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Stock Market & Financial Investment News

News For LULU;ASML;INFY;HTZ;EBAY From The Last 14 Days
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May 19, 2015
12:29 EDTEBAYPayPal to pay $25M to settle CFPB charges of deceptive advertising
The Consumer Financial Protection Bureau announced earlier that it is filing a complaint and a proposed consent order against PayPal (PYPL) for illegally signing up and billing tens of thousands of consumers for its online credit product, PayPal Credit. The Bureau alleges that PayPal, which is scheduled to be separated from eBay (EBAY), lured in consumers to this product with deceptive advertising, signed up people without them knowing it, and then mishandled billing disputes when they arose. Under the CFPB's proposed order, PayPal would return the $15M that it illegally took from consumers and it would pay a $10M penalty for its wrongful actions.
07:32 EDTEBAYPacific Crest shifts preference to MasterCard, upgrades to buy
Pacific Crest analyst Josh Beck shifted his preference to MasterCard (MA) from Visa (V) and upgraded the stock to Overweight from Sector Weight. Beck believes interchange legislation in Europe may have an unintended consequence of benefiting global open-loop payment networks, favoring both MasterCard and Visa. The changes are also positive for eBay's (EBAY) PayPal and mixed for American Express (AXP), Beck tells investors today in a research note. He points out his preference for MasterCard relative to Visa follows the latter company's outperformance over the past year. Beck has a $110 price target for MasterCard shares. The stock closed yesterday down 14c to $93.08.
May 17, 2015
15:07 EDTINFYInfosys likely to spend cash on acquisitions rather than returns, Barron's says
Infosys is likely to spend its capital on additional acquisitions rather than shareholder returns, Barron's contends in its 'International Trader - Asia' column. Barron's notes that the company has targeted an 18% annualized rate of revenue growth and looks to deepen its presence in social, mobile, "big data," and cloud through buyouts. Reference Link
May 15, 2015
17:08 EDTEBAYSoros Fund gives quarterly update on stakes
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13:37 EDTHTZAvis spikes after Hertz discloses raising prices ahead of summer travel season
Shares of Avis Budget Group (CAR) and Hertz Global Holdings (HTZ) are rallying after Hertz said it is raising prices in anticipation of a busy summer travel season. WHAT'S NEW: In a press release from last night, Hertz said it is committed to maintaining supply consistent with correlated demand drivers, such as gross domestic product and airline passenger volume. The company said it will moderate its calendar 2015 U.S. fleet plan to reflect a capacity increase of 1.5%-2.5% over 2014 levels. The company has also identified 200 of its U.S. off-airport locations that it will close by the end of the second quarter. WHAT'S NOTABLE: Hertz noted that based on its revised fleet capacity plan and expected strong seasonal demands it is implementing broad-based price increases for its Hertz, Dollar and Thrifty brands at U.S. rental locations for pick ups starting on June 14, and for all dates forward. U.S. airport retail car rentals increased $5 per day and $20 per week. Off-airport retail car rentals increased $3 per day and $10 per week. The company added that weekend rates also reflect price increases of $5 per day for airport rentals and $3 per day for off-airport rentals. PRICE ACTION: In afternoon trading, shares of Hertz are up 4.5% while shares of its rival Avis Budget are up over 8.5%.
12:47 EDTLULUAppeals court dismisses lululemon yoga pants lawsuit, Reuters reports
A lawsuit accusing lululemon of defrauding shareholders by failing to reveal the sheerness of its black Luon yoga pants has been properly dismissed by a U.S. appeals court, Reuters reports. The court ruled that "Insofar as the defendants are alleged to have omitted information from Lululemon's corporate website, filings with the SEC, press releases, or investor calls, the has failed adequately to plead with particularity that these omissions rendered the defendants' statements inaccurate, incomplete, or misleading or that the defendants were otherwise under a duty to disclose such information." Reference Link
12:13 EDTEBAYThird Point gives quarterly update on stakes
NEW STAKES: Yum! Brands (YUM), NXP Semiconductors (NXPI), FedEx (FDX), McKesson (MCK), and J M Smucker (SJM). INCREASED STAKES: Actavis (ACT), Roper Technologies (ROP), Delta Air Lines (DAL), and FleetCor Technologies (FLT). DECREASED STAKES: Ally Financial (ALLY), Amgen (AMGN), Phillips 66 (PSX), eBay (EBAY), and Anheuser Busch Inbev SA (BUD). LIQUIDATED STAKES: Alibaba Group (BABA), Citigroup (C), EMC Corporation (EMC), Anglo American (AAL), and Williams Companies (WMB).
