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Stock Market & Financial Investment News

News Breaks
August 6, 2014
18:54 EDTELON, ANAD, GMCR, BWC, SD, BRKR, VMW, RIG, JACK, MCP, THOR, LGP, DEPO, FOX, NSPH, CST, DXCM, FOXAOn The Fly: After Hours Movers
UP AFTER EARNINGS: Molycorp (MCP), up 12.8%... Twenty-First Century Fox (FOXA), up 4.3%... Twenty-First Century Fox (FOX), up 2.3%... Jack in the Box (JACK), up 7.3% after reporting third quarter results above estimates and raising fiscal 2014 EPS view... DexCom (DXCM) up 3.8%... Depomed (DEPO), up 3.1%... Transocean (RIG), up 2.5%. ALSO HIGHER: CST Brands (CST), up 14.8% after announcing that it will acquire the general partner of Lehigh Gas (LGP) for $85M in cash and stock as well as announcing a $200M share repurchase program... Lehigh Gas Partners, up 11.6% after reporting second quarter results and following the announcement that its general partner will be acquired by CST Brands... VMware (VMW), up 1.7% after announcing a $1B share repurchase program. DOWN AFTER EARNINGS: Nanosphere (NSPH), down 34.5%... Thoratec (THOR), down 25.7% after reporting lower than expected second quarter revenues and lowering fiscal 2014 guidance... ANADIGICS (ANAD), down 8.8%... Bruker (BRKR), down 12.7%... Babcock & Wilcox (BWC), down 12.6%... Echelon (ELON), down 14.9% after reporting second quarter results, third quarter guidance below estimates, and announcing that it will scale back its Grid business... SandRidge (SD), down 5%... Keurig Green Mountain (GMCR), down 1.81 following third quarter results.
News For MCP;FOXA;FOX;JACK;DXCM;DEPO;RIG;CST;LGP;VMW;NSPH;THOR;ANAD;BRKR;BWC;ELON;SD;GMCR From The Last 14 Days
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January 28, 2016
10:32 EDTGMCROptions with increasing implied volatility: RAD GMCR
10:13 EDTVMWOptions with decreasing implied volatility
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10:05 EDTSDOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Azure Midstream Partners (AZUR) downgraded at Stifel... Chesapeake (CHK) downgraded to Hold from Buy at Wunderlich... CorEnergy (CORR) downgraded at Stifel... DCP Midstream (DPM) downgraded to Hold from Buy at Stifel... DynCorp (DCP) downgraded at Stifel... Ericsson (ERIC) downgraded on challenging outlook at BMO Capital... H&E Equipment (HEES) downgraded to Neutral from Buy at UBS... Halcon Resources (HK) downgraded to Hold from Buy at Wunderlich... InvenSense (INVN) downgraded to Market Perform from Outperform at Barrington... Invitae (NVTA) downgraded to Market Perform from Outperform at Leerink... Kirby (KEX) downgraded to Sector Perform from Outperform at RBC Capital... MEG Energy (MEGEF) downgraded to Equal Weight from Overweight at Barclays... Metro (MTTRY) downgraded to Underweight from Neutral at JPMorgan... OSI Systems (OSIS) downgraded to Hold following Q2 miss at BB&T... Oasis Petroleum (OAS) downgraded to Hold from Buy at Wunderlich... Pan American Silver (PAAS) downgraded to Market Perform from Outperform at FBR Capital... Qualcomm (QCOM) downgraded to Market Perform from Outperform at William Blair... Range Resources (RRC) downgraded to Equal Weight from Overweight at Barclays... Rockwell Automation (ROK) downgraded to Underperform from Market Perform at Bernstein... Royal Gold (RGLD) downgraded to Market Perform from Outperform at FBR Capital... SEI Investments (SEIC) downgraded to Underperform at Keefe Bruyette... SandRidge Energy (SD) downgraded to Sell from Hold at Wunderlich... Seadrill (SDRL) downgraded to Equal Weight from Overweight at Morgan Stanley... ServiceNow (NOW) downgraded to Neutral from Buy at MKM Partners... State Bank Financial (STBZ) downgraded to Hold from Buy at Sandler O'Neill... Sunoco Logistics (SXL) downgraded at Stifel... Tallgrass Energy GP (TEGP) downgraded to Hold from Buy at Stifel... Tallgrass Energy (TEP) downgraded to Hold from Buy at Stifel... Textron (TXT) downgraded to Hold from Buy at Drexel Hamilton... TripAdvisor (TRIP) downgraded to Underperform from Market Perform at Raymond James... Tupperware Brands (TUP) downgraded to Neutral from Overweight at Piper Jaffray... U.S. Steel (X) downgraded to Hold from Buy at Argus... United Rentals (URI) downgraded to Neutral from Buy at UBS... Welltower (HCN) downgraded to Hold from Buy at Evercore ISI... Western Gas Partners (WES) downgraded to Hold from Buy at Stifel... Whiting Petroleum (WLL) downgraded to Hold from Buy at Wunderlich.
