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Stock Market & Financial Investment News

News Breaks
June 19, 2014
20:25 EDTKMX, KMX, DRI, DRINotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include CarMax (KMX), consensus 67c; Darden Restaurants (DRI), consensus 94c.
News For KMX;DRI From The Last 14 Days
Check below for free stories on KMX;DRI the last two weeks.
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September 24, 2014
09:10 EDTKMXCarMax weakness a buying opportunity, says BofA/Merrill
BofA/Merrill lowered CarMax estimates following the Q2 miss but views the weakness in as a buying opportunity. The firm expects high used car prices to moderate and maintains its Buy rating.
September 23, 2014
16:20 EDTKMXOn The Fly: Closing Wrap
Stocks on Wall Street were lower after the U.S. took new action to clamp down on tax inversion deals and led airstrikes against Islamic State militants in Syria, while Europe reported weaker than expected manufacturing data. ECONOMIC EVENTS: In the U.S., the FHFA's home price index rose 0.1% in July to 212.7, missing expectations for an increase of 0.5%. Markit's preliminary manufacturing Purchasing Managers' Index for September came in at 57.9, slightly below the consensus forecast for a 58.0 reading. In China, HSBC's flash manufacturing PMI rose to 50.5 from a final reading of 50.2 in August, better than expectations. In Europe, Markit's composite flash PMI for the eurozone dipped to a nine-month low of 52.3, missing expectations for it to hold steady with its 52.5 reading for August. COMPANY NEWS: The shares of a number of companies that have announced or been speculated as targets in tax inversion deals fell after the U.S. Treasury last night issued new regulations that will make such deals less attractive. AstraZeneca (AZN), which has previously turned down an offer to be acquired by the U.S.'s Pfizer (PFE), sank $3.54, or 4.74%, to $71.13 despite a Bloomberg report that said Pfizer is still considering pursuing a deal with the U.K. drugmaker. AbbVie (ABBV), which has a deal in progress to acquire Shire (SHPG) and thus move its tax domicile to Ireland, fell $1.15, or 1.96%, to $57.56, while Shire shares slid $5.56, or 2.17%, to $250.74. Medtronic (MDT), which is pursuing its own inversion deal with Covidien (COV), dropped $1.90, or 2.88%, to $64.08. MAJOR MOVERS: Among the notable gainers was Herbalife (HLF), which rose $3.88, or 9.65%, to $44.09, bouncing back from a pullback yesterday that had been attributed to rumors of Carl Icahn selling out of his stake in the company. Also higher was Plug Power (PLUG), which rose 40c, or 9.57%, to $4.58 after the company's CEO gave FY15 revenue guidance that was above the consensus Street view in an interview with the Albany Business Review. Among the noteworthy losers was Ascena Retail (ASNA), which dropped $2.78, or 16.82%, to $13.75 after the apparel retailer's fourth quarter results and fiscal 2015 profit outlook trailed analysts' consensus estimates. Also lower were shares of used car retailer CarMax (KMX), which fell $5.01, or 9.49%, to $47.80 after the company reported sluggish comparable used car sales in its second quarter. INDEXES: The Dow declined 116.81, or 0.68%, to 17,055.87, the Nasdaq dropped 19.00, or 0.42%, to 4,508.69, and the S&P 500 fell 11.52, or 0.58%, to 1,982.77.
