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Stock Market & Financial Investment News

News Breaks
April 12, 2012
12:11 EDTSNE, MKTX, AVID, CSCO, FIO, TSCO, CAH, ABC, MCK, HPQ, BLKOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday, despite a larger than expected increase in weekly jobless claims. The market opened relatively quietly following the release of a number of economic data points. The averages drifted for the opening minutes but then gained upside momentum. The move higher stalled after the averages had gains of roughly 0.5%, then stocks resumed their march higher, with all of the major averages up more that 1.0% near noon... ECONOMIC EVENTS: Domestically, 380K initial jobless claims were filed last week, versus the expected 355K. 3.25M continuing claims were reported, versus the expected 3.33M. Producer prices for the month of March were flat, versus the expected increase of 0.3%. The core PPI reading, however, rose 0.3%, versus the expected increase of 0.2%. The trade balance report showed a deficit of $46.0B, versus expectations for a deficit of $51.8B. Also, Fed Vice Chairwoman Janet Yellen made comments last night that the Fed might need to take additional action to bolster the economy if the unemployment rate does not come down. Internationally, Italy's short-term borrowing costs rose at auction, adding to fears that the calming effect of cheap ECB cash is fading... COMPANY NEWS: Sony (SNE) confirmed it plans to cut approximately 10,000 jobs in FY12 as it reorganizes to grow its electronics business to complement its stable entertainment and financial service businesses. Sony said it is positioning digital imaging, games and mobile as the three main focuses of its electronics division and it is making deep cuts in the costs and number of offerings in its television business. Investors were apparently not particularly moved by the announcements, as shares were up 2c, or 0.11%, to $18.77... Researchers Gartner and IDC both indicated that global shipments of personal computers rose in Q1 and Hewlett-Packard (HPQ) remained the top PC maker by volume, pushing H-P's shares up 6.25% near noon... MAJOR MOVERS: Among the notable gainers were McKesson (MCK), up 4%, after the company beat out AmerisourceBergen (ABC) and Cardinal Health (CAH) to retain its Department of Veterans Affairs contract, Tractor Supply (TSCO), up almost 6%, after the company raised its 2012 guidance on expectations for a strong first quarter, Fusion-io (FIO), up more than 12%, following a note to investors from Piper Jaffray which said it believes the company is working on a new original equipment manufacturer deal with Cisco (CSCO). Noteworthy losers included Avid Technology (AVID), down over 14%, after the company said it expects to post a Q1 loss on revenues that will be down compared to last year, and MarketAxess (MKTX), down more than 4%, following a Wall Street Journal report that BlackRock (BLK) intends to launch its own trading platform that would let money managers trade bonds directly with each other... INDICES: Near noon, the Dow was up 142.14, or 1.11%, to 12,947.53; the Nasdaq was up 34.78, or 1.15%, to 3,051.24; and the S&P 500 was up 14.37, or 1.05%, to 1,383.08.
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July 11, 2014
06:42 EDTSNESoundcloud, record labels get closer to agreement, Bloomberg says
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July 10, 2014
18:02 EDTHPQWells sees 'shrinking list' of strategic buyers for Rackspace
Wells Fargo sees a "shrinking list" of potential buyers for Rackspace (RAX), with only remaining HP (HPQ) and CenturyLink (CTL) remaining in its opinion. Wells believes Rackspace going private through a leveraged buyout is a possibility, but it thinks such an outcome is a lower probability given the required return assumptions and implied exit multiple. The firm believes the market has correctly assumed a high probability that Rackspace will not undergo a strategic event. However, Wells thinks the potential for a value creating event limits downside in the name. It keeps an Outperform rating on the stock.