09:38 EDTRIGActive equity options trading on open
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09:05 EDTSDSandRidge Energy downgraded to Sell from Hold at Wunderlich
Wunderlich analyst Irene Haas downgraded SandRidge Energy to Sell after her firm lowered its WTI price forecast for 2016 and 2017 from $54/barrel and $65/barrel to $38.25 and $50, respectively. The analyst cut her price target for the shares to $0 from 50c. She expects negative cash flows in 2017 given the company's "high financial leverage and considerable expected outspend going forward."
08:29 EDTVMWCitrix upgraded on Q4 results, valuation at JMP Securities
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07:11 EDTRIGTransocean price target cut to $2.70 from $12 at Morgan Stanley
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January 27, 2016
16:36 EDTVMWOn The Fly: Top stock stories for Wednesday
Stocks began the session in negative territory as sliding oil prices and disappointing guidance from Apple (AAPL) and Boeing (BA) had investors on the defensive. The averages reversed and moved into positive territory following a rally in oil, which came despite the weekly Department of Energy inventory build up coming in higher than expected. The market pared its gains heading into the Fed's rate announcement and then moved sharply lower following the central banks comments about lower growth in U.S. in 2016. Other comments were less dovish than expected and the market sold off into the close. ECONOMIC EVENTS: In the U.S., new home sales surged 10.8% to a 544,000 annualized pace in December, topping expectations and hitting their highest level in 10 months. The FOMC rate decision was issued at 2:00 pm, with the Federal Reserve keeping interest rates unchanged and commenting that the "Committee expects that economic conditions will evolve in a manner that will warrant only gradual increases in the federal funds rate... Inflation is expected to remain low in the near term, in part because of the further declines in energy prices, but to rise to 2% over the medium term as the transitory effects of declines in energy and import prices dissipate and the labor market strengthens further." COMPANY NEWS: Apple (AAPL) declined $6.55, or 6.55% to $93.44 after the tech giant reported first quarter earnings that topped consensus estimates last night, but also issued revenue guidance for the new quarter that missed expectations. The company was noted by several analysts as taking a particularly downbeat tone in its earnings conference call, invoking the difficult macroeconomic environment and weakness it has recently seen in China... Apple was not the worst performer in the Dow, however, with that distinction going to Boeing (BA). Shares of the commercial airplane maker and defense contractor plummeted $11.43, or 8.93%, to $116.58 after its profit outlook for the new fiscal year fell far short of the Street's consensus forecast... Shell (RDS.A, RDS.B) investors approved the company's proposed acquisition of BG Group (BRGYY), with roughly 83% of votes cast in favor of the deal. MAJOR MOVERS: Among the notable gainers was SunEdison (SUNE), which added 8.7% to its already meaningful gains over the past several days after agreeing to new corporate governance initiatives with David Einhorn's Greenlight Capital, including amending its bylaws to restrict equity issuances for two years without a supermajority board vote. Also higher was Freeport McMoRan (FCX), which gained 10.95% to $4.66 after Indonesia's energy minister said he is "certain" of finding a solution to extend the company's copper export permit and as analysts applauded the company's decision to consider selling mining assets to pay down debt. Meanwhile, United Technologies (UTX), Biogen (BIIB) and Norfolk Southern (NSC) rose 0.19%, 5.15% and 1.44%, respectively, following their earnings reports. Among the noteworthy losers was DeVry (DV), which crashed 15.4% to $20.09 after the FTC filed suit over its allegedly deceptive marketing, with the Department of Education also announcing actions against the for-profit education company. Also lower were U.S. Steel (X), VMware (VMW) and Anthem (ANTM), which lost 14.35%, 9.82% and 4.74%, respectively, following their earnings reports. INDEXES: The Dow fell 222.77, or 1.38%, to 15,944.46, the Nasdaq lost 99.51, or 2.18%, to 4,468.17, and the S&P 500 declined 20.68, or 1.09%, to 1,882.95.
