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March 12, 2014
07:28 EDTYHOO, TCEHYTencent, Alibaba launch credit cards in China, FT reports
China’s two biggest Internet conglomerates, Tencent (TCEHY) and Alibaba, are extending their broad ranging competition into banking, as both have announced the launch of credit cards and both are expected to be among the companies eventually granted banking licenses under a pilot project announced this week by China, reported Financial Times. Yahoo (YHOO) has a significant minority ownership stake in Alibaba. Reference Link
News For TCEHY;YHOO From The Last 14 Days
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October 4, 2015
13:54 EDTYHOOGoogle, Facebook set to continue dominating web ads, Barron's says
Google (GOOG) and Facebook (FB) are likely to continue dominating online advertising, with Twitter (TWTR), Yahoo (YHOO), and LinkedIn (LNKD) increasingly becoming "distant rivals" as advertisers flock to the two biggest names in the space, Barron's contends in its 'Technology Trader' column. Shares of Google and Facebook "probably have decent upside from here," while the future of Angie's List (ANGI) and Yelp (YELP) looks "less certain," Barron's adds. Reference Link
October 1, 2015
14:07 EDTTCEHYTencent in talks to invest in money-lending startup, WSJ says
Tencent is in talks to invest in Chinese startup Fenqile, a microloan firm specializing in student loans, reports the Wall Street Journal, citing people familiar with the matter. Fenqile's upcoming investment round could value the company at about $1B, sources said, though it was unclear how much Tencent will contribute. Reference Link
September 29, 2015
16:24 EDTYHOOOn The Fly: Top stock stories for Tuesday
Stocks on Wall Street hovered near the flat line throughout today's session before finishing mixed, with the Dow and S&P rising and the Nasdaq falling. A measure of U.S. home prices rose by about 5% in July compared to the prior year, as expected, while a measure of consumer confidence was stronger than expected. ECONOMIC EVENTS: In the U.S., consumer confidence unexpectedly rose in September. Analysts expected the consumer confidence reading to pull back to 96.8 from the prior 101.5 figure, but it actually strengthened to 103.0. The S&P/Case Shiller composite index of 20 metro areas in July gained 5% year over year, which was just below the projected a 5.1% gain. Stocks sold off in much of Asia last night, with China's Shanghai composite index sliding 2% while Japan's Nikkei dropped 4%, erasing year-to-date gains in the process. India was the one country in the region to buck the trend of stock market declines, after the Reserve Bank of India made a larger than expected cut to its interest rates, lowering its benchmark policy rate to 6.75% from 7.25%. COMPANY NEWS: Shares of Yahoo (YHOO) advanced about 2.4% to $28.26 after its board authorized the company to continue to pursue its spin-off of Aabaco Holdings, a newly formed independent company that will hold all of Yahoo's remaining holdings in Alibaba Group (BABA)... Reynolds American announced that the international rights to the Natural American Spirit brand name and associated trademarks, along with the international companies that distribute and market the brand outside the U.S., will be sold to the Japan Tobacco Group in an all-cash transaction with a value of about $5B. The purchase does not include the rights to the Natural American Spirit brand name and associated trademarks in the U.S. market or U.S. territories, which will be retained by a wholly owned subsidiary of RAI. MAJOR MOVERS: Among the notable gainers was IHS (IHS), which advanced $5.22, or 4.96%, to $110.56 after the company reported earnings and commented on its associated conference call that it was not pursuing an acquisition of Solera (SLH), whose shares lost 2.3% after the news. Also higher was Nexstar (NXST), which rose 8% to $46.99 after an upgrade to Buy at Jefferies, with the research firm saying it assumes the company's offer for Media General (MEG) will ultimately find shareholder support. Among the noteworthy losers was Esperion (ESPR), which lost $16.76, or 47.76%, to $18.33 after warning that the FDA could mandate additional studies before approving the company's ETC-1002 treatment. Also lower was Team (TISI), which dropped $7.93, or 19.34%, to $33.08 after pre-announcing Q1 earnings, with figures coming in significantly below expectations on what the company called softness in demand. INDEXES: The Dow rose 47.24, or 0.3%, to 16,049.13, the Nasdaq lost 26.65, or 0.59%, to 4,517.32, and the S&P 500 advanced 2.32, or 0.12%, to 1,884.09.
