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Stock Market & Financial Investment News

News For MHP;APO;WMT;TGT;M;FB;YHOO;ANAD;HOGS;ARO;DWA From The Last 14 Days
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January 28, 2015
18:21 EDTFBOn The Fly: After Hours Movers
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17:31 EDTFBFacebook sees FY15 revenue 5% lower than it would be under FY14 exchange rate
Sees FY15 CAPEX $2.7B-$3.2B.
17:23 EDTFBFacebook COO Sandberg says Instagram will become core to mobile ad effort
Facebook COO Sheryl Sandberg says the company sees FY15 building on core advertising progress.
17:12 EDTFBFacebook CEO says company working to make Facebook Search more valuable
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17:06 EDTFBFacebook headcount up 44% in FY14
Comments made during Q4 earnings conference call.
16:55 EDTYHOOOn The Fly: Closing Wrap
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16:11 EDTFBFacebook up 1% to $76.91 following Q4 results
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16:04 EDTFBFacebook reports Q4 advertisng revenue up 53% to $3.59B
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16:03 EDTFBFacebook reports monthly active users up 13% to 1.39B
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16:01 EDTFBFacebook reports Q4 EPS 54c, consensus 48c
Reports Q4 revenue $3.85B, consensus $3.77B.
16:00 EDTFB, YHOOOptions Update; January 28, 2015
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15:37 EDTFBNotable companies reporting after market close
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15:00 EDTFBFacebook January weekly 77 straddle priced for 7% movement into Q4
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13:17 EDTFB, YHOOAOL sinks after downgrade, report of no Yahoo interest
Shares of AOL (AOL) are falling after Wells Fargo downgraded the stock to Market Perform from Outperform and CNBC’s David Faber reported that Yahoo has ruled out a potential acquisition of the company. WHAT'S NEW: AOL is likely to encounter increased competition in Internet video advertising, in the wake of acquisitions by Facebook (FB) and Yahoo (YHOO), Wells contended in a note to investors earlier today. Specifically, Facebook's acquisition of Liverail will enable the social network to improve the targeting of its video ads, while Yahoo is using its sales force to find buyers for the video assets of Brightroll, which Yahoo acquired. AOL is also encountering increased competition for internet video ad spending from Google's YouTube, Wells believes. Meanwhile, AOL, along with other Google search partners, may find it more difficult to maintain its current share of queries as more searches are conducted on mobile device, the firm stated. The superior functionality of Google's mobile web and app base search, along with the default search position that Google enjoys on Android devices, create headwinds for AOL and its peers, the firm stated. Wells cut its valuation range on AOL to $49-$51 from $55-$$57. WHAT'S NOTABLE: Activist investor Starboard Value has called on Yahoo to explore the possibility of combining with AOL. CNBC's David Faber, however, after speaking last night with Yahoo CEO Marissa Mayer, reported that the search giant has ruled out a potential acquisition of AOL. The interview followed Yahoo’s fourth quarter results and announcement that it would carry out a tax free spin-off of its remaining stake in Chinese e-commerce giant Alibaba (BABA). PRICE ACTION: In mid-afternoon trading, AOL fell 8% to $44, while yahoo rose 2% to $49.
12:58 EDTFBFacebook technical notes ahead of results
There is a potential bearish head and shoulders on the daily chart that will become active below the neckline at the $74 area. Downside potential for that pattern if it becomes active on worse than expected results or outlook would be to the $66 area. If the news is a positive surprise, resistance levels to watch as upside objectives would be at $80.04 and then the 52-week high and lifetime high at $82.17. A breakout above the life high would leave open a run to the $85 area.
12:52 EDTYHOOOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday as a blowout quarter from Apple (AAPL) offset a bit of the earnings season jitters that several Dow members' misses had sent through the market yesterday. The market saw its highs a short time after the open, as the better than expected earnings reports from both Apple and Boeing (BA) drove an early bounce. The U.S. averages gave up all their gains and moved into the red for a moment, but have managed to drift higher again following the close of the European markets. Next up is the Fed’s rate announcement and accompanying statement, which is due out shortly. ECONOMIC EVENTS: In the U.S., crude oil inventories built up by 8.87M barrels last week, versus the consensus forecast for a build of 3.85M barrels. The price of WTI crude was down 2.5% near noon following the report and dipped back below $45 per barrel earlier in the morning. The Federal Reserve’s rate announcement is due out this afternoon at 2:00 pm ET. COMPANY NEWS: Shares of Apple jumped nearly 8% after the tech giants first quarter results handily topped estimates. A number of analysts hiked their price targets for the stock after the report, with JPMorgan raising its price target for Apple shares to $140 from $112 and Cantor increasing its price target to a "Street high" $160 from $143. Of note, Apple also said that Apple Watch is expected to ship in April... Yahoo (YHOO) shares rose 2.3% after the company reported earnings and announced plans to split into two companies: one that will own Yahoo’s core operating business and its stake in Yahoo Japan and another that will hold a legacy operating business and Yahoo’s remaining 15% stake in Alibaba (BABA). Yahoo plans for a tax-free spin-off of the company's remaining 384M shares of Alibaba, valued at $40B based on the closing price on January 26, and people familiar with the matter told Financial Times that the decision "significantly increases" the chances of Alibaba buying back that stake. MAJOR MOVERS: Among the notable gainers was Abiomed (ABMD), which jumped 30% after announcing that the Impella RP System has received FDA approval under a Humanitarian Device Exemption and raising its FY15 revenue guidance. Also higher following their earnings reports were Freescale Semiconductor (FSL), which rose 20%, U.S. Steel (X), which gained 14%, and Electronic Arts (EA), which advanced 14%. Among the noteworthy losers was Pilgrim's Pride (PPC), which dropped 6% as its shares went "ex-special dividend," meaning investors buying the stock from here forth will not be entailed to the $5.77 per share special dividend, which is payable on February 17. Also lower following their earnings reports were Radware (RDWR), which fell over 13%, and Ethan Allen (ETH), which dropped more than 12%. INDEXES: Near midday, the Dow was up 71.28, or 0.41%, to 17,458.49, the Nasdaq was up 31.54, or 0.67%, to 4,713.03, and the S&P 500 was up 5.31, or 0.26%, to 2,034.86.
