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Stock Market & Financial Investment News

News Breaks
August 1, 2014
13:46 EDTPKI, EXPE, GPRO, BYI, CVX, SGMS, PGOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday after a report showed that the economy continued to add jobs last month though the pace of hiring slowed a bit from the recent trend. 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%. COMPANY NEWS: Shares of Procter & Gamble (PG) advanced more than 3% 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 about 1% 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 jumped 30% after the company agreed to be acquired by Scientific Games (SGMS) for $5.1B, or $83.30 per share. Shares of Scientific Games slipped 1.6% after the news. Also higher following its earnings reports was Expedia (EXPE), which rose 5%. Among the noteworthy losers was GoPro (GPRO), which tumbled 12.5% after the company reported on its earnings per share and revenue for the first time since its initial public offering in June. Also lower following their earnings reports were Web.com (WWWW), which fell 25% and was downgraded at SunTrust and BWS Financial, and PerkinElmer (PKI), which fell 4%. INDEXES: A bit before 2:00 pm ET, the Dow was down 60.46, or 0.37%, to 16,502.84, the Nasdaq was down 24.60, or 0.56%, to 4,345.17, and the S&P 500 was down 4.57, or 0.24%, to 1,926.10.
News For PG;CVX;BYI;SGMS;GPRO;EXPE;PKI From The Last 14 Days
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July 20, 2015
15:47 EDTGPROGoPro launches premium content licensing portal
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14:33 EDTGPROGoPro, Toyota partner to put camera mount in Tacoma, Wired says
GoPro (GPRO) and Toyota (TM) are partnering to place a a GoPro camera mount on the roofline of every new 2016 Toyota Tacoma, a first for a carmaker, says Wired. Toyota will not supply the camera, added Wired. Shares of GoPro are up 6.5% while Toyota is up fractionally. Reference Link
July 19, 2015
13:37 EDTPGProcter & Gamble shares look unattractive, Barron's says
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July 17, 2015
10:13 EDTGPROAmbarella to get boost from drone demand, analyst says
Ambarella (AMBA) should benefit from stronger than expected demand for drones, which are "literally flying off the shelves" at Best Buy (BBY), research firm Pacific Crest wrote in a note to investors today. Ambarella develops processors used in high definition cameras, such as those often utilized by drones. WHAT'S NEW: After conducting checks, Pacific Crest analyst Brad Erickson wrote that sales of drones have been stronger than expected. Ambarella should benefit from that trend, as well as from the fact that demand for GoPro (GPRO) cameras, which utilize Ambarella's chips, has been steady, Erickson stated. Although initial demand for GoPro's new Session camera "appears lukewarm," its newer cameras should drive a significant increase in sales volume starting in GoPro's October quarter, according to Erickson, who said the popularity of GoPro's cameras should enable Ambarella's results to beat Street expectations. The analyst continues to recommend buying Ambarella's stock and kept a $123 price target on the shares. WHAT'S NOTABLE: In a note to investors yesterday, Piper Jaffray analyst Erinn Murphy wrote that GoPro's risk/reward ratio was favorable heading into the company's Q2 results. According to Murphy, the stock fell recently because money rotated out of the shares following the initial public offering of Fitbit (FIT) and Goldman Sachs' initiation of coverage of the stock with a Neutral rating. However, Amazon (AMZN) data shows that GoPro's cameras are selling well and Ambarella's Q2 results beat expectations, Murphy noted. As a result, she expects GoPro's Q2 results to exceed expectations when they are reported next week. Murphy reiterated a $68 price target and Overweight rating on GoPro shares. PRICE ACTION: In early trading, Ambarella rose 1.3% to $109.59, while GoPro added 0.5% to $55.53.
09:29 EDTGPROGoPro has upside to Q2 and Q3 volume estimates, says Cleveland Research
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07:09 EDTGPROAmbarella benefiting from strong drone demand, says Pacific Crest
After conducting checks, Pacific Crest says that Ambarella is benefiting from strong demand for drones and steady demand for GoPro's (GPRO) cameras. The firm thinks the stock could reach $123 if demand for action cameras in China accelerates. It keeps a $123 price target and Overweight rating on the shares.
July 16, 2015
18:26 EDTGPROXiaomi VP says 'absolutely' coming to U.S., Bloomberg TV says
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13:13 EDTGPROGoPro July weekly volatility elevated into Q2 and outlook
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06:59 EDTGPROPiper positive on GoPro into results, explains recent selloff
Piper Jaffray analyst Erinn Murphy views the risk/reward for shares of GoPro (GPRO) as favorable into the company's Q2 results. Murphy attributes the recent pullback in GoPro to money rotation out of the name following the initial public offering of Fitbit (FIT) as well as Goldman Sachs rolling out coverage with a Neutral rating on July 6. The analyst expects the action camera maker to beat expectations and raise guidance when reporting quarterly results next week. She keeps an Overweight rating on the name with a $68 price target. Shares of GoPro closed yesterday down 47c to $54.50.
