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Stock Market & Financial Investment News

News Breaks
August 4, 2014
12:26 EDTESI, TREX, INSM, KORS, RLGY, PIKEOn The Fly: Midday Wrap
Stocks on Wall Street began the session in positive territory, as investors looked like they were prepared to take advantage of last week’s sell-off. Unlike in recent weeks, little M&A activity was announced over the weekend and the tensions in Russia and Israel did not make headlines due to escalations. The bulls appeared to be facing little resistance. However, the averages weakened in the early going and drifted throughout the morning. Near noon the Nasdaq had held on to narrow gains, though the S&P and Dow were both close to the flat line. ECONOMIC EVENTS: In the U.S., no major economic data was reported. On the international front, Israel pulled back many of its ground forces from Gaza as it began a seven hour truce. COMPANY NEWS: Shares of Michael Kors (KORS) initially advanced in pre-market trading after the company's first quarter earnings per share and revenue beat expectations and its same-store sales in the three months grew by more than 24%. However, as investors digested the report and listened to the company's associated conference call, during which it issued guidance for its gross margins to decline by 50 basis points during this fiscal year, the stock reversed course. In a note to investors after the company's report, analysts at Sterne Agee says that while Kors' sales growth remains "sound," the firm believes "red flags abound" for the stock, listing high inventories, gross margin pressure and increasing investment spend amid the concerns. Near noon, the luxury handbag makers' shares were down 7%. MAJOR MOVERS: Among the notable gainers was Pike Corporation (PIKE), which surged more than 48% higher after Court Square Capital Partners and the company's chairman and CEO agreed to acquire the company for $12.00 per share in cash. Also higher following their earnings reports were decking materials maker Trex (TREX), which rose 13%, and real estate services provider Realogy (RLGY), which gained 5%. Among the noteworthy losers was ITT Educational (ESI), which plunged 31% after the company disclosed that its sale leaseback agreement with College Portfolio Buyer had been terminated. Also lower was Insmed (INSM), with Piper Jaffray attributing today's 25% pullback in its shares 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: Near midday, the Dow was down 11.27, or 0.07%, to 16,482.10, the Nasdaq was up 12.75, or 0.29%, to 4,365.39, and the S&P 500 was up 1.53, or 0.08%, to 1,926.68.
News For KORS;PIKE;RLGY;ESI;INSM;TREX From The Last 14 Days
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June 30, 2015
17:40 EDTESIITT Educational submits audited consolidated financial statements to DOE
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09:13 EDTKORSCowen lowers handbag estimates, calls Kate Spade favorite name in space
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June 24, 2015
14:40 EDTESIITT Educational responds to Rohit Chopra letter
Nicole Elam, vice president of government relations and external affairs for ITT Educational Services, issued the following statement in response to a letter from Rohit Chopra, former student loan ombudsman for the Consumer Financial Protection Bureau, to investors dated June 24, 2015: "Putting aside the troubling fact that Mr. Rohit Chopra is attempting to impact investors of a publicly traded company with information he received while in an official capacity at a U.S. governmental agency, his letter is a perfect example of the myopic view pervading some in D.C. regarding taxpaying educational institutions. The fact that he would write such a letter to investors days after leaving the Consumer Financial Protection Bureau trumpeting mere allegations against the company demonstrates a personal bias against our institutions and an unwillingness to allow for due process to work, the cornerstone of the U.S. legal system. Allegations are not facts and we think our investors will not take action based on simple assertions from someone with an ideological axe to grind."
10:40 EDTESIITT Educational says CSAAVE suspension put on hold by judge
ITT Educational issued a public notice, dated June 23, stating that the California State Approving Agency for Veterans Education, a division of the California Department of Veterans Affairs, previously issued a suspension of approval to all 15 California institutions owned and operated by ITT Educational, doing business as ITT Technical Institute. "On June 23, 2015, the Honorable Judge William Claster of the Orange County Superior Court issued an order staying CSAAVE’s suspension of approval of ITT’s courses for enrollment by veteran students, pending the Court’s adjudication of ITT’s petition for peremptory writ of mandate on or after August 21, 2015. While this stay is in effect, CSAAVE’s suspension of ITT’s courses for enrollment by veteran students is lifted...While the suspension is stayed, veterans may enroll at ITT," the company stated in its notice. Reference Link
June 23, 2015
05:59 EDTKORSStocks with implied volatility below IV index mean; DE KORS
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June 21, 2015
13:58 EDTRLGYRealogy shares may see further gains, Barron's says
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June 19, 2015
10:00 EDTRLGYOn The Fly: Analyst Initiation Summary
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09:39 EDTKORSMichael Kors North American retail sales trends soft, says Cleveland Research
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07:00 EDTRLGYRealogy initiated with an Equal Weight at Stephens
Target $50.
June 16, 2015
05:56 EDTKORS, ESIStocks with implied volatility below IV index mean; KORS ESI
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