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Stock Market & Financial Investment News

News Breaks
July 8, 2014
12:48 EDTIPCI, TSLA, TWTR, NFLX, KPTI, FB, GES, ABBV, TXMD, SHPGOn The Fly: Midday Wrap
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.
News For SHPG;ABBV;GES;TXMD;NFLX;TSLA;FB;TWTR;IPCI;KPTI From The Last 14 Days
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January 25, 2016
11:41 EDTTWTRStifel downgrades Twitter as firm can't see positive spin for executive exits
Twitter (TWTR) is falling after CEO Jack Dorsey confirmed on Sunday night the departure of four company executives, leading research firm Stifel to downgrade the shares. EXECUTIVE EXODUS: The four executives leaving the company are Twitter's head of product, Kevin Weil, head of media, Katie Stanton, head of engineering, Alex Roetter, and head of human resources, Brian "Skip" Schipper. CEO Jack Dorsey confirmed the departures in a tweet, saying, "Want to set the record straight now: Given the inaccurate press rumors today regarding their departures, I'm addressing this now: I'm sad to announce that Alex Roetter, Skip Schipper, Katie Stanton and Kevin Weil have chosen to leave the company... COO Adam Bain will be taking on additional responsibilities, including responsibility for the revenue-related product teams, the media team and the HR team on an interim basis. CTO Adam Messinger will be taking over all of engineering and consumer product, design and research, user services and Fabric into one group." Note that due to Twitter's 140 character limit, Dorsey was forced to post his lengthy message in the form of an image of the text. OTHER EXECUTIVE NEWS: Twitter could name Leslie Berland, currently an executive VP at American Express (AXP), as its new Chief Marketing Officer reporting directly to Dorsey, this week, according to Re/code's Kara Swisher. Additionally, the Wall Street Journal noted that Twitter intends, as part of its shake-up. to bring in two new members to its board as soon as this week. At least one of the people is a high-ranking executive in the media industry, the Journal added. STIFEL DOWNGRADE: Twitter was downgraded to Hold from Buy by Stifel analyst Scott Devitt on Sunday. Devitt cited the executive departures, saying, "While we may not be the sharpest tools in the shed, we don't see how the departure of the heads of three major business divisions can be viewed as a positive in the middle of an attempted business turnaround." PRICE ACTION: In late morning trading, Twitter shares were down almost 4% to $17.15. Note this decline follows a rise of more than 4% late last week on rumors that News Corp. (NWS, NWSA) and other companies were interested in acquiring Twitter. News Corp. later denied it was building a Twitter stake.
11:26 EDTTSLAChina to end alternative energy vehicle subsidies after 2020, Global Time says
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11:02 EDTTWTRStocks with call strike movement; TWTR MU
Twitter (TWTR) June 20 call option implied volatility increased 5% to 69, Micron (MU) April 12 call option implied volatility increased 2% to 64 according to iVolatility.
10:22 EDTNFLXOptions with decreasing implied volatility
Options with decreasing implied volatility: SRPT SPWR NFLX CREE FFIV ISRG TIF MXIM QIHU IBM
10:00 EDTTWTROn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: American Eagle (AEO) downgraded to Hold from Buy at BB&T... American Express (AXP) downgraded on weak revenue outlook at Argus... Bristol-Myers (BMY) downgraded to Market Perform from Outperform at BMO Capital... Caterpillar (CAT) downgraded to Sell from Neutral at Goldman... Crestwood Equity (CEQP) downgraded to Neutral on potential distribution cut at Baird... Cummins (CMI) downgraded to Neutral from Buy at Citi... Federal Realty (FRT) downgraded to Hold from Buy at Evercore ISI... GKN PLC (GKNLY) downgraded to Neutral from Outperform at Credit Suisse... Galapagos NV (GLPG) downgraded to Neutral from Buy at GoldmanvHortonworks (HDP) downgraded to Perform from Outperform at Oppenheimer... International Flavors (IFF) downgraded on headwinds at Stifel... International Paper (IP) downgraded to Neutral from Buy at Citi... JPMorgan (JPM) downgraded to Neutral from Buy at Nomura... KapStone (KS) downgraded to Underperform from Neutral at Macquarie... Mosaic (MOS) downgraded to Neutral from Overweight at JPMorgan... NetSuite (N) downgraded to Equal Weight from Overweight at Stephens... ONEOK Partners (OKS) downgraded to Neutral at Baird... OvaScience (OVAS) downgraded to Perform from Outperform at Oppenheimer... Packaging Corp. (PKG) downgraded to Neutral from Buy at Citi... Potash (POT) downgraded to Neutral from Overweight at JPMorgan... Power Solutions (PSIX) downgraded to Neutral from Overweight at Piper Jaffray... Raymond James (RJF) downgraded to Neutral from Buy at Nomura... Regeneron (REGN) downgraded to Sell from Neutral at Chardan... SanDisk (SNDK) downgraded to Underperform from Outperform at CLSA... Toll Brothers (TOL) downgraded to Market Perform from Outperform at JMP Securities... Twitter (TWTR) downgraded to Hold from Buy at Stifel... WPX Energy (WPX) downgraded to Sector Perform from Outperform at Iberia... WestRock (WRK) downgraded to Neutral from Buy at BofA/Merrill... Whole Foods (WFM) downgraded to Underperform from Market Perform at BMO Capital... Zurich Insurance (ZURVY) downgraded to Neutral from Outperform at Exane BNP Paribas.
