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Stock Market & Financial Investment News

News For COV;INTC;MDT;VRTX;BSX;JNJ From The Last 14 Days
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July 14, 2015
15:27 EDTINTCEarnings Watch: Bernstein says sell Intel ahead of Q2 report
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15:10 EDTINTCIntel technical comments ahead of earnings
The key technical feature, best seen on a 5-year chart, is a potential bearish head and shoulders top. On bearish news or outlook, a move below $28.50 would confirm that the pattern is active. If the pattern were to remain active and complete, downside potential over time would be to the $21 to $20 area. If the news is instead a bullish surprise, the first resistance level of note would be at $32.08. Additional upside would be at $34.75, which is the top of the right shoulder of the pattern. If price broke out above the top of the pattern, it would be voided. Next resistance would then be at $36.37.
12:28 EDTJNJOn The Fly: Top stock stories at midday
Stocks on Wall Street were higher at midday despite data showing that retail sales unexpectedly fell last month. With a nuclear pact agreed to by Iran and the Greek debt crisis pushed to the back burner for the time being, earnings are set to take center stage, beginning with the reports this morning from two of the country's biggest banks and a bluechip healthcare conglomerate. With stocks working on their fourth consecutive day in positive territory, the Dow has pushed back above the 18,000 level. ECONOMIC EVENTS: In the U.S., retail sales unexpectedly fell 0.3% in June, versus expectations for growth of 0.3%. If autos and gas are removed from the data, the core reading was down 0.2%, versus expectations for it to be up 0.4%. The import price index fell 0.1% last month, versus expectations for it to be up 0.1%. Business inventories grew 0.3% in May, matching the consensus expectation. In Europe, Bank of England Governor Mark Carney told U.K. officials that “the point at which interest rates may begin to rise is moving closer.” Additionally, Iran reached a deal on restrictions and inspections intended to prevent it from developing nuclear weapons in exchange for the lifting of economic sanctions on the Islamic Republic by six world powers. The agreement still faces a political fight in the U.S. before taking effect, but President Barack Obama has vowed to veto any congressional effort to block its implementation. COMPANY NEWS: Twitter (TWTR) shares spiked late in the morning after a questionable takeover report appeared on a website that attempted to mimic Bloomberg. A Bloomberg spokesman said soon afterward that the Twitter takeover story being attributed to the news service is a fake, while a Twitter spokesperson also denied the report of an alleged deal in a statement to Reuters... The nation's largest bank, JPMorgan (JPM), earned $1.54 per share in earnings in the second quarter of the year, which was up from the same period of last year and above the $1.44 per share consensus estimate. Peer Wells Fargo (WFC) reported quarterly earnings that were in-line with expectations on a revenue that, like JPMorgan, was a bit below the consensus forecast. Shares of each of the banks rose about 1% near noon following their reports... Dow member Johnson & Johnson (JNJ), however, slipped about 1% after reporting better than expected earnings, revenue that was in-line with expectations and raising its fiscal year adjusted profit forecast. MAJOR MOVERS: Among the notable gainers was Micron (MU), which jumped 11% after The Wall Street Journal reported last night that China's state-owned Tsinghua Unigroup had offered to acquire the memory chip maker for $23B, or $21 per share. Also higher was Matrix Service (MTRX), which gained 18% after the Oil & Gas industry service provider issued guidance for its revenue and earnings in fiscal 2016. Among the noteworthy losers was Vince Holding (VNCE), which sunk 19% after the fashion brand owner announced the resignation of its CEO, which follows the resignation of its CFO less than a month ago. Also lower was Navient (NAVI), which fell 10% after the company lowered its outlook to reflect marketplace conditions for private loan portfolio purchases and its cost of funds. INDEXES: Near midday, the Dow was up 60.30, or 0.34%, to 18,037.98, the Nasdaq was up 34.68, or 0.68%, to 5,106.20, and the S&P 500 was up 8.21, or 0.39%, to 2,107.81.
