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Stock Market & Financial Investment News

News Breaks
February 4, 2013
10:17 EDTYOKU, BUD, EXPE, WMS, TIF, WMT, VOD, LF, CVX, NYT, WSFS, BKR, HSY, SCHW, CMA, CLWR, WCC, MRK, GOOGOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Charles Schwab (SCHW) downgraded to Neutral from Buy at UBS... Chevron (CVX) downgraded to Neutral from Buy at UBS... Comfort Systems USA (FIX) downgraded to Hold from Buy at BB&T... Google (GOOG) downgraded to Market Perform from Outperform at BMO Capital... Hershey (HSY) downgraded to Neutral from Conviction Buy at Goldman... LeapFrog (LF) downgraded to Buy from Strong Buy at Ascendiant Capital... Merck (MRK) downgraded to Underweight from Equal Weight at Morgan Stanley... Michael Baker (BKR) downgraded to Hold from Buy at KeyBanc... Vodafone (VOD) downgraded to Neutral from Buy at Citigroup... WESCO (WCC) downgraded to Neutral from Buy at UBS... WSFS Financial (WSFS) downgraded to Neutral from Buy at Janney Capital... Wal-Mart (WMT) downgraded to Neutral from Overweight at JPMorgan... Clearwire (CLWR) downgraded to Underperform from Neutral at DA Davidson... New York Times (NYT) downgraded to Sell from Neutral at Lazard Capital... Tiffany (TIF) downgraded to Neutral from Buy at Monness Crespi... Comerica (CMA) downgraded to Neutral from Long-Term Buy at Hilliard Lyons... Expedia (EXPE) downgraded to Neutral from Buy at Monness Crespi... Guess (GES) downgraded to Underperform from Neutral at Buckingham... Youku Tudou (YOKU) downgraded to Sell from Hold at Maxim... WMS Industries (WMS) downgraded to Hold from Buy at Stifel Nicolaus... AB InBev (BUD) downgraded to Neutral from Buy at BofA/Merrill.
News For SCHW;CVX;GOOG;HSY;LF;MRK;BKR;VOD;WCC;WSFS;WMT;CLWR;NYT;TIF;CMA;EXPE;YOKU;WMS;BUD From The Last 14 Days
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December 8, 2014
10:49 EDTWMTLiquidity Services plunges after Wal-Mart seeks to end supply deal
Shares of Liquidity Services (LQDT) are tumbling after the company disclosed that Wal-Mart (WMT) had terminated a deal to provide it with merchandise. Liquidity Services operates an auction marketplace that features surplus and salvaged items. WHAT'S NEW: Liquidity Services reported after Friday's market close in a regulatory filing that Wal-Mart had decided to stop supplying products to Liquidity Services.The auction company noted that it had previously had the right to purchase certain consumer items that have been removed from Wal-Mart's shelves. However, Wal-Mart, on December 1, reported to the company that it would terminate the deal, effective today. Wal-Mart is alleging that Liquidity Services violated certain requirements of the agreement between the companies, Liquidity Services stated. However, the auction company disputed Wal-Mart's assertions and said it was "evaluating all its options" before determining how to proceed. Liquidity Services indicated that it still expects to meet its guidance for its December quarter results. ANALYST REACTION: In a note to investors today, Colin Sebastian, an analyst at research firm Robert W. Baird, predicted that the loss of the contract would have a significant impact on Liquidity Services' results starting in 2015. However, he believes that the extent of the impact on the company's earnings before interest taxes depreciation and amortization will depend on its ability to manage its expenses. The analyst cut his price target on the name to $9 from $12 and kept a Neutral rating on the shares. Meanwhile, Janney Capital analyst Shawn Milne wrote that Liquidity Services had previously disclosed that Wal-Mart accounted for 11% of its gross merchandise volume in fiscal 2014. Milne predicted that the termination of the deal would reduce Liquidity Services' annual EBITDA by less than $10M. He also kept a Neutral rating on the stock. PRICE ACTION: In early trading, Liquidity Services sank 25% to $7.70.
