... Dunkin' Brands (DNKN), consensus 50c... GrubHub (GRUB), consensus 14c... Level 3 (LVLT), consensus 53c... AmerisourceBergen (ABC), consensus $1.25... Cummins (CMI), consensus $2.11.
12:12 EDTCIENOclaro spikes after quarterly results, optical peers follow
Shares of optical networking firm Oclaro (OCLR) are advancing, along with its peers, after Oclaro reported better than expected quarterly results. WHAT'S NEW: After the close on Tuesday, Oclaro reported second quarter adjusted earnings per share of 3c on revenue of $94.1M. Both EPS and revenue were better than consensus estimates of (1c) and $91.5M, respectively. The company's adjusted gross margin rate for the quarter was 28.8%, much better than the 16.5% in the year ago quarter. Oclaro CEO Greg Dougherty pointed out the continuing growth in the company's 100G portfolio and said he expects revenue growth to continue in 2016. According to the CEO, revenue growth in the quarter "drove higher gross margin and net income." The company sees continued "robust" demand for its 100G product portfolio as it expands capacity in Asia. WHAT'S NOTABLE: Along with its Q2 results, Oclaro said it sees Q3 revenue of $97M-$103M, ahead of analyst expectations of $90.7M. On its Q2 earnings call, the company said it sees strong demand from China, with contract awards form China Telecom (CHA) and China Unicom (CHU ), which have deliveries slated for later in calendar year 2016. PRICE ACTION: Shares of Oclaro are up 10% in early afternoon trading. OPTICAL PEERS: Shares of other companies in the optical networking space are also out performing the market, including Finisar (FNSR), Infinera (INFN), Lumentum Holdings (LITE), NeoPhotonics (NPTN), and Ciena (CIEN).
11:03 EDTCIENOptions with increasing implied volatility: LC RAD CIEN ADSK BWLD
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February 2, 2016
10:39 EDTCIENOptions with increasing implied volatility: LC RAD CIEN
February 1, 2016
16:24 EDTCLFMesabi Trust receives royalty report of iron ore product shipments from Cliffs
On January 29, the Trustees of Mesabi Trust (MSB) received the quarterly royalty report of iron ore product shipments from Silver Bay, Minnesota during the quarter ended December 31, 2015 from Cliffs Natural Resources (CLF), the parent company of Northshore Mining Company. As previously reported, on January 15, 2016, the Trustees declared a distribution of 5c per Unit of Beneficial Interest payable on February 20 to Mesabi Trust Unitholders of record at the close of business on January 30. As reported by Cliffs, based on shipments of iron ore products by Northshore during the three months ended December 31, 2015, Mesabi Trust was credited with a base royalty of $2.86M. Mesabi Trust also was credited with a bonus royalty in the amount of $271,153, based on the average sales price per ton of iron ore pellets and the volume of shipments by Northshore during the fourth calendar quarter of 2015. Royalties paid to Mesabi Trust, however, reflected a reduction of $797,170 as a result of negative pricing adjustments to base and bonus royalty calculations related to changes in price estimates made in the previous calendar quarters of 2015. Accordingly, the total royalty payments received on January 29, 2016 by Mesabi Trust from Northshore were $2.42M. The royalties paid to Mesabi Trust are based on the volume of shipments of iron ore pellets for the quarter and the year to date, the pricing of iron ore product sales, and the percentage of iron ore pellet shipments from Mesabi Trust lands rather than from non-Mesabi Trust lands. In the fourth calendar quarter of 2015, Northshore credited Mesabi Trust with 981,102 tons of iron ore, as compared to 1,244,364 tons during Q4 of 2014.
16:12 EDTGNCGNC Holdings increases dividend 11.1% to 20c
GNC Holdingsdeclared the quarterly cash dividend for Q1 of 20c per share of the company's common stock, representing an 11.1% increase over its prior quarterly dividend. The dividend will be paid on or about March 25 to stockholders of record as of the close of business on March 11.
