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July 17, 2014
13:18 EDTMSFT, UNH, EBAY, DRC, SIEGY, MAT, AN, SNDKOn The Fly: Midday Wrap
Stocks on Wall Street opened in negative territory and have remained there for most of the morning. The averages recaptured most of their losses and the Dow made it across the flat line and briefly into positive territory by mid-morning, but around the time the European markets closed reports surfaced that a Malaysian passenger jet crashed on the Russian-Ukraine border. The averages fell quickly but have since pared their losses as speculation runs rampant as to whether the jet was shot down or crashed due to an accident. ECONOMIC EVENTS: In the U.S., weekly jobless claims dipped 3K to 302K in the week ended July 12. Housing starts dropped 9.3% to a 893K rate in July, while building permits declined 4.2% to a 963K rate. Both were expected to rise to rates over 1M. The Philly Fed manufacturing index climbed 6.1 points to 23.9 in July, beating expectations for it to have dipped to 16.0. Notably, an adviser to Ukraine's Interior Ministry said a Malaysia Airlines passenger jet carrying more than 200 people crashed while flying over eastern Ukraine, near its border with Russia. A report claimed that 23 U.S. citizens were killed in the crash. COMPANY NEWS: Shares of Microsoft (MSFT) advanced 2% after the tech giant announced a plan to simplify its operations, which will result in the elimination of up to 18,000 jobs over the next year. Of that total, over two-thirds will come from positions to be eliminated at the phone business Microsoft recently purchased from Nokia. In an email to Microsoft employees on the integration of Nokia and the broad restructuring, CEO Satya Nadella said the decision to change was "difficult, but necessary" and will result in the company having fewer layers of management. MAJOR MOVERS: Among the notable gainers was Dresser-Rand (DRC), which jumped 12.5% after Germany's Manager Magazin reported that Siemens (SIEGY) is working with Lazard on a takeover bid for the company. Also higher following their earnings reports were Dow member Unitedhealth (UNH), which rose more than 3%, and eBay (EBAY), which gained about 2%. Among the noteworthy losers following their earnings reports were SanDisk (SNDK), which fell over 12%, Mattel (MAT), which slid 6%, and AutoNation (AN), which dropped 6% as well. INDEXES: Near midday, the Dow was down 17.82, or 0.1%, to 17,120.38, the Nasdaq was down 22.16, or 0.5%, to 4,403.81, and the S&P 500 was down 5.69, or 0.29%, to 1,975.88.
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September 19, 2014
10:59 EDTEBAYSamsung working with PayPal for mobile payments on smartwatch, Gigaom says
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10:48 EDTMSFTOracle tumbles after Q1 earnings miss estimates, Ellison steps aside as CEO
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09:56 EDTDRCDresser-Rand downgraded to Sell from Buy at Gabelli
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09:19 EDTSIEGY, DRCOn The Fly: Pre-market Movers
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08:53 EDTMSFTMicrosoft CEO to visit China, China Daily says
Microsoft CEO Satya Nadella is set to visit Beijing next week, according to China Daily. Nadella's visit comes as China conducts an anti-trust probe of the tech giant. The CEO is likely to visit high-ranking Chinese officials during his time in the country ,the newspaper added. Reference Link
08:03 EDTSNDKInvenSense, NXP, RF Micro chips included in iPhone 6, iFixit reports
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07:43 EDTSIEGY, DRCDresser-Rand volatility expected to move on Siemens is preparing offer report
Dresser-Rand (DRC) volatility is expected to move on Siemens (SIEGY) is preparing to offer more than $6.5B, or at least $85 per share, Bloomberg reports, citing people familiar with the plan. Overall option implied volatility of 38 compares to its 26-week average of 31 according to Track Data, suggesting large price movement.
06:49 EDTUNHGovernment says 7.3M in private Obamacare plans, NY Times reports
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06:44 EDTDRC, SIEGYSiemens preparing at least $85/share bid for Dresser-Rand, Bloomberg says
Siemens (SIEGY) is preparing to offer more than $6.5B, or at least $85 per share, for Dresser-Rand (DRC), Bloomberg reports, citing people familiar with the plan. Siemens is looking to offer a competing bid to Sulzer's for Dresser-Rand. Germany's Sulzer confirmed it was in takeover talks with Dresser-Rand on Wednesday. Siemensís supervisory board could vote on whether to submit a formal bid at a September 24 meeting, Bloomberg added, citing a source. Shares of Dresser-Rand closed yesterday up 22c to $73.03. Analysts at William Blair yesterday said the company could be worth in the upper $80's to $100 per share in a takeover.
06:35 EDTSIEGY, DRCReport says Siemens planning Dresser-Rand bid, Reuters says
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September 18, 2014
18:46 EDTSIEGYCerner receives regulatory clearance for acquisition of Siemens Health Services
Cerner (CERN) announced the U.S. Federal Trade Commission granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, in connection with the company's purchase of the assets of Siemens' (SIEGY) health information technology business unit, Siemens Health Services, for $1.3B in cash. The early termination of the HSR waiting period satisfies one of the conditions to the closing of the pending acquisition. The transaction remains subject to other customary closing conditions and is still expected to close in the first quarter of 2015.
12:44 EDTMSFTMicrosoft laying off 2,100 employees today, company tells CNBC
12:37 EDTMSFTMicrosoft lays off 2,100 employees, Seattle Times reports
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10:05 EDTSIEGYSiemens SOMATOM Scope CT System cleared by FDA
Siemens Healthcare, a unit of Siemens, announced that the Food and Drug Administration has cleared the SOMATOM Scope CT scanner.
10:00 EDTSIEGYOn The Fly: Analyst Downgrade Summary
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08:47 EDTEBAYeBay October volatility elevated into Alibaba IPO
eBay September call option implied volatility is at 33, October is at 31, November is at 27, January is at 27; compared to its 26-week average of 26 according to Track Data, suggesting large near term price movement into the expected IPO of Alibaba (BABA) on September 19.
07:16 EDTDRCDresser-Rand could be worth upper $80s to $100 in deal, says William Blair
William Blair raised its price target for Dresser-Rand shares to $82 from $70 citing increasingly likelihood of a merger transaction after Sulzer confirmed itís in talks to acquire the company. The firm believes a deal, should it occur, could bring upside to its new target. William Blair says its initial accretion analysis for a combined Dresser-Rand and Sulzer yields valuations for Dresser shares in the upper $80's to $100 range. It keeps an Outperform rating on the stock. Dresser closed yesterday up 7%, or $4.93, to $72.81.
06:26 EDTSIEGYSiemens invests undislosed sum in CyActive, WSJ reports
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05:34 EDTMSFTInfosys expands partnership with Microsoft
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05:18 EDTSIEGYSiemens downgraded to Neutral from Outperform at Exane BNP Paribas
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