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Stock Market & Financial Investment News

News Breaks
November 27, 2012
19:55 EDTX, MT, CLF, PKX, STLD, NUEGlobal steel production capacity exceeds orders taken, WSJ reports
Global steel mills have the capacity to produce 1.8B tons of steel annually, but will only take orders for 1.5B tons of steel this year, and it is expected that by 2016 an additional 100 new mills with a total production capacity of 350M tons will be operable, according to a Wall Street Journal report. The report notes that the world's five biggest steel companies control just 18.2% of the world's supply, compared to 50.6% in the auto industry, and that government-backing of many steel mills has made consolidation difficult for steel majors. Reference Link
News For PKX;MT;NUE;CLF;X;STLD From The Last 14 Days
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January 26, 2015
07:06 EDTCLFCliffs Natural announces debt reduction and elimination of quarterly dividend
Cliffs Natural Resources announced that during the Q4 of FY14 and the beginning of January 2015, the Company reduced its net debt balance by more than $400M. This accelerated debt reduction was achieved through the repayment of short-term debt as well as the repurchase of more than $200M aggregate principal amount of senior notes in the open market at an average discount of 34% to par, capturing a total discount of approximately $70M. The sources of funds to execute the accelerated debt reduction program were cash from operations generated during the Q4 of 2014 and net proceeds from the sale of Cliffs Logan County Coal. In addition, the Cliffs' Board of Directors has decided to eliminate the quarterly dividend of 15c per share on Cliffs' common shares. The decision is applicable to the Q1 and all subsequent quarters.
January 23, 2015
16:01 EDTXOptions Update; January 23, 2015
iPath S&P 500 VIX Short-Term Futures up 80c to 32.10. Option volume leaders: AAPL TSLA TWTR AMZN FB FXCM X GDP PBR according to Track Data.
10:02 EDTXOn the Fly: Analyst Downgrade Summary
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10:02 EDTNUEOn the Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: AmSurg (AMSG) upgraded to Overweight from Neutral at Piper Jaffray... Anglo American (AAUKY) upgraded to Neutral from Sell at Goldman... Autobytel (ABTL) upgraded to Buy from Hold at Ascendiant... Charles River Labs (CRL) upgraded to Outperform from Market Perform at William Blair... Chesapeake (CHK) upgraded to Outperform from Neutral at Credit Suisse... CubeSmart (CUBE) upgraded to Buy from Neutral at SunTrust... Cypress Semiconductor (CY) upgraded to Neutral from Underweight at JPMorgan... DreamWorks Animation (DWA) upgraded to Overweight from Neutral at Piper Jaffray... E-Trade (ETFC) upgraded at Credit Suisse... Kate Spade (KATE) upgraded to Buy from Neutral at Mizuho... LinkedIn (LNKD) upgraded to Strong Buy from Market Perform at Raymond James... Matthews (MATW) upgraded to Outperform from Neutral at Macquarie... Meridian Bioscience (VIVO) upgraded to Buy from Hold at Craig-Hallum... Michael Kors (KORS) upgraded to Buy from Neutral at Mizuho... NIC Inc. (EGOV) upgraded to Hold from Sell at Maxim... Natural Grocers (NGVC) upgraded to Overweight from Neutral at Piper Jaffray... Nucor (NUE) upgraded to Buy from Neutral at Goldman... ResMed (RMD) upgraded to Buy from Hold at Needham... Smith & Wesson (SWHC) upgraded to Buy from Neutral at Dougherty... Ternium (TX) upgraded to Neutral from Sell at Goldman... Union Pacific (UNP) upgraded to Buy from Hold at BB&T... ZAGG (ZAGG) upgraded to Buy from Hold at Craig-Hallum... lululemon (LULU) upgraded to Overweight from Neutral at JPMorgan.
06:28 EDTXU.S. Steel downgraded to Neutral from Buy at Goldman
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06:27 EDTNUENucor upgraded to Buy from Neutral at Goldman
Goldman upgraded Nucor to Buy due to high exposure to recovering non-residential markets, low cost structure, and strong balance sheet. Price target lowered to $52 from $55.
January 21, 2015
18:07 EDTXU.S. Steel to idle plants, cut headcount, WSJ says
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09:41 EDTXUS Steel volatility elevated into Q4 and outlook
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January 20, 2015
14:06 EDTCLFCitizens, Keysight identified as long positions by Einhorn
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13:24 EDTCLFGreenlight has new long positions in Citizens, Time Warner, Bloomberg says
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January 16, 2015
11:36 EDTCLFCliffs Natural volatility elevated on wide price movement
Cliffs Natural January weekly call option implied volatility is at 96. January is at 98, March is at 88, compared to its 26-week average of 79 according to Track Data, suggesting large price movement.
