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July 11, 2014
Stocks on Wall Street were higher today, but were still lower for the week, as concerns in Europe have come back to the forefront of investors' minds. Today's modest bounce was not enough to make up for the declines seen in three of the other four sessions earlier in the week. ECONOMIC EVENTS: In the U.S., the June federal budget statement showed a surplus of $70.5B for the month, compared to analysts' forecast for a $79B surplus. COMPANY NEWS: Shares of Wells Fargo (WFC) slipped 32c, or 0.62%, to $51.49 after the largest mortgage lender in the U.S. posted earnings of $1.01 a share that matched analysts' consensus forecast. Wells did note that its credit performance continued to improve in Q2 and CEO John Stumpf said he is "optimistic about the future" for the bank... Lorillard (LO) advanced $2.92, or 4.63%, to $66.01, while Reynolds American fell 51c, or 0.82%, to $61.75, after the two cigarette makers confirmed that they are holding talks about a possible merger, as has been speculated by various media reports in recent weeks... In another update to an ongoing M&A story, Japan's Nikkei reported that Sprint's (S) corporate parent, Softbank (SFTBF), has reached an agreement to acquire T-Mobile (TMUS) from Deutsche Telecom (DTEGY), clearing the way for the long-speculated merger between the third and fourth largest wireless carriers in the U.S. Following the new story, Sprint shares finished the day up 30c, or 3.64%, to $8.55, while T-Mobile rose 62c, or 1.89%, to $33.50. MAJOR MOVERS: Among the notable gainers was Ruckus Wireless (RKUS), which advanced 87c, or 7.9%, to $11.88 after the FCC announced that it would allocate new funds to subsidize the launch of WiFi networks in schools and libraries. Also higher was (AMZN), which climbed $18.28, or 5.57%, to $346.20 after consulting firm ChannelAdvisor (ECOM) reported that the company's same-store sales growth had accelerated significantly in June compared with May. Among the noteworthy losers was Rent-A-Center (RCII), which dropped $3.18, or 10.94%, to $25.88 after the company warned that its revenue and earnings for Q2 will not meet expectations. Also lower were shares of industrial and construction supply retailer Fastenal (FAST), which fell $2.00, or 4.16%, to $46.15 after its Q2 revenue missed analysts' consensus view and the company reported plans to close 45 stores. INDEXES: The Dow was up 28.74, or 0.17%, to 16,943.81, the Nasdaq was up 19.29, or 0.44%, to 4,415.49, and the S&P 500 was up 2.83, or 0.14%, to 1,967.51.
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September 24, 2015
06:30 EDTS, TMUSAltice to aggressively expand presence with Cablevision buy, Variety says
Altice's (ATCEY) proposal to acquire Cablevision (CVC) is a signal that Altice founder Patrick Drahi intends to extend his vision across the Atlantic, Variety says. Altice may just be getting started when it comes to shopping for U.S. media assets, and has already snatched some $40B worth of cable, wireless and telecom assets over the past two years, the report says. There's talk of Altice also going after a wireless firm such as Sprint (S) or T-Mobile (TMUS) to further its strategy for growth, the report says. Reference Link
September 23, 2015
20:08 EDTAMZNChinese president visits U.S. amid cybersecurity, copyright worries
As part of his first official U.S. visit, Chinese president Xi Jinping held a meeting with American business leaders on Wednesday to address concerns of copyright infringement and cybersecurity, among numerous topics. In attendance were corporate giants from both nations, including Microsoft (MSFT), Apple (AAPL), Amazon (AMZN), Cisco (CSCO), Alibaba (BABA), Tencent (TCEHY), and Baidu (BIDU), according to media reports. COPYRIGHT CONCERNS: Responding to oft-cited concerns of copyright infringement by Chinese companies, Xi said China will "stand firm to protect" the intellectual property rights of American companies, according to Wall Street Journal coverage of the event. Note that in late 2014, China began establishing specialized courts to deliberate on intellectual property rights cases, and Xi commented Wednesday that "the newly established IPR courts are working smoothly. This means there will be much stronger IPR protection which will serve the interests of foreign businesses as well as Chinese companies." Chinese consumer electronics company Xiaomi is perhaps the most talked-about firm when it comes to the matter, with media outlets frequently criticizing its alleged "copying" of Apple design sensibilities. In mid-July, Xiaomi VP of global operations Hugo Barra told Bloomberg that the company is preparing to enter U.S. markets, though he cautioned that the launch could be "much more" than a year away as it seeks to build up its patent portfolio. CYBERSECURITY TENSIONS: Wednesday's meeting comes in the wake of numerous high-profile "hack attacks," with Sony (SNE), American Airlines (AAL), Anthem (ANTM), United Airlines (UAL), and Target (TGT) all reporting digital security breaches in recent years. Xi has consistently denied the involvement of state-backed hackers, but tensions have nevertheless arisen as cybersecurity firms such as FireEye (FEYE) and Palo Alto Networks (PANW) backtrace connections to the country. Cybersecurity intrusions originating from China have recently slowed ahead of Xi's visit, according to Reuters, with Kevin Mandia of security firm Mandiant telling the publication, "In my gut, I feel like the Chinese and the U.S. over the next couple of years are going to figure this out."
