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February 11, 2014
08:59 EDTGOOG, GRPN, S, GWR, BLOX, SCOR, MNK, X, BNNY, REGN, RAX, CADX, CVS, DFOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Sprint (S), up 7%... Regeneron (REGN), up 3%... CVS Caremark (CVS), up 2%. ALSO HIGHER: Cadence (CADX), up 26.5% after Mallinckrodt (MNK) agrees to acquire the company for about $1.3B, or $14 per share in cash. Mallinckrodt shares also up 9% after the deal... comScore (SCOR), up 15% after earning, partnership deal with Google (GOOG) for real-time audience metric. DOWN AFTER EARNINGS: Infoblox (BLOX), down 42%... Dean Foods (DF), down 11%... Annie's (BNNY), down 9%... Genesee & Wyoming (GWR), down 4%. ALSO LOWER: Rackspace (RAX), down 12% after earnings report, retirement of CEO... Groupon (GRPN), down 5% after SVP product management Jeffrey Holden leaving company... U.S. Steel (X), down 1.8% following downgrade at Citigroup.
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September 28, 2015
07:52 EDTREGNIIR Holdings to hold a conference
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07:40 EDTGOOGGoogle to unveil new phones at September 29 event, BI reports
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06:42 EDTGOOGGoogle to bring free Wi-Fi to 400 train stations in India
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06:25 EDTGOOGYouTube finalizing subscription launch for two services, Re/code reports
YouTube is finalizing launch plans for its subscription service expected to be launch near the end of October, reports Re/code. In a blast email to content owners, YouTube said they would have to agree to the new terms by October 22 or their "videos will no longer be available for public display or monetization in the United States." According to sources, YouTube intends to bundle two different services that include an update of its music service and the ability to watch anything on YouTube without seeing ads. Reference Link
05:18 EDTREGNRegeneron and Sanofi announce of approval of Praluent in EU
Regeneron (REGN) and Sanofi (SNY) announced that the European Commission has granted marketing authorization for Praluent for the treatment of bad cholesterol, known as low-density lipoprotein cholesterol, in certain adult patients with hypercholesterolemia. Praluent is the only EC-approved PCSK9 inhibitor that is available in two starting doses as a single 1-milliter injection once every two weeks, offering two levels of efficacy. Praluent will be available in a single-dose pre-filled pen that patients self-administer. The EC approved Praluent for the treatment of adult patients with primary hypercholesterolemia or mixed dyslipidemia as an adjunct to diet: a) in combination with a statin, or statin with other lipid-lowering therapies in patients unable to reach their LDL-cholesterol goals with the maximally-tolerated statin or b) alone or in combination with other lipid-lowering therapies for patients who are statin intolerant, or for whom a statin is contraindicated. The effect of Praluent on cardiovascular morbidity and mortality has not yet been determined.
September 27, 2015
20:20 EDTSSprint says will not participate in 600 MHz spectrum auction
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September 25, 2015
17:33 EDTGOOGDelta Air Lines, Google, Amgen look attractively priced, Barron's says
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16:35 EDTGRPNStocks end week lower as biotechs sink, Volkswagen crashes
Stocks ended the week lower after concerns about drug prices were reignited, sinking biotech stocks, an emissions scandal engulfed Volkswagen (VLKAY), dragging down shares of automakers and their suppliers, and Caterpillar (CAT) announced that it may eliminate as many as 10,000 jobs in the next three years as commodity prices continue to slump. MACRO NEWS: Following the Federal Reserve's decision last week to wait before raising rates, the central bank made a concerted effort to give the market more clarity this week. Over last weekend, three Federal Reserve officials - San Francisco Fed President John Williams, St. Louis Fed President James Bullard and Richmond Fed President Jeffrey Lacker - all argued that an interest-rate increase is still warranted this year. Then, on Thursday night, Fed Chair Janet Yellen said during a speech at UMass Amherst that the central bank remains inclined to hike rates this year. Yellen's remarks were incrementally hawkish, but welcomed by the market, since they helped clarify the message the Fed delivered a week ago... In the U.S., Markit's flash manufacturing purchasing manager's index was flat at 53.0 in September, which was slightly better than the expectation for it to dip to 52.8. Durable goods orders for August declined 2.0%, versus expectations for a drop of 2.3%. When transportation items were removed, the core reading was breakeven, versus expectations for a rise of 0.1%. The third estimate of second quarter GDP showed the economy grew 