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Stock Market & Financial Investment News

News Breaks
June 13, 2014
12:34 EDTC, FNSR, LVLT, TWTC, EXPR, GRUB, YELP, INTC, PCLN, OPENOn The Fly: Midday Wrap
Stocks on Wall Street began the session slightly higher but quickly gave up their opening gains. An early report on producer prices unexpectedly showed slight deflation, not price inflation as was expected, which was followed by a worse than expected reading on consumer confidence. The averages dropped into negative territory, but by mid-morning the market had reversed and moved back onto positive ground, where the averages remained near the lunch hour. ECONOMIC EVENTS: In the U.S., the Labor Department's producer price index for final demand slipped 0.2% in May, versus expectations for it to have risen 0.1% in the month. The first release of the University of Michigan consumer confidence index for June dropped to 81.2 from the final May reading of 81.9. COMPANY NEWS: Shares of restaurant review and reservation company OpenTable (OPEN) were the day's big winner after travel site operator Priceline Group (PCLN) agreed to buy the company for $2.6B, or $103 per share. OpenTable advanced 47% to trade at $103.50 near noon, while shares of a number of companies that provide local services and deals via the Internet and mobile devices jumped as well, including Yelp (YELP), which was up 13%, and GrubHub (GRUB), which rose 8.5%... Shares of chip making giant Intel (INTC) rose more than 7% after its raised its guidance for the second quarter, citing strong demand for business PCs, and said that it now expects some revenue growth this fiscal year, versus its previous guidance for "mostly flat" revenue growth. MAJOR MOVERS: Among the notable gainers was Express (EXPR), which jumped 20% after confirming that Sycamore Partners, which owns approximately 9.9% of its shares, has expressed interested in acquiring the company. Also higher was TW Telecom (TWTC), which rose nearly 12% after a financial news service BrightWire said the company and Level 3 (LVLT) are in merger talks. Among the noteworthy losers was telecommunication equipment maker Finisar (FNSR), which sunk 23% after the company’s profit and gross margin outlook trailed analysts’ consensus estimates and its stock was downgraded at Craig-Hallum. Also lower was Citigroup (C), which fell 1.5% after Bloomberg reported that the U.S. is seeking over $10B in its mortgage probe related to the bank. INDEXES: Near midday, the Dow was up 34.84, or 0.21%, to 16,769.03, the Nasdaq was up 12.03, or 0.28%, to 4,309.66, and the S&P 500 was up 5.06, or 0.26%, to 1,935.17.
News For OPEN;PCLN;INTC;YELP;GRUB;EXPR;TWTC;LVLT;FNSR;C From The Last 14 Days
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October 9, 2014
06:40 EDTCSource 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
06:39 EDTCFidelity attacked by JPMorgan hackers, but no data stolen, FT reports
Fidelity Investments was among 13 financial institutions attacked by hackers who are believed to have been responsible for a breach at JPMorgan Chase, but there is no indication that Fidelity customer data were stolen, the Financial Times reports, citing two sources. Reference Link
06:37 EDTCJPMorgan hackers linked to 13 other possible breaches, Bloomberg says
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06:35 EDTCCitigroup to return $16M to customers for fees on investment accounts, WSJ says
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06:33 EDTCCitigroup 2015 consensus may be 10% too high, says Deutsche Bank
Deutsche Bank believes the IPO of OneMain, the consumer finance unit within Citi Holdings, and higher expenses create 10% risk to the 2015 consensus estimate of $5.40 for Citigroup. Deutsche says shedding OneMain would lower Citigroup's (C) annual earnings by about 20c. The firm says the bank's Q3 results could top expectations, however, on better than expected currency trading. Deutsche continues to prefer Bank of America (BAC) to Citi, saying its confident consensus estimates for the former are reasonable. It has a Hold rating on Citi and Buy rating on Bank of America.
October 8, 2014
18:31 EDTGRUBOn The Fly: After Hours Movers
UP AFTER EARNINGS: Ruby Tuesday (RT), up 19.6%... Exar (EXAR), up 13.7% after reporting second quarter revenue guidance... Alcoa (AA), up 2.2%. ALSO HIGHER: Nuance (NUAN), up 2.5% following rumors that Carl Icahn will recommend that Apple (AAPL) buy the company... GrubHub (GRUB), up just under 1% after being initiated with a Buy at CRT Capital. DOWN AFTER EARNINGS: Kofax (KFX), down 20.1% after reporting first quarter revenue and fiscal 2015 revenue guidance below analyst estimates... ARC Group (ARCW), down 17%... E2open (EOPN), down 8.9%. ALSO LOWER: Gap (GPS), down 7.6% following September same store sales data and CEO transition... AMD (AMD), down 7% after announcing CEO transition.
18:26 EDTCCitigroup, Etrade, others attacked by same JPMorgan hackers, Bloomberg reports
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16:56 EDTINTCGartner says worldwide PC shipments in Q3 declined 0.5%
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16:16 EDTGRUBGrubHub initiated with a Buy at CRT Capital
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12:02 EDTCCitigroup's OneMain Financial preparing for $50M IPO, NY Times reports
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10:00 EDTGRUB, INTCOn The Fly: Analyst Initiation Summary
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08:06 EDTCAstoria Financial appoints Hugh J. Donlon as Chief Lending Officer
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07:13 EDTCBank dealers agree to revised derivatives rules, FT reports
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06:47 EDTGRUBGrubHub initiated with an Outperform at JMP Securities
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October 7, 2014
16:33 EDTINTCIntel initiated with a Market Perform at Northland
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13:34 EDTINTCIntel October volatility elevated into Q3 and revenue outlook
Intel October call option implied volatility is at 35, November is at 28, December is at 24; compared to its 26-week average of 22 according to Track Data, suggesting large near term price movement into the expected release of Q3 results after the market close on October 14.
08:28 EDTCCitigroup October volatility increases into Q3 and revenue outlook
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07:28 EDTCWells Fargo ups price target ranges for capital markets banks
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06:51 EDTCJustice Department set to attack more large banks by year end, NY Times says
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06:49 EDTCBNP seeks assistance from banks as ban approaches, Reuters says
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