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Stock Market & Financial Investment News

News Breaks
August 8, 2014
16:28 EDTIRG, TKMR, POST, MCD, NVDAOn The Fly: Closing Wrap
Stocks began the session in positive territory despite President Obama authorizing air strikes against the Islamic State militant group in northern Iraq in conjunction with a humanitarian effort. The early move higher stalled but the market then moved higher as reports confirmed that Russian military aircraft exercises near the Ukraine border had ended, as planned. 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 fractionally higher despite the company reporting that 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 chip maker NVIDIA (NVDA), which rose $1.54, or 8.82%, to $19.00 after the company’s second quarter profit and third quarter revenue outlook surpassed analysts’ consensus estimates. Also higher was small-cap Tekmira Pharmaceuticals (TKMR), which jumped $6.43, or 45.06%, to $20.70 after announcing that the FDA has verbally confirmed they have modified the full clinical hold placed on the TKM-Ebola Investigational New Drug Application to a partial clinical hold. Among the noteworthy losers was cereal maker Post Holdings (POST), which fell $7.08, or 15.91%, to $37.43 and was downgraded to Neutral from Buy at SunTrust after the company reported an adjusted net loss for its third quarter and agreed to acquire American Blanching Company for $128M. Also lower were shares of Ignite Restaurant (IRG), the owner of the Joe’s Crab Shack and Macaroni Grill brands, which fell $4.33, or 34.98%, to $8.05 after reporting second quarter results that missed analysts' expectations and having its shares downgraded at Raymond James and CL King. INDEXES: The Dow advanced 185.66, or 1.13%, to 16,553.93, the Nasdaq gained 35.93, or 0.83%, to 4,370.90, and the S&P 500 rose 22.02, or 1.15%, to 1,931.59.
News For MCD;TKMR;NVDA;POST;IRG From The Last 14 Days
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July 6, 2015
18:22 EDTNVDAAMD plummets after PC headwinds result in lower Q2 revenue view
Shares of semiconductor maker AMD (AMD) are sliding after the company reduced its second quarter revenue view. WHAT'S NEW: AMD lowered its Q2 revenue view to down 8% sequentially from a prior view of decreasing 3%, plus or minus 3% that the company gave with its first quarter earnings results back in April. The company attributed the decreased view for revenue to weaker than expected consumer PC demand. Along with its lower Q2 revenue view the chip maker lowered its Q2 non-GAAP gross margin view to approximately 28%, compared to the previous non-GAAP guidance of approximately 32% primarily due to a higher mix of Enterprise, Embedded and Semi-Custom segment sales and lower than anticipated Computing and Graphics segment APU unit volumes due to weaker than expected OEM PC product demand. WHAT'S NOTABLE: Shares of PC related stocks have been struggling recently after several research firms issued cautious views on the group. On May 19, Morgan Stanley said it was more cautious on PC names near-term, given PC and HDD inventory builds quarter-to-date and weaker April ODM sales. The firm's analyst team at the time said it continued to believe Q1 was a bottom in year-over-year growth, but now expects normal Q2 seasonal growth instead of above normal and thinks any recovery will likely be delayed until Q3. On June 23, JP Morgan issued a cautious note on hard disk drive makers Western Digital (WDC) and Seagate Technology (STX), citing continuing negative PC data. The firm said it saw little evidence that fundamentals in the PC space were improving, citing negative comments on PC demand from HP (HPQ), Avago (AVGO), and Micron (MU) over the last month. More recently, on June 25, chip maker Micron reported third quarter results and current quarter guidance below expectations, citing near term headwinds attributable to PC headwinds. PRICE ACTION: Shares of AMD are down over 14% in after-hours trading to $2.12. OTHERS TO WATCH: Other companies that may be exposed to PC weakness include Microsoft Corporation (MSFT), Intel Corporation (INTC), NVIDIA (NVDA), SanDisk (SNDK), and Apple (AAPL).
July 5, 2015
19:39 EDTMCDMcDonald's to test mobile ordering in China, WSJ says
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13:07 EDTPOSTPost shares could climb higher, Barron's says
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July 1, 2015
18:34 EDTMCDMcDonald's tests local food options, Crain's says
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June 30, 2015
10:50 EDTPOSTTreeHouse, Post rise after ConAgra plans exit from private brands
Two food companies, TreeHouse Foods (THS) and Post Holdings (POST), are trading higher after peer ConAgra (CAG) announced plans to exit its private brands operations. According to a Reuters report from earlier, KeyBanc Capital Markets analyst Akshay Jagdale mentioned in a note that TreeHouse and Post could be potential acquirers of the ConAgra division. Shares of Post Holdings rose 2.8% and Treehouse Foods advanced 9% in morning trading.
June 26, 2015
06:33 EDTMCDMcDonald’s says child customers drinking less soda, eating more fruit
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June 25, 2015
17:56 EDTNVDAMicron plunges after Q3 results, guidance impacted by PC headwinds
Shares of PC related memory chip maker Micron Technology (MU) are plunging after reporting third quarter financial results and fourth quarter guidance that missed analyst expectations. WHAT'S NEW: After the close, Micron reported Q3 earnings per share of 54c on revenue of $3.85B, both shy of analyst estimates of 56c and $3.9B, respectively. Citing "near-term headwinds driven primarily by weakness in PC sector," Micron gave a fourth quarter revenue view of $3.45B-$3.7B which was significantly lower than analyst expectations of $4.16B. WHAT'S NOTABLE: On the company's earnings conference call, Micron said, consistent with prior expectations, "We are forecasting DRAM industry supply bit growth in the mid-20s in calendar 2015 and in the low-to-mid 20s in 2016." The company said it sees DRAM gross margins for Q4 down mid-single digits sequentially. Additionally, the chip maker said it sees Q4 DRAM bit growth flat to up low single digits. ANALYST TAKE: On June 22, Micron was downgraded to Sell from Neutral at Goldman Sachs. Goldman analyst Mark Delaney downgraded Micron Technology to Sell saying rising DRAM supply will lower selling prices and contract margins. Delaney expects DRAM prices to drop up to 30% over the next three quarters and cut his price target for shares to $19 from $27. On the same day, JP Morgan lowered its price target on Micron shares to $33 from $37. The firm also lowered its estimates for Micron citing lower than anticipated DRAM pricing in the past three months. The firm, however, kept an Overweight rating on Micron, saying improving demand in other segments like mobile and the company's decision to not hold inventory during Q3 should help offset the DRAM weakness. PRICE ACTION: Shares of Micron are lower by 11.5% in after- hours trading to $21.25. OTHER PC RELATED STOCKS: In after-hours trading, PC related chip makers are also lower, with Intel Corporation (INTC) down 0.9%, NVIDIA (NVDA) lower by 1.1%, and AMD (AMD) down fractionally. Others trading lower include Microsoft (MSFT), SanDisk (SNDK), Hewlett-Packard (HPQ), and Seagate (STX).
06:12 EDTMCDMcDonald's wants to sell 413 Taiwan stores to franchise operator, Reuters says
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June 23, 2015
12:54 EDTNVDAPC concerns weighing on shares of Seagate, Western Digital
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