3.9% quarter-over-quarter, versus expectations for the GDP growth estimate to stay at 3.7%. Personal consumption in Q2 is now believed to have grown 3.6%, up from the prior estimate of 3.1%. The final University of Michigan consumer sentiment reading for September came in at 87.2, which was down from August's 91.9 but above the expected 86.2 reading... The Asian Development Bank cut its growth forecast for the region, citing a weaker outlook for China and India and a delayed recovery in the world's advanced economies. The bank now sees the Chinese economy growing 6.8% this year and 6.7% next year, down from its previous forecasts of 7.2% and 7%, respectively. Markit's flash manufacturing PMI for China fell to 47.0 in September from 47.3 last month. Meanwhile, Japanese Prime Minister Shinzo Abe unveiled new economic targets, including a goal for a 20% increase in the target size of the Japanese economy to 600T yen, though he gave no timeframe for achieving this aspiration... In Europe, Markit's composite PMI for the eurozone came in at 53.9 in the first look for September, down from 54.3 in August and below expectations for a reading of 54.1. COMPANY NEWS: Biotech stocks declined after privately-held Turing Pharmaceuticals made headlines by enacting a 5,000% price increase on its treatment for toxoplasmosis, reigniting a debate around drug prices that previously embroiled costly Hepatitis C drugs including AbbVie's (ABBV) Viekira Pak and Gilead's (GILD) Sovaldi and Harvoni. Presidential candidate Hillary Clinton sent the debate to center stage by criticizing the "outrageous" prices of specialty drugs and laying out a plan to tackle "price gouging" in the specialty drug market. The NASDAQ Biotechnology index fell roughly xxx% for the week amid the attention paid to Turing's drug and Clinton's response... Volkswagen (VLKAY) shares trading in New York fell sharply to begin the week and ended the week far from where they'd been last Friday before the EPA said it found manipulations that violate U.S. environmental standards while testing certain of the automaker's diesel cars. The EPA said Volkswagen may face civil penalties of $37,500 for each vehicle not in compliance with federal clean air rules, which could total as much as $18B, according to Reuters. In the wake of the scandal, Chief Executive Officer Martin Winterkorn resigned, with the company's supervisory board subsequently praising the decision and selecting Matthias Mueller, the former head of Porsche (POAHY), as Winterkorn's successor as the company's new CEO... Caterpillar (CAT) shares dropped after the heavy machinery maker announced plans for job cuts and lowered its revenue guidance for this year and next. Caterpillar said that it would lay off 4,000-5,000 of its employees between now and the end of 2016 and could lay off up to 10,000 employees by 2018. Caterpillar cut its fiscal year 2015 revenue forecast by $1B and said its sees its fiscal year 2016 revenue to be 5% below this year, adding that it expects revenue declines in all three large segments next year... Online and mobile deal provider Groupon (GRPN) said it plans to cut 1,100 jobs relating primarily to the company's international operations... Nike jumped after the athletic gear giant reported better than expected earnings and futures orders, prompting numerous price target hikes and at least one upgrade at Street research firms. Among other companies reporting earnings this week, BlackBerry (BBRY), ConAgra (CAG), Carnival (CCL), and CarMax (KMX) fell immediately following their quarterly reports... Apple (AAPL), which has previously been reported to be working on an electric car via its "Project Titan," is speeding up those efforts and setting 2019 as a target to ship its first vehicle, according to The Wall Street Journal... Against the backdrop of China's President Xi Jinping visiting the U.S., Boeing (BA) announced deals to sell 300 planes to three Chinese companies and set up an aircraft factory in in the Asian nation, while Cisco (CSCO) announced a partnership with Chinese server maker Inspur Group... Lloyd Blankfein, Goldman Sachs (GS) Chairman and CEO, disclosed that he was diagnosed with lymphoma. "Fortunately, my form of lymphoma is highly curable and my doctors' and my own expectation is that I will be cured," Blankfein stated in an open letter that was shared by the bank... GoPro (GPRO) finished the week about xxx% lower after Barron's contended in a feature article last weekend that the company's stock could plunge another 30% to $25 as Apple, Sony (SNE) and others pressure the company's "one-hit wonder" products... On the M&A front, Atmel (ATML) agreed to be acquired by German chipmaker Dialog Semiconductor in a deal valued at roughly $4.6B and Starwood Waypoint (SWAY) announced a stock-for-stock merger agreement with Colony American Homes. INDEXES: The Dow lost about 0.43% to close at 16,314.67, the S&P 500 fell about 1.35% to close at 1,931.34, and the Nasdaq declined about 2.89% to close at 4,686.50.
