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January 31, 2013
16:43 EDTCLSN, SGMS, FB, SWKS, WMS, BUD, FIO, FTNT, QCOM, STZOn The Fly: Closing Wrap
Stocks on Wall Street were lower after the averages moved in a narrow range for much of the session on fairly light volume ahead of tomorrow's non-farm payroll report... ECONOMIC EVENTS: In the U.S., weekly unemployment applications jumped 38K to a seasonally adjusted 368K, versus expectations for a more modest rise to 350K. The Challenger job cuts report showed planned layoffs were down 24.4% from the same period a year ago. The Commerce Department said consumer spending rose 0.2% in December, which was slightly slower than the 0.4% increase in November, though income jumped 2.6% in December for the biggest monthly gain since the end of 2004. The Chicago Purchasing Managerís Index came in at 55.6, beating an expected reading of 50.5... COMPANY NEWS: The Department of Justice announced it was suing to prevent Anheuser-Busch InBev's (BUD) planned $20.1B deal to buy control of Grupo Modelo (GPMCF). Shares of AB InBev fell sharply after the news broke, settling down $5.54, or 5.88%, at $88.60. Constellation Brands (STZ), whose deal to acquire the remaining 50% in the Crown Import joint venture it runs with Grupo Modelo is in jeopardy from the DoJ action, lost $6.81, or 17.39%, to $32.36 following the news. However, late in the day, Bloomberg cited sources in reporting that AB InBev's talks about the merger are continuing with U.S. regulators... Facebook (FB) opened sharply lower following its quarterly report, but recovered through the day, eventually closing down only 26c, or 0.83%, at $30.98. Despite earnings and revenue that beat consensus, shares were downgraded by at least five firms as the company said it plans to invest heavily in its business in 2013... Qualcomm (QCOM) saw price targets on its shares raised around the Street following the company's Q1 results and increased guidance and closed up $2.49, or 3.92%, at $66.02... MAJOR MOVERS: Among the notable gainers was WMS Industries (WMS), up $8.38, or 51.19%, to $24.75 after agreeing to be acquired by Scientific Games (SGMS) for $26.00 per share in cash. Shares of Scientific Games opened sharply higher, but fell through the session to close down 4c, or 0.45%, at $8.89. Also higher following earnings reports that beat Street estimates were Fortinet (FTNT), up $4.24, or 21.91%, to $23.59 and Skyworks (SWKS), up $2.38, or 11.04%, to $23.94. Among the noteworthy losers was Celsion (CLSN), down $6.51, or 81.17%, to $1.51 after its Phase III HEAT study of ThermoDox did not meet its primary endpoint. Also lower was Fusion-io (FIO), down $2.61, or 12.99%, to $17.48, after its Q3 revenue view came in well below Street estimates and the stock was downgraded and price targets were cut by at least three firms... INDICES: The Dow was down 49.84, or 0.36%, to 13,860.58; the Nasdaq was down 0.18, or 0.01%, to 3,142.13; and the S&P 500 was down 3.85, or 0.26%, to 1,498.11.
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November 11, 2015
06:15 EDTBUDAmbev acquires Canadian beer brands for $350M, Reuters says
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06:04 EDTBUDAB InBev, SABMiller reach $107B merger agreement
The Boards of Anheuser-Busch InBev (BUD) and SABMiller (SBMRY) announced that they have reached agreement on the terms of a recommended acquisition of the entire issued and to be issued share capital of SABMiller by AB InBev. The Transaction will be implemented by means of the acquisition of SABMiller by Newco, a Belgian company to be formed for the purposes of the transaction. AB InBev will also merge into Newco so that, following completion of the transaction, Newco will be the new holding company for the combined group. Pursuant to the terms of the transaction, each SABMiller shareholder will be entitled to receive GBP44.00 in cash for each SABMiller share. The deal is worth $107B. The transaction will also include a partial share alternative under which SABMiller shareholders can elect to receive GBP3.7788 in cash for each SABMiller share and 0.483969 restricted shares in lieu of the full cash consideration to which they would otherwise be entitled under the transaction. The partial share alternative is equivalent to a value of GBP41.85 per SABMiller share. AB InBev intends to seek a secondary listing of its ordinary shares on the JSE as soon as "reasonably practicable" after the date of this announcement. Molson Coors (TAP) announced that it has entered into a definitive agreement with Anheuser-Busch InBev to purchase SABMiller's 58% stake in MillerCoors for $12B.
