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Stock Market & Financial Investment News

News Breaks
April 17, 2012
16:18 EDTWHR, DTSI, GS, AMTG, SRSL, KO, FSLR, JNJOn The Fly: Closing Wrap
Stocks on Wall Street were significantly higher, as a trio of earnings reports and a boost in the IMF's view of global growth prospects powered the market's rise. Stock futures were higher in pre-market trading on the strength of positive earnings reports from Coca-Cola (KO), Goldman Sachs (GS), and Johnson & Johnson (JNJ). The domestic economic data, which included fewer than expected housing starts and no increase in industrial production, was overshadowed by increased global and U.S. growth forecasts by the International Monetary Fund. With the earnings season beginning in earnest this week, investors appeared bullish about the prospects for solid numbers this quarter, if today's trading is taken as an indication... ECONOMIC EVENTS: In the U.S., housing starts for the month of March decreased 5.8%, versus expectations of an increase of 1%, but the number of building permits issued rose 4.5%, versus expectations of a decrease of 0.7%. Industrial production was reportedly flat in March, versus expectations for a 0.3% increase. Capacity utilization was in line with forecasts at 78.6%. In Europe, a German investor confidence survey was better than expected and Spanish benchmark yields eased back below 6%. Also, the International Monetary Fund said it sees world output growing 3.5% in 2012, raising its projection for United States growth to 2.1%. The IMF also said it sees growth in China slowing to 8.2% and real GDP in the euro area contracting in the first half of 2012 but then recovering... COMPANY NEWS: Coca Cola and Goldman Sachs both reported earnings and revenue that beat the Street's expectations, though Coke saw more of a favorable reaction from investors. Coca Cola shares rose 2.08% to $73.95 after its report, while Goldman fell 0.74% to $116.86. Johnson and Johnson also beat consensus for adjusted earnings, but its revenue came in below forecasts. Shares rose 0.38% to $64.22, making it one of the Dow's laggards during a session that saw all 30 stocks in the index post gains... MAJOR MOVERS: Among the notable gainers were SRS Labs (SRSL), up $2.53, or 36.88%, to $9.39, after agreeing to be acquired by DTS, Inc. (DTSI) in a cash-and-stock transaction valued at $9.50 per share, and First Solar (FSLR), up $2.14, or 10.28%, to $22.96, following its announcement of plans to cut its global workforce by approximately 2,000 positions, or about 30%, in response to conditions in Europe. Noteworthy losers included Apollo Residential Mortgage (AMTG), down $1.37, or 7.16%, to $17.76, after filing to sell 13.9M shares of its common stock, and Whirlpool (WHR), down $3.03, or 4.27%, to $68.00, after the International Trade Commission voted against imposing duties on refrigerators produced in South Korea and Mexico... INDICES: The Dow gained 194.13, or 1.50%, to 13,115.54; the Nasdaq rose 54.42, or 1.82%, to 3,042.82; and the S&P 500 added 21.21, or 1.55%, to 1,390.78.
News For KO;GS;JNJ;SRSL;DTSI;FSLR;AMTG;WHR From The Last 14 Days
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January 26, 2016
16:20 EDTJNJOn The Fly: Top stock stories for Tuesday
Stocks began Tuesday in positive territory, once again trading in tandem with oil prices. The Dow led today's gains thanks in part to earnings reports from 3M (MMM), Proctor & Gamble (PG) and Johnson & Johnson (JNJ), though the Nasdaq struggled early in the day. Following a better than expected reading on consumer confidence and a rip in oil prices, stocks continued to pile on gains in the afternoon, with the major indexes all going out near their highs. ECONOMIC EVENTS: In the U.S., the S&P/Case-Shiller 20-city home price index rose 5.8% from the prior year in November, topping expectations for a 5.7% year-over-year increase. The separate FHFA house price index showed a monthly gain of 0.5% in November, matching the consensus forecast. Markit's services PMI for January came in at 53.7, missing the 54.0 forecast. The preliminary reading of the Conference Board's consumer confidence index for January came in at 98.1, topping the 96.5 reading that was expected. In Asia, Japan's Nikkei index fell 2.35% while China's Shanghai composite slid 6.4%. COMPANY NEWS: Earnings season accelerated Tuesday as major members of the bluechip Dow Jones Industrial Average posted results before the opening bell. 3M lead the pack with a gain of 5.16% to $144.79, while Johnson & Johnson, Procter & Gamble and DuPont (DD) added 4.86%, 2.55% and 0.89%, respectively, following their reports... AIG (AIG) provided its much-anticipated strategy update, committing to return at least $25B to shareholders over the next two years and announcing the sale of AIG Advisor Group to Lightyear Capital and PSP