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Stock Market & Financial Investment News

News Breaks
August 1, 2014
16:24 EDTVCRA, BYI, SGMS, CVX, WWWW, MGAM, PGOn The Fly: Closing Wrap
Stocks on Wall Street opened in negative territory and remained there for most of the session, capping a down week with a down day. The averages made it into positive territory for a short time during the morning hours but were never able to build any momentum. Investors were hit with a heavy dose of information, including more corporate earnings, the monthly U.S. jobs report, data on personal income and spending, construction spending and domestic manufacturing, along with manufacturing PMI readings from China. ECONOMIC EVENTS: In the U.S., non-farm payrolls rose 209K in July, missing the 230K forecast. The unemployment rate rose to 6.2% from 6.1% previously. Personal income rose 0.4% in June, with spending up 04% as well, and both of those matched expectations. The final reading of the University of Michigan consumer sentiment index for July came in at 81.8, which was in-line with expectations. seen 81.9; previously 81.3. ISM's manufacturing PMI for July rose to 57.1, beating expectations for a more modest rise to 56.0. Construction spending dropped 1.8% in June, versus expectations for it to have risen 0.4%. In China, the government's official manufacturing PMI for July came in above expectations at 51.7, though the HSBC-Markit PMI came in at 51.7, missing the median forecast of 52.0. COMPANY NEWS: Shares of Procter & Gamble (PG) advanced $2.33, or 3.01%, to $79.65 to lead the Dow Jones Industrial Average after the company's core earnings per share beat expectations and it said it intends to pare back its portfolio to focus on the 70 to 80 "core" brands that make up about 90% of its revenue... Another member of the Dow, Chevron (CVX), moved in the opposite direction, falling $1.34, or 1.04%, to $127.90 after its own earnings report. The oil major also lowered its FY14 production view by 1%-2%, citing weather, asset sales and a shutdown at its Angola LNG site as negative production drivers. MAJOR MOVERS: Among the notable gainers was Bally Technologies (BYI), which surged $17.53, or 29.13%, to $77.70 after the company agreed to be acquired by Scientific Games (SGMS) for $5.1B, or $83.30 per share. Another company in the same sector, Multimedia Games (MGAM), rose $2.21, or 9.16%, to $26.33, while Scientific Games gained 24c, or 2.81%, to $8.78 following the announcement of the deal. Among the noteworthy losers was Vocera (VCRA), which fell $3.42, or 27.21%, to $9.15 and was downgraded to Hold from Buy at Craig-Hallum and cut to Equal Weight from Overweight at Stephens following the company's Q2 report and lowered FY14 guidance. Also lower were shares of Web.com (WWWW), which dropped $6.43, or 24.22%, to $20.12 and was downgraded at SunTrust and BWS Financial after its own quarterly report. INDEXES: The Dow dropped 69.93, or 0.42%, to 16,493.37, the Nasdaq fell 17.13, or 0.39%, to 4,352.64, and the S&P 500 declined 5.52, or 0.29%, to 1,925.15.
News For PG;CVX;BYI;MGAM;SGMS;VCRA;WWWW From The Last 14 Days
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January 28, 2016
14:29 EDTCVXNotable companies reporting before tomorrow's open
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13:20 EDTCVXChevron volatility elevated into Q4 and outlook
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10:55 EDTCVXOPEC delegates say no plan for meeting Russia about production, Bloomberg says
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January 26, 2016
19:02 EDTCVXChevron announces first gas from Chuandongbei Project in Southwest China
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16:20 EDTPGOn The Fly: Top stock stories for Tuesday
Stocks began Tuesday in positive territory, once again trading in tandem with oil prices. The Dow led today's gains thanks in part to earnings reports from 3M (MMM), Proctor & Gamble (PG) and Johnson & Johnson (JNJ), though the Nasdaq struggled early in the day. Following a better than expected reading on consumer confidence and a rip in oil prices, stocks continued to pile on gains in the afternoon, with the major indexes all going out near their highs. ECONOMIC EVENTS: In the U.S., the S&P/Case-Shiller 20-city home price index rose 5.8% from the prior year in November, topping expectations for a 5.7% year-over-year increase. The separate FHFA house price index showed a monthly gain of 0.5% in November, matching the consensus forecast. Markit's services PMI for January came in at 53.7, missing the 54.0 forecast. The preliminary reading of the Conference Board's consumer confidence index for January came in at 98.1, topping the 96.5 reading that was expected. In Asia, Japan's Nikkei index fell 2.35% while China's Shanghai composite slid 6.4%. COMPANY NEWS: Earnings season accelerated Tuesday as major members of the bluechip Dow Jones Industrial Average posted results before the opening bell. 3M lead the pack with a gain of 5.16% to $144.79, while Johnson & Johnson, Procter & Gamble and DuPont (DD) added 4.86%, 2.55% and 