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Stock Market & Financial Investment News

News Breaks
February 14, 2014
12:19 EDTTRLA, JOSB, MW, WTW, AIG, CRAY, LOGM, IM, CHGGOn 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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October 24, 2014
09:34 EDTIM, IMIngram Micro upgraded to Outperform from Underperform at CLSA
06:06 EDTLOGMLogMeln board approves $75M share repurchase program
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06:04 EDTLOGMLogMeln reports Q3 adjusted EBITDA $13.3M
October 23, 2014
16:37 EDTLOGMLogMeln sees FY14 EPS $1.15-$1.16, consensus $1.09
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16:35 EDTLOGMLogMeln sees Q4 EPS 32c-33c, consensus 30c
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16:33 EDTLOGMLogMeln reports Q3 EPS 32c, consensus 28c
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16:15 EDTIMIngram Micro sees Q4 EPS 95c-$1.02, consensus 97c
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16:14 EDTIMIngram Micro reports Q3 EPS 62c, consensus 62c
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15:30 EDTLOGM, IMNotable companies reporting after market close
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09:40 EDTWTWWeight Watchers Q3 estimates meaningfully ahead of consensus at ITG Research
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October 22, 2014
13:51 EDTTRLATrulia November volatility elevated into Q3 and outlook
Trulia November call option implied volatility is at 76, December is at 69, January is at 63, March is at 58, June is at 52; compared to its 26-week average of 53 according to Track Data, suggesting large near term price movement into the expected release of Q3 results on October 29.
11:29 EDTCRAYCray management to meet with Sterne Agee
Group dinner to be held in San Francisco on October 29 hosted by Sterne Agee.
October 21, 2014
14:09 EDTAIGThird Point discloses new positions in eBay, Alibaba, exit from Sony
In its Q3 investor letter, Third Point says it established a "significant" position in eBay (EBAY). Dan Loeb's hedge fund also revealed it has established a significant direct investment in Alibaba (BABA) shares now that the company is public. Third Point also said it is now one of Amgen's (AMGN) largest shareholders. During the quarter, Third Point exited its position in Sony (SNE) and reduced or exited other positions, including AIG (AIG), Hertz (HTZ) and Softbank (SFTBF), the firm stated in its letter. PRICE ACTION: Following the disclosures in the Third Point letter, Amgen is up 4%, eBay is up 2.3% and Alibaba is up 3.8%, while Sony shares trading in New York are down nearly 1%.
October 20, 2014
17:26 EDTMWSAB Capital Advisors reports 5.1% passive stake in Men's Wearhouse
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06:38 EDTAIGAIG upgraded to Buy from Hold at Deutsche Bank
Deutsche Bank upgraded AIG to Buy citing valuation following the recent pullback in shares. Deutsche believes concerns that Starr International could succeed in its trial against the U.S. Government are overblown. It raised its price target for AIG shares to $60 from $59.
October 17, 2014
08:14 EDTAIGAIG unlikely to be forced to indemnify government, says Bernstein
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