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Stock Market & Financial Investment News

News Breaks
June 15, 2012
12:21 EDTIIVI, YPF, TTWO, NOK, NAVOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday in spite of some disappointing domestic economic data, with the market's expectations for more quantitative easing possibly making bad news seem like good news. The averages opened quietly but almost immediately began to move higher. Whenever options are set to expire it can lead to higher volatility and heavier volume. With today being “quadruple witching,” when options, stock index options, single stock futures and stock index futures are all due to expire, the moves can be more extreme. Although the move today was orderly it came on heavier than normal volume, which is a sure sign that options were involved. The market has ignored the poor economic data points, including the industrial production and Empire manufacturing reports, and has added to its gains from earlier in the week... ECONOMIC EVENTS: In the U.S., the Empire state manufacturing report for June reported a drop in the general business conditions index to 2.29, versus expectations of a reading of 13.0. Industrial production fell 0.1% in May, versus expectations that it would remain flat, while manufacturing production declined 0.4%, versus forecasts it would fall 0.3% month-over-month. The University of Michigan consumer confidence reading was 74.1, versus expectations of 77.5. Internationally, this weekend will see the highly anticipated elections in Greece, as well as the second round of France's legislature elections and voting in Egypt that will influence U.S. policy in the Middle East... COMPANY NEWS: Shares of Nokia (NOK) rebounded a bit from yesterday's steep sell-off, gaining back about 6%. The troubled phone maker's shares were upgraded at both Citigroup and Oppenheimer, though the stock was also downgraded at Credit Suisse... MAJOR MOVERS: Among the notable gainers were YPF SA (YPF), up 20%, after Carlos Slim reported an 8.4% stake in the company, and Navistar (NAV), up almost 8%, after hedge fund MHR Fund Management disclosed a 13.6% stake. Noteworthy losers included II-VI (IIVI), down 11%, after giving a near-term and longer-term earnings view below consensus estimates, and Take-Two (TTWO), down more than 3%, as one of a number of video game makers falling after research firm NPD reported that U.S. video game sales plunged a greater than expected 28% in May... INDICES: Near noon, the Dow was up 62.32, or 0.49%, to 12,714.23; the Nasdaq was up 18.71, or 0.66%, to 2,855.04; and the S&P 500 was up 7.37, or 0.55%, to 1,336.47.
News For NOK;YPF;NAV;TTWO;IIVI From The Last 14 Days
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August 21, 2015
12:18 EDTNOKMicrosoft to cut up to 2,300 jobs in Finland, Reuters reports
Microsoft (MSFT) will cut up to 2,300 jobs in Finland and close Nokia's (NOK) former handset product development unit in Salo, Reuters reports. The cuts are part of Microsoft's plans to cut 7,800 jobs globally. Microsoft will keep open sites in Espoo and Tampere. Reference Link
August 20, 2015
05:46 EDTNOKNokia Networks expand use of WANdisco big data technology
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August 19, 2015
10:00 EDTNAVOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Biocept (BIOC) initiated with a Buy at H.C. Wainwright... C.H. Robinson (CHRW) initiated with a Buy at Evercore ISI... Chipotle (CMG) initiated with a Hold at Maxim... Con-way (CNW) initiated with a Buy at Evercore ISI... Dermira (DERM) initiated with an Outperform at Cowen... Expeditors (EXPD) initiated with a Hold at Evercore ISI... Fleetmatics (FLTX) initiated with an In-Line at Imperial Capital... Frontier Communications (FTR) initiated with an Overweight at Stephens... Gevo (GEVO) initiated with a Buy at Rodman & Renshaw... International Game (IGT) initiated with a Sell at Goldman... Knight Transportation (KNX) initiated with a Buy at Evercore ISI... Logitech (LOGI) initiated with a Buy at Rosenblatt... Navistar (NAV) initiated with a Neutral at Macquarie... Panera Bread (PNRA) initiated with a Hold at Maxim... Scientific Games (SGMS) initiated with a Sell at Goldman... Swift Transport (SWFT) initiated with a Hold at Evercore ISI... Tribune Media (TRCO) initiated with an Equal Weight at Morgan Stanley... WEX Inc. (WEX) initiated with an Equal Weight at Barclays... Zoe's Kitchen (ZOES) initiated with a Buy at Maxim.
06:31 EDTNAVNavistar initiated with a Neutral at Macquarie
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August 17, 2015
10:21 EDTTTWOOptions with decreasing implied volatility
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August 14, 2015
17:29 EDTNOKGreenlight Capital gives quarterly update on stakes
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12:29 EDTTTWOKing Digital sinks after posting weaker than expected network metrics
Shares of King Digital (KING), an interactive entertainment company for the mobile world, are sinking after the company reported weaker than expected network metrics in the second quarter. WHAT'S NEW: After the close on Thursday, King Digital reported Q2 adjusted earnings per share of 49c and revenue of $500M, ahead of analysts' consensus estimates of 43c and $490.03M, respectively. King reported Q2 total gross bookings of $529M, above the high end of its previously provided guidance range, but down 12% sequentially and 13% year over year. Excluding the impact of changes in foreign exchange rates, King said gross bookings would have decreased by approximately 11% sequentially, and by approximately 6% y/y. King noted that 81%, or $430M, of gross bookings were derived from the mobile audience. The company said "Candy Crush Saga," "Candy Crush Soda Saga" and "Farm Heroes Saga" ranked within the top 10 grossing games in App Store and Play Store in the U.S. during Q2. King said its monthly unique users fell 1% to 340M in Q2, down from 345M last year, while monthly active users were 501M vs. 485M last year; daily active users were 142M in Q2 vs. 138M last year. The company said year-over-year increases in monthly active users and daily active users were primarily due to the introduction of new games, particularly "Candy Crush Soda Saga," partially offset by decline in "Candy Crush Saga" and other more mature games. It said increases also reflect growth in activity from mobile players, partially offset by continued decrease in activity from Facebook (FB) players. WHAT'S NOTABLE: Looking ahead, King Digital said it expects gross bookings in the third quarter of $460M-$485M based on the timing of game releases and recent trends. The company sees fourth quarter bookings "fairly consistent sequentially." ANALYST REACTION: This morning, JPMorgan analyst Doug Anmuth downgraded King Digital Entertainment to Neutral from Overweight citing an elevated risk profile following the company's Q2 results. King's network metrics were weaker than expected while a key component of the company's pipeline, the upcoming mid-core game, is pushed to 2016, Anmuth said. He cut the price target for shares to $17 from $20. PRICE ACTION: In early afternoon trading, King Digital fell $1.81, or 11.84%, to $13.40 on nearly four times its average daily trading volume. Including today's pull back, the shares have lost approximately 3% over the past year. OTHERS TO WATCH: Other companies in the mobile gaming space include Glu Mobile (GLUU), Zynga (ZNGA), Shanda Games (GAME), Activision Blizzard (ATVI), Electronic Arts (EA) and Take-Two Interactive (TTWO).
10:24 EDTTTWOOptions with decreasing implied volatility
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10:02 EDTNAVOn The Fly: Analyst Upgrade Summary
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07:24 EDTNAVNavistar upgraded to Market Perform from Underperform at BMO Capital
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05:51 EDTTTWOJuly NPD video game software sales flat year-over-year, says Piper Jaffray
Piper Jaffray analyst Michael Olson points out that July NPD video game software sales were flat year-over-year. Olson expects software growth as the pipeline improves later in the year and keeps Overweight ratings on Activision Blizzard (ATVI), Electronic Arts (EA), GameStop (GME) and Take-Two (TTWO).

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