Investments. The company, under ongoing pressure from activist investors including Carl Icahn, also said it will publicly offer a portion of its United Guaranty unit, though it expressly rejected a full company breakup. MAJOR MOVERS: Among the notable gainers was Terex (TEX), which surged 36.5% to $20.48 after receiving a $30 per share acquisition offer from China's Zoomlion. Terex peers Manitowoc (MTW), Joy Global (JOY) and Oshkosh (OSK) also saw respective gains of 16%, 9.5% and 5.5% after the news. In other M&A news, FirstMerit (FMER) jumped 18.35% after a merger agreement with Huntington Bancshares (HBAN). Also higher was Weight Watchers (WTW), which rose nearly 20% to $13.32 after noted shareholder and partner Oprah Winfrey tweeted a video detailing her progress and weight loss using the company's program. In addition, Sprint (S) soared 18.65% to $2.99 after reporting losses for the quarter that were not as steep as expected and raising its fiscal year EBITDA forecast. Among the noteworthy losers was Leidos (LDOS), which declined 9% to $48.83 after reaching an agreement with Lockheed Martin (LMT) to combine with the company's realigned Information Systems & Global Solutions unit in a Reverse Morris Trust transaction. Also lower was Centene (CNC), which lost 2.26% to $59.99 after revealing it has potentially misplaced six hard drives containing personal data on nearly 1M individuals. Meanwhile, Polaris (PII) dipped 9.15% to $72.99 after its fourth quarter report. INDEXES: The Dow rose 282.01, or 1.78%, to 16,167.23, the Nasdaq gained 49.18, or 1.09%, to 4,567.67, and the S&P 500 advanced 26.55, or 1.41%, to 1,903.63.
12:16 EDTJNJOn The Fly: Top stock stories at midday
Stocks began the session in positive territory moved cautiously in the opening segment, before shooting higher following the better than expected consumer confidence reading. The Dow is the biggest winner and is up more than 1.5% while the Nasdaq has been lagging but is up more than 0.6%. ECONOMIC EVENTS: In the U.S., the S&P/Case-Shiller 20-city home price index rose 5.8% from the prior year in November, topping expectations for a 5.7% year-over-year increase. The separate FHFA house price index showed a monthly gain of 0.5% in November, matching the consensus forecast. Markit's services PMI for January came in at 53.7, missing the 54.0 forecast. The preliminary reading of the Conference Board's consumer confidence index for January came in at 98.1, topping the 96.5 reading that was expected. In Asia, Japan's Nikkei index fell 2.35% while China's Shanghai composite slid 6.4%. COMPANY NEWS: The volume of earnings reports took a step up, with four members of the bluechip Dow Jones Industrial Average posting results before the opening bell this morning. All four advanced on the heels of their reports, with 3M (MMM) leading the pack with a gain of 4.5% despite earnings, excluding restructuring charges, that missed the consensus forecast. The industrial conglomerate did, however, affirm its performance expectations for the new fiscal year. Meanwhile, Johnson & Johnson (JNJ) rose 3%, Procter & Gamble (PG) gained 2.7% and DuPont (DD) added 1.6%... AIG (AIG) provided its much-anticipated strategy update, committing to return at least $25B to shareholders over next two years and announcing that it has agreed to sell AIG Advisor Group to private equity firm Lightyear Capital and Canadian pension investment manager PSP Investments. AIG also said it will pursue an initial public offering of United Guaranty in mid-2016 to sell up to 19.9% of the outstanding shares as a first step towards a full separation. However, the insurer said it believes a full breakup, as espoused by investor Carl Icahn, would detract from shareholder value, arguing that a lack of diversification benefits would reduce capital available for distribution and there would be a loss of tax benefits. MAJOR MOVERS: Among the notable gainers was Avis Budget (CAR), which rallied 7% after the company raised its share repurchase authorization by $300M and after SRS Investment reported a 9.5% stake in the company. Also higher were Sprint (S) and Coach (COH), which gained 20% and 11%, respectively, after reporting quarterly earnings. In addition, FirstMerit (FMER) rose 16% after reporting quarterly earnings and announcing that it will merge with Huntington Bancshares (HBAN) in a deal valued at $3.4B. Huntington Bancshares fell 10% after the FirstMerit merger agreement was announced. Also lower was Stratasys (SSYS), which dropped 6% after JPMorgan downgraded the shares to Neutral from Overweight. In addition, Polaris (PII) and Waters Corporation (WAT) were down 11% and 4.5%, respectively, after reporting quarterly earnings. INDEXES: Near midday, the Dow was up 273.66, or 1.72%, to 16,158.88, the Nasdaq was up 49.20, or 1.09%, to 4,567.69, and the S&P 500 was up 25.96, or 1.38%, to 1,903.04.
