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News Breaks
May 16, 2014
16:18 EDTRAX, RHT, VMW, EMC, CSCO, AMZN, GOOG, CHK, JWN, JCP, WWE, VZ, HPQOn 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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October 13, 2014
11:46 EDTHPQHP nears six-month lows, levels to watch
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11:24 EDTAMZNAmazon to create 1,000 new permanent jobs at UK fulfillment centers
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10:12 EDTJCPHome Depot bench deep, Ellison departure not surprising, says RW Baird
RW Baird said it is not surprised to see Marvin Ellison leaving Home Depot (HD) since he was likely in the running for the CEO post that went to someone else, but the firm expects a smooth internal transition and noted that it views the company's management bench as deep. Baird, which maintains its Outperform rating on Home Depot, believes J.C. Penney (JCP) is getting a strong leader with extensive retail experience in hiring Ellison.
10:08 EDTJCPOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Bankrate (RATE) downgraded to Equal Weight from Overweight at Stephens... CME Group (CME) downgraded to Market Perform from Outperform at Wells Fargo... Cliffs Natural (CLF) downgraded to Neutral from Overweight at JPMorgan... Dana Holding (DAN) downgraded to Sector Perform from Outperform at RBC Capital... Darden (DRI) downgraded to Neutral from Overweight at Piper Jaffray... Dover (DOV) downgraded to Neutral at RW Baird... DryShips (DRYS) downgraded to Underperform from Outperform at Imperial Capital... Infineon (IFNNY) downgraded to Neutral from Overweight at JPMorgan... J.C. Penney (JCP) downgraded to Sell from Neutral at UBS... Johnson Controls (JCI) downgraded to Outperform from Top Pick at RBC Capital... Juniper (JNPR) downgraded to Hold from Buy at Argus... Kennametal (KMT) downgraded to Market Perform from Outperform at Wells Fargo... Masco (MAS) downgraded to Equal Weight from Overweight at Barclays... New Gold (NGD) downgraded to Neutral from Overweight at JPMorgan... ON Semiconductor (ONNN) downgraded to Sector Perform from Outperform at Pacific Crest... PBF Energy (PBF) downgraded to Underweight from Equal Weight at Barclays... Parker-Hannifin (PH) downgraded to Market Perform from Outperform at Wells Fargo... STMicroelectronics (STM) downgraded to Neutral from Overweight at JPMorgan... Silicon Laboratories (SLAB) downgraded to Sector Perform at Pacific Crest... VOXX International (VOXX) downgraded to Market Perform from Outperform at Cowen.
10:06 EDTJCPJ.C. Penney rises after selecting Home Depot executive as next CEO
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10:01 EDTWWEWWE names Lou Schwartz as Chief Digital Officer
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09:23 EDTRAX, HPQHP could buy lower valuation company, says Bernstein
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09:21 EDTHPQOn The Fly: Pre-market Movers
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09:03 EDTAMZNAmazon says Prime members to get early access to select Lightning Deals
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08:38 EDTJCPJ.C. Penney names Marvin Ellison CEO-Designee
The board of J. C. Penney (JCP) announced the appointment of Marvin Ellison, currently executive vice president of stores at Home Depot (HD), as president and CEO-Designee, effective November 1. Ellison will also join the board. He will then succeed Myron E. Ullman, III as CEO of JCPenney on August 1, 2015. At that time, Ullman will become executive chairman of the board for a period of one year.
08:31 EDTAMZNAmazon, Future Group in online sales pact, Economic Times reports
India's largest listed retailer, Future Group, has signed a deal to jointly sell items over the Internet with Amazon, reported Economic Times, which noted that Future will begin by selling apparel and then expand to in-house brands in the home, electronics and food categories. Reference Link
08:06 EDTGOOGQihoo 360 launches ad exchange platform, Marbridge Daily reports
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07:57 EDTGOOGGoogle price target lowered to $650 from $685 at Cowen
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07:53 EDTGOOGYouTube changes have diffused much of tension with copyright holders, FT says
YouTube, which implemented Content ID in 2007 to help producers manage their rights and generate revenues from copyright-infringing content, has hit $1B in payments to companies that participate in the program and Fred von Lohmann, legal director for copyright at Google, credits the program for diffusing much of the tension the site previously had with copyright holders, reported Financial Times. Via Content ID, copyright owners can “monetize” their content by allowing ads to be sold against it or have the video blocked and taken down and von Lohmann told Financial Times that the "vast majority" choose to monetize. Reference Link
07:22 EDTGOOGSony/ATV could ditch licensing firms due to streaming dollars, NY Post reports
Sony/ATV Music Publishing (SNE) is considering no longer dealing with performance rights groups BMI and ASCP, and instead negotiating directly with online music services like Pandora (P), YouTube (GOOG) and Spotify due to outdated rules and low royalties, the New York Post reports. Reference Link
07:15 EDTEMCNational Association of Corporate Directors to hold a conference
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06:44 EDTGOOGGoogle testing feature that allows video chats with doctors, Engadget reports
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06:44 EDTGOOGGoogle could announce new Nexus tablet on October 15, 9to5Google reports
Google's new Nexus tablet may be announced on Wednesday, October 15, 9to5Google reports, citing Bright Side of News. The HTC-made tablet is rumored to cost $400. Reference Link
06:15 EDTJCPJ.C. Penney downgraded to Sell from Neutral at UBS
UBS downgraded its rating on J.C. Penney (JCP) shares to Sell saying the company's 2017 EBITDA target of $1.2B is overly optimistic as it assumes years of market share gains against strong competitors like Macy's (M) and Kohl's (KSS). UBS halved its price target for Penney shares to $5 from $10. The retailer's stock closed Friday down 52c to $7.12.
October 12, 2014
17:20 EDTAMZN, CSCOGE, Splunk, Cisco, others could benefit from Internet of Things, Barron's says
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