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Stock Market & Financial Investment News

News Breaks
April 22, 2014
10:32 EDTMNK, TRGP, SWK, ELXHigh option volume stocks: MNK SWK TRGP ELX
News For MNK;SWK;TRGP;ELX From The Last 14 Days
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March 3, 2015
07:33 EDTTRGPMorgan Stanley to hold a conference
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07:32 EDTTRGPBarclays to hold a conference
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February 27, 2015
17:24 EDTTRGPAtlas Energy, Atlas Pipeline Partners complete merger with Targa Resources
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February 26, 2015
16:52 EDTELXOn The Fly: Closing Wrap
Stocks on Wall Street moved in a narrow range for most of the session while remaining near record levels. The Nasdaq was the strongest of the indices, as it continues its march towards 5,000. Crude oil prices fell by over 5% during the regular trading session, but recovered a bit in after-hours trading. The market is on pace to complete its fourth consecutive week of gains and close out the month of February with gains after suffering losses in January. ECONOMIC EVENTS: In the U.S., the Consumer Price Index fell 0.7% in January, with the core rate rising 0.2%, versus expectations for the headline CPI to be down 0.6% and the core rate to rise 0.1%. Initial jobless claims rose 31K to 313K in the week ended February 21, versus expectations for 290K first-time claims. Durable goods orders rose 2.8% in January, versus expectations for a 1.6% increase. The FHFA home price index rose 0.8% to 218.6 in December, versus expectations for an increase of 0.5%. COMPANY NEWS: The Federal Communications Commission voted 3 to 2 in favor of adopting new open Internet, or "net neutrality," rules. FCC Chairman Tom Wheeler has proposed that the FCC use its Title II authority to implement and enforce "bright-line" rules to ban paid prioritization and the blocking and throttling of lawful content and services. However, Wheeler said his proposal will "modernize" Title II, insuring there will be no rate regulation, no tariffs, and no last-mile unbundling. Major Internet Service Providers, including Verizon (VZ), AT&T (T), and Comcast (CMCSA), have opposed the rules, while Netflix (NFLX) has been a strong and vocal supporter of open Internet provisions... Shares of International Business Machines (IBM) slipped $1.94, or 1.19%, to $160.87 after Big Blue held its investor day meeting in NYC. At the meeting, IBM backed its fiscal year profit view but also said that the company now expects currency to impact revenue growth by over 6 points for the full year, which is greater than the impact previously provided based on January 16 spot rates. IBM also said it was shifting $4B into "strategic initiatives," including Big Data, the Cloud, mobile, social and security... Barnes & Noble (BKS) rose $1.67, or 6.89%, to $25.92 after announcing plans to split its Education business from its Retail and NOOK Digital businesses. The separation into two independent, publicly traded companies is anticipated to be completed by the end of August and is intended to be a tax-free distribution to shareholders, B&N noted. MAJOR MOVERS: Among the notable gainers was Emulex (ELX), which jumped $1.57, or 24.69%, to $7.93 after the company agreed to be acquired by Avago Technologies (AVGO) for $606M, or $8 per share in cash. Avago also rose $16.57, or 14.71%, to $129.25 after announcing the deal and reporting "beat and raise" quarterly results. Also higher was UIL Holdings (UIL), which gained $9.74, or 23.01%, to $52.07 after the company agreed to be acquired by Iberdrola USA to create a newly listed U.S. publicly-traded company. The proposed transaction implies total value per share to UIL shareholders of $52.75, including $10.50 per share paid in the form of cash, the companies said. Among the noteworthy losers was Clayton Williams (CWEI), which fell $11.41, or 17.77%, to $52.79 after the company suspended drilling operations in both of its core resource plays, citing low oil prices, and its shares were downgraded at Wunderlich. Also lower following their earnings reports were network solutions provider Inteliquent (IQNT), which dropped $3.05, or 17.33%, to $14.55, and electric weapons maker TASER (TASR), which slid $4.36, or 16.14%, to $22.68. INDEXES: The Dow fell 10.15, or -0.06%, to 18,214.42, the Nasdaq gained 20.75, or 0.42%, to 4,987.89, and the S&P 500 declined 3.12, or 0.15%, to 2,110.74.
