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Stock Market & Financial Investment News

News Breaks
January 10, 2014
09:14 EDTFIVE, PUBGY, ANF, SHLD, BLDP, PSUN, OMC, AA, TGT, MNKD, YRCW, ICPT, MOn The Fly: Pre-market Movers
HIGHER: Abercrombie & Fitch (ANF), up 15% after company raises FY adjusted EPS view, shares upgraded at Janney Capital. Macy's (M), up 1.2% after upgraded at Goldman... Intercept (ICPT), up 33.5% after price targets raised at Citigroup, BofA/Merrill and Oppenheimer... Omnicom (OMC), up 2% after Reuters reported EU clears merger with Publicis (PUBGY). LOWER: Target (TGT), down 1% after lowering Q4 comparable sales view, disclosing that information from up to 70M guests taken during data breach... Sears (SHLD), down 11% after saying fourth quarter sales-to-date are down 7.6% and projecting fourth quarter and fiscal-2013 losses that were larger-than-expected... Alcoa (AA), down 6.5% after earnings miss expectations... Pacific Sunwear (PSUN), down 18.4% after sales metrics, guidance, downgrade at Janney Capital... Five Below (FIVE), down 9.7% after cutting fourth quarter guidance... YRC Worldwide (YRCW), down 20% after the International Brotherhood of Teamsters announced that employees did not approve the memorandum of understanding extension proposal made by the company... MannKind (MNKD), down 11.6% after announcing tentative date of FDA advisory committee review of Afrezza.
News For TGT;SHLD;M;AA;ANF;ICPT;OMC;PUBGY;YRCW;PSUN;FIVE;MNKD;BLDP From The Last 14 Days
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July 20, 2015
15:01 EDTOMCNotable companies reporting before tomorrow's open
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13:46 EDTM, TGTAmazon seen eclipsing Macy's as top U.S. clothing retailer
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08:08 EDTMMacy's price target to $78 on likelihood of a REIT transaction at BofA/Merrill
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July 19, 2015
18:13 EDTTGT, MMacy's considered, rejected sale/lease-backs in past, WSJ says
Macy's (M) executives have considered sale/lease-backs "over the years" and have come to negative conclusions, reports the Wall Street Journal, citing people familiar with the company. The report comes in the wake of Starboard Value pressuring Macy's to spin off its real estate, and sources said the activist investor sees several options, including a REIT, a Hudsonís Bayís-style real estate partnership, a sale/lease-back, or borrowing money against the properties. Separately, a source said Target (T) is still reluctant to relinquish control over its real estate. Reference Link
July 17, 2015
16:41 EDTMStocks end week higher as Google, Greece bring out the buyers
Stocks ended the week higher and the major averages are back at record highs after Iran agreed to a nuclear deal, Greece's parliament paved the way for the country to receive another bailout by agreeing to new austerity measures and Google (GOOG) gave investors hope that earnings from tech's other heavyweights will be similarly better than expected. MACRO NEWS: In the U.S., retail sales unexpectedly fell 0.3% in June, versus the consensus forecast for growth of 0.3%. The producer prices index showed prices rose 0.4% in June, versus expectations for an increase of 0.2%. The consumer price index rose a seasonally adjusted 0.3% in June from a month earlier, matching the consensus forecast. Compared with last year, consumer prices rose 0.1%, marking the first annual increase since December. Housing starts rose 9.8% to a 1.17M rate in June and building permits rose 7.4% to a 1.34M pace, both of which topped expectations. The NAHB homebuilder sentiment index for July came in at 60, a point better than forecast. The University of Michigan's consumer sentiment reading dropped to 93.3 in the preliminary July figure, which was below the 96.0 reading that was expected. During testimony before Congress, Federal Reserve Chair Janet Yellen stayed on message, stating that the central bank is on track to raise record-low interest rates this year, so long as the labor market and the economy keep improving... In China, exports rose 2.1% from a year earlier during June and imports dropped 6.7%, leaving a trade surplus of $45.8B for the month, the nation's customs administration reported. The nation's GDP was reported to have grown 7% in the second quarter from a year earlier, beating the consensus expectation for growth of 6.8%... In Europe, Greek lawmakers passed the country's austerity agreement and Euro-area finance ministers reportedly agreed in principle to extend a bridge loan to Greece. The loan should help keep Greece afloat while its Prime Minister negotiates the details of the country's latest bailout... Iran reached a deal on restrictions and inspections intended to prevent it from developing nuclear weapons in exchange for the lifting of economic sanctions by six world powers. The agreement still faces a political fight in the U.S. before taking effect, but President Barack Obama has vowed to veto any congressional effort to block its implementation. COMPANY NEWS: Class A shares of Google (GOOG, GOOGL) surged at the end of the week after the search giant reported better than expected revenues and earnings in the second quarter. Research firms all over Wall Street raised their price targets on the stock in the wake of the report... Netflix (NFLX) rallied to a split-adjusted all-time high after the streaming service operator reported stronger than expected second quarter results, including higher than expected Q2 subscriber metrics, prompting a large number of research firms to raise their price targets on the stock... Many of the nation's largest banks reported on their results in the second quarter this week. JPMorgan (JPM), Bank of America (BAC) and Citigroup (C) all posted quarterly