13:47 EDTVMWVMware tanks after providing lower guidance amid Cloud transition
Shares of virtualization software maker VMware (VMW) are falling after providing guidance, confirming layoffs and announcing executive changes. WHAT'S NEW: After the close of trading on Tuesday, the software company that is 80% owned by EMC (EMC) and provides software for corporate data centers, announced fourth quarter financial results while confirming earlier reports of layoffs and announcing a new chief financial officer. VMware, along with parent company EMC, is in the midst of a proposed acquisition by Dell. The company's Q4 earnings per share and revenue came in at $1.26 and $1.87B, respectively, slightly better than analysts were expecting; however, the company's view for fiscal year 2016 EPS and revenue of $4.07-$4.16 and $6.8B-$6.9B, respectively, were well below the $4.20 and $7.21B analysts are expecting. VMware also guided first quarter EPS to 83c-85c, also below analysts' 92c consensus. Along with its results, the company confirmed earlier reports that it intended to reduce its workforce by 800 and plans to take a charge of between $55M-$65M related to this action over the course of the first half of 2016. The company also announced that its CFO Jonathan Chadwick is leaving and will be replaced by EMC CFO Zane Rowe. WHAT'S NOTABLE: On its quarterly conference call discussing its earnings, VMware company referred to its growth in "emerging" products and businesses including NSX and User Computing and Virtual SAN, all of which grew strongly over the quarter. The company said it hopes its newer products are picking up the slack due to the declining growth in its mature "compute products." Pat Gelsinger, VMware's chief executive officer, "We recognize that our blockbuster compute products are reaching maturity and will represent a decreasing portion of our business going forward." The company is upgrading its Cloud strategy to better compete with leaders like Amazon (AMZN) and Microsoft (MSFT), which provide Cloud services via the internet and make the corporate data center that VMware focuses on less necessary. ANALYSTS' VIEWS: Summit Research analyst Srini Nandury downgraded VMware to Hold and lowered his price target for the shares to $40 from $80 following the company's quarterly results. The company's business will get worse before it gets better, Nandury told investors in a research note. Another downgrade came from research firm Baird's analyst Jayson Noland, who cut his rating on VMware to Neutral and lowered his price target to $60 from $80. Noland said the core vSphere business is facing incremental public cloud headwinds and substantial uncertainty related to the Class V common stock being issued to finance the EMC acquisition. Providing a more constructive view was UBS who said the current valuation levels of VMware offer a significant opportunity for patient investors. The firm noted the company will temper spending and focus on leveraging public clouds, which should provide a tailwind to both capital and operating expenditures. UBS reiterated its Buy rating and $72 price target on VMware. PRICE ACTION: Shares of VMware are down approximately 40% since the Dell-EMC deal was announced last October and are down over 9% to $44.84 in afternoon trading. OTHERS TO WATCH. Other companies in the cloud computing space include Amazon, Microsoft and Citrix Systems (CTXS).
12:11 EDTVMWOn The Fly: Top stock stories at midday
Stocks began the session in negative territory and proceed to lose additional ground after the open. Despite another disappointing weekly Department of Energy inventory report, which pointed to larger than expected builds of both oil and gas stockpiles, the price of crude moved higher in later morning trading, taking equities up with it. Fed watchers have zero expectation that the central bank will announce an interest rate hike later today, but are hoping for a dovish policy statement to be issued in conjunction with the end of the latest FOMC meeting. ECONOMIC EVENTS: In the U.S., new home sales surged 10.8% to a 544,000 annualized pace in December, topping expectations and hitting their highest level in 10 months. The FOMC rate decision is due out at 2 pm ET and 100% of 104 analysts surveyed by Bloomberg were aligned in predicting no change to benchmark U.S. interest rates will be announced today. While their is no chance seen that the central bank will raise rates, the language in the statement will be closely examined for any clues on the Fed's thinking about when the next rate may be coming. COMPANY NEWS: Shares of Apple (AAPL) declined about 5% after the tech giant reported first quarter earnings that topped consensus estimates last night, but also issued revenue guidance for the new quarter that missed expectation. The company was noted by several analysts as having a particularly downbeat tone in its earnings conference call, invoking the difficult macroeconomic environment and weakness it has recently seen in China... Apple was not the worst performer in the Dow, however, as that distinction goes to Boeing (BA). Shares of the commercial airplane maker and defense contractor plummeted 7% after its profit outlook for the new fiscal year fell far short of the Street's consensus forecast. Conversely, United Technologies (UTX), which is also in the Dow and also involved in aerospace and defense, gained 2% after backing its adjusted earnings outlook for fiscal 2016. MAJOR MOVERS: Among the notable gainers was SunEdison (SUNE), which rallied 12% after the company and David Einhorn's Greenlight Capital agreed to new corporate governance initiatives, including appointing Claire Gogel to its board and amending its bylaws to provide that it will not make equity issuances for two years without supermajority vote of the board. Also higher were Commvault (CVLT), Hess (HES) and Biogen (BIIB), which gained 13%, 10% and 8%, respectively, after reporting quarterly earnings. Among the noteworthy losers was DreamWorks Animations (DWA), which fell 4.5% after the stock was downgraded to Sell at Topeka. Also lower were U.S. Steel (X), VMware (VMW), and Textron (TXT), which were down 12%, 8.5%, and 8%, respectively, after reporting quarterly earnings. INDEXES: Near midday, the Dow was up 37.60, or 0.23%, to 16,204.83, the Nasdaq was down 9.88, or 0.22%, to 4,557.79, and the S&P 500 was up 9.54, or 0.5%, to 1,913.17.
