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News Breaks
June 13, 2014
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.
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November 18, 2015
13:44 EDTINTCBefore the Move: Watch Intel into tomorrow's analyst day
Chipmaker Intel's (INTC) analyst day tomorrow could yield information on numerous company operations, but Jefferies analyst Mark Lipacis cautions investors that the probability for positive surprises appears low given recent spending outlays. BACKGROUND: Intel, one of the largest semiconductor makers in the world, is scheduled to hold an analyst day on Thursday, November 19. Beyond providing forecasts for its various business segments and remarks on the larger computer market, Intel is expected to provide further clarity on several recent stories, including its memory joint venture with Micron (MU), plans to invest heavily in a Chinese production facility and progression towards chips on the 10 nanometer scale. STRONG OUTLOOK, MILD MEETING: Intel's pending acquisition of Altera (ALTR) and its plans to invest as much as $5.5B in a computer memory facility in Dalian, China leave little room for positive surprises at tomorrow's event in regards to 2016 margins, capital expenditures, or shareholder returns, Jefferies analyst Mark Lipacis said in a recent research note. That said, the analyst views Intel's Chinese facility expansion as part of a "brilliant investment strategy that positions Intel as a partner to China" and "keeps the market open" to its microprocessors, perhaps Intel's more famed business segment. Though the two initiatives are certain to push up near-term debt load, Lipacis takes the longer-term view, reminding investors that Intel has shown consistently strong free cash flow over the past decade, leading him to forecast another $13B in 2016. The year may also bring "a number" of other positives for the company, including more data center wins after the Altera tie-up, potentially renewed sales on a cyclical uptick in PC gaming, and even the possibility of an iPhone chip contract, though Lipacis said none of those points look set to be discussed tomorrow. The analyst kept a Buy rating and $38 price target on the shares while reiterating that Thursday's Intel event may have little in store for those expecting eye-grabbing surprises. PRICE ACTION: Shares of Intel have advanced roughly 0.9% to $32.92 Wednesday afternoon. "Before the Move" is The Fly's recurring series of exclusive stories that identify potentially market moving events, along with analyst predictions, ahead of the news.
09:48 EDTYELPYelp rises on unconfirmed takeover speculation
The shares were last at $28.60, up over 3.7% on the session. At that price next resistance is at $28.83 and then at $29.26. The stock is in a shallow rounding bottom pattern, which is bullish for price and has begun to fill the bearish gap down from July of this year. Support is at $27.70.
09:41 EDTYELPYelp November call activity attributed to takeover speculation
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09:40 EDTYELPRumor: Yelp strength attributed to takeover speculation
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08:55 EDTCMorgan Stanley exec sees Q4 not much better than Q3 for banks, DJ reports
Morgan Stanley (MS) Institutional Securities President Colm Kelleher cautioned that fixed-income markets "still seem subdued," according to Dow Jones, citing his comments at an investment conference. Morgan Stanley was among the banks that reported lower revenue from fixed-income, currency and commodities trading during the third quarter and Kelleher said he doesn't think "the fourth quarter is going to be much better," the report noted. Large bank peers to Morgan Stanley include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
05:42 EDTCStora Enso Oyj appoints Citi as successor depositary bank for ADR program
Citi (C), acting through Citibank N.A., has been appointed by Stora Enso Oyj (SEOAY) as successor depositary bank for its Level 1 American Depositary Receipt, or ADR, program, which trades on the U.S. OTCQX marketplace under the symbol "SEOAY". Stora Enso's underlying ordinary shares are listed and trade on the NASDAQ OMX Helsinki Stock Exchange under symbol "STERV".
November 17, 2015
16:33 EDTPCLNPriceline appoints Christa Quarles CEO of OpenTable
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15:40 EDTINTCIntel to host investor meeting
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11:03 EDTINTCTsinghua Chairman says in talks with U.S.-based chipmaker, Reuters reports
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07:50 EDTCClearing House to hold a conference
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07:48 EDTINTCHP Enterprise announces alliance with Intel
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06:27 EDTINTCIntel November volatility elevated into investor meeting
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November 16, 2015
14:06 EDTCCiti reports October credit loss 2.27% vs. 2.29% last month
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11:24 EDTCClearing House to hold a conference
Clearing House Annual Conference is being held in New York on November 16-18.
10:36 EDTYELPYelp management to meet with Sterne Agee CRT
Meeting to be held in San Francisco on November 16 hosted by Sterne Agee CRT.
09:59 EDTCOmega bought Valeant in Q3, sold some SuneEdison
Leon Cooperman's Omega Advisors gave a quarterly update on its stakes in a filing this morning, disclosing its positions as of September 30. NEW STAKES: Pfizer (PFE), Valeant (VRX) Walgreens Boots Alliance (WBA), TerraForm Global (GLBL), Cigna (CI). INCREASED STAKES: Google Class A (GOOGL), Facebook (FB), Delta Air Lines (DAL). DECREASED STAKES: SunEdison (SUNE), Shire (SHPG), Citi (C), KAR Auction (KAR), LyondellBasell (LYB). LIQUIDATED STAKES: McKesson (MCK), 21st Century Fox (FOXA), General Motors (GM), QEP Resources (QEP), eBay (EBAY).
09:37 EDTINTCActive equity options trading on open
Active equity options trading on open: AAPL FB ORCL BAC SUNE FDX FCX EXPE NFLX MU AMZN INTC TSLA
09:07 EDTCCiti completes OneMain sale
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08:38 EDTCSpringleaf downgraded after settlement on acquisition reached at BMO Capital
As noted earlier, BMO Capital downgraded Springleaf to Market Perform from Outperform. The firm noted that it had recommended buying the stock based on its belief that the company's acquisition of OneMain from Citi (C) had a higher probability of closing than was reflected by the shares. The firm downgraded Spingleaf after the company reached a settlement with governments that will enable the deal to close.
05:37 EDTCCiti appointed successor depository bank for Technip ADR program
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