12:31 EDTFBEarnings Preview: Analysts expect Facebook to beat expectations in Q4 report
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11:31 EDTYHOOStocks with call strike movement; YHOO AAPL
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11:18 EDTFBFacebook January weekly volatility elevated into Q4 and outlook
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10:29 EDTYHOOOptions with decreasing implied volatility
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09:59 EDTYHOOOn The Fly: Analyst Upgrade Summary
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09:35 EDTYHOO, FBActive equity options trading
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09:15 EDTYHOOOn The Fly: Pre-market Movers
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07:50 EDTYHOOYahoo spin-off of Alibaba will unlock value, says UBS
UBS believes Yahoo's (YHOO) spin-off of Alibaba (BABA) will unlock shareholder value. The firm also viewed the company's growth initiatives and its organic investments to drive growth as positive. UBS reiterated its Buy rating and raised its price target to $62 from $60 on Yahoo shares.
07:31 EDTYHOO, FBAOL downgraded on rising competition at Wells Fargo
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07:26 EDTYHOOAlibaba more likely to buy back Yahoo stake due to spin plans, FT says
After Yahoo (YHOO) announced plans to split into two companies, one that will own Yahoo’s core operating business and its stake in Yahoo Japan and another that will hold a legacy operating business and Yahoo’s remaining 15% stake in Alibaba (BABA), people familiar with the matter told Financial Times that the decision significantly increases the chances of Alibaba buying back the stake since the spin-off will create a "shadow market" of its shares over which it will have little control. Reference Link
07:25 EDTYHOOYahoo price target raised to $61 from $53 at Jefferies
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07:12 EDTYHOOYahoo price target raised to $69 from $54 at Credit Suisse
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06:54 EDTYHOOYahoo price target raised to $60 from $43 at Cantor
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05:55 EDTYHOOStocks with implied volatility above IV index mean; YHOO HLF
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05:53 EDTYHOOYahoo upgraded to Buy from Fair Value at CRT Capital
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January 27, 2015
18:20 EDTYHOOOn The Fly: After Hours Movers
UP AFTER EARNINGS: ABIOMED (ABMD), up 27%... Yahoo (YHOO), up 7.2% after reporting fourth quarter results and that it is planning a tax-free spin-off of remaining Alibaba (BABA) stake... Freescale Semiconductor (FSL), up 10%... Marten Transport (MRTN), up 6%... U.S. Steel (X), up 9.2%... Key Tronic (KTCC), up 4%... Juniper Networks (JNPR), up 4.4%... Western Digital (WDC), consensus 2.6%... Electronic Arts (EA), up 4.8%... VMware (VMW), up 1.7%... AT&T (T), up 1.9%... Apple (AAPL), up 5.1%. ALSO HIGHER: Cirrus Logic (CRUS), up 2.9%, Skyworks (SWKS), up 1.3%, NXP Semiconductors (NXPI), up 1.5%, and Qorvo (QRVO), up 1% following Apple's first quarter results... EMC (EMC), up 2.1% following VMware's fourth quarter results... Alibaba (BABA), up marginally following Yahoo results and tax-free spin-off plans... DOWN AFTER EARNINGS: Ethan Allen (ETH), down 13.1%... EZCORP (EZPW), down 7.1%... International Game Technology (IGT), down 2.9%... Open Text (OTEX), down 4.4%. ALSO LOWER: Synergy Resources (SYRG), down 3.7% after filing to sell $150M of common stock.
17:46 EDTYHOOYahoo updates Q4 share repurchase activity
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16:18 EDTYHOOYahoo trades up after announcing tax-free spin-off of Alibaba stake
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16:17 EDTYHOOYahoo sees Q1 revenue ex-TAC $1.02B-1.06B, consensus $1.1B
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16:16 EDTYHOOYahoo jumps 6% after earnings, plan for tax-free spin of Alibaba stake
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16:15 EDTYHOOYahoo plans for tax-free spin-off of remaining stake in Alibaba
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16:13 EDTYHOOYahoo reports Q4 GAAP display revenue down 4% to $532M
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16:12 EDTYHOOYahoo reports Q4 GAAP search revenue up 1% to $467M
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16:11 EDTYHOOYahoo plans tax free spin-off of remaining Alibaba stake
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16:10 EDTYHOOYahoo reports Q4 EPS 30c, consensus 29c
Reports Q4 revenue ex-TAC $1.18B, consensus $1.19B.
15:35 EDTYHOONotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include Apple (AAPL), consensus $2.60; AT&T (T), consensus 55c; Amgen (AMGN), consensus $2.05; Yahoo (YHOO), consensus 29c; ACE (ACE), consensus $2.29; Stryker (SYK), consensus $1.45; Western Digital (WDC), consensus $2.10; Electronic Arts (EA), consensus 92c; Juniper (JNPR), consensus 31c; Total System Services (TSS), consensus 53c; Freescale Semiconductor (FSL), consensus 33c; Amdocs (DOX), consensus 81c; VMware (VMW), consensus $1.07; International Game Technology (IGT), consensus 25c; United States Steel (X), consensus 87c; Cytec (CYT), consensus 61c.
