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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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March 27, 2015
08:52 EDTICPTIntercept has positive read through from competitor data, says BMO Capital
After Intercept (ICPT) competitor Genfit announced top-line results from a Phase 2 trial of its oral PPAR agonist GFT505 in NASH, BMO Capital says that Genfit's data was disappointing and will consolidate the lead of Intercept's OCA in NASH. The firm reiterates an Outperform rating on Intercept.
08:45 EDTICPTIntercept opportunity may be questioned after Genfit data, say Leerink
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08:07 EDTICPTIntercept price target raised to $400 from $300 at Deutsche Bank
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March 26, 2015
15:07 EDTICPTIntercept's FLINT data more convincing than Gefit data, says RBC Capital
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14:45 EDTICPTIntercept's risk/reward remains favorable, says Citigroup
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13:04 EDTICPTIntercept rallies after GENFIT announces NASH study results
GENFIT announced topline results of the phase 2 GOLDEN-505 trial in NASH. It stated, "Due to the unexpected rate of resolution of NASH in patients randomized to placebo who had early NASH (NAS of 3, placebo response rate>57%), along with the high number of sites for a limited sample size, the study as initially designed did not enable the trial to meet directly the primary endpoint. With correction for this baseline severity and site heterogeneity by a standardized statistical analysis, GFT505 120mg meets the primary endpoint: Reversal on NASH without worsening of fibrosis, as detailed below." Treatment with GFT505 provides a significant beneficial effect on the primary endpoint in the global randomized population, where patients without an end of treatment biopsy were considered as non-responders, GENFIT added. The primary endpoint was also achieved in the evaluable population of patients who underwent both baseline and end of study liver biopsies. Shares of Intercept, which is also developing a NASH treatment, jumped 7%, or $18.06 to $278.70.
12:56 EDTICPTIntercept jumps after Genfit says NASH drug missed endpoint in Phase 2 study
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March 25, 2015
16:55 EDTICPTOrbiMed Advisors lowers stake in Intercept to 5.64% from 7.0%
March 23, 2015
07:22 EDTICPTIntercept price target raised to $265 from $205 at Leerink
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March 22, 2015
17:16 EDTKORSMichael Kors looks inexpensive, Barron's says
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March 20, 2015
09:24 EDTICPTOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Ctrip.com (CTRP), up 20.1%... Rally Software (RALY), up 17.3%... Nike (NKE), up 5.2%... Darden Restaurants (DRI), up 4.3%... Cheetah Mobile (CMCM), up 3.6%. ALSO HIGHER: Prothena (PRTA), up 40.2% after reporting positive results from Phase 1 study of PRX002... Viggle (VGGL), up 26.9% after confirming receipt of offer from chairman and CEO Robert Sillerman... Intercept Pharmaceuticals (ICPT), up 8.5% after announcing new data analyses from FLINT trial... Biogen Idec (BIIB), up 9.7% after presenting positive interim results from study of aducanumab... Pier 1 Imports (PIR), up 5.2% after being upgraded to Outperform from Perform at Oppenheimer... JinkoSolar (JKS), up 2.8% after announcing that it will supply 75 MWdc of its PV solar modules to Red Horse 2 project and following a strategic collaboration agreement with DuPont (DD). DuPont is up just under 1%. DOWN AFTER EARNINGS: AK Steel (AKS), down 6.8%... Youku Tudou (YOKU), down 4.9%... Tiffany (TIF), down 3.3%. ALSO LOWER: Macerich (MAC), down 7.7% after Simon makes $95.50 per share "best and final" offer.
09:24 EDTTRAKDealerTrack management to meet with JPMorgan
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06:02 EDTICPTIntercept announces new data analyses from FLINT trial
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March 19, 2015
13:07 EDTICPTIntercept to host analyst and investor meeting
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March 18, 2015
10:06 EDTKORSMichael Kors recent headwinds provide a buying opportunity, says BofA/Merrill
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09:00 EDTICPTIntercept price target raised to $344 from $258 at RW Baird
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March 17, 2015
10:00 EDTICPTOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Aimco (AIV) initiated with an Outperform at RW Baird... Alnylam (ALNY) initiated with a Buy at Janney Capital... American Campus (ACC) initiated with a Neutral at RW Baird... AvalonBay (AVB) initiated with a Neutral at RW Baird... BE Aerospace (BEAV) initiated with a Buy at CRT Capital... BlackRock (BLK) initiated with a Buy at Argus... Camden Property (CPT) initiated with an Outperform at RW Baird... CarMax (KMX) initiated with a Buy at Evercore ISI... Central Pacific (CPF) initiated with a Neutral at Macquarie... Cognex (CGNX) initiated with a Buy at Northcoast... Education Realty (EDR) initiated with a Neutral at RW Baird... EnerSys (ENS) initiated with an Overweight at Stephens... Equity Lifestyle (ELS) initiated with an Outperform at RW Baird... Equity Residential (EQR) initiated with a Neutral at RW Baird... Essex Property Trust (ESS) initiated with a Neutral at RW Baird... Facebook (FB) initiated with a Buy at Brean Capital... Intercept (ICPT) initiated with a Hold at MLV & Co.... Isis Pharmaceuticals (ISIS) initiated with a Neutral at Janney Capital... LinkedIn (LNKD) initiated with a Sell at Brean Capital... Mid-America Apartment (MAA) initiated with an Outperform at RW Baird... NetSuite (N) initiated with a Hold at Brean Capital... Paycom (PAYC) initiated with a Buy at Brean Capital... Platform Specialty Products (PAH) initiated with a Buy at UBS... Post Properties (PPS) initiated with a Neutral at RW Baird... Salesforce.com (CRM) initiated with a Hold at Brean Capital... ServiceNow (NOW) initiated with a Buy at Brean Capital... Snap-On (SNA) initiated with a Buy at Northcoast... Sun Communities (SUI) initiated with a Neutral at RW Baird... Twitter (TWTR) initiated with a Buy at Brean Capital... UDR, Inc. (UDR) initiated with an Outperform at RW Baird... Workday (WDAY) initiated with a Hold at Brean Capital... Xplore Technologies (XPLR) initiated with a Buy at Roth Capital... Yahoo (YHOO) initiated with a Hold at Argus.
06:18 EDTICPTIntercept initiated with a Hold at MLV & Co.
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March 13, 2015
14:25 EDTKORSMichael Kors volatility at low end of historic range
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07:19 EDTTRAKDealerTrack has reached attractive entry point, says Stifel
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