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News Breaks
April 20, 2012
12:11 EDTRVBD, XXIA, HON, MCD, APO, ALTR, SLB, GE, TPX, WOLF, SNDK, HBI, MSFTOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday, as another round of better than expected earnings reports from blue chip companies encouraged investors. Stocks opened higher on the heels of positive earnings reports from some of the country's largest corporations, positive confidence data out of Germany, and solid retail sales data from the U.K. The market tacked on gains in the opening 30 minutes and found a level where the averages sat while investors digested the corporate earnings and accompanying conference calls. In the second hour of trading the averages gained some upside momentum and added to their opening gains but they have since moved in a very narrow range. There may be little in the way of news flow for the remainder of the session as the week end approaches... ECONOMIC EVENTS: Domestically, little of note was on the economic calendar. In Europe, Spanish 10-year bond yields rose above 6% and equivalent Italian and French yields rose as well. In contrast, a measure of German business confidence climbed to 109.9, marking its sixth consecutive month of increase... COMPANY NEWS: Earnings reports from a trio of Dow components helped power that average higher, as Microsoft (MSFT) led all of the blue chips with a 5.4% gain after its earnings and revenue beat consensus. General Electric (GE) also beat on both the top and bottom line and shares moved higher by 1.9%. Results from McDonald's (MCD) were generally in line with expectations. The company said global comparable sales increased 7.3%, driven by an 8.9% increase in the U.S. and its stock rose 2% near noon... Among other companies reporting earnings, advancers included Hanesbrands (HBI), Schlumberger (SLB) and Honeywell (HON); decliners included SanDisk (SNDK) and Altera (ALTR)... MAJOR MOVERS: Among the notable gainers were Ixia (XXIA), up over 13%, following an upgrade at Wunderlich citing the company's Q1 results, and Great Wolf (WOLF), up 8%, after an affiliate of Apollo Global Management (APO) increased its offer to acquire the company to $7.85 per share from $7.00. Noteworthy losers included Riverbed (RVBD), down more than 26%, following downgrades by at least seven firms after the company's Q1 revenue missed consensus and it said it sees 15% revenue growth for FY12, and Tempur-Pedic (TPX), down over 21%, after its guidance fell short of expectations... INDICES: Near noon, the Dow was up 112.84, or 0.87%, to 13,076.94; the Nasdaq was up 20.84, or 0.69%, to 3,028.40; and the S&P 500 was up 9.60, or 0.70%, to 1,386.52.
News For MSFT;GE;MCD;HBI;SLB;HON;SNDK;ALTR;XXIA;WOLF;APO;RVBD;TPX From The Last 14 Days
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January 13, 2015
07:04 EDTSNDKFederal court confirms halt to sales of chips used by SanDisk, IBM, others
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06:30 EDTSNDKCourt order bars sales of chips used by SanDisk and IBM, WSJ reports
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06:29 EDTSNDKSanDisk pullback yesterday looks overdone, says Citigroup
Citigroup believes the 14% pullback yesterday in shares of SanDisk following the company's Q4 guide-down looks overdone. Citi views the cause of the shortfall as temporary cyclical factor that it thinks should alleviate with the release of the Samsung S6 in March. It dropped its price target for the stock to $110 from $125 but keeps a Buy rating on the name.
January 12, 2015
16:32 EDTSNDKOn The Fly: Closing Wrap
Stocks spent almost the entire session in negative territory as the continued slump in crude oil prices weighed on equities. As the price of crude searches for a bottom, analysts and investors are concerned about how the low prices may affect U.S. economic growth. It had been estimated that more than half of the expected growth in the S&P 500's earnings would come from the oil industry and the continued drop in oil prices may be wiping out the chances of earnings increasing from the prior quarter. The earnings season unofficially kicks off tonight when Alcoa (AA) reports its fourth quarter earnings. ECONOMIC EVENTS: In the U.S., no major economic data was released. WTI and Brent crude both suffered slides of 5% during the session, sending WTI oil below $46 and Brent near $47 per barrel. Of note, Goldman Sachs said it sees oil prices bottoming in Q2 of this year at $42 a barrel. Goldman lowered its Brent crude oil price estimate for 2015 to $50 a barrel from $84 and for 2016 onwards to $70 a barrel from $90. COMPANY NEWS: Shire (SHPG) shares trading in New York slipped $8.39, or 3.86%, to $209.10 after the company announced over this weekend that it struck a deal to acquire NPS Pharmaceuticals (NPSP) for $46 per share in cash, for a total consideration of approximately $5.2B. NPS shares gained $3.44, or 8.21%, to $45.35... Shares of flash storage provider SanDisk (SNDK) dropped $13.47, or 13.88%, to $83.57 after the company cut its revenue outlook for Q4 and added that non-GAAP gross margin for the quarter is expected to be approximately 45%, compared to the previously guided range of 47%-49%. "The lower revenue was primarily due to weaker than expected sales of retail and iNAND products," SanDisk explained. Micron (MU) fell $1.87, or 5.56%, to $31.66 following the warning from its peer. MAJOR MOVERS: Among the notable gainers was Foundation Medicine (FMI), whose shares surged $22.81, or 95.32%, to $46.74 after the company and Roche (RHHBY) announced that they will enter into a strategic collaboration. Roche will invest in Foundation as part of the deal, resulting in Roche owning a minimum of 52.4% and a maximum of 56.3% of Foundation Medicine on a fully diluted basis. Also higher was Build-A-Bear Workshop (BBW), which jumped $3.12, or 16.75%, to $21.75 after the toy company gave a fourth quarter revenue view that beat expectations. Among the noteworthy losers was Arrowhead Research (ARWR), which fell $2.16, or 23.84%, to $6.90 after announcing that the FDA verbally informed the company of a partial clinical hold on its study of ARC-520 in patients with chronic hepatitis B infection. Also lower were shares of Sarepta Therapeutics (SRPT), which dropped $2.04, or 14.62%, to $11.91 after the company provided data through Week 168 from its Phase IIb open-label extension study of eteplirsen in patients with Duchenne muscular dystrophy. INDEXES: The Dow fell 96.53, or 0.54%, to 17,640.84, the Nasdaq lost 39.36, or 0.84%, to 4,664.71, and the S&P 500 declined 16.55, or 0.81%, to 2,028.26.