14:51 EDTYHOOYahoo January weekly 48 straddle priced for 8% movement into Q4
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12:45 EDTYHOOEarnings Preview: Yahoo may announce Alibaba plans with Q4 earnings
Yahoo (YHOO) is expected to report fourth quarter earnings after the market close on Tuesday, January 27 with a conference call scheduled for 5:00 pm ET. Yahoo is a digital media company that provides properties and services such as Yahoo! Search and Yahoo! News. EXPECTATIONS: Analysts are looking for earnings per share of 29c on revenue of $1.19B. The consensus range is 17c-57c for EPS, and $1.16B-$1.22B for revenue, according to First Call. LAST QUARTER: Yahoo reported Q3 EPS 52c against estimates of 30c on revenue ex-tac of $1.09B against estimates of $1.04B. The company reported Q3 GAAP display revenue down 5% to $447M and Q3 AAP search revenue up 4% to $452M. Looking ahead, Yahoo expected Q4 revenue ex-TAC $1.14B-$1.18B, Q4 non-GAAP net income $190M-$230M, and Q4 adjusted EBITDA $340M-$380M. Yahoo also said Tumblr monthly active users exceeds 1B, up 6% vs. last year. In regards to the Alibaba (BABA) sale, Yahoo expected taxes of $3.3B in Q1. NEWS: In the past quarter, Starboard and other major Yahoo supporters have voiced their support for a combination with AOL (AOL). In a letter to Yahoo's CEO and board, Starboard also said Yahoo should explore monetization for non-core minority equity investments. In a separate NY Times report, other major unnamed shareholders are collaborating to push for a merger with AOL. The Associated Press also reported that Yahoo may announce its plans for Alibaba during its Q4 earnings report. The report noted that investors hope CEO Marissa Mayer will spin off the $37B stake to ease potential taxes. Yahoo has also been rumored to be in talks to acquire a cable network. Re/code's Kara Swisher, however, said Yahoo is not buying CNN and Variety reported Yahoo has not held talks to buy Food Network from Scripps (SNI). During a Credit Suisse Technology Conference in December, Yahoo's CFO said the company's total headcount has been taken down. The company also noted that its PC display business has been challenged, but mobile is growing. IT will continue to invest in Search and is looking at new ways to monetize Flickr. STREET RESEARCH: Ahead of the Q4 earnings, BGC Financial said Yahoo is unlikely to announce a spin-out with earnings. Citigroup meanwhile believes an Alibaba spin-off will likely occur in the second half of 2015 as Yahoo begins to return to focus on its core business. Citi adds that core Yahoo is showing "green shoots "as fast growing mobile revenue become a bigger part of overall results. FBR Capital sees positive risk/reward for Yahoo shares ahead of Q4 earnings, saying expectations are low for core Yahoo business at a time when engagement is improving. PRICE ACTION: Yahoo shares have risen more than 19%, since the first day of trading following the company's Q3 report. In Tuesday afternoon trading ahead of the Q4 report, Yahoo shares are trading up 2.3%.
09:59 EDTFBFacebook January weekly volatility increases into Q4 and outlook
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09:25 EDTAPOBlackstone raises energy-sector credit fund, Reuters says
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09:13 EDTFBTwitter adds group messaging to mobile app, Re/code says
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07:38 EDTFBFacebook Q4 results should beat expectations, says MKM Partners
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05:58 EDTYHOOStocks with implied volatility above IV index mean; YHOO HLF
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05:45 EDTFBFacebook says global outage caused by internal glitch, BBC News reports
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January 26, 2015
16:01 EDTFBOptions Update; January 26, 2015
iPath S&P 500 VIX Short-Term Futures down 1.47 to 30.63. Option volume leaders: AAPL TSLA TWTR AMZN FB NFLX X MSFT BP GILD according to Track Data.
13:26 EDTYHOOYahoo volatility increases into Q4 and ad outlook
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12:45 EDTFBFacebook January weekly volatility increases into Q4 and outlook
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10:04 EDTDWADreamWorks Animation seen as takeover target after restructuring
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10:00 EDTYHOOOn The Fly: Analyst Initiation Summary
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10:00 EDTDWAOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: American Axle (AXL) upgraded to Overweight from Neutral at JPMorgan... Bed Bath & Beyond (BBBY) upgraded to Outperform from Perform at Oppenheimer... DRDGOLD (DRD) upgraded to Neutral from Underweight at JPMorgan... DealerTrack (TRAK) upgraded to Buy from Hold at Stifel... DreamWorks Animation (DWA) upgraded to Buy from Neutral at B. Riley... First Niagara (FNFG) upgraded to Buy from Hold at Jefferies... Fortinet (FTNT) upgraded to Buy from Neutral at Citigroup... Garmin (GRMN) upgraded at RBC Capital... Harmony Gold (HMY) upgraded to Overweight from Neutral at JPMorgan... Invesco (IVZ) upgraded to Positive from Neutral at Susquehanna... Kansas City Southern (KSU) upgraded at Raymond James... McDonald's (MCD) upgraded to Overweight from Equal Weight at Stephens... Melco Crown (MPEL) upgraded to Buy from Hold at Union Gaming... Monro Muffler (MNRO) upgraded to Neutral from Reduce at SunTrust... Pier 1 Imports (PIR) upgraded to Outperform from Perform at Oppenheimer... Piper Jaffray (PJC) upgraded to Neutral from Underperform at Macquarie... Randgold (GOLD) upgraded to Overweight from Neutral at JPMorgan... Rockwell Collins (COL) upgraded to Buy from Hold at Argus... Telefonica (TEF) upgraded to Neutral from Underperform at BofA/Merrill... Triumph Group (TGI) upgraded at RBC Capital... Unilever (UL) upgraded to Buy from Underperform at BofA/Merrill... WWE (WWE) upgraded to Neutral from Underperform at Macquarie.
08:48 EDTYHOOYahoo with a Neutral at Rosenblatt
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08:12 EDTYHOOYahoo risk/reward positive into earnings, says FBR Capital
FBR Capital sees a positive risk/reward for Yahoo (YHOO) shares into tomorrow's Q4 earnings report. The firm says the delta in value between a fully taxed Alibaba (BABA) stock sale and a tax-shielded transfer is $15 per share, with every 10% percentage point tax rate deduction worth $4 to Yhaoo's stock price. FBR also believes expectations are low for the core Yahoo business at a time when engagement is improving. It cut its price target for Yahoo to $56 from $60 to reflect a lower Alibaba share price and keeps an Outperform rating on the shares.
