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Stock Market & Financial Investment News

News Breaks
February 14, 2013
17:15 EDTS, CVH, YHOO, STXGreenlight reports decreased stakes in Seagate, Coventry, Sprint, Yahoo!
News For STX;CVH;S;YHOO From The Last 14 Days
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July 31, 2015
08:01 EDTSTXSeagate reports Q4 EPS 77c ex-items, consensus 64c
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06:50 EDTSComcast, Verizon differ over terms of wireless network deal, WSJ says
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July 30, 2015
15:04 EDTSTXNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's open, with earnings consensus, include Exxon Mobil (XOM), consensus $1.11... Chevron (CVX), consensus $1.16... Seagate Technology (STX), consensus 64c... Tyco (TYC), consensus 56c... Newell Rubbermaid (NWL), consensus 62c... LifePoint Health (LPNT), consensus 99c.
08:42 EDTSTXSeagate July weekly volatility increases into Q4 and outlook
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06:30 EDTSSoftBank's Arora: Still committed to turning Sprint around, WSJ reports
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05:46 EDTYHOOLivetext falls somewhere between Snapchat and Periscope, says Piper Jaffray
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July 29, 2015
14:12 EDTSTXEarnings Watch: Hard drive makers report amid PC sector fears
Western Digital (WDC) and Seagate (STX) are expected to report quarterly results on July 29 and 31 with conference calls scheduled for 5:00 pm ET and 9:00 am ET, respectively. The two companies develop and manufacture computer storage solutions, including hard disk drives. EXPECTATIONS: Analysts are expecting Western Digital to report earnings per share of $1.45 on revenue of $3.25B, while Seagate is expected to report earnings per share of 64c on revenue of $2.92B. During its last earnings conference call, Western noted a "cautious" near-term outlook and forecast Q4 EPS to be $1.50-$1.60 on revenue of $3.3B-$3.4B. PRELIMINARY RESULTS: On July 13, Seagate reported preliminary Q4 revenue of $2.9B, adjusted gross margins of 27%, and 45M unit shipments, driven by what the company characterized as "lower than expected intra-quarter demand." The company had previously guided Q4 revenue to $3.2B-$3.3B, and analysts were looking for $3.19B in revenue at the time. LAST QUARTER: On April 17, Seagate reported Q3 adjusted EPS of $1.08 against expectations for $1.04, and revenue of $3.3B versus estimates of $3.4B. Following that, Western Digital reported Q3 EPS of $1.87 on April 28 versus estimates of $1.89, and revenue of $3.5B against expectations for $3.6B. NEWS: On May 1, Seagate announced plans to combine its Cloud Systems and Electronic Solutions groups, and on July 14, the company said it extended its alliance with HP (HPQ). STREET RESEARCH: On May 15, RBC called Western Digital shares "compelling" due to multiple near-term positive catalysts, though Morgan Stanley said on May 19 that it was just "cautiously optimistic" on Western because of softened growth expectations for the general PC market. On May 28, Goldman Sachs called fears of PC weakness overdone and upgraded Western Digital to Buy, saying the company's increasingly enterprise-heavy mix gives it a healthy long-term profit forecast. On June 12, Longbow reported that its hard drive price checks were not quite as bad as it had feared, adding that Western Digital's guidance appears achievable while Seagate's forecast appeared at risk. Heading closer to earnings, Citi said on July 2 that it expects somewhat weak quarterly results for the two hard drive giants but recommended buying both Western Digital and Seagate shares on any perceived post-earnings weakness. Stifel somewhat echoed that point on July 8, saying investor sentiment seemed overly negative towards Western, with traders potentially underestimating the company's shift towards enterprise products. Note that on July 23, Morgan Stanley said its June CIO survey indicated incremental enterprise IT budget weakness, leading the research firm to downgrade Western Digital to Equal Weight and drop Seagate two notches to Underweight. On the M&A front, Susquehanna said on May 29 that SanDisk (SNDK) remained an attractive takeover target, with Western Digital looking like a likely buyer. However, RBC and CLSA both raised doubts on June 5 about the possibility of such a deal. PRICE ACTION: Shares of Western Digital are up 1.34% to $78.83 ahead of Wednesday's report, while Seagate is up 0.84% to $49.28.
12:06 EDTYHOOYahoo introduces live video texting app Livetext
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11:06 EDTSSprint introduces Family Share Pack plan
With more data than T-Mobile (TMUS), and with significant savings over Verizon (VZ) and AT&T (T), Sprint (S) introduces the new Sprint Family Share Pack. Families switching to Sprint get four lines, unlimited talk, text and 10GB of high-speed data while on the Sprint network for $100/month starting July 31. Sprint says its new plan will save families $480/year over Verizon and $720/year over AT&T for virtually the same 10GB of data. Sprint says that 10GB is more than double the high-speed data in T-Mobile’s family plan.
