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News Breaks
July 8, 2014
Stocks on Wall Street were lower for a second straight session at midday, with a number of tech "momentum stocks" among the hardest hit names. Slides in prominent high-fliers like Netflix (NFLX), Tesla (TSLA), Facebook (FB) and Twitter (TWTR) weighed on the Nasdaq, pushing the tech-heavy index to a nearly 2% decline near noon. The Dow and S&P were lower as well as the slide has been broad-based, with investors express showing caution ahead of the start of the earnings season. ECONOMIC EVENTS: In the U.S., the Job Openings and Labor Turnover Survey, or JOLTs report, showed a 171K increase in job openings to 4.635M, marking a fourth straight monthly gain. A report on consumer credit growth in May is due out at 3:00 pm ET. COMPANY NEWS: AbbVie (ABBV) made a fourth offer to buy Shire (SHPG), raising the price of its bid by 11% to over $51B in cash and stock. For its part, Shire responded by saying that AbbVie did not make the revised proposal to Shire before the announcement and that its board will meet to consider the revised offer. Near noon, Shire shares trading in New York fell 2.7%, while AbbVie slipped 3.2%. MAJOR MOVERS: Among the notable gainers was TherapeuticsMD (TXMD), which jumped 14% to trade near $4.72 after FBR Capital initiated the stock with an Outperform rating and $34 price target. Also higher was apparel designer and retailer Guess (GES), which climbed 5% after research firm Piper Jaffray upgraded the stock to Overweight from Neutral in a note to investors earlier today. Among the noteworthy losers was Karyopharm (KPTI), which slipped 11% after Oppenheimer assumed coverage of its stock with a Perform rating, down from its prior rating of Outperform. Also lower following its quarterly report was Intellipharmaceutics (IPCI), which fell 11% after reporting a net loss for its second fiscal quarter. INDEXES: Near midday, the Dow was down 140.51, or 0.83%, to 16,883.70, the Nasdaq was down 71.67, or 1.61%, to 4,379.86, and the S&P 500 was down 16.85, or 0.85%, to 1,960.80.
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November 19, 2015
12:19 EDTTWTROn The Fly: Top stock stories at midday
Stocks have struggled for direction since the open and spent the morning moving in a narrow range. The Dow has held up fairly well considering the weakness seen in UnitedHealth (UNH), which has declined after the insurer cut its fiscal 2015 profit guidance, citing weakness in individual health insurance policies it markets through exchanges. Oil prices remain under pressure, with benchmark U.S. crude trading back below $42 per barrel. ECONOMIC EVENTS: In the U.S., initial jobless claims continued to hover around four-decade lows, with 271,000 first-time claims filed in the week ended November 14. The Philly Fed index rose 6.4 points to 1.9 in November, better than the forecast for a -0.5 reading. In Europe, minutes from the most recent European Central Bank policy meeting showed that some participants called for more stimulus amid deflation risks, weak oil prices and a sluggish recovery in the euro-area. In Asia, the Bank of Japan maintained its current pace of monetary stimulus, as widely expected. COMPANY NEWS: The shares of health insurer UnitedHealth and a number of other companies in the sector are falling after the Dow member lowered its profit outlook for this fiscal year, citing weakness in individual health insurance policies it markets through exchanges. UnitedHealth said it has pulled back on its marketing efforts for individual exchange products in 2016 and is "evaluating the viability of the insurance exchange product segment." Near noon, UnitedHealth fell about 5%, while Aetna (AET) declined nearly 6%, Humana (HUM) droped more than 3.5%, Anthem (ANTM) declined over 6% and Cigna (CI) slid 4%... Press reports indicate that talks between Pfizer (PFE) and Allergan (AGN) are heating up and that a deal is nearing, but simultaneously the U.S. government's rhetoric around the type of "inversion" deal the two pharmaceutical giants are discussing is getting ratcheted up as well. Last night, Bloomberg reported that Pfizer is nearing an agreement to acquire Allergan for $370 to $380 per share, citing people familiar with the matter. The two companies are aiming to announce a deal as early as Monday, sources told the publication. However, CNBC's David Faber reported, citing sources, that a deal will not be announced on Monday, but Pfizer and Allergan are in the "final innings" of merger talks. The deal will consist of all stock and Pfizer is likely to offer 11-plus shares per Allergan share, Faber noted. Amid the reports, Treasury Secretary Jacob Lew said that his department will release "targeted guidance" later this week meant to "deter and reduce further the economic benefits of corporate inversions" like the one being contemplated by the drugmakers... Square (SQ) completed its initial public offering of stock and rose about $4 per share to trade near $13 around noon after pricing last night at $9 per share. CEO Jack Dorsey, who leads both Square and Twitter (TWTR) as CEO, said in an interview following the opening that the teams behind him make him able to simultaneously hold both positions. Twitter rose about 1.4% to $26.25 in midday trading following Square's entry to the public markets. MAJOR MOVERS: Among the notable gainers was Keurig Green Mountain (GMCR), which rallied 22% after it reported better than expected quarterly earnings and guided for fiscal 2016. Also higher was (CTRP), which gained 19% after no fewer than three analysts raised their price target on the company's stock following upbeat fourth quarter earnings. Among the noteworthy losers was Kirkland's (KIRK), which fell 30% after the company reported downbeat quarterly earnings and provided lower than expected guidance. Also lower was AMAG Pharmaceuticals (AMAG), which lost over 8.5% after it received a complete response letter from the FDA for a single-dose vial of Makena, a treatment to reduce the risk of preterm birth in at-risk patients. In addition, Best Buy (BBY) fell 3% after it reported better than expected third quarter earnings but worse than expected same-store sales growth and also guided toward "near-flat" revenue for its domestic business in the holiday quarter. INDEXES: Near midday, the Dow was down 17.44, or 0.1%, to 17,719.72, the Nasdaq was up 2.36, or 0.05%, to 5,077.57, and the S&P 500 was down 3.67, or 0.18%, to 2,079.91.