16:25 EDTTSCOOn The Fly: Closing Wrap
Stocks on Wall Street began the session deep in negative territory, as fears about the health of one of Portugalís largest banks, coupled with weak economic data out of Italy, prompted a sell-off in Europe, which spilled over to the U.S. The major averages moved generally higher after the open, though the early losses proved too much to overcome. The reignited fears about Europe's periphery come just as the U.S. corporate earnings season is set to pick up in earnest next week. ECONOMIC EVENTS: In the U.S., initial jobless claims dropped 11K to 304K in the week ended July 5. Wholesale inventories rose 0.5% in May, while sales edged up 0.7%, which were both a little below expectations. In Europe, concerns about the periphery rose again as the parent company of Portugal's Espirito Santo bank missed a debt payment, leading the country's interest rates higher and equities in the Eurozone lower. Also, Italy's industrial output saw its steepest monthly fall since late 2012, having dropped 1.2% in May. In China, trade performance improved in June but still missed market forecasts. Exports rose 7.2% in June from a year earlier, missing the consensus forecast for a rise of 10.6%, while imports grew 5.5% in the month, versus the 5.8% growth expectation. COMPANY NEWS: Shares of Verizon (VZ) advanced 74c, or 1.51%, to $49.64 to lead the handful of gainers on the Dow Jones Industrial Average. The rise came after Verizon CEO Lowell McAdam said in an interview on CNBC that his company added over 1.4M postpaid subscribers in Q2, with "record" tablet growth and "very strong" smartphone growth. Afterward, Wells Fargo said in a note to investors that the net adds were higher than the firm's recently increased estimate and above Street consensus... Conversely, Home Depot (HD) was the Dow's worst performer, falling $1.33, or 1.65%, to $79.40. After hardwood floors retailer Lumber Liquidators (LL) and farm products retailer Tractor Supply (TSCO) pre-announced weaker than expected Q2 results, Deutsche Bank analyst Mike Baker reduced his estimates for Home Depot and peer Lowe's (LOW), explaining that the comparative sales of those two large home improvement retailers have historically had a positive correlation with those of Tractor Supply and Lumber Liquidators. MAJOR MOVERS: Among the notable gainers was AmREIT (AMRE), which rose $3.25, or 16.93%, to $22.45 after Regency Centers (REG) offered to acquire the company for $22 per share, payable in cash and/or stock. Also higher was Cray (CRAY), which rallied $4.27, or 15.69%, to $31.49 after the company announced it has been awarded a $174M supercomputer deal from the National Nuclear Security Administration. Among the noteworthy losers was sandwich maker Potbelly (PBPB), which plunged $3.68, or 25.12%, to $10.97 after the company's second quarter and fiscal 2014 outlook fell significantly short of analysts' consensus estimates. Also lower was Sarepta Therapeutics (SRPT), which sunk $3.35, or 12.94%, to $22.54 after the company announced data through week 144 from its eteplirsen study in patients with Duchenne muscular dystrophy. INDEXES: The Dow dropped 70.54, or 0.42%, to 16,915.07, the Nasdaq fell 22.83, or 0.52%, to 4,396.20, and the S&P 500 declined 8.15, or 0.41%, to 1,964.68.
11:02 EDTSNEWi-LAN, Sony enter license agreement
Wi-LAN (WILN) announced that the company and Sony (SNE) have entered into a multi-year license agreement related to WiLAN's portfolio of television technologies. The agreement includes certain 3D television technology developed by SENSIO Technologies. SENSIO's S2D Switch technology is exclusively available from WiLAN. All remaining terms of the license agreement are confidential.
10:18 EDTTSCOHome Depot, Lowe's estimates cut after warnings from floor, farm retailers
Weak results from Tractor Supply (TSCO) and Lumber Liquidators (LL) do not bode well for Home Depot (HD) and Lowe's (LOW) near-term outlook, Deutsche Bank warned in a note to investors earlier today. WHAT'S NEW: After hardwood floors retailer Lumber Liquidators and farm products retailer Tractor Supply pre-announced weaker than expected Q2 results, Deutsche Bank analyst Mike Baker reduced his estimates for Home Depot and Lowe's. The comparative sales of Home Depot and Lowe's have historically had a positive correlation with those of Tractor Supply and Lumber Liquidators, explained Baker. Lumber Liquidators, like Home Depot and Lowe's, is exposed to housing markets, the analyst stated. Meanwhile, like Tractor Supply, Home Depot and Lowe's are exposed to the outdoor/weather sensitive sector, according to Baker. However, there are differences in the companies' business models, and comparative sales at Home Depot and Lowe's are probably trending better than at Tractor Supply and Lumber Liquidators, Baker believes. He lowered his second quarter comparative sales growth forecast for Lowe's to 4% from 4.5%, and for Home Depot to 4.5% from 5%. Baker's Q2 EPS estimates for both home improvement companies are now 1c below consensus levels. He kept a Buy rating on Lowe's and Hold ratings on Home Depot and Tractor Supply. PRICE ACTION: In early trading, Home Depot fell 2% to $79.07, Lowe's declined 1.8% to $47.02, Tractor Supply tumbled 5% to $58.23, and Lumber Liquidators plunged 22% to $54.70. Shares of Tile Shop (TTS), which is also exposed to housing markets, fell 11% to $11.55 in early trading.
10:05 EDTTSCOOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: AuRico Gold (AUQ) downgraded to Hold from Buy at Canaccord... Cincinnati Bell (CBB) downgraded to Underperform from Neutral at BofA/Merrill... Eldorado Gold (EGO) downgraded to Hold from Buy at Canaccord... Fortuna Silver Mines (FSM) downgraded to Hold from Buy at Canaccord... Gerdau (GGB) downgraded to Neutral from Overweight at JPMorgan... Hi-Crush Partners (HCLP) downgraded to Neutral from Buy at Ladenburg... Ingredion (INGR) downgraded to Equal Weight from Overweight at Stephens... Investors Bancorp (ISBC) downgraded to Neutral from Buy at Guggenheim... Lumber Liquidators (LL) downgraded to Hold from Buy at Jefferies... Mid-America Apartment (MAA) downgraded to Underweight at Morgan Stanley... Northern Tier (NTI) downgraded to Neutral from Outperform at Macquarie... S&T Bancorp (STBA) downgraded to Neutral from Buy at Guggenheim... T. Rowe Price (TROW) downgraded to Equal-Weight from Overweight at Evercore... Tahoe Resources (TAHO) downgraded to Hold from Buy at Canaccord... Tractor Supply (TSCO) downgraded to Market Perform from Outperform at William Blair... UnitedHealth (UNH) downgraded to Hold from Buy at Jefferies... Waddell & Reed (WDR) downgraded to Neutral from Buy at Citigroup... Washington Trust Bancorp (WASH) downgraded to Neutral from Buy at Guggenheim.