06:58 EDTAPOCerberus may acquire newspaper group Digital First for $600M, Bloomberg says
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06:44 EDTYHOOSoftbank awaiting Yahoo announcement on Alibaba, WSJ says
Yahoo's (YHOO) upcoming announcement regarding its 15% Alibaba (BABA) stake and 35.5% Yahoo Japan stake may affect Softbank's (SFTBF) plans for Alibaba, reports the Wall Street Journal's Digits blog, citing an SMBC Nikko analyst. Sprint (S)-owner Softbank has a 32% stake in Alibaba and a 43% stake in Yahoo Japan. Analysts say Softbank is unlikely to purchase Yahoo's shares in either company, though a Yahoo Japan buyback is "more plausible." Reference Link
06:29 EDTYHOOYahoo core business showing 'green shoots,' says Citigroup
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06:26 EDTYHOOYahoo may absorb Tumblr sales force, Re/code says
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06:07 EDTYHOOStocks with implied volatility above IV index mean; YHOO HLF
Stocks with implied volatility above IV index mean; Yahoo (YHOO) 46, Herbalife (HLF) 101 according to iVolatility.
06:06 EDTDWADreamWorks Animation upgraded to Buy from Neutral at B. Riley
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January 25, 2015
15:40 EDTAPOCaesar's sued for attempting to buy bank lenders’ votes, Bloomberg says
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January 23, 2015
16:55 EDTDWAMarket ends week higher after ECB announces bond purchase plan
Stocks finished higher for the week after the European Central Bank unveiled a larger than expected bond buying plan and earnings season in the U.S. picked up steam. MACRO NEWS: The European Central Bank announced that it would buy EUR 60B of government and private bonds per month through September 2016. Reports before the ECB's official announcement had suggested that the central bank would buy EUR 50B of bonds per month... On a negative note, the International Monetary Fund cut its 2015 global growth outlook to 3.5% from 3.8%... U.S. economic data was mixed, as weekly jobless claims and sales of existing homes in December were worse than expected, but the index of leading economic indicators and new housing permits for December came in above the consensus outlook. COMPANY NEWS: Netflix (NFLX), Starbucks (SBUX), firearm maker Smith & Wesson (SWHC), and Southwest Airlines (LUV) were among the companies whose stocks rose following their results and guidance. On the other side of the ledger, Johnson & Johnson (JNJ), IT management solution provider CA Technologies (CA), UPS (UPS), and application delivery networking products maker F5 Networks (FFIV) were among the companies that fell after they reported their earnings or updated their financial outlooks... M&A reports moved a number of stocks this week. The Financial Post reported that Samsung (SSNLF) had hired investment bank Evercore (EVR) to evaluate a purchase of the troubled Canadian company. Samsung is still considering purchasing BlackBerry (BBRY), the newspaper added. However, Canada's BNN reported that Evercore said that Samsung has not been a recent client of theirs and that they prepare ideas "routinely" on their "own accord." Avon (AVP) has held talks about a potential sale to private equity firm TPG Capital, dealReporter stated. Bloomberg reported that online travel agency Orbitz Worldwide (OWW) is working with an adviser to contact potential buyers and has drawn interest from private-equity funds and other Internet companies... DreamWorks Animation (DWA) tumbled after announcing a new strategic plan that will see it cut its feature production from three films per year down to two and axe about 500 jobs. INDEXES: For the week, the Dow dipped 0.37% to 17,672.60, the Nasdaq rose 1.14% to 4,757.88, and the S&P gained 0.34% to 2,051.82.
16:01 EDTFBOptions Update; January 23, 2015
iPath S&P 500 VIX Short-Term Futures up 80c to 32.10. Option volume leaders: AAPL TSLA TWTR AMZN FB FXCM X GDP PBR according to Track Data.
15:36 EDTFBFacebook January weekly volatility increases into Q4 and outlook
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14:22 EDTYHOOYahoo volatility elevated into Q4 and ad outlook
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12:45 EDTDWADreamWorks Animation tumbles, levels to watch
The stock was last at $19.28, off the earlier low of the day at $18.30, which is a new 52-week low and current support. Resistance is at $20.08, the session high.
12:36 EDTDWAAnalysts disagree on DreamWorks after restructuring news
Two analysts disagreed on the outlook for animated film maker DreamWorks Animation (DWA) after the company last night announced that it would implement a restructuring initiative. BACKGROUND: DreamWorks said that it will reduce the amount of films it produces annually to two from three. The company added that it would lay off about 500 of its employees and take a pre-tax charge of about $290M as a result of its restructuring. BULLISH TAKE: Piper Jaffray analyst James Marsh upgraded DreamWorks to Overweight from Neutral following the company's announcement. The film maker has finally brought its production costs under control, and the stock's risk/reward ratio is positive, Marsh believes. DreamWorks’ earnings before interest, taxes, depreciation and amortization margins will jump to 18%-20% by 2016, up from 10%-12% today, the analyst stated. BEARISH TAKE: Janney Capital analyst Tony Wible downgraded DreamWorks to Sell from Hold, writing that the restructuring will undermine the company's growth for two years and cause investors to become concerned about its liquidity position. Meanwhile, the company's film business is unlikely to grow significantly until 2017, Wible added. On the other hand, DreamWorks remains an attractive takeover candidate for a foreign buyer, and its book value per share is relatively high, the analyst stated. PRICE ACTION: In early afternoon trading, DreamWorks fell 85 to $19.65. Earlier today the shares set a new 52 week low of $18.30.
