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Stock Market & Financial Investment News

News Breaks
January 23, 2013
12:22 EDTAAPL, MRVL, WLP, VOD, HUM, CSCGreen Light's Einhorn positive on Marvell, CSC, Vodafone
In its quarterly letter to investors, dated Jan. 22, David Einhorn's Greenlight Capital said it added to long positions in Marvell Technology (MRVL), Computer Sciences Corp. (CSC) and Vodafone (VOD). In reference to Marvell, Greenlight said it continued to buy Marvell shares after its sharp drop on its patent case loss. Greenlight said there are "many reasons" to expect the damages award to Carnegie Mellon to be substantially reduced or eliminated and that Marvell is making a product transition that is underappreciated by The Street. Greenlight said Computer Sciences has earnings power in excess of $4.00 and significant opportunities for margin improvement. Einhorn's fund said the market is undervaluing what Vodafone's share of the Verizon Wireless JV is worth to the company. Greenlight also noted that during the quarter it closed out long positions in Humana (HUM) and Wellpoint (WLP).
News For MRVL;CSC;VOD;AAPL;HUM;WLP From The Last 14 Days
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June 16, 2015
06:13 EDTAAPLAlibaba, Foxconn could invest $500M in Snapdeal, WSJ reports
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05:57 EDTHUMHumana implied volatility of 51 at upper end of index
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June 15, 2015
17:32 EDTAAPLApple posts job listing seeking Apple News editor
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16:21 EDTHUMOn The Fly: Top stock stories for Monday
Stocks opened deep in negative territory after Greece failed to reach a bailout compromise over the weekend. The averages saw their lows shortly after the open and then began to rebuild and pared their losses. The averages found a level near noon, then drifted into the close with investors looking forward to the two day FOMC meeting that begins tomorrow. The committee's announcement Wednesday afternoon is sure to be the week's most closely watched event among investors. ECONOMIC EVENTS: In the U.S., industrial production declined 0.2% in May, versus expectations for a 0.2% increase in production, sending capacity utilization in the month down to 78.1%, versus expectations for 78.3% utilization. The Empire manufacturing index, which measures manufacturing activity in New York State, had a reading of -1.98 for June, versus expectations for a +6.0 reading. The NAHB homebuilder sentiment index jumped to 59 in June from 54 in May, which was above the expected increase to a reading of 56. In Europe, talks between Greece and its creditors appeared to go nowhere. The expiration of its bailout package and debt repayments due at the end of the month continue to move closer and concerns about a possible default that could trigger an exit from the euro are rising once again. COMPANY NEWS: Shares of Target (TGT) advanced 98c, or 1.23%, to $80.45 after the retailer agreed to sell its pharmacy and clinic businesses to CVS Health (CVS) for approximately $1.9B. Under the terms of the deal, CVS will acquire Target's more than 1,660 pharmacies and operate them through a store-within-a-store format and a CVS/pharmacy will be included in all new Target stores that offer pharmacy services. CVS, which said it expects this transaction to generate significant sales and prescription volumes upon closing and to generate significant operating profit over the long term, rose 34c, or 0.33%, to $102.58 following the deal announcement... United Technologies (UTX) fell $2.99, or 2.54%, to $114.61 after announcing that it will pursue the separation of the Sikorsky Aircraft business. A decision on whether the helicopter maker will be spun off or sold is expected by the end of the third quarter, the Dow member added. In conjunction with the announcement, United Technologies also lowered its FY15 EPS view to $6.55-$6.85 from $6.85-$7.05, explaining that the cut in its expectations reflects one-time separation costs as well as a decline in Sikorsky's operational expectations for the year due to weakness in the oil and gas markets. MAJOR MOVERS: Among the notable gainers was Cigna (CI), which jumped $16.19, or 11.79%, to $153.50 after The Wall Street Journal was reportedly told by a source that the company and Anthem (ANTM) have been in deal talks for months and Anthem's most recent takeover bid of $175 per share was turned down by its peer. A prior report from the Journal indicated that Humana (HUM) has hired Goldman Sachs to explore strategic alternatives and had held sale talks with companies including Cigna and Aetna (AET). This new report also noted that the largest health insurer by market cap and revenue, UnitedHealth Group (UNH), is "eyeing" Cigna and Aetna. Among the noteworthy losers was Micron (MU), which dropped 89c, or 3.56%, to $24.24 after Morgan Stanley downgraded the stock to Underweight, becoming the second firm in the last week to cut the stock to a sell or equivalent rating. Also lower were shares of SanDisk (SNDK), which fell $1.96, or 2.97%, to $64.14 after the same Morgan Stanley analyst, Joseph Moore, downgraded the stock to Equal Weight from Overweight and lowered his price target on shares to $75 from $80. INDEXES: The Dow fell 107.67, or 0.6%, to 17,791.17, the Nasdaq lost 21.13, or 0.42%, to 5,029.97, and the S&P 500 dropped 9.68, or 0.46%, to 2,084.43.
