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Stock Market & Financial Investment News

News Breaks
June 17, 2014
16:27 EDTMCRS, ORCL, SCTY, CBI, GWPH, ACOROn The Fly: Closing Wrap
Stocks on Wall Street began the day in negative territory, thanks in part to worse than expected economic data. The consumer price index came in higher than expected, while housing starts and building permits both came in well below analysts' consensus forecasts. The averages drifted off their opening lows and eventually made it into positive territory, where the market drifted for most of the rest of the day. The volume was light, as investors sat on the sidelines while the Federal Reserve board convened for the central bank's latest rate setting and policy meeting. ECONOMIC EVENTS: In the U.S., the consumer price index rose 0.4% in May, which was above the consensus forecast for an increase of 0.2%. Housing starts in the month declined 6.5% to a rate of about 1M and building permits slid 6.4% to a rate of 991K, which were both lower than expected. The Federal Reserve began its latest Federal Open Market Committee meeting, which will conclude tomorrow. COMPANY NEWS: Elon Musk's SolarCity (SCTY) advanced $9.65, or 17.58%, to $64.53 after the solar energy system installer agreed to acquire solar panel technology and manufacturing company Silevo for up to $350M dollars. SolarCity said it sees its manufacturing capacity allowing it to create "the most vertically integrated solar company" with an "industry-leading" cost structure that aims to make solar competitive with grid costs. The company also said it is in talks with the state of New York to build a plant with targeted capacity greater than 1 GW within the next two years, which it says will be "one of the single largest solar panel production plants in the world." MAJOR MOVERS: Among the notable gainers was register system and hospitality software maker Micros Systems (MCRS), which surged $8.62, or 14.94%, to $66.33 after Bloomberg reported that the company is in talks to be acquired by tech giant Oracle (ORCL) for "more than" $5B. Also higher was GW Pharmaceuticals (GWPH), which jumped $12.57, or 16.27%, to $89.82 after it announced physician reports of efficacy and safety data on 27 children and young adults with treatment-resistant epilepsy who have been treated with GW's investigational cannabidiol product candidate, Epidiolex, for a period of 12 weeks. Among the noteworthy losers was Chicago Bridge & Iron (CBI), which fell $5.32, or 7.23%, to $68.26 after research firm Prescience Point alleged that the company has used "creative acquisition accounting" to conceal its losses and placed a Strong Sell rating on the shares. Also lower were shares of Acorda Therapeutics (ACOR), which fell $3.16, or 8.96%, to $32.12 after announcing an offering of $300M of convertible senior notes. INDEXES: The Dow was up 27.48, or 0.16%, to 16,808.49, the Nasdaq was up 16.13, or 0.37%, to 4,337.23, and the S&P 500 was up 4.21, or 0.22%, to 1,941.99.
News For MCRS;ORCL;SCTY;CBI;GWPH;ACOR From The Last 14 Days
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October 22, 2014
09:21 EDTGWPHOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Dow Chemical (DOW), up 3.7%... iRobot (IRBT), up 12%... Six Flags (SIX), up 13%... GlaxoSmithKline (GSK), up 2%... Broadcom (BRCM), up 7%... Boston Scientific (BSX), up 4.3%... Abbott (ABT), up 1.8%... Yahoo! (YHOO), up 6%. ALSO HIGHER: Blue Earth (BBLU), up 26.4% after CEO says statements in Seeking Alpha blog are "false and misleading."... GW Pharmaceuticals (GWPH), up 5.4% after Epidiolex receives orphan designation from EMA. DOWN AFTER EARNINGS: 3D Systems (DDD), down 15%... Biogen (BIIB), down 7%... Lumber Liquidators (LL), down 13.4%... Norfolk Southern (NSC), down 3%... Angie's List (ANGI), down 8.8%. ALSO LOWER: Nanosphere (NSPH), down 33% after filing secondary, reporting preliminary Q3 revenue... Himax Technologies (HIMX), down 16% after announcing that Google (GOOG) will not exercise an additional investment option in the company... Cree (CREE), down 10.5%, downgraded at DA Davidson and Canaccord following the company's Q1 earnings results... Ocwen Financial (OCN), down 7% after downgraded to Hold at Evercore, downgraded to Neutral at BofA Merrill Lynch... VMware (VMW), down 7.8%, downgraded at Nomura and Raymond James following the company's Q3 results.
