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Stock Market & Financial Investment News

News Breaks
July 31, 2014
17:06 EDTWMT, ALL, S, PNR, MPC, TMUS, PEP, LLL, TGTOn The Fly: Closing Wrap
Stocks on Wall Street were sharply lower, following the lead of international markets that were also sliding overnight after Argentina defaulted on its debt. The averages, which opened deep in the red, took another leg lower shortly after the open when the Chicago Purchasing Managerís Index came out well below expectations. Investors moved to the sidelines and watched stock prices steadily move lower ahead of the impending nonfarm payrolls data, due out tomorrow morning. With today's slide, the major averages gave up all of their gains for the month and will now be down for July. In fact, the Dow's losses were enough to erase the blue-chip index's gains for the year. ECONOMIC EVENTS: In the U.S., initial jobless claims rose 23K to 302K in the week ended July 26 from a revised 279K figure for the prior week. The Chicago PMI dropped a surprising 10 points to 52.6 in July, versus a 63.0 forecast. Internationally, Argentina failed to head off its second default in the past 13 years, sending its stock and bond markets sharply lower and causing ripples throughout global debt and equity markets. COMPANY NEWS: Shares of T-Mobile (TMUS) gained $2.00, or 6.46%, to $32.94 after the company reported second quarter results that beat expectations and France's Iliad (ILIAF) confirmed that it has offered $15B in cash for 56.6% of T-Mobile US at $33 per share. T-Mobile US confirmed that it has received a proposal from Iliad S.A but stated in a regulatory filing that the company "will have no further comment at this time." Following that offer, which was first reported by Dow Jones, Sprint (S), which has been widely seen as the most likely buyer of T-Mobile, fell 41c, or 5.28%, to $7.35... Target Corporation (TGT) announced that its Board of Directors has named Brian Cornell as the companyís next chairman of the Board of Directors and CEO, effective August 12. Cornell most recently served as the CEO of PepsiCo Americas Foods (PEP) where he oversaw the companyís global food business. Before joining PepsiCo in 2012, Cornell served as president and CEO of Samís Club, a division of Wal-Mart (WMT). A number of analysts applauded Target's hiring decision, with Cowen upgrading the stock to Market Perform from Underperform afterward, but the stock finished the day down $1.79, or 2.92%, to $59.59 amid the market's broad sell-off. MAJOR MOVERS: Among the notable gainers was Marathon Petroleum (MPC), which rose $4.50, or 5.7%, to $83.48 after reporting better than expected second quarter sales and profits and announcing that its board approved an additional $2B share repurchase authorization. Also higher following its earnings report was Allstate (ALL), which advanced $1.56, or 2.74%, to $58.45. Among the noteworthy losers was L-3 Communications (LLL), which dropped $14.68, or 12.27%, to $104.96 and was downgraded to Hold from Buy at Drexel Hamilton after the company cuts its FY14 EPS outlook. Also lower were shares of Pentair (PNR), which fell $5.52, or 7.93%, to $64.07 and was downgraded to Underperform from Neutral at BofA Merrill Lynch after lowering its FY15 EPS target to $4.50 from $5.00. INDEXES: The Dow plunged 317.06, or 1.88%, to 16,563.30, the Nasdaq dropped 93.13, or 2.09%, to 4,369.77, and the S&P 500 fell 39.40, or 2.0%, to 1,930.67.
News For TMUS;S;TGT;MPC;ALL;LLL;PNR;WMT;PEP From The Last 14 Days
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April 20, 2015
07:21 EDTPEPPepsiCo risk/reward favorable into Q1 results, says Wells Fargo
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06:19 EDTMPCCiti still bullish on U.S. Refiners, Marathon Petroleum a top pick
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April 19, 2015
17:28 EDTTGTTarget website overwhelmed by rush from Lilly Pulitzer shoppers, WSJ says
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April 17, 2015
15:42 EDTWMTWal-Mart to slash layer of in-store management, Bloomberg reports
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April 16, 2015
06:05 EDTWMTFormer Wal-Mart CEO Duke heads to Carlyle Group, WSJ reports
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April 15, 2015
17:32 EDTTGTMasterCard reaches agreement with Target to resolve claims
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10:36 EDTALLBofA/Merrill U.S. credit analysts hold an analyst/industry conference call
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April 14, 2015
18:41 EDTTGTTarget close to $20M settlement with MasterCard over data breach, WSJ says
According to people familiar with the negotiations, Target (TGT) is approaching a settlement with MasterCard (MA) to reimburse financial institutions roughly $20M for costs they incurred from the retailerís massive data breach in 2013, The Wall Street Journal reports. Target is negotiating a separate settlement with Visa (V), according to sources, WSJ added. Reference Link