12:33 EDTDWAOn The Fly: Midday Wrap
Stocks on Wall Street were mixed at midday, with the Nasdaq leading and the Dow lagging. The futures dipped this morning after UPS (UPS) pre-announced that its quarterly earnings would miss Street estimates. The earnings miss dragged other transportation names lower. ECONOMIC EVENTS: In the U.S., Markit's preliminary January manufacturing PMI fell to 53.7 from 53.9 previously, versus expectations for a reading of 54.0. Existing home sales rebounded 2.4% to a 5.04M rate in December, which was below the consensus forecast for a 3% increase. The leading indicators rose 0.5% to 121.1 in December, topping expectations for a rise of 0.4%. COMPANY NEWS: Shares of UPS plunged over 9% after the shipping giant warned that its Q4 adjusted EPS is now expected to be $1.25, below the consensus forecast of $1.47. "UPS invested heavily to ensure we would provide excellent service during peak when deliveries more than double. Though customers enjoyed high quality service, it came at a cost to UPS. Going forward, we will reduce operating costs and implement new pricing strategies during peak season,” said CEO David Abney. Subsequently, its peer, FedEx (FDX), reaffirmed its FY15 EPS forecast of $8.50-$9.00. The outlook compares to a consensus forecast of $8.97. FedEx shares, which were briefly halted for the announcement, are down 2% afterward... Shares of McDonald’s (MCD) slid about 1% near noon after its earnings miss, though the world’s largest restaurant chain's same-store sales declined less than analysts expected. Same-store sales in the company's fiscal fourth quarter declined 0.9%, versus the Consensus Metrix analysts' estimate for a 1.5% drop. Of note, McDonald’s U.S. same-store sales had their first monthly gain in more than a year in December, having risen 0.4%. MAJOR MOVERS: Among the notable gainers was Starbucks (SBUX), which rose 6.5% and had several research firms issue upbeat notes after the company reported in-line results last night. At least three firms responded to the report by raising their price targets on the shares. Also higher was Array BioPharma (ARRY), which jumped 38% after announcing that it has reached a definitive agreement with Novartis (NVS) to acquire worldwide rights to encorafenib, a BRAF inhibitor currently in Phase 3 development. Among the noteworthy losers was Avon Products (AVP), which dropped 11% after Wells Fargo downgraded the stock to Market Perform from Outperform after shares rallied yesterday over 14% following a report that the company has held talks with TPG Capital about a possible deal. Wells says it leveraged buyout math suggests a takeout of the entire company is unlikely. Also lower was DreamWorks Animation (DWA), which fell 9% after announcing a new strategic plan that will see it cut its feature production from three films per year down to two and cut about 500 jobs. INDEXES: Near midday, the Dow was down 42.58, or 0.24%, to 17,771.40, the Nasdaq was up 9.68, or 0.2%, to 4,760.08, and the S&P 500 was down 3.40, or 0.16%, to 2,059.75.
10:02 EDTDWAOn the Fly: Analyst Downgrade Summary
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10:02 EDTDWAOn the Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: AmSurg (AMSG) upgraded to Overweight from Neutral at Piper Jaffray... Anglo American (AAUKY) upgraded to Neutral from Sell at Goldman... Autobytel (ABTL) upgraded to Buy from Hold at Ascendiant... Charles River Labs (CRL) upgraded to Outperform from Market Perform at William Blair... Chesapeake (CHK) upgraded to Outperform from Neutral at Credit Suisse... CubeSmart (CUBE) upgraded to Buy from Neutral at SunTrust... Cypress Semiconductor (CY) upgraded to Neutral from Underweight at JPMorgan... DreamWorks Animation (DWA) upgraded to Overweight from Neutral at Piper Jaffray... E-Trade (ETFC) upgraded at Credit Suisse... Kate Spade (KATE) upgraded to Buy from Neutral at Mizuho... LinkedIn (LNKD) upgraded to Strong Buy from Market Perform at Raymond James... Matthews (MATW) upgraded to Outperform from Neutral at Macquarie... Meridian Bioscience (VIVO) upgraded to Buy from Hold at Craig-Hallum... Michael Kors (KORS) upgraded to Buy from Neutral at Mizuho... NIC Inc. (EGOV) upgraded to Hold from Sell at Maxim... Natural Grocers (NGVC) upgraded to Overweight from Neutral at Piper Jaffray... Nucor (NUE) upgraded to Buy from Neutral at Goldman... ResMed (RMD) upgraded to Buy from Hold at Needham... Smith & Wesson (SWHC) upgraded to Buy from Neutral at Dougherty... Ternium (TX) upgraded to Neutral from Sell at Goldman... Union Pacific (UNP) upgraded to Buy from Hold at BB&T... ZAGG (ZAGG) upgraded to Buy from Hold at Craig-Hallum... lululemon (LULU) upgraded to Overweight from Neutral at JPMorgan.
09:21 EDTDWAOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Infinera (INFN), up 13.2%... E-Trade (ETFC), up 5.6%... Starbucks (SBUX), up 5%... ResMed (RMD), up 3.2%. ALSO HIGHER: IVUS (VVUS), up 6.2% after being initiated with an Outperform at RBC Capital... Vitae Pharmaceuticals (VTAE), up 12.3% after 3M share Secondary priced at $11.90... lululemon (LULU), up 3.5% after being upgraded to Overweight from Neutral at JPMorgan. DOWN AFTER EARNINGS: Kimberly Clark (KMB), down 4.6%... Bank of New York Mellon (BK), down 2.1%... Altera (ALTR), down 4.4%... Kansas City Southern (KSU), down 3.3%... McDonald's (MCD), down fractionally. ALSO LOWER: LeapFrog (LF), down 32.8% after reporting preliminary third quarter results and withdrawing fiscal 2015 guidance... Molycorp (MCP), down 10.7% after being downgraded to Neutral from Buy at DA Davidson... Dreamworks (DWA), down 12% after announcing that it will cut 500 jobs, reduce films released per year, and seeing a $55M charge for 'The Penguins of Madagascar' and 'Mr. Peabody and Sherman'... Otonomy (OTIC), down 1.8% after secondary increased to 2.55M shares, priced at $29.25.