10:05 EDTTSCOOn The Fly: Analyst Upgrade Summary
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09:25 EDTTSCOTractor Supply weakness a buying opportunity, says RW Baird
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09:15 EDTTSCOOn The Fly: Pre-market Movers
HIGHER: Zumiez (ZUMZ), up 5.7% after raising Q2 outlook... DragonWave (DRWI), up 5% after reporting better than expected Q1 results... International Game (IGT), up 3.6% after Italian press report says the company will soon get a $4B offer from GTECH... United Continental (UAL), up 2.9% after reporting June traffic. LOWER: Lumber Liquidators (LL), down 23% after downgraded at Jefferies and Credit Suisse following the company's reduced full-year outlook. Tile Shop (TTS), which also serves flooring customers, down 5.5% following Lumber Liqudators' profit warning... Family Dollar (FDO), down 1.9% after reporting Q3 earnings that missed expectations... Tractor Supply (TSCO), down 5.9% after reporting Q2 preliminary results, saying it now sees FY14 results at low end of guidance range... Liquidity Services (LQDT), down 8% after revising Q3 guidance after its sales of selected rolling stock and other assets under its Surplus Contract with the U.S. Defense Logistics Agency have ceased at the request of DLA... Potbelly (PBPB), down 18% after lowering its Q2 and FY14 outlook... Memorial Production Partners (MEMP), down 7.4% after filing to sell 8.6M shares of common units for partners... Kosmos (KOS), down 3.3% after filing to sell 17M shares of common stock.
09:14 EDTTSCOTractor Supply downgraded to Market Perform from Outperform at William Blair
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09:13 EDTHPQHP Western Digital Seagate to benefit from PC rebound, says RBC Capital
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08:03 EDTMCKAccretive Health names Emad Rizk as CEO and president
Accretive Health (ACHI) announced that its Board of Directors has appointed Emad Rizk, M.D., president of McKesson Health Solutions (MCK), as CEO, President, and a member of the Board of Directors, effective July 21.
07:54 EDTTSCOTractor Supply shares should be bought on weakness, says RBC Capital
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07:51 EDTTSCOTractor Supply price target lowered to $70 from $80 at UBS
UBS lowered its price target on Tractor Supply to $70 from $80 following the company's Q2 shortfall. The firm noted the lack of buying by consumers, but because of steady retail traffic they believe sales will eventually materialize and thus keep a Buy rating on the shares.
07:46 EDTHPQHP awarded computing, servers contract by USAF
HP announced that the United States Air Force, or USAF, has issued a Quantum Enterprise Buy, or QEB, procurement for select HP business PCs and Workstations. Products that will be distributed as part of the procurement include a wide array of business desktop and notebook PCs, including the HP Compaq Pro 6305 SFF, HP Z230 Workstation, HP Z820 Workstation, HP ProBook 640 G1 and the HP ZBook Mobile Workstations. Products acquired through this QEB award will be distributed to USAF bases and facilities around the world.
07:31 EDTTSCOTractor Supply sell-off brings buying opportunity, says JPMorgan
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06:48 EDTTSCOHome Depot, Lowe's estimates lowered at Deutsche Bank
Deutsche Bank lowered its estimates for both Home Depot (HD) and Lowe's (LOW) after Tractor Supply (TSCO) and Lumber Liquidators (LL) preannounced Q2 comp misses. The firm says that while the business models are different, Tractor Supply and Lumber Liquidators have historically correlated positively with Home Depot and Lowe's on comps. Deutsche calls its negative earnings revisions "relatively minor," as it thinks comps are probably holding up better at Home Depot and Lowe's. It keeps a Buy rating on Home Depot and a Hold rating on Lowe's.
06:26 EDTHPQTablet quarterly shipments fall for first time to 56M on year, DigiTimes says
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06:23 EDTTSCOTractor Supply upgraded to Outperform from Neutral at Credit Suisse
Credit Suisse upgraded Tractor Supply to Overweight based on valuation following lowered guidance and believes the company is "superbly" positioned for growth. Price target lowered to $70 from $74.
06:18 EDTSNE, HPQIDC: PC shipments in mature regions stabilizes market in Q2, DigiTimes
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