11:08 EDTEBAYOmega Advisors gives quarterly update on stakes
NEW STAKES: Targa Resources (TRGP), Targa Resources Partners (NGLS), Humana (HUM), Dow Chemical (DOW), and Twenty-First Century Fox (FOXA). INCREASED STAKES: Kinder Morgan (KMI), Chimera Investment Corporation (CIM), AerCap Holdings (AER), Shire (SHPG), and KKR & Co. (KKR). DECREASED STAKES: eBay (EBAY), Altisource Portfolio Solutions (ASPS), Caesars Entertainment (CZR), Navient (NAVI), and TerraForm Power (TERP). LIQUIDATED STAKES: HCA Holdings (HCA), Gilead (GILD), Cabot Oil & Gas (COG), and Apple (AAPL).
10:55 EDTEBAY, HTZJANA Partners gives quarterly update on stakes
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06:13 EDTEBAYISS, Glass Lewis advise Intel investors to vote 'no' on eBay CEO, WSJ reports
ISS and Glass, Lewis & Co, two influential proxy advisory firms, are recommended Intel (INTC) investors vote against the reelection of eBay (EBAY) CEO John Donahoe to the company's board, The Wall Street Journal reports. Citing what it characterized as a poor attendance record, Glass Lewis commented "We view this as a failure by this director to fulfill a fundamental responsibility to represent shareholders at such meetings," while ISS said Donahoe "lacked a valid excuse" for attending less than 75% of the meetings held by the Intel board and committees he serves on in 2014. Intel's annual shareholders meeting is scheduled for May 21. Reference Link
May 14, 2015
17:36 EDTEBAYeBay, PayPal separation remains on-track to be completed in Q3
17:35 EDTEBAYPayPal names board following separation from eBay
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17:33 EDTEBAYeBay names board following separation from PayPal
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17:32 EDTHTZHertz anticipated filing Form 10-Q before mid-FY15
As previously announced, the previously issued financial statements must be restated and should no longer be relied upon. As a result of the completion of Management's examination of additional accounts in connection with our accounting review and investigation, the company has identified an additional $30M in errors above that which had been previously identified. As a result, the impact on GAAP pre-tax income of cumulative errors identified to date, on an unaudited basis, is approximately $42M, $85M and $56M for 2013, 2012 and 2011, respectively, inclusive of $9M in 2012 and $19M in 2011, previously disclosed and reflected in the financials included in the company's 2013 Form 10-K/A. The review and investigation of the company's financial records are ongoing, and amounts are therefore subject to change. The financial information set forth in this release is subject to change based on the completion of the investigation and review, and such changes may be significant. The company anticipates filing a Form 10-K for 2014 that will contain audited restated financial statements for 2012 and 2013 and audited financial statements for 2014, as well as selected restated financial information for 2011. This 2014 Form 10-K will also contain quarterly information for the quarters in 2014 and we intend to seek waivers from certain of our lenders in connection with using this format. Hertz continues to expect that it will not be able to file this 2014 Form 10-K, as well as its first quarter 2015 Form 10-Q, before mid-2015, and there can be no assurance that the process will be completed at that time, or that no additional adjustments will be identified.
17:30 EDTHTZHertz equipment rental separation won't occur until after accounting review
Hertz remains committed to the separation of its equipment rental business and is continuing to advance those plans, although the actual separation will not occur until after the Company has completed its accounting review, filed its financial statements with the SEC, and has completed the audited carve out financial statements for the equipment rental business and requisite SEC filing activities for the separation.
17:29 EDTHTZHertz sees international fleet capacity up 1%-2%
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17:26 EDTHTZHertz reducing fleet capacity, to close 200 locations
Hertz released Q1 operating results and updated the status of its fleet renewal and capacity plans, $200M annual cost reduction program, senior management hiring initiatives and financial restatement process. During the first quarter, the company made progress in the following areas: The U.S. fleet has been significantly renewed since late September with a 47% improvement in the number of vehicles at or below 30,000 miles. An aggressive disposition program as well as new fleet acquisitions have culminated in improved product quality. Customer confidence is returning as a result of the younger fleet and investments in service delivery. Hertz's U.S. car rental Net Promoter Score, a measure of customer satisfaction, eclipsed last year's level and continues to improve. Hertz has further strengthened its leadership team by adding expertise in the areas of revenue management, sales, customer service, information technology, and fleet and procurement, which will enable the company to deliver on its performance improvement plan. Data management and forecasting systems have been enhanced for more reliable visibility to fleet, pricing and demand trends. The cost structure is improving as the company has made significant progress toward its goal of delivering $200M in annualized cost savings by year end 2015. As part of the company's continued, comprehensive review of the profitability of its operations, it has conducted a location-by-location assessment of its U.S. off-airport retail store profitability. While the company remains committed to its off-airport operation, by the end of Q2, it will have closed approximately 200 stores, representing 5% of the total off-airport locations and less than 1% of the vehicle fleet. Closing these stores will result in approximately $10M in annual savings. The company will continue to rigorously review new store openings and the ongoing profitability of the existing locations on a quarterly basis.
17:22 EDTHTZHertz reports Q1 revenue $2.44B, consensus $2.53B
14:30 EDTEBAYPayPal to trade on Nasdaq with symbol 'PYPL' after separation completed
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11:06 EDTLULUOptions with increasing implied volatility
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