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Stock Market & Financial Investment News

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March 11, 2014
12:16 EDTJOSB, SAP, MYGN, FCEL, T, S, MW, ORCL, AEO, BYD, VZ, WDAY, JIVE, URBN, AAPL, TMUSOn The Fly: Midday Wrap
Stocks on Wall Street continued searching for direction near midday, after having spent time about equal time just above and just below the flat-line in the early hours of the session. The averages drifted lower and fell into negative ground near noon, but generally have been range in a band around where they ended yesterday. ECONOMIC EVENTS: In the U.S., wholesale inventories rose 0.6% in January, beating expectations for an increase of 0.4%. The NFIB small business optimism index for February fell to 91.4, which was a worse than expected drop from its prior 94.1 reading. The JOLTS report showed job openings rebounded 60K in January to 3.97M. COMPANY NEWS: Softbank (SFTBF) CEO and Sprint (S) Chairman Masayoshi Son confirmed his interest in buying T-Mobile (TMUS) in a number of television interviews, though clearly noted that he has no formal agreement with T-Mobile and that "steps and details" would have to be worked out if a deal were to move forward. Analysts at Wells Fargo think Son is undertaking a "targeted and very purposeful" public relations effort to help make Sprint's case to purchase T-Mobile and believe his comments regarding a "massive price war" if Sprint was given clearance to pursue a merger could pressure shares of AT&T (T) and Verizon (VZ). Shares of both of the incumbent U.S. wireless leaders were down about 1% at midday as Son's public relations tour continues with an event planned in Washington, D.C... Shares of Apple (AAPL) climbed over 1% after research firm Pacific Crest upgraded the tech giant in a note to investors earlier today, citing the opportunity for a 4.7 inch iPhone 6 to increase Apple's gross profit. A number of media outlets have reported that Apple will release a larger screen iPhone this year, but the company has not confirmed the reports... Another name that spiked near midday was Jive Software (JIVE), which jumped after Re/code said the company has explored a sale in recent months, though the report added that Oracle (ORCL), SAP (SAP) and Workday (WDAY) each passed on making a bid. Shares were off their earlier highs but remained up about 5% near noon... Suit retailers Men's Wearhouse (MW) and Jos. A. Bank (JOSB) ended their long and public courtship as Men's Wearhouse struck a deal to acquire its peer for $65 per share in cash. MAJOR MOVERS: Among the notable gainers was Boyd Gaming (BYD), which jumped more than 16% after activist hedge fund Elliott Associates disclosed a stake in the casino operator. Also higher was alternative energy company FuelCell (FCEL), which rose nearly 15% following its quarterly earnings report. Among the noteworthy losers was Myriad Genetics (MYGN), which fell about 10% after a judge denied the company's motion for preliminary injunctive relief against rival Ambry Genetics. Also lower following their earnings reports and cautious commentary about the current environment were mall-based clothing retailers Urban Outfitters (URBN), which slid over 4%, and American Eagle (AEO), which dropped more than 5%. INDEXES: Near midday, the Dow was down 37.08, or 0.23%, to 16,381.60, the Nasdaq was down 3.20, or 0.07%, to 4,331.25, and the S&P 500 was down 4.88, or 0.26%, to 1,872.29.