10:00 EDTFSLROn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Criteo (CRTO) initiated with an Equal Weight at Morgan Stanley... Devon Energy (DVN) initiated with a Buy at Citi... Fair Isaac (FICO) initiated with an Outperform at William Blair... First Solar (FSLR) initiated with a Buy at Roth Capital... Ideal Power (IPWR) initiated with a Buy at Rodman & Renshaw... Juniper Pharmaceuticals (JNP) initiated with an Outperform at Northland... MeetMe (MEET) initiated with a Buy at Topeka... MoneyGram (MGI) initiated with a Buy at Feltl... Petroleum Geo-Services (PGSVY) initiated with a Buy at HSBC... Rubicon Project (RUBI) initiated with an Equal Weight at Morgan Stanley... Smart & Final Stores (SFS) initiated with a Buy at BB&T... Tuesday Morning (TUES) initiated with a Neutral at B. Riley.
09:29 EDTJNJJohnson & Johnson said it 'has been and will continue to be active in M&A'
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09:24 EDTJNJJohnson & Johnson expects 'healthy growth' in Pharma for 2016
Cites that it will not be as strong as in 2015. The company said it remains "very committed" to Medical Devices business.
09:16 EDTJNJJohnson & Johnson sees 2016 effective tax rate of 19.5%-20.5%
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09:14 EDTJNJJohnson & Johnson says gains on 2016 divestitures will be lower than 2015 level
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09:12 EDTJNJJohnson & Johnson ended Q4 with $18.5B of net cash
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08:55 EDTJNJJohnson & Johnson expects to continue grow half from M&A, half internally
08:54 EDTJNJJohnson & Johnson expects to grow faster than healthcare market for 5 years
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08:13 EDTFSLRFirst Solar initiated with a Buy at Roth Capital
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06:45 EDTJNJJohnson & Johnson sees FY16 adjusted EPS $6.43-$6.58, consensus $6.37
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06:43 EDTJNJJohnson & Johnson reports Q4 adjusted EPS $1.44
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06:42 EDTJNJJohnson & Johnson reports Q4 EPS $1.15, consensus $1.14
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January 25, 2016
14:29 EDTJNJNotable companies reporting before tomorrow's open
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12:42 EDTJNJEarnings Watch: J&J shares little changed since last earnings report
Johnson & Johnson (JNJ) is scheduled to report fourth quarter earnings before the market opens on Tuesday, January 26, with a conference call scheduled for 8:30 am ET. Johnson & Johnson is engaged in the research and development, manufacture and sale of a broad range of products in the health care field. EXPECTATIONS: Analysts are looking for earnings per share of $1.42 on revenue of $17.88B, according to First Call. The consensus range for EPS is $1.39-$1.44 on revenue of $17.57B-$18.31B. LAST QUARTER: On October 13, Johnson & Johnson reported third quarter EPS of $1.49 on revenue of $17.1B. The company's Q3 EPS results exceeded average analyst expectations of $1.45 but its revenue came in less than analysts' expectations of $17.54B. With its Q3 results, the drug giant narrowed its EPS view for the year to $6.15-$6.20 from $6.10-$6.20, while maintaining its sales outlook of $75B-$76B. Worldwide Consumer sales of $3.3B for Q3 represented a decrease of 7.7% versus the prior year, consisting of an operational increase of 3.1% and a negative impact from currency of 10.8%. Worldwide Pharmaceutical sales of $7.7B for the third quarter represented a decrease of 7.4% versus the prior year with an operational decrease of 0.3% and a negative impact from currency of 7.1%. Domestic sales decreased 4.5%; international sales decreased 11.1%, which reflected an operational increase of 5.5% and a negative currency impact of 16.6%. Excluding the net impact of acquisitions, divestitures and hepatitis C sales, on an operational basis, worldwide sales increased 10.1%, domestic sales increased 11.5% and international sales increased 8.5%. Worldwide operational sales growth was driven by new products and the strength of core products. New product sales