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Stock Market & Financial Investment News

News Breaks
July 31, 2014
17:06 EDTTMUS, S, TGT, MPC, ALL, LLL, PNR, WMT, PEPOn 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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October 21, 2014
07:09 EDTPNRPentair sees FY14 EPS $3.72-$3.74, consensus $3.68
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07:08 EDTPNRPentair sees Q4 EPS $1.02-$1.04, consensus $1.01
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07:07 EDTPNRPentair reports Q3 EPS $1.00, consensus 94c
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06:22 EDTTGTStaples may be latest retailer to be hacked, Krebs reports
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October 20, 2014
15:36 EDTPNRNotable companies reporting before tomorrow's open
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13:53 EDTTMUS, SEarnings Preview: Verizon sentiment mixed ahead of Q3 report
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11:49 EDTSSprint to offer iPad Air 2, iPad mini 3
Sprint (S) announced that it will offer iPad Air 2 with Wi-Fi + Cellular (AAPL) and iPad mini 3 with Wi-Fi + Cellular later this week. iPad Air 2 is the first tablet from Apple to connect to Sprint Spark, an enhanced LTE service with the added capacity to greatly improve the performance of video and other bandwidth-intensive applications. iPad mini 3 will connect to Sprintís 4G LTE network. Customers can add iPad Air 2 or iPad mini 3 to their Sprint Family Share Pack for an access charge of $10 per month per line. Through December 2015, Sprint will waive the $10 monthly access charge on iPad Air 2 or iPad mini 3 added as new lines of service to any Sprint Family Share Pack 20GB or higher.
08:07 EDTTMUST-Mobile coverage resumed with an Overweight at Morgan Stanley
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07:42 EDTWMTWal-Mart de Mexico reports Q3 net income 4.87B pesos vs. 5.12B pesos last year
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October 19, 2014
14:39 EDTSSprint job cuts include 452 at Kansas headquarters, Bloomberg says
According to a filing yesterday with the Kansas Department of Commerce, the job cuts at Sprint that were announced earlier this month, will include 452 positions in Overland Park, Kansas, where the company is headquartered, says Bloomberg. Reference Link
October 17, 2014
16:55 EDTWMTStocks end volatile week lower amid oil price plunge
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10:23 EDTWMTWal-Mart volatile in mixed trading as it nears 52-week lows
The shares have been trading in a dollar range, but with multiple sweeps higher and lower this morning as price nears the 52-week low at $72.27. At the current price of $73.74, next support is at $73.03, the session low. Resistance is at $74.18, the high of the day.
October 16, 2014
11:50 EDTALLAllstate September catastrophe losses higher than expected, says Wells Fargo
Wells Fargo attributes today's move lower in Allstate to its report of September catastrophe losses that came in higher than expected. The firm lowered its Q3 EPS estimate to $1.23 from $1.56 based on the losses, but maintains its Outperform rating on the stock, calling it one of the firm's top-picks among non-life insurers.
09:39 EDTWMTActive equity options trading on open
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09:23 EDTWMTOn The Fly: Pre-market Movers
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09:06 EDTALLAllstate reports Q3 catastrophe losses of $517M
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09:04 EDTALLAllstate reports September catastrophe loss estimate $250M
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08:10 EDTPEPPepsiCo should divest Quaker Foods, says Jefferies
Jefferies believes PepsiCo should divest its Quaker Foods North America business since the unit has been a drag on organic sales and operating income growth. The firm views a possible divesture as a potential share catalyst since it thinks such a move would be well received by investors. It keeps a Buy rating on PepsiCo with a $103 price target.
07:40 EDTWMTWal-Mart well positioned to execute turn-around, says UBS
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06:34 EDTWMTWal-Mart head promises to upgrade minimum wage roles, Reuters says
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