16:17 EDTREGNOn The Fly: Top stock stories for Friday
Stocks opened with sharp gains the day after Fed Chair Janet Yellen gave some clarity to the market by suggesting the Fed will most likely raise interest rates by the end of the year. During afternoon trading, the news flow slowed and the volume lightened on the buy side, leaving the sellers with the upper hand. The Nasdaq was the first index to move into negative territory, led by broad weakness in biotech stocks, while the Dow was helped to stay in the green by a big post-earnings move higher in Nike (NKE). The averages limped into the close, leaving the market with an interesting set-up to begin next week. Outside of stock news, it was certainly a headline packed day, as Speaker of the House John Boehner announced that he will resign at the end of October, Chinese President Xi Jinping continued his U.S. visit and Pope Francis addressed the United Nations while spending a second day in New York City. ECONOMIC EVENTS: In the U.S., the third estimate of second quarter GDP showed the economy grew 3.9% quarter-over-quarter, versus expectations for the GDP growth estimate to stay at 3.7%. Personal consumption in Q2 is now believed to have grown 3.6%, up from the prior estimate of 3.1%. The final University of Michigan consumer sentiment reading for September came in at 87.2, which was down from August's 91.9 but above the expected 86.2 reading... Federal Reserve Chair Janet Yellen said during a speech at UMass Amherst last night that the central bank remains inclined to hike rates this year. Yellen's remarks were incrementally hawkish, but welcomed by the market, since they helped clarify the message the Fed delivered a week ago. Of note, the Fed chair paused multiple times toward the end of her speech and received medical attention afterward, but returned to her regular schedule later in the evening, with the bank explaining that Yellen was dehydrated after a long day but was otherwise fine. COMPANY NEWS: Nike jumped $10.23, or 8.9%, to $125.02 after Thursday night's report of better than expected earnings and futures orders prompted numerous price target hikes at Street research firms. Additionally, Sterne Agee upgraded Nike to Buy from Neutral, saying it thinks the company is benefiting from its "global grass roots engagement with its customers," which enables it to meet its customers' needs and determine to what extent it can raise prices. The firm, which thinks that the company is continuing to gain share, has a $150 price target on the athletic gear giant... Biotech stocks, which were already having a bad week, ended the week on a down note, as the iShares NASDAQ Biotechnology Index (IBB) fell 4.9%, giving it a weekly decline of about 13%. Among the biggest large-cap losers in the space were Vertex (VRTX), which fell 7%, Regeneron (REGN), which dropped 6% and Celgene (CELG), which slid 4.8%. MAJOR MOVERS: Among the notable gainers was Jabil Circuit (JBL), which advanced $2.38, or 12.2%, to $21.88 after it reported higher than expected earnings and gave guidance for its November quarter that was significantly above expectations. Also higher was Cirrus Logic (CRUS), which gained $3.90, or 14.4%, to $31.03 after tear downs of Apple's (AAPL) iPhone 6S and 6S Plus led analysts to conclude that the chipmaker appears poised to obtain more revenue from the new devices than from the previous generation of the market-leading smartphone. Among the noteworthy losers was Finish Line (FINL), which fell $4.86, or 19.6%, to $19.91 after reporting second quarter revenue that missed expectations and saying it expects adjusted earnings this fiscal year to increase in a low single to mid single digits percentage from last year. Also lower following its earnings report was smartphone and software maker BlackBerry (BBRY), which slid 7.68% to $6.49 after the company posted a second quarter loss that was steeper than analysts expected. BlackBerry also confirmed press reports that it plans to launch a new phone that uses Google's (GOOG) Android operating system instead of its own proprietary BB10 OS. Shares of Aratana Therapeutics (PETX), which dropped $6.81, or 38.97%, to $10.68 after the company said that, based on "mixed clinical and scientific results," it does not believe that canine lymphoma products AT-004 and AT-005 in their current, first-generation forms will capture the desired lymphoma market opportunity. INDEXES: The Dow rose 113.35, or 0.7%, to 16,314.67, the Nasdaq fell 47.98, or 1.01%, to 4,686.50, and the S&P 500 added/slipped 0.90, or 0.05%, to 1,931.34.