09:02 EDTMMacy's Sacramento fulfillment center to relocate to larger facility
Macy’s announced it plans to relocate its West Sacramento, CA, direct-to-consumer fulfillment center to a larger facility in a nearby location in Sacramento County to support continued sales growth driven by Macy’s omnichannel strategy. Contingent on approvals by the Sacramento County Board of Supervisors, Macy’s will begin operations in summer 2015 at a 385,000-square-foot facility at 6200 Franklin St., creating approximately 100 new jobs. The current 92,000-square-foot fulfillment center is located about 10 miles away at 3919 Channel Drive in West Sacramento. The current workforce of 72 associates is planned to grow to more than 175 after the move. Macy’s multi-million-dollar upgrade to the new fulfillment center will include building modifications and the latest technology in material handling equipment and warehouse management systems.
08:07 EDTFBU.S. tech giants nervous about backlash in Europe, WSJ says
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07:50 EDTAPOApollo having trouble securing financing for Presidio deal, Reuters says
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07:37 EDTYHOODistribution news could increase Yahoo value to $67 per share, says MKM Partners
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06:46 EDTFBFacebook downplaying FBX, Digiday says
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06:41 EDTDWADreamWorks Animation downgraded to Underperform from Market Perform at Cowen
Note that Janney Capital downgraded and Piper Jaffray upgraded Dreamworks this morning following last night's restructuring announcement.
06:35 EDTDWADreamWorks Animation downgraded to Sell from Neutral at Janney Capital
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05:33 EDTDWADreamWorks Animation upgraded to Overweight from Neutral at Piper Jaffray
Piper Jaffray upgraded DreamWorks Animation to Overweight citing the company's restructuring and its belief future write-downs are unlikely. Piper believes DreamWorks has "finally" gotten film production costs under control and raised its price target for shares to $26 from $22. Shares of the movie maker closed yesterday up 63c to $21.31.
January 22, 2015
16:26 EDTDWADreamWorks Animation sees $55M charge for Penguins, Mr. Peabody
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16:23 EDTDWADreamWorks Animation announces departure of COO Mark Zoradi
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16:23 EDTDWADreamWorks Animation COO Mark Zoradi leaving company
In connection with the 2015 Restructuring Plan, the company also announced that Lewis Coleman, the company’s Vice Chairman, and Mark Zoradi, the company’s COO, would be leaving the company. The company currently anticipates that Mr. Zoradi will leave the company during the quarter ending March 31, 2015 and Mr. Coleman will retire from the company on or about January 30, 2015. On January 19, 2015, Mr. Coleman resigned from the company’s Board of Directors effective immediately.
16:19 EDTDWADreamWorks Animation reduces films per year to two, cuts 500 jobs
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16:00 EDTFBOptions Update; January 22, 2015
iPath S&P 500 VIX Short-Term Futures down 2.13 to 31.32 Option volume leaders: AAPL TSLA TWTR AMZN FB FXCM AVP BAC according to Track Data.
13:53 EDTFBFacebook initiated with a Sell at Societe Generale
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13:50 EDTYHOOYahoo launches new art initiative, Business Insider says
Yahoo's Tumblr announced a new initiative, Creatrs, that will help artists license their work and protect their legal rights, according to Business Insider. Under the program Tumblr will also utilize users' art and provide art to advertisers, Business Insider added. Reference Link
13:46 EDTYHOOYahoo may attract buyers without Alibaba stake on sheets, Bloomberg reports
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10:20 EDTFBFacebook January weekly volatility elevated into Q4 and outlook
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10:18 EDTYHOOYahoo volatility elevated into Q4 and ad outlook
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08:33 EDTFBFacebook Q4 North America revenues trending slightly ahead, says ITG Research
ITG Research said Facebook's Q4 North American revenues are tracking to $1.8B vs. its prior estimate of $1.775B and consensus of $1.721B.
06:11 EDTFBWhatsApp now available in web browsers
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January 21, 2015
16:00 EDTFBOptions Update; January 21, 2015
iPath S&P 500 VIX Short-Term Futures down 1.63 to 33.49. Option volume leaders: AAPL TSLA TWTR AMZN FB RIG C ABX SIRI NFLX according to Track Data.
14:35 EDTYHOOYahoo unlikely to announce spin-out with earnings, says BGC Financial
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13:38 EDTWMTEarnings Preview: eBay shares rise over 5.5% since last earnings report
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12:12 EDTMBest Buy, home retailers seen getting biggest bump from Sears demise
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10:01 EDTWMTOn The Fly: Analyst Downgrade Summary
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06:59 EDTMMacy's sues Strategic Marks in brand dispute, NY Post says
Macy's is suing Strategic Marks after the company attempted to acquire certain Macy's brand names, including Abraham & Straus, Marshall Field’s, and Filene’s, reports the New York Post. Strategic Marks laid claim to the "dormant" brands, saying Macy's acquired then abandoned them in order to eliminate regional competition, and trial is set for March 2. The Post notes that Strategic is readying "its own launch of new merchandise and pop-up stores." Reference Link
06:52 EDTWMTWal-Mart downgraded to Equal Weight from Overweight at Morgan Stanley
Morgan Stanley downgraded Wal-Mart to Equal Weight citing balanced risk/reward and lack of margin growth due to potential re-investments.
