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Stock Market & Financial Investment News

News Breaks
June 11, 2014
12:27 EDTULTA, AAPL, OREX, MU, SYNA, TBBK, SNDKOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday, though the Nasdaq had almost made its way back to unchanged near noon. Equity futures were weak during the pre-market trading session, leading to a lower open for the broader market. The averages found a level a short time after the open, from where they have been mostly drifting, with the Dow weakening a bit and the Nasdaq firming. The oil inventory numbers released mid-morning were generally in-line with forecasts and had little effect on the market. Of note on the political front, House Majority Leader Eric Cantor became the first sitting majority leader to ever lose in a primary after Tea Party activist David Brat surprisingly, and handily, beat Cantor in Virginia. ECONOMIC EVENTS: In the U.S., the federal budget is due to be reported at 2:00 pm ET, with the consensus forecast calling for a deficit of $131B. Also, the World Bank lowered its forecast for U.S. economic growth this year to 2.1%, which is down from its previous 2.8% growth expectation. COMPANY NEWS: Shares of chipmaker Synaptics (SYNA) surged 25% after the company confirmed last night that it had agreed to buy Renesas SP Drivers, which supplies display driver chips for Apple's (AAPL) iPhone. Research firm Pacific Crest called the acquisition, which had been speculated about previously in media reports, "a game changer" for Synaptics, as the firm believes that Synaptics can position itself for additional sales to Apple and other companies by integrating display drivers into its touch controller. MAJOR MOVERS: Among the notable gainers was beauty supply store operator Ulta Salon (ULTA), which jumped 14% after reporting better than expected Q1 results and reaffirming its FY14 guidance. Also higher were Micron (MU), which rose more than 5%, and SanDisk (SNDK), which advanced 3%, after BofA Merrill Lynch upgraded both of their stocks by two notches to Buy from Underperform in notes to investors this morning. Among the noteworthy losers was The Bancorp (TBBK), which was downgraded to Neutral at BTIG and dropped 28% after the company's disclosure of an FDIC order requiring restrictions on certain activities at its bank subsidiary. Also lower was Orexigen (OREX), which fell more than 16%, after announcing that the FDA extended the review period for NB32, the company's investigational medication being evaluated for weight loss, by three months. INDEXES: Near noon, the Dow was down 82.42, or 0.49%, to 16,863.50, the Nasdaq was down 1.71, or 0.04%, to 4,336.28, and the S&P 500 was down 5.17, or 0.27%, to 1,945.62.
News For SYNA;AAPL;SNDK;MU;ULTA;TBBK;OREX From The Last 14 Days
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June 23, 2015
06:05 EDTAAPLNo clear prospects for PC component suppliers until July, DigiTimes reports
There are no clear business prospects for PC component suppliers until July, reports DigiTimes. According to sources in the supply chain, Intel's decision to delay the launch of its Skylake platform has weakened market demand for notebooks and other PC systems. The planned release of Microsoft (MSFT) Windows 10 may also affect the production of PC makers. Reference Link
05:56 EDTAAPLEarnings Watch: Analyst says BlackBerry's FY16 targets looking 'unttainable'
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June 22, 2015
19:36 EDTAAPLApple Music artist royalties may be 'insignificant' during trial, WSJ says
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16:00 EDTAAPL, MUOptions Update; June 22, 2015
iPath S&P 500 VIX Short-Term Futures down 78c to 17.45. Option volume leaders: AAPL FB BAC CHK WMB BABA TWTR MU AMBA TSLA JPM
14:42 EDTAAPLOculus potential not reflected in Facebook's stock price, Piper Jaffray says
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13:33 EDTAAPLApple iPhone redesign without home button not before 2017, AppleInsider says
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10:00 EDTMUOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Akebia (AKBA) initiated with an Outperform at JMP Securities... Barracuda Networks (CUDA) initiated with a Buy at Summit Research... BioLineRx (BLRX) initiated with an Outperform at JMP Securities... Cabela's (CAB) initiated with an Outperform at Barrington... Chemours (CC) initiated with a Buy at Jefferies... Communications Sales & Leasing (CSAL) initiated with an Overweight at JPMorgan... E.W. Scripps (SSP) initiated with a Hold at Evercore ISI... EQT Corporation (EQT) reinstated with an Overweight at Barclays... EQT GP (EQGP) initiated with an Outperform at Credit Suisse... EQT Midstream Partners (EQM) initiated with a Buy at Deutsche Bank... Eagle Pharmaceuticals (EGRX) initiated with an Outperform at RBC Capital... Energen (EGN) initiated with a Buy at KLR Group... Ignyta (RXDX) initiated with an Overweight at Piper Jaffray... International Game (IGT) initiated with a Buy at BofA/Merrill... Leju (LEJU) initiated with an Overweight at Barclays... Micron (MU) initiated with an Outperform at Cowen... People's Utah Bancorp (PUB) initiated with a Buy at DA Davidson... SouFun (SFUN) initiated with an Overweight at Barclays... Turquoise Hill (TRQ) initiated with an Outperform at BMO Capital.
10:00 EDTSNDKOn The Fly: Analyst Upgrade Summary
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10:00 EDTMUOn The Fly: Analyst Downgrade Summary
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09:40 EDTAAPLActive equity options trading on open
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09:25 EDTSYNASynaptics removed from Focus List at JPMorgan
JPMorgan removed Synaptics from its Focus List and keeps an Overweight rating on the name.
09:14 EDTMUOn The Fly: Pre-market Movers
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08:09 EDTAAPLMasimo receives CE Mark for MightySat Rx pulse oximeter
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07:46 EDTAAPLApple CEO: Chinese consumer tastes weighed in product designs, Bloomberg says
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07:02 EDTMUMicron price target lowered to $33 from $37 at JPMorgan
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06:15 EDTMUMicron initiated with an Outperform at Cowen
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05:59 EDTAAPLApple developing in-house TDDI solutions, DigiTimes reports
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05:55 EDTAAPLApple changes tune over music streaming royalties, Financial Times says
Apple has agreed to pay for all the music carried on its new streaming music service during free trials, reports the Financial Times. The company signaled the climbdown after singer Taylor Sift released an open letter Sunday that denounced Apple Music as "shocking" and "disappointing.", adding that her views were shared by "every artist, writer and producer" in her social circles. The company will now pay for the music it streams during free trials, though it would pay less for each stream than it will when a user has taken a full subscription. Reference Link
05:34 EDTSNDKSanDisk upgraded to Buy from Hold at Summit Research
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05:31 EDTMUMicron downgraded to Sell from Neutral at Goldman
Goldman Sachs analyst Mark Delaney downgraded Micron Technology to Sell saying rising DRAM supply will lower selling prices and contract margins. Delaney expects DRAM prices to drop up to 30% over the next three quarters and cut his price target for shares to $19 from $27. The semiconductor provider closed Friday at $24.47.
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