16:00 EDTYHOOOptions Update; September 29, 2015
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12:33 EDTYHOOOn The Fly: Top stock stories at midday
Stocks on Wall Street were slightly higher at midday as the market seeks to break its losing streak, helped by an improvement in consumer confidence that came despite the recent market volatility. ECONOMIC EVENTS: In the U.S., consumer confidence unexpectedly rose in September. Analysts expected the consumer confidence reading to pull back to 96.8 from the prior 101.5 figure, but it actually strengthened to 103.0. The S&P/Case-Shiller 20-city composite home price index was up a seasonally adjusted 0.2% month over month in July, versus the consensus forecast for a rise of 0.1%. Stocks sold off in much of Asia last night, with China's Shanghai composite index sliding 2% while Japan's Nikkei dropped 4%, erasing year-to-date gains in the process. COMPANY NEWS: Shares of Yahoo (YHOO) advanced 3% after its board authorized the company to continue to pursue its spin-off of Aabaco Holdings, a newly formed independent registered investment company that will hold all of Yahoo's remaining holdings in Alibaba Group (BABA). MAJOR MOVERS: Among the notable gainers was Radius Health (RDUS), which rose nearly 10% after Ben Harrington of the Betaville blog stated during an appearance on Tip TV that he has heard that "something will be happening" in terms of M&A involving the company over the "next few weeks." Also higher were several recently beaten down biotech stocks that were seeing some bounceback, including Vertex Pharmaceuticals (VRTX), which gained 5%, and Biogen (BIIB), which advanced 4%. Notably, both of them, along with Amgen (AMGN), were mentioned in a note to investors by Cowen analyst Ken Cacciatore as "hypothetical" targets for Allergan (AGN). Among the noteworthy losers was OvaScience (OVAS), which dropped 38% after saying it now longer expects to meet its 2015 goal of 1,000 Augment cycles. Esperion (ESPR) also fell 38% after the company warned that the FDA could require it to undertake new studies before its ETC-1002 is approved. INDEXES: Near midday, the Dow was up 7.27, or 0.05%, to 16,009.16, the Nasdaq was up 7.38, or 0.16%, to 4,551.35, and the S&P 500 was up 4.56, or 0.24%, to 1,886.33.
10:37 EDTTCEHYNetflix could announce strategic cooperation with Wanda Group, Techweb says
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09:27 EDTYHOOOn The Fly: Pre-market Movers
HIGHER: Yahoo (YHOO), up 4.5% after the company's board authorized the company to continue to pursue its spin-off of Aabaco Holdings, a newly formed independent registered investment company that will hold all of Yahoo's remaining holdings in Alibaba Group (BABA)... Phoenix Companies (PNX), up 164% after Nassau Reinsurance agreed to acquire Phoenix for $37.50 per share in cash... McDonald's (MCD), up 1.4% after the stock was upgraded to Outperform at Credit Suisse... Johnson & Johnson (JNJ), up 1% following upgrade at Deutsche Bank. LOWER: Esperion (ESPR), down 29% after reporting that the FDA has encouraged the company to initiate a cardiovascular outcomes trial promptly since any concern regarding the benefit/risk assessment of ETC-1002 could necessitate a completed cardiovascular outcomes trial before approval... Solera (SLH), down 2% after IHS (IHS) said on its earnings call that it is not pursuing an acquisition of the company, as previouly indicated in media reports... Zosano (ZSAN), down 54% after the company announced that it would discontinue its ZP-PTH agreement with Eli Lilly (LLY).