10:48 EDTGOOGMorgan Stanley cautious on media, but sees several stocks punished too hard
Morgan Stanley cut its price targets on a number of media companies, citing the impact of cord cutting and skinny bundles. The firm also reduced its outlook for the pay-TV sector due to its belief that the adoption of skinny bundles will accelerate, while the outlook for cable TV ads has deteriorated slightly, given macro pressures. The firm kept a Cautious view on the media sector, but also identified several stocks in the space that it thinks have been punished too harshly by investors recently. WHAT'S NEW: TV networks in general, and cable networks in particular, have the highest margins in media and are encountering increased top and bottom line competitive pressures, Morgan Stanley analyst Benjamin Swinburne believes. On the top line, they are being hit by ratings and ad pressures as well as cord cutting and distribution consolidation, the analyst stated. Meanwhile, their profit is being hurt by the increased need to obtain new content and intensified competition for content from new sources like Netflix (NFLX) and Google's (GOOG) YouTube, Swinburne said. However, the analyst thinks that media stocks are "starting to get" cheap, given the leverage that many of the companies carry. Swinburne cuts his price target on 21st Century Fox (FOXA) to $31 from $37, on AMC Networks (AMCX) to $86 from $88, on CBS (CBS) to $46 from $56, on Time Warner (TWX) to $72 from $87 and on Viacom (VIAB) to $48 from $60. He kept Overweight ratings on Fox, AMC and CBS, an Equal Weight rating on Time Warner and an Underweight rating on Viacom. OVERDONE DECLINES: Swinburne believes that the declines in three media stocks - CBS, 21st Century Fox, and AMC Networks - have been overdone, while the decline in Comcast's (CMCSA) stock has also been excessive. CBS and 21st Century Fox are "best positioned for the skinny bundle" and have the cheapest valuations relative to their growth rates, Swinburne believes. Meanwhile, AMC Networks has "content momentum" and its EPS can exceed expectations, the analyst believes. Comcast is gaining share in the broadband Internet market, could take share in video soon, and has sufficient scale and offerings to benefit from the increased popularity of skinny bundles, according to the analyst, who kept an Overweight rating on the stock. The media sector could benefit from consolidation going forward, added Swinburne, who recommended that investors interested in buying potential takeover targets in the space focus on AMC Networks, MSG Networks (MSG) and Dreamworks Animation (DWA). He kept Overweight ratings on all three of those stocks. OTHERS TO WATCH: Besides Comcast, other pay TV companies include DISH Network (DISH) and Charter Communications (CHTR). PRICE ACTION: In early trading, Fox A shares lost 0.5% to $25.83, AMC fell 0.3% to $73.29, CBS added 0.2% to $41, Time Warner was little changed at $67.66 and Comcast A shares added 0.6% to $57.17.
