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Stock Market & Financial Investment News

News Breaks
August 15, 2014
16:38 EDTMNST, KO, JCP, DDS, ACHN, PCTYOn The Fly: Closing Wrap
Stocks on Wall Street began the session in positive territory despite some soft economic data points, including a weaker than expected report on manufacturing in the New York area and a lower than expected consumer confidence reading. The market short circuited following reports of a skirmish in the Ukraine where a Russian convoy was supposedly fired upon when it crossed the border. The averages quickly dropped and were only able to partially recover, as investors moved to the sidelines to avoid additional geopolitical risk over the weekend. ECONOMIC EVENTS: The NY Fed's Empire manufacturing survey had a reading of 14.69, versus expectations for a 20.0 reading. The Producer Price Index increased 0.1% overall, matching expectations. The core reading was up 0.2%, which was also in-line with the consensus forecast. Industrial production increased 0.4% in July, beating the consensus 0.2% growth forecast. That nudged up capacity utilization to 79.2%, versus 79.1% previously. The first University of Michigan consumer confidence reading for August fell 2.6 points to 79.2, versus expectations for it to have edged up to 82.0. Treasury international capital data showed foreigners dumped $153.5B in total U.S. assets in July after buying a revised $33.1B in June. COMPANY NEWS: Shares of Monster Beverage (MNST) surged $21.84, or 30.48%, to $93.49 after Coca-Cola (KO) bought a stake in the energy drink maker and the companies announced a long-term strategic partnership and asset swap. Coca-Cola will pay $2.15B for a 16.7% stake in Monster, the companies announced last night. Under the terms of their agreement, Coca-Cola will add two directors to Monster's board. Coke will transfer ownership of its worldwide energy business including brands like NOS, Full Throttle, Burn, Mother, Play and Power Play, and Relentless to Monster, in trade for which Monster will transfer its non-energy business to Coke. MAJOR MOVERS: Among the notable gainers was Achillion Pharmaceuticals (ACHN), which rose 81c, or 9.6%, to $9.25 after the company announced interim results from an ongoing Phase 2 proxy study of a potential chronic hepatitis C virus regimen that analysts at Piper Jaffray called "impressive." Also higher was Paylocity (PCTY), which advanced $2.17, or 9.79%, to $24.34 after reporting better than expected fourth quarter revenue and guiding to higher than expected sales in its first quarter. Among the noteworthy losers was retailer J.C. Penney (JCP), which fell 24c, or 2.46%, to $9.50 despite posting a narrower than expected loss for the second quarter. Also lower were shares of another department store owner, Dillard's (DDS), which dropped $9.49, or 8.21%, to $106.11 after reporting quarterly results that missed expectations. INDEXES: The Dow dropped 50.67, or 0.3%, to 16,662.91, the Nasdaq gained 11.92, or 0.27%, to 4,464.93, and the S&P 500 slipped 0.12, or 0.01%, to 1,955.06.
News For MNST;KO;JCP;DDS;ACHN;PCTY From The Last 14 Days
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October 13, 2014
12:16 EDTJCPOn The Fly: Midday Wrap
Stocks on Wall Street were slightly lower at midday amid light trading volume. Banks and bond markets are closed in observance of the Columbus Day holiday, though equity markets remain open. ECONOMIC EVENTS: In the U.S., no major economic data was reported. COMPANY NEWS: Shares of a number of freight train operators rose after The Wall Street Journal reported that one of the companies in the sector, CSX (CSX), was approached by a larger rival, Canadian Pacific (CP), about a possible merger. Following the Journal's report, CSX rose 10% and Canadian Pacific advanced 1%, while Norfolk Southern (NSC) and Kansas City Southern (KSU) both climbed about 3%... Chrysler returned to the U.S. stock market, as shares of Fiat Chrysler began trading on the New York Stock Exchange under the symbol "FCAU." MAJOR MOVERS: Among the notable gainers was J.C. Penney (JCP), which rose 3% after the company selected Marvin Ellison, who is currently executive vice president of stores at Home Depot (HD), to become its next CEO. Also higher were Atlas Energy (ATLS), which rose 20%, and Atlas Pipeline Partners (APL), which advanced 6%, after Targa Resources Partners (NGLS) and Targa Resources (TRGP) agreed to acquire Atlas Pipeline Partners for cash and stock valued at $38.66 per APL common unit and agreed to buy Atlas Energy following the company's spin-off of its non-midstream assets. Among the noteworthy losers was Aerohive Networks (HIVE), which plunged 30% after the company lowered its guidance for the third quarter, citing weaker-than-expected order volume near the quarter's end. Also lower were shares of GoPro (GPRO), which fell over 8% after a French journalist reported that the son of racing legend Michael Schumacher attributed the severity of his father's brain injury following a skiing accident on the GoPro camera mounted to his helmet. INDEXES: Near midday, the Dow was down 32.14, or 0.19%, to 16,511.96, the Nasdaq was down 7.97, or 0.19%, to 4,268.27, and the S&P 500 was down 6.85, or 0.36%, to 1,899.28.
12:05 EDTJCPJ.C. Penney risk/reward remains balanced, says RW Baird
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10:12 EDTJCPHome Depot bench deep, Ellison departure not surprising, says RW Baird
RW Baird said it is not surprised to see Marvin Ellison leaving Home Depot (HD) since he was likely in the running for the CEO post that went to someone else, but the firm expects a smooth internal transition and noted that it views the company's management bench as deep. Baird, which maintains its Outperform rating on Home Depot, believes J.C. Penney (JCP) is getting a strong leader with extensive retail experience in hiring Ellison.
