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June 24, 2014
16:23 EDTWIX, GOOG, VRTX, WWWW, ICE, MUOn 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), 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 (WWWW), which plunged $6.90, or 19.94%, to $27.70 after Google's domain name market entry. shares were defended by no less than four Street research firms, with Piper Jaffray saying it believes that concerns about the impact on 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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November 18, 2015
16:44 EDTGOOGGoogle ad exec jumps to YouTube, Re/code says
Neal Mohan, previously Google's (GOOG) SVP for display and video advertising, has been appointed SVP of product for YouTube in a move signaling renewed efforts to combat Facebook (FB) video, reports Re/code, citing spokesperson statements. Paul Muret, currently head of analytics at Google, will succeed Mohan, and the company's analytics group will be folded into its display operations. Re/code notes that the analytics rollup may indicate Google sees measurement as "core" to its advertising business. Reference Link
13:44 EDTMUBefore the Move: Watch Intel into tomorrow's analyst day
Chipmaker Intel's (INTC) analyst day tomorrow could yield information on numerous company operations, but Jefferies analyst Mark Lipacis cautions investors that the probability for positive surprises appears low given recent spending outlays. BACKGROUND: Intel, one of the largest semiconductor makers in the world, is scheduled to hold an analyst day on Thursday, November 19. Beyond providing forecasts for its various business segments and remarks on the larger computer market, Intel is expected to provide further clarity on several recent stories, including its memory joint venture with Micron (MU), plans to invest heavily in a Chinese production facility and progression towards chips on the 10 nanometer scale. STRONG OUTLOOK, MILD MEETING: Intel's pending acquisition of Altera (ALTR) and its plans to invest as much as $5.5B in a computer memory facility in Dalian, China leave little room for positive surprises at tomorrow's event in regards to 2016 margins, capital expenditures, or shareholder returns, Jefferies analyst Mark Lipacis said in a recent research note. That said, the analyst views Intel's Chinese facility expansion as part of a "brilliant investment strategy that positions Intel as a partner to China" and "keeps the market open" to its microprocessors, perhaps Intel's more famed business segment. Though the two initiatives are certain to push up near-term debt load, Lipacis takes the longer-term view, reminding investors that Intel has shown consistently strong free cash flow over the past decade, leading him to forecast another $13B in 2016. The year may also bring "a number" of other positives for the company, including more data center wins after the Altera tie-up, potentially renewed sales on a cyclical uptick in PC gaming, and even the possibility of an iPhone chip contract, though Lipacis said none of those points look set to be discussed tomorrow. The analyst kept a Buy rating and $38 price target on the shares while reiterating that Thursday's Intel event may have little in store for those expecting eye-grabbing surprises. PRICE ACTION: Shares of Intel have advanced roughly 0.9% to $32.92 Wednesday afternoon. "Before the Move" is The Fly's recurring series of exclusive stories that identify potentially market moving events, along with analyst predictions, ahead of the news.
11:24 EDTGOOGGoogle eyes YouTube enhancement with VR experiences, DigiTimes says
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05:41 EDTVRTXVertex receives 2 EU approvals for Kalydeco
Vertex Pharmaceuticals announced that the European Commission has approved expansion of the indication for Kalydeco to include children ages 2 to 5 with cystic fibrosis, or CF, who have one of nine gating mutations in the cystic fibrosis transmembrane conductance regulator, or CFTR, gene and to include people with CF ages 18 and older who have an R117H mutation. Ivacaftor was previously approved in the European Union, or EU, for use in people with CF ages 6 and older who have one of nine gating mutations. In Europe, approximately 125 children with CF ages 2 to 5 have one of the nine gating mutations included in today's approval and approximately 350 adults with CF have an R117H mutation. Vertex will now begin the country-by-country reimbursement approval processes for each new indication.
November 17, 2015
19:11 EDTGOOGGoogle launches redesigned Google+
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11:25 EDTGOOGGoogle to fight Russia's antitrust ruling on Android platform, Reuters reports
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11:10 EDTMUMicron the most likely target for Tsinghua stake, says Macquarie
Macquarie analyst Deepon Nag highlighted yesterday that Tsinghua Unigroup Chairman Zhao Weiguo told Reuters in an interview that his company was in talks with a U.S. semiconductor company, and that a deal could be announced as early as the end of the month. Zhao stated that a majority stake was unlikely due to regulatory concerns. Given recent moves by China in the memory market, Micron (MU) is the most likely target for Tsinghua, Nag wrote in a note to investors. Tsinghua recently announced a 15% stake in Western Digital (WDC) at a 33% premium to the company's prior closing price. A similar premium for Micron would lead to a 15% stake in Micron for $20 per share, which would equal $3.4B, the analyst points out. Shares of Micron are up 46c, or 3%, to $15.35 in late morning trading. Nag has an Outperform rating on Micron with a $30 price target.
11:03 EDTMUTsinghua Chairman says in talks with U.S.-based chipmaker, Reuters reports
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11:02 EDTMUMicron calls active on speculation of a Chinese investment
Micron November 15.5 and 16 calls are active on total call volume of 27K contracts (12K puts) on speculation of a Chinese investment. November call option implied volatility is at 65, December is at 55; compared to its 52-week range of 28 to 74. Active call volume suggests traders taking positions for upside price movement.
