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Stock Market & Financial Investment News

News Breaks
June 23, 2014
16:17 EDTPRKR, QCOM, MTOR, ETN, TEG, WEC, NSPHOn The Fly: Closing Wrap
Stocks on Wall Street began the session in negative territory and remained there for most of the session, though a late day rally allowed the Nasdaq to move very narrowly into positive territory. Preliminary, or "flash," manufacturing index readings in the U.S. and China rose from last month and indicated expansion, but a similar reading in Europe fell from its May level. The major averages drifted throughout the day and remained in a narrow range, as the Dow remained below the 17,000 milestone for another day. ECONOMIC EVENTS: In the U.S., Markit's flash manufacturing purchasing managers index for June rose to 57.5 from 56.4 in May. Existing home sales beat estimates with a 4.9% May rise to a 4.89M rate. In China, HSBC's flash manufacturing PMI rose to 50.8 from 49.4 last month, hitting a seven-month high and moving into expansion territory for the first time this year. In Europe, Markit's euro zone flash composite purchasing managers' index, which measures activity across both the manufacturing and services sectors, fell to 52.8 in June from 53.5 in May. COMPANY NEWS: Shares of radio frequency technologies and products company ParkerVision (PRKR) crashed $3.16, or 63.07%, to $1.85 after a Florida judge ruled in favor of its competitor, Qualcomm (QCOM), in a patent infringement case between the two. ParkerVision confirmed that on Friday, June 20, a judge granted Qualcomm's motion for non-infringement but denied Qualcomm's motion for invalidity. ParkerVision CEO Jeffrey Parker said, "While we are pleased that the court upheld the jury's decision that the patents are valid, we are obviously disappointed with the District Court's ruling that judgment be entered for Qualcomm on non-infringement. We will appeal this latest ruling on non-infringement." In October 2013 a jury had found that ParkerVision's down-conversion technology patents were valid and infringed by Qualcomm and awarded ParkerVision $172.7M in damages. MAJOR MOVERS: Among the notable gainers was small-cap Nanosphere (NSPH), which surged 20c, or 14.6%, to $1.57 after it was selected by HealthTrust as a provider of multi-target molecular diagnostic tests for the nearly 1,400 acute care facilities that are part of the HealthTrust membership. Also higher was Integrys (TEG), which jumped $7.40, or 12.14%, to $68.35 after agreeing to be acquired by Wisconsin Energy (WEC) in a transaction valued at $9.1B. Wisconsin Energy shares slid $1.62, or 3.45%, to $45.27 following the deal announcement. Among the other noteworthy losers was Meritor (MTOR), which fell $1.91, or 13.09%, to $12.68 after industrial products maker Eaton (ETN) agreed to pay its joint venture, ZF Meritor, $500M to settle a lawsuit that alleged Eaton had sought to stifle competition in the truck transmission market. Wells Fargo analyst Andrew Casey wrote that the $500M amount was lower than most had expected, since Eaton may have had to pay $1.4B-$2.4B if the size of the payment had been decided through a trial. Eaton shares trading in New York advanced $1.68, or 2.17%, to $79.24 following the settlement deal. INDEXES: The Dow fell 9.82, or 0.06%, to 16,937.26, the Nasdaq gained 0.64, or 0.01%, to 4,368.68, and the S&P 500 slipped 0.26, or 0.01%, to 1,962.61.
News For PRKR;QCOM;MTOR;ETN;TEG;WEC;NSPH From The Last 14 Days
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September 17, 2014
10:00 EDTETNOn The Fly: Analyst Downgrade Summary
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06:19 EDTQCOMGoogle picks former Qualcomm exec to head Google Fiber, WSJ reports
Google (GOOG) has hired Dennis Kish, a former Qualcomm (QCOM) executive, to head Google Fiber, replacing Milo Medin, the Wall Street Journal reports. A Google spokeswoman confirms that Medin remains a VP for access services and adviser to the Google Fiber team. Reference Link
06:09 EDTETNEaton downgraded to Hold from Buy at Stifel
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September 16, 2014
13:05 EDTPRKRParkerVision up 3% after Daniel Ravicher tweets regarding appeal
Daniel Ravicher said on Twitter that while there is 50% downside if ParkerVision loses its appeal, there could be 500% upside if they win the appeal. Reference Link
07:19 EDTQCOMCompanies' share buybacks at fasttest clip since 2007, WSJ reports
Companies are buying back their own shares at its fastest pace since the financial crisis to fuel a stock rally, reports the Wall Street Journal. According to Birinyi Associates, companies have bought back $338.3B of stock in 1H14, the most since 2007. Citing an analysis by Barclays, companies with the largest buyback programs by dollar value have outperformed the broader market by 20% since 2008. Reference Link
06:41 EDTQCOMQualcomm accused of bribing Chinese official, WantChinaTimes says
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September 15, 2014
14:05 EDTETNEaton backs Q3 EPS view $1.20-$1.30, consensus $1.25
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14:04 EDTETNEaton backs FY14 EPS view $4.50-$4.70, consensus $4.60
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10:34 EDTQCOMQualcomm acquires image recognition start-up Euvision
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September 10, 2014
14:06 EDTQCOMQualcomm could be hit with $1.6B fine, WantChinaTimes says
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September 9, 2014
11:37 EDTETNEaton initiated with a Hold at Societe Generale
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09:45 EDTQCOMBofA/Merrill wireless equipment analyst holds analyst/industry conference call
Wireless Equipment Analyst Liani discusses a recently published report, "Wireless Equipment: A Deep Dive into Qualcomm's Royalties, Semis and Cash" on an Analyst/Industry conference call to be held on September 9 at 11 am.