10:24 EDTAMZNOptions with increasing implied volatility
Options with increasing implied volatility: SNCR PTCT SRPT AMZN CREE CMG ISRG QLIK SNKD BIIB JNPR
09:24 EDTTMUST-Mobile announces $5 per month offer on iPhone 6s
On the cusp of iPhone 6s and iPhone 6s Plus availability, T-Mobile unveiled a $5 a month for iPhone 6s 16GB and $9 a month for iPhone 6s Plus 16GB with JUMP! On Demand and trade-in of an iPhone 6 or iPhone 6 Plus. T-Mobile's new pricing builds on the Un-carrier's straightforward $20 a month for a new iPhone 6s 16GB with JUMP! On Demand without a trade-in.
09:18 EDTAMZNPaulson Institute and CCPIT to co-host U.S.-China Business Roundtable
The Paulson Institute and the China Council for the Promotion of International Trade (CCPIT) provide an opportunity for U.S. and Chinese business leaders to discuss issues facing the two countries in a roundtable being held in Seattle, Washington on September 23.
September 22, 2015
17:22 EDTWFCOakland accusses Wells Fargo of mortgage discrimination, Reuters says
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10:23 EDTAMZNOptions with increasing implied volatility
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10:07 EDTAMZNMedia companies adjust Netflix strategy ahead of OTT growth, Bloomberg says
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09:52 EDTTMUSCNBC's Faber dampens DISH takeover speculation
Potential deal talks between DISH (DISH) and T-Mobile (TMUS) were going nowhere in the past and are still not going anywhere, CNBC's David Faber reports. Speculation continues to surround DISH after it asked the FCC for more time to pay for its newly purchased spectrum, citing "new and complex business issues," Faber added. Verizon (VZ) CEO Lowell McAdam told the reporter last week in an interview that his company has no plans to buy a satellite company and is not in talks with DISH. Shares of DISH are down 57c to $61.85 in early trading.
09:45 EDTTMUSDISH, T-Mobile talks still not going anywhere, CNBC's Faber reports
07:39 EDTRAIReynolds American subsidiary signs technology-sharing sheet with BAT
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06:16 EDTRAIBAT signs technology sharing term sheet with Reynolds American
British American Tobacco (BTI) announced that it has signed a vapour products technology-sharing term sheet with R.J. Reynolds Tobacco Company, a subsidiary of Reynolds American (RAI). The term sheet provides a framework for collaboration and mutual cross-licensing of the parties' vapour product technologies up to December 31, 2022. The collaboration also includes joint R&D activities and cooperation on regulatory, scientific and manufacturing issues relating to vapour products. Following further negotiations, both companies are expecting to conclude and sign a legally binding, definitive agreement by year-end 2015.