10:36 EDTGMCROptions with increasing implied volatility: SNDK GMCR
10:15 EDTVMWActive puts: SPY MTG X VMW AAPL XME
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10:00 EDTVMWOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: BG Group (BRGYY) downgraded to Neutral from Outperform at Credit Suisse... Bed Bath & Beyond (BBBY) downgraded to Sell from Neutral at Citi... Bill Barrett (BBG) downgraded to Neutral from Buy at Ladenburg... Brown & Brown (BRO) downgraded to Underweight at Morgan Stanley... Buffalo Wild Wings (BWLD) downgraded to Neutral from Buy at BTIG... Canadian National (CNI) downgraded to Market Perform from Outperform at Raymond James... DreamWorks (DWA) downgraded to Sell from Hold at Topeka... FirstMerit (FMER) downgraded at RBC Capital... Gentex (GNTX) downgraded to Neutral from Outperform at Baird... Haverty Furniture (HVT) downgraded to Sector Weight from Overweight at KeyBanc... Hercules Technology (HTGC) downgraded to Neutral from Buy at Compass Point... Horizon Technology (HRZN) downgraded to Market Perform from Outperform at Raymond James... Installed Building downgraded to Sector Weight from Overweight at KeyBanc... Jarden (JAH) downgraded to Neutral from Buy at Citi... K+S (KPLUF) downgraded to Sell from Hold at Berenberg... La-Z-Boy (LZB) downgraded at BB&T... Legacy Reserves (LGCY) downgraded to Market Perform from Outperform at FBR Capital... Medivation (MDVN) downgraded to Hold from Buy at Canaccord... Merck (MRK) downgraded to Neutral from Buy at BofA/Merrill... Metaldyne Performance (MPG) downgraded to Neutral from Outperform at Baird... Pier 1 Imports (PIR) downgraded to Sector Weight from Overweight at KeyBanc... Priceline (PCLN) downgraded to Neutral from Buy at Goldman... Profire Energy (PFIE) downgraded to Neutral from Buy at Chardan... Regeneron (REGN) downgraded to Hold at Canaccord... Starwood (HOT) downgraded to Underperform from Outperform at CLSA... Swiss Re (SSREY) downgraded to Equal Weight from Overweight at Morgan Stanley... TSYS (TSS) downgraded to Equal-Weight from Overweight at First Analysis... Talmer Bancorp (TLMR) downgraded to Sector Perform from Outperform at RBC Capital... TopBuild (BLD) downgraded to Sector Weight from Overweight at KeyBanc... TripAdvisor (TRIP) downgraded to Sell from Neutral at Goldman... VMware (VMW) downgraded to Hold from Buy at Summit Research... W.R. Grace (GRA) downgraded to Buy from Conviction Buy at Goldman... WEC Energy (WEC) downgraded to Neutral from Conviction Buy at Goldman... Welltower (HCN) downgraded to Underperform from Market Perform at BMO Capital... Yamana Gold (AUY) downgraded to Neutral from Overweight at JPMorgan.