06:45 EDTYHOOAlibaba volatility elevated as shares trade near IPO low
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06:28 EDTYHOOYahoo volatility up, board authorized to continue to pursue the Aabaco spin-off
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September 28, 2015
19:11 EDTYHOOOn The Fly: After Hours Movers
HIGHER: Yahoo (YHOO), up 3.3% after the board authorized Yahoo to continue to pursue the Aabaco spin-off plan... Cheniere Energy (LNG), up 0.67% after Carl Icahn raised his stake in the company to 11.43%... Republic Airways (RJET), up 7.4% after the company was upgraded to Buy from Hold at Deutsche Bank... Exelon (EXC) and Pepco (POM), higher by 1% and 2.4%, respectively, after the DC Mayor's office released a statement confirming discussions of a settlement agreement with the companies. LOWER AFTER EARNINGS: SYNNEX (SNX), down 2.7% after the company reported Q3 results, gave Q4 guidance, and raised its quarterly dividend. ALSO LOWER: Zosano (ZSAN), down 52.5% after it discontinued development of its Daily ZP-PTH treatment for severe osteoporosis and terminated a collaboration agreement with Eli Lilly (LLY)... OvaScience (OVAS), down 15.9% after the company announced it doesn't expect to meet its previous 2015 goal of 1,000 Augment treatment cycles.
17:25 EDTYHOOYahoo board authorizes company to continue to pursue Aabaco spin-off plan
On September 8, Yahoo! (YHOO) filed a Current Report on Form 8-K disclosing, among other things, that the Internal Revenue Service had notified Yahoo's counsel that it had determined, in the exercise of its discretion and without ruling adversely, not to grant Yahoo's request for a private letter ruling regarding certain aspects of its previously announced plan for a spin-off to Yahoo's stockholders of all of the stock of Aabaco Holdings, a newly formed independent registered investment company, which will hold all of Yahoo's remaining holdings in Alibaba Group Holding (BABA) and Aabaco Small Business,. Yahoo further disclosed in the September 8 Form 8-K that work was proceeding on the Aabaco spin-off plan, and that Yahoo's Board of Directors would continue to carefully consider the Company's options, including proceeding with the spin-off transaction on the basis of an opinion of counsel. On September 14, the IRS issued a formal "no-rule" policy with respect to certain transactions similar to the Aabaco spin-off and, in a notice released on the same day, indicated that the IRS and U.S. Department of the Treasury are studying the possibility of promulgating new guidance with respect to such transactions in the future. Neither this ongoing guidance project nor the IRS's decision not to rule with respect to the Aabaco spin-off transaction changes the current law applicable to the proposed spin-off. In addition, on September 19, an IRS official indicated in a public statement that any future guidance issued as part of the project would not apply retroactively to transactions completed prior to the issuance of such guidance. On September 23, Yahoo's Board of Directors authorized the Company to continue to pursue the plan for the Aabaco spin-off transaction as previously disclosed, except that completion of the spin-off will not be conditioned upon receipt of a favorable ruling from the IRS. The spin-off transaction will continue to be subject to certain other conditions, including final approval by Yahoo's Board of Directors, receipt of a legal opinion with respect to the tax-free treatment of the transaction under U.S. federal tax laws and regulations, the effectiveness of an applicable registration statement filed with the Securities and Exchange Commission and compliance with the requirements under the Investment Company Act of 1940, and other customary conditions, each of which conditions may be waived, in whole or in part , by Yahoo in its sole discretion.Completion of the transaction is expected to occur in the fourth quarter of 2015, subject to the conditions described above.
09:06 EDTYHOOCiti sees 'few if any' roadblocks for Yahoo's Alibaba spin
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08:06 EDTYHOOYahoo announces updates to advertising technology portfolio
Yahoo announced key updates to its advertising technology portfolio at Advertising Week in New York: BrightRoll is Yahoo's new, unified brand for programmatic advertising technology, offering a suite of media-agnostic tools to help advertisers, publishers and partners connect with consumers across ad formats and devices. Yahoo Gemini, the company's proprietary marketplace for search and native advertising across devices, introducing new product features and the Yahoo Preferred Partner Program. Over the past year the company has focused heavily on product development, and is bringing together the strengths of Yahoo, BrightRoll and Flurry to build a robust technology offering that simplifies the overall experience of digital advertising and drives measurable results for advertisers.
