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News Breaks
December 20, 2012
Stocks on Wall Street were mixed at midday, as investors appear to be in a holding pattern until more clarity on the fiscal cliff emerges. A number of domestic economic reports were released throughout the morning, including weekly jobless claims data, the leading economic indicators, and the final revision to third quarter GDP, but market participants remain fixated on the cliff negotiations in Washington, leaving the averages to drift... ECONOMIC EVENTS: In the U.S., weekly jobless claims rose 17,000 to 361,000, versus expectations for a climb to 360,000. Third-quarter GDP growth was revised up to 3.1% from the prior 2.7% estimate, beating expectations for a more modest upward revision to 2.8%. The Philadelphia Fed Manufacturing survey for December had a reading of +8.1, versus the expected -3.0. The index of U.S. leading indicators fell 0.2% in November, which matched the consensus forecast. Existing home sales were up 5.9% from the prior month to a seasonally adjusted annual rate of 5.04M units in November, beating expectations. A separate report said home prices edged up 0.5% on a seasonally adjusted basis from September to October, which was also more than expected. In Asia, the Bank of Japan expanded its asset-purchase program by Y10T, or over 10%, to Y101T... COMPANY NEWS: Acquisitions in the financial and tech industries sent two stocks up over 30%. IntercontinentalExchange (ICE) agreed to acquire NYSE Euronext (NYX) in a stock-and-cash transaction currently valued at $33.12, sending shares of NYSE up 33% to $32.01 and IntercontinentalExchange shares down fractionally. Also, Oracle (ORCL) struck a deal to buy Eloqua (ELOQ), a provider of cloud-based software, for $23.50 per share, sending Eloqua's stock up 31% to $23.51... Google (GOOG) agreed to sell its Motorola Home Business for $2.35B in cash and stock to ARRIS Group (ARRS). Google shares moved fractionally higher, while ARRIS' stock jumped nearly 5%... MAJOR MOVERS: Among the notable gainers were Rite Aid (RAD), up over 15%, and CarMax (KMX), up nearly 9%, following their quarterly reports. Among the noteworthy losers was Amicus Theraputics (FOLD), down about 45% after Leerink cut its price target on shares and Capstone downgraded the stock following the failure of its study of a therapy for Fabry disease. Also lower were shares of Allscripts (MDRX), which fell almost 14% after its evaluation of strategic alternatives ended without a sale and its CEO stepped down... INDICES: Near noon, the Dow was down 15.36, or 0.12%, to 13,236.61; the Nasdaq was down 4.53, or 0.15%, to 3,039.83; and the S&P 500 was up 0.31, or 0.02%, to 1,436.12.
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September 24, 2015
07:24 EDTGOOGWPP CEO: Google needs to weed out 'fake' online ad views, FT reports
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06:59 EDTGOOGFacebook and Google more 'Yelp-like' than ever, says Northland
Northland analyst Darren Aftahi says Facebook (FB), Google (GOOG, GOOGL) and (AMZN) have recently added new features that focus on improved local search as well as tools enabling easier business-consumer communication. Facebook and Google are now more "Yelp-like" than ever, Aftahi tells investors in a research note. And while Apple's (AAPL) new "swipe right" feature could drive a near-term surge in Yelp (YELP) app downloads, it may translate into lower engagement on the Yelp app over longer term, the analyst argues. He remains cautious on Yelp's growth prospects and cut his price target for the stock to $17.75 from $21.50. Shares of the local business review site closed yesterday down 25c to $23.10. Aftahi has an Underperform rating on the stock, his firm's equivalent of a sell.
