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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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August 11, 2014
07:50 EDTMUMicron pullback creates buying opportunity, says Jefferies
Jefferies attributes the recent pullback in shares of Micron to Samsung's DRAM bit growth commentary and Micron's guidance for higher capital expenditures in FY15. Jefferies expects favorable DRAM supply/demand balance to continue through 2015 and thinks Micron will continue to see near-term pricing power. The firm recommends buying the stock at current levels and keeps a Buy rating on Micron with a $38 price target.
07:19 EDTGOOGGoogle settles suit over drug ads, to spend $250M on changes, Re/code says
Google has agreed to spend at least $50M a year for at least five years on an internal effort to make content about prescription drug abuse more visible and work with legitimate pharmacies to counter marketing by non-U.S. drug sellers as part of settlement to end shareholder lawsuits over accusations the company improperly allowed certain drug ads, reported Re/code, citing legal documents. Reference Link
06:58 EDTICEUBS to hold a conference
UBS Financials 1:1 Conference to be held in Chicago on August 11.
06:23 EDTGOOGGoogle testing "Listen Now" music ads, WSJ reports
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August 10, 2014
16:51 EDTGOOGCourt rejects $324M settlement in tech hiring conspiracy, NYT says
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August 8, 2014
16:16 EDTGOOGU.S. judge rejects Apple, Google antitrust hiring accord, Bloomberg reports
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12:08 EDTGOOGUpcoming Google tablet may feature 8 MP rear camera, PhoneArena says
Google's upcoming Nexus 8 tablet will feature an 8 MP rear camera, a 64 bit Tegra processor, 4 GB of memory, and the Android L operating system, without any HTC Sense overlay, according to PhoneArena, which cited various leaks and comments from an IHS analyst. Reference Link U
11:02 EDTWWWWOkumus reports 9.6% passive stake in Web.com
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10:12 EDTWIXWix.com management to meet with JPMorgan
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09:10 EDTMUMicron shares should be bought on weakness, says Sterne Agee
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06:37 EDTGOOGMotorola to be sales arm for Lenovo to increase global shipments, DigiTimes says
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06:01 EDTGOOGYahoo to strengthen email encryption for users, Mashable reports
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August 7, 2014
08:39 EDTICEIntercontinentalExchange sees returning nearly $1.7B to holders in 2014/15
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08:33 EDTICEIntercontinentalExchange says Q2 volume impacted by low volatility
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07:45 EDTICEIntercontinentalExchange acquires trading technology patents
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07:35 EDTICEIntercontinentalExchange sees FY14 operating expenses $1.55B-$1.56B
For the full year 2014, operating expenses are expected to be $1.55B-$1.56B. The expense guidance is net of acquisition-related transaction and integration costs for all periods. ICE expects operational capital expenditures and capitalized softwarefor the full year 2014 in the range of $165M-$175M. ICE expects capital expenditures related to real estate to be $75M-$85M for the full year of 2014.
07:34 EDTICEIntercontinentalExchange sees Q3 operating expenses $390M-$395M
ICE expects operational capital expenditures and capitalized software in the range of $40M-$45M for Q3. ICE expects interest expense in the range of $23M-$24M for Q3 and Q4.
07:32 EDTICEIntercontinentalExchange reports Q2 adjusted EPS $2.10, consensus $2.02
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06:36 EDTGOOGGoogle, Barnes & Noble launching same-day book delivery service, NY Times says
Google (GOOG) and Barnes & Noble (BKS) today will begin allowing consumers in three cities to order books carried by Barnes & Noble stores and have them delivered to their homes on the same day, according to The New York Times. Users will order the books on Google Shopping Express, and the service will compete with Amazon, the newspaper stated. Reference Link
06:13 EDTGOOGGoogle to boost encrypted websites in rankings
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