05:26 EDTGWPHGW Pharmaceuticals Epidiolex receives orphan designation from EMA
GW Pharmaceuticals announced that the European Medicines Agency, or EMA, has granted orphan designation to GW's investigational product Epidiolex in the treatment of Dravet syndrome, a rare and catastrophic treatment-resistant form of childhood epilepsy. In addition to this orphan designation by the EMA, GW has been granted Fast Track designation by the FDA for Epidiolex in the treatment of Dravet syndrome as well as orphan designations in both Dravet syndrome and Lennox-Gastaut syndrome, or LGS. GW is about to commence a full clinical development program for Epidiolex in the treatment of both Dravet syndrome and LGS, working with leading pediatric epilepsy specialists across the U.S. The first Phase 2/3 clinical trial is due to commence in the coming weeks.
October 21, 2014
14:34 EDTORCLEarnings Preview: EMC reports after HPQ merger talks said to end
EMC Corporation (EMC) is expected to report third quarter earnings before the bell on Wednesday, October 22, with a conference call scheduled for 8:30 am ET. EMC provides software, hardware and IT services to business customers through its three federated businesses: EMC Information Infrastructure, Pivotal and VMware Virtual Infrastructure, which is represented by EMC’s majority equity stake in VMware (VMW). VMware is expected to report on its own third quarter results after the bell on Tuesday, October 21, with a conference call scheduled for 5:00 pm ET. EXPECTATIONS: For EMC, analysts are looking for earnings per share of 46c on revenue of $6.0B. The consensus range is 44c-49c for EPS and $5.91B-$6.16B for revenue, according to First Call. Along with its last earnings report, EMC raised its FY14 adjusted EPS view to $1.91 from $1.90 and guided to FY14 revenues of $24.58B. Analysts consensus for FY14 EPS and revenue currently stand at $1.91 and $24.55B. For VMware, analysts are looking for earnings per share of 83c on revenue of $1.5B. The consensus range is 81c-85c for EPS and $1.48B-$1.52B for revenue, according to First Call. LAST QUARTER: EMC reported Q2 adjusted EPS of 43c, which matched the consensus expectation. EMC's revenue of $5.9B came in slightly ahead of the $5.83B consensus projection. EMC also accelerated its 2014 share buyback plan, stating that it now expects to repurchase an aggregate of $3B of the company's common stock in 2014. VMware reported Q2 EPS of 81c, versus consensus of 79c, on revenue $1.46B, versus consensus of $1.44B. NEWS: VMware held its "VMWorld 2014" conference from August 24-28, during which the company updated its 2015 guidance. VMware's guidance for revenue growth in the mid teens percentage level and margin expansion of up to one percentage point is positive, RBC Capital analyst Matthew Hedberg wrote in a note to investors on August 26. The same day Cowen analyst Gregg Moskowitz wrote that VMware's FY15 revenue guidance would "likely weigh modestly" on the stock, even though he was not surprised by the outlook. Less than two weeks ago, Elliott Management sent a letter to the board of directors of EMC Corporation detailing its recommendations on the right path forward for EMC, in which Elliott holds a stake. Elliott believes that EMC’s Federation structure obscures enormous value at the company and that the board and management should pursue pathways to recognize this value, including a separation of VMware from Core EMC and/or various M&A opportunities, Elliott wrote. In response, EMC said its directors regularly review and evaluate the company's strategy with a view towards enhancing shareholder value. "Over the past few months, EMC's leadership has met with representatives of Elliott several times and has listened carefully to their ideas, as we do with all of our shareholders," the company said. Last week, HP (HPQ) announced the resumption of its share repurchase program after Reuters reported the company's merger talks with EMC had ended. HP had suspended the buyback program due to "possession of material non-public information." The tech giant said that day that it is "no longer in possession of such information." During September, Re/code reported, citing sources familiar with Oracle's plans, that the company was not interested in acquiring EMC. Meanwhile, Cisco (CSCO) CEO John Chambers also said last month at a Wall Street Journal breakfast that his company is not among the