0.89%, respectively, following their reports... AIG (AIG) provided its much-anticipated strategy update, committing to return at least $25B to shareholders over the next two years and announcing the sale of AIG Advisor Group to Lightyear Capital and PSP Investments. The company, under ongoing pressure from activist investors including Carl Icahn, also said it will publicly offer a portion of its United Guaranty unit, though it expressly rejected a full company breakup. MAJOR MOVERS: Among the notable gainers was Terex (TEX), which surged 36.5% to $20.48 after receiving a $30 per share acquisition offer from China's Zoomlion. Terex peers Manitowoc (MTW), Joy Global (JOY) and Oshkosh (OSK) also saw respective gains of 16%, 9.5% and 5.5% after the news. In other M&A news, FirstMerit (FMER) jumped 18.35% after a merger agreement with Huntington Bancshares (HBAN). Also higher was Weight Watchers (WTW), which rose nearly 20% to $13.32 after noted shareholder and partner Oprah Winfrey tweeted a video detailing her progress and weight loss using the company's program. In addition, Sprint (S) soared 18.65% to $2.99 after reporting losses for the quarter that were not as steep as expected and raising its fiscal year EBITDA forecast. Among the noteworthy losers was Leidos (LDOS), which declined 9% to $48.83 after reaching an agreement with Lockheed Martin (LMT) to combine with the company's realigned Information Systems & Global Solutions unit in a Reverse Morris Trust transaction. Also lower was Centene (CNC), which lost 2.26% to $59.99 after revealing it has potentially misplaced six hard drives containing personal data on nearly 1M individuals. Meanwhile, Polaris (PII) dipped 9.15% to $72.99 after its fourth quarter report. INDEXES: The Dow rose 282.01, or 1.78%, to 16,167.23, the Nasdaq gained 49.18, or 1.09%, to 4,567.67, and the S&P 500 advanced 26.55, or 1.41%, to 1,903.63.
12:16 EDTPGOn The Fly: Top stock stories at midday
Stocks began the session in positive territory moved cautiously in the opening segment, before shooting higher following the better than expected consumer confidence reading. The Dow is the biggest winner and is up more than 1.5% while the Nasdaq has been lagging but is up more than 0.6%. ECONOMIC EVENTS: In the U.S., the S&P/Case-Shiller 20-city home price index rose 5.8% from the prior year in November, topping expectations for a 5.7% year-over-year increase. The separate FHFA house price index showed a monthly gain of 0.5% in November, matching the consensus forecast. Markit's services PMI for January came in at 53.7, missing the 54.0 forecast. The preliminary reading of the Conference Board's consumer confidence index for January came in at 98.1, topping the 96.5 reading that was expected. In Asia, Japan's Nikkei index fell 2.35% while China's Shanghai composite slid 6.4%. COMPANY NEWS: The volume of earnings reports took a step up, with four members of the bluechip Dow Jones Industrial Average posting results before the opening bell this morning. All four advanced on the heels of their reports, with 3M (MMM) leading the pack with a gain of 4.5% despite earnings, excluding restructuring charges, that missed the consensus forecast. The industrial conglomerate did, however, affirm its performance expectations for the new fiscal year. Meanwhile, Johnson & Johnson (JNJ) rose 3%, Procter & Gamble (PG) gained 2.7% and DuPont (DD) added 1.6%... AIG (AIG) provided its much-anticipated strategy update, committing to return at least $25B to shareholders over next two years and announcing that it has agreed to sell AIG Advisor Group to private equity firm Lightyear Capital and Canadian pension investment manager PSP Investments. AIG also said it will pursue an initial public offering of United Guaranty in mid-2016 to sell up to 19.9% of the outstanding shares as a first step towards a full separation. However, the insurer said it believes a full breakup, as espoused by investor Carl Icahn, would detract from shareholder value, arguing that a lack of diversification benefits would reduce capital available for distribution and there would be a loss of tax benefits. MAJOR MOVERS: Among the notable gainers was Avis Budget (CAR), which rallied 7% after the company raised its share repurchase authorization by $300M and after SRS Investment reported a 9.5% stake in the company. Also higher were Sprint (S) and Coach (COH), which gained 20% and 11%, respectively, after reporting quarterly earnings. In addition, FirstMerit (FMER) rose 16% after reporting quarterly earnings and announcing that it will merge with Huntington Bancshares (HBAN) in a deal valued at $3.4B. Huntington Bancshares fell 10% after the FirstMerit merger agreement was announced. Also lower was Stratasys (SSYS), which dropped 6% after JPMorgan downgraded the shares to Neutral from Overweight. In addition, Polaris (PII) and Waters Corporation (WAT) were down 11% and 4.5%, respectively, after reporting quarterly earnings. INDEXES: Near midday, the Dow was up 273.66, or 1.72%, to 16,158.88, the Nasdaq was up 49.20, or 1.09%, to 4,567.69, and the S&P 500 was up 25.96, or 1.38%, to 1,903.04.