September 25, 2015
11:07 EDTYHOOStocks with call strike movement; BABA YHOO
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September 24, 2015
12:37 EDTYHOOYahoo reports total government data requests 15,583 from January 1-June 30
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September 23, 2015
20:08 EDTTCEHYChinese president visits U.S. amid cybersecurity, copyright worries
As part of his first official U.S. visit, Chinese president Xi Jinping held a meeting with American business leaders on Wednesday to address concerns of copyright infringement and cybersecurity, among numerous topics. In attendance were corporate giants from both nations, including Microsoft (MSFT), Apple (AAPL), Amazon (AMZN), Cisco (CSCO), Alibaba (BABA), Tencent (TCEHY), and Baidu (BIDU), according to media reports. COPYRIGHT CONCERNS: Responding to oft-cited concerns of copyright infringement by Chinese companies, Xi said China will "stand firm to protect" the intellectual property rights of American companies, according to Wall Street Journal coverage of the event. Note that in late 2014, China began establishing specialized courts to deliberate on intellectual property rights cases, and Xi commented Wednesday that "the newly established IPR courts are working smoothly. This means there will be much stronger IPR protection which will serve the interests of foreign businesses as well as Chinese companies." Chinese consumer electronics company Xiaomi is perhaps the most talked-about firm when it comes to the matter, with media outlets frequently criticizing its alleged "copying" of Apple design sensibilities. In mid-July, Xiaomi VP of global operations Hugo Barra told Bloomberg that the company is preparing to enter U.S. markets, though he cautioned that the launch could be "much more" than a year away as it seeks to build up its patent portfolio. CYBERSECURITY TENSIONS: Wednesday's meeting comes in the wake of numerous high-profile "hack attacks," with Sony (SNE), American Airlines (AAL), Anthem (ANTM), United Airlines (UAL), and Target (TGT) all reporting digital security breaches in recent years. Xi has consistently denied the involvement of state-backed hackers, but tensions have nevertheless arisen as cybersecurity firms such as FireEye (FEYE) and Palo Alto Networks (PANW) backtrace connections to the country. Cybersecurity intrusions originating from China have recently slowed ahead of Xi's visit, according to Reuters, with Kevin Mandia of security firm Mandiant telling the publication, "In my gut, I feel like the Chinese and the U.S. over the next couple of years are going to figure this out."
10:44 EDTTCEHYChinese Internet stock pullback a buying opportunity, CLSA says
Shares of multiple Chinese Internet companies are down again in morning trading amid more weak economic data from the Asian nation. However, research firm CLSA released a note making favorable comments and evaluations of several of the country's largest Internet players amid the economic slowdown. LITTLE IMPACT FROM SLOWDOWN: After 25 Chinese Internet and telecom companies attended CLSA's Investors' Forum, analyst Elinor Leung stated that Internet companies in China reported that they have been little affected by growing weakness in the nation's economy. Leung said that such companies have attributed their successful performance to a high savings rate, which increases consumer spending power, as well as gains in offline market share. Additionally, companies already listed may benefit from a weak A-share market in China, since smaller companies do not have access to financing and the slow market speeds up consolidation, Leung noted. RATINGS CHANGES: CLSA upgraded online travel service provider Ctrip (CTRP) to Buy from Outperform and maintained an $85 price target on its shares, while also raising its rating on Baidu (BIDU) two notches, to Buy from Underperform. Leung, who lowered Baidu's price target to $180 from $225, said the firm's top sector picks in the country are (JD), Alibaba (BABA), Tencent (TCEHY), and Ctrip. The analyst added that Tencent and Ctrip shares are the "most defensive" stocks, while JD and Alibaba could rebound even more after sentiment improves. WHAT'S NOTABLE: Last Thursday, TechInAsia reported that Baidu chief executive officer Robin Li said that the company was weighing the idea of delisting from the Nasdaq (NDAQ) and re-listing on the A-shares market in China. TechInAsia later added that a spokesperson from the Chinese internet giant "downplayed" the potential move, saying that Li's comments referred to an "unlikely hypothetical situation" in which U.S. investors don't recognize the importance of the online-to-offline market. PRICE ACTION: In morning trading, Baidu shares fell 1.4% to $134.21, Ctrip shares were flat near $66.64, shares slid 2% to $25.04 and Alibaba shares declined 2% to $60.69.
