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Stock Market & Financial Investment News

News Breaks
August 4, 2014
16:42 EDTTREX, PDCE, INSM, KORS, ESIOn The Fly: Closing Wrap
Stocks on Wall Street remained near the flat line until about 1 pm ET and then they began to drift higher. The buyers emerged during the afternoon and pushed the averages up ahead of the next round of corporate earnings reports due out after the close. ECONOMIC EVENTS: In the U.S., no major economic data was reported. On the international front, Portugal's central bank announced a bailout of the nation's largest listed lender, Banco Espirito Santo. COMPANY NEWS: Shares of luxury accessories maker Michael Kors (KORS) fell $4.82, or 5.89%, to $77.01 after the company reported stronger than expected results for the first quarter of its fiscal 2015, but said that its gross margins had dropped during the quarter compared to the same period of last year. The company also estimated that its gross margin would drop in fiscal 2015. Analysts were divided on the company's outlook following the results, with Sterne Agee contending that "red flags abound" for the company while Bank of America Merrill Lynch saying that the "impressive momentum" of Michael Kors should continue and that today's pullback in the stock has created a buying opportunity. MAJOR MOVERS: Among the notable gainers was decking product maker Trex (TREX), which advanced $4.33, or 15.1%, to $33.00 after its better than expected earnings. Also higher was PDC Energy (PDCE), which rose $6.63, or 12.34%, to $60.34 after Colorado governor John Hickenlooper struck a deal that will eliminate all ballot initiatives, proposed for November, that had sought to restrict hydraulic fracturing, or "fracking," in the state. Among the noteworthy losers was ITT Educational (ESI), which plunged $6.59, or 46.05%, to $7.72 after the company disclosed that its sale leaseback agreement with College Portfolio Buyer had been terminated. Also lower were shares of Insmed (INSM), with Piper Jaffray attributing today's $4.59, or 26.61%, pullback in its shares to $12.66 to the company not immediately filing for U.S. approval of Arikayce in cystic fibrosis and nontuberculous mycobacteria in concert with its European filing for the drug. INDEXES: The Dow rose 75.91, or 0.46%, to 16,569.28, the Nasdaq advanced 31.25, or 0.72%, to 4,383.89, and the S&P 500 gained 13.84, or 0.72%, to 1,938.99.
News For KORS;PDCE;ESI;INSM;TREX From The Last 14 Days
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March 26, 2015
16:39 EDTESIBlum Capital lowers stake in ITT Educational to 5% from 6.1%
March 24, 2015
13:54 EDTINSMInsmed personnel strong, says Piper Jaffray
After attending Insmed's analyst event, Piper says that the company has assembled a strong development and commercial team . The firm adds that the company has forged unique relationships with specialists and patients. It keeps an Overweight rating on the shares.
March 23, 2015
10:00 EDTPDCEOn The Fly: Analyst Downgrade Summary
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09:06 EDTINSMInsmed appoints Eugene Sullivan as Chief Medical and Scientific Officer
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07:15 EDTPDCEPDC Energy downgraded to Accumulate from Buy at KLR Group
KLR Group downgraded PDC Energy to Accumulate citing the dilutive impact of the recent equity issuance. The firm cut its price target for shares to $56 from $60.
March 22, 2015
17:16 EDTKORSMichael Kors looks inexpensive, Barron's says
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March 20, 2015
09:25 EDTINSMInsmed to host analyst and investor day
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March 19, 2015
09:20 EDTPDCEOn The Fly: Pre-market Movers
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09:07 EDTPDCEPDC Energy 3.48M share Spot Secondary priced at $51.45
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March 18, 2015
16:21 EDTPDCEPDC Energy files to sell 3.48M shares of common stock
Goldman, Sachs & Co. and J.P. Morgan Securities LLC are acting as the sole underwriters of the offering.
16:16 EDTPDCEPDC Energy files automatic mixed securities shelf
10:06 EDTKORSMichael Kors recent headwinds provide a buying opportunity, says BofA/Merrill
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07:33 EDTESIITT Educational receives notice from NYSE on late filing status
ITT Educational Services announced that it did not file its Annual Report on Form 10-K for the fiscal year ended December 31, 2014 on or before the due date of March 16, 2015. The company has received a notice from the NYSE that the company is subject to the NYSE's procedures under its timely filing criteria as a result of the company's failure to file the 2014 Form 10-K by the due date. Under NYSE rules, the company has six months from March 16, 2015 to file the 2014 Form 10-K. Until the company files the 2014 Form 10-K and all other periodic reports with subsequent due dates, its common stock will remain listed on the NYSE under the symbol "ESI," with a "LF" indicator to signify late filing status. The company can regain compliance with the NYSE listing standards during the six-month period once it files the 2014 Form 10-K with the SEC, but only if it has also filed all other periodic reports with subsequent due dates. The company is still evaluating the full impact of the consolidation of the 2009 Entity on these matters, and therefore cannot provide any assurance that the consolidation of 2009 Entity will not have a material negative impact on these matters, which could result in a material adverse effect on the company's results of operations, financial condition and/or cash flows. Further, the company did anticipate that it may be in noncompliance with certain covenants under its financing agreement.
March 17, 2015
17:31 EDTESIITT Educational files to delay Form 10-K
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March 13, 2015
14:25 EDTKORSMichael Kors volatility at low end of historic range
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10:00 EDTPDCEOn The Fly: Analyst Initiation Summary
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