12:11 EDTKMXOn The Fly: Midday Wrap
Stocks on Wall Street were mixed and little changed at midday, amid new rules from the Obama administration on tax inversions and manufacturing data from around the globe. ECONOMIC EVENTS: In the U.S., the FHFA's home price index rose 0.1% in July to 212.7, missing expectations for a rise of 0.5%. Markit's preliminary manufacturing Purchasing Managers' Index for September came in at 57.9, slightly below the consensus forecast for a 58.0 reading. The Richmond Fed manufacturing index for September rose to 14, beating expectations for it to have dropped two points to 10. In China, HSBC's flash manufacturing Purchasing Managers' Index rose to 50.5 from a final reading of 50.2 in August, better than expectations. In Europe, Markit's composite flash PMI for the eurozone dipped to a nine-month low of 52.3, missing expectations for it to hold steady at the 52.5 seen in August. COMPANY NEWS: Shares of several companies, including a number in the pharmaceutical industry, are lower in early trading after the Treasury Department announced new regulations yesterday night that aim to make it tougher for U.S. companies to lower their tax burdens via mergers with foreign companies, otherwise known as "inversions." Among the stocks that moved lower after the new rules were announced was Astrazeneca (AZN), which had previously been a target of Pfizer (PFE) and fell about 4% near midday. Also lower were shares of both Shire (SHPG), which fell 2%, and Abbvie (ABBV), which dropped 1.6%, as the two have previously agreed to merge in a tax inversion deal. Medtronic (MDT) and Covidien (COV), which similarly agreed to an inversion merger, were down 3.3% and 2.7%, respectively. MAJOR MOVERS: Among the notable gainers was Salix Pharmaceuticals (SLXP), which rose more than 5% after The Wall Street Journal reported that Allergan (AGN) is in advanced talks on a deal to buy the company. Shares of Allergan were also up nearly 3% near midday, as the Journal also reported that Allergan rejected a recent buyout offer from Actavis (ACT). Among the noteworthy losers was Ascena Retail (ASNA), which dropped 16% after the apparel retailer's fourth quarter results and fiscal 2015 profit outlook trailed analysts' consensus estimates. Also lower following its own earnings report was auto retailer CarMax (KMX), which fell over 9%. INDEXES: Near midday, the Dow was down 32.91, or 0.19%, to 17,139.77, the Nasdaq was up 2.90, or 0.06%, to 4,530.59, and the S&P 500 was down 2.29, or 0.11%, to 1,992.00.
10:59 EDTKMXCarMax slumps after posting sluggish Q2 used unit sales in comparable stores
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10:23 EDTKMXHigh option volume stocks
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09:13 EDTKMXOn The Fly: Pre-market Movers
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08:05 EDTDRIDarden highlights Starboard's 'misleading' statements in letter to shareholders
Darden Restaurants issued an open letter to shareholders in connection with the company's 2014 Annual Meeting of Shareholders. The company says "All eight of Darden's independent director nominees, including our four new independent nominees and our four continuing independent directors, are indeed committed to serving the best interests of all Darden shareholders. We share the common goal of enhancing shareholder value, and we are prepared to work collaboratively with the four Starboard nominees that our slate contemplates to achieve this objective. We are deeply concerned, however, about the future of Darden if Starboard's slate is elected and believe it is important to correct the record with regard to a number of inconsistent, contradictory and misleading statements made by Starboard as part of its efforts to take control of your company...We do not believe it is in shareholders' interests to elect an entirely new Board, which could impede operating initiatives that are largely already underway and delivering results."
07:39 EDTKMXCarMax reports Q2 total used unit sales rose 6.3%
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07:37 EDTKMXCarMax sees FY15 CapEx $325M
The company said, "We currently estimate total capital expenditures will be approximately $325M in FY15. We plan to open 13 stores in FY15 and between 10-15 stores in each of the following two fiscal years."
07:36 EDTKMXCarMax reports Q2 EPS 70c, consensus 67c
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September 22, 2014
15:06 EDTKMXNotable companies reporting before tomorrow's open
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12:53 EDTKMXCarMax technical comments ahead of results
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08:25 EDTKMXCarmax October volatility elevated into Q2 and outlook
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September 19, 2014
09:17 EDTDRIStarboard's director nominees sends letter to Darden shareholders
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08:13 EDTDRIDarden issues statement to thank, urge customer support for Olive Garden
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September 18, 2014
10:58 EDTKMXCarmax October volatility elevated into Q2 and revenue outlook
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10:27 EDTDRIOptions with decreasing implied volatility
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08:12 EDTDRIDarden board says shareholders' choice could impact progress, including dividend
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September 17, 2014
09:58 EDTDRIDarden urges shareholders to support independent director nominees
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September 16, 2014
10:30 EDTDRIStarboard urges shareholders to vote for slate of board nominees
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