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Stock Market & Financial Investment News

News Breaks
February 19, 2014
11:49 EDTSCTY, PCLNStocks with call strike movement; PCLN SCTY
priceline.com (PCLN) February 1420 call option implied volatility increased 19% to 88, SolarCity (SCTY) February 82.5 call option implied volatility increased 9% to 86 according to IVolatility.
News For PCLN;SCTY From The Last 14 Days
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January 29, 2016
08:43 EDTSCTYSolarCity and Sunrun to benefit from CPUC decision, says Morgan Stanley
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07:48 EDTSCTYSolarCity to benefit from new California rule, says Stifel
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January 28, 2016
18:30 EDTSCTYSolarCity issues statement on California net metering decision
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16:40 EDTSCTYOn The Fly: Top stock stories for Thursday
The Dow began the session with triple digit gains thanks in part to solid earnings reports from some of America's bellwether corporations and oil prices, which approached $34 a barrel. The market was unable to hold its opening gains and eventually crossed into negative territory. Before the losses became too big the averages reversed and moved back across the flat line. With oil holding onto its gains and closing above $33 a barrel, the averages closed in positive territory ahead of the next barrage of earnings reports. ECONOMIC EVENTS: In the U.S., initial jobless claims fell to 278,000 last week, versus the expected 281,000 first-time claims. Durable goods orders dropped 5.1% in December, versus expectations for a decrease of 0.7%. The core reading, which removes transportation items, was down 1.2%, versus expectations for a decline of 0.1%. The National Association of Realtors' pending home sales index for December rose 0.1%, versus expectations for it to be up 0.9%. COMPANY NEWS: Shares of Facebook (FB) surged 15.5% to $109.11 after the social media giant's fourth quarter earnings and revenue beat expectations. A number of Wall Street analysts increased their price targets for the stock following the report, including Piper Jaffray's Gene Munster, who hiked his target to a "Street-high" $170 per share. Facebook management made only one mention of macro concerns for the business in 2016, significantly different than Apple's (AAPL) earnings call on Tuesday night, Munster pointed out... Caterpillar (CAT) reported better than expected quarterly earnings, excluding certain items, but its revenue came in below the consensus forecast and the heavy equipment maker warned that it does not anticipate an improvement in the world economy or commodity prices in 2016. The stock, which had declined almost 20% in the last three months prior to this morning's report, rebounded 4.7% to $61.08 after the company jumped over the lowered bar that had been set by bearish analysts... Under Armour (UA), which had similarly been the focus of concern recently for some bearish analysts, posted better than expected results on the top and bottom line and backed its fiscal year revenue forecast, proving its doubters wrong and sending its share rocketing up 22.5% to $84.00. MAJOR MOVERS: Among the notable gainers were Intrexon (XON), Inovio (INO) and Cerus (CERS), which gained a respective 10%, 7.6% and 1.4% as the ongoing Zika virus scare brought attention to the companies' efforts fighting the illness. Also higher were SolarCity (SCTY), Sunrun (RUN) and Vivint Solar (VSLR), with the solar stocks jumping 8.5%, 20.5% and 3.6%, respectively, after the California Public Utilities Commission approved new net-metering rules. Meanwhile, Eagle Pharmaceuticals (EGRX) rose 12.2% to $74.44 after announcing commercial availability of its Bendeka injection in partnership with Teva (TEVA). Among the noteworthy losers was Yahoo (YHOO), which lost 3.2% to $28.75 despite a pre-market spike after SpringOwl Asset Management urged the company to seek an investment from a strategic partner. The news was also followed by reports that CEO Marissa Mayer has started restructuring efforts with an "invest/maintain/kill" list, as well as news that Verizon (VZ) denied a report that it had bid for the company's core Internet business. Also lower were OSI Systems (OSIS), Qualcomm (QCOM) and eBay (EBAY), which fell a respective 31.8%, 8.3% and 12.5% following their quarterly earnings reports. INDEXES: The Dow rose 125.18, or 0.79%, to 16,069.64, the Nasdaq gained 38.51, or 0.86%, to 4,506.68, and the S&P 500 advanced 10.41, or 0.55%, to 1,893.36.
14:11 EDTSCTYCalifornia PUC approves new net-metering rules
The California Public Utilities Commission voted 3-2 in favor of the proposed Net Energy Metering Successor Tariff.
