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December 10, 2012
16:27 EDTZGNX, UNXL, PCLN, HPQ, INFI, MCDOn The Fly: Closing Wrap
Stocks on Wall Street managed to cling to slight gains after a lack of fiscal cliff news coincided with a lack of trading volume. The focus on ongoing negotiations in Washington kept many investors on the sidelines again... ECONOMIC EVENTS: In the U.S., no major economic data was reported. In Europe, Italy's benchmark bond yields spiked and its stock market fell sharply after Prime Minister Mario Monti's surprise announcement of his intention to resign, which will likely prompt early elections. In China, industrial output had its best growth rate since March, rising 10.1% in November from a year ago. However, exports slowed sharply last month, rising 2.9% year over year after growing at an 11.6% pace in October. Import growth was unchanged from a year earlier, growing 2.4%... COMPANY NEWS: On the Dow, McDonald's (MCD) reported its global same-store sales rose 2.4% in November, driven mainly by strong results in the U.S. Shares advanced 93c, or 1.05%, to $89.41 after the better than expected data. A move up in shares of fellow Dow member Hewlett-Packard (HPQ) was widely attributed to speculation that activist investor Carl Icahn is building a stake, though CNBC's David Faber disputed those rumors. HP's stock closed off its early day highs, but still added 35c, or 2.55%, to $14.16... MAJOR MOVERS: Among the notable gainers was Uni-Pixel (UNXL), up another $5.29, or 54.26%, to $15.04 after rising over 18% Friday. The company said Friday it reached a deal for its technology to be used by "a large PC manufacturer" and this morning Craig-Hallum raised its price target on shares to $22 from $13. Also higher were shares of Infinity Pharmaceuticals (INFI), up $4.83, or 21.42%, to $27.35 after announcing positive trial data and receiving an upgrade to Buy from Hold as Stifel Nicolaus. Among the noteworthy losers was Zogenix (ZGNX), down $1.21, or 51.27%, to $1.15 after an FDA advisory panel voted against recommending approval for its Zohydro ER pain relief drug. Also lower were shares of (PCLN), down $33.14, or 5.03%, to $625.96 after the stock was downgraded at Deutsche Bank to Hold from Buy with the firm citing intensified competition in 2013... INDICES: The Dow was up 14.75, or 0.11%, to 13,169.88; the Nasdaq was up 8.92, or 0.30%, to 2,986.96; and the S&P 500 was up 0.48, or 0.03%, to 1,418.55.
News For MCD;HPQ;UNXL;INFI;PCLN;ZGNX From The Last 14 Days
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November 19, 2015
09:16 EDTUNXLOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Keurig Green Mountain (GMCR), up 19%... (CTRP), up 11.8%... (CRM), up 5.4%... Perry Ellis (PERY), up 4%. ALSO HIGHER: Celladon (CLDN), up 55.9% after signing a merger agreement with Eiger BioPharmaceuticals... StemCells (STEM), up 45.7% after Phase II Pathway Study data shows motor improvement in SCI patients... UniPixel (UNXL), up 36.1% after receiving an initial mass production order from a Japanese PC manufacturer... Anavex Life Sciences (AVXL), up 16% after announcing preparation of regulatory filings based on guidance from FDA... Plug Power (PLUG), up 3.7% after securing Colruyt Group as its next GenDrive fuel cell customer in Europe. DOWN AFTER EARNINGS: Stage Stores (SSI), down 14.7%... JinkoSolar (JKS), down 7.5%... Best Buy (BBY), down 5.2%... Semtech (SMTC), down 7.5%. ALSO LOWER: AMAG Pharmaceuticals (AMAG), down 8.4% after receiving a complete response letter from the FDA its application seeking approval for a single-dose vial of Makena... Titan International (TWI), down 8.3% after being downgraded to Sell from Neutral at Goldman... Sunedison (SUNE), down 5.5% after Reuters reported that Blackstone (BX) is not interested in SunEdison investment.
09:00 EDTHPQAerohive sell-off unwarranted, says JMP Securities
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08:08 EDTUNXLUni-Pixel receives initial mass production order from Japanese PC manufacturer
UniPixel received an initial mass production order from a PC manufacturing company based in Japan for a 10-inch tablet product. UniPixel expects the initial delivery of XTouch sensors to this new customer to occur in the current quarter and 1Q16. The company expects the lifetime of the product to be in the range of three to four quarters.
