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July 15, 2014
UP AFTER EARNINGS: JPMorgan (JPM), up 2.9%... Goldman Sachs (GS), up 1.7%... Wolverine World Wide (WWW), up 2%. HIGHER: Lionsgate (LGF), up 2.5% after forming a strategic collaboration with Alibaba (BABA)... Rockwood (ROC), up 13.5% after Albemarle (ALB) agreed to acquire all outstanding shares of Rockwood in a cash and stock transaction valued at approximately $6.2B, or $50.65 in cash and 0.4803 shares of Albemarle common stock for each Rockwood share. Albemarle up 6% after announcing the merger... Codexis (CDXS), up 80% after announcing collaboration and license agreement with GlaxoSmithKline (GXK)... Plug Power (PLUG), up 12% after stock initiated with an Outperform rating at FBR Capital... GoPro (GPRO), up 5% after stock initiated with an Outperform rating and $60 price target at JMP Securities... La Jolla Pharma (LJPC), up 25% after announcing pre-clinical data for LJPC-1010 in NASH. LOWER: Lorillard (LO), down 5% after Reynolds American (RAI) confirms deal to acquire the company in transaction valued at $68.88 per share. Reynolds American down 2% following the confirmation of the long speculated merger deal... Apollo Education (APOL), down 1.1% following an announcement that the Department of Education intends to conduct an ordinary course program review of University of Phoenix... Valero Energy (VLO), down 2% after announcing second quarter guidance below analyst estimates... Ocean Power (OPTT), down 25% after saying VWP unit intends to terminate its renewable energy demonstration program funding deed in Australia.
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November 19, 2015
08:41 EDTPLUGPlug Power secures Colruyt Group as next GenDrive fuel cell customer in Europe
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08:03 EDTBABAStarboard urges Yahoo to sell core businesses
In a letter delivered to Yahoo's Chairman, CEO And board, Starboard stresses that a proposed spin-off of Aabaco Holdings is not Yahoo's best alternative. It adds that a sales of Yahoo's core business would be the best risk-adjusted outcome for shareholders. In the letter, Starboard stated, "We have grown increasingly frustrated with your unwillingness to accept our help and your dismissive approach to our serious concerns about the current situation at Yahoo! Inc. ("Yahoo"). As you, the management team, and your advisors requested from us over a year ago, we have attempted to work with you privately and agreed not to pursue the nomination and election of directors at last year's annual meeting. Despite our numerous conversations and meetings, and notwithstanding your willingness to provide us an audience, you have been reluctant to respond or adapt to the realities of the current environment. The current situation that Yahoo faces is so important that we now feel it is necessary to communicate with management and the Board of Directors in a manner such that our message is not only as explicit as possible for you, but also for our fellow Yahoo shareholders. The proposed spin-off of Aabaco Holdings is not Yahoo's best alternative. Instead, you should be exploring a sale of Yahoo's core Search and Display advertising businesses and leave Yahoo's ownership stakes in Alibaba Group and Yahoo Japan in the existing corporate entity."