profits, excluding certain items, that beat the average estimates of analysts. Wells Fargo (WFC) reported earnings in-line with consensus estimates and revenue somewhat below expectations, while Goldman Sachs (GS) reported headline earnings that appeared to fall far short of the consensus forecast. However, that was due to Goldman's nearly $1.5B in provisions for litigation and regulatory matters. Excluding those provisions, the bank's earnings were ahead of consensus... On the M&A front, Receptos (RCPT) advanced after Celgene (CELG) announced a deal to buy the smaller drugmaker for $232 per share in cash, or a total of about $7.2B net of cash acquired. A number of research firms applauded the deal, especially noting the price Celgene agreed to pay, but cautioned that a rival bidder may still emerge for Receptos. Marathon Petroleum (MPC) gained after MPLX (MPLX), the company's fee-based master limited partnership, agreed to acquire MarkWest Energy (MWE) in a cash and stock deal that implies a total enterprise value for MarkWest of approximately $20B, including the assumption of debt of approximately $4.2B. Micron (MU) rose after The Wall Street Journal reported that China's state-owned Tsinghua Unigroup had offered to acquire the memory chip maker for $23B, or $21 per share... Shares of Twitter (TWTR) spiked Tuesday morning after a questionable takeover report was published on a website that mimicked, but had a different web address, than Bloomberg News. A Bloomberg spokesman said soon afterward that the Twitter takeover story being attributed to the news service was a fake, while a Twitter spokesperson also denied the report of an alleged deal... Macy's (M) jumped after Starboard CEO Jeffrey Smith called the stock his "best idea" for 2015, adding that the shares could be worth $125 each if the company takes steps to maximize the value of its real estate holdings. Amazon (AMZN) announced it sold more units on its first "Prime Day" than the biggest Black Friday ever and had more new members try its Prime service worldwide than any single day in company history. The e-commerce giant noted that its worldwide order growth increased 266% over the same day last year and 18% more than Black Friday 2014, adding that it will "definitely be" doing another Prime Day in the future. A number of semiconductor equipment stocks, including Applied Materials (AMAT) and Lam Research (LRCX), dropped after Intel (INTC) cut its capital expenditures guidance while reporting on its quarterly results. INDEXES: For the week, the Dow gained about 1.05% to close at 18,086.45, the Nasdaq advanced about 3.37% to close at 5,210.14, and the S&P 500 rose about 1.67% to close at 2,126.64.
July 16, 2015
11:44 EDTMMacy's price target raised to $76 from $67 at JPMorgan
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07:30 EDTFIVEFive Below management to meet with Deutsche Bank
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05:46 EDTMNKDStocks with implied volatility movement; NFLX MNKD
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July 15, 2015
19:08 EDTMStarboard announces stake in Macy's, pushes for real estate spin off, WSJ says
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16:28 EDTMOn The Fly: Top stock stories for Wednesday
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16:00 EDTMOptions Update; July 15, 2015
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12:06 EDTMMacy's calls active, says evaluating real estate ownership structures
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12:00 EDTMMacy's says evaluating real estate ownership structures, Bloomberg reports
Macy's issued the statement to Bloomberg in response to comments made earlier about the value of its real estate assets by Starboard Value CEO Jeff Smith while he spoke at the "Delivering Alpha" conference.
11:37 EDTSHLD, MJ.C. Penney rises after Starboard CEO names Macy's 'best idea'
Shares of department store operator Macy's (M) are sharply higher in morning trading after Starboard Value CEO and CIO Jeff Smith revealed his firm has taken a stake in the company and believes its stock could be worth $125 per share. Smith, while speaking at the Delivering Alpha conference, contended that Macy's real estate assets are worth $21B and that it could separate its real estate from its retail business. Shares of Macy's, which Smith called his "best idea" for 2015, is up about 45 to $69.24 after the comments, while J.C. Penney (JCP), which is also a department store operator with real estate assets, is up 1.7% at $9.16. Another peer, Sears (SHLD), is down 2.8% at $23.17, but that is well off its session low of $22.66.
11:28 EDTMStarboard's Smith targeting Macy's, says shares worth $125 each, Bloomberg says
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09:02 EDTBLDPBallard Power acquisition positive, says Roth Capital
After Ballard Power (BLDP) agreed to buy Protonex, Roth Capital says the deal gives Ballard additional high margin revenue while diversifying its products and adding the U.S. military as a customer. Roth finds Ballard's valuation attractive and keeps a $2.55 price target and Buy rating on the shares.
06:56 EDTOMCOmnicom upgraded to Outperform from Market Perform at Wells Fargo
Wells Fargo upgraded Omnicom to Outperform saying secular concerns are overblown and that shares are attractive following the recent pullback. Wells raised its price target range for shares to $81-$83 from $76-$78.
July 14, 2015
17:52 EDTAAS&P announces changes to the S&P 500, 400, 600, and 100 indices
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09:04 EDTSHLDSears names Joelle Maher as President and Chief Member Officer
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07:02 EDTBLDPBallard Power initiated with a Buy at Rodman & Renshaw
Target $2.50.
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