September 21, 2015
18:42 EDTDTEGYLufthansa to offer high-speed internet on short, medium haul flights
Lufthansa (DLAKY) announced that, from early summer 2016, the company "will be the first network airline in Europe to offer broadband on board its short and medium-haul flights." The new service from Lufthansa and its technology partner Inmarsat (IMASF) is based on the "most modern" broadband satellite technology from Inmarsat's Global Xpress network, said the companies. Telephone calls on board, however, will still not be allowed due to what Lufthansa called "customer preference." Additionally, Lufthansa Systems and Lufthansa Technik are planning a long-term global partnership in order to also be able to offer other airlines an on-board IT platform termed BoardConnect, with broadband Internet access that can be used for a number of different purposes. Lufthansa is also committing to a flight trial program for a new hybrid network being developed for Europe, combining an S-band satellite from Inmarsat with a complementary LTE ground network being provided by Deutsche Telekom (DTEGY). From 2017 onwards, Lufthansa will commence a flight trial program of the new technology. Reference Link
13:31 EDTAMZNAfter Emmys, analyst sees 'growing threat' to established content creators
Netflix (NFLX), Time Warner (TWX), and Viacom (VIA) shares fell in midday trading following last night's Emmy Awards, while Amazon (AMZN) climbed. An analyst called the combined nominations for Netflix and Amazon a an indication that emerging over-the-top streaming services have become a "growing threat to the establishment." WHAT'S NEW: HBO, a Time Warner network, dominated the 67th Annual Emmy Awards, walking away with 43 awards overall, including 29 Creative Emmys, while Netflix won four awards, as did Viacom's Comedy Central. Amazon, meanwhile, achieved its first-ever Emmy wins with five total awards. Following HBO's performance at the annual awards show, Netflix Chief Executive Officer Reed Hastings tweeted: "Congrats @HBO on supporting so much Emmy-winning talent. Your leadership of great television is inspiring." Netflix was nominated for 34 awards, while Amazon was nominated for 12. STREET RESEARCH: Cantor Fitzgerald analyst Youssef Squali said that while Netflix's four Emmys this year was "somewhat disappointing" considering last year's seven, the service's performance at the awards show was "notable," particularly since the company has long been underestimated by bigger and more established content creators. Squali said that the combined 46 nominations for both Netflix and Amazon is a "clear indication" that emerging over-the-top streaming services have become a "growing threat to the establishment" and that it's "a matter of time" before such services begin to rival and possibly exceed their "linear cousins." The analyst sees Netflix gaining strong momentum heading into the second half of fiscal 2015 and 2016 and reiterated a Buy rating on the company's stock with a $125 price target. PRICE ACTION: Netflix shares are down 1.95% to $100.62 in afternoon trading. Meanwhile, Time Warner is down 0.29% to $69.44, Viacom is down 2.42% to $45.58, and Amazon is up 0.94% to $545.32.
12:55 EDTAMZNOn The Fly: Top stock stories at midday
Stocks began the session with a triple digit gain for the Dow and remained in a fairly narrow range for most of the morning. However, once the European markets closed, the U.S. averages weakened and are now struggling to remain in positive ground. ECONOMIC EVENTS: In the U.S., existing home sales fell 4.8% to a 5.31M rate in August, versus expectations for them to be down 1.6% to a rate of 5.5M. Over the weekend, three Federal Reserve officials, namely an 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. In Europe, Alexis Tsipras' Syriza party gained 35.5% of the vote in the Greek election. COMPANY NEWS: Shares of Volkswagen (VLKAY) trading in Germany plunged and the ADRs trading in New York dropped more than 17.5% after the EPA and California Air Resources Board detected manipulations that violate American environmental standards while testing Volkswagen 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... Time Warner's (TWX) HBO dominated the Emmy awards ceremony with 43 awards, including the 29 Creative Emmys it won last week. Meanwhile, Amazon (AMZN) earned its first-ever Emmy wins and Netflix (NFLX) CEO Reed Hastings, whose company won four awards, tweeted out: "Congrats @HBO on supporting so much Emmy-winning talent. Your leadership of great television is inspiring." MAJOR MOVERS: Among the notable gainers was Atmel (ATML), which jumped 12% after agreeing to be acquired by German chipmaker Dialog Semiconductor in a deal valued at approximately $4.6B, or the equivalent of $10.42 per Atmel share. Among the noteworthy losers was Mallinckrodt (MNK), which dropped 9% following the announcement that ANI Pharmaceuticals (ANIP) plans to acquire two new drug applications from Merck (MRK) that could compete with Acthar, Mallinckrodt's largest product. Also lower was uniQure (QURE), which fell 15% after announcing topline results of one-year follow-up data from a Phase I/II clinical trial in four Sanfilippo B syndrome patients. Both stocks were among the many big pharma and biotech decliners after Hillary Clinton, on the heels of a Wall Street Journal report detailing Turing Pharmaceuticals' price hike to $750 from $13.50 per pill of a drug that treats a life-threatening parasitic infection, vowed to lay out a plan tomorrow to take on what she calls "price gouging" of specialty drugs. INDEXES: Near midday, the Dow was up 38.57, or 0.24%, to 16,423.15, the Nasdaq was down 21.13, or 0.44%, to 4,806.10, and the S&P 500 was up 1.85, or 0.09%, to 1,959.88.