News For S;TMUS;VZ;T;AAPL;BYD;FCEL;URBN;AEO;MYGN;JIVE;ORCL;SAP;WDAY;MW;JOSB From The Last 14 Days
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January 13, 2015
16:24 EDTAAPLOn The Fly: Closing Wrap
The Wall Street averages spent time in both positive and negative territory during the session, before closing a bit below where they'd started the day. The market opened sharply higher after Alcoa’s (AA) better than expected report gave some optimism about the upcoming earnings season. The early move higher came despite oil continuing its slide. The major averages saw their highs shortly after the open and then began to drift slowly lower. By mid-afternoon the market was in the red, though the equity averages eventually made it briefly back into positive ground, but failed to hold those narrow gains into the close. ECONOMIC EVENTS: In the U.S., the NFIB small business optimism index for December came in at 100.4, which was stronger than the expected 98.5 reading. The JOLTS report showed job openings increased 142K to 4.972M in November, beating the 4.85M consensus forecast. Treasury posted a $1.9B surplus in December, which was a bit below the expected surplus of $3B. Also of note is the fact that the U.S. and European benchmarks of WTI and Brent crude were at parity for the first time since 2013 during the session, with both trading near $46 per barrel for a time. COMPANY NEWS: KB Home (KBH) reported better than expected revenue and higher orders in its fourth quarter, but the stock declined $2.70, or 16.29%, to $13.87 after CEO Jeffrey Mezger warned on the associated earnings call that margins could drop "significantly" in its current quarter from the levels seen last year. KB's margin outlook, which it blamed on rising costs, heavier use of incentives and a sequential decline in average selling prices, dragged down peers in the housing space as well. D.R. Horton (DHI), the biggest homebuilder by market cap, finished the day down $1.26, or 4.83%, to $24.82, while PulteGroup (PHM) also slid $56c, or 2.47%, to $22.13... MetLife (MET) said it will sue to oppose the U.S. Financial Stability Oversight Council’s designation of the insurer as a SIFI, or "systemically important financial institution." The life insurer called the label premature and said it has offered “substantial and compelling evidence” that it isn’t a SIFI. Wells Fargo said it thinks it is appropriate for MetLife to challenge the ruling, though the firm does not presently see a Dodd-Frank provision that enables an entity to shed its designation. Wells added that a MetLife victory would have no impact on either AIG (AIG) or Prudential (PRU), which did not challenge their SIFI designations before their windows closed. MAJOR MOVERS: Among the notable gainers was Emulex (ELX), which rose $1.21, or 20.86%, to $7.01 after the company issued better than expected guidance on its second quarter results. Also higher was McGraw Hill Financial (MHFI), which jumped $5.13, or 5.98%, to $90.89 after reports said the company's Standard & Poor’s rating unit was in talks about a potential $1B settlement to its fight with the Justice Department and state attorneys general over allegations of inflating credit ratings on mortgage investments preceding the financial crisis. Among the noteworthy losers was ChannelAdvisor (ECOM), which plunged $11.32, or 53.52%, to $9.83 after its fourth quarter revenue warning prompted no less than eight downgrades of the stock by Street analysts. Also lower were shares of Ocwen Financial (OCN), which dropped $4.41, or 36.18%, to $7.78 after the Los Angeles Times reported that California is seeking to suspend the company's mortgage license in the state. Altisource Portfolio Solutions (ASPS), which is a related company to Ocwen, also declined $10.45, or 38.79%, to $16.49. Shares of GoPro (GPRO) fell $6.91, or 12.17%, to $49.87 after the Patently Apple blog reported that Apple (AAPL) was granted a patent for a camera system that specifically mentions the weaknesses of GoPro devices. INDEXES: The Dow fell 27.16, or 0.15%, to 17,613.68, the Nasdaq lost 3.21, or 0.07%, to 4,661.50, and the S&P 500 dropped 5.23, or 0.26%, to 2,023.03.
16:00 EDTAAPLOptions Update; January 13, 2015
iPath S&P 500 VIX Short-Term Futures up 66c to 34.42. Option volume leaders: AAPL JNJ CELG WFM TSLA TWTR AMZN GILD according to Track Data.
15:55 EDTAAPLGoPro weakness due to Apple camera patent news is overdone, says Barclays
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14:41 EDTTMUST-Mobile management to meet with Evercore ISI
Meeting to be held in New York on January 15 hosted by Evercore ISI.