09:03 EDTICEICE Future Europe introduces white sugar futures contract in 2016
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07:56 EDTMUUBS to hold a conference
Global Technology Conference is being held in San Francisco on November 16-18 with webcasted company presentations to begin on November 17 at 10:45 am.; not all company presentations may be webcasted. Webcast Link
06:35 EDTGOOGGoogle's Project Aura working on three new wearables, the Information says
Google's revamped Google Glass project, known as Project Aura, is developing a wearable with a screen and at least one without, the Information reports. Three versions of the head-mounted device are currently in development, though three may be consolidated into two, the report says. The two without a screen rely on bone conduction, much like the original Google Glass, the report says. Reference Link
November 16, 2015
16:43 EDTMUGreenlight Capital added Apple, sold some SunEdison
Greenlight Capital gave a quarterly update on its stakes in a filing this afternoon. NEW STAKES: CNX Coal Resources (CNXC), Garmin (GRMN), Terraform Global (GLBL), and Liberty Global (LILA). INCREASED STAKES: Apple (AAPL), Michael Kors (KORS), Dillard's (DDS), UIL Holdings (UIL), and Twenty-First Century Fox (FOXA). DECREASED STAKES: SunEdison (SUNE), Micron (MU), Voya (VOYA), Applied Materials (AMAT), and SunEdison Semiconductor (SEMI). LIQUIDATED STAKES: Citizens Financial (CFG), Lam Research (LRCX), Spirit AeroSystems (SPR), Hertz (HTZ), and Macy's (M).
09:37 EDTMUActive equity options trading on open
Active equity options trading on open: AAPL FB ORCL BAC SUNE FDX FCX EXPE NFLX MU AMZN INTC TSLA
09:33 EDTGOOGeBay second week of November SSS up 0.4%, ChannelAdvisor says
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07:40 EDTICEBGC and GFI agree to sell Trayport to Intercontinental Exchange for $650M
BGC Partners (BGCP) and its majority-owned division, GFI Group (GFIG) announced that GFI has entered into an agreement to sell its Trayport business to Intercontinental Exchange (ICE) for $650M. Trayport is a provider of trading and aggregation software primarily in the global OTC energy and commodities markets. Trayport, which is domiciled in the UK, generated revenues of approximately $80M over the twelve months ended September 30, 2015. These revenues were predominantly generated via recurring software license and subscription fees. Trayport's revenues increased by approximately 9 percent year-on-year in British pounds during the third quarter of 2015. Under the terms of the purchase agreement, Intercontinental Exchange will acquire the equity of the companies that comprise the Trayport business. The GFI sellers will receive $650 million in ICE common shares based on the closing stock price on November 13, 2015. The aggregate number of ICE common shares is approximately 2.5 million, and up to approximately 0.8 million additional ICE common shares based on a sliding scale from $193.85 to $258.47 in the event that ICE's weighted average stock price over a specified period leading up to closing is less than $258.47. GFI will have the right to sell its ICE common shares pursuant to a registration rights agreement. ICE may elect to substitute cash for part or all of the stock consideration owed to the GFI sellers. The transaction is subject to certain closing conditions, including receipt of required regulatory approvals. The transaction is expected to close as early as the first quarter of 2016, subject to receipt of such approvals. After the close of the transaction, BGC and GFI are expected to remain customers of Trayport. The net tax the Company will pay with respect to the transaction is expected to be at a rate of 15 percent or less. The one-time gain will be reflected in BGC's consolidated results under U.S. generally accepted accounting principles, but will be excluded from the Company's results for distributable earnings.
07:32 EDTICEIntercontinental Exchange to buy Trayport from BGC, GFI for $650M
Intercontinental Exchange (ICE) announced that it has entered into a definitive agreement to acquire Trayport for $650M in ICE common stock. Trayport is a subsidiary of GFI Group (GFIG), which was acquired by BGC Partners (BGCP) in March 2015. Trayport licenses its technology platform to serve brokers for electronic and hybrid trade execution primarily in the European over-the-counter utility markets. The transaction will enable ICE to provide new services to the European OTC energy markets, including European power, natural gas and coal. The $650M purchase price will be paid with 100% equity consideration comprising approximately 2.5M shares of ICE common stock. ICE anticipates an immaterial impact to 2016 adjusted earnings per share. The agreement was unanimously approved by the Boards of Directors of both companies. The transaction is expected to close in the first quarter of 2016, subject to the completion of closing conditions and receipt of applicable regulatory approvals.
07:16 EDTVRTXHayman Capital gives quarterly update on stakes
NEW STAKES: Impax (IPXL), CF Industries (CF), GW Pharmaceuticals (GWPH), ProNAi Therapeutics (DNAI). INCREASED STAKES: BioMarin (BMRN), NMI Holdings (NMIH), Vertex (VRTX), Endo (ENDP). DECREASED STAKES: Mylan (MYL). LIQUIDATED STAKES: Perrigo (PRGO), Oasis Petroleum (OAS), Whiting Petroleum (WLL), Newfield Exploration (NFX), SM Energy (SM).
06:27 EDTGOOGYandex extends Google antitrust battle to EU, Bloomberg reports
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05:57 EDTMUDRAMeXchange: Q3 Mobile DRAM sales rise 18%, DigiTimes says
Mobile DRAM revenue in Q3 was up 18% sequentially to $4.55B, reports DigiTimes. According to DRAMeXchange, SK Hynix made the largest contribution to the growth with revenues surging 30.5% to $1.2B while Samsung remained the largest DRAM supplier with revenue increasing 16.5% to $2.58B. Samsung continued to hold a more than 50% share of the global mobile DRAM market in the quarter. Reference Link
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