06:08 EDTGOOGSamsung Pay has over $30M in accumulated transaction volume in first month
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September 23, 2015
10:20 EDTORCL, KMXOptions with decreasing implied volatility
Options with decreasing implied volatility: CVC HRTX NWBO ATML RHT KMX OVTI ADBE ORCL DRI
10:00 EDTKMXOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Baytex Energy (BTE) downgraded to Sector Performer from Outperformer at CIBC... CarMax (KMX) downgraded to Perform from Outperform at Oppenheimer... Cytec Industries (CYT) downgraded to Hold from Buy at Jefferies... LG Display (LPL) downgraded to Underperform from Neutral at BofA/Merrill... Magna (MGA) downgraded to Sector Performer from Outperformer at CIBC... Norilsk Nickel (NILSY) downgraded to Neutral from Overweight at JPMorgan... Sherwin-Williams (SHW) downgraded to Neutral from Buy at Longbow... Volkswagen (VLKAY) downgraded to Hold from Buy at Deutsche Bank.
08:54 EDTARRSARRIS shares attractive at current levels, says RBC Capital
RBC Capital says that the set-top business will not disappear, as cord cutting is increasing slowly, while ARRIS is looking to diversify its business. The firm expects the company's Pace deal to be significantly accretive. It keeps a $36 price target and Outperform rating on the shares.
07:18 EDTMDRXAllscripts management to meet with Deutsche Bank
Meeting to be held in San Francisco on September 23 hosted by Deutsche Bank.
06:22 EDTKMXCarMax downgraded to Perform from Outperform at Oppenheimer
Oppenheimer downgraded CarMax to Perform giving increasing concerns about modestly softer used car sales trends against challenging comparisons. The firm believes CarMax shares could retest recent trough multiples suggesting a potential share price in the low $50s.
September 22, 2015
17:23 EDTGOOGGoogle begins conducting business briefings with analysts, WSJ says
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17:06 EDTGOOGGoogle charges for YouTube ads viewed by bots, Financial Times says
Google has been charging advertisers for YouTube ads even those advertisements were viewed by "robot" computers rather than human beings, reports the Financial Times, citing a study by a group of European researchers. In one example, the research group's "bots" visited two particular YouTube videos 150 times, and Google's AdWords service subsequently charged for 91 of those video views, according to the report. Google told the publication it will contact the group to discuss the results. Reference Link
16:36 EDTKMXOn The Fly: Top stock stories for Tuesday
Stocks on Wall Street began the session sharply lower and remained that way throughout the session. There was little in the way of buying as each of the major equity indexes slid over 1% and the market internals were decidedly negative. The auto industry and biotech sector were both notably weak, after the French government called for an investigation into the entire auto industry in the wake of the Volkswagen (VLKAY) emissions scandal and Democratic Presidential hopeful Hillary Clinton presented a plan to limit the cost of drugs for consumers. ECONOMIC EVENTS: In the U.S., the FHFA home price index rose 0.6% to 224.5 in July, which was better than the 0.4% rise that was expected. The Richmond Fed factory index fell to -5 in September, versus the reading of 2 that was expected. In Asia, the Asian Development Bank cut its growth forecast for the region, citing a weaker outlook for China and India and a delayed recovery in the world's advanced economies. The bank now sees the Chinese economy growing 6.8% this year and 6.7% next year, down from its previous forecasts of 7.2% and 7%, respectively. COMPANY NEWS: Lloyd Blankfein, Goldman Sachs (GS) Chairman and CEO, disclosed that he was diagnosed with lymphoma. "Fortunately, my form of lymphoma is highly curable and my doctors' and my own expectation is that I will be cured," Blankfein stated in an open letter that was shared by the bank... Bank of America (BAC) shareholders approved a proposal to ratify the 2014 amendments to the company's bylaws that permitted the board of directors to determine its leadership structure, meaning Brian Moynihan can retain his dual role as both Chairman and CEO... Shares of several fertilizer companies slid after Mosaic (MOS) announced it will reduce its potash production in response to current crop nutrient market conditions, primarily related to delayed fertilizer purchases in Brazil and North America. Shares of Mosaic finished the day down 7% at $33.87 following last night's announcement, while Potash (POT) fell 6.5% and Agrium (AGU) dropped 3.5%. MAJOR MOVERS: Among the notable gainers was Ashland (ASH), which advanced $2.78, or 2.6%, to $108.50 after announcing it will proceed with a plan to separate into two independent, publicly traded companies. Also higher was Weatherford (WFT), which gained 90c, or 10.7%, to $9.31 after cancelling plans for a public share offering, after which research firms Jefferies and Iberia both reiterated Buy-equivalent ratings on the stock. Among the noteworthy losers were Office Depot (ODP) and Staples (SPLS), which declined a respective 4% and 5.8% after the New York Post quoted a source as saying the FTC may move to block their merger plan. Also lower was Groupon (GRPN), which slipped 2.2% to $4.08 after announcing plans to cut 1,100 jobs related primarily to its international operations. ConAgra (CAG), Carnival (CCL), and CarMax (KMX) fell 7%, 5.5%, and 4.65%, respectively, following their quarterly earnings reports. INDEXES: The Dow fell 179.72, or 1.09%, to 16,330.47, the Nasdaq lost 72.23, or 1.5%, to 4,756.72, and the S&P 500 dropped 24.23, or 1.23%, to 1,942.74.
