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Stock Market & Financial Investment News

News Breaks
August 12, 2014
16:32 EDTDNDN, KATE, ICPT, TRAK, KORSOn The Fly: Closing Wrap
Stocks on Wall Street began the session in negative territory and remained there for most of the session. The averages moved in a narrow range as the summer doldrums have set in, leaving little in the way of both volume and volatility. ECONOMIC EVENTS: In the U.S., the NFIB's small business confidence index rose 0.7% to 95.7 in July, though that was below the expectation for a 96.0 reading. The Job Openings and Labor Turnover Survey showed job openings rose 94K to 4.671M in June. The Treasury posted a $94.6B budget deficit in July, which was not as steep as the $96.0B deficit that was projected. In Germany, the ZEW Center's economic sentiment index fell to 8.6 in August from 27.1 in July, compared to the consensus forecast for a decrease to 17. COMPANY NEWS: Accessory and clothing retailer Kate Spade (KATE) initially advanced in pre-market trading and was higher early in the session after the company reported second quarter adjusted earnings per share and sales that beat analysts' consensus forecast. However, the stock reversed and moved into negative territory during the company's associated conference call, during which it said it was "responsible to reevaluate the timeframe" to achieve its previously laid out targets for 2016, citing a longer than expected Kate Spade Saturday ramp-up, its revised 2014 margin rate outlook, and the company's limited visibility into 2016. For the day, the stock declined $9.87, or 25.39%, to $29.00. MAJOR MOVERS: Among the notable gainers was Intercept Pharmaceuticals (ICPT), which rose $39.34, or 16.59%, to $276.52 after data from a trial of its liver disease drug OCA showed improved safety as well as a statistical benefit in reversing liver fibrosis. Also higher was DealerTrack (TRAK), which advanced $7.32, or 18.73%, to $46.40 after the company reported higher than expected second quarter earnings and raised its 2014 EPS outlook. Among the noteworthy losers was Dendreon (DNDN), which dropped 72c, or 33.96%, to $1.40 after reporting its Q2 revenue in a regulatory filing and disclosing the company sees a "significant risk" that it will not be able to repay or refinance its 2016 Notes. The company also acknowledged it is currently considering alternatives to the repayment of the 2016 Notes, some of which could result in leaving its current stockholders "with little or no financial ownership of Dendreon." Also lower were shares of Michael Kors (KORS), which fell $2.55, or 3.19%, to $77.44 in a potential reaction to the cautious margin guidance and commentary about the promotional retail environment from peer Kate Spade. INDEXES: The Dow fell 9.44, or 0.06%, to 16,560.54, the Nasdaq dropped 12.08, or 0.27%, to 4,389.25, and the S&P 500 slid 3.17, or 0.16%, to 1,933.75.
News For KATE;KORS;ICPT;DNDN;TRAK From The Last 14 Days
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May 6, 2015
15:03 EDTKATENotable companies reporting before tomorrow's open
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08:41 EDTKORSMichael Kors June volatility elevated into Q4 and outlook
Michael Kors May call option implied volatility is at 27, June is at 32, August is at 30, November is at 29; compared to its 26-week average of 28 according to Track Data, suggesting large May price movement into the expected release of Q4 results in late May
06:58 EDTKORSMichael Kors price target lowered to $64 from $70 at Piper Jaffray
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May 1, 2015
07:33 EDTICPTIntercept management to meet with Deutsche Bank
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April 30, 2015
13:11 EDTKORSMichael Kors June volatility increases into Q4 and outlook
Michael Kors May call option implied volatility is at 27, June is at 32, August is at 30, November is at 29; compared to its 26-week average of 28 according to Track Data, suggesting large May price movement into the expected release of Q4 results in late May.
11:06 EDTKORSOptions with increasing implied volatility
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April 29, 2015
10:53 EDTKORSOptions with increasing implied volatility
Options with increasing implied volatility: THRX ALTR ARIA DECK ANF KORS CVC CCE
April 28, 2015
11:04 EDTKORSOptions with increasing implied volatility
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April 27, 2015
08:21 EDTKORSBofA/Merrill retail/consumer analysts hold analyst/industry conference call
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April 23, 2015
10:06 EDTKATEKate Spade May call activity attributed to takeover chatter
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06:03 EDTKORSMichael Kors implied volatility of 24 at lower end of index mean range
05:44 EDTICPTIntercept FLINT trial data shows OCA treatment increases fibrosis resolution
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