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Stock Market & Financial Investment News

News Breaks
May 23, 2014
16:31 EDTT, HPQ, HD, CRM, PETM, CPB, DKS, GM, LOCK, LO, RAI, AGN, VRX, AZN, PFE, DTV, DLTRMarket ends week higher after Fed minutes, housing data
Stocks finished the week higher after Fed minutes revealed that the central bank does not see inflation as a near-term threat and several economic data points were better than expected. MACRO NEWS: The minutes of the Fed's last meeting stated that committee members expect inflation to remain well below the central bank's 2% objective, adding that the Fed does not believe that it currently faces a trade-off between its employment and inflation objectives... Reports on existing home sales and new home sales in April both showed monthly gains, while a U.S. manufacturing index beat expectations. The index of leading indicators for April was in-line with expectations, while jobless claims were slightly worse than expected. An index of Chinese manufacturing, reported by HSBC, came in significantly above expectations and reached a five month high, despite still indicating contraction in the sector. COMPANY NEWS: AT&T (T) confirmed last weekend that it had agreed to acquire DirecTV (DTV) for $95.00 per share, including $28.50 per share in cash and $66.50 per share in AT&T stock. Also last weekend, Pfizer (PFE) raised its bid for AstraZeneca (AZN), but the U.K. drugmaker again rejected this "final" takeover proposal. In other M&A news, Valeant (VRX) stated that it would sweeten its previous bid for Allergan (AGN), but clarified that the new bid would not be an all-cash offer. Meanwhile, Reuters reported that cigarette maker Reynolds American (RAI) was in advanced talks to acquire its peer, Loriillard (LO)... Lifelock (LOCK), which provides identify theft protection services, tumbled after disclosing that it would temporarily suspend its Wallet mobile application because it is not fully compliant with applicable payment card industry security standards... General Motors (GM) shares fell after the company announced that it was recalling an additional 2.42M vehicles in four separate U.S. recalls. The automaker added $200M to the charge it expects to take in Q2 related to its recalls, bringing the total potential charge up to $400M... Dick's Sporting Goods (DKS), Campbell Soup (CPB), and PetSmart (PETM) were among the companies that dropped after announcing their earnings results. Meanwhile, Home Depot (HD), Hewlett-Packard (HPQ), and Dollar Tree (DLTR) were among the companies whose shares rose following their quarterly reports. INDEXES: The Dow was up 0.7% to 16,606.27, the S&P 500 was up 1.2% to 1,900.53, and the Nasdaq was up 2.33% to 4,185.81.
News For T;DTV;PFE;AZN;VRX;AGN;RAI;LO;LOCK;GM;DKS;CPB;PETM;CRM;HD;HPQ;DLTR From The Last 14 Days
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October 9, 2014
11:14 EDTAGN, VRXAllergan raises outlook again as Valeant pursuit continues
Drug maker Allergan (AGN) this morning preannounced stronger than expected results and again raised its fiscal year profit guidance. The beat and raise results come after The Wall Street Journal reported on Tuesday that drug maker Valeant (VRX) and hedge fund Pershing Square intend to raise their previous bid for Allergan by $15 per share to about $191. Meanwhile, also on Tuesday, Reuters said that drug maker Actavis (ACT) plans to make a new merger offer to Allergan, and sources indicated to the news service that Allergan may be willing to consider an offer from Actavis if the bid is for more than $200 per share. WHAT'S NEW: Allergan estimated that its third quarter earnings per share would come in at $1.76-$1.78, versus analysts' consensus estimate of $1.48. The drug maker had previously provided Q3 EPS guidance of $1.44-$1.47. Allergan raised its fiscal 2014 EPS guidance to $6.20-$6.25 from $5.74-$5.80. Analysts' consensus estimate was $5.81. This is the fourth time that Allergan has raised its guidance this year. Allergan said that its markets have been strong around the world, while it is gaining market share in most categories. ANALYST REACTION: In a note to investors today, Wells Fargo analyst Larry Biegelsen wrote that, in the wake of Allergan's guidance increase, the company's price to earnings multiple could expand to 22x its estimated 2016 earnings, up from its current multiple of 19x. In addition to the raised guidance, a potential accretive acquisition by Allergan and the possibility that it will be acquired make such an increase in the multiple "quite possible," Biegelsen contended. He kept an Outperform rating on the stock. WHAT'S NOTABLE: Allergan has reportedly held advanced talks about acquiring another company in the sector, Salix (SLXP), although CNBC's David Faber on October 2 reported that the talks between the two companies about a merger had "cooled considerably." PRICE ACTION: In late morning trading, Allergan rose fractionally to $191.06 while Valeant slid 1.5% to $124.08.
