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Stock Market & Financial Investment News

News Breaks
July 25, 2014
13:13 EDTMRVL, LRCX, RAD, MNK, QCOR, AAPL, MUEinhorn 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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October 14, 2014
09:37 EDTAAPLDomino's Pizza sees potential for additional 3.8K stores in top 15 markets
Says has 'robust' international business. Says its store count growing faster internationally than Pizza Hut or Papa Johns (PZZA). Pizza Hut is owned by Yum! Brands (YUM). Says now offering voice ordering for Apple's (AAPL) iPhone and Google's (GOOG) Android operating systems. Says in terms of the franchise's long-range outlook, sees global net units to increase 4%-6%, sees domestic SSS to increase 2%-4%, sees international SSS to increase 3%-6% and sees global retail sales to increase 6%-10%. Comments taken from the company's Q3 earnings conference call slide presentation.
07:34 EDTMNKMallinckrodt to host conference call
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07:24 EDTAAPLApple price target raised to $110 from $96 at Credit Suisse
Credit Suisse raised Apple's price target to $110 and materially raised estimates to reflect new iPhone forecasts. The firm maintains its Neutral rating based on limited upside.
07:02 EDTMNKMallinckrodt sees FY15 adjusted EPS $6.70-$7.20, consensus $6.80
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06:37 EDTAAPLUMC lands 28nm LTE chip orders from Qualcomm, DigiTimes reports
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06:36 EDTAAPL'Double Irish' tax arrangement poised to halt, itnews says
Ireland is positioned to enact legal revisions soon that will slowly cease its "Double Irish" tax agreement, which has allowed companies like Google (GOOG) and Apple (AAPL) to not spend billions of dollars worth of taxes, according to itnews, citing, two sources familiar with the situation. Reference Link
06:30 EDTAAPLApple expected to show new iPads at Thursday's event, Re/code says
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06:30 EDTAAPLSolvay, Apple allegedly enter supply agreement, Bloomberg says
Solvay (SVYZY) and Apple (AAPL) have supposedly entered a supply agreement in which the Belgium chemical company will supply a type of high-performance plastic for iPhone 6 devices, according to Bloomberg, citing two people with knowledge of the situation. Reference Link
06:03 EDTMNKMarket overreacted to new Irish tax rules, says BMO Capital
BMO Capital believes the market may have overreacted yesterday to the report that Ireland is eliminating the "Double Irish" tax loophole. The firm says Allergan (AGN) confirmed that it incorporated potential changes to Irish tax law in its recently raised earnings guidance while Mallinckrodt (MNK) said it does expect the new tax structure to have an immediate impact. BMO views yesterday's pullback in shares of Allergan, Mallinckrodt and Actavis (ACT) as an overreaction.
October 13, 2014
16:02 EDTAAPLOptions Update; October 13, 2014
iPath S&P 500 VIX Short-Term Futures up 3.71 to 39.56. Option volume leaders: AAPL TSLA TWTR AMZN FB NFLX SUNE GILD BAC PBR according to Track Data.
10:08 EDTRADOn The Fly: Analyst Initiation Summary
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10:08 EDTLRCXOn The Fly: Analyst Upgrade Summary
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09:39 EDTAAPLActive equity options trading on open
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08:31 EDTAAPLApple says iPhone 6, 6 Plus to arrive in 36 more countries this month
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08:22 EDTLRCXLam Research upgraded to Conviction Buy from Buy at Goldman
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07:47 EDTRADRite Aid initiated with a Market Perform at Cowen
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06:41 EDTAAPLWalgreens to roll out Apple Pay on October 18, MacRumors reports
Walgreens (WAG) will begin rolling out Apple Pay (AAPL) on Saturday, October 18, according to a memo obtained by MacRumors. Reference Link
06:05 EDTAAPLReport: Apple iPhone 6 pre-orders in China reach 20M, Digitimes says
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06:03 EDTMUStocks with implied volatility above IV index mean; HTZ MU
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October 12, 2014
17:58 EDTMUMicron shares look more attractive, Barron's says
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