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Stock Market & Financial Investment News

News Breaks
March 4, 2014
12:59 EDTCLF, QCOM, MDR, RSH, VIPSOn 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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April 13, 2015
07:31 EDTQCOMCerner and Qualcomm Life announce collaboration agreement
Cerner (CERN) and Qualcomm Life, a subsidiary of Qualcomm (QCOM), announced an agreement to extend Cerner's industry medical device connectivity capabilities beyond the hospital to the home. Cerner will leverage Qualcomm Life's FDA listed 2net Platform and Hub to seamlessly capture data from medical devices and sensors within a patient's home, and transmit it to Cerner health care clients through Cerner's CareAware® device connectivity platform.
07:20 EDTQCOMQualcomm volatility up into Jana Partners urging company to consider breakup
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06:12 EDTQCOMJana urges Qualcomm to consider breakup, WSJ reports
Activist investor Jana Partners is putting pressure on Qualcomm to consider a breakup and other options to increase the company's stock price, The Wall Street Journal reports. According to a quarterly letter to Jana investors reviewed by the publication, Jana, which is one of Qualcomm's largest shareholders, wants Qualcomm to consider spinning off its chip unit from its patent-licensing unit. Additionally, the investor wants the company to increase stock buybacks, cut costs and make changes to its board of directors, financial reporting and executive pay structure. Reference Link
April 9, 2015
10:00 EDTCLFOn The Fly: Analyst Downgrade Summary
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09:27 EDTCLFOn The Fly: Pre-market Movers
HIGHER: Pier 1 Imports (PIR), up 5.8% after earnings beat estimates, dividend boosted, and shares upgraded at Wedbush... Novogen (NVGN) rose after announcing that Australian studies revealed its experimental drug, Anisina, killed melanoma cells irrespective of their mutational status. Shares of small-cap Novogen rose 35% in pre-market trading following the company's report on the studies... TASER (TASR), up 3.8% after announcing UK order from London for 178 AXON body cameras... United Continental (UAL), up 2.8% after narrowing Q1 PRASM forecast... Walgreens Boots Alliance (WBA), up 2.4% after reporting Q2 results. LOWER: Zynga (ZNGA), down 12% after announcing last night that current CEO Don Mattrick will depart the company and the board and Mark Pincus, Zynga's founder and chairman, will return to the role of CEO... Alcoa (AA), down 2% after reporting Q1 financial results and giving 2015 guidance... Cliffs Natural (CLF), down 4.6% after BMO Capital cut it rating to the equivalent of sell and halved its price target on the stock to $4.
08:42 EDTCLFVale cut to sell, target halved to $4.50 at BMO Capital
BMO Capital downgraded Vale (VALE) to Underperform, its sell rating equivalent, from Market Perform saying the iron ore oversupply is "not letting up." BMO points out that Vale's free cash flow is highly leveraged to the iron price. It cut its price target for shares in half to $4.50 from $9. BMO also lowered its iron ore forecast prices by 13%-20% for 2015-2018. The firm coupled the downgrade of Vale with a downgrade of Cliffs Natural (CLF) to Underperform.
08:36 EDTCLFCliffs Natural cut to sell, target halved to $4 at BMO Capital
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06:39 EDTCLFCliffs Natural downgraded to Underperform from Market Perform at BMO Capital
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April 8, 2015
09:08 EDTCLFCliffs Natural asks permission to put assets in Canada up for sale, CP says
Cliffs Natural Resources subsidiaries, which filed for creditor protection in January, are seeking permission to put the Bloom Lake mine, the Wabush Mine, and related port and rail assets up for sale next month, reported Canadian Press, citing a motion filed by monitor FTI Consulting Canada. Reference Link
April 7, 2015
11:28 EDTCLFStocks with call strike movement; CLF PBR
Cliffs Natural (CLF) October 6 call option implied volatility decreased 2% to 66, Petrobras (PBR) October 8 call option implied volatility decreased 2% to 61 according to IVolatility.