05:53 EDTQCOMStocks with implied volatility below IV index mean; QCOM TRIP
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05:48 EDTBUDMolson Coors to acquire full ownership of MillerCoors JV for $12B
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November 10, 2015
17:05 EDTSWKSSkyworks approves $400M share repurchase program
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16:19 EDTSWKSOn The Fly: Top stock stories for Tuesday
Stocks on Wall Street were mixed, with the Dow and S&P notching slight gains and the Nasdaq being weighed on by a slide in Apple (AAPL). ECONOMIC EVENTS: In the U.S., import prices fell 0.5% in October and export prices slipped 0.2%. Wholesale sales rose 0.5% in September, with inventories rising 0.5% in the month as well. In China, the consumer inflation rate fell to an annual 1.3% in October, which was down from 1.6% the month before and below the 1.5% consensus forecast. COMPANY NEWS: Shares of Apple, as well as those of a number of its chip suppliers, slid following a bearish note by Credit Suisse, whose checks pointed to reduced iPhone component orders heading into 2016. Credit Suisse analyst John Pitzer and his team cut their forecast for iPhone production in next calendar year in the face of apparently reduced supplier orders from Apple for the iPhone 6s, sending shares of the tech giant down 3.15% to $116.77 and weighing on chip makers including Avago (AVGO), Broadcom (BRCM), Skyworks (SWKS) and Qorvo (QRVO)... During the company's investor meeting, McDonald's (MCD) raised its global refranchising target to 4,000 restaurants through 2018 with a new long-term goal to become 95% franchised, announced plans to increase its dividend by 5% to 89c per share and said that after "robust" debate it had decided to not pursue a REIT spin-off transaction for its real estate holdings. The fast food giant finished the day up 0.3% at $113.29 per share following the meeting. MAJOR MOVERS: Among the notable gainers was Mallinckrodt (MNK), which rallied $4.55, or 7.84%, to $62.56 after a CNBC appearance by Citron Research's Andrew Left, during which the stock began rebounding. Left's Citron had knocked the stock down sharply yesterday by tweeting that the shares had more downside than Valeant (VRX) amid the pricing debate that has impacted both and others in the specialty drug space. Also higher was Tower International (TOWR), which gained 9% to $29.77 after announcing plans to explore a sale of its European operations. Separately, Rackspace (RAX) advanced $3.24, or 11.96%, to $30.33 after reporting better than expected third quarter results. Among the noteworthy losers was Flotek (FTK), which dropped $5.56, or 38.08%, to $9.04 after it responded to a cautious report by saying an analysis of its FracMax database suggested certain production data was misinterpreted. Also lower was Wayfair (W), which lost 14% to $39.42 after reporting better than expected earnings while also being mentioned by investor Whitney Tilson as his largest short position. Later in the day, Citron's Left called the company's business model "stupid" in a CNBC interview. Additionally, Barrett Business (BBSI) fell 27% to $38.47 after disclosing that its auditor had requested an independent investigation regarding certain expense reserves. INDEXES: The Dow rose 27.73, or 0.16%, to 17,758.21, the Nasdaq lost 12.06, or 0.24%, to 5,083.24, and the S&P 500 advanced 3.14, or 0.15%, to 2,081.72.
