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Stock Market & Financial Investment News

News Breaks
November 13, 2012
18:25 EDTMPCMarathon Petroleum initiated with an Outperform at Imperial Capital
Target $64.
News For MPC From The Last 14 Days
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July 20, 2015
07:11 EDTMPCMPLX, MarkWest Energy provide supplimental information about merger
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July 17, 2015
16:41 EDTMPCStocks end week higher as Google, Greece bring out the buyers
Stocks ended the week higher and the major averages are back at record highs after Iran agreed to a nuclear deal, Greece's parliament paved the way for the country to receive another bailout by agreeing to new austerity measures and Google (GOOG) gave investors hope that earnings from tech's other heavyweights will be similarly better than expected. MACRO NEWS: In the U.S., retail sales unexpectedly fell 0.3% in June, versus the consensus forecast for growth of 0.3%. The producer prices index showed prices rose 0.4% in June, versus expectations for an increase of 0.2%. The consumer price index rose a seasonally adjusted 0.3% in June from a month earlier, matching the consensus forecast. Compared with last year, consumer prices rose 0.1%, marking the first annual increase since December. Housing starts rose 9.8% to a 1.17M rate in June and building permits rose 7.4% to a 1.34M pace, both of which topped expectations. The NAHB homebuilder sentiment index for July came in at 60, a point better than forecast. The University of Michigan's consumer sentiment reading dropped to 93.3 in the preliminary July figure, which was below the 96.0 reading that was expected. During testimony before Congress, Federal Reserve Chair Janet Yellen stayed on message, stating that the central bank is on track to raise record-low interest rates this year, so long as the labor market and the economy keep improving... In China, exports rose 2.1% from a year earlier during June and imports dropped 6.7%, leaving a trade surplus of $45.8B for the month, the nation's customs administration reported. The nation's GDP was reported to have grown 7% in the second quarter from a year earlier, beating the consensus expectation for growth of 6.8%... In Europe, Greek lawmakers passed the country's austerity agreement and Euro-area finance ministers reportedly agreed in principle to extend a bridge loan to Greece. The loan should help keep Greece afloat while its Prime Minister negotiates the details of the country's latest bailout... Iran reached a deal on restrictions and inspections intended to prevent it from developing nuclear weapons in exchange for the lifting of economic sanctions 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: Class A shares of Google (GOOG, GOOGL) surged at the end of the week after the search giant reported better than expected revenues and earnings in the second quarter. Research firms all over Wall Street raised their price targets on the stock in the wake of the report... Netflix (NFLX) rallied to a split-adjusted all-time high after the streaming service operator reported stronger than expected second quarter results, including higher than expected Q2 subscriber metrics, prompting a large number of research firms to raise their price targets on the stock... Many of the nation's largest banks reported on their results in the second quarter this week. JPMorgan (JPM), Bank of America (BAC) and Citigroup (C) all posted quarterly profits, excluding certain items, that beat the average estimates of analysts. Wells Fargo (WFC) reported earnings in-line with consensus estimates and revenue somewhat below expectations, while Goldman Sachs (GS) reported headline earnings that appeared to fall far short of the consensus forecast. However, that was due to Goldman's nearly $1.5B in provisions for litigation and regulatory matters. Excluding those provisions, the bank's earnings were ahead of consensus... On the M&A front, Receptos (RCPT) advanced after Celgene (CELG) announced a deal to buy the smaller drugmaker for $232 per share in cash, or a total of about $7.2B net of cash acquired. A number of research firms applauded the deal, especially noting the price Celgene agreed to pay, but cautioned that a rival bidder may still emerge for Receptos. Marathon Petroleum (MPC) gained after MPLX (MPLX), the company's fee-based master limited partnership, agreed to acquire MarkWest Energy (MWE) in a cash and stock deal that implies a total enterprise value for MarkWest of approximately $20B, including the assumption of debt of approximately $4.2B. Micron (MU) rose after The Wall Street Journal reported that China's state-owned Tsinghua Unigroup had offered to acquire the memory chip maker for $23B, or $21 per share... Shares of Twitter (TWTR) spiked Tuesday morning after a questionable takeover report was published on a website that mimicked, but had a different web address, than Bloomberg News. A Bloomberg spokesman said soon afterward that the Twitter takeover story being attributed to the news service was a fake, while a Twitter spokesperson also denied the report of an alleged deal... Macy's (M) jumped after Starboard CEO Jeffrey Smith called the stock his "best idea" for 2015, adding that the shares could be worth $125 each if the company takes steps to maximize the value of its real estate holdings. Amazon (AMZN) announced it sold more units on its first "Prime Day" than the biggest Black Friday ever and had more new members try its Prime service worldwide than any single day in company history. The e-commerce giant noted that its worldwide order growth increased 266% over the same day last year and 18% more than Black Friday 2014, adding that it will "definitely be" doing another Prime Day in the future. A number of semiconductor equipment stocks, including Applied Materials (AMAT) and Lam Research (LRCX), dropped after Intel (INTC) cut its capital expenditures guidance while reporting on its quarterly results. INDEXES: For the week, the Dow gained about 1.05% to close at 18,086.45, the Nasdaq advanced about 3.37% to close at 5,210.14, and the S&P 500 rose about 1.67% to close at 2,126.64.
