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Stock Market & Financial Investment News

News Breaks
March 21, 2014
12:22 EDTNKE, V, ECYT, ANN, SYMC, RALYOn The Fly: Midday Wrap
Stocks on Wall Street were mixed at midday, with the Dow and S&P rising to record highs and the Nasdaq a bit below its starting level. Stocks began the session in positive ground as traders rolled out positions due to “quadruple witching,” when stock index futures, stock index options, stock options, and single stock futures expire. The market soon found a level and has moved in a fairly narrow range during the morning, which is typical as quadruple expirations days tend to be more volatile at the open and the close. ECONOMIC EVENTS: In the U.S., no notable economic reports were released. COMPANY NEWS: Shares of Dow-member Nike (NKE) fell 3% despite the company reporting third quarter adjusted profits that beat analysts’ forecast. Nike said it expect its revenue to come in at the top end of its high-single digit growth target range in this fiscal year, but cautioned that the devaluation of developing market currencies will be a "significant drag" on reported revenue, gross margin and profit growth in fiscal year 2015... Visa (V) shares gained over 2.5% after Bloomberg and Reuters reported that a federal appeals court ruled the Federal Reserve was authorized to cap debit card swipe fees, reserving a prior lower court ruling in favor of retailers who oppose the cap. MAJOR MOVERS: Among the notable gainers was Endocyte (ECYT), which was up more than 90% near midday after the company announced that the Committee for Medicinal Products for Human Use of the European Medicines Agency issued "positive opinions" for conditional authorizations for its Vynfinit, Folcepri and Neocepri treatments. The company also announced a Phase 2b lung cancer trial met its primary endpoint. Following both pieces of news, no fewer than three analyst firms increased their price target on the stock. Also higher was Ann Inc. (ANN), which gained 14% after Golden Gate Capital last night disclosed a 9.5% stake in the retailer and said it plans to leverages its retail and equity experience to create value for shareholders. Among the noteworthy losers was Symantec (SYMC), which sunk 14% near noon after the company last night announced it terminated its CEO, Steve Bennett. No fewer than five analysts downgraded shares of the company following the news. Also lower was Rally Software (RALY), which fell more than 8% after the cloud software company gave a first quarter and fiscal 2015 outlook that came in below expectations. INDEXES: Near midday, the Dow was up 102.79, or 0.63%, to 16,433.84, the Nasdaq was down 0.48, or 0.01%, to 4,318.80, and the S&P 500 was up 9.26, or 0.49%, to 1,881.27.
News For NKE;V;ECYT;ANN;SYMC;RALY From The Last 14 Days
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October 12, 2014
17:34 EDTSYMCJPMorgan to double spending on cybersecurity over next five years, WSJ says
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October 10, 2014
17:14 EDTSYMCMarket ends week lower amid global growth worries
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10:01 EDTSYMCOn The Fly: Analyst Upgrade Summary
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09:08 EDTSYMCSymantec upgraded at Raymond James
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08:17 EDTSYMCSymantec split unlikely to create shareholder value, says Pacific Crest
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07:51 EDTSYMCSymantec may face heightened execution risk, says Wells Fargo
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07:42 EDTSYMCSymantec upgraded to Outperform from Market Perform at Raymond James
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07:21 EDTSYMCSymantec price target raised to $30 from $27 at JMP Securities
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06:48 EDTSYMCSymantec volatility low into announcing plans to separate into two companies
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October 9, 2014
16:14 EDTSYMCSymantec to resume trading at 4:20 pm ET after confirming split plans
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16:05 EDTSYMCSymantec plans to separate into two public companies
Symantec announced that its Board of Directors has unanimously approved a plan to separate the company into two, independent publicly traded companies: one business focused on security and one business focused on information management. The transaction is intended to take the form of a tax-free distribution to Symantec shareholders of 100% of the IM business in a new, independent, publicly traded stock. The expected stock distribution ratio will be determined at a future date. The company expects to complete the spinoff by the end of December 2015. The company expects to incur separation and restructuring charges through the completion of the transaction as it works to separate the two businesses. "Symantec’s decision to pursue a separation follows an extensive business review of the company’s strategy and operational structure. Creating two standalone businesses will allow each entity to maximize its respective growth opportunities and drive greater shareholder value," the company stated. The security business generated revenue of $4.2B in FY14. The IM business generated revenue of $2.5B in FY14. Michael Brown will be the President and CEO of Symantec and Thomas Seifert will continue to serve as CFO. John Gannon will be General Manager of the new information management business and Don Rath will be its acting CFO.
16:03 EDTSYMCSymantec affirms Q2 guidance provided in August
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16:01 EDTSYMCSymantec plans to separate into two public companies
16:00 EDTSYMCSymantec trading halted, pending news
09:41 EDTNKE, ANNBofA/Merrill retail analysts hold an analyst/industry conference call
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06:40 EDTSYMCSource of JPMorgan cyberattack still unclear, NY Times says
The source of the cyberattack on JPMorgan (JPM) and other U.S. financial institutions this summer is still unclear, according to The New York Times. The hackers may have tried to hit about a dozen financial institutions , and E-Trade(ETFC) and Fidelity Investments may have been victimized in some way, the newspaper stated, citing an unnamed source who was briefed on the matter. At least five other banks, including Citigroup (C), HSBC (HBC) and Regions Financial (RF), discovered that one of the web addresses used by those who hacked JPMorgan tried to penetrate their systems, The Times quoted unnamed sources briefed on the matter as saying. Publicly traded companies in the space include Barracuda Networks (CUDA), Check Point (CHKP), F5 Networks (FFIV), FireEye (FEYE), Fortinet (FTNT), Imperva (IMPV), Palo Alto (PANW), Proofpoint (PFPT), Qualys (QLYS) and Symantec (SYMC). Reference Link
06:10 EDTNKEStocks with implied volatility below IV index mean; NKE LULU
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October 8, 2014
09:20 EDTSYMCOn The Fly: Pre-market Movers
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07:27 EDTSYMCSymantec volatility flat, in advanced talks to split company in two, report
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05:46 EDTSYMCSymantec in advanced talks to split company in two, Bloomberg reports
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