16:00 EDTFBOptions Update; November 10, 2015
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15:02 EDTFBFacebook introduces Instagram Partners program
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13:38 EDTBUDMolson Coors close to buying SABMiller's JV stake, WSJ reports
Molson Coors (TAP) is close to a deal to acquire the remainder of the MillerCoors joint venture, clearing the way for SABMiller (SBMRY) to finalize its sale to AB InBev (BUD), the Wall Street Journal reports. As part of the agreement, SABMiller would sell its 58% stake in the venture to Molson Coors for over $10B, the report says, citing people familiar with the matter. The transaction would include other Miller brands, the report says. The agreement is expected to be announced Wednesday alongside a formal agreement between SABMiller and AB InBev, the report says. Reference Link
13:33 EDTSWKSApple, suppliers fall after analyst calls out reduced iPhone component orders
Apple (AAPL) shares, as well as those of a number of its chip suppliers, are dropping following a bearish note by Credit Suisse, whose checks pointed to reduced iPhone component orders heading into 2016. DECLINING IPHONE ORDERS: Following checks on Apple's Asian supply chain over the weekend, Credit Suisse analyst John Pitzer and his team cut estimates for iPhone shipments going forward into 2016. The research firm now sees first quarter units down 10.4% year-over-year to just 55M, and calendar year 2016 unit shipments down 5.5% to 222M. The team had previously forecast a respective 63M and 242M for those periods, but cut expectations in the face of apparently reduced supplier orders from Apple for the iPhone 6s. Credit Suisse notes that chip suppliers with greater than 10% exposure to Apple include Avago (AVGO), SanDisk (SNDK), Analog Devices (ADI), Broadcom (BRCM), Texas Instruments (TXN), NXP Semiconductors (NXPI) and Fairchild (FCS). Already cautious on Apple and other smartphone plays, the research firm reiterated its bearish view on the sector due to high market penetration, saying it instead prefers chip names levered to industrial, auto, and infrastructure applications, such as Linear Technology (LLTC), Maxim (MXIM), Cypress (CY) and ON Semiconductor (ON). IVES SAYS BUY: The Credit Suisse research note comes on the heels of a more bullish take by FBR yesterday, with the firm's Daniel Ives saying many investors "are not seeing the forest through the trees" when it comes to Apple. He characterized supply chain worries as "chatter" and lackluster Apple Watch sales as "bumps in the roads." More important, said Ives, is the "major inflection point period" which the company is entering, with streaming TV, iPad Pro, the $100B iPhone market opportunity in China, and a "blockbuster" iPhone 7 all approaching on the horizon, leading Ives to reiterate an Outperform rating and $175 price target on the shares. SUPPLIER PRICE ACTION: Despite FBR's confidence in Apple, smartphone component suppliers moved broadly lower after Tuesday's note from the Credit Suisse team. Avago has declined 3.8% to $121.67, while Broadcom, Skyworks (SWKS), and Qorvo (QRVO) lost a respective 2.1%, 5.1%, and 4.2%. Meanwhile, Apple shares are down 3.3% to $116.63.
13:20 EDTBUDAB InBev offer for SABMiller likely to be formalized tomorrow, DJ says
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13:20 EDTBUDMolson Coors near deal to buy out SABMiller's joint venture stake, DJ says
12:00 EDTFB, BUDAb InBev, HSBC, Google, among firms to testify at EU tax hearing, Reuters says
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10:34 EDTSGMSOptions with decreasing implied volatility
Options with decreasing implied volatility: ZSPH UBNT AWAY KATE SGMS ZG LL ANET DATA RAX
10:14 EDTFTNTCyberark retreats after BofA downgrades on slowing growth
Bank of America Merrill Lynch downgraded IT security provider Cyberark (CYBR) in the wake of the company's results, citing valuation, tough comparisons, and the company's decelerating growth. Cyberark's stock is falling in the wake of its results and the downgrade. BACKGROUND: Cyberark reported third quarter earnings per share of 26c, versus analysts' consensus estimate of 13c. The company's revenue came in at $40M versus the consensus outlook of $37M. Cyberark provided fiscal 2015 EPS guidance of 80c-82c, against the consensus outlook of 65c. ANALYST REACTION: In a note to investors today, BofA Merrill analyst Tal Liani downgraded Cyberark to Neutral from Buy, stating that the company reported "solid results," but is facing high expectations and tough year-over-year comparisons for the next few quarters. Although Cyberark beat Q3 expectations, the amount by which it surpassed consensus estimates has dropped over the last few quarters, the analyst pointed out. Additionally, its growth has decelerated and the shares of other IT security companies in similar situations have dropped sharply, according to Liani. The analyst lowered his price target on the stock to $48 from $80. OTHERS TO WATCH: Other publicly traded companies in the IT security space include Barracuda (CUDA), Check Point (CHKP), F5 Networks (FFIV), FireEye (FEYE), Fortinet (FTNT), Imperva (IMPV), Palo Alto (PANW), Proofpoint (PFPT), Qualys (QLYS) and Symantec (SYMC). PRICE ACTION: In early trading, Cyberark fell 6% to $42.07.
09:37 EDTFBActive equity options trading on open
Active equity options trading on open: AAPL TGT VLO BAC FB W RAX V PHM
07:11 EDTSWKSMicrosemi's proposal to acquire PMC-Sierra declared "superior" by board
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07:03 EDTSWKSMicrosemi announces proposal to acquire PMC-Sierra deemed 'superior proposal'
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06:16 EDTFBFacebook to appeal Belgian court ruling, Reuters reports
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05:30 EDTQCOMStocks with implied volatility below IV index mean; YUM QCOM
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