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Stock Market & Financial Investment News

News Breaks
July 3, 2014
13:32 EDTPETM, NQ, PCAR, LO, SNX, RAIOn The Fly: Closing Wrap
Major stock indexes hit record highs for a third day in a row to close out the holiday shortened week, with the Dow Jones Industrial Average managing to rise above 17,000 for the first time. Like the Dow, the S&P 500 opened at a new all-time high and managed to close at one as well following the better than expected non-farm payrolls data. The volume was light, as was to be expected with investors preparing to head out for the Independence Day weekend. ECONOMIC EVENTS: The U.S. economy added 288,000 jobs in June, easily topping economists' expectations of 215,000. The unemployment rate fell to 6.1% from last monthís 6.3% level. The weekly jobless claims data showed initial claims were 315K, versus the expected 313K. The trade balance report showed a deficit of $44.4B, which was below the consensus forecast for a deficit of $45B. Markit's services PMI rose to 61.0 in June from May's 58.1 reading, though it was revised down from the June flash reading of 61.2. ISM services index dipped to 56.0 in June from 56.3 in May, though that matched expectations. In Europe, the ECB kept the interest rates on its main refinancing operations, the marginal lending facility and the deposit facility unchanged. COMPANY NEWS: Shares of PetSmart (PETM) surged $7.48, or 12.5%, to $67.28 after activist investor Jana Partners disclosed that it has acquired a 9.9% stake in the company and intends to have talks with its board of directors and management regarding a review of strategic alternatives, including exploring a sale. Afterward, research firm Oppenheimer said it views a sale of the company as unlikely in the near-term, adding that it does not expect a "quick fix" for PetSmart. Oppenheimer maintained its Perform rating on the stock. MAJOR MOVERS: Among the notable gainers was PACCAR (PCAR), which rose $3.47, or 5.44%, to $67.25 after research reports said Daimler's (DDAIY) truck chief claimed to have been told that Volkswagen (VLKAY) wants to take over the truck maker, even though a spokesman for Volkswagen told Dow Jones that there is "no truth" to the reports that it is planning an acquisition bid. Also higher was Lorillard (LO), which advanced $3.26, or 5.33%, to $64.41 after CNBC's David Faber reported, citing sources, that Reynolds (RAI) is on track to acquire Lorillard "within weeks." Shares of Reynolds also gained $1.40, or 2.33%, to $61.56 following Faber's report and similar headlines from Bloomberg. Among the noteworthy losers was China's NQ Mobile (NQ), which plunged $2.18, or 32.25%, to $4.58 after the company reported that the chair of its audit committee is stepping down and that its independent auditors, PricewaterhouseCoopers, communicated to the company that it would need to perform additional procedures and expand the scope of its audit work. Also lower were shares of SYNNEX (SNX), which fell $3.56, or 4.82%, to $70.37 following the company's Q2 earnings report. Citi attributed the post-earnings sell-off to the company's conservative outlook and the firm said SYNNEX remains its top small cap pick. INDEXES: The Dow rose 92.02, or 0.54%, to 17,068.26, the Nasdaq gained 28.19, or 0.63%, to 4,485.92, and the S&P 500 advanced 10.82, or 0.55%, to 1,985.44.
News For PETM;NQ;PCAR;LO;SNX;RAI From The Last 14 Days
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October 20, 2014
15:36 EDTRAINotable companies reporting before tomorrow's open
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October 16, 2014
11:36 EDTNQOptions with increasing implied volatility
Options with increasing implied volatility: UVXY NQ PVA SVXY VXX SUNE CIE COV ZU CODE
10:00 EDTSNXSYNNEX management to meet with Needham
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October 10, 2014
06:48 EDTLO, RAISenators call on FDA to adopt strict e-cigarette warning
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