11:15 EDTFBStocks with call strike movement; AMZN FB
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10:55 EDTNFLXStocks with call strike movement; HUN NFLX
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10:29 EDTTWTRSquare CEO Dorsey says at both companies each day
Square (SQ) CEO Jack Dorsey says he's at both Square and Twitter (TWTR) every day. Dorsey leads both as CEO and attributes the teams behind him for being able to simultaneously hold both positions. Dorsey is speaking on CNBC after Square's initial public offering opened. The stock is currently up $4.61 to $13.61 after pricing last night at $9. Twitter is up 43c to $26.33 in morning trading.
09:34 EDTFB, NFLXActive equity options trading on open
Active equity options trading on open: AAPL CHK BAC FB PFE MU GMCR AMZN NFLX BBY BABA CRM QCOM
07:36 EDTABBVFDA Pediatric Advisory Committee to hold a meeting
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06:38 EDTFBFacebook multiple 'has room to move higher,' says Citi
After analyzing Facebook's expense growth, Citi analyst Mark May says 2016 consensus estimates for the social network giant have 3%-6% potential upside. May believes the stock's multiple "has room to move higher" and keeps a Buy rating on Facebook with a $134 price target. He thinks expense growth in 2016 will range between high-30% and 50% and views consensus revenue forecasts as still too conservative.
November 18, 2015
16:44 EDTFBGoogle ad exec jumps to YouTube, Re/code says
Neal Mohan, previously Google's (GOOG) SVP for display and video advertising, has been appointed SVP of product for YouTube in a move signaling renewed efforts to combat Facebook (FB) video, reports Re/code, citing spokesperson statements. Paul Muret, currently head of analytics at Google, will succeed Mohan, and the company's analytics group will be folded into its display operations. Re/code notes that the analytics rollup may indicate Google sees measurement as "core" to its advertising business. Reference Link
16:01 EDTNFLXOptions Update; November 18, 2015
iPath S&P 500 VIX Short-Term Futures down 1.39 to 19.44. Option volume leaders: AAPL NBG TGT NFLX F FB QCOM SUNE GPRO MSFT
14:20 EDTFBFacebook fundraising tool bears resemblance to Kickstarter, TechCrunch says
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11:52 EDTTWTRTwitter shares move higher on activist stake rumors
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11:47 EDTTWTRTwitter calls active on renewed speculation of a large activist stake
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11:34 EDTTWTRRumor: Twitter moves up on renewed speculation of a large activist stake
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11:01 EDTNFLXStocks with call strike movement; FOSL NFLX
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09:34 EDTFBActive equity options trading on open
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09:32 EDTTSLAThe House Oversight & Government Reform Committee to hold a hearing
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08:11 EDTTSLAMusk, Silver Lake investing over $100M in SolarCity, NY Times reports
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07:43 EDTABBVJefferies to hold a conference
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06:28 EDTTSLATesla Model 3 will minimize wind resistance, Electrek reports
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05:55 EDTFBFacebook partners with Airtel Africa to bring free basics to 17 countries
In an announcement on Facebook, CEO Mark Zuckerberg said, "In South Africa , we announced with Airtel Africa that we will be bringing free basic services to all 17 countries where they operate. first launched in Zambia and today half of the 30 countries with Free Basics are in Africa. These new launches will bring free services to Burkina Faso, Chad, Gabon, Madagascar, Niger, Nigeria, Republic of the Congo, Sierra Leone and Uganda. We also recently partnered to launch a satellite to provide internet coverage to remote areas of Sub-Saharan Africa starting in 2016. We've also partnered with the Praekelt Foundation to give developers the tools they need to build free basic services to reach people just coming online. Connecting people across the African continent is critical to our mission. We're going to keep pushing forward to develop new ways to bring people online until the whole world is connected." Reference Link
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