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Stock Market & Financial Investment News

News Breaks
May 16, 2014
16:18 EDTWWE, VMW, AMZN, JWN, VZ, HPQ, EMC, GOOG, JCP, RAX, RHT, CSCO, CHKOn The Fly: Closing Wrap
Stocks on Wall Street were higher in the last session of the week, breaking their streak of two consecutive lower finishes. The averages moved back and forth across the flat line in the early hours of the session before crossing into positive ground for good in the late afternoon. Economic reports released early in the day were mixed, with housing starts growth coming in well above expectations and a consumer confidence reading coming in below the consensus forecast. ECONOMIC EVENTS: In the U.S., housing starts rose 13.2% to a 1.07M unit pace in April, which was well above expectations. The number of building permits issued also beat the consensus forecast, rising 8% to a pace of 1.08M. The University of Michigan consumer confidence index fell to 81.8 in the first May release, falling short of expectations for a modest rise to 84.3. COMPANY NEWS: Shares of Rackspace (RAX) advanced $5.44, or 17.73%, to $36.12 after the cloud computing company disclosed last night that it had been approached by a number of other companies that expressed interest in exploring strategic relationships. Rackspace said that it had hired Morgan Stanley (MS) to help evaluate the proposals and explore its options. In a note to investors earlier today, Credit Suisse wrote that Rackspace would be attractive to multiple companies, including Cisco (CSCO), Hewlett-Packard (HPQ), and Dell. Piper Jaffray said in its own note that the list of potential buyers for Rackspace is "extensive," also listing Cisco, but adding Google (GOOG), Amazon.com (AMZN), EMC (EMC), VMware (VMW) and Red Hat (RHT) as other potential suitors... Verizon (VZ) shares rose $1.11, or 2.31%, to $49.07 after filings released last night showed that a number of hedge fund managers, most notably Warren Buffet, had taken up new positions in the telecommunications giant. MAJOR MOVERS: Among the notable gainers was embattled retailer J.C. Penney (JCP), whose shares rose $1.36, or 16.25%, to $9.73 following its better than expected quarterly sales report. Also higher was luxury department store operator Nordstrom (JWN), which advanced $9.06, or 14.73%, to $70.55 after the company reported first quarter earnings per share that exceeded expectations and said it will seek a partner for credit card receivables. Among the noteworthy losers was WWE (WWE), which plunged $8.66, or 43.45%, to $11.27 after the company signed a new TV deal with NBC that will reportedly pay it much less than it had expected and the shares were downgraded at Benchmark Co. to Hold from Buy. Also lower were shares of Chesapeake Energy (CHK), which fell $1.35, or 4.66%, to $27.64 after announcing that it will spin off its Oilfield Services business, among other asset moves, and lowered its FY14 production, operating cash flow and dividend payments outlooks. INDEXES: The Dow was up 44.50, or 0.27%, to 16,491.31, the Nasdaq was up 21.29, or 0.52%, to 4,090.59, and the S&P 500 was up 7.01, or 0.37%, to 1,877.86.
News For RAX;VZ;WWE;JCP;JWN;CHK;GOOG;AMZN;CSCO;EMC;VMW;RHT;HPQ From The Last 14 Days
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July 21, 2015
09:28 EDTCHKChesapeake downgraded to Hold from Buy at Simmons
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09:06 EDTGOOGADT Corp. announces partnership with Nest Labs
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09:00 EDTEMCEMC July weekly volatility elevated into Q2 and outlook
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08:59 EDTVZVerizon CFO says churn rate improvement shows company 'protecting its base'
Verizon CFO Shammo says the company needs to compete where the market takes it. Comments from Verizon's Q2 earnings conference call.
08:48 EDTVZVerizon sees percentage of activations on installments continuing to grow in Q3
Shammo said customer demand for device installment plans has increased, noting that the percentage of phone activations on installments grew to 49% in Q2, compared with 39% in Q1 and 18% a year ago. Phone activations on device installment plans totaled 4.7M in the quarter and Verizon now has more than 14M customers on these plans, representing about 16% of its postpaid phone base. The company believes that the percentage of phone activations on installments will continue to increase and will likely be around 60% in Q3. Comments made by Verizon CFO Fran Shammo speaking on the company's earnings conference call.
