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Stock Market & Financial Investment News

News Breaks
August 12, 2014
16:32 EDTTRAK, KORS, DNDN, KATE, ICPTOn 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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December 19, 2014
06:26 EDTICPTIntercept price target lowered to $475 from $693 at Citigroup
Citigroup lowered its price target for Intercept shares to $475 on expectations investor concerns around the company's liver fibrosis drug, OCA, will persist. Citi, however, says it remains a buyer of the stock. It believes the level of concern around OCA’s cholesterol effect is overdone. The firm keeps a Buy rating on shares of Intercept.
December 18, 2014
11:56 EDTTRAKDealerTrack acquisition should be positive for shares, says JPMorgan
JPMorgan believes DealerTrack's acquisition of Incadea PLC will be a positive for the company's growth profile and potential addressable market over a five-year timeframe. The firm expects the company's second "transformational" acquisition in as many years to be positive the stock and reiterates an Overweight rating on DealerTrack.
10:01 EDTKORSOn The Fly: Analyst Initiation Summary
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09:35 EDTKATEKate Spade Saturday, West Elm to team on home collection
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07:53 EDTTRAKDealerTrack to host conference call
Conference call to discuss the acquisition of International incadea plc will be held on December 18 at 8:30 am. Webcast Link
07:10 EDTTRAKDealerTrack announces 190p per share offer to acquire incadea plc
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06:33 EDTICPTIntercept coverage resumed with a Buy at Sterne Agee
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December 17, 2014
16:21 EDTKORSMichael Kors initiated with a Perform at Oppenheimer
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December 16, 2014
10:26 EDTKORSMichael Kors management to meet with Jefferies
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10:12 EDTKATEKate Spade initiated with an Outperform at Cowen
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10:11 EDTKORSMichael Kors initiated with a Market Perform at Cowen
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December 15, 2014
11:12 EDTKORSMichael Kors management to meet with Jefferies
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08:58 EDTICPTIntercept reinstated with a Buy at BofA/Merrill
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December 11, 2014
08:57 EDTICPTLeerink major pharma & biotech analysts hold analyst/industry conference call
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December 9, 2014
10:23 EDTKATE, KORSOn The Fly: Analyst Initiation Summary
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07:41 EDTTRAKBarclays to hold a conference
Global Technology Conference is being held in San Francisco on December 9-10 with webcasted company presentations to begin on December 9 at 10:40 am; not all company presentations may be webcasted. Webcast Link
06:53 EDTKATEKate Spade initiated with an Equal Weight at Stephens
Target $33.
06:53 EDTKORSMichael Kors initiated with an Overweight at Stephens
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