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Stock Market & Financial Investment News

News Breaks
July 31, 2014
17:06 EDTTGT, WMT, ALL, S, PNR, MPC, TMUS, PEP, LLLOn 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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August 18, 2015
06:12 EDTWMTWal-Mart implied volatility of 23 at upper end of index
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August 17, 2015
18:48 EDTTMUSInteliquent raises FY15 revenue view to $240M-$250M from $220M-$230M
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18:45 EDTTMUSInteliquent enters three-year agreement with T-Mobile for IP voice services
Inteliquent (IQNT) announced that it had entered into a three-year agreement with T-Mobile (TMUS), under which Inteliquent will provide a full suite of IP voice services to T-Mobile. The agreement provides that T-Mobile will generally use Inteliquent as its sole provider of voice interconnection services for all calls exchanged between T-Mobile and nearly all other voice providers in the United States (excluding certain traffic, including among other things, traffic that is exchanged with other providers over peering arrangements). The agreement also includes Inteliquent's "Infrastructure as a Solution" offering. This offering allows a customer to remove its time division multiplexing interconnection from its network and use IP/SIP interconnection for voice services. Inteliquent expects that the agreement will result in a significant increase in the volume of traffic carried on Inteliquent's network.
18:12 EDTSSprint to move away from two-year contracts, WSJ says
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16:53 EDTPNROn The Fly: Top stock stories for Monday
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15:03 EDTWMTWal-Mart August 72 straddle priced for 3.6% movement into Q2
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14:48 EDTWMTNotable companies reporting before tomorrow's open
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14:08 EDTWMTWal-Mart August volatility increases into Q2 and outlook
Wal-Mart August call option implied volatility is at 41, September is at 23, October is at 20; compared to its 52-week range of 10 to 21 suggesting large price movement into the expected release of Q2 results on Aug 18.
13:30 EDTTGTOn The Fly: Top stock stories at midday
Stocks began the session deep in negative territory after a disappointing Empire Manufacturing report. The data got the market off to a weak start as optimism over last week's finish began to fade. The averages continued to drift in a narrow range for the opening hour before reversing and capturing the opening losses. Each of the major equity indices is now back in positive territory sporting slight gains across the board. ECONOMIC EVENTS: In the U.S., the Empire State manufacturing index plunged to -14.92 in August after rebounding to 3.86 in July from June's -1.98. The consensus estimate was 4.75, and the surprising drop puts the index at its lowest point since April 2009. The employment component slid to 1.82, while new orders crashed to -15.70. Meanwhile, the U.S. NAHB homebuilder sentiment index rose to 61 in August from 60 in June and and is the highest since November 2005. The single family sales index edged up to 66 versus a revised 65 last month, while the index of prospective buyer traffic improved to 45 versus 43 previously. In Europe, various Eurozone parliaments prepare to vote on Greece's new EUR86B bailout plan this week. COMPANY NEWS: Liberty Interactive (QVCA) announced this morning an agreement to acquire zulily (ZU) for $18.75 per share in a deal valuing the online shopping site at $2.4B, driving zulily shares up more than 47% in intraday trading. The acquisition will be attributed to Liberty's QVC Group tracking stock, though QVC and zulily will be operated as separate consumer facing brands. On a conference call discussing the acquisition, Liberty Interactive executives noted that the "highly efficient" deal will allow Liberty to reach a younger base. MAJOR MOVERS: Among the notable gainers AVEO Oncology (AVEO), which rose roughly 50% after announcing a license agreement with Novartis (NVS) for the development and commercialization of AVEO's AV-380 drug and related antibodies. Also higher was Kite Pharma (KITE), which advanced roughly 5.4% after clarifying that an earlier patient death in its Phase 1/2 KTE-C19 trial for non-Hodgkin's lymphoma was unrelated to Kite's therapy. Additionally, shares of Target (TGT) have gained roughly 10c despite lingering in negative territory early Monday after the company promoted CFO John Mulligan to the newly created role of EVP and COO and appointed Cathy Smith as EVP and CFO. Prior to joining Target, Smith served as EVP and CFO at St. Louis-based Express Scripts (ESRX). Among the noteworthy losers was KKR (KKR), which lost roughly 2.4% after Samson Resources announced a restructuring agreement late Friday, adding that it expects to file for bankruptcy within 30 days. Also lower was Estee Lauder (EL), which declined nearly 6.5% after its quarterly guidance missed analysts' estimates. INDEXES: Near midday, The Dow was up 65.11, or 0.37%, to 17,542.51, the Nasdaq gained 34.73, or 0.69%, to 5,082.96, and the S&P 500 advanced 8.80, or 0.42%, to 2,101.03.
12:44 EDTWMTEarnings Watch: Wal-Mart down more than 9% over last three months
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11:27 EDTTGTTarget promotes Mulligan to COO, names Smith to CFO role
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08:48 EDTTGTTarget names John Mulligan as EVP, COO, Cathy Smith as EVP, CFO
Target Corporation (TGT) promoted John Mulligan to the newly created role of EVP and COO, effective Sept. 1. Mulligan will assume oversight of stores, supply chain and properties. Joining Target as EVP and CFO will be Cathy Smith. Both Mulligan and Smith will report to Target's chairman and chief executive officer, Brian Cornell. Mulligan has worked at the Minneapolis-based company since 1996, when he began as a financial analyst. He has served as the company's CFO since 2012. In 2014, he led the company as the retailer's interim president and CEO from May to August while continuing to act as CFO. Prior to joining Target, Smith served as EVP and CFO at St. Louis-based Express Scripts (ESRX).
08:47 EDTTGTTarget names John Mulligan as EVP, COO, Cathy Smith as EVP, CFO
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08:22 EDTSSprint customers can upgrade iPhone anytime, included in monthly rate
Sprint (S) announced that customers can upgrade their Apple (AAPL) iPhone anytime, included in their monthly rate. New and upgrade eligible Sprint customers can get iPhone for just $22 per month with iPhone Forever. Anytime customers don't have the latest iPhone, they are eligible to upgrade. They bring their iPhone, upgrade on the spot and away they go. It's that simple. iPhone Forever is available on any eligible Sprint rate plan and upgrade eligibility is always included in your price. New or existing customers who are upgrade eligible can bring in any smartphone and get a 16GB iPhone 6 model and their monthly rate will be reduced to just $15 until their next upgrade. As a special promotion, customers who get iPhone 6 and upgrade before December 31 continue with the discount price of $15 until their next upgrade.
07:39 EDTTMUSTMC to hold a conference
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07:29 EDTWMTWal-Mart dividend and valuation provides support, says Baird
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07:21 EDTWMTWal-Mart coverage transitioned with an Overweight at Stephens
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07:06 EDTPNRPentair to acquire ERICO Global for $1.8B in cash
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07:05 EDTPNRPentair to acquire ERICO Global for $1.8B in cash
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August 16, 2015
18:42 EDTWMTSam's Club to target high-end shoppers, WSJ says
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