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Stock Market & Financial Investment News

News Breaks
August 5, 2014
09:05 EDTBLMN, CAR, FIVN, HIMX, AKRX, GTAT, THC, SALE, MSI, CVS, GCI, COH, TGT, ODPOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Office Depot (ODP), up 6.9%... Coach (COH), up 4.3%... Akorn (AKRX), up 4.9%... Avis Budget (CAR), up 4.7%... GT Advanced (GTAT), up 3.7%... Tenet Healthcare (THC), up 1.9%... CVS Caremark (CVS), up 1.1%. HIGHER: Gannett (GCI), up 5.6% after acquiring remaining 73% interest in Classified Ventures for $1.8B, announcing plans to spin-off publishing business to shareholders... Himax (HIMX), up 4% after shares upgraded to Buy from Neutral at BofA Merrill Lynch. DOWN AFTER EARNINGS: Motorola Solutions (MSI), down 3.6%... Bloomin' Brands (BLMN), down 10.4%. LOWER: Target (TGT), down 4.6% after lowering its Q2 adjusted earnings per share view, updating on impact of data breach... RetailMeNot (SALE), down 20%, downgraded at RBC Capital following the company's Q2 report... Five9 (FIVN), down 22%, downgraded at Pacific Crest following lower than expected quarterly results.
News For TGT;GCI;ODP;COH;CVS;MSI;GTAT;FIVN;SALE;AKRX;CAR;THC;HIMX;BLMN From The Last 14 Days
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March 18, 2015
15:56 EDTTGTTarget to increase minimum wage paid to $9 per hour in April, Dow Jones says
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12:26 EDTTGTTarget unveils extended one-year return policy
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10:21 EDTAKRXHigh option volume stocks:
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07:32 EDTAKRXAkorn restatement minor, shares attractive, says Jefferies
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07:12 EDTAKRXAkorn shares should recover 'strongly,' says William Blair
William Blair believes shares of Akorn "should recover strongly" with the uncertainty of the annual filing delay being lifted last night. The firm notes management reiterated that the restated financial estimates for 2014 do not affect 2015 guidance. Blair still expects Akorn's 2015 to be a year of "significant cash flow, opportunistic acquisitions, pipeline approvals, and strong growth despite clobetasol competition." It lowered its price target for shares to $58 from $60 and keeps an Outperform rating on the name.
March 17, 2015
19:42 EDTAKRXOn The Fly: After Hours Movers
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18:35 EDTMSIMotorola Solutions report new $26M Project 25, $31M service agreement from LVMPD
A new $26M Project 25, or P25, communications system from Motorola Solutions has now been implemented by the Las Vegas Metropolitan Police Department, or LVMPD, to help officers communicate clearly and reliably in any situation, whether itís an issue in the rugged outlying areas of Clark County, a crowded casino or in one of 150,000 guest rooms in Las Vegas. LVMPD also signed an 11-year, $31M lifecycle management and support services agreement for systems and equipment. More than 5,000 Motorola Solutions APX two-way radios have been deployed to LVMPD officers, Clark County Detention officers and officers in the city of Mesquite, Nevada, who have recently joined the network. The system includes Motorola Solutions radio dispatch consoles and data capabilities for radio fleet management.
16:37 EDTAKRXAkorn to restate Q214, Q314 financial statements
Akorn announced that the company will file its Annual Report on Form 10-K for the year ended December 31 with the U.S. Securities and Exchange Commission on March 17. During the 2014 year-end audit process, an error was identified in the fair value allocation of assets acquired and liabilities assumed in connection with the acquisition of Hi-Tech Pharmacal, which resulted in an overstated chargeback reserve as of April 17. The error, which was identified on March 11, resulted from an overstatement of Hi-Tech's chargeback reserve in connection with applying the acquisition method of accounting at the closing of the Hi-Tech acquisition.The overstatement in the chargeback reserve was caused by a manual error made in preparing the data related to the chargeback reserve whereby there was a duplication of inventory units held by one customer utilized in the calculation of the reserve amount for Hi-Tech products at the acquisition date. The duplication resulted in an overstatement of chargeback reserves by approximately $8.9M for the opening balance sheet of Hi-Tech as of April 17. The chargeback reserve at the end of the quarter ended June 30 was then calculated correctly, resulting in the earlier overstated reserve amount being included in revenue during the quarter ended June 30 . The correction of the error in the quarter ended June 30 resulted in a reduction of previously reported revenue by approximately $8.9M a reduction of previously reported pre-tax income by approximately $8.9M and a reduction of previously reported net income, goodwill and retained earnings by approximately $5.6M, for the company's three and six month periods ended June 30. As a result of that error, the Audit Committee of the Akorn Board of Directors, upon the recommendation of the company's management, concluded that the previously issued financial statements contained in the company's Quarterly Reports on Form 10-Q for the quarters ended June 30 and September 30 should not be relied upon due to an error in the financial statements as of and for the three and six month periods ended June 30 and as of and for the nine month period ended September 30 , and that those financial statements would be restated to make the necessary.