10:45 EDTRADReimbursement pressure on drug stores should moderate, says Cleveland Research
Cleveland Research analysts Rob Eich and Rob Stuyck said the firm's work indicates that stepdown reimbursement rates will be more manageable for drug store operators and that generic inflation will be less of a headwind for the group in FY16. However, Direct and Indirect Remuneration clauses will still be a source of margin pressure, the firm said, noting that several payers will be introducing a DIR next year. Cleveland Research has Neutral ratings on CVS (CVS), Walgreens (WBA), Rite Aid (RAD) and Wal-Mart (WMT).
10:36 EDTARRSGoldman upbeat on telecom equipment, lukewarm on IT hardware
The telecom equipment sector has a number of positive catalysts, Goldman Sachs wrote in a note to investors today. The firm has a neutral view on the IT Hardware sector, however, noted the analyst team that took over coverage of the stocks in the space. WHAT'S NEW: Telecom equipment companies should benefit from spending on 100G wide area network upgrades between 2015 and 2017, Goldman analyst Simona Jankowski wrote. Also likely to boost the sector is the expansion of cloud providers' private networks, the analyst stated. The latter trend should produce a new market for the sector, Jankowski believes. Within the sector, she kept Buy ratings on Juniper (JNPR), Arris (ARRS) and Ciena (CIEN). The analyst, who has an Attractive view on the Telecom Equipment sector, has a Sell rating on shares of Infinera (INFN), however. WHAT'S NOTABLE: Jankowski views the IT hardware sector as a mixed bag. The sector's valuations are attractive, and it is generating strong free cash flow and robust capital returns, the analyst believes. However, it is being hurt by the shift to cloud computing and by foreign exchange fluctuations, Jankowski warned. Within the sector, she downgraded NetApp (NTAP) to Sell from Neutral and kept a Sell rating on Motorola Solutions (MSI). PRICE ACTION: In early trading, Jumiper declined 2% to $25.24, Arris gave back 1.8% to $26.40, Ciena dropped 2% to $21.77, Infinera fell 3.8% to $20.27, NetApp tumbled 4.5% to $29.80 and Motorola Solutions lost 1% to $66.30.
09:52 EDTKMXCarMax trades sharply lower
The shares are down over 6.4% at time of writing to $58.63. At that price next support is at $56.79. Resistance is at $59.82.
09:09 EDTGOOGFrontier says adds Nest cam, Nest Protect to product offerings
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07:41 EDTARRSRaymond James to hold a conference
North American Equities Conference to be held in London, England on September 22.
07:38 EDTRADUBS to hold a conference
Healthcare Supply Channel & Tech Conference is being held in Boston on September 22.
07:37 EDTKMXCarMax reports Q2 EPS 82c, consensus 76c
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07:34 EDTICEDenver Gold Group to hold a forum
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07:15 EDTGOOGCloudFlare raises $110M from consortium of Google, Microsoft, others
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