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Stock Market & Financial Investment News

News Breaks
April 24, 2012
Stocks on Wall Street were mixed at midday, following better than expected earnings from three more Dow components. The Nasdaq is being weighed on by a slide in Apple's (AAPL) shares, which are down about 2% ahead of tonight's earnings report. AT&T's (T) report of its quarterly iPhone activations added to recent weakness in that much watched stock. The futures action led to a mixed opening for the market and the averages have moved in a fairly narrow range since the opening bell... ECONOMIC EVENTS: Domestically, the S&P/Case Shiller 20-city composite home price index gained 0.2% in February on a seasonally adjusted basis, matching forecasts and marking the first time the reading has risen since April of last year. Without adjusting for seasonal differences, the survey fell to its lowest level since the housing market downturn began. New single-family home sales dropped in March but beat analysts' expectations as the government upwardly revised its sales figures for February, January and December. The new data and adjustments resulted in a seasonally adjusted 328,000 unit annual sales rate. U.S. consumer confidence edged slightly lower in April to 69.2, versus expectations of a 69.6 reading. The Richmond Fed manufacturing index rose to 14, up from 7 the month prior and above the forecast for a 6 reading. In Europe, a Dutch bond sale went off without problems the day after its government collapsed over budget cuts... COMPANY NEWS: AT&T (T) led all Dow advancers, rising 3.5%, following its better than expected earnings. Shares of United Technologies (UTX) and 3M (MMM) also rose after both reported earnings that beat consensus. IBM (IBM) was another source of Dow strength after the company increased its dividend and share repurchase authorization... Fitch restored its credit ratings on Ford Motor (F) to investment grade for the first time since 2005... Among companies reporting earnings, advancers included Carlisle (CSL), Baker Hughes (BHI), Parker Hannifin (PH) and Hershey (HSY); decliners included Waters (WAT), Lexmark (LXK) and Sanmina-SCI (SANM)... MAJOR MOVERS: Among the notable gainers were Align Technology (ALGN), up about 15%, after its earnings and guidance beat the Street's view, and Sequenom (SQNM), up more than 10%, after William Blair said in a note to investors that the company's MaterniT21 test volumes could top consensus estimates. Noteworthy losers included Big Lots (BIG), down over 20%, following at least four downgrades after the company lowered its same store sales view, and Netflix (NFLX), down 13%, after the company posted a quarterly loss and gave lower than anticipated domestic subscriber guidance for Q2. Also lower were shares of Corrections Corporation of America (CXW), down almost 8%, after California announced plans to overhaul its prisons and cut billions in prison spending... INDICES: Near noon, the Dow was up 105.88, or 0.82%, to 13,033.05; the Nasdaq was down 0.84, or 0.03%, to 2,969.61; and the S&P 500 was up 7.15, or 0.52%, to 1,374.09.
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November 16, 2015
06:05 EDTAAPLApple price target lowered to $140 from $150 at UBS
UBS analyst Steven Milunovich lowered his price target for Apple to $140 from $150 saying the stock's multiple is likely to be pressured until supply chain concerns are resolved. UBS analyst Arthur Hsieh indicates Hon Hai's Q4 iPhone assembly order forecast has been cut and should be down 10% year-over-year, Milunovich tells investors in a research note. The analyst is unclear what the order pullback means for iPhone shipments, but notes "it is not encouraging." Milunovich maintains his above-consensus December estimates for Apple, but trimmed his estimates for the March quarter. He keeps a Buy rating on Apple.
05:42 EDTIBMXilinx, IBM announce strategic collaboration
IBM (IBM), and Xilinx (XLNX) announced a multi-year strategic collaboration to enable higher performance and energy-efficient data center applications through Xilinx FPGA-enabled workload acceleration on IBM POWER-based systems. IBM and Xilinx, through a private signed agreement and collaboration through the OpenPOWER Foundation, are teaming to develop open acceleration infrastructures, software and middleware to address emerging applications such as machine learning, network functions virtualization, or NFV, genomics, high performance computing, or HPC, and big data analytics. As part of the IBM and Xilinx strategic collaboration, IBM Systems Group developers will create solution stacks for POWER-based servers, storage and middleware systems with Xilinx FPGA accelerators for data center architectures such as OpenStack, Docker, and Spark. IBM will also develop and qualify Xilinx accelerator boards into IBM Power Systems servers. Xilinx is developing and will release POWER-based versions of its leading software defined SDAccel Development Environment and libraries for the OpenPOWER developer community. Additionally, IBM and Xilinx will continue to further utilize IBM's innovative Coherent Accelerator Processor Interface, or CAPI, to deliver accelerated computing value to its clients. CAPI, a unique feature built into the POWER architecture, provides Xilinx and the technology industry at large with the ability to build tightly integrated, coherent solutions right on top of the POWER architecture.