08:05 EDTVMWVMware July weekly volatility elevated into Q4 and outlook
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07:52 EDTHPQHP announces renewable energy agreement with SunEdison
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07:45 EDTGOOG, AMZNSell PayPal amid mounting payments competition, Piper says
Shares of PayPal (PYPL) advanced over 5% yesterday in the stock's first day of trading following a split from eBay (EBAY), with the majority of research firms issuing optimistic notes on its prospects. This morning, however, analyst Gene Munster of Piper Jaffray recommends selling the share as competition grows in the digital payments space. BEARS: Munster started shares of PayPal with an Underweight rating, the firm's equivalent of a "Sell," saying increased competition could pressure the stock's multiple over the next 6-24 months. Google's (GOOG) Android Pay and Apple's (AAPL) Apple Pay will give consumers a "real alternative to PayPal" for the first time, Munster tells investors in his research note. In addition, interest in payments from Amazon.com (AMZN) and Facebook (FB) bring potential for more digital wallet offerings, the analyst notes. Munster set a $30 price target for PayPal. Of note, Evercore ISI also started coverage of PayPal shares yesterday with a Sell rating. BULLS: Wells Fargo initiated coverage of PayPal yesterday with an Outperform rating, saying the company's unique assets will enable it to maintain its leadership role in digital payments and benefit from the growth of e-commerce. Also upbeat was Robert W. Baird analyst Colin Sebastian, who contends that PayPal has the top pure play online payment system and is continuing to grow its share of the Internet payment market. PayPal should be able to innovate more effectively after its spin-off, added the analyst, who set a $45 price target on the shares. PRICE ACTION: Shares of PayPal are pointing toward further gains in their second day of standalone trading, with the stock up about 2.7% to $41.55 in pre-market trading.
07:43 EDTVZVerizon says quality of the net additions 'remained strong' in Q2
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07:39 EDTVZVerizon sees FY15 consolidated revenue growth of at least 3%
For the full year, the company estimates consolidated revenue growth of at least 3%, excluding revenue from AOL. Consensus $131.3B.
07:38 EDTVZVerizon sees higher revenue growth rate in Q3 than in Q2
Consensus $32.87B. Verizon said regarding consolidated revenue outlook, "Verizon expects a higher year-over-year growth rate in third-quarter 2015 than in second-quarter 2015," noting that the estimate excludes revenue from AOL.
07:36 EDTVZVerizon says portion of AOL results immaterial to end of Q2
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07:36 EDTGOOGGoogle shutting down Google+ Photos beginning August 1
Google said in a blog post, "In May, we launched Google Photos as the home for all your photos and videos. With Google Photos you can store unlimited high quality photos and videos for free, find photos fast, and see them organized by what matters to you. Plus, you can bring moments to life and share anywhere with anyone. In an effort to ensure everyone has the best photos experience we can deliver, on August 1st we’ll start to shut down Google+ Photos -- initially on Android, and soon thereafter on the Web and iOS. If you’re still using Google+ Photos, now is a great time to make the switch. You may have seen a prompt in Google+ Photos on Android with a link to download the new Google Photos. Don’t worry, all your photos and videos will still be saved and available after you switch to the new, stand-alone Google Photos app. With the new app you’ll still be able to backup, edit, and share your photos and videos, with unlimited storage, automatic organization, and more." Reference Link
07:35 EDTVZVerizon backs FY15 capex view of $17.5B-$18B
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07:32 EDTVZVerizon reports Q2 EPS $1.04, consensus $1.01
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07:07 EDTCHKChesapeake to sell substantially all properties held by CHK Cleveland Tonkawa
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07:06 EDTCHKChesapeake to eliminate common dividend effective Q3
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07:05 EDTCHKChesapeake to eliminate common dividend effective Q3
06:19 EDTHPQ, GOOGSilicon Valley giants side with Samsung in battle with Apple, InsideSources says
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05:34 EDTGOOG, AMZNPayPal initiated with an Underweight at Piper Jaffray
Piper Jaffray analyst Gene Munster started shares of PayPal (PYPL) with an Underweight rating saying increased competition could pressure the stock's multiple over the next 6-24 months. Underweight is Piper's equivalent of a sell rating. Google's (GOOG) Android Pay and Apple's (AAPL) Apple Pay will give consumers a "real alternative to PayPal" for the first time, Munster tells investors in a research note. In addition, interest in payments from Amazon.com (AMZN) and Facebook (FB) bring potential for more digital wallet offerings, the analyst notes. Munster set a $30 price target for PayPal, which began trading yesterday following a spinoff from parent company eBay (EBAY). Shares of the online payment system closed Monday up $2.08 to $40.47.
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