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Stock Market & Financial Investment News

News Breaks
July 25, 2014
13:13 EDTMRVL, AAPL, RAD, QCOR, LRCX, MU, MNKEinhorn 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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February 19, 2015
16:21 EDTMRVLMarvell reports Q4 EPS 25c, consensus 24c
Reports Q4 revenue $857M, consensus $889.88M.
16:01 EDTAAPLOptions Update; February 19, 2015
iPath S&P 500 VIX Short-Term Futures down 70c to 30.11. Option volume leaders: AAPL TSLA TWTR AMAT PBR KO FB AXP NFLX according to Track Data.
15:32 EDTMRVLNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include Public Storage (PSA), consensus $2.19... Intuit (INTU), consensus (13c)... Consolidated Edison (ED), consensus 55c... Nordstrom (JWN), consensus $1.35... Mohawk Industries (MHK), consensus $2.21... Newmont Mining (NEM), consensus 10c... Frontier Communications (FTR), consensus 5c... Brocade Communications (BRCD), consensus 24c... Bruker (BRKR), consensus 29c... Rovi (ROVI), consensus 41c... Marvell Technology (MRVL), consensus 24c... MRC Global (MRC), consensus 46c... Equinix (EQIX), consensus $1.03.
15:11 EDTMRVLMarvell February 16.5 straddle priced for 5.6% movement into Q4
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12:58 EDTAAPLRecent Apple hires have backgrounds in automotive hardware, 9to5Mac says
Many of the automotive experts poached by Apple (AAPL) come from automotive hardware backgrounds, strongly hinting at development beyond automotive software, reports 9to5Mac, citing sources close to the company. The new hires have backgrounds in motor and gearbox design, safety components, transmissions, power trains, drive trains, electric vehicle batteries, hybrid vehicles, interior vehicle components, and other areas. Reference Link
11:51 EDTAAPLCiti, RBC lay out reasons to be bullish on Apple
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09:35 EDTAAPLOption volume leaders
Option volume leaders: AAPL TSLA TWTR MCD WMT PBR SPWR WFM GILD FB SCTY according to Track Data.
08:57 EDTMRVLMarvell volatility elevated into Q4 and outlook
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08:50 EDTAAPLApple could return $150B-$200B to shareholders, says RBC Capital
RBC Capital believes that Apple could return $150B-$200B to its shareholders over the next three years. The firm expects the company to return 100% of its annual free cash flow to shareholders. It raised its price target on the name to $140 from $130 and keeps an Outperform rating on the stock.
08:21 EDTAAPLApple Pay faces resistance from China, MarketWatch says
Apple (AAPL) is attempting to launch Apple Pay in China, but a People's Bank of China official stated the company has not acknowledged regulators and "it's unclear whether the product meets the government’s requirements,” while talks with state-owned card payment operator UnionPay "have stalled" according to sources close to the companies, reports MarketWatch. Alibaba (BABA) currently operates the similar Alipay service and an Alibaba employee stated the two companies "have stayed in contact and are preparing for several projects," but because all payments go through UnionPay, Apple's entry into the market is ultimately controlled by the state-owned firm. The Chinese government has raised numerous concerns regarding Apple Pay, and is demanding the company open a mainland China data center to house customer information. Reference Link
08:15 EDTAAPLWarner Bros. exec says not in talks with Apple on streaming, Re/code reports
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06:39 EDTAAPLA123 Systems sues Apple for poaching employees, WSJ reports
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06:22 EDTAAPLCiti lists five reasons for why Apple shares are going higher
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February 18, 2015
16:00 EDTAAPLOptions Update; February 18, 2015
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09:37 EDTAAPLOption volume leaders on open
Option volume leaders: AAPL TSLA TWTR CELG APO NFLX AXP APA LNKD C GILD according to Track Data.
08:19 EDTMUMicron profitability can improve meaningfully, says Bernstein
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07:59 EDTAAPLBlackBerry files copyright lawsuit against Typo Products, AP says
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06:52 EDTAAPLApple could bringing Touch ID to Mac, 9to5Mac says
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06:45 EDTAAPLApple Watch launching without health monitoring functions, WSJ says
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06:20 EDTAAPLApple awarded patent for wireless head-mounted display, Financial Times reports
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