10:52 EDTINTCAnalysts say Micron could be sold, but not at price Tsinghua said to offer
Research firms have reacted to a Wall Street Journal report, published last night, that Chinese chip maker Tsinghua had offered to acquire Micron (MU) for $23B, or $21 per share. Summit Research said that Tsinghua would probably raise its bid, while JMP Securities wrote that the deal would be logical from Tsinghua's perspective. However, Piper Jaffray contended that the reported buyout offer is illogical and Cowen agreed, saying that the deal makes no sense for shareholders. ANALYST REACTION: Tsinghua may have indicated that it was making the "low ball" offer in order to gauge the reaction of Micron's management and shareholders to it, Summit Research analyst Srini Sundarararjan contended in a note to investors. Tsinghua will probably increase its bid, the analyst predicted, adding that he expects Micron's stock to reach $21 soon. Sundarararjan kept a $34 price target and Buy rating on Micron. JMP Securities analyst Alex Gauna wrote that the deal would be logical for Tsinghua, as it would allow the Chinese company to access leading edge process technology, enable it to deliver more complete system solutions, and give it access to 3D NAND technology. The analyst, who believes that other Chinese companies may make competing bids for Micron, finds it difficult to believe that Micron would accept an offer more than 5%-10% below its 52-week high of $36.50. Piper Jaffray analyst Ruben Roy countered that the deal makes sense for Tsinghua and China, but not for Micron. If a takeover of Micron was based on the average valuation that companies in Micron's sector have received in takeover deals over the last 18 months, it would fetch a takeover price of $43 per share, Roy estimated. Micron and Tsinghua are more likely to reach an intellectual property sharing deal than complete a takeover transaction, according to Roy, who kept an Overweight rating on Micron. Similarly, Cowen analyst Timothy Arcuri wrote that the $21 per share price wouldn't make sense for Micron's shareholders, since it's barely above the estimated replacement cost of the company's capacity. The analyst indicated that he does not believe that Tsinghua would actually make the deal and he thinks that the U.S. Department of Justice would not approve the deal if it does get offered. WHAT'S NOTABLE: In a separate note, Summit's Sundarararjan, noting that Intel (INTC) has a 20% stake in Tsinghua. contended that the U.S. chip giant probably "midwifed" Tsinghua's offer for Micron. The analyst says that Intel "carries a lot of weight" with the U.S. Department of Justice and he believes that the DOJ could approve the deal. PRICE ACTION: In morning trading, Micron jumped 11% to $19.60. Several other semi chip related stocks were also rising, with SanDisk (SNDK) gaining 4%, Advanced Micro Devices (AMD) advancing 3% and Atmel (ATML) adding 2%.
10:01 EDTINTCOn The Fly: Analyst Downgrade Summary
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09:45 EDTJNJJohnson & Johnson says Remicade market share in mid-single digits in Europe
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09:37 EDTJNJJohnson & Johnson says acquisitions a priority, but divestitures still an option
09:35 EDTINTCActive equity options trading on open
Active equity options trading on open: AAPL FB BAC T AMZN BABA INTC JPM LVS AAL CHK MSFT
09:33 EDTJNJJohnson & Johnson sees FY15 adjusted EPS $6.70--$6.80 on constant currency
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09:31 EDTJNJJohnson & Johnson backs FY15 reported sales $75B-$76B, consensus $70.56B
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09:30 EDTJNJJohnson & Johnson says consumer business seeing slower volumes in China
The company adds that it will not hesitate to divest businesses or assets that does not meet its profitability criteria. Anticipates at least one major product launch in each of the next three years in Vision Care business. Backs FY15 net interest expense $450M-$550M. Raises FY15 net other income to $2.2B-$2.3B from $2B-$2.1B. Comments taken from Q2 earnings conference call.
07:50 EDTJNJJohnson & Johnson reports Q2 Worldwide Consumer sales $3.5B
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07:49 EDTJNJJohnson & Johnson raises FY15 adjusted EPS to $6.10-$6.20 from $6.04-$6.19
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07:47 EDTJNJJohnson & Johnson reports Q2 Domestic sales down 2.4% to $8.91B
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07:46 EDTJNJJohnson & Johnson reports Q2 adjusted EPS $1.71, consensus $1.67
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07:40 EDTINTCCiti sees arbitrage opportunity in Altera ahead of buyout
Shares of Altera (ALTR) currently trade at a 7.5% discount to Intel's (INTC) buyout offer of $54, Citi analyst Christopher Danely points out today in a research note. Danely expects the deal will go through without any antitrust issues. As such, he sees an arbitrage opportunity in Altera. He raised his price target for shares to $54 from $43. The chipmaker closed yesterday up 50c to $50.25. Shares of Intel (INTC) are trading down 24c to $29.49 in pre-market trading after Bernstein downgraded the name to its sell-equivalent Underperform.
07:06 EDTINTCIntel July volatility elevated into Q2 and outlook
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06:41 EDTINTCMicron, Tsinghua deal 'probably won't happen,' WSJ reports
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06:36 EDTINTCIntel downgraded to Underperform from Market Perform at Bernstein
Bernstein analyst Stacy Rasgon downgraded Intel to Underperform ahead of the company's Q2 results and cut his price target for shares to $25 from $29. Rasgon believes weaker than expected Data Center Group results is a "real possibility," which he feels would be "much worse" than weak PCs.
05:46 EDTINTCIntel may have 'midwifed' Tsinghua bid for Micron, says Summit Research
Summit Research analyst Srini Sundararajan says Tsinghua Unigroup's reported $23B offer for Micron (MU) is highly likely to have been "midwifed" by Intel (INTC). Intel owns 20% of Tsinghua, Sundararajan points out. The analyst thinks the potential merger will "only have a few objections to work through," despite doubt from investors that the deal will be allowed by the Department of Justice. Sundararajan has viewed Micron as an acquisition candidate and keeps a Buy rating on the name with a $34 price target after the Wall Street Journal reported last night that the state-owned Tsinghua offered $21 a share for Micron. The chip maker is up $1.99 to $19.60 in pre-market trading.
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