11:14 EDTAMZNNetflix gaining momentum after last night's Emmy's, says Cantor
Netflix (NFLX) left last night's 67th Emmy Awards with four trophies and Amazon (AMZN) "a surprising" five, Cantor Fitzgerald analyst Youssef Squali points out in a research note to investors. Netflix's performance is "somewhat disappointing" relative to last year's seven emmys, but it's still a "notable performance" for an $8.99 per month service that started in 2012, Squali argues. The combined 46 nominations for Netflix and Amazon is a "clear indication" that over-the-top streaming services are a "growing threat to the establishment," Squali writes. The analyst views this phenomenon, coupled with solid reviews for Narcos, ongoing expansion throughout Asia and a recent price hike in major European markets as signs Netflix is seeing strong momentum into the second half of 2015. He reiterates a Buy rating on the stock with a $125 price target. Netflix is up 15c to $102.71 in late morning trading.
09:14 EDTAMZNNetflix CEO congratulates HBO on Emmy dominance
Netflix (NFLX) CEO Reed Hastings tweeted out: "Congrats @HBO on supporting so much Emmy-winning talent. Your leadership of great television is inspiring." Time Warner's (TWX) HBO dominated the Emmy awards ceremony with 43 awards over all, including 29 Creative Emmys last week. Viacom's (VIA) Comedy Central, with four wins, was the network with the second-highest number of awards last night. Meanwhile, Hastings' won Netflix won four awards and Amazon (AMZN) earned its first-ever Emmy wins with two awards for its series "Transparent." Reference Link
06:36 EDTWFCFormer Wells Fargo CEO: BofA shareholders should back off Moynihan, Reuters says
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06:34 EDTS, TMUSSamsung may be planning leasing program for Galaxy phones, Forbes reports
Samsung (SSNLF) is rumored to be planning to launch a leasing program for its Galaxy phones in the U.S., similar to the program Apple (AAPL) recently announced, Forbes reports, citing an industry executive with knowledge of Samsung's plans. According to the source, Samsung could launch the leasing program in the next few months. Apple's iPhone Upgrade Program encourages consumers to buy iPhones directly from the Apple Store instead of going through carriers, the publication notes. Publicly traded wireless carriers include AT&T (T), Verizon (VZ), Sprint (S) and T-Mobile US (TMUS). Reference Link
05:20 EDTDTEGYDeutsche Telekom and Inmarsat partner to deliver European aviation network
Deutsche Telekom (DTEGY) and Inmarsat (IMASF) announced a strategic partnership bringing passenger connectivity to Europe's aviation industry and its customers. An innovative, combined LTE-based ground network and satellite network delivers travelers in Europe the advantage of in-flight high-speed Internet access when in the air. Deutsche Telekom and Inmarsat are working together to develop the European Aviation Network seamlessly combining satellite connectivity from a new Inmarsat S-band satellite with an LTE-based ground network developed and run by Deutsche Telekom. In early summer 2016, Lufthansa will launch a state-of-the-art satellite-based broadband service on board its European flights, which is based on the recently launched technology provided by Inmarsat. Building on this strategic relationship, Lufthansa is committed to a flight trial program of the European Aviation Network from 2017 onwards.
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