06:51 EDTBABASina viewed as best value play in sector, WSJ says
Sina (SINA) continues to be one of the Chinese Internet sector's best value plays and its prospects may improve even more it it furthers its relationship with Alibaba (BABA), Aaron Back of the Wall Street Journal's Heard on the Street says. The company is a majority owner of Weibo (WB), which reported upbeat earnings yesterday and which increased its MAU's this past quarter by 33% to 222M, Back says., on the other hand, is struggling, seeing ad revenue fall 14% year over year in the most recent quarter, the report says. The company aims to turn the business around by next year and will continue to rely on Alibaba, the Journal says. Reference Link
06:00 EDTBABAStarboard sends letter to Yahoo, urges halt of Alibaba spinoff plan, WSJ reports
Yahoo (YHOO) shareholder Starboard Value sent a letter to the company urging the company to halt the plan to sell its stake in Alibaba (BABA) due to the risk of incurring taxes on the sale, the Wall Street Journal reports. The activist investor instead wants Yahoo to sell its struggling Internet business, the report says. Starboard supported the sale of over $20B in Alibaba shares before the IRS denied Yahoo's request for a private letter ruling on whether the spinoff would be considered tax free. Reference Link
November 18, 2015
16:45 EDTGPROOn The Fly: Top stock stories for Wednesday
Stocks on Wall Street were higher from the opening bell onward despite housing starts data that was weaker than expected. Investors waited for the release of the FOMC minutes and saw what they had suspected; that the Fed was reinforcing its message that the December meeting is an option for the central bank to begin raising interest rates. The visibility on rates gave investors confidence, leading to a late-day rally that saw the averages close at their highs. ECONOMIC EVENTS: In the U.S., the minutes from the Fed's last FOMC meeting showed that most participants expect that rate hike conditions will be met by their December meeting. The Fed repeated its constant refrain, though, that the actual decision would depend on the implications for the medium-term outlook from recent economic data. Housing starts fell 11.0% to a 1.06M pace in October, weaker than the expected rate of 1.16M. Building permits, however, rose 4.1% to a 1.15M rate, versus an expected rise of 3.8%. COMPANY NEWS: Shares of Target (TGT) fell 4.3% to $69.78 after the retailer reported in-line quarterly sales and profits and narrowed the range of its fiscal year earnings view. Target, which guided for same-store sales in the new quarter to be up 1%-2%, added that it sees "indications of heavy inventory levels" at some competitors into the holiday season... Shares of Apple (AAPL) climbed 3.17% to $117.29 after Goldman Sachs added the stock to its Conviction Buy List, predicting that investors should begin to focus on the company's monetization and recurring revenue opportunities over the next year, which would be a boon to its valuation... Raymond James analyst Pavel Molchanov downgraded Exxon Mobil to Underperform, the firm's equivalent to a "Sell" rating, saying he expects a modest oil recovery in 2016 but that Exxon's limited leverage to oil prices will act as a hindrance during a recovery. Despite Molchanov predicting Exxon shares to be a source of funds for investors turning more constructive on oil in 2016, the stock rose about 1% to $80.74 today amid a rally in oil prices. MAJOR MOVERS: Among the notable gainers was Fairchild (FCS), which jumped $1.52, or 8.5%, to $19.40 after agreeing to be acquired for $20 per share by ON Semiconductor (ON), whose stock fell 7.9% to $9.89 after the news. Also higher were Canadian Pacific (CP) and Norfolk Southern (NSC), with the two railway operators advancing a respective 5.8% and 6.35% after Canadian submitted a bid to acquire Norfolk, though the latter immediately criticized the offer as "low-premium." Additionally, ConAgra (CAG) gained 4% to $40.93 after announcing plans to separate into two independent public companies. Among the noteworthy losers was Qualcomm (QCOM), which dropped $4.98, or 9.4%, to $48.00 after disclosing that Korea's Fair Trade Commission alleged the company does not "properly negotiate" aspects of its licenses and may be violating Korean competition law. Also lower was Sprint (S), which fell 9.3%, to $3.99 after announcing a 50% discount for new customers switching from competing wireless carriers. GoPro (GPRO) declined 5.1% to $19.81 after research firm Piper Jaffray noted that the company has been offering discounts on its cameras, including featuring them on "flash sale" sites, and cut its price target on the stock to $15 per share. INDEXES: The Dow rose 247.66, or 1.42%, to 17,737.16, the Nasdaq gained 89.19, or 1.79%, to 5,075.20, and the S&P 500 advanced 33.14, or 1.62%, to 2,083.58.