14:54 EDTSNDKSanDisk downgraded to Hold from Buy at Summit Research
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14:04 EDTSNDKSanDisk downgraded to Hold from Buy at Needham
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12:46 EDTSNDKOn The Fly: Midday Wrap
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11:39 EDTSNDKMorgan Stanley remains bullish on SanDisk long-term
Morgan Stanley said the damage is done in SanDisk and remains Overweight based on expectations a strong NAND cycle will play-out longer-term. Price target lowered to $105 from $109
10:50 EDTSNDKSanDisk guidance does not change longer term thesis, says Piper Jaffray
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10:25 EDTSNDKSanDisk tumbles after Q4 revenue outlook cut, levels to watch
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10:23 EDTSNDKSanDisk weakness an overreaction, says Jefferies
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10:06 EDTTPXHigh option volume stocks
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10:00 EDTSLBOn The Fly: Analyst Downgrade Summary
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10:00 EDTHBIOn The Fly: Analyst Initiation Summary
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09:30 EDTSNDKOn The Fly: Pre-market Movers
HIGHER: Foundation Medicine (FMI) up 138.9% following transaction with Roche (RHHBY)... Celator Pharmaceuticals (CPXX), up 19.1% after announcing promising Phase 2 data for CPX-351... Second Sight (EYES), up 16.7% after Health Canada approves Argus II retinal prosthesis system... Aegerion (AEGR), up 7.8% after reporting preliminary fourth quarter results and guidance... Express (EXPR), up 4.5% after reporting preliminary fourth quarter results. NOTABLE: NPS Pharmaceuticals (NPSP), up 8.5% following acquisition by Shire (SHPG)... Shire is down 1.1% in pre-market trading. LOWER: Arrowhead (ARWR), down 20.9% after FDA clears company to begin modified study of ARC-520 in a preliminary call of a partial clinical hold... Tiffany (TIF), down 10.4% after lowering fiscal 2014 net EPS guidance... SanDisk (SNDK), down 10.1% after lowering fourth quarter outlook... Ascena Retail (ASNA), down 5.8% after lowering fiscal 2015 adjusted EPS view... Sarepta Therapeutics (SRPT), down 5.9% after reporting long-term outcomes from Phase IIb Eteplirsen study... Loral Space & Communications (LORL), down 3.6% following a NY Post article that reported that talks to sell itself to the Ontario Teachers’ Pension Plan have ended... Southwestern Energy (SWN), down 4.2% after filing to sell 20.3M shares of stock and 26M depository shares.
09:03 EDTSNDKSanDisk drops 9% after cutting Q4 revenue outlook
Shares of flash storage provider SanDisk (SNDK) are sinking after the company cut its revenue outlook for Q4 to $1.73B from $1.80B-$1.85B. It added that non-GAAP gross margin for the quarter is expected to be approximately 45% compared to the previously guided range of 47%-49%. "The lower revenue was primarily due to weaker than expected sales of retail and iNAND products," SanDisk explained. The stock is dropping 9%, or $8.40, to $88.64 in pre-market trading while peer Micron (MU) is down 3% to $32.54.
08:20 EDTSNDKSanDisk cuts Q4 revenue view to $1.73B from $1.8B-$1.85B
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08:13 EDTHBIHanesbrands initiated with an Overweight at Morgan Stanley
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08:05 EDTMSFTGameStop to use Microsoft Azure to stream game content, promotional materials
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05:51 EDTSLBSchlumberger downgraded to Neutral from Buy at Goldman
Goldman Sachs downgraded Schlumberger to Neutral from Buy saying it now expects global exploration and production spending to be down about 15% in 2015, pressuring the company's earnings. Goldman cut its price target for shares to $76 from $90. Shares of the drilling servicer closed Friday down $1.48 to $81.22.
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