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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 29, 2014
13:21 EDTQCOMIntel shares advance after analyst ups target to $43
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08:33 EDTMTORMeritor sells Mascot Brand to investor group
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September 26, 2014
08:44 EDTQCOMQualcomm could have negative read through from Intel move, says Northland
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September 23, 2014
11:33 EDTQCOMAnalysis shows Apple spends $200-$247 to build iPhone 6s, Re/code says
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08:11 EDTQCOMRuckus Wireless hires Qualcomm's Rabinovitsj as COO
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September 22, 2014
06:06 EDTNSPHNanosphere receives deficiency letter from Nasdaq
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September 19, 2014
09:19 EDTQCOMOn The Fly: Pre-market Movers
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08:11 EDTQCOMTriQuint chip among those in iPhone 6 Plus, iFixit reports
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08:03 EDTQCOMInvenSense, NXP, RF Micro chips included in iPhone 6, iFixit reports
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September 18, 2014
07:26 EDTQCOMGartner: Smartwatch market ready to expand, poised for takeoff, DigiTimes says
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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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