January 15, 2015
16:20 EDTCLFOn The Fly: Closing Wrap
Stocks on Wall Street had a see-saw trading day, with every attempt at getting the averages into positive territory being met with more selling. The market spent most of the day in negative territory, however, as the latest bank earnings reports failed to impress investors, the price of oil renewed its downtrend, and the Swiss National bank withdrew its floor support on the Swiss franc. ECONOMIC EVENTS: Internationally, Switzerland's central bank unexpectedly gave up its minimum exchange rate, sending the Swiss franc soaring against the dollar and euro and triggering wild swings in its equity markets. In the U.S., initial jobless claims rose 19K to 316K in the week ended January 10, versus expectations for 298K first-time claims. The producer price index fell 0.3% in December, versus expectations for a decrease of 0.4%. The core PPI rate rose 0.3% in the month, versus expectations for it to be up 0.1%. The Empire State index rebounded to 9.95 in January, beating expectations for a 5.0 reading for the measure of manufacturing activity in the New York area. The Philly Fed index fell 18.0 points to 6.3 in January, which was worse than the projected pullback to a reading of 18.7. WTI crude oil, the U.S. benchmark, reversed its early gains to end the trading session down 4.6% at $46.25 per barrel. COMPANY NEWS: Shares of Target (TGT) advanced $1.34, or 1.8%, to $75.67 after the retailer announced plans to stop operating stores in Canada. Target expects this decision will increase its earnings in fiscal 2015 and beyond, and increase its cash flow in fiscal 2016 and beyond. The company also raised its forecasts for Q4 U.S. comparable sales growth and adjusted earnings per share, mostly due to increased traffic and stronger-than-expected digital sales... Bank of America (BAC) slid 84c, or 5.24%, to $15.20 after reporting its fourth quarter results, while Citigroup (C), which also issued its Q4 report, dropped $1.82, or 3.71%, to $47.23. MAJOR MOVERS: Among the notable gainers was Cliffs Natural Resources (CLF), which rose 93c, or 11.94%, to $8.72 amid strength in the basic materials sector. Also benefitting the stock may have been a Bloomberg report that said an adviser to Quebec's investment arm stated that Cliffs' closed down Bloom Lake mine has attracted interest from several potential buyers. Also higher were shares of Kraft Foods (KRFT), which climbed $2.92, or 4.66%, to $65.68 after Goldman Sachs upgraded the stock to Buy and placed the shares on its Conviction List. Also of note, the Consumer Analyst Group of New York confirmed to Bloomberg that the food and beverage manufacturer canceled its upcoming conference appearance. Among the noteworthy losers was Best Buy (BBY), which dropped $5.61, or 14.06%, to $34.30 after reporting holiday growth that was lower than previous quarters, citing factors including weakness in tablets, and guiding toward comparable sales in the first half of FY16, excluding certain items, to be flat to down by a low-single digit percentage. Also lower were shares of BlackBerry (BBRY), which declined $2.49, or 19.77%, to $10.10 after the company said last night that it is not in talks with Samsung (SSNLF) about a potential merger, rebutting a Reuters report. INDEXES: The Dow fell 106.38, or 0.61%, to 17,320.71, the Nasdaq dropped 68.50, or 1.48%, to 4,570.82, and the S&P 500 declined 18.60, or 0.92%, to 1,992.67.
16:01 EDTCLFOptions Update; January 15, 2015
iPath S&P 500 VIX Short-Term Futures up 1.01 to 36.13. Option volume leaders: AAPL TSLA TWTR AMZN FB C CLF ABX SUNE according to Track Data.
15:57 EDTCLFCliffs Natural said to have multiple suitors for mine, Bloomberg reports
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15:32 EDTCLFCliffs Natural said to have multiple suitors for Bloom Lake, Bloomberg reports
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10:00 EDTSTLD, X, NUEOn The Fly: Analyst Initiation Summary
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08:10 EDTXU.S. Steel price target lowered to $40 from $55 at Cowen
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05:33 EDTXU.S. Steel initiated with an Equal Weight at Barclays
Target $33.
05:32 EDTSTLDSteel Dynamics initiated with an Overweight at Barclays
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05:32 EDTNUENucor initiated with an Overweight at Barclays
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