06:18 EDTYHOOYahoo could launch messaging app at NYC press event, Swisher says
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July 27, 2015
11:03 EDTYHOOYahoo to unveil new consumer product at NYC event this week, Re/code says
Yahoo will hold an event in New York City midweek to unveil a new consumer product, Re/code reports, citing sources familiar with the matter. The new product will be mobile in focus, the report says. Reference Link
09:04 EDTYHOOYahoo recommends shareholders reject TRC Capital mini tender offer
Yahoo said it received notice of an unsolicited “mini-tender” offer by TRC Capital Corporation to purchase up to 3M shares of Yahoo’s common stock at a price of $37.45 per share in cash. The offering price is 4.56% below the closing price per share of Yahoo’s common stock on July 22, 2015, the last trading day before the offer was commenced. The offer is for approximately 0.32 percent of the outstanding shares of Yahoo’s common stock. Yahoo said it does not endorse TRC Capital’s unsolicited mini-tender offer and recommends that shareholders do not tender their shares. Yahoo is not associated with TRC Capital, its mini-tender offer or the mini-tender offer documentation.
06:28 EDTYHOOYahoo bought Media Group One in Q1 for $23M, TechCrunch reports
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July 23, 2015
10:00 EDTSTXOn The Fly: Analyst Downgrade Summary
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09:13 EDTSTXOn The Fly: Pre-market Movers
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09:05 EDTYHOOYahoo names Lisa Utzschneider chief revenue officer
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07:22 EDTSSprint price target lowered to $3 from $4 at Jefferies
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06:29 EDTSTXSeagate downgraded to Underweight from Overweight at Morgan Stanley
Morgan Stanley downgraded Seagate two notches to Underweight from Overweight and cut its view on the US IT Hardware Industry to Cautious from In-Line. The firm's June CIO survey indicates incremental enterprise IT budget weakness, and when combined with a downtick in cloud capex, results in a reduction in estimates and multiple compression. Morgan Stanley lowered its price target on shares to $34 from $49.
July 22, 2015
12:32 EDTYHOOOn The Fly: Top stock stories at midday
Stocks on Wall Street were lower at midday as slides in a number of big name tech stocks following their earnings reports dominated the news flow and largely dictated the market's direction. ECONOMIC EVENTS: In the U.S., the FHFA home price index rose 0.4% to 222.8 in May, as expected. Existing home sales rose 3.2% to a 5.49M rate in June, better than the 0.9% increase that was expected. In Europe, the European Central Bank reportedly raised the cap on Greece's Emergency Liquidity Assistance by EUR900M to EUR90.4B, according to Bloomberg. COMPANY NEWS: The tech sector has been weak, headlined of course by a 5% pullback in shares of Apple (AAPL) after iPhone shipments in the just completed quarter and the company's sales forecast for the new quarter missed estimates. Adding to the negative tone in tech stocks, and contributing further to the decline in the Nasdaq, was the 3% drop seen in Microsoft (MSFT) shares after its quarterly report as well as Yahoo's (YHOO) 1% decline after its revenue outlook missed the consensus forecast... Shares of Boeing (BA) and Coca-Cola (KO) fared better than Dow peer Apple after each reported better than expected sales and profits, though neither stock was moving far from where they closed yesterday's trading. MAJOR MOVERS: Among the notable gainers was Thoratec (THOR), which rose 10% after the company agreed to be acquired by St. Jude Medical (STJ) for $3.4 billion in cash, or $63.50 per share. St. Jude shares advanced fractionally after the deal, which had been foreshadowed by media reports yesterday, was announced. Also higher following their earnings reports were Intuitive Surgical (ISRG), which gained 10%, Chipotle Mexican Grill (CMG), which advanced 8% and Whirlpool (WHR), which was up 6%. Among the noteworthy losers were a number of suppliers to Apple that declined in tandem with the tech giant after it reported a sequential drop in iPhone sales. Skyworks Solutions (SWKS), Cirrus Logic (CRUS), Qorvo (QRVO) and NXP Semiconductors (NXPI) were among the many semiconductor stocks that slid following Apple's report. Also sharply lower was antibody-based therapeutics maker XOMA (XOMA), which plunged more than 73% and was downgraded to Neutral at Piper Jaffray after a Phase III trial of its gevokizumab drug in patients with Behcet's disease uveitis did not meet its primary endpoint. INDEXES: Near midday, the Dow was down 82.22, or 0.46%, to 17,837.07, the Nasdaq was down 42.68, or 0.82%, to 5,165.44, and the S&P 500 was down 6.93, or 0.33%, to 2,112.28.
07:31 EDTYHOOYahoo price target lowered to $51 from $54 at JPMorgan
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