November 17, 2015
16:33 EDTPCLNPriceline appoints Christa Quarles CEO of OpenTable
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08:05 EDTINFIInfinity reaches target enrollment in Phase 3 study of duvelisib
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06:12 EDTMCDMcDonald's to launch "McPick 2" menu on January 4, WSJ says
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November 16, 2015
06:11 EDTMCDTaco Bell to stop using eggs laid by caged hens by 2017, Reuters reports
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November 13, 2015
16:40 EDTPCLNAppaloosa gives quarterly update on stakes
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16:26 EDTPCLN, MCDStocks end week lower as retail gets routed
Stocks ended the week sharply lower after weak retail earnings reports, highlighted by Macy's (M), were followed by a worse than expected government report on retail sales performance in October. MACRO NEWS: In the U.S., retail sales rose 0.1% in the month of October, versus expectations for an increase of 0.3%. When autos and gas are removed, the core reading was up 0.3%, versus expectations for a rise of 0.4%. Producer prices fell 0.4%, versus expectations for them to be up 0.2%. When food and energy are removed, the core reading was down 0.3%, versus expectations for it to be up 0.1%. Business inventories grew 0.3% in September while sales were flat compared to August. Consumer sentiment, as measured by the preliminary print from the University of Michigan survey, improved 3.1 points to 93.1 in November, which was better than the 91.5 reading that was expected. In Europe, data showed that eurozone's economy grew by just 0.3% in the third quarter, which was a slowdown from the 0.4% GDP growth recorded three months earlier and weaker than the 0.4% consensus growth forecast. In China, exports declined for a fourth straight month in October, sliding 3.6%, while imports fell for a 12th straight month, declining 16% in yuan terms. China's foreign-exchange reserves rose in October for the first time in six months, increasing to $3.53T from $3.51T at the end of September, the People's Bank of China reported. Industrial output in China rose 5.6% in October, matching March's reading as the weakest since 2008. Retail sales climbed 11% last month, beating expectations. COMPANY NEWS: Shares of retailers broadly declined following disappointing earnings reports and commentary from a number of department store operators, including Macy's, Nordstrom (JWN) and J.C. Penney (JCP). Weather was cited by a number of them, and analysts also pointed to the continued rise in competition felt by brick-and-mortar retailers from e-commerce players, mainly (AMZN)... Among earnings reporters outside of the retail sector, Viacom (VIAB) and Rackspace (RAX) rose immediately following their reports, while Cisco (CSCO), Priceline (PCLN), Hertz (HTZ), and Advance Auto Parts (AAP) fell right after their own... During the company's investor meeting, McDonald's (MCD) raised its global refranchising target to 4,000 restaurants through 2018 with a new long-term goal to become 95% franchised, announced plans to increase its dividend by 5% and said that after "robust" debate it had decided to not pursue a REIT spin-off transaction for its real estate holdings... Anheuser-Busch InBev (BUD) and SABMiller (SBMRY) came to terms on a deal to combine the companies in a transaction worth $107B. In relation to their deal, Molson Coors (TAP) agreed to purchase SABMiller's 58% stake in MillerCoors, the joint venture formed in the United States in 2008, in a deal valued at $12B. Molson Coors was the biggest winner in terms of percentage stock gains immediately following the announcements, rising over 4% on Wednesday... Mylan (MYL) jumped after the company's offer to acquire Perrigo (PRGO) failed, ending a seven-month fight between the two drugmakers. Perrigo Chief Executive Officer Joseph Papa said he was "delighted" that his company's shareholders rejected the offer and the company added that it will immediately commence its previously announced $2B share buyback program, but its shares slid in the wake of the shareholder vote... PayPal (PYPL) shares saw three straight days of losses after the Wall Street Journal reported that Apple (AAPL) is working on a mobile payments service that could compete with the firm's Venmo platform... Angie's List (ANGI) advanced after IAC/InterActiveCorp (IACI), the parent company of HomeAdvisor, made public a $8.75 per share cash buyout offer. Yelp (YELP), which also connects people with local businesses via its web-based and mobile services, also rose following the revelation of the takeout bid for Angie's List... Alibaba Group (BABA) reported blockbuster sales for the 11.11 shopping festival, better known as "Singles' Day." By the end of Wednesday in China, gross merchandise volume on Alibaba's platforms hit $14.3B, far exceeding last year's 24-hour total of $9.3B and topping the company's $11B forecast. INDEXES: The Dow lost about 3.7% to close at 17,245.24, the S&P 500 fell about 4.25% to close at 2,023.04, and the Nasdaq declined about 3.6% to close at 4,927.88.