November 15, 2015
19:49 EDTAAPLApple CEO Cook expects 'huge' Watch sales this year, IE says
In an interview with Irish Independent published Sunday, Apple CEO Tim Cook said he expects "huge" Apple Watch sales this year. Cook added that he sees iPad sales rebounding, and said the company does not plan a combined iPad-Mac device. Reference Link
12:59 EDTBHIBaker Hughes shares could gain, lose 30% on merger verdict, Barron's says
Shares of Baker Hughes (BHI) could gain 27% if its combination with Halliburton (HAL) gains regulatory approval, but "there is too much uncertainty" to take that bet, as a negative verdict on the merger could send Baker plunging 20%-30%, Barron's contends in a 'Trader Extra' column. Investors searching for less risky arbitrage deals may instead take a look at Berkshire Hathaway's (BRK.A, BRK.B) offer for Precision Castparts (PCP), argues the publication. Reference Link
November 13, 2015
16:40 EDTAAPLAppaloosa gives quarterly update on stakes
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16:26 EDTAAPLStocks end week lower as retail gets routed
Stocks ended the week sharply lower after weak retail earnings reports, highlighted by Macy's (M), were followed by a worse than expected government report on retail sales performance in October. MACRO NEWS: In the U.S., retail sales rose 0.1% in the month of October, versus expectations for an increase of 0.3%. When autos and gas are removed, the core reading was up 0.3%, versus expectations for a rise of 0.4%. Producer prices fell 0.4%, versus expectations for them to be up 0.2%. When food and energy are removed, the core reading was down 0.3%, versus expectations for it to be up 0.1%. Business inventories grew 0.3% in September while sales were flat compared to August. Consumer sentiment, as measured by the preliminary print from the University of Michigan survey, improved 3.1 points to 93.1 in November, which was better than the 91.5 reading that was expected. In Europe, data showed that eurozone's economy grew by just 0.3% in the third quarter, which was a slowdown from the 0.4% GDP growth recorded three months earlier and weaker than the 0.4% consensus growth forecast. In China, exports declined for a fourth straight month in October, sliding 3.6%, while imports fell for a 12th straight month, declining 16% in yuan terms. China's foreign-exchange reserves rose in October for the first time in six months, increasing to $3.53T from $3.51T at the end of September, the People's Bank of China reported. Industrial output in China rose 5.6% in October, matching March's reading as the weakest since 2008. Retail sales climbed 11% last month, beating expectations. COMPANY NEWS: Shares of retailers broadly declined following disappointing earnings reports and commentary from a number of department store operators, including Macy's, Nordstrom (JWN) and J.C. Penney (JCP). Weather was cited by a number of them, and analysts also pointed to the continued rise in competition felt by brick-and-mortar retailers from e-commerce players, mainly (AMZN)... Among earnings reporters outside of the retail sector, Viacom (VIAB) and Rackspace (RAX) rose immediately following their reports, while Cisco (CSCO), Priceline (PCLN), Hertz (HTZ), and Advance Auto Parts (AAP) fell right after their own... 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% and said that after "robust" debate it had decided to not pursue a REIT spin-off transaction for its real estate holdings... Anheuser-Busch InBev (BUD) and SABMiller (SBMRY) came to terms on a deal to combine the companies in a transaction worth $107B. In relation to their deal, Molson Coors (TAP) agreed to purchase SABMiller's 58% stake in MillerCoors, the joint venture formed in the United States in 2008, in a deal valued at $12B. Molson Coors was the biggest winner in terms of percentage stock gains immediately following the announcements, rising over 4% on Wednesday... Mylan (MYL) jumped after the company's offer to acquire Perrigo (PRGO) failed, ending a seven-month fight between the two drugmakers. Perrigo Chief Executive Officer Joseph Papa said he was "delighted" that his company's shareholders rejected the offer and the company added that it will immediately commence its previously announced $2B share buyback program, but its shares slid in the wake of the shareholder vote... PayPal (PYPL) shares saw three straight days of losses after the Wall Street Journal reported that Apple (AAPL) is working on a mobile payments service that could compete with the firm's Venmo platform... Angie's List (ANGI) advanced after IAC/InterActiveCorp (IACI), the parent company of HomeAdvisor, made public a $8.75 per share cash buyout offer. Yelp (YELP), which also connects people with local businesses via its web-based and mobile services, also rose following the revelation of the takeout bid for Angie's List... Alibaba Group (BABA) reported blockbuster sales for the 11.11 shopping festival, better known as "Singles' Day." By the end of Wednesday in China, gross merchandise volume on Alibaba's platforms hit $14.3B, far exceeding last year's 24-hour total of $9.3B and topping the company's $11B forecast. INDEXES: The Dow lost about 3.7% to close at 17,245.24, the S&P 500 fell about 4.25% to close at 2,023.04, and the Nasdaq declined about 3.6% to close at 4,927.88.
