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Stock Market & Financial Investment News

News Breaks
July 3, 2014
13:32 EDTSNX, NQ, LO, PETM, RAI, PCAROn 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 month’s 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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February 27, 2015
09:58 EDTSNXOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: 500.com (WBAI) downgraded to Hold from Buy at Deutsche Bank... Akorn (AKRX) downgraded to Hold after share rally at Needham... Allscripts (MDRX) downgraded to Market Perform from Outperform at Leerink... Bank of America (BAC) downgraded to Neutral from Buy at UBS... Bill Barrett (BBG) downgraded to Hold from Buy at KLR Group... CA Technologies (CA) downgraded to Underperform from Neutral at Credit Suisse... CBOE Holdings (CBOE) downgraded at BofA/Merrill... CONE Midstream (CNNX) downgraded to Sector Perform from Outperform at RBC Capital... Calamos (CLMS) downgraded to Underperform from Neutral at Credit Suisse... Crane (CR) downgraded to Market Perform from Outperform at FBR Capital... Dick's Sporting (DKS) downgraded to Equal Weight from Overweight at Barclays... EnerNOC (ENOC) downgraded to Buy from Strong Buy at Needham... Hercules Offshore (HERO) downgraded to Sell from Buy at Deutsche Bank... Insulet (PODD) downgraded at Oppenheimer... Intelsat (I) downgraded to Underperform from Neutral at Credit Suisse... Laredo Petroleum (LPI) downgraded to Market Perform from Outperform at Northland... Mavenir Systems (MVNR) downgraded to Equal Weight from Overweight at Morgan Stanley... Memorial Production (MEMP) downgraded to Underperform from Perform at Oppenheimer... Mobileye (MBLY) downgraded to Neutral from Buy at Dougherty... NTELOS (NTLS) downgraded to Market Perform from Outperform at Wells Fargo... Ocwen (OCN) downgraded to Sell from Neutral at Compass Point... Pegasystems (PEGA) downgraded to Neutral from Buy at Merriman... Performant Financial (PFMT) downgraded to Neutral from Buy at Compass Point... Pharmacyclics (PCYC) downgraded to Neutral from Buy at Goldman... Potbelly (PBPB) downgraded to Underweight from Overweight at Piper Jaffray... SYNNEX (SNX) downgraded to Hold from Buy at Stifel... Safe Bulkers (SB) downgraded at Credit Suisse... Sarepta (SRPT) downgraded to Market Perform from Outperform at Cowen... Seadrill Partners (SDLP) downgraded to Sector Perform from Outperform at RBC Capital... Spirit Realty (SRC) downgraded at RBC Capital... Transocean (RIG) downgraded to Sector Perform from Outperform at Iberia... UIL Holdings (UIL) downgraded to Neutral from Outperform at RW Baird... WCI Communities (WCIC) downgraded to Neutral from Buy at Citigroup... Walter Investment (WAC) downgraded to Neutral from Outperform at Credit Suisse.
06:38 EDTSNXSYNNEX downgraded to Hold from Buy at Stifel
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February 26, 2015
08:23 EDTRAI, LOLorillard appoints CFO David Taylor as Chief Executive of ITG Brands
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February 25, 2015
09:39 EDTLO, RAIR.J. Reynolds, other makers reach favorable resolution of Engle progeny cases
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09:31 EDTLOLorillard agrees to resolve federal Engle progency cases
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February 24, 2015
10:12 EDTLOOptions with increasing implied volatility: LO ARIA OWW
February 23, 2015
10:45 EDTLOOptions with increasing implied volatility
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February 20, 2015
12:53 EDTPCARCitigroup sees truck carrier stocks poised to outperform
With the U.S. economy growing quickly, the stocks of truck carriers are likely to outperform the S&P 500, Citigroup believes. WHAT'S NEW: Truck transportation prices and truck carrier stocks "respond most directly to economic growth," Citigroup analyst Christian Wetherbee wrote in a note to investors today. After carriers' truckload rates rose 4% last year, the rates should rise by a similar amount this year, Wetherbee predicted. Economic growth, along with the difficulties the carriers are experiencing with recruiting drivers, should be supportive of additional rate increases, the analyst stated. Wetherbee warned that the stocks of truck builders usually underperform during periods such as the current one, when a large amounts of U.S. class 8 trucks are being built. Consequently, truck carrier stocks present investors with an opportunity, while investors should be cautious on truck builders and parts suppliers, he wrote. Among truck carriers, Swift (SWFT) is particularly attractive, since it has underperformed its peers over the last year, Wetherbee stated. Additionally, the company's results appear likely to at least meet consensus estimates, the analyst predicted. He also kept a Buy rating on another truck carrier, Knight Transportation (KNX) and maintained a Buy rating on Cummins (CMI), which builds truck engines. The analyst kept a Hold rating on truck builder PACCAR (PCAR). OTHERS TO WATCH: Navistar (NAV) builds trucks and Celadon (CGI) is another truck carrier. PRICE ACTION: In early afternoon trading, Swift rose 1%, Knight Transportation gained 1.3%, Cummins added 0.7%, and PACCAR lost 0.5%.
10:49 EDTLOOptions with increasing implied volatility: LO TLM
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06:27 EDTPCARTrucking stocks likely to outperform S&P 500, says Citigroup
Citigroup says its work indicates trucking stocks respond most directly to economic growth. With the economy on a growth trajectory, Citi expects trucking stocks are likely to outperform the S&P 500. The firm reiterates Buy ratings on Swift Transportation (SWFT) and Knight Transportation (KNX), with a preference for Swift. It also has a Buy rating on Cummins (CMI) and Neutral on PACCAR (PCAR).
February 19, 2015
14:16 EDTLOLorillard increases dividend 7% to 66c
Lorillard announced that its board approved a 7% increase in the quarterly dividend on its common stock to 66c from 61.5c per share. The dividend is payable on March 10 to stockholders of record as of March 2.
February 17, 2015
11:14 EDTNQBlock sees 'pure speculation' as only reason investors hold NQ Mobile stock
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07:15 EDTRAIConsumer Analyst Group of New York (CAGNY) to hold a conference
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