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Stock Market & Financial Investment News

News Breaks
March 4, 2014
12:59 EDTRSH, QCOM, VIPS, MDR, CLFOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday, as the S&P 500 rebounded from yesterday's loss, which was its biggest in a month. Investors were relived and stepped back in to buy after Russian President Vladimir Putin said there’s no immediate need to send troops to Ukraine. The lone economic report of any significance, the ISM report for the New York region, fell from its prior reading but the decline was explained away due to the harsh winter weather. The market rebound could be short lived, however, with the situation in Ukraine not fully resolved by any means. ECONOMIC EVENTS: In the U.S., the New York region ISM reading for February fell to 57.0 from last month's 64.4 figure. COMPANY NEWS: Shares of electronic retailer RadioShack (RSH) dropped 14% after the company reported greater than expected losses during its fourth quarter and announced that it plans to close up to 1,100 of its stores this year in the U.S. The company said its fourth quarter comparable store sales were down 19% and its overall fourth quarter results were driven by a holiday season characterized by lower store traffic, intense promotional activity particularly in consumer electronics, a very soft mobility marketplace and a few operational issues. However, the The company also stated that it is not considering a pre-packaged bankruptcy and it has ample liquidity to meet its obligations. MAJOR MOVERS: Among the notable gainers was Chinese online discount retailer Vipshop (VIPS), which soared 30% after the company's fourth quarter results and first quarter guidance easily surpassed expectations. Also higher was semiconductor chip maker Qualcomm (QCOM), which advanced nearly 4% after raising its quarterly dividend by 20% and increasing its share repurchase authorization by $5B. Among the noteworthy losers was Cliffs Natural Resources (CLF), which dropped 2.5% after the stock was downgraded to Underperform from Market Perform at Wells Fargo. Also lower was energy industry services provider McDermott (MDR), which slid over 9% after reporting a quarterly loss of $1.37 a share and suspending guidance for the “foreseeable future” as it undergoes significant changes. Both Capital One and Stephens downgraded McDermott shares following the report. INDEXES: Near 1 pm ET, the Dow was up 215.00, or 1.33, to 16,383.03, the Nasdaq was up 75.80, or 1.77%, to 4,353.10, and the S&P 500 was up 25.86, or 1.4%, to 1,871.59.
News For RSH;QCOM;VIPS;MDR;CLF From The Last 14 Days
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October 28, 2014
12:34 EDTCLFCliffs Natural calls active as shares trade up
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11:16 EDTCLFCliffs Natural CEO says dividend built into projections
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11:09 EDTCLFCliffs Natural rises amid discussion about Bloom Lake project options
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11:02 EDTCLFCliffs Natural jumps 13.9% as earnings conference call continues
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October 27, 2014
16:37 EDTCLFCliffs Natural expects FY15 U.S. iron ore sales 22M tons
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16:36 EDTCLFCliffs Natural reaffirms FY14 U.S. iron ore sales of 22M tons
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16:33 EDTCLFCliffs Natural reports Q3 adjusted EPS 21c, may not compare to consensus (3c)
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16:00 EDTCLFOptions Update; October 27, 2014
iPath S&P 500 VIX Short-Term Futures down 52c to 32.66. Option volume leaders: AAPL TSLA TWTR AMZN FB NFLX GILD CLF PBR according to Track Data.
15:34 EDTCLFNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include Amgen (AMGN), consensus $2.11; General Growth Properties (GGP), consensus 31c; Avalonbay (AVB), consensus $2.00; Hartford Financial (HIG), consensus 83c; Universal Health Services (UHS), consensus $1.36; XL Group (XL), consensus 63c; Masco (MAS), consensus 32c; Plum Creek Timber (PCL), consensus 30c; T-Mobile US (TMUS), consensus 2c; Cliffs Natural (CLF), consensus (3c); Twitter (TWTR), consensus 1c; American Capital Agency (AGNC), consensus 73c; DDR Corp. (DDR), consensus 30c; PartnerRe (PRE), consensus $3.66; Owens & Minor (OMI), consensus 47c; Manitowoc (MTW), consensus 42c; Compass Minerals (CMP), consensus 78c; Allison Transmission (ALSN), consensus 30c; Regal Entertainment (RGC), consensus 17c.
13:06 EDTCLFCliffs Natural volatility elevated into Q3 and outlook
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11:30 EDTCLFCliffs Natural turnaround hampered by low iron ore prices, Bloomberg says
Lower iron ore prices are derailing Cliffs Natural's turnaround plans, says Bloomberg. Activist investor Casablanca Capital has been urging Cliffs Natural Resources to spin off or sell foreign mines and return more cash to investors but with iron ore prices at such a low level it may be difficult to sell mines at a satisfactory price or even maintain its current payout, added Bloomberg. Reference Link
October 24, 2014
06:15 EDTCLFCliffs Natural implied volatility of 106 at upper end of index mean range
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06:14 EDTQCOMTSMC to provide chips for LG's 'Nuclun' smartphone microprocessor, WSJ says
According to a source, Taiwan Semiconductor (TSM) will provide chips for microprocessors to power "Nuclun," a variation of LG's G3 smartphone, the Wall Street Journal reports. So far, LG Electronics has mostly relied on Qualcomm (QCOM) for the chips that run its smartphones. Reference Link
October 22, 2014
16:00 EDTCLFOptions Update; October 23, 2014
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14:30 EDTCLFCliffs Natural volatility elevated on wide price movement into Q3 and outlook
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08:04 EDTCLFCliffs Natural short side risks have increased, says Credit Suisse
Credit Suisse said risks to the short trade in Cliffs Natural have increased. The analyst rates shares an Underperform with a $10 price target but is bullish into next weeks earnings report given the size of cost cutting efforts, that could be worth $300M in EBITDA, and likely to surprise investors. Longer-term, the Credit Suisse remains cautious on shares.
October 21, 2014
14:04 EDTQCOMEarnings Preview: Analysts divided on Broadcom ahead of Q3 report
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October 20, 2014
16:42 EDTMDRMcDermott subsidiary awarded contract by PETRONAS subsidiary
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09:22 EDTCLFOn The Fly: Pre-market Movers
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06:15 EDTCLFCliffs Natural downgraded to Sell from Neutral at Citigroup
Citigroup downgraded Cliffs Natural to Sell saying the covenant breach and asset writedowns could force the company to cut or eliminate its dividend and stock buyback program. Citi also believes iron ore prices are unlikely to average well above $80/tonne over the next couple of years. The firm lowered its price target for Cliffs shares to $5 from $16.
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