14:33 EDTFIVNFive9 board member stock purchase a bullish sign, says JPMorgan
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12:38 EDTHIMXOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday, with the Dow falling about 1%. The market opened in negative territory and proceeded to gain additional downside momentum in early trading. Data on housing starts was not good, even accounting for bad weather in many areas of the country, and the prospect of interest rate increases on the horizon may have some fearing that the housing market recovery is in danger of stalling. Adding to the weakness in stocks may have been the further slide in crude oil prices, which pushed benchmark U.S. crude oil below $43 per barrel earlier in the session. ECONOMIC EVENTS: In the U.S., housing starts plunged 17% to an 897K rate in February, widely undershooting expectations for starts to be down 2.4% to a 1.04M rate, but much of the slide was attributed to weather. Building permits rose 3% to a rate of 1.092M, which was better than the expected 0.5% growth to a 1.065M rate. In Europe, Germany's ZEW Center investor confidence index climbed to 54.8 from 53 last month, though that fell short of the 59.4 consensus forecast. In Asia, the Shanghai Composite index rose 1.6% to close at its highest level in over 6 years. COMPANY NEWS: Apple (AAPL) is preparing to launch an online TV service later this year, according to reports from The Wall Street Journal and the Financial Times. After the reports, Piper Jaffray analyst Gene Munster said he believes Apple's online TV service launch would lay the groundwork for an actual television launch sometime in 2016. Munster estimates that at an average selling price of $1,750, a television could add about 7% to Apple's 2017 revenue. MAJOR MOVERS: Among the notable gainers was Black Diamond (BDE), which jumped 30% after the company reported was then expected quarterly results and guidance but also announced it has hired two banks to help it explore its strategic alternatives. Also higher was Esperion (ESPR), which rose 15% after the company's phase 2b study of ETC-1002, a product in development for patients with hypercholesterolemia on stable statin therapy, met its primary endpoints. Among the noteworthy losers was Himax (HIMX), which dropped 9% after BofA Merrill Lynch downgraded the stock two notches to Underperform from Buy. Also lower following its earnings report was magicJack (CALL), which fell 19%. INDEXES: Near midday, the Dow was down 152.00, or 0.85%, to 17,825.42, the Nasdaq was down 8.39, or 0.17%, to 4,921.12, and the S&P 500 was down 11.39, or 0.55%, to 2,069.80.
09:32 EDTHIMXHimax downgraded to Underperform from Buy at BofA/Merrill
BofA/Merrill downgraded Himax two notches to Underperform from Buy based on limited visibility, product newsflow from both Google (GOOG) and Microsoft (MSFT), and weakness with Samsung's low-end LCD based smartphone and China share. BofA/Merrill lowered Himax's price target to $7.
09:26 EDTCARAvis Budget management to meet with JPMorgan
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09:05 EDTTGTMicrosoft Band now available at Best Buy, Target, Amazon, Re/code reports
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08:34 EDTAKRXInSite Vision announces settlement of lawsuit against Mylan
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06:31 EDTCVSStudies find Gilead's hepatitis C drugs cost effective, Reuters says
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March 16, 2015
14:43 EDTHIMXAnalyst sees Himax facing headwinds, risks in near-term
The shares of Himax Technologies (HIMX) are falling sharply after research firm Northland Securities warned that the company's March revenues could come in at the lower end of its guidance. Himax develops semiconductors used in thin film transistor-liquid crystal displays and displays using other technologies. WHAT'S NEW: The Chinese sales of smartphones made by a number of Himax's customers, including Samsung, Lenovo (LNVGY), and ZTE, have been weak, Northland analyst Tom Sepenzis wrote in a note to investors today. Additionally, Samsung's new smartphones will probably ship with OLED displays, rather than TFT displays, the analyst stated. These developments create risks for Himax in the March-June time period, according to Sepenzis. Meanwhile, January and February data reported by a number of Taiwanese vendors, including HTC and Taiwan Semiconductor (TSM), do not bode well for Himax, as their sales were down 26.5% in February versus January. Additionally, Sepenzis is now more pessimistic on the near-term outlook for sales of augmented reality headsets, leading him to believe that Himax's revenue from these products will be lower than he previously estimated in the near-term. The analyst kept a $110 price target and Outperform rating on the shares, as he remains upbeat on the company's longer term outlook. PRICE ACTION: In mid-afternoon trading, Himax dropped 51c, or 6.5% to $7.47.
14:37 EDTCARAvis Budget backs FY15 EPS view $3.15-$3.75, consensus $3.53
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11:14 EDTHIMXHimax China sales falling, estimates need to come down, says Northland
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10:01 EDTMSIMotorola Solutions invests in drone maker CyPhy Works
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March 13, 2015
11:37 EDTTGTTarget to close first Canadian stores next week, Globe and Mail reports
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