growth was negatively impacted by lower sales of Olysio/Sovriad due to competitive entrants. Strong growth in new products include Invokana/Invokamet, for the treatment of adults with type 2 diabetes; Imbruvica, an oral, once-daily therapy approved for use in treating certain B-cell malignancies, or blood cancers; Xarelto, an oral anticoagulant; and Zytiga, an oral, once-daily medication for use in combination with prednisone for the treatment of metastatic, castration-resistant prostate cancer. On January 19, Johnson & Johnson announced restructuring actions in its Medical Devices unit. The actions are expected to result in annualized pre-tax cost savings of $800M to $1B, the majority of which is expected to be realized by the end of 2018, including approximately $200M in 2016. With its restructuring announcement the company reiterated its prior adjusted EPS view of $6.15- $6.20. STREET RESEARCH: On December 18, Atlantic Equities analyst Steve Chesney initiated Johnson & Johnson with a Neutral rating and $95 price target. On December 1, Barclays analyst Geoff Meacham upgraded Johnson & Johnson to Overweight after assuming coverage of the name. J&J should post a strong year in 2017 and will likely boost its orphan diseases or oncology pipeline via capital deployment, Meacham tells investors in a research note. He raised his price target for shares to $115 from $101. PRICE ACTION Since reporting its Q3 results, Johnson & Johnson shares are up approximately 1%, and they are currently trading up fractionally in afternoon trading ahead of Tuesday's earnings report.
12:17 EDTJNJJohnson & Johnson technical notes before earnings
The key level for the shares heading into earnings is at the $90 to $88 area, which has been a zone of support since late 2013. If the news is bearish, shares could retest this area. A breakdown below $90 would confirm a long-term topping process is underway. If the news is bullish, the first important resistance level is at the $100 area. A breakout above $100 would put the 52-week high at $105.49 up as the next major upside objective.
10:00 EDTGSOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: American Express (AXP) upgraded to Perform from Underperform at Oppenheimer... BankMutual (BKMU) upgraded to Outperform from Market Perform at Hovde Group... Black Hills (BKH) upgraded on acquisition at BMO Capital... Bruker (BRKR) upgraded to Buy from Hold at Cantor... Cedar Fair (FUN) upgraded to Conviction Buy from Buy at Goldman... Charles Schwab (SCHW) upgraded to Buy from Neutral at Nomura... Corporate Office Properties (OFC) upgraded to Buy from Neutral at Mizuho... Entegris (ENTG) upgraded on valuation, outlook at Pacific Crest... First Financial upgraded to Outperform from Market Perform at Keefe Bruyette... Goldman Sachs (GS) upgraded to Buy from Neutral at Nomura... Graphic Packaging (GPK) upgraded to Outperform from Neutral at Macquarie... Home Depot (HD) upgraded to Buy from Hold at Deutsche Bank... Intel (INTC) upgraded to Outperform from Neutral at Macquarie... J.B. Hunt (JBHT) upgraded to Buy from Hold at BB&T... Magna (MGA) upgraded to Buy from Neutral at Citi... Masco (MAS) upgraded to Buy from Hold at Evercore ISI... Mattel (MAT) upgraded to Conviction Buy from Buy at Goldman... O'Reilly Automotive (ORLY) upgraded to Buy from Hold at Deutsche Bank... PACCAR (PCAR) upgraded to Buy from Neutral at Citi... People's United (PBCT) upgraded to Neutral from Underweight at Piper Jaffray... Quality Systems (QSII) upgraded to Overweight from Neutral at Piper Jaffray... RadiSys (RSYS) upgraded to Buy from Hold at Needham... Standard Motor (SMP) upgraded to Buy from Neutral at CL King... Swedbank (SWDBY) upgraded to Hold from Underperform at Jefferies... Toll Brothers (TOL) upgraded to Strong Buy from Outperform at Raymond James... Voyager Therapeutics (VYGR) upgraded to Neutral from Sell at Chardan... Yahoo (YHOO) upgraded to Buy from Hold at Pivotal Research.
07:03 EDTGSGoldman Sachs upgraded to Buy from Neutral at Nomura
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06:53 EDTJNJGlaxo, Astra, J&J partner with universities in drug research fund, Reuters says
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