16:00 EDTAAPLOptions Update; June 15, 2015
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12:30 EDTHUMOn The Fly: Top stock stories at midday
Stocks on Wall Street opened deep in negative territory, following the lead of European markets that slid after the Greek debt talks over the weekend fell apart without a deal. Another round of poor economic data, including lower than expected readings on industrial production and manufacturing in New York State, did not help the negative tone in the early going. The market began to cut its losses shortly after the open and received a boost from a homebuilder sentiment index that came in higher than expected. ECONOMIC EVENTS: In the U.S., the Empire manufacturing report for June had a reading of -1.98, versus expectations for a +6.0 reading. Industrial production declined 0.2% in May, versus expectations for a 0.2% increase in production, sending capacity utilization in the month down to 78.1%, versus expectations for 78.3% utilization. The NAHB homebuilder sentiment index jumped to 59 in June from 54 in May, which was above the expected increase to a reading of 56. In Europe, talks between Greece and its creditors, including eurozone states, the European Central Bank and the International Monetary Fund, appeared to go nowhere. The expiration of its bailout package and debt repayments due at the end of the month continue to move closer and concerns about a possible default that could trigger an exit from the euro are rising once again. COMPANY NEWS: United Technologies (UTX) slid more than 2% after announcing that it will pursue the separation of the Sikorsky Aircraft business and that a decision on whether helicopter maker will be spun off or sold is expected by the end of the third quarter. In conjunction with the announcement, United Technologies also lowered its FY15 EPS view to $6.55-$6.85 from $6.85-$7.05, explaining that the cut in its expectations reflects approximately 10c-20c of one-time separation costs along with a 10c decline in Sikorsky's operational expectations for the year due to weakness in the oil and gas markets... CVS Health (CVS) struck a deal to acquire Target's (TGT) more than 1,660 pharmacies and operate them through a store-within-a-store format. As part of the deal, a CVS/pharmacy will be included in all new Target stores that offer pharmacy services, the companies added. CVS will buy Target's pharmacy and clinic businesses for approximately $1.9B and said it expects this transaction to generate significant sales and prescription volumes upon closing and to generate significant operating profit over the long term. CVS shares were fractionally higher/lower after the deal announcement, while Target shares rose more than 1%... Cigna (CI) shares surged and 12% higher after The Wall Street Journal said the company turned down a recent $175 per share takeover bid from peer Anthem (ANTM). The report follows a prior Wall Street Journal story that said Humana (HUM) was being eyed by rivals including Cigna and Aetna (AET). Humana has subsequently self-imposed a "quiet period" leading up to its earnings report. MAJOR MOVERS: Among the notable gainers was DealerTrack (TRAK), which jumped 57% after the company agreed to be acquired by Cox Automotive in an all-cash deal valued at $4B, or $63.25 per share. Also higher were Standard Pacific (SPF) and Ryland Group (RYL), which both advanced around 6% after the two jointly announced plans to combine in a "merger of equals" to create a single company that would have an equity market capitalization of approximately $5.2B, an enterprise value of approximately $8.2B, and would own or control roughly 74,000 homesites. The combined company, which will be 59% owned by current Standard Pacific shareholders and 41% owned by Ryland shareholders, will become the fourth-largest public U.S. homebuilder, behind D.R. Horton (DHI), Lennar (LEN) and PulteGroup (PHM). Among the noteworthy losers was iDreamSky (DSKY), which fell 10% after announcing that its board has received a preliminary non-binding proposal letter from the chairman of the board and CEO of the company to acquire it in a "going private" deal for $14 in cash per ADS. Also lower was Micron (MU), which dropped 4% after Morgan Stanley downgraded the stock to Underweight, becoming the second firm since last week to cut the stock to a sell or equivalent rating. INDEXES: Near midday, the Dow was down 118.91, or 0.66%, to 17,779.93, the Nasdaq was down 28.85, or 0.57%, to 5,022.26, and the S&P 500 was down 10.17, or 0.49%, to 2,083.94.