06:52 EDTMMacy's sues Strategic Marks in brand dispute, NY Post says
Macy's is suing Strategic Marks after the company attempted to acquire certain Macy's brand names, including Abraham & Straus, Marshall Field's, and Filene's, reports the New York Post. Strategic Marks laid claim to the "dormant" brands, saying Macy's acquired then abandoned them in order to eliminate regional competition, and trial is set for March 2. The Post notes that Strategic is readying "its own launch of new merchandise and pop-up stores." Reference Link
January 20, 2015
13:01 EDTWMTWal-Mart launches cash pickup option for tax refunds
As Americans begin to file their tax returns, Walmart (WMT) announced the launch of a first-of-its-kind service that allows consumers to “skip the check” and pick up their tax refunds in cash. Walmart Direct2Cash is available nationwide starting today and will help customers save time and money when compared to traditional tax refund options. Walmart is working with Tax Products Group, a Green Dot Company (GDOT), and Republic Bank & Trust Company, member FDIC, two providers of tax-related financial products and services, to provide Walmart Direct2Cash as an option to millions of customers. The more than 25,000 tax preparation locations using software with the Walmart Direct2Cash option may provide this service for no additional fee or charge a maximum of $7 at the time of filing. Walmart does not charge customers a fee when refunds are claimed in a store.
09:44 EDTWMT, M, TGTSupreme Court denies appeal of 'swipe fee' ruling, Reuters reports
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06:57 EDTFBFacebook to upgrade Messenger app, experiment with revenue generation, WSJ says
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06:39 EDTYHOOYahoo to announce Alibaba plans on or before January 27, AP says
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06:06 EDTDWADreamWorks planning to lay off 'substantial' number of staff, LA Times reports
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06:02 EDTFBFacebook acquires boutique firm Teehan+Lax, terms not disclosed
Toronto-based boutique firm Teehan+Lax announced in a blog post on Friday that the company will join Facebook's design team in California. T+L said "In a few weeks we will be moving to the San Francisco Bay Area. This will mean saying goodbye to family, friends, Toronto, and Teehan+Lax." Terms of the deal have not been disclosed. Reference Link
06:01 EDTYHOOStocks with implied volatility above IV index mean; HLF YHOO
Stocks with implied volatility above IV index mean; Herbalife (HLF) 113, Yahoo (YHOO) 54 according to iVolatility.
January 18, 2015
16:34 EDTFBFacebook job listings hint at push into virtual reality, Reuters says
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January 16, 2015
16:36 EDTTGTMarket finishes week lower on continued oil, global growth worries
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10:56 EDTYHOOStocks with call strike movement; AAL YHOO
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10:12 EDTWMTSprint unit Virgin Mobile to offer no contract data sharing plans
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10:01 EDTTGTOn The Fly: Analyst Upgrade Summary
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07:55 EDTTGTChildren's Place Carter's may have opportunity from Target move, say Oppenheimer
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07:23 EDTTGTTarget upgraded at BofA/Merrill
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06:15 EDTYHOOYahoo's Prashant Fuloria to oversee all ad products, WSJ reports
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06:04 EDTYHOOYahoo CEO Mayer may be giving Flurry execs more power, Re/code reports
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January 15, 2015
16:20 EDTTGTOn The Fly: Closing Wrap
Stocks on Wall Street had a see-saw trading day, with every attempt at getting the averages into positive territory being met with more selling. The market spent most of the day in negative territory, however, as the latest bank earnings reports failed to impress investors, the price of oil renewed its downtrend, and the Swiss National bank withdrew its floor support on the Swiss franc. ECONOMIC EVENTS: Internationally, Switzerland's central bank unexpectedly gave up its minimum exchange rate, sending the Swiss franc soaring against the dollar and euro and triggering wild swings in its equity markets. In the U.S., initial jobless claims rose 19K to 316K in the week ended January 10, versus expectations for 298K first-time claims. The producer price index fell 0.3% in December, versus expectations for a decrease of 0.4%. The core PPI rate rose 0.3% in the month, versus expectations for it to be up 0.1%. The Empire State index rebounded to 9.95 in January, beating expectations for a 5.0 reading for the measure of manufacturing activity in the New York area. The Philly Fed index fell 18.0 points to 6.3 in January, which was worse than the projected pullback to a reading of 18.7. WTI crude oil, the U.S. benchmark, reversed its early gains to end the trading session down 4.6% at $46.25 per barrel. COMPANY NEWS: Shares of Target (TGT) advanced $1.34, or 1.8%, to $75.67 after the retailer announced plans to stop operating stores in Canada. Target expects this decision will increase its earnings in fiscal 2015 and beyond, and increase its cash flow in fiscal 2016 and beyond. The company also raised its forecasts for Q4 U.S. comparable sales growth and adjusted earnings per share, mostly due to increased traffic and stronger-than-expected digital sales... Bank of America (BAC) slid 84c, or 5.24%, to $15.20 after reporting its fourth quarter results, while Citigroup (C), which also issued its Q4 report, dropped $1.82, or 3.71%, to $47.23. MAJOR MOVERS: Among the notable gainers was Cliffs Natural Resources (CLF), which rose 93c, or 11.94%, to $8.72 amid strength in the basic materials sector. Also benefitting the stock may have been a Bloomberg report that said an adviser to Quebec's investment arm stated that Cliffs' closed down Bloom Lake mine has attracted interest from several potential buyers. Also higher were shares of Kraft Foods (KRFT), which climbed $2.92, or 4.66%, to $65.68 after Goldman Sachs upgraded the stock to Buy and placed the shares on its Conviction List. Also of note, the Consumer Analyst Group of New York confirmed to Bloomberg that the food and beverage manufacturer canceled its upcoming conference appearance. Among the noteworthy losers was Best Buy (BBY), which dropped $5.61, or 14.06%, to $34.30 after reporting holiday growth that was lower than previous quarters, citing factors including weakness in tablets, and guiding toward comparable sales in the first half of FY16, excluding certain items, to be flat to down by a low-single digit percentage. Also lower were shares of BlackBerry (BBRY), which declined $2.49, or 19.77%, to $10.10 after the company said last night that it is not in talks with Samsung (SSNLF) about a potential merger, rebutting a Reuters report. INDEXES: The Dow fell 106.38, or 0.61%, to 17,320.71, the Nasdaq dropped 68.50, or 1.48%, to 4,570.82, and the S&P 500 declined 18.60, or 0.92%, to 1,992.67.