09:32 EDTNFLX, FBApple Active equity options trading on open
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09:16 EDTTWTRTwitter drops in early trading following executive departures
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09:03 EDTTWTROn The Fly: Pre-market Movers
HIGHER: Tyco (TYC) and Johnson Controls (JCI), up 9% and 1%, respectively, after announcing a definitive merger agreement. Johnson Controls shareholders will own approximately 56% of the equity of the combined company, while current Tyco shareholders will own approximately 44%... SunEdison (SUNE), up 10% after the Wall Street Journal reported that the company is set to give David Einhorn's Greenlight Capital a seat on its board... Affimed Therapeutics (AFMD), up 26% after entering a clinical research collaboration in immuno-oncology with Merck (MRK). UP AFTER EARNINGS: McDonald's (MCD), up 3%... LOWER: Twitter (TWTR), down 5% after its CEO Jack Dorsey confirmed in a tweet last night that several executives are departing the company. Media reports also indicate that, as part of its shake-up, Twitter intends to bring in two new members to its board as soon as this week... OncoMed (OMED), down 38% after an independent data safety monitoring board remarked on several findings regarding futility of the company's Phase 2 ALPINE clinical trial... Medivation (MDVN), down 7% after FDA places investigational new drug application for MDV9300 on partial clinical hold... International Paper (IP), down 4.8%, Packaging Corp. (PKG), down 4.8%, WestRock (WRK), down 6%, after Pulp & Paper Week reduced January kraftliner and corrugated medium prices... Caterpillar (CAT), down 4% after Goldman cuts rating to sell... Regeneron (REGN), down 3% after downgraded at Chardan to sell. DOWN AFTER EARNINGS: Kimberly-Clark (KMB), down 2.5%.
07:40 EDTFBFBR sees constructive setup into Facebook earnings report
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07:02 EDTSHPGShire resubmits NDA for lifitegrast to FDA
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06:49 EDTTWTRTwitter volatility elevated into four senior executives leaving
Twitter January weekly call option implied volatility is at 73, February is at 87, March is at 75; compared to its 52-week range of 29 to 86, suggesting large February price movement into four senior executives leaving the company.
06:07 EDTTWTRTwitter to bring in two new board members, WSJ reports
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05:56 EDTTWTRTwitter could name Leslie Berland as new CMO this week, Re/code reports
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05:52 EDTTWTRTwitter CEO confirms departures of Roetter, Stanton, Weil, Schipper
Twitter CEO Jack Dorsey tweeted last night, "Was really hoping to talk to Twitter employees about this later this week, but want to set the record straight now: Given the inaccurate press rumors today regarding their departures, I'm addressing this now: I'm sad to announce that Alex Roetter, Skip Schipper, Katie Stanton and Kevin Weil have Chosen to leave the company....COO Adam Ban will be taking on additional responsibilities, including responsibility for the revenue-related product teams, the Media team and the HR team on an interim basis. CTO Adam Messinger will be taking over all of engineering and consumer product, design and research, user services and Fabric into one group." Reference Link
05:51 EDTTWTR, FBOptions expected to be active: TYC JCI TWTR SUNE AAPL PG HAL AMZN FB
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January 24, 2016
21:06 EDTTWTRTwitter downgraded to Hold from Buy at Stifel
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20:21 EDTTWTROn The Fly: Top five weekend stock stories
Catch up on the weekend's top five stories with this list compiled by The Fly: 1. Twitter (TWTR) could announce a significant executive upheaval Monday, with several product heads said to depart and a new Chief Marketing Officer reportedly stepping in. 2. Johnson Controls (JCI) and Tyco (TYC) are in advanced merger talks, according to the Wall Street Journal. 3. Airbus (EADSY) and Boeing (BA) saw mentions on the heels of Iran's aviation summit as the country eyes big orders to modernize its aging fleet after a lifting of sanctions. 4. SunEdison (SUNE) is set to give David Einhorn's Greenlight Capital a seat on its board, the Wall Street Journal reported. 5. International Paper (IP), Newell (NWL) and Houghton Mifflin (HMHC) were discussed positively by Barron's this weekend, while Chipotle (CMG) was warned against.
