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Stock Market & Financial Investment News

News Breaks
June 26, 2014
12:28 EDTNFLX, SCS, FB, GOOG, CJES, NBR, BCS, IRM, BBBY, GPRO, TWTR, MLHROn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday after a report showed that consumer spending in the U.S. rose less than expected in May. Stocks began the day in quiet fashion as the averages opened just below the flat line, but the market began to drift lower and eventually gained momentum to the downside, pushing the Dow to a triple digit loss. The market began to pare its losses by mid-morning but has still not been able to come back entirely from its early weakness. ECONOMIC EVENTS: In the U.S., initial jobless claims in the third week of June came in at 312k, which was a hair above the 310K forecast. Personal income rose 0.4% in May, matching expectations, but consumer spending grew only 0.2%, missing the forecast for 0.4% growth. COMPANY NEWS: Shares of Barclays (BCS) trading in New York plunged nearly 6% after New York's Attorney General announced a lawsuit against the bank arising from the operation of its dark pool and other aspects of its electronic trading division... Outside of its own news, analysts at the U.K. bank initiated coverage on eight large Internet stocks today, recommending shares of Facebook (FB), Google (GOOG) and Twitter (TWTR) while advising against owning Netflix (NFLX). Near noon following the initiations, Netflix fell nearly 1%, Google lost 0.7%, Facebook was little changed, and Twitter advanced 4%... GoPro (GPRO) rose 30% to trade near $31 near noon after the action camera maker priced its initial public offering of stock at $24 a share, which was the high end of its expected range. MAJOR MOVERS: Among the notable gainers was Iron Mountain (IRM), which jumped 19% after its board of directors approved the company’s conversion to a real estate investment trust, or REIT, following the receipt of favorable private letter rulings from the IRS. Also higher was Nabors (NBR), which rose 7% and was upgraded to Neutral from Sell at Guggenheim after agreeing to combine its completion and production services businesses in the U.S. and Canada with C&J Energy Services (CJES). Among the noteworthy losers was home furnishings retailer Bed Bath & Beyond (BBBY), which fell 8.5% near noon after the company's first quarter results and second quarter profit outlook missed analysts' consensus estimates. Earlier in the session, the stock hit a fresh 52-week low of $54.95. Also lower following their earnings reports were office furnishings providers Steelcase (SCS), which fell 14%, and Herman Miller (MLHR), which dropped nearly 7%. INDEXES: Near midday, the Dow was down 77.66, or 0.46%, to 16,789.85, the Nasdaq was down 16.56, or 0.38%, to 4,363.19, and the S&P 500 was down 8.35, or 0.43%, to 1,951.18.
News For NFLX;TWTR;GPRO;BBBY;IRM;BCS;NBR;CJES;GOOG;FB;SCS;MLHR From The Last 14 Days
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July 17, 2014
10:14 EDTFBFacebook view changed to Positive from Neutral at OTR Global (pre-open)
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10:00 EDTBBBYOn The Fly: Analyst Initiation Summary
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09:40 EDTFB, TWTRActive equity options trading on open
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09:31 EDTNFLXNetflix, Disney announce multi-year pay TV window agreement in Canada
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09:09 EDTGOOGSenate Commerce, Science & Transportation Committee holds a hearing
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08:39 EDTGOOGMicrosoft shifting some Nokia X designs to Lumia products running Windows
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08:28 EDTTWTRTwitter may see 'paltry' MAU growth in Q2, Business Insider says
Twitter's monthly active users would have declined during Q2 if not for a boost from the World Cup, two sources told Business Insider, with one of those sources claiming Twitter will have 260M MAUs for the quarter, up only 2% from the 255M MAUs it reported in Q1. "It is not possible to say definitively from the data provided by Business Insider's two sources that Twitter's MAUs are in trouble," the report cautioned, noting that the data relied on comes from third-party developers and that the MAUs communicated were taken during non-standard time periods that don't sync with Twitter's calendar quarters. Reference Link
07:31 EDTNFLXNetflix Q2 results likely to beat expectations, says MKM Partners
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07:20 EDTNFLXNetflix July weekly volatility elevated into Q2 and outlook
Netflix July weekly call option implied volatility is at 77, August is at 49, September is at 40; compared to its 26-week average of 44 according to Track Data, suggesting large near term price movement into the expected release of Q2 results on July 21.
