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Stock Market & Financial Investment News

News For NFLX;GOOG;AMZN;DIS;NWSA;CMCSA;TWX From The Last 14 Days
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<< 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | all recent news | >>
October 16, 2014
14:42 EDTGOOG, AMZNeBay appears done with same-day delivery 'experiment,' Re/Code says
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14:26 EDTGOOGGoogle technical comments ahead of earnings
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14:04 EDTGOOGGoogle seen testing high-speed wireless service, Reuters says
Telecommunications experts that have seen Google's regulatory filings are saying that the company may be preparing a wireless version of its high-speed "Fiber" Internet service, says Reuters. Reference Link
12:49 EDTGOOGEarnings Preview: Google shares down 8% since last earnings report
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12:29 EDTTWX, NFLXOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday, though well off their worst levels. The market opened sharply lower following less than stellar quarterly reports from some of the country’s largest corporations and a number of in-focus "momentum" names such as Netflix (NFLX) and eBay (EBAY). The early drop extended the market’s recent declines and put the averages close to correction territory. The market moved off its lows after a regional Fed president, who'd recently been seen as hawkish, said in an interview that the central bank should consider delaying the end of quantitative easing and that it should be more data driven than time driven. The comments were attributed as the catalyst for a reversal that brought the averages all the way back to positive territory, though the market has once again drifted back into negative ground. ECONOMIC EVENTS: In the U.S., initial jobless claims decreased by 23K to 264K last week to hit their lowest level since April 2000. Industrial production rebounded 1.0% in September, beating expectations for a rise of 0.4% and pushing capacity utilization up to 79.3% from 78.7% previously. The Philadelphia Fed manufacturing index fell 1.8 points to 20.7 in October, which was not as low as the expected 19.9 reading. The NAHB homebuilder sentiment index fell 5 points to 54 in October, versus expectations for it to hold steady at 59. Also of significant note, St. Louis Fed President James Bullard, who is not a voting FOMC member though was quoted recently saying that a rate hike might be appropriate as soon as early next year, reversed course this morning and told Bloomberg in an interview that the Fed should consider delaying an end to its quantitative easing program. COMPANY NEWS: Shares of Netflix (NFLX) plunged 22% after the company provided lower than expected Q4 profit guidance and reported lower than expected subscriber data. The move after its earnings report last night also follows Time Warner's (TWX) announcement yesterday of plans for a standalone HBO online service and Piper Jaffray saying it believes CBS (CBS) will similarly launch an over-the-top Showtime offering next year... eBay (EBAY) shares slipped nearly 6% after the company missed revenue expectations for the third quarter and lowered its outlook for fiscal 2014. Following the report, analysts at both RBC Capital and CLSA downgraded the stock. MAJOR MOVERS: Among the notable gainers was Chesapeake Energy (CHK), which rose 17% after the company announced that it sold Marcellus and Utica shale assets to Southwestern Energy (SWN) for $5.375B. Shares of the buyer Southwestern, however, fell 8% after the deal announcement. Also lower was Extreme Networks (EXTR), which dropped almost 19% after cutting its first quarter outlook citing significant delays with its North American deals as well as headwinds in Europe. INDEXES: Near midday, the Dow was down 28.46, or 0.18%, to 16,113.28, the Nasdaq was down 16.16, or 0.38%, to 4,199.16, and the S&P 500 was down 2.08, or 0.11%, to 1,860.41.
12:11 EDTAMZNeBay sinks after trimming fiscal 2014 revenue outlook
Shares of e-commerce company eBay (EBAY) are sinking after the firm missed revenue expectations for the third quarter and lowered its outlook for for fiscal 2014. The mid-point of its fourth quarter earnings per share, as well as its Q4 revenue guidance also fell below analysts' consensus estimates. WHAT'S NEW: Last night, eBay reported Q3 EPS of 68c and revenue of $4.35B, compared to consensus of 67c and $4.37B, respectively. For the quarter, Marketplaces segment toatl net revenue increased $129M from last year, Payments segment total net revenue increased $330M and Enterprise segment total net revenue increased $7M. In a filing, eBay said that it had no material operating expenses directly related to a cyberattack, but noted that the cyberattack did adversely affect its Marketplaces revenue in the quarter. The company said it is currently unclear whether any loss of customer trust resulting from the breach could negatively impact its Marketplaces segment's results of operations on an ongoing basis or "require us to increase promotional efforts to regain such trust." WHAT'S NOTABLE: Looking ahead, eBay forecast Q4 EPS of 88c-91c and revenue of $4.85B-$4.95B, versus consensus estimates of 91c and $5.16B, respectively. The company announced that FY14 EPS would come in at the low end of its previous guidance of $2.95-$3.00, compared to consensus of $2.97. eBay also lowered its FY14 revenue outlook to $17.85B-$17.95B from $18B-$18.3B, versus analysts' consensus estimates of $18.15B. eBay cited slower Marketplace growth and FX headwinds for the reduced guidance. eBay said PayPal is on track to process 1B mobile transactions in 2014 and that it expects the PayPal separation to be complete in 2H15. ANALYST REACTION: This morning, research firm RBC Capital downgraded eBay to Sector Perform from Outperform following the Q3 report, citing softness in Marketplaces and lower than expected Payments segment margins. The firm lowered its price target on the shares to $55 from $62. Another firm, Stifel, said eBay shares are approaching compelling levels. However, Stifel noted that it is reluctant to become more positive on the stock without more information about the PayPal spin off, potential cost structure changes after the spin and before the stabilization of current operating trends. Stifel kept a Hold rating on the shares. CLSA downgraded eBay to Underperform from Buy and lowered its price target to $52 from $66. The firm cited ongoing issues with Marketplaces, execution risks post split, diminishing PayPal competitive advantages and potential M&A barriers. PRICE ACTION: In intra day trading, eBay fell $3.13, or about 6.3%, to $47.10 on heavy trading volume. Including today's pull back, the shares have lost approximately 12% over the past 12 months. OTHERS TO WATCH: Other ecommerce companies include Amazon.com (AMZN), down 1.8%, and Mercadolibre (MELI), down 0.9%.