12:39 EDTELXOn The Fly: Midday Wrap
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10:19 EDTELXHigh option volume stocks
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09:25 EDTELXOn The Fly: Pre-market Movers
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07:58 EDTELXAvago price target raised to $145 from $120 at Brean Capital
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07:10 EDTELXAvago price target raised to $135 from $115 at Pacific Crest
Pacific Crest increased its price target on Avago (AVGO) after the company reported higher than expected EPS and in-line revenue. The firm is upbeat on the company's acquisition of Emulex (ELX), calling it "another accretive gem." Pacific Crest keeps an Outperform rating on Avago.
06:22 EDTELXAvago price target raised to $131 from $110 at Citigroup
Citigroup raised its price target for Avago Technologies (AVGO) to $131 saying the acquisition of Emulex (ELX) will help margin expansion. Citi says it does not view Avago as a wholly derivative play on Apple (AAPL) and it expects the company's diversification into end markets like storage and later auto to drive multiple expansion. Avago remains Citi's top specialty semiconductor pick following its Q4 results.
February 25, 2015
18:24 EDTELXOn The Fly: After Hours Movers
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17:37 EDTELXQLogic rallies after Avago says purchasing Emulex for $8 per share
Shares of QLogic (QLGC) are higher in the extended session after peer Emulex (ELX) agreed to be bought for $8 per share in cash by Avago Technologies (AVGO). WHAT'S NOTABLE: Emulex and QLogic both make products for network infrastructure. After the close, Avago Technologies (AVGO) and Emulex Corporation (ELX) announced that they have entered into a definitive agreement under which Avago will acquire Emulex in an all-cash transaction valued at approximately $606M. Under the terms of the agreement, which has been approved by the boards of both companies, a subsidiary of Avago will commence a tender offer for all of the outstanding shares of Emulex common stock for $8 per share in cash. Avago expects to fund the transaction with cash available on its balance sheet. PRICE ACTION: Shares of Emulex are higher by almost 25%, while QLogic shares are up almost 5% in extended trading. Avago is up almost 6% to $118.56.
16:12 EDTELXAvago to acquire Emulex for $8 per share in cash
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16:10 EDTELXAvago to acquire Emulex for $8 per share in cash
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February 24, 2015
09:16 EDTSWKEmerson negative order growth not a surprise, says Wells Fargo
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February 20, 2015
11:46 EDTTRGPTarga Resources shareholders approve share issuance in merger with Atlas Energy
Targa Resources (TRGP) announced that the stockholders of the company approved at a special meeting of stockholders held today the issuance of shares of common stock of the company in connection with the company's proposed merger with Atlas Energy, L.P. (ATLS). Approximately 76.15% of the shares of the company's common stock that were outstanding as of the record date of January 22 approved the share issuance, and approximately 91.50% of the shares of the company's common stock that were voted approved the share issuance. A special meeting of ATLS unitholders was also held to approve the merger agreement in connection with the ATLS Merger. Approximately 52.83% of the common units of ATLS that were outstanding as of the record date of January 22, 2015 approved the merger agreement in connection with the ATLS Merger, and approximately 99.28% of the common units of ATLS that were voted approved the ATLS Merger Agreement. A special meeting of unitholders of Atlas Pipeline Partners, L.P. (APL) was also held to approve the merger agreement in connection with Targa Resources Partners LP's (NGLS) proposed merger with APL. Approximately 54.84% of the common units of APL that were outstanding as of the record date of January 22 approved the merger agreement in connection with the APL Merger, and approximately 98.21% of the common units of APL that were voted approved the APL Merger Agreement. The approvals by the shareholders of the Company and the unitholders of ATLS and APL described above satisfy three of the conditions required to finalize the Atlas Mergers. The consummation of the Atlas Mergers is still subject to certain other conditions, including the previously announced spin-off by ATLS of its non-midstream assets. Each of the Transactions is contingent on one another, and the Transactions are expected to close concurrently on February 27.
11:38 EDTTRGPAtlas Energy, Atlas Pipeline approve mergers with Targa, Targa Partners
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February 19, 2015
09:59 EDTSWKOn The Fly: Analyst Downgrade Summary
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07:41 EDTSWKStanley Black & Decker downgraded to Hold from Buy at Gabelli
February 18, 2015
07:07 EDTSWKBarclays to hold a conference
Industrial Select Conference is being held in Miami on February 18-19.

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