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Stock Market & Financial Investment News

News Breaks
March 7, 2014
12:18 EDTHAWK, ALOG, BIG, COO, KR, PRGS, FL, SWYOn The Fly: Midday Wrap
Stocks on Wall Street were mixed at midday despite a surprisingly better than expected report on job growth in February. Most market watchers were gearing up for a miss due to weather related issues and when the number came out ahead of forecasts the buyers stepped in, which led the broader market to open sharply higher. The averages held their gains through the first hour of trading but began to weaken and turned mixed before 10 am ET. Only the bluechip Dow had been able to remain in positive ground by midday. ECONOMIC EVENTS: In the U.S., 175K non-farm jobs were added last month, beating the expected increase of 150K jobs. The unemployment rate rose to 6.7% from last month’s 6.6% rate. The trade balance report for January showed a deficit of $39.1B, versus the expected $38.5B deficit. A report on consumer credit growth in January is expected at 3:00 pm ET. COMPANY NEWS: Grocery store owner Safeway (SWY) agreed to be acquired by Albertsons, which is owned by private equity firm Cerberus, for a total value estimated at $40 per Safeway share. Safeway shareholders will receive $32.50 per share in cash, will have the right to receive pro-rata distributions of proceeds from primarily non-core assets with an estimated value of $3.65 per share, and Safeway's shares of Blackhawk (HAWK), with a current value of $3.95 per Safeway share, will still be distributed. Analysts were mixed in their opinions about the deal, with Deutsche Bank saying it views the $40 per share price as too low and adding it believes grocery peer Kroger (KR) should bid during the deal's 21 day go-shop period. Conversely, UBS upgraded Safeway to Neutral following the acquisition news and said it does not expect a counter bid by Kroger. At midday, Safeway shares were down nearly 3% to $38.40, while Kroger was up 1.5% to trade near $44 per share... Shares of closeout retailer Big Lots (BIG) spiked 19% after the company reported fourth results, said the wind-down of its Canadian operations is on schedule, and approved a $125M share repurchase program... Shoe and apparel retailer Foot Locker's (FL) shares rose 7% after the company reported fourth quarter earnings that beat the consensus estimate. Following the company's report, analysts at Deutsche Bank raised their price target on Foot Locker shares to $48, noting that the company's FY14 guidance was in-line with Street expectations, unlike most retailers. MAJOR MOVERS: Among the notable gainers was Cooper Companies (COO), which was up more than 5% near noon following its quarterly report. The results prompted analysts from at least two research firms to raise their price target on Cooper shares. Among the noteworthy losers following a disappointing quarterly report was medical technology company Analogic (ALOG), down nearly 17%. Also lower was Progress Software (PRGS), which fell 10% after cutting its first quarter profit and sales outlook last night. INDEXES: Near midday, the Dow was up 29.16, or 0.18%, to 16,451.05, the Nasdaq was down 21.37, or 0.49%, to 4,330.76, and the S&P 500 was down 0.82, or 0.04%, to 1,876.21.
News For SWY;KR;BIG;FL;COO;ALOG;PRGS;HAWK From The Last 14 Days
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April 1, 2015
06:39 EDTKRWal-Mart pressures suppliers to lower prices, WSJ says
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March 30, 2015
16:04 EDTALOGAnalogic announces CFO Levitz resigning to join Insulet
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16:03 EDTALOGInsulet names Michael Levitz as CFO
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16:02 EDTALOGAnalogic announces resignation of CFO Levitz
05:48 EDTPRGSProgress Software appoints Sean Doherty as Chief Sales Officer
Progress announced the strategic hire of Sean Doherty to the role of Chief Sales Officer, Worldwide Sales, for the Progress Application Development and Deployment business unit.
March 27, 2015
06:46 EDTCOOContact lens makers, discounters battling over price setting, NY Times says
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March 24, 2015
11:05 EDTFLFoot Locker management to meet with Jefferies
Meeting to be held in Los Angeles on March 27 hosted by Jefferies.
10:01 EDTALOGOn The Fly: Analyst Upgrade Summary
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07:27 EDTKRTelsey Advisory to hold a conference
2015 Consumer Conference is being held in New York on March 24-25.
07:21 EDTCOOCooper Companies outlook has improved, says Wells Fargo
After speaking with sources at the Global Contact Lens Forum at Vision Expo, Wells Fargo is more confident in Cooper's accelerating growth outlook in fiscal 2015 and beyond, driven by what the firm sees as the company's ability to gain share in the fast growing multifocal and daily lens market segments. The firm raised its price target range on the shares to $202-$203 from $184-$185 and keeps an Outperform rating on the stock.
05:22 EDTALOGAnalogic upgraded to Buy from Hold at Brean Capital
Brean Capital upgraded Analogic to Buy with a $110 price target saying it expects the business to both uptick and be more predictable going into FY16. Brean sees the company's growth being led by ultrasound.
March 20, 2015
10:00 EDTCOOOn The Fly: Analyst Initiation Summary
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09:32 EDTCOOCooper Companies management to meet with JPMorgan
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March 19, 2015
16:08 EDTCOOCooper Companies initiated with an Overweight at Piper Jaffray
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07:35 EDTKRKroger price target raised to $90 from $80 at Deutsche Bank
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