16:17 EDTTGTTarget upgraded to Neutral from Underperform at BofA/Merrill
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14:09 EDTTGTTarget downgraded at Stifel
As previously reported, Stifel downgraded Target to Hold from Buy. The firm believes near-term tactical opportunities are play out and management commentary indicates investments will be necessary in order to modernize.
13:47 EDTTGTTarget downgraded to Hold from Buy at Stifel
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12:26 EDTTGTOn The Fly: Midday Wrap
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11:58 EDTTGTTarget sees accelerating plans to expand CityTarget
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11:46 EDTTGTTarget says Canada exit will allow quicker return to share repurchases
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11:43 EDTTGTTarget says 'vast majority' of Canada exit costs are non-cash
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10:35 EDTTGTTarget viewed unchanged after Canada exit, says RW Baird
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10:22 EDTTGTTarget rallies after moving to close Canadian operations, levels to watch
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10:12 EDTTGTTarget to host business news update conference call
Conference call to discuss Target Canada granted CCAA order will be held on January 15 at 11:30am. Webcast Link
10:04 EDTTGTTarget exit from Canada came sooner than expected, says Wells Fargo
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09:46 EDTTGTTarget Canada granted CCAA order
Target announced that Target Canada has obtained an Initial Order from the Ontario Superior Court of Justice for creditor protection under the Companies' Creditors Arrangement Act, or CCAA, earlier this morning. The Initial Order authorizes Target Canada to begin a court-supervised wind-down of its Canadian businesses. It also provides for a broad stay of proceedings against Target Canada and authorizes Target to provide a debtor-in-possession credit facility of $175M to finance Target Canada’s operations during the CCAA proceedings. Note that Target announced earlier that it has decided to discontinue operations in Canada.
09:24 EDTWMTEpiq Systems to hold a webinar
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09:15 EDTTGTOn The Fly: Pre-market Movers
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08:41 EDTTGTTarget raises Q4 adjusted EPS view to $1.43-$1.47, may not compare to $1.21
Based on performance through November and December, Target now expects to report Q4 U.S. comparable sales of approximately 3%, better than prior guidance of approximately 2%, driven primarily by increased traffic and stronger-than-expected digital sales. Sees Q4 adjusted EPS, reflecting results from continuing operations, of $1.43-$1.47, about 6c ahead of expectations for U.S. Segment performance at the beginning of the quarter. The company is not able to provide an estimate of its expected Q4 GAAP EPS. However, GAAP results are expected to include: Losses related to liquidation of Target Canada,net of taxes; Net expenses related to the 2013 data breach, which are not expected to be material; the impact of the reduction of the beneficial interest asset recognized in connection with the 2013 sale of the company’s credit card portfolio, which is expected to reduce GAAP EPS by approximately 2c.
08:28 EDTTGTTarget to report Canadian operations as discontinued starting in Q4
As a result of the Canada decision, Target Corporation will operate as a single segment that includes all U.S. operations. Beginning with the company’s Q4 financial results, Target will report adjusted earnings per share reflecting operating results from its U.S. operations, excluding discontinued Canadian operations, the impact of the reduction of the beneficial interest asset recognized in connection with the 2013 sale of the Company’s U.S. consumer credit card portfolio, net expenses related to the 2013 data breach, and the resolution of certain tax matters.
08:27 EDTTGTTarget to exit Canadian operations, sees move raising earnings in FY15 and after
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08:24 EDTTGTTarget volatility flat into discontinuation of Canadian operations
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08:23 EDTTGTTarget jumps after announcing plans to exit Canadian operations
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08:21 EDTTGTTarget sees reporting $5.4B pre-tax losses on discontinued operations in Q4
08:19 EDTTGTTarget to discontinue Canadian operations
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08:15 EDTAPOApollo may have hard time with Caesar's 'fairness' test, Bloomberg says
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05:55 EDTYHOOStocks with implied volatility above IV index mean; HLF YHOO
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January 14, 2015
16:00 EDTWMTOptions Update; January 14, 2015
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10:27 EDTFBFacebook, Google seen at front of 'multi-year' positive run for Internet stocks
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09:46 EDTFBFacebook initiated with a Buy at Rosenblatt
Target $100.
07:17 EDTFBFacebook price target raised to $100 from $88 at Oppenheimer
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07:13 EDTFBFacebook price target raised to $102 on FAN contribution at Credit Suisse
Credit Suisse raised Outperform rated Facebook's price target to $102 from $88 to reflect new mobile ad network FAN into its estimates. The analyst expects Premium Video to have a greater impact on 2015 financials and longer-term for new products and yet-to-be monetized properties to continue to drive estimates.
07:11 EDTANADANADIGICS sees Q4 revenue in line with previously issued guidance of up 8%-12%
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07:09 EDTANADANADIGICS sees Q4 revenue up 8%-12% sequentially, consensus $20.77M
ANADIGICS announced that CEO Ron Michels and VP and CFO, Terry Gallagher will be presenting at the 17th Annual Needham Growth Conference held at The New York Palace in New York City on Wednesday, January 14 at approximately 11:20am ET. During the presentation, management will be communicating that it expects Q4 revenues to be in line with previously issued guidance of an 8%-12% sequential increase. Further, the company anticipates a sequential improvement in non-GAAP gross margin to exceed the 200 basis point improvement previously expected. With regard to year end Net Cash, the company anticipates reporting approximately $14.4M, an improvement from the $9.5M reported at the close of Q3.
06:25 EDTAPOCaesar's unit expected to file own Chapter 11 bankruptcy petition, WSJ reports
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05:55 EDTYHOOStocks with implied volatility above IV index mean; HLF YHOO
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