10:08 EDTJCPOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Bankrate (RATE) downgraded to Equal Weight from Overweight at Stephens... CME Group (CME) downgraded to Market Perform from Outperform at Wells Fargo... Cliffs Natural (CLF) downgraded to Neutral from Overweight at JPMorgan... Dana Holding (DAN) downgraded to Sector Perform from Outperform at RBC Capital... Darden (DRI) downgraded to Neutral from Overweight at Piper Jaffray... Dover (DOV) downgraded to Neutral at RW Baird... DryShips (DRYS) downgraded to Underperform from Outperform at Imperial Capital... Infineon (IFNNY) downgraded to Neutral from Overweight at JPMorgan... J.C. Penney (JCP) downgraded to Sell from Neutral at UBS... Johnson Controls (JCI) downgraded to Outperform from Top Pick at RBC Capital... Juniper (JNPR) downgraded to Hold from Buy at Argus... Kennametal (KMT) downgraded to Market Perform from Outperform at Wells Fargo... Masco (MAS) downgraded to Equal Weight from Overweight at Barclays... New Gold (NGD) downgraded to Neutral from Overweight at JPMorgan... ON Semiconductor (ONNN) downgraded to Sector Perform from Outperform at Pacific Crest... PBF Energy (PBF) downgraded to Underweight from Equal Weight at Barclays... Parker-Hannifin (PH) downgraded to Market Perform from Outperform at Wells Fargo... STMicroelectronics (STM) downgraded to Neutral from Overweight at JPMorgan... Silicon Laboratories (SLAB) downgraded to Sector Perform at Pacific Crest... VOXX International (VOXX) downgraded to Market Perform from Outperform at Cowen.
10:06 EDTJCPJ.C. Penney rises after selecting Home Depot executive as next CEO
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08:38 EDTJCPJ.C. Penney names Marvin Ellison CEO-Designee
The board of J. C. Penney (JCP) announced the appointment of Marvin Ellison, currently executive vice president of stores at Home Depot (HD), as president and CEO-Designee, effective November 1. Ellison will also join the board. He will then succeed Myron E. Ullman, III as CEO of JCPenney on August 1, 2015. At that time, Ullman will become executive chairman of the board for a period of one year.
07:26 EDTMNSTAB InBev has studied potential deal to acquire PepsiCo, Bloomberg says
Anheuser-Busch InBev (BUD), which has a history of growth via acquisition and has been speculated to be targeting peer SABMiller (SBMRY), has also studied whether a merger with PepsiCo (PEP) makes sense, according to Bloomberg, citing people familiar with the matter. The report added that one source said no talks between Anheuser-Busch and Pepsi are ongoing, no deal is imminent, and the scenario is among many that has been examined. The report also noted that Albert Fried views Monster Beverage (MNST) and Keurig Green Mountain (GMCR) as other suitable targets for AB InBev. Reference Link
06:15 EDTJCPJ.C. Penney downgraded to Sell from Neutral at UBS
UBS downgraded its rating on J.C. Penney (JCP) shares to Sell saying the company's 2017 EBITDA target of $1.2B is overly optimistic as it assumes years of market share gains against strong competitors like Macy's (M) and Kohl's (KSS). UBS halved its price target for Penney shares to $5 from $10. The retailer's stock closed Friday down 52c to $7.12.
06:07 EDTACHNStocks with implied volatility above IV index mean; AVP ACHN
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October 10, 2014
10:01 EDTJCPOn The Fly: Analyst Downgrade Summary
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07:57 EDTJCPJ.C. Penney downgraded to Sell with $4 target at Maxim
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07:10 EDTJCPJ.C. Penney downgraded to Sell from Hold at Maxim
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05:59 EDTACHNStocks with implied volatility above IV index mean; AVP ACHN
Stocks with implied volatility above IV index mean; Avon Products (AVP) 61, Achillion (ACHN) 200 according to iVolatility.
October 9, 2014
10:38 EDTKOPepsiCo climbs after results beat estimates, outlook raised
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10:00 EDTJCPOn The Fly: Analyst Downgrade Summary
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08:13 EDTJCPJ.C. Penney EBITDA guidance appears aggressive, sasy Morgan Stanley
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07:56 EDTJCPJ.C. Penney downgraded at Craig-Hallum
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07:43 EDTJCPJ.C. Penney downgraded to Sell from Hold at Craig-Hallum
06:56 EDTJCPJ.C. Penney pullback a buying opportunity, says Piper Jaffray
Piper Jaffray views yesterday's pullback in shares of J.C. Penney as a buying opportunity, saying the company's turnaround "is very much underway." Piper notes that despite saying Q3 comps are tracking low-single-digits versus prior guidance of mid-single-digits, J.C. Penney management reiterated full-year guidance. The firm reiterates an Overweight rating on Penny with a $13 price target following yesterday's analyst day.
06:08 EDTACHNStocks with implied volatility above IV index mean; AVP ACHN
Stocks with implied volatility above IV index mean; Avon Products (AVP) 60, Achillion (ACHN) 195 according to iVolatility.
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