10:00 EDTRIGOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: American Airlines (AAL) upgraded to Buy from Neutral at UBS... Armstrong World (AWI) upgraded on valuation at BB&T... Autoliv (ALV) upgraded to Outperform from Neutral at Baird... BHP Billiton (BHP) upgraded to Overweight from Equal Weight at Morgan Stanley... BorgWarner (BWA) upgraded to Outperform from Neutral at Baird... Boyd Gaming (BYD) upgraded on valuation at Sterne Agee CRT... CF Industries (CF) upgraded to Outperform from Underperform at CLSA... Deutsche Boerse (DBOEY) upgraded to Neutral from Underperform at Credit Suisse... Diamond Offshore (DO) upgraded to Neutral from Sell at Clarksons Platou... Exelon (EXC) upgraded to Neutral from Sell at Citi... FCB Financial (FCB) upgraded to Buy from Neutral at Guggenheim... Flushing Financial (FFIC) upgraded to Buy from Hold at Sandler O'Neill... Hawaiian Holdings (HA) upgraded to Buy from Hold at Deutsche Bank... Huntington Bancshares (HBAN) upgraded to Neutral from Underperform at Macquarie... Imperva (IMPV) upgraded to Outperform from Market Perform at JMP Securities... Lockheed Martin (LMT) upgraded to Outperform from Peer Perform at Wolfe Research... McDonald's (MCD) upgraded to Buy from Hold at Argus... Munich Re (MURGY) upgraded to Overweight from Equal Weight at Morgan Stanley... NextEra Energy (NEE) upgraded to Conviction Buy from Buy at Goldman... PG&E (PCG) upgraded to Buy from Neutral at Goldman... Panera Bread (PNRA) upgraded to Buy from Neutral at BTIG... Raptor Pharmaceuticals (RPTP) upgraded to Buy from Neutral at Citi... Siemens (SIEGY) upgraded to Equal Weight from Underweight at Barclays... Sprint (S) upgraded to Perform from Underperform at Oppenheimer... Stryker (SYK) upgraded to Buy from Hold at Brean Capital... Super Micro Computer (SMCI) upgraded to Positive from Neutral at Susquehanna... Talmer Bancorp (TLMR)upgraded to Outperform from Market Perform at Keefe Bruyette... Terex (TEX) upgraded to Neutral from Underweight at JPMorgan... Transocean (RIG) upgraded to Neutral from Sell at Clarksons Platou... Washington Trust (WASH) upgraded to Buy from Neutral at Compass Point... Yara (YARIY) upgraded to Buy from Hold at Berenberg.
09:19 EDTRIGTransocean upgraded to Neutral from Sell at Clarksons Platou
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09:12 EDTVMWOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Biogen (BIIB), up 5.6%... Hawaiian Holdings (HA), up 6.7%... Capital One (COF), up 1.5%. ALSO HIGHER: Capnia (CAPN), up 34.1% after entering into an exclusive distribution agreement with Bemes... Fate Therapeutics (FATE), up 18.6% after announcing that the FDA has cleared the company's investigational new drug application for ProTmune... Raptor Pharmaceutical (RPTP), up 12.1% after being upgraded to Buy from Neutral at Citi... Aquinox (AQXP), up 5.6% after Baker Bros. buys 140,786 shares in the company... Sunedison (SUNE), up 7.4% after SunEdison and Greenlight Capital announced that they have mutually agreed to corporate governance initiatives... Citizens Financial Group (CFG), up 3% after it will be added to the S&P 500... Terex (TEX), up 5.2% after being upgraded to Neutral from Underweight at JPMorgan. DOWN AFTER EARNINGS: Tupperware Brands (TUP), down 11.4%... VMware (VMW), down 6.5%... Textron (TXT), down 9.9%... Cliffs Natural (CLF), down 5.8%... Boeing (BA), down 6.2%... Fiat Chrysler (FCAU), down 3%... Apple (AAPL), down 3.4%. ALSO LOWER: Priceline (PCLN), down 2.9% after being downgraded to Neutral from Buy at Goldman... Bed Bath & Beyond (BBBY), down 4.2% after being downgraded at Citi and KeyBanc... Tripadvisor (TRIP), down 5.5% after being downgraded to Sell from Neutral at Goldman.
07:44 EDTVMWVMware a significant opportunity for patient investors, says UBS
UBS said the current valuation levels of VMware offer a significant opportunity for patient investors. The firm noted the company will temper spending and focus on leveraging public clouds, which should provide a tailwind to both capital and operating expenditures. UBS reiterated its Buy rating and $72 price target on VMware shares.
06:53 EDTVMWVMware downgraded to Hold from Buy at Summit Research
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06:13 EDTVMWVMware downgraded to Neutral from Outperform at Baird
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05:06 EDTVMWStocks with implied volatility above IV index mean; VMW TWTR
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