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Stock Market & Financial Investment News

News Breaks
June 13, 2012
16:19 EDTCASY, RMBS, AAMRQ, JNJ, REGN, LCC, JPMOn The Fly: Closing Wrap
Stocks on Wall Street were lower following disappointing U.S. economic data. Stock futures were lower in premarket trading but tumbled following disappointing retail sales figures for the month of May. The market opened lower but soon found a level from where it started to build. The averages crossed into positive territory could not gain any upside momentum. The middle of the day was characterized by the market drifting back and forth across the baseline as it underwent a period of consolidation, in contrast to the previous two days, which were marked by big swings in the averages. In the last hour of trading the market fell sharply to wind up down for the day… ECONOMIC EVENTS: In the U.S., retail sales slipped 0.2%, which was in line with expectations, but if auto and gasoline data are excluded the "core" reading showed a decline of 0.1%, versus expectations of an increase of 0.4%. Producer prices in the month of May declined 1.0%, versus expectations of a decline of 0.6%, but if food and energy are removed the reading was up 0.2%, which was in line with forecasts. Business inventories grew 0.4% in April, versus expectations for an increase of 0.3%. In Europe, Italy’s national borrowing rate skyrocketed to its highest level since December, as investors became jittery about contagion from Spain’s request for external assistance… COMPANY NEWS: JPMorgan's (JPM) CEO Jamie Dimon testified in front of the Senate Banking Committee, saying that he expects the current quarter to be "solidly profitable" in spite of the "London Whale's" losses and that clawbacks of executive pay are likely following the bank's review of the incident. Dimon argued that complex institutions are necessary to meet the needs of business and that there are many advantages and only some negatives to big banks. Following his testimony JPMorgan’s shares rose 53c, or 1.57%, to $34.30... Johnson & Johnson (JNJ) shares rose $1.37, or 2.17%, to $64.45, after JPMorgan, Jefferies and Raymond James all upgraded the stock this morning. Last night, the pharmaceutical giant confirmed it has received U.S. regulatory clearance for its proposed acquisition of Synthes and announced a new accelerated share repurchase agreement... MAJOR MOVERS: Among the notable gainers were Rambus (RMBS), up 44c, or 9.16%, to $5.30, after being initiated with a Buy rating and $10 price target at Sidoti, and U.S. Airways (LCC), up 54c, or 4.72%, to $11.97, after multiple sources indicated that the company plans to file paperwork with U.S. antitrust regulators as soon as next month for a proposed merger with AMR (AAMRQ). Noteworthy losers included Casey’s General Stores (CASY), down $7.73, or 12.90%, to $52.18, after missing on Q4 EPS, and Regeneron (REGN), down $15.97, or 12.49%, to $111.88, after competitor Ophthotech announced positive data from a clinical trial… INDICES: The Dow lost 77.42, or 0.62%, to 12,496.38; the Nasdaq fell 24.46, or 0.86%, to 2,818.61; and the S&P 500 dropped 9.30, or 0.70%, to 1,314.88.
News For JPM;JNJ;RMBS;LCC;AAMRQ;CASY;REGN From The Last 14 Days
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June 25, 2015
07:13 EDTJPMFed director says full transparency in stress testing can be 'enormous weakness'
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06:03 EDTJPMJPMorgan in settlement talks with SEC to settle product steering probe, WSJ says
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June 24, 2015
12:30 EDTCASYOn The Fly: Top stock stories at midday
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08:57 EDTJPMJPMorgan price target raised to $77 from $70 at Argus
Argus increased its price target on JPMorgan based on the bank's cost cutting efforts and expectations for rising interest rates., along with what Argus sees as moderating concerns over litigation expenses and a good investment banking/trading environment. The firm expects the stock's multiple to increase, and it reiterates a Buy rating.
07:19 EDTJPMJPMorgan names Nachimowski head of chemicals dealmaking in EMEA, Bloomberg says
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06:37 EDTJPMDeutsche downgrades Citi, Goldman after share rallies
Deutsche Bank analyst Matt O'Connor recommends using the strong share performance of both Citi (C) and Goldman Sachs (GS) as on opportunity to take profits. The analyst this morning downgraded shares of both investment banks to Hold from Buy. Citi is up 21% from the lows on January 30 while Goldman is up 30% since July 1, 2014, the analyst points out. On Citi, O'Connor sees less near term upside with fixed income trading entering a seasonally weak period and core cost reductions largely over. On Goldman, the analyst sees a lack of catalysts to drive the stock meaningfully higher in the near term. His top picks among U.S. Banks are Bank of America (BAC), JPMorgan (JPM), M&T Bank (MTB) and SunTrust (STI).