12:22 EDTHUMCigna turned down $175 per share takeover offer from Anthem, WSJ reports
Cigna (CI) and Anthem (ANTM) have been in deal talks for months and Anthem's most recent takeover bid of $175 per share was turned down by its peer, according to The Wall Street Journal, citing a person familiar with the matter. The report follows a prior Wall Street Journal story that said Humana (HUM) was being eyed by rivals including Cigna and Aetna (AET). Humana has subsequently self-imposed a "quiet period" leading up to its earnings report. Reference Link
12:10 EDTHUMCigna jumps following report of rebuffing Anthem takeover approach
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10:36 EDTHUMHumana volatility elevated, shares near record high into management meeting
Humana June call option implied volatility is at 35, July is at 39, August is at 25; compared to its 52-week range of 18 to 42, suggesting large near term price movement into a Humana management meeting co-sponsored by Citigroup and UBS.
10:34 EDTAAPLMicron declines after another analyst says sell
The shares of memory makers Micron (MU) and SanDisk (SNDK) are falling after Morgan Stanley downgraded both stocks in a note to investors earlier today. MICRON: Morgan Stanley analyst Joseph Moore downgraded Micron to Underweight, the firm's equivalent of a "sell" rating, from Equal Weight. Moore said that his checks in Taiwan indicate that the outlook for DRAM, a form of flash memory sold by Micron, is "cautious versus expectations" for the third quarter. Previously, the analyst had expected DRAM to experience a seasonal boost in Q3, but he now expects this lift to be delayed until at least Q4. Moreover, DRAM prices will probably stay weak through Q3 as customers' inventories of DRAM are excessive, while sales of PC DRAM will probably remain weak in Q3 and could stay low in Q4, the analyst stated. Moore is concerned that DRAM supply could exceed expectations in 2016, while demand for the product could decelerate next year. Micron could have difficulty improving its earnings in 2016 from current levels, warned the analyst, who set a $21 price target on the shares. WHAT'S NOTABLE: On June 9, after conducting checks in Taiwan, research firm Piper Jaffray predicted that PC DRAM prices would continue to decline. However, the firm kept an Overweight rating on Micron, citing its belief that the stock's valuation was "compelling." Much more pessimistic was research firm Drexel Hamilton, which on June 9 cut its rating on Micron to Sell from Hold, DRAM price declines are likely to continue, the firm predicted. SANDISK: On SanDisk, Moore believes that the company will have trouble recovering from declines in purchases of its products by Apple (AAPL). Various technological issues will prevent it from selling its products to other smartphone makers, the analyst stated. Meanwhile, SanDisk is unlikely to find alternative buyers for its SSD memory, since it is not widely used, added Moore. As a result, SandDsk will have to charge lower prices for its products, according to Moore, who downgraded SanDisk to Equal Weight from Overweight and lowered his price target on shares to $75 from $80. PRICE ACTION: In early trading, Micron fell 4.5% to $24 and SanDisk gave back 3.3% to $63.90.
10:29 EDTAAPLApple to pay more than 70% of Music revenue to rights owners, Re/code reports
Apple will pay music owners 71.5% of Apple Music's subscription revenue in the U.S. and 73% of the revenue to music owners outside the U.S, reports Re/code. In an interview, Apple's Robert Kondrik said the totals include payments to people who own the sound recordings Apple Music will pay as well as the people who own the publishing rights to the underlying compositions. Kondrik says Apple’s payouts are a few percentage points higher than the industry standard, in part to account for the lengthy trial period. Reference Link
10:26 EDTHUMOptions with increasing implied volatility
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09:50 EDTAAPLApple price weakness continues, levels to watch
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09:38 EDTAAPLActive equity options trading on open
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08:34 EDTAAPLGlobal Payments announces support for Apple Pay in the U.K.
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08:19 EDTAAPLLG Display tapped as sole OLED supplier for second-gen Apple Watch, MK reports
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07:46 EDTAAPLJabil Circuit upgraded to Buy on continued growth at Needham
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06:45 EDTAAPLBeats axed plans for Sonos-like Wi-Fi speaker system, Variety reports
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06:18 EDTVODEU warns against big mergers in telecom sector, WSJ reports
EU antitrust chief Margrethe Vestager has warned that mergers between national telecom companies could harm consumers and probably will not boost investment, The Wall Street Journal reports. Vestager said at an event in Paris on Monday that there is "ample evidence" that "excessive" consolidation could lead to higher bills for consumers and that it "reduces the incentives in national markets to innovate." According to Dealogic, operators in Europe have announced deals worth nearly $67B so far this year, including BT's (BT) deal to buy EE. Reference Link
05:51 EDTHUMStocks with implied volatility movement; BTU HUM
Stocks with implied volatility movement; Peabody (BTU) 114, Humana (HUM) 43 according to iVolatility.
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