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Stock Market & Financial Investment News

News Breaks
June 24, 2014
16:23 EDTMU, WWWW, GOOG, ICE, VRTX, WIXOn The Fly: Closing Wrap
Stocks on Wall Street were lower despite reports that showed new home sales rose more than anticipated in May and consumer confidence was higher than expected in June. The S&P managed to hit a new intra-day high early in the session and the Dow crept towards 17,000, but by mid-afternoon the averages weakened as headlines told of Syrian jets firing on Iraq. The potential for an escalation in violence in the Middle East pushed the buyers to the sidelines and put the sellers in firm control into the close. ECONOMIC EVENTS: In the U.S., the S&P/Case-Shiller index of property values in 20 cities for April had its smallest 12-month gain in more than a year, rising 10.8% from the same month of last year. However, a separate report showed that new home sales surged 18.6% in May to a 504K annual rate, beating expectations. The Conference Board's consumer confidence index climbed to 85.2 in June, beating expectations and hitting its highest level since 2008. The Richmond Fed manufacturing index dipped to 3 in June from 7 in both April and May. COMPANY NEWS: Shares of computer memory maker Micron Technology (MU) advanced $1.24, or 3.97%, to $32.50 after the company's third quarter profits and revenue surpassed analysts' expectations. Following its report and guidance last night, Needham upgraded Micron to Strong Buy and raised its price target for shares to $50 from $40, while analysts at Roth Capital, Jefferies, and JPMorgan also raised their price targets on the stock. MAJOR MOVERS: Among the notable gainers was Vertex Pharmaceuticals (VRTX), which surged $26.92, or 40.41%, to $93.53 after its combination of drugs designed to treat cystic fibrosis succeeded in improving lung function in a pair of clinical trials. Also higher was Wix.com (WIX), which rose $2.27, or 12.77%, to $20.04 after Google (GOOG) announced it is testing a new domain service and Wells Fargo noted that the search giant is partnering with providers like Wix and others for hosting services. Among the noteworthy losers was Web.com (WWWW), which plunged $6.90, or 19.94%, to $27.70 after Google's domain name market entry. Web.com shares were defended by no less than four Street research firms, with Piper Jaffray saying it believes that concerns about the impact on Web.com are overblown. Also lower was IntercontinentalExchange (ICE), which fell $8.01, or 4.04%, to $190.18 after Wells Fargo downgraded its stock to Market Perform from Outperform, citing high earnings expectations and a lower assumed growth rate for its core energy business. INDEXES: The Dow fell 119.13, or 0.7%, to 16,818.13, the Nasdaq dropped 18.32, or 0.42%, to 4,350.36, and the S&P 500 declined 12.63, or 0.64%, to 1,949.98.
News For MU;WWWW;GOOG;ICE;VRTX;WIX From The Last 14 Days
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September 8, 2014
06:07 EDTGOOGGoogle implied volatility of 16 at lower end of index mean range
06:05 EDTGOOGGoogle Glass goes on sale in U.S. Google Play store
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05:35 EDTGOOGGoogle added to Franchise Picks List at Jefferies
Jefferies added Google to its Franchise Picks List saying the company's YouTube division looks best positioned to benefit from growth in online video advertising, which the firm estimates could be a $17B opportunity by 2017 in the U.S. alone. Jefferies has a Buy rating on Google with a $700 price target.
September 7, 2014
20:37 EDTGOOGApple's new iPhones face risk as carriers begin subsidy phase out, WSJ says
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September 5, 2014
12:43 EDTICEIntercontinentalExchange launches 30 new energy futures, option contracts
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11:32 EDTGOOGApple, Google, Adobe appeal court's rejection of hiring settlement, Reuters says
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10:39 EDTGOOGAkamai seen as 'Google of Internet infrastructure' by UBS
Shares of Akamai (AKAM) are advancing after UBS began coverage of the stock with a positive view, calling the company "the Google of Internet Infrastructure." Akamai provides infrastructure for delivering content over the Internet. WHAT'S NEW: UBS analyst Steven Milunovich initiated coverage of Akamai with a Buy rating in a note to investors today. Like Google (GOOG), Akamai relies on sophisticated algorithms, the analyst stated. Increased demand for Internet media delivery could cause the Internet content delivery sector to perform better than expected, Milunovich believes. Akamai's strong reliability is difficult to match, which should enable it to fend off competition in the space, according to the analyst. Moreover, Milunovich is upbeat on the company's new security and cloud initiatives. He set a $70 price target on the shares. OTHERS TO WATCH: Other companies in the Internet content delivery space include Limelight Networks (LLNW) and Level 3 (LVLT). PRICE ACTION: In mid-morning trading, Akamai rose nearly 1% to $60.91.
10:05 EDTVRTXOn The Fly: Analyst Upgrade Summary
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09:35 EDTGOOGActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL GILD TSLA YHOO WFM SLW ABX GOOG FB BIDU
08:02 EDTICEIntercontinentalExchange acquires SuperDerivatives for $350M
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08:01 EDTICEICE acquires SuperDerivatives for $350M
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07:12 EDTGOOGGoogle looks to promote rebranded mobile app, search feature, Ad Age reports
Google (GOOG) is launching an ad campaign to promote its rebranded mobile app and its voice-guide search feature, Ad Age reports. The campaign promote breaking news via mobile ad banners in a partnership with the New York Times (NYT), the publication says. Reference Link
07:02 EDTICEIntercontinentalExchange expected to buy SuperDerivatives for $350M, FT reports
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06:59 EDTGOOGGoogle added to Conviction Buy List at Evercore
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06:41 EDTGOOGFCC head says agency to promote high speed Internet choices, NY Times reports
Stating that fewer than 25% of American homes have access to more than one high speed Internet provider, FCC Chairman Tom Wheeler said the agency would look to promote additional choices in the sector, according to The New York Times. High speed Internet providers include Comcast (CMCSA), Cablevision (CVC), Verizon (VZ), AT&T (T), and Google (GOOG). Reference Link
06:33 EDTGOOGMicrosoft, competitors aim to halt Google EU agreement, Reuters says
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06:29 EDTGOOG$30 to be competitive price for sapphire covers in 2015, DigiTimes Research says
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06:03 EDTGOOGGoogle implied volatility of 16 at lower end of index mean range
06:01 EDTGOOGESPN head doesn't see people using Google for big sports events, Re/code reports
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05:41 EDTVRTXVertex upgraded to Buy from Neutral at Goldman
Goldman Sachs upgraded Vertex Pharmaceuticals to Buy saying it sees a 90% probability of approval for the company's VX-809/Kalydeco combo for cystic fibrosis and a higher likelihood of M&A following the positive Phase 3 data in June. Goldman raised its price target for shares to $131 from $109.
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