10:16 EDTPCLNOptions with decreasing implied volatility
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09:21 EDTMCDWendy's '4 for $4' a hit, McDonald's promo may be next
An analyst at Citi believes Wendy's (WEN) has seen strong results from its ongoing "4 for $4" promotion, prompting him to add the stock to the firm's Focus List and predict that the company's same-store sales growth this quarter will beat expectations. 4 FOR $4: Under an ongoing promotion that was launched in October, Wendy's offers a junior bacon cheeseburger, four piece chicken nuggets, fries, and a drink for $4. Citi analyst Gregory Badishkanian told investors in a research note this morning that his analysis and talks with those in the fast-food industry suggest that the promotion continues to drive strong results, leading to a rise in transactions at Wendy's with little to no impact on restaurants' average check total. Badishkanian predicts Wendy's will post fourth quarter same-store sales growth of at least 4%, versus the First Call consensus forecast of 2.7% and the 3.3% growth implied by the high-end of the company's fiscal year guidance. INDUSTRY VALUE FOCUS: Wendy's management has emphasized value offerings recently, but other quick service restaurant peers are also increasing their focus on value, Badishkanian noted. The analyst sees a good chance that McDonald's (MCD) will roll-out a "2 for $2" promotion soon, which he believes could have a "modest" impact on Wendy's, but more of an impact on Restaurant Brands' (QSR) Burger King. Badishkanian predicts McDonald's same-store sales growth should accelerate further in the fourth quarter, but not at the expense of Wendy's. He keeps a Buy rating on Wendy's shares with an $11 price target. WHAT'S NOTABLE: Yum! Brands (YUM), which also competes in the quick service food space with its KFC, Pizza Hut and Taco Bell brands, is rallying this morning after reporting last night that its China division's same-store sales grew an estimated 5% in October. PRICE ACTION: Wendy's stock has gained over 5% in the last month, closing yesterday at $9.63 per share. In that same period, McDonald's shares have risen over 8% while Restaurant Brands has declined 3%.
November 12, 2015
18:48 EDTMCDMcDonald's CEO: Pace of change had slowed within company, NYT reports
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08:32 EDTHPQHP Inc. declares post-split regular dividend of 12.4c per share
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November 11, 2015
10:23 EDTMCDPiper, UBS say McDonald's can keep rising following analyst day
Analysts were mostly upbeat about McDonald's (MCD) in the wake of the company's analyst day meeting yesterday, with Piper Jaffray recommending that investors buy the stock and UBS saying that the company's momentum is encouraging. However, Sterne Agee CRT kept a Neutral rating on the shares, citing an uncertain outlook in the U.S. and high valuation. BACKGROUND: At its meeting, McDonald's estimated that its systemwide sales would rise 3%-5% in fiscal 2016, with operating income growth of 5%-7%, excluding some items. The company said it expects to return all of its free cash to shareholders over the long-term and reported that its U.S. restaurants were performing well so far in the fourth quarter. The fast food giant announced that it had decided not to seek to form a REIT but would look to become 95% franchised over the longer term. ANALYST REACTION: By franchising more of its restaurants, McDonald's will lower its costs and cause the stock's multiple to expand, wrote Piper Jaffray analyst Nicole Miller Regan. The company is gaining market share and recently implemented strategies that have caused its cash flow to rise, according to Regan, who kept a $130 price target and Overweight rating on the shares. McDonald's operating momentum is building, and its core fundamentals are moving in the right direction, wrote UBS analyst Keith Siegner. The company's same-store sales are rising faster than those of its peers and its margins should rise going forward, the analyst believes. Additionally, the fast food chain's capital structure has become more stable and efficient, which should enable the stock's multiple to rise, said Siegner who raised his price target on the name to $125 from $122 and kept a Buy rating on the shares. Also upbeat was Credit Suisse. McDonald's "tone was clearly positive," as the performance of its U.S. and key international businesses continue to improve, believes the firm, which raised its price target on the name to $128 from $118. However, Sterne Agee CRT was less optimistic. The firm's analyst, Lynne Collier, said she was more positive about the stock following the investor meeting, but continues to believe that the outlook for the company's traffic in the U.S. is uncertain. Additionally, Collier contended that the stock's valuation is reflecting expectations for "a sharp improvement in fundamentals." She kept a Neutral rating on the shares. PRICE ACTION: In early trading, McDonald's rose 0.8% to $114.19.
09:09 EDTHPQHP's Marten Mickos leaves to head HackerOne
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08:38 EDTMCDMcDonald's price target raised to $128 from $118 at Credit Suisse
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08:14 EDTMCDMcDonald's outlook has improved, says Sterne Agee CRT
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07:55 EDTPCLNRBC Capital to hold a conference
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07:38 EDTMCDMcDonald's momentum continues, outlook encouraging, says UBS
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06:36 EDTMCDPiper still a buyer of McDonald's after analyst day
Piper Jaffray analyst Nicole Miller Regan says she remains a buyer of McDonald's following yesterday's analyst day. Management again reiterated confidence in positive global same-store sales trends and their current strategies will lead to strong cash flow, Regan tells investors in a research note. She believes leveraging the company's global franchise network should allow for multiple expansion. The analyst reiterates an Overweight rating on McDonald's with a $130 price target.
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