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Stock Market & Financial Investment News

News Breaks
July 25, 2014
13:13 EDTMRVL, QCOR, LRCX, MU, MNK, AAPL, RADEinhorn bought Lam Research shares, sold Rite Aid last quarter
Well-known investor David Einhorn said his hedge fund, Greenlight Capital, had taken a new long position last quarter in Lam Research (LRCX), which develops equipment for semiconductor companies. Also last quarter, Greenlight sold out of its position in Rite Aid (RAD), Einhorn revealed. WHAT'S NEW: Greenlight made a "medium-sized" new investment in Lam Research, Einhorn revealed in his quarterly letter to investors. As the size of transistors shrink, chip makers must run each layer of chips through the manufacturing line multiple times until they work properly, the investor stated. Consequently, the chip makers must buy more of Lam's tools for each manufacturing line, Einhorn explained. The valuations of many high momentum stocks in the tech sector are excessive, but not all tech stocks are too expensive, Einhorn contended. A number of tech stocks - including Apple (AAPL), Lam Research, Marvell Technology (MRVL) and Micron Technology (MU) - "have strong prospects and are undervalued," Einhorn declared. Greenlight holds long positions in all those stocks. Greenlight sold its position in Rite Aid because the company's sales and profits rose, as the hedge fund had expected, and the stock reached fair value, Einhorn explained. WHAT'S NOTABLE: Greenlight continues to be short Questcor (QCOR), which has "a laundry list of problems and risks," the investor said. Among these are ongoing criminal probes and a large number of adverse events, including deaths, experienced by a number of patients who were taking the company's only drug, Acthar, Einhorn wrote. Additionally, a number of insurers have moved towards limiting their reimbursement of the drug, he added. The FDA is examining lab reports which suggest that Questcor's product does not include a highly purified form of Acthar as promoted by the company but a degraded form of the drug, the investor alleged. Mallinckrodt Pharmaceuticals (MNK), which has agreed to buy Questcor, is not properly evaluating the risks of Questcor's drug, Einhorn stated. Mallinckrodt "is setting itself up to be a very attractive short sale candidate if the merger is completed," Einhorn believes. PRICE ACTION: In early afternoon trading, Lam Research lost 1.5% to $69, Rite Aid slid 3.5% to $7, Questcor lost 2% to $95, and Mallinckrodt dropped 3% to $74.50.
News For LRCX;RAD;MNK;QCOR;AAPL;MU;MRVL From The Last 14 Days
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November 18, 2014
08:01 EDTAAPLApple price target raised to $130 from $115 at Oppenheimer
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07:16 EDTAAPLSamsung to produce APs for iPhones, iPads beginning in 2015, Korea Times reports
According to the Korea Times, sources say that Apple (AAPL) will outsource the bulk of its application processors manufacturing to Samsung (SSNLF) for iPhones and iPads starting in 2015. This agreement will cause Samsung to become a primary supplier of APs to Apple, moving Taiwan Semi (TSM) into second place. Reference Link
06:28 EDTAAPLNokia to launch Android tablet, FT reports
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05:58 EDTMUMicron implied volatility of 32 at lower end of index mean range
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November 17, 2014
16:00 EDTAAPLOptions Update; November 17, 2014
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11:14 EDTAAPLApple price target raised to $120 from $115 at RBC Capital
RBC Capital earlier increased its price target on Apple as the firm estimates that the company's watch will generate $10B in revenue and 40c in EPs in the first 12 months after it's released. The firm increased its FY15 sales estimates for the company by $6.5B and raised its FY15 EPS estimate by 24c. It keeps an Outperform rating on the shares.
09:36 EDTMU, AAPLActive equity options trading
Active equity options trading according to Track Data: AAPL PBR BHI GILD MU HD AMZN TSLA YHOO FB TWTR
06:08 EDTMUMicron implied volatility of 33 at lower end of index mean range
November 16, 2014
20:04 EDTAAPLApple: App Store adds UnionPay as payment option for customers in China
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November 14, 2014
17:27 EDTMNKPaulson & Co. gives quarterly update on stakes
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17:13 EDTAAPLAppaloosa gives quarterly update on stakes
NEW STAKES: NXP Semiconductors (NXPI), Lorillard (LO), Alibaba (BABA), and Shire (SHPG). INCREASED STAKES: Whirlpool (WHR), Priceline (PCLN), Delta (DAL), CBS (CBS), and General Motors (GM). DECREASED STAKES: American Airlines (AAL), Disney (DIS), Apple (AAPL), MGM Resorts (MGM), and Eastman Chemical (EMN). LIQUIDATED STAKES: Expedia (EXPE), AIG (AIG), Prudential (PRU), Celanese (CE), and ASML Holding (ASML).
16:52 EDTMRVL, MUGreenlight Capital gives quarterly update on stakes
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16:01 EDTAAPLOptions Update; November 14, 2014
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10:49 EDTAAPLReport: iPhone 6 outselling iPhone 6 Plus 3-to-1 margin, Apple Insider says
Apple's iPhone 7 lineup is mostly driven by the 4.7-inch model, accounting for 68% of all iPhone sales, while the iPhone 6 Plus took between 23%-24%, reports Apple Insider. Citing a report from Consumer Intelligence Research Partners, the new iPhones represented 91% of total iPhone sales compared to the iPhone 5s and 5c accounting for 84% of total iPhone sales a year ago. Reference Link
09:51 EDTMNKMallinckrodt management to meet with Oppenheimer
Meeting to be held in Europe on November 20 hosted by Oppenheimer.
09:38 EDTAAPLActive equity options trading
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07:52 EDTAAPLIntegrated Device to benefit from wireless charging adoption, says Craig-Hallum
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07:05 EDTAAPLApple told FTC health data will be protected, Reuters reports
The U.S. Federal Trade Commission has asked Apple to prevent sensitive health data that will be collected by its devices from being used without users' consent, according to Reuters, which cited two unnamed sources. The tech giant has promised the FTC that it will not sell the data to third parties or allow developers to do so, the news service stated. Reference Link
06:54 EDTAAPLU.S.warns on vulnerability in Apple's iOS, Reuters reports
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06:16 EDTAAPLEU says Starbucks tax deal in Netherlands may be illegal state aid, WSJ says
The European Union said the tax deal struck by Starbucks (SBUX) in the Netherlands amounts to illegal state aid, reports the Wall Street Journal. European Commission regulators said it reached a preliminary view that the tax deal violated guidelines produced by the Organization for Economic Cooperation and Development. It said the tax deal "tolerates questionable adjustments which allow Starbucks Manufacturing BV to lower the resulting corporate income tax basis in the Netherlands." The EU is also investigating tax arrangements of Apple (AAPL) in Ireland and Amazon (AMZN) and Fiat S.p.A. (FIATY) in Luxembourg. Reference Link
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