10:03 EDTWMTLiquidity Services price target lowered to $9 from $12 at RW Baird
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10:00 EDTLFOn The Fly: Analyst Downgrade Summary
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09:20 EDTWMTLiquidity Services estimate cuts possible on Wal-Mart fight, says Janney Capital
After Liquidity Services (LQDT) disclosed that Wal-Mart (WMT) terminated its return agreement and that the two are now in dispute over the deal, Janney Capital noted Liquidity 's recent 10K filing indicated that Wal-Mart accounted for 11% of FY14 gross merchandise volume, including Commercial Capital assets. Janney estimates the full year EBITDA impact from the contract to be somewhere below $10M, but said there is a potential for further estimate cuts given the dispute. The firm maintains its Neutral rating on Liquidity Services shares.
09:13 EDTWMTLiquidity Services reports Walmart terminates return agreement
Liquidity Services (LQDT) had previously acquired from ILJ Enterprises its business of purchasing closeouts, excess merchandise and customer returns for resale to retailers, wholesalers, and other third parties and consumers. In connection with the acquisition, the company, through one of its subsidiaries, assumed ILJís rights and obligations with Wal-Mart Stores (WMT). Under the Wal-Mart agreement, Liquidity Services has the exclusive right to purchase certain consumer products from Wal-Mart that have been removed from the sales stream of Wal-Martís retail operations. On December 1, Wal-Mart provided Liquidity Services written notice terminating the Wal-Mart Agreement, effective December 8. The termination notice alleges that the company failed to comply with certain provisions under the Wal-Mart agreement with respect to service level requirements and restrictions on the disposition of merchandise, Liquidity disclosed in a regulatory filing late Friday. The company disputes these allegations and is contesting the termination of the agreement with Wal-Mart. The company had been in negotiations with Wal-Mart to address Wal-Martís failure to honor the companyís exclusive right to purchase selected merchandise from Wal-Mart but was unable to reach a satisfactory resolution. The company is currently evaluating all of its options, reserves all rights with respect to this matter and will continue to seek appropriate relief from Wal-Mart for its failure to honor the companyís exclusive rights to purchase selected merchandise and any related actual damages the company has incurred. The company does not believe that the purported termination of the Wal-Mart Agreement will result in the company being unable to meet its financial guidance for its first fiscal quarter ending December 31, 2014, Liquidity Services stated.
09:10 EDTEXPEEgencia and iJET strengthens global partnership
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09:03 EDTWCCConcurrent announces strategic agreement with WESCO division
Concurrent (CCUR) announced a strategic agreement with TVC Communications, a division of WESCO Distribution (WCC), to resell Concurrentís UpShift Unified Content Delivery Solution to customers throughout the Caribbean and Latin America.
08:30 EDTMRKMerck says deals with Cubist includes $250M break-up fee clause
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08:21 EDTMRKMerck says looked at all risks, including patent litgation, before Cubist deal
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08:11 EDTMRKCubist volatility elevated into Merck acquiring for $8.4B in cash
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08:08 EDTMRKMerck says about $9.5B of debt to be issued related to Cubist deal
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07:53 EDTCVXClimate for Exxon E&P acquisition improved by falling prices, WSJ says
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07:35 EDTMRKAdvaxis reports FDA acceptance of IND application for ADXS-PSA combination trial
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07:13 EDTMRKMerck to host conference call
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07:01 EDTMRKMerck to acquire Cubist for $102 per share in cash, or $9.5B
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07:00 EDTMRKMerck to acquire Cubist for $102 per share in cash
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06:38 EDTLFLeapFrog downgraded to Neutral from Buy at Roth Capital
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December 7, 2014
16:29 EDTMRKMerck in discussions to buy Cubist for $7B, Bloomberg reports
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13:47 EDTGOOGGoogle could reach $634 in a year, Barron's says
Google shares look attractive at current levels and shares could reach $634.00 in a year, driven by stabilizing ad pricing, Barron's contends in a feature article. Reference Link
12:58 EDTMRKMerck presents KEYTRUDA data at ASH
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