July 14, 2015
08:46 EDTMPCMarathon Petroleum price target raised to $70 from $60 at Cowen
Cowen raised its price target on Marathon Petroleum (MPC) to $70 from $60 following the proposed acquisition by MPLX (MPLX) of MarkWest Energy (MWE), citing the expected deal accretion, potential synergies and "justified" multiple. Cowen reiterated its Outperform rating on Marathon Petroleum.
July 13, 2015
16:41 EDTMPCOn The Fly: Top stock stories for Monday
Stocks began the session sharply higher and remained in positive territory as prospects of a Greek bailout deal and the removal of a potential "Grexit" brought investors back into the market. The move was broad based, with each of the major indexes advancing more than 1%. ECONOMIC EVENTS: In Europe, Greek Prime Minister Alexis Tsipras agreed to European demands for immediate action to qualify for as much as $95B in financial assistance. The pact averted a worst-case scenario, but only established the basis for negotiations and the Greek parliament now has until Wednesday to pass into law key creditor demands. Greek banks, which have been closed for two weeks as the saga has unfolded, will stay closed until at least Wednesday. In China, exports rose 2.1% from a year earlier during June and imports dropped 6.7%, leaving a trade surplus of $45.8B for the month, said the nation's customs administration. In the U.S., the government posted a budget surplus of $51.8B in June, which was down 27% from the surplus of $70.5B in June of 2014 but above the expected $50.5B surplus forecast by economists polled by Bloomberg. COMPANY NEWS: Marathon Petroleum (MPC) advanced $4.29, or 7.87%, to $58.78 after MPLX (MPLX), the company's fee-based master limited partnership, agreed to acquire MarkWest Energy (MWE) in a cash and stock deal that implies a total enterprise value for MarkWest of approximately $20B, including the assumption of approximately $4.2B in debt. MarkWest, whose common unitholders will receive 1.09 MPLX common units and a one-time cash payment of approximately $3.37 per MarkWest common unit for total consideration of $78.64 per MarkWest common unit, rose $8.26, or 13.82%, to $68.01 after the deal was announced, while MPLX units dropped $10.02, or 14.51%, to $59.03... Several research firms started coverage on Fitbit (FIT) following its recent IPO, with some taking bullish stances on its prospects and several others opting for a more cautious tone. The bulls may have been more convincing for the moment, as shares of the exercise tracker maker advanced $1.38, or 3.28%, to close at $43.48. MAJOR MOVERS: Among the notable gainers were shares of iron ore related companies, with Cliffs (CLF) advancing 22c, or 6.67%, to $3.52, Rio Tinto (RIO) gaining $1.53, or 3.91%, to $40.67, and BHP Billiton (BHP) rising $1.01, or 2.56%, to $40.51 after Vale (VALE) announced it will cut its iron ore output by 25M metric tons beginning this month. Vale ADRs saw similar moves, ending the session up 8.66% to $5.90. Also higher were shares of Anacor (ANAC), which gained $47.32, or 55.93%, to $131.93 after reporting that its crisaborole dermatitis treatment achieved "statistically significant" results on all primary and secondary endpoints in a clinical trial. Among the noteworthy losers was Brocade (BRCD), which fell 42c, or 3.71%, to $10.90 after RBC Capital cut its rating on the stock to Sector Perform and lowered its price target, citing storage challenges and disruptions at OEM partners. Also lower was Ascena (ASNA), which dropped $2.09, or 12.77%, to $14.28 after cutting its fiscal 2015 earnings guidance, though both Oppenheimer and SunTrust called the selloff a buying opportunity. INDEXES: The Dow gained 217.27, or 1.22%, to 17,977.68, the Nasdaq rose 73.82, or 1.48%, to 5,071.51, and the S&P 500 added 22.98, or 1.11%, to 2,099.60.
