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Stock Market & Financial Investment News

News Breaks
February 14, 2014
12:19 EDTTRLA, LOGM, WTW, CHGG, CRAY, MW, IM, AIG, JOSBOn The Fly: Midday Wrap
Stocks on Wall Street were mixed at midday with the Dow and S&P 500 outperforming the Nasdaq. The major averages began the session with little fanfare and remained close to the flat line in early trading. The slightly better than expected University of Michigan consumer confidence reading provided a bit of a catalyst for buyers, who have managed to push all but the Nasdaq back into positive ground. ECONOMIC EVENTS: In the U.S., import prices edged up 0.1% and export prices rose 0.2% in January. Industrial production fell 0.3% in January, versus expectations for it to have grown 0.3%. The preliminary February University of Michigan consumer confidence reading was unchanged from the final January figure at 81.2. In Europe, the eurozone's economy expanded at a 0.3% pace last quarter, versus analysts' consensus for expansion of 0.2%. COMPANY NEWS: Jos. A. Bank (JOSB) announced a deal to buy Everest Holdings, the parent company of the Eddie Bauer brand, for cash and stock worth about $825M. Jos. A. Bank, which has been both the pursuer and the pursued in a long running, public negotiation with peer Men's Wearhouse (MW), said the deal give it the right to terminate its agreement in the event an unsolicited offer is made to acquire Jos. A. Bank that it determines would "reasonably be expected to create greater value" for shareholders. Jos. A. Bank also said it will buy back 4.6M of its common shares, or 16.4% of its outstanding shares, if the Eddie Bauer deal moves forward. Afterward, Men's Wearhouse said will "evaluate its options" with regard to Jos. A. Bank... After last night's closing bell, AIG reported fourth quarter profits that beat expectations, raised its dividend by 25% and increased its stock buyback plan by $1 billion. Additionally, Bloomberg reported that the insurer will cut its workforce by 3%. Shares of AIG rose in after-hours trading, but are down 2% near midday after Deutsche Bank called the quarter "messy" and a "modest disappointment" and Barclays lowered its price target on the stock to $56 from $60 to reflect slower than expected P&C margin improvement. MAJOR MOVERS: Among the notable gainers following their better than expected quarterly reports were supercomputer maker Cray (CRAY), which surged 32%, cloud-based solutions company LogMeIn (LOGM), which jumped 23%, and computer parts distributor Ingram Micro (IM), which rose 13%. Among the noteworthy losers was Weight Watchers (WTW), which fell 26% after its fourth quarter profit missed expectations and the company sharply cut its fiscal 2014 earnings outlook. Also lower following their own earnings reports were learning platform operator Chegg (CHGG), which fell 17%, and home buying website Trulia (TRLA), which dropped 18%. INDEXES: Near midday, the Dow was up 73.93, or 0.46%, to 16,101.52, the Nasdaq was down 7.04, or 0.17%, to 4,233.63, and the S&P 500 was up 4.41, or 0.24%, to 1,834.24.
News For JOSB;MW;WTW;AIG;CRAY;LOGM;IM;CHGG;TRLA From The Last 14 Days
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January 23, 2015
10:00 EDTTRLAPARR says Zillow, Trulia deal gets nod from FTC staff, Bloomberg reports
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January 21, 2015
12:07 EDTTRLAUBS Group AG reports 7.01% passive stake in Trulia
10:26 EDTMWHigh option volume stocks
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05:12 EDTAIGAIG to acquire Laya Healthcare
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January 20, 2015
08:05 EDTAIGAerCap may consider stock buyback from AIG, Reuters says
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January 16, 2015
10:20 EDTCRAYCray management to meet with Sterne Agee
Meeting to be held in London on January 23 hosted by Sterne Agee.