13:17 EDTSCTYSolarCity views MLPs better than REITs, Environmental Finance reports
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08:36 EDTSCTYAttractive risk/reward developing in SolarCity, says Roth Capital
Roth Capital says that an attractive risk/reward ratio is developing in SolarCity, whose stock has dropped about 40% this year. However, the firm says that the company "will not be out of the woods" until California finalizes its net metering rules. The firm thinks the final net metering rules will be positive for SolarCity, but it's unsure about when the rules will be finalized, although it thinks they could be finalized later today. It keeps a $65 price target and Buy rating on SolarCity.
05:31 EDTPCLNPriceline implied volatility of 47 at upper end of index mean range
January 27, 2016
10:20 EDTPCLNGoldman says sell TripAdvisor as Airbnb adds to industry challenges
The outlook for online travel agencies, or OTAs, has become less favorable, partly due to increased competition from alternative lodging providers like Airbnb, Goldman Sachs wrote in a note to investors today. The firm downgraded one of the stocks in the sector, Priceline (PCLN), to Neutral from Buy, and cut another online travel agency, TripAdvisor (TRIP), to Sell from Neutral. WHAT'S NEW: Amid high lodging occupancy rates and below average supply growth, more travelers are embracing alternative lodging options like Airbnb, cutting out the OTAs, wrote Goldman analyst Heath Terry. Additionally, high occupancy rates are enabling hotels to seek better terms from OTAs, the analyst stated. Meanwhile, OTAs have increased their penetration of the hotel sector, leaving less room for share gains, Terry stated. Turning to specific stocks, the analyst expects Priceline to be hurt by the stronger dollar as well as increased competition from alternative lodging options. He anticipates that TripAdvisor's bottom line will be lowered by its efforts to convince hotels to join its Instant Booking program by granting them more favorable deal terms. Terry kept a Neutral rating on Expedia, but said that the stock could drop further, given the company's high exposure to large hotel chains, the competitive challenges it's facing, and integration risks from four major acquisitions it has made over the last two years. He cut his price target on Priceline to $1,200 from $1,500 and on TripAdvisor to $59 from $68. Terry has a $93 price target on Expedia. PRICE ACTION: In early trading, Priceline fell 3.5% to $1,073, TripAdvisor lost 3.2% to $67.44, and Expedia declined 2.2% to $102.61.
10:00 EDTPCLNOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: BG Group (BRGYY) downgraded to Neutral from Outperform at Credit Suisse... Bed Bath & Beyond (BBBY) downgraded to Sell from Neutral at Citi... Bill Barrett (BBG) downgraded to Neutral from Buy at Ladenburg... Brown & Brown (BRO) downgraded to Underweight at Morgan Stanley... Buffalo Wild Wings (BWLD) downgraded to Neutral from Buy at BTIG... Canadian National (CNI) downgraded to Market Perform from Outperform at Raymond James... DreamWorks (DWA) downgraded to Sell from Hold at Topeka... FirstMerit (FMER) downgraded at RBC Capital... Gentex (GNTX) downgraded to Neutral from Outperform at Baird... Haverty Furniture (HVT) downgraded to Sector Weight from Overweight at KeyBanc... Hercules Technology (HTGC) downgraded to Neutral from Buy at Compass Point... Horizon Technology (HRZN) downgraded to Market Perform from Outperform at Raymond James... Installed Building downgraded to Sector Weight from Overweight at KeyBanc... Jarden (JAH) downgraded to Neutral from Buy at Citi... K+S (KPLUF) downgraded to Sell from Hold at Berenberg... La-Z-Boy (LZB) downgraded at BB&T... Legacy Reserves (LGCY) downgraded to Market Perform from Outperform at FBR Capital... Medivation (MDVN) downgraded to Hold from Buy at Canaccord... Merck (MRK) downgraded to Neutral from Buy at BofA/Merrill... Metaldyne Performance (MPG) downgraded to Neutral from Outperform at Baird... Pier 1 Imports (PIR) downgraded to Sector Weight from Overweight at KeyBanc... Priceline (PCLN) downgraded to Neutral from Buy at Goldman... Profire Energy (PFIE) downgraded to Neutral from Buy at Chardan... Regeneron (REGN) downgraded to Hold at Canaccord... Starwood (HOT) downgraded to Underperform from Outperform at CLSA... Swiss Re (SSREY) downgraded to Equal Weight from Overweight at Morgan Stanley... TSYS (TSS) downgraded to Equal-Weight from Overweight at First Analysis... Talmer Bancorp (TLMR) downgraded to Sector Perform from Outperform at RBC Capital... TopBuild (BLD) downgraded to Sector Weight from Overweight at KeyBanc... TripAdvisor (TRIP) downgraded to Sell from Neutral at Goldman... VMware (VMW) downgraded to Hold from Buy at Summit Research... W.R. Grace (GRA) downgraded to Buy from Conviction Buy at Goldman... WEC Energy (WEC) downgraded to Neutral from Conviction Buy at Goldman... Welltower (HCN) downgraded to Underperform from Market Perform at BMO Capital... Yamana Gold (AUY) downgraded to Neutral from Overweight at JPMorgan.