07:50 EDTTCEHY, upgraded to Buy from Outperform at CLSA
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September 21, 2015
10:42 EDTYHOOAnalyst says IRS statement removes some risk for Yahoo
An IRS official said that the agency's recent direction on the tax treatment of transactions like Yahoo's (YHOO) planned spinoff of its stake in Alibaba (BABA) "is not a description of future guidance," reported FBR Capital analyst William Bird, who views the comments as incrementally positive for the U.S. tech company. BACKGROUND: On September 8, Yahoo reported that the IRS refused to take a position on whether Yahoo could carry out a tax-free spinoff of its huge stake in Chinese e-commerce giant Alibaba. On September 15, the agency, without mentioning Yahoo or Alibaba by name, stated that "certain distributions" about which the agency had received inquiries may not meet requirements for tax-advantaged treatment. WHAT'S NEW: IRS Associate Chief Counsel Robert Wellen said on Friday that the agency's statement "is not a description of future guidance," FBR's Bird wrote in a note to investors today. The IRS hasn't made any decision about the guidance it could issue regarding spinoffs, Bird quoted Wellen as saying. The agency does not want to make a judgment on Yahoo's proposed spinoff while it is still studying the rules, Wellen explained, according to Bird. Wellen's statement appears to be positive for Yahoo, as it at least removes the possibility that Yahoo's transaction will be subject to potentially more restrictive upcoming rules, according to Bird. However, the analyst believes that the outlook for the tax treatment of Yahoo's spinoff remains uncertain. He kept an Outperform rating on the stock. WHAT'S NOTABLE: A lockup on about 1.58B shares of Alibaba's stock expired on Saturday, meaning that the holders of the shares are able to sell them for the first time today. However, Alibaba founder and chairman Jack Ma and vice chairman Joseph Tsai hold 269M of the shares whose lockup expired, and Tsai has said that they have no intention of selling significant amounts of their shares following the lockup expiration. Yahoo has another 384M of the Alibaba shares whose lockup expired. PRICE ACTION: In early trading, Yahoo rose 2.6% to $31.54 and Alibaba slipped 1.6% to $64.66.
08:19 EDTYHOOFriday's IRS comments remove one Yahoo risk, says FBR Capital
FBR Capital analyst William Bird views comments from the Internal Revenue Service on Friday at the ABA meeting as incrementally positive for Yahoo (YHOO). Robert Wellen, IRS Associate Chief Counsel, said Friday that his agency's recent notice "is not a description of future guidance" and that "nothing in this notice affects an immediate retroactive date." The analyst believes the comments take one Yahoo risk off the table, namely the retroactive treatment of potential new rules. However, anything shy of a definitive tax ruling on Yahoo's planned spinoff of its Alibaba (BABA) holdings falls short of fully resolving tax uncertainties, Bird tells investors in a research note. No timeline was given for how long the IRS plans to study the spinoff questions under tax code Section 355, analyst points out. He keeps an Outperform rating on Yahoo. The stock is up 23c to $30.97 in pre-market trading. Alibaba, which has 63% percent of its outstanding shares come off lockup today, is up 77c to $65.19 in trading before the opening bell.

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