January 31, 2016
11:39 EDTWTWS&P falls 5% in January despite second straight winning week to close month
Stocks finished the month of January with two straight winning weeks, but investors are still glad to see the calendar flip as those winners only cut the S&P's loss to 5% for the month. With growth worries abounding amid troubling signs from China and as oil languishes below $35 per barrel, the manufacturing readings from China, Europe, and the U.S. due out on Monday will be essential to whether the new month continues the uptrend of the end of January or the dour tone that dominated the early half of the month. MACRO NEWS: The Federal Reserve kept interest rates unchanged following its policy meeting this week, as almost universally expected. In its accompanying statement, the central bank said its committee members expect that economic conditions will "evolve in a manner that will warrant only gradual increases in the federal funds rate." The group added that inflation is expected to "remain low in the near term, in part because of the further declines in energy prices, but to rise to 2% over the medium term as the transitory effects of declines in energy and import prices dissipate and the labor market strengthens further"... In other domestic economic news, the Commerce Department's first read on fourth quarter gross domestic product came in at 0.7% annualized growth, below the already anemic 0.8% growth forecast. The S&P/Case-Shiller 20-city home price index rose 5.8% from the prior year in November, topping expectations for a 5.7% year-over-year increase. The separate FHFA house price index showed a monthly gain of 0.5% in November, matching the consensus forecast. Markit's services PMI for January came in at 53.7, missing the 54.0 forecast. The preliminary reading of the Conference Board's consumer confidence index for January came in at 98.1, topping the 96.5 reading that was expected. New home sales surged 10.8% to a 544,000 annualized pace in December, topping expectations and hitting their highest level in 10 months. Initial jobless claims fell to 278,000 last week, versus the expected 281,000 first-time claims. Durable goods orders dropped 5.1% in December, versus expectations for a decrease of 0.7%. The core reading, which removes transportation items, was down 1.2%, versus expectations for a decline of 0.1%. The University of Michigan consumer sentiment index slipped to 92.0 in the final January print, missing the 93.0 reading that was forecast... In a surprising move in Asia, the Bank of Japan introduced a rate of minus 0.1% on certain excess holdings of cash while maintaining the pace of its asset purchases. Japan also reported data pointing to a softening economy, as total CPI grew 0.2% year-over-year in December, core CPI rose at only a 0.1% pace and industrial production fell a preliminary 1.4% month-over-month in December. COMPANY NEWS: McDonald's (MCD) advanced Monday after the fast food giant reported better than expected earnings and comparable sales growth for the fourth quarter, powered by the launch of All Day Breakfast in the U.S.... Earnings season accelerated Tuesday as four members of the bluechip Dow Jones Industrial Average posted results before the opening bell. 3M (MMM) was the top advanced on the index with a gain of over 5%, while Johnson & Johnson (JNJ), Procter & Gamble (PG) and DuPont (DD) all notched gains that day following their reports as well... Apple (AAPL) declined more than 6.5% on Wednesday after the tech giant reported first quarter earnings that topped consensus estimates, but also issued revenue guidance for the new quarter that missed expectations. The company was noted by several analysts as taking a particularly downbeat tone in its earnings conference call, invoking the difficult macroeconomic environment and weakness it has recently seen in China. Apple was not the worst performer in the Dow that day, as Boeing (BA) shares plummeted nearly 9% after its profit outlook for the new fiscal year fell far short of the Street's consensus forecast... Facebook (FB) surged 15.5% on Thursday after the social media giant's fourth quarter earnings and revenue beat expectations. A number of Wall Street analysts increased their price targets for the stock following the report, including Piper Jaffray's Gene Munster, who hiked his target to a "Street-high" $170 per share. The same day, Caterpillar (CAT) reported better than expected quarterly earnings, excluding certain items, but its revenue came in below the consensus forecast and the heavy equipment maker warned that it does not anticipate an improvement in the world economy or commodity prices in 2016. The stock, which had declined almost 20% in the last three months prior to this morning's report, rebounded almost 5% after the company jumped over the lowered bar that had been set by bearish analysts... On Friday, shares of Amazon (AMZN) declined more than 7.5% after the company's fourth quarter results came in below expectations. Meanwhile, Microsoft (MSFT), which reported better than expected earnings, gained almost 6%. Chevron (CVX) reported a quarterly loss due to taking impairments and other charges of $1.1B. The company, which also reported that its average sales price per barrel of crude oil and natural gas liquids in the U.S. was $35 in fourth quarter, down from $66 a year ago, edged up 0.7% to $86.44... Among the many others reporting earnings this week, Visa (V), Mastercard (MA), Under Armour (UA), Sprint (S) and Biogen (BIIB) gained immediately following their reports, while Qualcomm (QCOM), eBay (EBAY), U.S. Steel (X), VMware (VMW) and Anthem (ANTM) all slid following their own... Xerox (XRX) announced plans to separate into two independent publicly-traded companies: one focused on Document Technology and another Business Process Outsourcing company. Xerox also announced an agreement related to the governance of the Business Process Outsourcing company under which six directors of the new company will be selected by Xerox and three will be selected by current Xerox shareholder Carl Icahn... Terex (TEX) surged more than 36% higher on Tuesday after receiving a $30 per share acquisition offer from China's Zoomlion. Terex peers Manitowoc (MTW), Joy Global (JOY) and Oshkosh (OSK) also gained after the offer was disclosed... Weight Watchers (WTW) shares soared nearly 20% Tuesday after noted shareholder and partner Oprah Winfrey tweeted a video detailing her progress using the company's program, indicating that she'd already lost 26 pounds thanks to its plan... AIG (AIG) provided its much-anticipated strategy update, committing to return at least $25B to shareholders over the next two years and announcing the sale of AIG Advisor Group to Lightyear Capital and PSP Investments. The company, under ongoing pressure from activist investors including Carl Icahn, also said it will publicly offer a portion of its United Guaranty unit, though it expressly rejected a full company breakup... SunEdison (SUNE) gained 18% during the week after agreeing to new corporate governance initiatives with David Einhorn's Greenlight Capital, including amending its bylaws to restrict equity issuances for two years without a supermajority board vote... Twitter (TWTR) slumped nearly 6% this week after CEO Jack Dorsey confirmed the departure of four company executives, leading research firm Stifel to downgrade the shares. INDEXES: The Dow gained about 2.2% to close at 16,466.30; the S&P 500 rose about 1.6% to close at 1,940.24; the Nasdaq advanced about 0.4% to close at 4,613.95.
January 29, 2016
07:05 EDTMWMen's Wearhouse to implement new structure named Tailored Brands
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