July 15, 2015
06:25 EDTCVXMexican businessmen financing homegrown oil companies, WSJ reports
Several Mexican businessmen, including former Mexican finance minister Pedro Aspe, have started financing or creating homegrown oil companies in Mexico as the country opens its oil industry to competition, the Wall Street Journal reports. The new companies aim not only to compete with Pemex, but also with global oil giants such as Exxon Mobil (XOM) and Royal Dutch Shell (RDS.A), the report says. Mexico will hold three auctions of oil blocks this year, the report adds. Other publicly traded companies in the space include BP (BP), Chevron (CVX), ConocoPhillips (COP), and Total (TOT). Reference Link
July 14, 2015
11:16 EDTEXPEAnalyst says sell Orbitz as risks to Expedia deal mount
The shares of online travel agency Orbitz Worldwide (OWW) are falling after UBS downgraded the stock to Sell from Neutral, citing increased risk that regulators will block the company's proposed takeover by Expedia (EXPE). WHAT'S NEW: Based on recent press reports and his own conversations with players in the online travel sector, UBS analyst Eric Sheridan believes that antitrust concerns surrounding the proposed takeover of Orbitz are mounting. Specifically, travel suppliers are voicing more concern about the deal to regulators, Sheridan stated. Additionally, regulators have vetoed a number of proposed takeovers recently, including Time Warner Cable's (TWC) proposed acquisition by Comcast (CMCSA) and Electroloux's (ELUXY) proposed acquisition of GE's (GE) home appliances unit, Sheridan noted. As a result of these developments, the risk/reward ratio of Orbitz's stock is now "skewed negative," according to the analyst, who cut his price target on the stock to $10 from $12. PRICE ACTION: In morning trading, Orbitz fell 2.4% to $11.12. On February 12, Expedia announced it had agreed to acquire Orbitz for $12 per share in cash.
10:01 EDTGPROOn The Fly: Analyst Upgrade Summary
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09:46 EDTGPROGoPro rallies sharply, levels to watch
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09:20 EDTGPROOn The Fly: Pre-market Movers
HIGHER: Natural Health Trends Corp. (NHTC), up 16.2% following second quarter guidance... Transgenomic (TBIO), up 14% after launching genetic test for Leukodystrophy diagnosis... Biocept (BIOC), up 12.4% after launching diagnostic assay for BRAF mutations in melanoma patients... Micron (MU), up 13.1% after WSJ reports that Tsinghua made $23B acquisition offer... SanDisk (SNDK) and AMD (AMD) are up 3.8% and 3.1%, respectively, following reports of Tsinghua offer to Micron... GoPro (GPRO), up 3.2% after being upgraded to Overweight from Equal Weight at Barclays. DOWN AFTER EARNINGS: Wells Fargo (WFC), down 1%... JPMorgan (JPM), down fractionally. ALSO LOWER: Vince Holding (VNCE), down 16.3% after being downgraded to Market Perform from Outperform at William Blair... Tonix Pharmaceuticals (TNXP), down 8.3% after 2.3M share Spot Secondary priced at $7.50... Spirit Airlines (SAVE), down 7.4% after pricing pressure leads to reduced fiscal 2015 margin view... Orbitz Worldwide (OWW), down 2.8% after being downgraded to Sell from Neutral at UBS.
09:11 EDTPGEstee Lauder could benefit in dealmaking while Coty busy, Bloomberg says
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08:04 EDTPKISemiconductor Equipment & Materials International to hold a conference
SemiCon West 2015 is being held in San Francisco on July 14-16.
08:00 EDTGPROAmazon, GoPro advance after analysts up ratings to buy
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06:06 EDTEXPEOrbitz downgraded to Sell from Neutral at UBS
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05:36 EDTGPROBarclays upgrades GoPro to buy on progress since IPO
Barclays analyst Joseph Wolf upgraded GoPro to Overweight from Equal Weight saying the company's progress since going public has reduced his concerns "considerably." Overweight is his firm's equivalent of a buy rating. In a note to investors this morning, Wolf highlights the action camera maker's "solid" execution, acquisitions and continued brand strength. GoPro's total addressable market is expanding both demographically and geographically, while expectations for the new Hero4 and upcoming drone are reasonable, Wolf writes. He raised his price target for shares to $65 from $50. GoPro closed yesterday down 40c to $52.11.
05:30 EDTGPROGoPro upgraded to Overweight from Equal Weight at Barclays
Barclays analyst Joseph Wolf upgraded GoPro to Overweight saying the company's progress since going public has reduced his concerns "considerably." Wolf highlights the action camera maker's "solid" execution, acquisitions and continued brand strength. He raised his price target for shares to $65 from $50. GoPro closed yesterday down 40c to $52.11.
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