11:13 EDTHPQHP management to meet with Oppenheimer
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10:00 EDTAGNOn The Fly: Analyst Initiation Summary
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09:41 EDTDKS, HDBofA/Merrill retail analysts hold an analyst/industry conference call
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09:17 EDTGMOmix Ada recalls floor mats used in Chevrolet, GMC trucks, SUVs
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09:16 EDTHDHome Depot management to meet with Deutsche Bank
Meetings to be held in Beijing/Tokyo on October 9 hosted by Deutsche Bank.
08:53 EDTHPQAbout 1,000 workers went on strike for several hours at Foxconn plant, WSJ says
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08:50 EDTVRX, AGNAllergan shares have further upside, says Wells Fargo
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08:37 EDTCPBCampbell names Brandywine Realty as developer of Gateway District Development
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08:10 EDTAZNAstraZeneca reports Phase IIb study of benralizumab met primary endpoint
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07:34 EDTCRMSalesforce.com coverage assumed with a Buy at MKM Partners
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07:34 EDTHPQHP has room to grow, gave conservative guidance, says Brean Capital
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06:55 EDTHPQAnalyst says PC company likely to get much of HP debt, Re/code reports
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06:52 EDTHPQTechnology producer settles China facility demonstrations, Reuters says
Hon Hai Precision Industry confirmed that it had settled a demonstration which involved close to 1K staff members at its Chongqing plant in China, and noted that manufacturing at the facility was not affected by the strike, according to Reuters, citing a statement from the company. Hon Hai constructs Apple (AAPL) products, as well as HP (HPQ) and Cisco (CSCO) computers and servers. The Chongqing facility isn't listed by Apple as one of its certified suppliers. Reference Link
06:49 EDTAGNAllergan cites momentum from robust growth of worldwide markets
The company also cites increases in market share in most categories, many regulatory approvals for new products in the U.S. and internationally, and targeted investments to create and grow new products and new categories. Exceptional growth in EPS from the acceleration in sales but also in leveraging of sales and marketing expenditures. The benefits from Allerganís previously announced restructuring program will be reflected in the Companyís actual results beginning in the fourth quarter of 2014 and continuing through 2015.
06:47 EDTAGNAllergan sees FY16 non-GAAP EPS $10.25
06:47 EDTAGNAllergan sees FY15 non-GAAP EPS $8.60, consensus $8.25
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06:47 EDTAGNAllergan sees FY14 non-GAAP EPS $6.20-$6.25, consensus $5.81
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06:46 EDTAGNAllergan raises Q3 EPS to $1.76-$1.78 from $1.44-$1.47, consensus $1.48
Expects Q3 product net sales to increase in excess of 17% in dollars compared to product net sales from 3Q13.
06:29 EDTHPQIDC: Worldwide PC shipments down 1.7% in Q3, DigiTimes reports
Worldwide PC shipments are down 1.7% with 78.5M units shipped in Q3, reports DigiTimes, citing the IDC. Shipments in the US grew 4.3% to 17.3M, with growth centered from strong momentum in te portables category. Reference Link
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