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Stock Market & Financial Investment News

News Breaks
February 20, 2013
16:52 EDTHNR, CHTP, OMX, TSS, CAT, ODP, NTSP, TRIOn The Fly: Closing Wrap
Stocks on Wall Street were lower as each of the major averages dropped after the minutes from the last FOMC meeting indicated several Fed members are ready to vary the pace of bond buying... ECONOMIC EVENTS: In the U.S., housing starts dropped 8.5% to a 890K rate in January, which was less than forecast. However, building permits were up 1.8% in the month, versus expectations for an increase of 1.2%. Producer prices in January rose 0.2%, versus expectations for an increase of 0.3%. The core producer price inflation figure, which excludes volatile food and energy components, rose 0.2%, which was in line with expectations. The minutes from the FOMC's Jan 29-30 meeting, released at 2 pm ET, said that several Fed members are concerned about the costs and risks of additional asset purchases. Several members of the committee said the Fed should be prepared to vary the pace of asset purchases, as the committee members continued to see moderate economic growth and gradually declining unemployment... COMPANY NEWS: The Office Depot (ODP) and OfficeMax (OMX) merger, reported over the long holiday weekend by the Wall Street Journal, was formally announced by the companies. However, the confirmation was inadvertently released on Office Depot's website ahead of the joint announcement, an error for which Thomson Reuters (TRI) later took responsibility. Shares of both companies, which had run-up after the WSJ story, declined following the confirmation, with Office Depot losing 84c, or 16.73%, to $4.18 and OfficeMax falling $91c, or 7%, to $12.09... Dow member Caterpillar (CAT) dropped $2.38, or 2.49%, to $93.22 after disclosing that global retail machine sales were down 4% in the three month rolling period ending January 31... MAJOR MOVERS: Among the notable gainers were shares of Chelsea Therapeutics (CHTP), up $1.14, or 149.51%, to $1.91 after the company received FDA guidance for a Northera new drug application resubmission and the stock was upgraded to Buy at Ladenburg. Also higher was NetSpend (NTSP), up $3.52, or 28.64%, to $15.81 after agreeing to be acquired by Total Systems (TSS) for $16 per share. Shares of buyer Total Systems lost $1.51, or 6.43%, to $21.97 following the acquisition. Also lower were shares of Harvest Natural Resources (HNR), down $3.71, or 40.5%, to $5.45 after its agreement to sell interests in Venezuela was terminated since the government of Indonesia voted against the transaction... INDICES: The Dow was down 108.13, or 0.77%, to 13,927.54; the Nasdaq was down 49.18, or 1.53%, to 3,164.41; and the S&P 500 was down 18.99, or 1.24%, to 1,511.95.
News For ODP;OMX;TRI;CAT;CHTP;NTSP;TSS;HNR From The Last 14 Days
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December 1, 2015
12:28 EDTCATOn The Fly: Top stock stories at midday
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November 30, 2015
10:09 EDTODPOptions with decreasing implied volatility
Options with decreasing implied volatility: TERP PTCT ODP NMBL BURL BRCM ADI BMRN ENDP TIF
09:15 EDTODPOn The Fly: Pre-market Movers
HIGHER: Anavex Life Sciences (AVXL), up 20.5% after 3-71 data published in Neurodegenerative Diseases... Oramed Pharmaceuticals (ORMP), up 16.7% after signing up to $50M licensing and investment agreements for insulin in China... Horizon Pharma (HZNP), up 3.8% after receiving EC approval for Ravicti... Fitbit (FIT), up 4.2% after being upgraded to Overweight from Equal Weight at Barclays... Sarepta Therapeutics (SRPT), up 1.6% following a positive mention by Barron's. LOWER: Cyclacel Pharmaceuticals (CYCC) and AEterna Zentaris (AEZS), down 24.5% and 13.6%, respectively, following a Tweet by KaloBios (KBIO) CEO Martin Shkreli... Supercom (SPBC), down 21.6% after reporting preliminary third quarter revenue... Macrocure (MCUR), down 11.5% after announcing that the company's CFO and Chief Medical Officer are stepping down... lululemon (LULU), down 4.4% after being downgraded to Underperform from Market Perform at FBR Capital... Office Depot (ODP), down 2.8% after the NY Post reported that regulators are preparing to block Staples' (SPLS) proposed acquisition of Office Depot... SouFun (SFUN), down 2% after being downgraded to Neutral from Buy at Goldman.
November 29, 2015
20:14 EDTODPRegulators preparing to block Staples-Office Depot merger, NY Post says
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November 19, 2015
10:26 EDTCATGoldman says sell Titan with ag and mining weakness expected to continue
Goldman Sachs downgraded Titan International (TWI) to Sell from Neutral today, saying that weakness in agriculture and mining would continue to weigh on the company's results. Goldman's downgrade comes after the company reported much weaker than expected results on November 6. Titan makes tires and wheels used in off-road vehicles which are utilized by farmers and mining and construction companies. WHAT'S NEW Titan derives 80% of its revenue from agriculture and mining, so the weakness in those sectors will continue to hurt its results going forward, wrote Goldman analyst David Tamberino. Additionally, farmers have less money to spend on capital projects, reducing the likelihood that they will adopt Titan's new LSW tires, according to the analyst. Given these factors and the January 2017 maturity of Titan's convertible note, the company could be faced with a cash crunch, the analyst warned. Moreover, Titan is facing increased competition, according to Tamberino. He sharply lowered his 2015-2017 earnings before interest, taxes, depreciation and amortization estimates for the company and slashed his price target on the name to $3 from $8. WHAT'S NOTABLE: Deere (DE), Caterpillar (CAT), and AGCO (AGCO) sell heavy machinery used in agriculture. PRICE ACTION: In early trading, Titan sank 11% to $4.50.
06:19 EDTODPFTC looking over Staples, Office Depot transaction, NY Post reports
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