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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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September 4, 2014
06:03 EDTRADStocks with implied volatility movement; WAG RAD
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05:56 EDTAAPLStocks with implied volatility movement; END AAPL
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September 3, 2014
16:20 EDTAAPLOn The Fly: Closing Wrap
Stocks on Wall Street began the session in positive territory after Russian President Vladimir Putin said he had an outline for a cease-fire plan for eastern Ukraine and was closing in an agreement. The averages hit their highs shortly after the open and the Nasdaq was the first index to cross into negative territory as it was weighed down by Apple's (AAPL) decline. The market moved in a narrow range as investors anticipated the Fedís Beige Book report, scheduled for release mid-afternoon. The report was fairly benign and the market limped into the close, with volume remaining light. ECONOMIC EVENTS: U.S. factory orders rose 10.5% in July, which was a bit below the forecast for 11.0% growth. The Fed's Beige Book stated that the pace of growth did not change significantly in any of the central bank's 12 regions during a six week period ended in August compared with the previous six week period. COMPANY NEWS: Shares of Apple retreated $4.36, or 4.22%, to $98.94 after research firm Pacific Crest advised investors to take some profits in the stock. Analyst Andy Hargreaves forecast the percentage of new iPhone users who buy the next version of the device beyond the iPhone 6 is likely to decline versus prior cycles. The stock likely has only limited room to increase, according to Hargreaves, who said he would probably downgrade Apple unless new products that can generate billions of dollars in new operating profit are launched at its September 9 event. MAJOR MOVERS: Among the notable gainers was Infinity Pharmaceuticals (INFI), which surged $4.81, or 44.05%, to $15.73 after the company announced a cancer drug collaboration with AbbVie (ABBV) and a master clinical supply agreement with Roche (RHHBY). Also higher was Mobileye (MBLY), which jumped $3.94, or 9.16%, to $46.97 ahead of its second quarter earnings report, which is due tomorrow morning. Among the noteworthy losers was Repros Therapeutics (RPRX), which fell $4.11, or 18.55%, to $18.05 after FDA briefing documents ahead of a panel on T-normalizing therapies prompted Piper Jaffray to downgrade the stock to Neutral from Overweight. Also lower after its earnings report was apparel company Vince Holding (VNCE), which fell $4.47, or 11.54%, to $34.27. Analysts at Piper Jaffray attributed the post-earnings weakness to investor concerns over heightened inventory levels, but the firm said it still sees Vince as one of the best small cap growth names in its space and would be "aggressive buyers" on the weakness. INDEXES: The Dow edged up 10.72, or 0.06%, to 17,078.28, the Nasdaq fell 25.62, or 0.56%, to 4,572.56, and the S&P 500 slipped 1.56, or 0.08%, to 2,000.72.
16:01 EDTAAPLOptions Update; September 3, 2014
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13:33 EDTAAPLGT Advanced September volatility elevated into Apple event
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12:59 EDTAAPLNXP Semiconductors volatility flat as shares near record high into Apple event
NXP Semiconductors overall option implied volatility of 32 is near its 26-week average of 34 according to Track Data, suggesting non-directional price movement.
12:33 EDTAAPLOn The Fly: Midday Wrap
Stocks on Wall Street were higher to begin the day, as reports spurred optimism that a ceasefire agreement between Russia and the Ukraine may soon be reached. The move was short lived, as the averages turned mixed during the second hour of trading. Shares of Apple (AAPL) are weighing down the Nasdaq after an analyst recommended investors take some profits in the stock. ECONOMIC EVENTS: In the U.S., factory orders rose 10.5% in July, which was a bit below the forecast for 11.0% growth. The Fed's Beige Book is scheduled to be released at 2:00 pm ET. In Europe, the final reading of Eurozone services PMI was knocked down to 53.1 from a preliminary 53.5 reading, mirroring the lowering of the Eurozone manufacturing PMI reading yesterday. COMPANY NEWS: Shares of Apple retreated 4% after research firm Pacific Crest advised investors to take some profits in the stock. Pacific Crest analyst Andy Hargreaves forecast the percentage of new iPhone users who buy the next version of the device beyond the iPhone 6 is likely to decline versus prior cycles. The stock likely has only limited room to increase, according to Hargreaves, who said he would probably downgrade Apple unless new products that can generate billions of dollars in new operating profit are launched at its September 9 event... Carmakers reported on August vehicle sales in the U.S., with Chrysler (FIATY) reporting a 20% increase, Ford stating that sales rose slightly compared to the prior year and General Motors (GM) posting a 1.2% decline in sales. MAJOR MOVERS: Among the notable gainers was Infinity Pharmaceuticals (INFI), which jumped 46% after the company announced a cancer drug collaboration with AbbVie (ABBV) and a master clinical supply agreement with Roche (RHHBY). Also higher was Mobileye (MBLY), which gained nearly 10% after Morgan Stanley wrote that the stock could rise "towards $100" if the company maintains its current market, gross margins and earnings position. Mobileye is scheduled to report on its second quarter results tomorrow morning, which will be its first quarterly report since its August IPO. Among the noteworthy losers was Repros Therapeutics (RPRX), which dropped 15% after newly posted FDA briefing documents regarding a panel on T-normalizing therapies prompted Piper Jaffray to downgrade the stock to Neutral from Overweight. Also lower following its earnings report was apparel company Vince Holding (VNCE), which fell 11%. INDEXES: Near midday, the Dow was up 33.71, or 0.2%, to 17,101.27, the Nasdaq was down 23.24, or 0.51%, to 4,574.95, and the S&P 500 was down 0.64, or 0.03%, to 2,001.64.
11:44 EDTAAPLApple breaks support, levels to watch
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11:24 EDTAAPLApple slumps after analyst advises taking profits
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10:40 EDTAAPLAnalyst sees security 'spending frenzy' amid high-profile hacks
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10:27 EDTAAPLApple falls, levels to watch
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09:36 EDTAAPLActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL TSLA TWTR PBR C GILD NFLX FB BIDU
09:29 EDTMUMicron, SanDisk have positive read though from Samsung proxy, says Sterne Agee
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09:07 EDTMNKMallinckrodt reported MNK-155 HAL study data
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08:58 EDTAAPLInvestors should take profits in Apple, says Pacific Crest
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08:06 EDTAAPLApple iWallet poses threat to PayPal, says RW Baird
Baird said an Apple (AAPL) mobile payments platform will pose a headline risk to eBay's (EBAY) PayPal. The firm sees it as a particular threat to growth opportunities at point-of-sale, although Baird notes PayPal has a solid start, a strong fraud detection platform, compliance with bank regulators, and accelerating growth in e-commerce payments. The firm has Outperform ratings on both stocks, with a price target of $63 on eBay and a target of $105 on Apple.
07:57 EDTAAPLApple coverage assumed with a Perform at Oppenheimer
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07:53 EDTMNKMallinckrodt management to meet with Deutsche Bank
Meeting to be held in New York on September 3 hosted by Deutsche Bank.
07:05 EDTAAPLNordstrom in talks to be early merchant partner with Apple, Bank Innovation says
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06:20 EDTAAPLSupply chains ramp up component production for 9.7-inch iPad, DigiTimes says
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