09:32 EDTPCLNActive equity options trading on open
Active equity options trading on open: AAPL FB AMZN AAL BAC PCLN NFLX MRK GOOG
09:12 EDTPCLNOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Biogen (BIIB), up 5.6%... Hawaiian Holdings (HA), up 6.7%... Capital One (COF), up 1.5%. ALSO HIGHER: Capnia (CAPN), up 34.1% after entering into an exclusive distribution agreement with Bemes... Fate Therapeutics (FATE), up 18.6% after announcing that the FDA has cleared the company's investigational new drug application for ProTmune... Raptor Pharmaceutical (RPTP), up 12.1% after being upgraded to Buy from Neutral at Citi... Aquinox (AQXP), up 5.6% after Baker Bros. buys 140,786 shares in the company... Sunedison (SUNE), up 7.4% after SunEdison and Greenlight Capital announced that they have mutually agreed to corporate governance initiatives... Citizens Financial Group (CFG), up 3% after it will be added to the S&P 500... Terex (TEX), up 5.2% after being upgraded to Neutral from Underweight at JPMorgan. DOWN AFTER EARNINGS: Tupperware Brands (TUP), down 11.4%... VMware (VMW), down 6.5%... Textron (TXT), down 9.9%... Cliffs Natural (CLF), down 5.8%... Boeing (BA), down 6.2%... Fiat Chrysler (FCAU), down 3%... Apple (AAPL), down 3.4%. ALSO LOWER: Priceline (PCLN), down 2.9% after being downgraded to Neutral from Buy at Goldman... Bed Bath & Beyond (BBBY), down 4.2% after being downgraded at Citi and KeyBanc... Tripadvisor (TRIP), down 5.5% after being downgraded to Sell from Neutral at Goldman.
06:02 EDTPCLNPriceline downgraded to Neutral from Buy at Goldman
Goldman Sachs analyst Heath Terry downgraded Priceline (PCLN) to Neutral saying the environment for online travel agents is becoming less favorable amid high occupancy and rising competition from alternative accommodation providers. Terry cut his price target for the shares to $1,200 from $1,500. He continues to believe Priceline is the best positioned in the space, however. The analyst this morning also downgraded TripAdvisor (TRIP) to Sell and kept a Neutral rating on Expedia (EXPE).
January 26, 2016
13:13 EDTPCLNYelp spike attributed to takeover speculation
An early afternoon spike in shares of Yelp (YELP) is being attributed to takeover speculation. A rumor has Priceline (PCLN) interested in a potential acquisition of Yelp, trading sources tell The Fly. Shares of Yelp are up 68c to $22.34 in early afternoon trading after earlier spiking as high as $22.87. The Fly, in fulfilling its mission of explaining stock movement, often comes across the many unconfirmed rumors being passed through trading desks and social media platforms. On the occasion that rumors or speculation appear on The Fly's news feed, it should be viewed not as giving credence to the conjecture, rather as simply highlighting its impact on the stock prices of the companies involved.
10:24 EDTSCTYNevada may let rooftop solar customers sell back power, Politico reports
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05:17 EDTPCLNPriceline implied volatility of 44 at upper end of index mean range
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January 25, 2016
18:45 EDTSCTYNV Energy to propose 'grandfathering' rule in Nevada solar scuffle
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10:00 EDTPCLNOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: 8x8, Inc. (EGHT) initiated with a Buy at Summit Research... ARI Network (ARIS) initiated with an Outperform at Barrington... Alcobra (ADHD) initiated with an Outperform at Oppenheimer... CNO Financial (CNO) initiated with a Hold at Deutsche Bank... Expedia (EXPE) initiated with an Outperform at Wells Fargo... Gartner (IT) initiated with an Overweight at Atlantic Equities... MAG Silver (MVG) initiated with a Buy at Roth Capital... Mitek Systems (MITK) initiated with an Outperform at Northland... Priceline (PCLN) initiated with a Market Perform at Wells Fargo... QTS Realty Trust (QTS) initiated with a Buy at SunTrust... Seres Therapeutics (MCRB) initiated with a Buy at H.C. Wainwright.
08:09 EDTPCLNPriceline initiated with a Market Perform at Wells Fargo
Target $1,200-$1,300.
05:45 EDTSCTYSolarCity implied volatility of 116 at upper end of index mean range
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