12:33 EDTAAPLApple granted patent for remote-controlled camera system, Patently Apple says
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10:59 EDTAAPLApple rises after Credit Suisse, Canaccord hike iPhone estimates
Shares of Apple (AAPL) are climbing after two research firms issued upbeat notes on the company in notes to investors today. WHAT'S NEW: Credit Suisse analyst Kulbinder Garcha upgraded Apple to Outperform from Market Perform. The company should sell 215M iPhones in both fiscal 2015 and fiscal 2016, Garcha estimated. Meanwhile, Apple's gross margins are being boosted by the increased popularity of both its 64 GB memory phones and of the IPhone 6 Plus, the analyst stated. Garcha increased his earnings per share estimate for the iPhone maker by 18% in fiscal 2015 and 20% in fiscal 2016. Additionally, the firm believes excessive net cash levels indicate a new $200B return program should occur. The analyst thinks the shares can reach $130 at least. After analyzing surveys in the U.S. that took place in December and into January, Canaccord analyst T. Michael Walkley said the surveys showed strong demand and market share gains for the new iPhones. The analyst increased his iPhone estimates for Apple's December quarter, as well as his estimates for the company's overall December quarter results. The increases were based on the positive demand trends, particularly for models with higher memory levels and prices, Walkley stated. He expects these positive trends to continue and reiterated a $135 price target and Buy rating on the shares. PRICE ACTION: In mid-morning trading, Apple climbed $3.39, or 3.1%, to $112.64.
10:00 EDTSAP, AAPLOn The Fly: Analyst Upgrade Summary
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09:36 EDTAAPLActive equity options trading
Active equity options trading according to Track Data: AAPL AMD AA TWTR GILD C CELG TSLA GOOG
09:07 EDTAAPLOn The Fly: Pre-market Movers
HIGHER: Apple (AAPL), up 1.4% after Credit Suisse upgraded Apple to Outperform and raised its iPhone volume estimates again... Best Buy (BBY), up 2.8% after being upgraded to Buy from Neutral at Goldman... SunPower (SPWR), up 2.6% after being upgraded to Outperform at Credit Suisse... Alcoa (AA), up 2% after Q4 results beat expectations. RISING AFTER GUIDANCE: Pharmacyclics (PCYC), up 17.5%... CTI BioPharma (CTIC), up 8.3%... Emulex (ELX), up 15.5%... ARIAD (ARIA), up 2.6%. LOWER: ChannelAdvisor (ECOM), down 42% following preliminary fourth quarter revenue guidance and after receiving multiple analyst downgrades... Antares Pharma (ATRS), down 7.7% after the FDA recommended that the company create a larger safety database for its clinical development program for QuickShot Testosterone.
09:05 EDTSAPSAP upgraded to Outperform from Market Perform at JMP Securities
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08:43 EDTAEOAmerican Eagle has reached positive turning point, says BMO Capital
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07:36 EDTAAPLApple survey suggests demand remains strong, says Canaccord
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07:18 EDTAAPLQuanta ramps up production of 12-inch MacBook Air, DigiTimes reports
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06:40 EDTSAPSAP upgraded to Outperform from Market Perform at JMP Securities
06:25 EDTORCLOracle settles legal dispute with Alibaba Health, WSJ reports
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06:21 EDTAAPLApple upgraded at Credit Suisse
As previously reported, Credit Suisse upgraded Apple to Outperform from Neutral. The firm raised iPhone volume estimates again to 215M units for both FY15/16 and sees $10 EPS power in CY16 based on a solid and sustainable iPhone trends combined with a muted response from Samsung. Additionally, the firm believes excessive net cash levels indicate a new $200B return program should occur. Price target raised to $130 from $110.
06:20 EDTAAPLApple supplier shows 'unbreakable' smartphone with sapphire display, WSJ says
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06:18 EDTAAPLSilicon Valley shuttle drivers looking to unionize, USA Today reports
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06:09 EDTAAPLApple implied volatility of 38 at upper end of index mean range
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06:06 EDTAAPLApple upgraded to Outperform from Neutral at Credit Suisse
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