07:09 EDTMWMen's Wearhouse says arbitrators awarded former JA Apparel licensee $42.6M
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January 15, 2015
07:25 EDTWTWWeight Watchers price target lowered to $20 from $24 at Credit Suisse
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January 13, 2015
16:24 EDTAIGOn The Fly: Closing Wrap
The Wall Street averages spent time in both positive and negative territory during the session, before closing a bit below where they'd started the day. The market opened sharply higher after Alcoa’s (AA) better than expected report gave some optimism about the upcoming earnings season. The early move higher came despite oil continuing its slide. The major averages saw their highs shortly after the open and then began to drift slowly lower. By mid-afternoon the market was in the red, though the equity averages eventually made it briefly back into positive ground, but failed to hold those narrow gains into the close. ECONOMIC EVENTS: In the U.S., the NFIB small business optimism index for December came in at 100.4, which was stronger than the expected 98.5 reading. The JOLTS report showed job openings increased 142K to 4.972M in November, beating the 4.85M consensus forecast. Treasury posted a $1.9B surplus in December, which was a bit below the expected surplus of $3B. Also of note is the fact that the U.S. and European benchmarks of WTI and Brent crude were at parity for the first time since 2013 during the session, with both trading near $46 per barrel for a time. COMPANY NEWS: KB Home (KBH) reported better than expected revenue and higher orders in its fourth quarter, but the stock declined $2.70, or 16.29%, to $13.87 after CEO Jeffrey Mezger warned on the associated earnings call that margins could drop "significantly" in its current quarter from the levels seen last year. KB's margin outlook, which it blamed on rising costs, heavier use of incentives and a sequential decline in average selling prices, dragged down peers in the housing space as well. D.R. Horton (DHI), the biggest homebuilder by market cap, finished the day down $1.26, or 4.83%, to $24.82, while PulteGroup (PHM) also slid $56c, or 2.47%, to $22.13... MetLife (MET) said it will sue to oppose the U.S. Financial Stability Oversight Council’s designation of the insurer as a SIFI, or "systemically important financial institution." The life insurer called the label premature and said it has offered “substantial and compelling evidence” that it isn’t a SIFI. Wells Fargo said it thinks it is appropriate for MetLife to challenge the ruling, though the firm does not presently see a Dodd-Frank provision that enables an entity to shed its designation. Wells added that a MetLife victory would have no impact on either AIG (AIG) or Prudential (PRU), which did not challenge their SIFI designations before their windows closed. MAJOR MOVERS: Among the notable gainers was Emulex (ELX), which rose $1.21, or 20.86%, to $7.01 after the company issued better than expected guidance on its second quarter results. Also higher was McGraw Hill Financial (MHFI), which jumped $5.13, or 5.98%, to $90.89 after reports said the company's Standard & Poor’s rating unit was in talks about a potential $1B settlement to its fight with the Justice Department and state attorneys general over allegations of inflating credit ratings on mortgage investments preceding the financial crisis. Among the noteworthy losers was ChannelAdvisor (ECOM), which plunged $11.32, or 53.52%, to $9.83 after its fourth quarter revenue warning prompted no less than eight downgrades of the stock by Street analysts. Also lower were shares of Ocwen Financial (OCN), which dropped $4.41, or 36.18%, to $7.78 after the Los Angeles Times reported that California is seeking to suspend the company's mortgage license in the state. Altisource Portfolio Solutions (ASPS), which is a related company to Ocwen, also declined $10.45, or 38.79%, to $16.49. Shares of GoPro (GPRO) fell $6.91, or 12.17%, to $49.87 after the Patently Apple blog reported that Apple (AAPL) was granted a patent for a camera system that specifically mentions the weaknesses of GoPro devices. INDEXES: The Dow fell 27.16, or 0.15%, to 17,613.68, the Nasdaq lost 3.21, or 0.07%, to 4,661.50, and the S&P 500 dropped 5.23, or 0.26%, to 2,023.03.
10:46 EDTAIGMetLife has only upside in challenging SIFI designation, says Wells Fargo
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07:13 EDTAIGMetLife CEO could decide soon whether to file suit against U.S., WSJ reports
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