06:50 EDTFB, GOOGAirbus considering partnering with high tech companies, NY Times says
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06:47 EDTGOOGGoogle plans big push in India for Android One initiative, The Informations says
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July 16, 2014
17:39 EDTGOOGeBay says Google search algorithm change slowed traffic in June
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17:25 EDTBBBYBed Bath & Beyond initiated with a Neutral at Nomura
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16:00 EDTGOOG, FBOptions Update; July 16, 2014
iPath S&P 500 VIX Short-Term Futures down 70c to 27.25. Option volume leaders: AAPL FB GOOG AMZN TWTR TSLA C HPQ TWX INTC AMZN according to Track Data.
15:17 EDTNFLXNetflix quietly ends Saturday DVD deliveries to lower costs, LAT says
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14:03 EDTNFLXNetflix submits FCC comments on proposed Net Neutrality rules
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12:47 EDTGOOGYahoo falls after results disappoint, details additional plans for Alibaba stake
Shares of media and search engine company Yahoo (YHOO) are falling after the company's second quarter results fell short of analysts' consensus estimates. The company also said it will lower the amount of stock it will sell in Alibaba's initial public offering to 140M shares and that it plans to return "at least half" of its after-tax proceeds from the stake sale to its shareholders. WHAT'S NEW: Last night, Yahoo reported Q2 earnings per share of 37c and revenue ex-tac of $1.04B, narrowly missing analysts' consensus estimates of 38c and $1.08B, respectively. The company's Q2 display ad revenue fell 7% to $394M, while Q2 price per ad fell 24% versus last year. Q2 search revenue ex-tac increased 6% to $428M. Yahoo said that in Q2, the number of ads sold increased approximately 24% compared to last year, while the number of paid clicks increased approximately 3%. Price-per-click increased 15% compared to last year. Marissa Mayer, Yahoo's Chief Executive Officer, said that as the company's top priority is revenue growth, it is "not satisfied" with Q2 results. Mayer noted that several areas showed strength in the quarter, including Yahoo Search, which grew 6% year-over-year on a revenue ex-tac basis, but their growth was offset by declines. Meyer says the company needs to "work faster to ameliorate" negative trends in display. Mayer says the company "can and will do better" going forward. WHAT'S NOTABLE: Looking ahead, Yahoo forecast third quarter revenue ex-tac of $1.02B-$1.06B, below the consensus of $1.1B. The company also guided Q3 adjusted earnings before interest, taxes, depreciation and amortization, or EBTIDA, at $220M-$260M and non-GAAP operating income of $70M-$110M. Yahoo also noted that it will lower the number of shares it sells in the Alibaba IPO to 140M from 208M, and is committed to return at least half of the after-tax IPO proceeds to shareholders. Mayer noted on the company's earnings conference call that "A transformation of this size will take several years," adding that "it will take a little longer than originally forecasted." ANALYST REACTION: This morning, research firm CRT Capital downgraded Yahoo to Fair Value from Buy, citing mixed Q2 earnings and weak guidance. The firm sees pressure on ad pricing continuing for at at least two to three quarters. Another firm, Bernstein, lowered their price target on Yahoo to $40 from $43 following the company's weaker than expected results and said that it would return 50% of its proceeds from the Alibaba IPO to shareholders. The firm thinks there is an increased risk that Yahoo will use the other 50% on M&A, and Bernstein sees high risk that the M&A will destroy value. Bernstein kept an Outperform rating on the stock. Piper Jaffray said Yahoo should be owned ahead of the Alibaba IPO, noting its agreement with Alibaba to reduce the number of shares it will sell at the IPO should outweigh the "unsurprising" challenges in the company's core business. The firm, which kept an Overweight rating on the stock, expects the stock to react positively on the Q2 earnings report. PRICE ACTION: In early afternoon trading, Yahoo fell $1.66, or about 4.7%, to $33.95 on heavy trading volume. Despite today's pull back, the stock is up approximately 25% over the past 12 months. OTHERS TO WATCH: Yahoo peer AOL (AOL) is down over 4.% to $38.98. Jackie Reses, Yahoo's chief of mergers and acquisitions, said at the Fortune Brainstorm Tech Conference that the company is not planning to buy AOL, Re/code reported this morning. Mayer previously told a number of people that she does not "get" the merger.
10:58 EDTGOOGSamsung in talks to buy SmartThings for about $200M, TechCrunch reports
Samsung is in talks to acquire SmartThings, a company in the home automation space that allows users to connect devices like lights and doorlocks to a system controlled by their mobile phone, TechCrunch reports. The purchase price is said to be around $200M. Reference Link
09:37 EDTNFLXActive equity options trading on open
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06:14 EDTGOOGABI Research: More than 2B smartphones to ship in 2018, DigiTimes says
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