09:08 EDTMDRMcDermott awarded SURF installation scope for Atlanta EPS
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06:20 EDTQCOMQualcomm likely to get back into Galaxy phones, says Citigroup
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April 6, 2015
12:44 EDTQCOMOn The Fly: Midday Wrap
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11:10 EDTQCOMNVIDIA reports favorable ITC ruling in patent fight with Qualcomm, Samsung
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10:39 EDTQCOMQualcomm falls amid uncertainty about content in flagship Samsung phone
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10:02 EDTQCOMOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: AGCO (AGCO) downgraded to Sell from Hold at Deutsche Bank... CONSOL (CNX) downgraded to Hold from Buy at Deutsche Bank... Catamaran (CTRX) downgraded to Market Perform from Outperform at BMO Capital... Comerica (CMA) downgraded to Neutral from Buy at Guggenheim... Gannett (GCI) downgraded to Market Perform from Outperform at FBR Capital... Magnum Hunter (MHR) downgraded to Hold from Buy at Wunderlich... Qualcomm (QCOM) downgraded to Market Perform from Outperform at FBR Capital... Regions Financial (RF) downgraded to Neutral from Buy at Guggenheim... SAP (SAP) downgraded at Wells Fargo... Sanderson Farms (SAFM) downgraded to Underweight from Sector Weight at KeyBanc... Scorpio Tankers (STNG) downgraded to Neutral from Accumulate at Global Hunter... Simpson Manufacturing (SSD) downgraded to Neutral from Buy at DA Davidson... Skyworks (SWKS) downgraded at Stephens... TripAdvisor (TRIP) downgraded to Hold from Buy at Needham... Western Union (WU) downgraded to Neutral from Positive at Susquehanna... Zillow Group (Z) downgraded to Equal Weight from Overweight at Barclays.
09:22 EDTQCOMOn The Fly: Pre-market Movers
HIGHER: Uniqure (QURE), up 44.2% following strategic collaboration with Bristol-Myers (BMY)... Cytori Therapeutics (CYTX), up 22.4% after Lorem Vascular receives regulatory clearance in China... Curis (CRIS), up 8.5% after FDA grants orphan drug designation to CUDC-907 for the treatment of Diffuse Large B-Cell Lymphoma... Capnia (CAPN), up 5.9% after being awarded a $220,000 NIH grant... Tesla (TSLA), up 3.8% after reporting first quarter deliveries up 55% to 10,030 cars... Ariad (ARIA), up 3.4% following approval of Iclusig in Canada... Lumber Liquidators (LL), up 3.1% after being upgraded to Outperform from Market Perform at Raymond James. LOWER: Magnum Hunter (MHR), down 8.9% after being downgraded to Hold from Buy at Wunderlich... Herbalife (HLF), down following CNBC report that federal law enforcement agencies contacted the company regarding its business practices... Qualcomm (QCOM), down 2.2% following a Wall Street Journal report that the Samsung (SSNLF) Galaxy S6 did not have a Qualcomm LTE modem... Skyworks (SWKS), down 2.1% after being downgraded to Equal Weight from Overweight at Stephens.
09:09 EDTQCOMQualcomm trades lower in pre-market
The stock is down more than 2.4% at time of writing to $66.31 following an WSJ article that noted the Samsung Galaxy S6 did not use a Qualcomm-developed wireless modem. Next support is at $65.68.
06:45 EDTQCOMQualcomm downgraded to Market Perform from Outperform at FBR Capital
FBR Capital downgraded Qualcomm (QCOM) to Market Perform, removed the stock from its Top Picks list and dropped its price target for shares to $72 from $80. FBR said the moves were prompted by a posting on AT&T's (T) website which said the carrier’s version of the GS6 smarphone is powered by the Samsung Exynos 7420 processor with a Shannon 333 modem as opposed to Qualcomm's Snapdragon platform. FBR still expects the Verizon (VZ) and Sprint (S) GS6 versions to sport Qualcomm modems, but it believes the change at AT&T signals Samsung’s "clear intent to utilize proprietary baseband whenever and wherever possible." Shares of chip maker Qualcomm closed Thursday down $1.46 to $67.97.
06:07 EDTQCOMSamsung uses internally developed wireless modem in Galaxy S6, WSJ reports
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