07:17 EDTQCOMThe Wireless Association to hold a conference
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07:11 EDTQCOMUBM Tech to hold a conference
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06:54 EDTQCOMChamber of Commerce says China antitrust efforts may be illegal, NY Times says
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September 8, 2014
10:04 EDTQCOMAlcatel-Lucent sees commercial release of Enterprise Small Cells in early 2015
Alcatel-Lucent (ALU) has announced that it will introduce its new Enterprise Small Cell device at the beginning of 2015. In collaboration with Qualcomm Technologies, a subsidiary of Qualcomm (QCOM), Alcatel-Lucent is developing a small cell solution that will allow operators to extend superior 3G, 4G LTE and Wi-Fi connectivity and coverage into the office for in-building customers. The rapid development of the solution has led the company to extend its plans to include LTE and multi-standard residential cells, Alcatel said.
07:34 EDTQCOMU.S. claims China breaks commitments amid Qualcomm, Microsoft probes, WSJ says
As Microsoft (MSFT) and Qualcomm (QCOM) are being investigated for potential monopolistic activity by Chinese regulators and lawmakers there recently alleged price manipulation by foreign automakers including Toyota (TM), Honda (HMC) and Daimler (DDAIF), the U.S. Chamber of Commerce alleged that China's use of its antimonopoly law has been subjective and its implementation skewed to favor China's local companies, reported The Wall Street Journal. Reference Link
September 5, 2014
10:05 EDTETNOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Actavis (ACT) initiated with a Buy at ISI Group... Akamai (AKAM) initiated with a Buy at UBS... Alexion (ALXN) initiated with a Buy at SunTrust... Allegion (ALLE) initiated with a Buy at Buckingham... Allergan (AGN) initiated with a Buy at ISI Group... Aviat Networks (AVNW) initiated with a Neutral at H.C. Wainwright... Celgene (CELG) initiated with a Buy at SunTrust... EZCORP (EZPW) initiated with a Hold at Jefferies... Eaton (ETN) initiated with a Neutral at Buckingham... Emerson (EMR) initiated with a Neutral at Buckingham... HMS Holdings (HMSY) initiated with an Overweight at Stephens... Incyte (INCY) initiated with a Buy at SunTrust... Ingersoll-Rand (IR) initiated with a Neutral at Buckingham... Insmed (INSM) initiated with an Outperform at Cowen... Intercept (ICPT) initiated with an Outperform at Cowen... Johnson & Johnson (JNJ) initiated with an Outperform at BMO Capital... Lennox (LII) initiated with a Neutral at Buckingham... Mylan (MYL) initiated with a Hold at ISI Group... Orion Engineered Carbons (OEC) initiated with a Buy at Goldman... Parker-Hannifin (PH) initiated with a Buy at Buckingham... Pentair (PNR) initiated with a Neutral at Buckingham... Pharmacyclics (PCYC) initiated with a Neutral at SunTrust... Rockwell Automation (ROK) initiated with a Neutral at Buckingham... Sabre (SABR) initiated with an Outperform at Oppenheimer... Santander Consumer (SC) initiated with a Buy at Jefferies... Springleaf (LEAF) initiated with a Buy at Jefferies... Susser Petroleum (SUSP) initiated with a Neutral at Credit Suisse... Teva (TEVA) initiated with a Buy at ISI Group... Valeant (VRX) initiated with a Buy at ISI Group... WESCO (WCC) initiated with a Neutral at Buckingham... Watsco (WSO) initiated with a Neutral at Buckingham... Weyerhaeuser (WY) initiated with a Neutral at JPMorgan... World Acceptance (WRLD) initiated with a Hold at Jefferies.
08:22 EDTQCOMNVIDIA lawsuits likely to have positive outcome, says JMP Securities
After NVIDIA (NVDA) filed lawsuits against Qualcomm (QCOM) and Samsung, JMP Securities thinks there is a good chance that NVIDIA will obtain a favorable ruling or settlement that is equal or greater to the $1.5B deal it cut with Intel (INTC),. The firm thinks that other companies, most notably Apple (AAPL), will launch talks with NVIDIA in the wake of the lawsuit. JMP Securities recommends buying NVIDIA ahead of upcoming Apple product refreshes and what it sees as accelerating growth trends for NVIDIA. The firm is upbeat about NVIDIA's new products and reiterates an Outperform rating.
07:31 EDTQCOMNVIDIA lawsuit positive, says Stifel
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