16:01 EDTGPROOptions Update; November 18, 2015
iPath S&P 500 VIX Short-Term Futures down 1.39 to 19.44. Option volume leaders: AAPL NBG TGT NFLX F FB QCOM SUNE GPRO MSFT
10:26 EDTGPROGoPro tumbles, levels to watch
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10:08 EDTGPROGoPro sinks after analyst finds cameras on flash sales sites
The shares of action camera maker GoPro (GPRO) are sinking and hit a new 52-week low after research firm Piper Jaffray reported that the company has been offering significant discounts on its cameras. WHAT'S NEW: GoPro's cameras have been selling on flash sales websites such as Zulily (ZU) and Groupon (GRPN) at price discounts of 16%-34%, Piper analyst Erinn Murphy wrote in a note to investors today. As a result of these discounts and the 147% increase in GoPro's inventory at the end of the third quarter, the analyst is concerned that the company's gross margin could be pressured. In addition to the discounts GoPro is offering on the flash websites, the camera maker cut the price of its GoPro Session camera on Amazon to $299 from $399 in September and there has been "select downward price movement" on two more of its cameras on Amazon, Murphy reported. The analyst continues to expect GoPro's Q4 earnings per share to come in at 34c, versus analysts' consensus estimate of 41c. She slashed her fiscal 2016 EPS estimate for the company to $1.03 from $1.35, versus the consensus outlook of $1.37. Murphy reduced her price target on the stock to $15 from $20 and kept an Underweight rating on the name. WHAT'S NOTABLE: Ambarella (AMBA) makes chips used in GoPro's cameras. Best Buy (BBY), which is due to report its results tomorrow, sells GoPro's cameras. PRICE ACTION: In early trading, GoPro fell 8% to $19.19. Earlier today, it hit a new 52-week low of $19.04.
09:34 EDTGPROActive equity options trading on open
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09:22 EDTGPROOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Vipshop (VIPS), up 8%. ALSO HIGHER: Anavex Life Sciences (AVXL), up 27.5% after announcing preparation of regulatory filings based on guidance from FDA... Universal Insurance (UVE), up 7.7% after issuing a statement saying that Lakewood Capital Management's statement was misleading... Actinium Pharmaceuticals (ATNM), up 14.9% after submitting an Investigational New Drug application with the FDA for Iomab-B... Fairchild Semiconductor (FCS), up 8.8% after being acquired by ON Semiconductor (ON)... Norfolk Southern (NSC), up 5% after confirming a merger offer from Canadian Pacific (CP). DOWN AFTER EARNINGS: SouFun (SFUN), down 2.9%... Staples (SPLS), down marginally. ALSO LOWER: GoPro (GPRO), down 4.4% after price target lowered to $15 from $20 at Piper Jaffray... Citrix Systems (CTXS), down 3.5% after announcing operational review and the spin off of its GoTo family of products.
08:55 EDTJPM, GSMorgan Stanley exec sees Q4 not much better than Q3 for banks, DJ reports
Morgan Stanley (MS) Institutional Securities President Colm Kelleher cautioned that fixed-income markets "still seem subdued," according to Dow Jones, citing his comments at an investment conference. Morgan Stanley was among the banks that reported lower revenue from fixed-income, currency and commodities trading during the third quarter and Kelleher said he doesn't think "the fourth quarter is going to be much better," the report noted. Large bank peers to Morgan Stanley include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
08:11 EDTGSKIMS Health forecasts global drug spending to increase 30% by 2020 to $1.4T
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07:28 EDTBABAYahoo taxes could amount to more than value of Alibaba stake, says SunTrust
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06:44 EDTGPROGoPro price target lowered to $15 from $20 at Piper Jaffray
Piper Jaffray analyst Erinn Murphy cut her price target for GoPro (GPRO) shares to $15 after her channel checks indicated further price pressure. The stock closed yesterday down 75c to $20.87. In the last week, GoPro products have been offered on various flash sale websites including making its debut on Liberty Interactive's (QVCA) Zulily yesterday, Murphy tells investors in a research note. She has also seen further price pressure on Amazon (AMZN). The action camera maker will have a difficult time maintaining current margin expectations with price reductions becoming more evident, Murphy argues. She is "incrementally cautious" on GoPro into the holiday season and keeps an Underweight rating on the name.
06:39 EDTRAIE-cigarette sales slumping sharply, WSJ says
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November 17, 2015
18:34 EDTJPMU.S. pursuing criminal charges against JPMorgan, RBS executives, WSJ says
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16:01 EDTBABAOptions Update; November 17, 2015
iPath S&P 500 VIX Short-Term Futures up 1.32 to 21.07. Option volume leaders: GE BAC AAPL FB NFLX SYF WMT CSCO MU SUNE VRX BABA AMZN HD FCX
10:56 EDTBABAStocks with call strike movement; BABA NFLX
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07:50 EDTJPMClearing House to hold a conference
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07:48 EDTJPMBofa/Merrill to hold a conference
Banking & Financial Services Conference 2015 is being held in New York on November 17-18.
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