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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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February 27, 2015
08:04 EDTINSMInsmed reports Q4 EPS (36c), consensus (56c)
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February 25, 2015
10:01 EDTTREXOn The Fly: Analyst Downgrade Summary
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09:18 EDTTREXTrex Company price target raised to $60 from $45 at SunTrust
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06:13 EDTTREXTrex Company downgraded to Hold from Buy at Stifel
Stifel downgraded Trex to Hold due to valuation.
February 24, 2015
07:20 EDTTREXTrex Company sees Q1 revenue $120M, consensus $115.81M
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07:19 EDTTREXTrex Company reports Q4 EPS 16c, consensus 15c
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February 19, 2015
11:18 EDTPDCEPDC Energy sees FY15 adjusted EPS $1.47-$1.62, consensus $1.30
Sees FY15 adjusted revenue $551M-$590M, consensus $658.03M. Sees FY15 adjusted EBITDA $386M-$413M. Guidance from slides for Q4 earnings conference call.
08:07 EDTPDCEPDC Energy widens FY15 production view to 13.5-14.5 MMBoe from 13.8-14.5 MMBoe
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08:05 EDTPDCEPDC Energy reports Q4 adjusted EPS ($1.11), may not compare to consensus 21c
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