10:17 EDTPGProcter & Gamble rallies, potential bullish pattern
The shares are rallying post-earnings with the stock last up over 3% to $79.28. At that price, the $80 level is next resistance. The $80 level marks the top of a potential bullish ascending triangle pattern. A breakout above $80 is required for the triangle to become active. Upside potential for the pattern over time, assuming it completes, would be to the $95 area.
09:55 EDTVCRALeerink /healthcare tech analysts hold analyst/industry conference call
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09:18 EDTPGProcter & Gamble sees Duracell deal on track to close this quarter
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09:13 EDTPGProcter & Gamble CFO sees 'significant opportunity' remaining in China
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08:39 EDTPGProcter & Gamble sees delivering over $7B in cost of goods savings by end year
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07:04 EDTPGP&G backs FY16 constant currency core EPS growth of mid-to-high single digits
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07:02 EDTPGProcter & Gamble reports Q2 organic sales up 2%
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07:01 EDTPGProcter & Gamble reports Q2 core EPS $1.04, consensus 98c
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January 25, 2016
14:29 EDTPGNotable companies reporting before tomorrow's open
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13:37 EDTPGEarnings Watch: Stifel bullish on Procter & Gamble ahead of Q2 earnings report
Procter & Gamble (PG), a consumer packaged goods company, is scheduled to report second quarter earnings before the market open on Tuesday, January 26, with a conference call scheduled for 8:30 a.m. ET. EXPECTATIONS: Analysts are looking for earnings per share of 98c on revenue of $16.94B. The consensus range for EPS is 93c-$1.05 on revenue of $16.44B-$17.4B, according to First Call. LAST QUARTER: Procter & Gamble reported first quarter core EPS of 98c on revenue of $16.53B, compared to analyst estimates of 95c and $17.17B, respectively. The company said that organic sales decreased 1% and that operating cash flow for the quarter was $3.5B. On its Q1 earnings conference call, the company said it expects top line growth to resume in Q2, with further strengthening in the back half of the quarter. Procter & Gamble also said that it had a "good start" to Q2, with October-to-date organic sales growth at the time of 3%. NEWS: On November 18, Procter & Gamble repeated its fiscal 2016 guidance in slides that were presented at the Morgan Stanley Global consumer and Retail Conference. The company backed its FY16 core EPS growth view of down slightly to up mid single digits. At the same conference, the company said it was "not averse" to looking at any option that creates value for stakeholders. On December 7, the Wall Street Journal reported that P&G was moving the lion's share of its media-buying and planning account in North America to Omnicom (OMC) Media Group. A week and a half later, Procter & Gamble, through its subsidiary Gillette, filed a patent infringement lawsuit against Dollar Shave Club alleging that the discount shaving products company violated Gillette's intellectual property by selling infringing razors. On December 29, the Wall Street Journal reported that the consumer packaged goods company was discontinuing a sixth of its Olay products, reducing the Olay product line to roughly 120 products. On January 12, Coty (COTY) confirmed that ten P&G fragrance licenses will transfer to Coty upon regulatory approval and completion of the merger transaction, including Hugo Boss, Gucci, Lacoste, Bruno Banani, Escada, Mexx, James Bond, Gabriela Sabatini, Stella McCartney, and Alexander McQueen. STREET RESEARCH: On January 19, Stifel upgraded Procter & Gamble to Buy from Hold with an $85 price target on shares, saying that it expects the company's sales and operating profit to accelerate as a result of market share gains and cost savings. Stifel added that it expects the company's multiple to rise as well. PRICE ACTION: Procter & Gamble shares are fractionally higher over the last three months. In afternoon trading ahead of Tuesday's earnings report, shares are down roughly 0.3% to $77.14.
12:22 EDTPGProcter & Gamble technical comments before earnings
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09:43 EDTCVXChevron upgraded to Buy from Accumulate at Tudor Pickering
05:51 EDTPGOptions expected to be active: TYC JCI TWTR SUNE AAPL PG HAL AMZN FB
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05:16 EDTPGHilton announces midscale brand Tru by Hilton
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