12:19 EDTMPCOn The Fly: Top stock stories at midday
Stocks on Wall Street were higher at midday after a last minute deal was struck to provide new aid to Greece and hopefully prevent its exit from the eurozone currency union. With Greece apparently off the table as a risk for the time being, investors will now be looking forward to the earnings season, which will begin in earnest this week, beginning with reports from some big banks and a number of tech giants. ECONOMIC EVENTS: In Europe, Greek Prime Minister Alexis Tsipras agreed to European demands for immediate action to qualify for up to $95B of financial assistance. The summit pact averted a worst-case scenario, but only established the basis for negotiations and the Greek parliament now has until Wednesday to pass into law key creditor demands. Greek banks, which have been closed for two weeks as the saga has unfolded, will stay closed until Wednesday, at least. In China, exports rose 2.1% from a year earlier during June and imports dropped 6.7%, leaving a trade surplus of $45.8B for the month, the nation's customs administration reported. In the U.S., the monthly budget statement for June is due at 2 pm EDT. COMPANY NEWS: Shares of Marathon Petroleum (MPC) advanced nearly 9% after MPLX (MPLX), the company's fee-based master limited partnership, agreed to acquire MarkWest Energy (MWE) in a unit-for-unit transaction plus a one-time cash payment to MarkWest unitholders. The deal implies a total enterprise value for MarkWest of approximately $20B, including the assumption of debt of approximately $4.2B, as of the close of trading on July 10. MarkWest surged over 11.5% higher after the news, while MPLX units slid 16%. MAJOR MOVERS: Among the notable gainers was Anacor Pharmaceuticals (ANAC), which jumped 56% after the company announced preliminary top-line results from its Phase 3 studies of its non-steroidal topical anti-inflammatory treatment of mild-to-moderate atopic dermatitis in children and adults. In two studies, crisaborole achieved statistically significant results on all primary and secondary endpoints and Wedbush raised Anacor's price target to $190 afterward, saying it sees the drug's sales reaching $2B in 2020. Also higher was Wynn Resorts (WYNN), which was among the Macau levered stocks that advanced after Macau Business indicated that an official in the territory said the government there might let casinos keep their smoking rooms. Among the noteworthy losers was Ascena Retail (ASNA), which dropped 15% after cutting its fiscal 2015 earnings guidance, citing its recent decision to accelerate its planned merchandise transition at Justice and to incorporate lower than expected top-line performance at Justice and dressbarn. Also lower were shares of Windstream (WIN), which fell 6% after UBS downgraded the stock to sell, saying the company's declining revenue and EBITDA trends will continue to weigh on shares. The firm cut its price target on the stock to $5 from $11.50. INDEXES: Near midday, the Dow was up 187.10, or 1.05%, to 17,947.51, the Nasdaq was up 66.37, or 1.33%, to 5,064.07, and the S&P 500 was up 18.92, or 0.91%, to 2,095.54.
10:08 EDTMPCHigh option volume stocks
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09:53 EDTMPCMarathon sees potential to buy out MarkWest Utica joint venture partners later
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09:30 EDTMPCMarathon CEO says clear that Marathon, MarkWest Energy cultures alike
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09:12 EDTMPCMarathon Petroleum merger news highly accretive, says RBC Capital
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06:33 EDTMPCMPLX and MarketWest Energy announce strategic combination
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