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Stock Market & Financial Investment News

News Breaks
August 8, 2014
12:34 EDTRPTP, IRG, NVDA, MYL, MCD, MELI, NWSAOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday despite the U.S. military having taken action in Iraq. Stock futures were sharply lower overnight but improved during the pre-market trading session, leading to higher open for the broader market. The move came after the president confirmed that U.S. forces made airstrikes in Iraq against ISIS forces. The averages struggled to find their direction in the early going, though momentum built to the upside as the morning continued and each of the equity indexes were firmly in positive ground by the noon hour. ECONOMIC EVENTS: In the U.S., productivity growth rose 2.5% in the second quarter, beating expectations for a rise of 1.6%. Second quarter unit labor costs, however, only increased 0.6%, which was below the 1% consensus forecast. Wholesale inventories increased 0.3% in June, and sales were up 0.2%, which were both below expectations. COMPANY NEWS: Shares of McDonald's (MCD) were virtually unchanged at noon despite the fact the company reported its comparable store sales fell 2.5% in July, which was significantly worse than expected. The fast food giant stated that its U.S. comparable sales were down 3.2% in the month compared to the same month of last year and that comp sales in Asia/Pacific, Middle East and Africa dropped 7.3%. The APMEA region's comparable sales decline reflects the impact of food quality and safety issues at a supplier to McDonald's and other food companies in China which caused a "significant negative impact" to results in China, Japan and certain other markets, the company noted. As a result of the China supplier issue, the company's previously issued global comparable sales forecast for 2014 is now at risk, McDonald's added. MAJOR MOVERS: Among the notable gainers was Raptor Pharmaceuticals (RPTP), which rose 25% after the company reported second quarter results and raised its expectations for sales of its Procysbi drug in this fiscal year. Also higher following their earnings reports were MercadoLibre (MELI), which rose 15%, and NVIDIA (NVDA), which gained nearly 7%. Among the noteworthy losers following their earnings reports were New Corporation (NWSA), which fell over 4%, and Ignite Restaurant Group (IRG), which dropped more than 31%. Also lower was Mylan (MYL), which said yesterday that it was delaying its investor day because it wants to come to its shareholders with a "full picture" for the Abbott (ABT) transaction and the stock was downgraded today to Sector Perform from Outperform at RBC Capital. The company also reported lower than expected Q2 earnings yesterday and gave below consensus Q3 EPS guidance and its stock was down 1.6% near noon. INDEXES: Near midday, the Dow was up 62.16, or 0.38%, to 16,430.43, the Nasdaq was up 8.01, or 0.18%, to 4,342.97, and the S&P 500 was up 6.75, or 0.35%, to 1,916.32.
News For MCD;NVDA;NWSA;MYL;IRG;MELI;RPTP From The Last 14 Days
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April 8, 2015
14:23 EDTMYLAdditional bidders for Perrigo could emerge after Mylan offer, says Stifel
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13:07 EDTMYLMylan bid for Perrigo makes strategic sense, says JPMorgan
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13:03 EDTMYLPerrigo says board will meet to discuss Mylan proposal
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12:17 EDTMYLOn The Fly: Midday Wrap
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11:51 EDTMYLPerrigo calls active on Mylan proposal to acquire for $205 per share
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11:45 EDTMYLMylan volatility up after proposes to acquire Perrigo for $205 per share
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11:40 EDTMYLPerrigo up $47.10 to $211.81, trading above Mylan's $205/share proposal
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11:35 EDTMYLGeneric drug maker Akorn up 4% to $49.80 after Myla offers to buy Perrigo
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11:34 EDTMYLGeneric drug maker Akorn up 4% to $49.80 after Myla offers to buy Perrigo
11:32 EDTMYLMylan proposes to acquire Perrigo for $205 per share
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11:31 EDTMYLPerrigo halted for volatility after jumping 7% to $176.42
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11:29 EDTMYLMylan proposes to acquire Perrigo for $205 per share
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07:16 EDTMYLMylan one of the cheapest names in Specialty Pharma, says JPMorgan
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April 7, 2015
14:11 EDTMCDMcDonald's to introduce three new, large burgers, AP says
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10:19 EDTMYLHigh option volume stocks
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07:32 EDTMYLMylan launches Norethindrone and Ethinyl Estradiol Tablets in U.S.
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06:06 EDTMELIMercadoLibre sees Q1 charge of $15M-$18M for foreign exchange
MercadoLibre disclosed last night that on February 10, the Venezuelan government issued a decree that unifies the two previous foreign exchange systems that are frequently referred to as SICAD 1 and SICAD 2 into a new single system denominated SICAD, with an initial public foreign exchange price of 12 Bolivares Fuertes per U.S. dollar. It added, "In light of the disappearance of SICAD 2, and the Company’s inability to gain access to U.S. dollars through the new single system under SICAD, the Company started requesting and has been granted U.S. dollars through SIMADI. As a result, the Company now expects to settle its transactions through SIMADI and has concluded that the SIMADI exchange rate should be used to re-measure its bolivar-denominated." Considering this change in facts and circumstances and the lower U.S. dollar-equivalent cash flows now expected from its Venezuelan business, MercadoLibre is reviewing its long-lived assets, goodwill and intangible assets with indefinite useful life for impairment, and estimates that the carrying value of certain real estate investments in Venezuela as of March 31 will not be fully recoverable. As a result, the company has estimated a one-time charge of approximately $15M-$18M to be recorded in Q1. MercadoLibre also expects to recognize a foreign exchange loss of between $18M-$23M and a deferred income tax gain of between $1.5M-$4.5M derived from the loss on foreign exchange related to the revaluation of its U.S. dollar-denominated liabilities during Q1.
April 6, 2015
11:10 EDTNVDANVIDIA reports favorable ITC ruling in patent fight with Qualcomm, Samsung
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07:30 EDTMCDMcDonald's valuation still attractive, says RBC Capital
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April 5, 2015
08:43 EDTMCDAT&T, Philip Morris, eight others have reliable yields up to 5.7%, Barron's says
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