potential merger partners for EMC. Chambers said a deal between the two companies would have been done a "year or two ago" were it to happen, according to Reuters. STREET RESEARCH: On the day after its last earnings report, Brean Capital raised its price target on EMC to $33 from $30, citing the company's aggressive capital return strategy, encouraging core Storage dynamics and potential pent up demand. Tigress Financial, however, downgraded EMC to Buy from Strong Buy, citing valuation. Additionally, VMware estimated that its total available market would reach more than $60B in 2017, versus its estimate last year of a $50B+ total addressable market by 2016, Moskowitz noted. PRICE ACTION: In afternoon trading, EMC shares are up 1% to $27.22, while VMware is fractionally higher at $87.79. Over the last three months, EMC shares have declined almost 4%, while VMware's stock is down about 5.5% in that same time frame.
06:40 EDTORCLForrester: Adobe becomes marketing cloud leader, VentureBeat reports
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October 20, 2014
12:09 EDTORCLIBM hits 52 week low after earnings miss, 2015 profit target dropped
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11:05 EDTSCTYSolarCity appoints Jonathan Beamer as Chief Marketing Officer
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07:19 EDTSCTYJPMorgan says recent sell-off in solar space unjustified
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October 15, 2014
08:23 EDTSCTYSolarCity offers Solar Bonds to investors
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08:09 EDTCBIExelon, Chicago Bridge & Iron and 8 Rivers partner for demonstration plant
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08:07 EDTSCTYSolarCity files automatic mixed securities shelf
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October 14, 2014
18:20 EDTGWPHOn The Fly: After Hours Movers
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17:26 EDTGWPHGW Pharmaceuticals CEO says market for Epidiolex may be expanded over time
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14:55 EDTGWPHGW Pharma analyst day positive, reason for sell-off unclear, says Piper Jaffray
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08:07 EDTGWPHGW Pharmaceuticals data should 'silence the doubters,' says Piper Jaffray
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08:05 EDTCBICB&I announces gasification technology award in China
CB&I announced it has been awarded a contract by Shandong Sincier Petrochemical for the license and engineering design of a gasification unit to be built near Dongying, Shandong Province, China. The unit will utilize CB&I's proprietary E-GasPlus technology for a three-train facility to produce syngas for hydrogen, fuel gas and power. This plant will have the capability of operating on coal and petroleum coke, or a combination of these fuels with a liquid or solid residue from an upstream hydrocracking unit. This will be in addition to six other process units licensed earlier by Sincier using CB&I's technology to produce octane boosting, clean gasoline blendstocks, residue upgrading and petrochemicals production.
07:15 EDTGWPHGW Pharmaceuticals says Epidiolex physician reports show signals of efficacy
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07:11 EDTGWPHGW Pharmaceuticals announces preliminary topline results of Phase 2a trial
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06:38 EDTGWPHGW Pharmaceuticals to host research and development day
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October 13, 2014
10:58 EDTSCTYSolarCity volatility elevated on wide price movement
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08:03 EDTSCTYSolarCity lowered pricing in California, says JPMorgan
JPMorgan says SolarCity lowered its pricing in California, implementing a fixed price of 15c per watt, down from a prior average of 17c. To reflect the change, SolarCity dropped the NPV of its average new residential deployment to $1.75 per watt from $2.19 historically, the firm notes. JPMorgan cut its Retained Value estimates and dropped its price target for SolarCity shares to $74 from $83. The firm believes the price change could be tied to the proposed compression of rate tiers in 2015, allowing the company to address a larger market. It keeps an Overweight rating on SolarCity.
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