June 23, 2015
18:00 EDTCASYS&P announces changes to the S&P 400, 500, 600 indices
S&P Dow Jones Indices will make the following changes to the S&P 500, S&P MidCap 400 and S&P SmallCap 600 indices: Columbia Pipeline Group (CPGX) will replace Allegheny Technologies (ATI) in the S&P 500, Allegheny Technologies will replace Unit Corp. (UNT) in the S&P MidCap 400, and Unit Corp. will replace PetroQuest Energy (PQ) in the S&P SmallCap 600 after the close of trading on Wednesday, July 1. S&P 500 constituent NiSource (NI) is spinning off Columbia Pipeline Group in a transaction expected to be completed on that date. NiSource will remain in the S&P 500 following the distribution. Allegheny Technologies, Unit and PetroQuest are all ranked near or at the bottom of their current indices. S&P SmallCap 600 constituent Casey’s General Stores (CASY) will replace AOL (AOL) in the S&P MidCap 400, and Nektar Therapeutics (NKTR) will replace Casey’s General Stores in the S&P SmallCap 600 after the close of trading on Thursday, June 25. S&P 100 & 500 constituent Verizon (VZ) acquired AOL in a transaction completed today. TopBuild (BLD) will replace Aéropostale (ARO) in the S&P SmallCap 600 after the close of trading on Tuesday, June 30. S&P 500 constituent Masco (MAS) is spinning off TopBuild in a transaction expected to be completed on that date. Masco will remain in the S&P 500 following the distribution. Aéropostale is ranked near the bottom of the S&P SmallCap 600. “New” Gannett Co. (GCI) will replace Quiksilver (ZQK) in the S&P SmallCap 600 after the close of trading on Friday, June 26. S&P 500 constituent Gannett Co. (GCI) is spinning off “new” Gannett Co. in a transaction expected to be completed on that date. Post spin, the parent company will change its name to TEGNA. and trade under the symbol “TGNA”. It will remain in the S&P 500 following the distribution. Quiksilver is ranked near the bottom of the S&P SmallCap 600. Cable ONE Inc. (CABO) will replace Peabody Energy (BTU) in the S&P MidCap 400 after the close of trading on Tuesday, June 30. S&P MidCap 400 constituent Graham Holdings Company (GHC) is spinning off CableOne in a transaction expected to be completed on that date. Graham Holdings will remain in the S&P MidCap 400 following the distribution. Peabody Energy is ranked near the bottom of the S&P MidCap 400. The Chemours Co. (CC) will replace Semtech Corp. (SMTC) in the S&P MidCap 400, and Semtech will replace Paragon Offshore (PGN) in the S&P SmallCap 600 after the close of trading on Tuesday June 30. S&P 100 & 500 constituent E. I. du Pont de Nemours and Co. (DD) is spinning off Chemours in a transaction expected to be completed on that date. Dupont will remain in the S&P 100 & 500 following the distribution. Semtech and Paragon Offshore are ranked near or at the bottom of their current indices. “New “ Energizer Holdings (ENR) will replace Harsco (HSC) in the S&P MidCap 400, and Harsco will replace FXCM (FXCM) in the SmallCap 600 after the close of trading on Tuesday, June 30. S&P MidCap 400 constituent Energizer (ENR) is spinning off “new” Energizer in a transaction expected to be completed on that date. Post spin, the parent company will change its name to Edgewell Personal Care Co. and trade under the symbol “EPC”. It will remain in the S&P MidCap 400 following the distribution. Harsco and FXCM are ranked near or at the bottom of their current indices.
17:21 EDTCASYNektar to replace Casey's General Stores in S&P 600 as of 6/25 close
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17:21 EDTCASYCasey's General Stores to replace AOL in s&P 400 as of 6/25 close
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June 22, 2015
16:00 EDTJPMOptions Update; June 22, 2015
iPath S&P 500 VIX Short-Term Futures down 78c to 17.45. Option volume leaders: AAPL FB BAC CHK WMB BABA TWTR MU AMBA TSLA JPM
June 18, 2015
16:49 EDTRMBSRambus, SK Hynix extend license agreement
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June 17, 2015
14:55 EDTJPMJPMorgan announces unexpected death of Vice Chairman Jimmy Lee
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11:16 EDTJPMOCC restricts some banks from certain mortgage related business activity
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07:21 EDTJNJGeneric ADHD drugs still sold despite FDA non-equivalance finding, NYT reports
The FDA announced last November that two generic versions of Johnson & Johnson's (JNJ) Concerta ADHD drug, one made by Mallinckrodt (MNK) and the other by UCB, could no longer be considered the equivalent of the branded drug after tests and analyses suggested that their effectiveness began to wear off much more quickly, but the drugs are still being sold despite an FDA mandated deadline having passed for the companies to either prove the drugs were equivalent or remove them from the market, said The New York Times. The report noted a third generic product, sold by Actavis (AGN), was found to be equivalent to the branded Concerta. Reference Link
06:48 EDTJPMMore big banks waiving overdraft fees, WSJ reports
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June 16, 2015
18:33 EDTJPMJPMorgan shareholder suit over 'London Whale' dismissed, Reuters reports
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10:43 EDTREGNBattleground: Analysts split on Avalanche after 'controversial' data reported
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07:11 EDTJPMSurprise AIG ruling may make future bailouts unlikely, even if needed, NYT says
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06:19 EDTJPMJPMorgan, HSBC could move parts of businesses to Luxembourg, U.K. Times reports
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05:55 EDTREGNRegeneron competitive threat eased with Avalanche data, says Piper Jaffray
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