17:21 EDTTWTRTwitter to announce multiple departures, new CMO, Re/code says
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14:40 EDTFBCollapse in private tech could ripple into public markets, Barron's says
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11:02 EDTNFLXStocks post weekly gain after oil rebounds
Stocks recovered late in the week to post their first weekly gain of the new year as equities continue to be correlated closely with the oil market. A plunge in oil led equities lower early in the holiday shortened week, but as oil prices rebounded to close the week out, the major averages followed suit. MACRO NEWS: In the U.S., the consumer price index fell 0.1% during December, versus expectations for a flat reading. The core reading, which excludes food and energy, showed prices rose 0.1% from the prior month, versus expectations for an increase of 0.2%. Initial jobless claims rose to 293,000 last week, topping the expectation for 278,000 first-time claims. Markit's flash manufacturing Purchasing Managers' Index for January rose 1.5 points to 52.7, better than the 51.0 reading that was expected. Existing home sales climbed 14.7% to a 5.46M rate in December, topping the 5.2M rate that was forecast... In Asia, China's national bureau of statistics estimated that GDP growth slowed to 6.8% in the last quarter of the year, dipping from 6.9% growth in the previous quarter. China's industrial output rose 5.9% from a year earlier in December, compared with the consensus forecast for a 6% increase. Japan's Nikkei average was down early in the week, even falling into bear market territory, but rallied nearly 6% on Friday after the Nikkei Asian Review said that the Bank of Japan is taking a "serious look" at additional easing... In Europe, the European Central Bank left its key interest rates unchanged. However, at an associated press conference, ECB President Mario Draghi acknowledged downside risks were increasing again, meaning the bank may need to "review and possibly reconsider" its monetary policy stance at its next meeting in March. Markit's flash PMI for the euro zone slid to an 11-month low of 53.5, missing expectations for a more modest dip to a 54.2 reading. The International Monetary Fund cut its global growth forecasts for the third time in less than a year. The IMF now estimates that the world economy will grow 3.4% this year and 3.6% next year, down from its prior forecasts of 3.6% and 3.8% growth, respectively. COMPANY NEWS: On Tuesday, Morgan Stanley (MS) advanced 1% after its earnings and revenue topped analysts' consensus forecast. Big bank peer Bank of America (BAC) slid 1% after its earnings also beat expectations but its revenue narrowly missed the consensus estimate... On Wednesday, IBM (IBM) slid nearly 5% after reporting better than expected earnings and revenue for the fourth quarter, but forecasting below-consensus profits for the new year... On Thursday, Verizon (VZ) was among the best performers on the Dow, advancing over 3% after its earnings, revenue and wireless subscriber additions all topped expectations. Conversely, fellow Dow member Travelers (TRV) slid almost 1% after releasing its own quarterly results... On Friday, American Express (AXP) sunk more than 12% after the card issuer reported stronger than expected quarterly results but its 2017 profit guidance came in below the consensus outlook. The company's pledge to take out $1B in costs by the end of 2017 did little to change the mood of analysts or investors. Fellow Dow member GE (GE) slid a bit more than 1% after reporting better than expected earnings but lower than expected quarterly revenue... Schlumberger (SLB) shares gained 6% after the oil services giant reported earnings that topped expectations, approved a quarterly dividend of 50c per share and a new share repurchase program of $10B and said it plans to cut 10,000 more jobs... Netflix (NFLX) reported fourth quarter earnings that beat analyst estimates, powered by better than expected international subscriber growth. The numbers were met with positive commentary by several research firms, though decelerating U.S. subscriber growth was highlighted by bears as a warning sign for the company... Deutsche Bank (DB) disclosed that it expects a EUR2.1B net loss for the quarter due to a number of charges, including expected litigation costs of EUR1.2B... Xilinx (XLNX) advanced after reporting its third quarter numbers. The news may have been overshadowed, however, by a regulatory filing showing new agreements with its top executives, with several analysts highlighting that the change could signal a takeover is in the cards in the future... Alkermes (ALKS) plunged more than 44% after disclosing that two of three Phase 3 studies of its experimental depression disorder treatment did not meet their primary efficacy endpoints. INDEXES: For the four-day week, the Dow gained about 0.67% to close at 16,093.51, the S&P 500 rose about 1.4% to close at 1,906.90, and the Nasdaq increased about 2.3% to close at 4,591.18.
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