16:00 EDTNFLX, AAPLOptions Update; November 13, 2015
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15:04 EDTAAPLLeerink digital health analyst holds analyst/industry conference call
Digital Health Analyst Wardell discusses Fitbit and how many units will it sell in Q4, the Apple Watch and whether it is in a different product category than Fitbit on an Analyst/Industry conference call to be held on November 17 at 12:30 pm.
13:04 EDTBHIBaker Hughes reports U.S. rig count down 4 to 767 rigs
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11:57 EDTAAPLGoogle rolls out Chrome beta for iOS, 9to5Mac reports
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11:09 EDTNFLXStocks with call strike movement; NFLX CKE
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10:15 EDTAAPLApple breaks below support at $115, levels to watch
The shares are down over 1.5% to $113.95. At that price next support is at $111.73. Resistance is at $115.
10:09 EDTAAPLApple could launch second-generation Apple Watch by June 2016, AI reports
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09:35 EDTNFLX, AAPLActive equity options trading on open
Active equity options trading on open: AAPL CSCO FB BAC BABA MSFT NFLX INTC JCP AMZN C
09:27 EDTMMMOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Blue Buffalo (BUFF), up 8.2%... Applied Materials (AMAT), up 3.8%... Planet Fitness (PLNT), up 9.8%... Lipocine (LPCN), up 16.2% after reporting quarterly results and that the FDA has assigned a Prescription Drug User Fee Act goal date of June 28, 2016. ALSO HIGHER: Mylan (MYL), up 10.9% after Perrgo (PRGO) shareholders did not tender enough shares for the hostile takeover bid to succeed... Plug Power (PLUG), up 7.3% after entering into a strategic supply agreement with 3M (MMM)... Yum! Brands (YUM), up after reporting that October China Same-Store Sales are up 5%. DOWN AFTER EARNINGS: Fossil (FOSL), down 24.5%... Fossil (JWN), down 20.6%... El Pollo LoCo (LOCO), down 15.1%... Cisco (CSCO), down 4.1%.... Tyco (TYC), down 4.1%... J.C. Penney (JCP), down 6.8%. ALSO LOWER: Fitbit (FIT), down 8.4% after 17M share Secondary priced at $29.00... GameStop (GME), down 8% after being downgraded to Sector Weight from Overweight at Pacific Crest... Lions Gate (LGF), down 2.6% after 3.4M share Spot Secondary priced at $39.43... Perrigo is down 10.5% after shareholders did not tender enough shares for the hostile takeover bid to succeed.
07:05 EDTMMM3M, Plug Power announce strategic supply agreement
Plug Power (PLUG) and 3M (MMM) announce a supply agreement for membrane electrode assemblies, or MEAs, to be used in Plug Power designed proton exchange membrane, or PEM, fuel cell stacks. Through this strategic supply agreement, robust fuel cell stacks will be manufactured in Plug Power's Latham, NY and Spokane, WA facilities to support the $20B material handling market. Additionally, this new fuel cell stack technology will be utilized to expand Plug Power's presence into hydrogen enabled electric vehicle applications outside of the material handling market. Fuel cell systems using the 3M MEA's and Plug Power stack design will begin shipments in Q4.
06:41 EDTNFLXJohn Malone wishes he had made hostile bid for Netflix in 2012, NY Post reports
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06:30 EDTFFord testing autonomous vehicles at Mcity
Ford said it is the first automaker to test autonomous vehicles at Mcity - the full-scale simulated real-world urban environment at the University of Michigan. The 32-acre facility is part of the university's Mobility Transformation Center. Ford has been testing autonomous vehicles for more than 10 years and is now expanding testing on the diversity of roads and realistic neighborhoods of Mcity near the North Campus Research Complex to accelerate research of advanced sensing technologies. Reference Link
06:17 EDTAAPLApple Music coming to Sonos 'soon'
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06:15 EDTAAPLApple's Beats Music ending on November 30
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