10:49 EDTTWXCBS likely to launch Showtime OTT service in 2015, says Piper Jaffray
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10:39 EDTNFLXNetflix tumbles after guidance, subscribers miss expectations
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10:23 EDTAMZNAmazon.com breaks below $300, levels to watch
Shares have broken psychologically important support at $300, last at $299.59. At that price, next support is at $296.76. Resistance is at $305.01.
10:06 EDTGOOGThe Federal Trade Commission (FTC) to hold a conference
7th Annual Federal Trade Commision Microeconomics Conference is being held in Washington, D.C. on October 16-17.
10:01 EDTDIS, NFLXOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Akamai (AKAM) downgraded to Market Perform from Outperform at Wells Fargo... CGG SA (CGG) downgraded to Reduce from Neutral at Nomura... Central Valley Community (CVCY) downgraded to Hold from Buy at Sandler O'Neill... DSM (RDSMY) downgraded to Neutral from Buy at Nomura... Disney (DIS) downgraded at Guggenheim... Francesca's (FRAN) downgraded to Underperform from Outperform at Macquarie... Netflix (NFLX) downgraded to Fair Value from Buy at CRT Capital... Nordstrom (JWN) downgraded to Neutral from Outperform at Macquarie... Norfolk Southern (NSC) downgraded at Credit Suisse... Rio Tinto (RIO) downgraded to Market Perform at Cowen... Seadrill (SDRL) downgraded to Reduce from Neutral at Nomura... Ternium (TX) downgraded to Neutral from Overweight at JPMorgan... Urban Outfitters (URBN) downgraded to Neutral from Outperform at Macquarie... Viacom (VIAB) downgraded at BofA/Merrill... eBay (EBAY) downgraded to Underperform from Buy at CLSA... lululemon (LULU) downgraded to Underperform from Neutral at Macquarie.
10:01 EDTNFLX, TWXOn The Fly: Analyst Upgrade Summary
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09:39 EDTNFLX, DISActive equity options trading on open
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09:26 EDTNFLXNetflix long-term growth intact, says BTIG
BTIG would not sell Netfix and said issues are short-term and that long-term growth is intact. The analyst said content quality is ramping and the company has an underappreciated technology lead of incumbent media peers and is able to produce content an a far more efficient, global scale, increasing its international expansion opportunities. Shares are Buy rated
09:23 EDTNFLXOn The Fly: Pre-market Movers
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09:21 EDTNFLXNetflix core competitive advantages appear intact, says Pacific Crest
After Netflix reported Q3 results that Pacific Crest views as weak, the firm thinks the company's core competitive advantages appear to be intact. The firm believes that the company has much growth and profit potential remaining. It cut its price target on the name to $490 from $530 but keeps an Outperform rating on the shares.
09:18 EDTTWXMoonves: Showtime standalone service in 'not too distant future,' NY Times says
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08:37 EDTTWXTime Warner upgraded at Topeka
As previously reported, Topeka upgraded Time Warner to Buy from Hold. The firm upgraded shares citing better than expected guidance targeted at yesterday's analyst day. Price target raised to $90 from $70. Note that BofA/Merrill also upgraded shares today.
08:24 EDTGOOGSchneiderman, Gascon applaud Google for 'kill switch' incorporation
Attorney General Eric Schneiderman and San Francisco District Attorney George Gascon issued the following statement on the release of Google’s new version of Android software, which will incorporate theft deterrent technology for the first time. Both Schneiderman and Gascon said, “We applaud Google for including a ‘kill switch’ solution in its new version of Android. The majority of smartphone owners now have access to an theft-deterrent solution. Through the work of the Secure Our Smartphones Initiative in concert with the smartphone industry, we are well on our way to safeguarding our loved ones from opportunistic thieves. But in order for these theft deterrents to effectively end the epidemic, they must be enabled by default so violent criminals lack the incentive to steal any smartphone. We will continue to encourage every actor in the smartphone industry, including Google, to take the necessary, additional step of ensuring this technology is opt-out on all devices.” Reference Link
08:23 EDTTWXTime Warner price target raised to $85-$90 from $79-$81 at Wells Fargo
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