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Stock Market & Financial Investment News

News Breaks
June 26, 2014
12:28 EDTGOOG, BCS, GPRO, SCS, CJES, IRM, TWTR, FB, NBR, BBBY, NFLX, 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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December 8, 2014
06:00 EDTTWTRTwitter's former head of product leaving company, Re/code reports
Daniel Graf, who was replaced by Kevin Weil as head of product last month, is leaving the company, Re/code reports. Reference Link
December 7, 2014
13:47 EDTGOOGGoogle could reach $634 in a year, Barron's says
Google shares look attractive at current levels and shares could reach $634.00 in a year, driven by stabilizing ad pricing, Barron's contends in a feature article. Reference Link
December 5, 2014
16:56 EDTNFLXNetflix initiated with a Neutral at UBS
Target $370.
13:56 EDTIRMIron Mountain management to meet with Piper Jaffray
Meetings to be held in New York December 10-11 hosted by Piper Jaffray.
12:50 EDTGOOGOn The Fly: Midday Wrap
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11:23 EDTTWTR, NFLX, FBOption volume leaders
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11:12 EDTGPROAmbarella retreats despite better than expected results
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10:59 EDTGPROStocks with call strike movement; SDRL GPRO
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10:20 EDTGOOG, FBYahoo rises, Google falls after BofA changes ratings on both
Shares of Yahoo (YHOO) are rising and Google's (GOOG, GOOGL) stock is falling after Bank of America Merrill Lynch upgraded Yahoo and downgraded Google. WHAT'S NEW: Bank of America analyst Justin Post upgraded his rating on Yahoo to Buy from Neutral. Post said he had previously not expected to obtain information about Yahoo's strategy for avoiding taxes on the sale of its stake in Chinese e-commerce giant Alibaba (BABA) at least until well into 2015. However, Yahoo's CFO recently stated that the company continued to be optimistic that it would be able to cut its tax bill and added that the company would divulge its plans for doing so during its next earnings conference call. Yahoo's next earnings conference call is expected to take place by the end of next month, Post noted. He set a $62 price target on Yahoo shares. Meanwhile, Post downgraded Google to Neutral from Buy. The analyst thinks the company is facing several headwinds, including the maturity of its search business, a lack of products that can provide catalysts, and margin pressures as it invests in competitive businesses. As a result of these headwinds, Google's results are likely to be below expectations, Post believes. Meanwhile, the company is also facing increased regulatory risk, particularly in the EU, and increased competition from Facebook (FB) and other social networks. He trimmed his price target on Google to $580 from $600. PRICE ACTION: In early trading, Yahoo climbed 1% to $50.94, while Google class A shares declined 1.5% to $534.33.
10:00 EDTFBOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Acorda Therapeutics (ACOR) initiated with a Neutral at Goldman... Builders FirstSource (BLDR) initiated with a Neutral at Sterne Agee... CSI Compressco (CCLP) initiated with a Buy at Stifel... California Resources Corp. (CRC) initiated with a Market Perform at Raymond James... Castlight Health (CSLT) initiated with an Equal Weight at First Analysis... DCP Midstream (DPM) initiated with a Buy at MLV & Co.... DSP Group (DSPG) initiated with an Outperform at Imperial Capital... Edwards Lifesciences (EW) initiated with an Outperform at Bernstein... EnLink Midstream (ENLK) initiated with a Buy at MLV & Co.... Facebook (FB) initiated with a Buy at MKM Partners... FireEye (FEYE) initiated with a Market Perform at JMP Securities... FleetCor (FLT) initiated with a Buy at Deutsche Bank... Imperva (IMPV) initiated with a Buy at Nomura... Keryx (KERX) initiated with an Outperform at Cowen... Knowles (KN) initiated with a Market Perform at FBR Capital... Marlin Midstream (FISH) initiated with a Buy at MLV & Co.... Paragon Offshore (PGN) initiated with a Sector Perform at Iberia... PepsiCo (PEP) initiated with a Buy at Evercore ISI... Proofpoint (PFPT) initiated with a Buy at Nomura... Relypsa (RLYP) initiated with an Outperform at Oppenheimer... Rocket Fuel (FUEL) initiated with a Sell at Maxim... Sprouts Farmers Markets (SFM) initiated with an Underperform at Longbow... Summit Midstream (SMLP) initiated with a Buy at MLV & Co.... TubeMogul (TUBE) initiated with a Buy at Maxim... Western Gas Partners (WES) initiated with a Buy at MLV & Co.
10:00 EDTGOOGOn The Fly: Analyst Downgrade Summary
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08:55 EDTFB, GOOG, TWTRYahoo seen overtaking Twitter in U.S. mobile ad market share, WSJ reports
Research firm eMarketer predicts Google (GOOG, GOOGL) and Facebook (FB) will account for about 35% and 17%, respectively, of the U.S. mobile ad market in 2015, but the firm also expects Yahoo (YHOO) will edge past Twitter (TWTR) in terms of mobile ad revenue, with projected market shares of 3.74% and 3.69%, respectively, reported The Wall Street Journal. Reference Link
08:14 EDTGOOGGoogle volatility low into being downgraded to Neutral from Buy at BofA/Merrill
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07:43 EDTNBRLondon bankers see oil slump spurring energy industry consolidation, WSJ reports
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07:38 EDTGOOGFollow-up: Google downgraded at BofA/Merrill
As previously reported, BofA/Merrill downgraded Google to Neutral from Buy. The firm lowered estimates slightly below the Street due to lack of product catalysts, search maturity, and margin pressure from investments. BofA/Merrill is also cautious on online advertising growth given increased regulatory risk in the EU, potential Facebook (FB) competition, share loss from social growth, and a strong Apple (AAPL) product cycle. Price target lowered to $580 from $600.
07:28 EDTGOOGGoogle downgraded to Neutral from Buy at BofA/Merrill
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06:43 EDTGPROAmbarella results suggest GoPro estimates conservative, says Piper Jaffray
Piper Jaffray believes the "strong" results and outlook from Ambarella (AMBA), a supplier of video compression and image processing semiconductors used in HERO devices, suggest consensus estimates for GoPro's (GPRO) next two quarters are conservative. Piper has a Neutral rating on GoPro with a $90 price target.
06:31 EDTFBFacebook initiated with a Buy at MKM Partners
Target $105.
06:15 EDTGOOGGoogle revamps incentive program for firms that sell productivity apps, services
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06:03 EDTGOOGiOS mobile traffic shows iPhone 6 launch strong, says Piper Jaffray
Piper Jaffray says that according to Quantcast data, Apple's (AAPL) iOS mobile traffic share increased from 60.6% at iPhone 6 launch to 61.4% nine weeks after launch, while Google's (GOOG) Android decreased from 38.4% to 37.5% in the same period. Piper views the iOS mobile traffic share as further evidence that the iPhone 6 launch in the U.S. is off to a strong start. It keeps an Overweight rating on Apple shares with a $135 price target.
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