10:26 EDTGOOGBlackBerry posts quarterly loss, says turnaround continuing
BlackBerry (BBRY) shares are lower in morning trading after the company posted a second quarter loss that was steeper than analysts' expectations. BlackBerry is in the middle of a turnaround for its smartphone business and confirmed today that it plans to launch a new device that uses Google's (GOOG) Android operating system. EARNINGS: Excluding items, BlackBerry reported a loss per share for Q2 of (13c), below analysts' consensus estimates of (9c). Revenue for the quarter was $490M, reflecting a purchase accounting write down of deferred revenue associated with the acquisition of WatchDox. The revenue result may not compare with analysts' estimate of $611M. Looking ahead, BlackBerry said it is targeting "sustainable" non-GAAP profitability in the fourth quarter and sees "modest" sequential growth in total revenue for the rest of fiscal year 2016. The company sees a "slight" uptick in third quarter revenue compared to this quarter, and announced it will change its non-GAAP income statement presentation to be "consistent with the primary practice in the software industry." BlackBerry said it believes this is necessary due to its increased emphasis on software, as well as acquisitions of software companies with material recurring revenue streams. On the company's earnings conference call, John Chen, BlackBerry's chief executive officer, announced that the board approved an increase to the current buyback program by an additional 15M shares, bringing the total available for repurchase to 21M shares. The approval was based on expectations for continued free cash flow. Chen said that he believes the company has made "good progress" moving its software business from perpetual to subscription. Chen said he is "not satisfied" as far as overall revenue and profitability, particularly in its handset business, but said the company is focused on growing device volume profitably, generating recurring revenue from IP licensing and making its software business larger. WHAT'S NOTABLE: To help strengthen its device business, Chen confirmed BlackBerry will launch a new slider device powered by Google's Android operating system later this calendar year, to be called Priv. Chen also confirmed that the company will continue to develop and enhance the BlackBerry 10 operating system and confirmed plans to release platform updates focused on security and privacy enhancements. Chen said the company is working with Google to secure Android and is not using Samsung's (SSNLF) Knox. Chen said the company is not planning another BlackBerry 10 device this year and noted that if the plan of doing the Android type of implementation "works well," it could consider replacing BB10 or merging it into Android. PRICE ACTION: BlackBerry is down 2% to $6.89 in morning trading.
09:07 EDTREGNBayer says Eylea recommended for EU approval in additional indication
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08:50 EDTGOOGBlackBerry says working with Google on securing Android
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07:23 EDTMNKMallinckrodt estimates lowered due to Acthar competition at UBS
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07:04 EDTGOOGBlackBerry launches slider device Priv
BlackBerry (BBRY) is announcing two new additions to its handheld device roadmap. First, the company will launch a flagship slider device, Priv, which will run on the Android (GOOG) operating system, bringing together the best of BlackBerry security and productivity with the expansive mobile application ecosystem available on the Android platform. In combination with BlackBerry's efforts to support Android for Work on the BES12 platform, the new device will offer best in class security for enterprise customers. BlackBerry expects the device to be available late in the calendar year in major markets in-store and online, and will release further details in the coming weeks. While the new device will provide a choice in OS to new and existing customers, the company remains committed to the BlackBerry 10 operating system, which enables industry-leading security and productivity benefits. Second, the company will continue to develop and enhance the BlackBerry 10 operating system and is confirming plans to release platform updates focused on security and privacy enhancements, with version 10.3.3 scheduled to be available in March 2016.
06:59 EDTGOOGGoogle to be investigated by U.S. regulators over Android, Bloomberg reports
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06:21 EDTGOOGFacebook's free internet effort in developing countries 'inadequate,' WSJ says
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06:16 EDTGOOGGoogle October volatility elevated
Google September weekly call option implied volatility is at 23, October is at 37, November is at 30; compared to its 52-week range of 16 to 41, suggesting large October price movement.
05:58 EDTGOOGIndian Prime Minister to meet with Apple, Google CEOs, WSJ reports
Indian Prime Minister Narendra Modi will meet this weekend with Google (GOOG) CEO Sundar Pichai, Facebook (FB) founder Mark Zuckerberg and Apple (AAPL) CEO Tim Cook, among others, The Wall Street Journal reports. According to industry insiders, the tech executives will use the visit to push for better market access in India as well as clearer regulation on investment and startups. Reference Link
05:39 EDTXU.S. Steel implied volatility of 79 at upper end of index mean range
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