18:32 EDTWMTCourt rules Wal-Mart can reject shareholder proposal on gun sales, WSJ says
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18:17 EDTTGTTarget close to $20M settlement with MasterCard over data breach, DJ says
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10:51 EDTS, TMUSGoogle to sell mobile phone plans directly to customers, The Information reports
Google (GOOG) is looking to sell mobile phone plans directly to customers while managing their calls and mobile data over a cellular network, reports The Information. According to people with knowledge of the plans, the new service is expected to run on Sprint (S) and T-Mobile (TMUS) networks. Google expected to reach deals to buy wholesale across to those carriers' networks. A launch this year seems likely. Reference Link
10:01 EDTPNR, PEPOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: AB InBev (BUD) initiated with a Neutral at Susquehanna... AMC Networks (AMCX) initiated with an Overweight at Piper Jaffray... Avery Dennison (AVY) initiated with a Hold at BB&T... Boston Beer (SAM) initiated with a Neutral at Susquehanna... Brocade (BRCD) initiated with a Neutral at Wedbush... Bunge (BG) initiated with an Overweight at Stephens... CIRCOR (CIR) initiated with a Speculative Buy at Global Hunter... Cabot Microelectronics (CCMP) initiated with a Buy at BB&T... Canadian Natural (CNQ) initiated with a Buy at GMP Securities... Cenovus Energy (CVE) initiated with a Hold at GMP Securities... China Distance Education (DL) initiated with a Buy at Brean Capital... Coca-Cola Enterprises (CCE) initiated with a Negative at Susquehanna... Coca-Cola (KO) initiated with a Negative at Susquehanna... Constellation Brands (STZ) initiated with a Neutral at Susquehanna... Discover (DFS) initiated with an Outperform at Wells Fargo... Dr Pepper Snapple (DPS) initiated with a Neutral at Susquehanna... Flex Pharma (FLKS) initiated with a Buy at H.C. Wainwright... Flowserve (FLS) initiated with a Neutral at Global Hunter... Goldman Sachs BDC (GSBD) initiated with a Neutral at BofA/Merrill... ITT Corp. (ITT) initiated with an Accumulate at Global Hunter... Intra-Cellular (ITCI) initiated with an Outperform at RBC Capital... Keurig Green Mountain (GMCR) initiated with a Positive at Susquehanna... Microsemi (MSCC) initiated with a Buy at Topeka... Molson Coors (TAP) initiated with a Positive at Susquehanna... Monster Beverage (MNST) initiated with a Neutral at Susquehanna... New Oriental Education (EDU) initiated with a Hold at Brean Capital... OM Group (OMG) initiated with a Buy at BB&T... Pattern Energy (PEGI) initiated with a Buy at Citigroup... Pentair (PNR) initiated with a Neutral at Global Hunter... PepsiCo (PEP) initiated with a Positive at Susquehanna... Ply Gem (PGEM) initiated with an Overweight at KeyBanc... SodaStream (SODA) initiated with a Positive at Susquehanna... Splunk (SPLK) initiated with an Outperform at Baird... SteadyMed (STDY) initiated with an Outperform at JMP Securities... Suncor (SU) initiated with a Hold at GMP Securities... SuperCom (SPCB) initiated with a Buy at B. Riley... TAL Education (XRS) initiated with a Buy at Brean Capital... Tarena (TEDU) initiated with a Buy at Brean Capital... Ulta Salon (ULTA) initiated with a Buy at Evercore ISI... Versartis (VSAR) initiated with a Buy, $50 target at SunTrust... WisdomTree (WETF) initiated with a Market Perform at Keefe Bruyette... uniQure (QURE) initiated with a Buy at Roth Capital.
06:56 EDTPNRPentair initiated with a Neutral at Global Hunter
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April 13, 2015
17:13 EDTPEPPepsiCo initiated with a Positive at Susquehanna
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14:18 EDTTGTTarget names Anne Dament as SVP, Merchandising
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10:00 EDTPNROn The Fly: Analyst Downgrade Summary
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09:47 EDTPEPPepsiCo awarded NBA sponsorship rights, ESPN reports
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06:54 EDTPNRPentair downgraded to Hold from Buy at BB&T
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06:22 EDTTGTGap, Target, others scrutinized by NY AG over staffing practices, WSJ says
Several major retailer including Gap (GPS) and Target (TGT) are under investigation by New York Attorney General Eric Schneiderman over their staffing practices and whether they require workers to show up or stay home with little notice, The Wall Street Journal reports. Schneiderman sent letters warning Abercrombie & Fitch (ANF), JC Penney (JCP), Urban Outfitters (URBN), TJX Cos (TJX), Ann Inc (ANN), L Brands (LB), Burlington Stores (BURL), Sears Holdings (SHLD), Williams-Sonoma (WSM) and J Crew Group that he believes the chains are using on-call scheduling and that such practices may be in violation of New York laws. Reference Link
06:06 EDTSSprint introduces Sprint Direct 2 U service
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