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August 1, 2014
16:51 EDTGLW, BYI, FDO, S, PEP, ALL, GPRO, UPS, TRLA, DLTR, TMUS, TGT, PG, GRMN, SGMS, Z, TWTR, WMT, AMGN, EXPEMarket finishes week lower as Fed, geopolitical worries weigh
Stocks ended the week lower amid worries about the Fed tightening sooner than expected and continued geopolitical uncertainty. MACRO NEWS: In a statement released following their latest meeting, the Federal Open Market Committee said that "the likelihood of inflation running persistently below 2% has diminished somewhat." Meanwhile, the employment cost index jumped 0.7% in the second quarter, it was reported on Thursday. Wages and salaries rose 0.6% in Q2, according to the report. Following the release of the index and the Fed's statement, investors worried that the central bank could start tightening monetary policy sooner than expected. The Commerce Department estimated that U.S. Gross Domestic Product grew at a seasonally adjusted annual rate of 4.0% in the second quarter, easily beating expectations for a growth rate of 3.0%. Non-farm payrolls rose 209K in July, missing the 230K forecast. Other U.S. economic data was largely upbeat, as two consumer confidence indexes for July and weekly jobless claims were all better than expected... In overseas news, China's official purchasing managers' index reached its highest level in 27 months in July, beating expectations by a small amount. 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. The U.S. and EU leveled new, tougher sanctions against Russia, leading to concerns that Moscow's struggle with the West could intensify. Meanwhile, Israel continued to battle Hamas. COMPANY NEWS: Among the noteworthy companies that fell after reporting their results were shipping giant UPS (UPS), glass maker Corning (GLW), navigation device specialist Garmin (GRMN) and newly-listed action camera maker GoPro (GPRO). On the other other side of the coin, Twitter (TWTR), Expedia (EXPE), Procter & Gamble (PG), Allstate (ALL), and Amgen (AMGN) were among the companies whose stocks rose in the wake of their earnings reports... The M&A news flow continued to be strong, as Dollar Tree (DLTR) agreed to buy Family Dollar (FDO) and real estate website operator Trulia (TRLA) agreed to be acquired by its peer Zillow (Z) and casino equipment maker Bally Technologies (BYI) agreed to be acquired by Scientific Games (SGMS). Meanwhile, France's Iliad (ILIAF) confirmed that it had offered $15B in cash for a 56.6% stake in T-Mobile US (TMUS) for $33 per share for $83.30 per share, which negatively impacted the stock of Sprint (S), which has been widely viewed as on track to buy T-Mobile as the two seek to grow and better challenge the number one and two mobile carriers in the U.S., Verizon (VZ) and AT&T (T)... Target Corporation (TGT) announced that its Board of Directors had named Brian Cornell as the company's 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 Pepsi's global food business. Before joining PepsiCo in 2012, Cornell served as president and CEO of Sam's Club, a division of Wal-Mart (WMT). INDEXES: The Dow dropped 2.75% to 16,493.37, the S&P 500 fell 2.16% to 1,925.15, and the Nasdaq declined 2.69% to 4,352.64.
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September 28, 2015
11:57 EDTTWTRInvestors have confidence in Dorsey as next Twitter CEO, NY Times says
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11:51 EDTTWTRStocks with call strike movement; TWTR FCX
Twitter (TWTR) December 29 call option implied volatility increased 4% to 59, Freeport McMoRan (FCX) January 10 call option implied volatility increased 7% to 74 according to iVolatility.
10:08 EDTGPROGoPro Hero 4 Session sales underperforming, says JPMorgan
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07:50 EDTSGMSUBS and Deutsche Bank to co-host a forum
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07:27 EDTAMGNFDA and the Parental Drug Association to co-host a conference
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07:18 EDTGPROGoPro announces release of HERO+ camera
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07:04 EDTSGMSScientific Games announces Cirque du Soleil partnersihp at Global Gaming Expo
Scientific Games announced a new partnership with Cirque du Soleil at the Global Gaming Expo in booth #1126, September 29 to October 1, with the first featured production: KOOZA. The experience is an eye-catching, bonus-rich slot game that combines Scientific Games' Pro Wave 360O slot configuration with the acrobatic adrenaline rush of KOOZA.
06:42 EDTWMT, PG, TGTPerfume makers look to Wal-Mart, Target, WSJ reports
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05:08 EDTAMGNStocks with implied volatility movement; AMGN XLV
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September 27, 2015
20:20 EDTSSprint says will not participate in 600 MHz spectrum auction
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September 25, 2015
17:33 EDTAMGNDelta Air Lines, Google, Amgen look attractively priced, Barron's says
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16:35 EDTGPROStocks end week lower as biotechs sink, Volkswagen crashes
Stocks ended the week lower after concerns about drug prices were reignited, sinking biotech stocks, an emissions scandal engulfed Volkswagen (VLKAY), dragging down shares of automakers and their suppliers, and Caterpillar (CAT) announced that it may eliminate as many as 10,000 jobs in the next three years as commodity prices continue to slump. MACRO NEWS: Following the Federal Reserve's decision last week to wait before raising rates, the central bank made a concerted effort to give the market more clarity this week. Over last weekend, three Federal Reserve officials - San Francisco Fed President John Williams, St. Louis Fed President James Bullard and Richmond Fed President Jeffrey Lacker - all argued that an interest-rate increase is still warranted this year. Then, on Thursday night, Fed Chair Janet Yellen said during a speech at UMass Amherst that the central bank remains inclined to hike rates this year. Yellen's remarks were incrementally hawkish, but welcomed by the market, since they helped clarify the message the Fed delivered a week ago... In the U.S., Markit's flash manufacturing purchasing manager's index was flat at 53.0 in September, which was slightly better than the expectation for it to dip to 52.8. Durable goods orders for August declined 2.0%, versus expectations for a drop of 2.3%. When transportation items were removed, the core reading was breakeven, versus expectations for a rise of 0.1%. The third estimate of second quarter GDP showed the economy grew 3.9% quarter-over-quarter, versus expectations for the GDP growth estimate to stay at 3.7%. Personal consumption in Q2 is now believed to have grown 3.6%, up from the prior estimate of 3.1%. The final University of Michigan consumer sentiment reading for September came in at 87.2, which was down from August's 91.9 but above the expected 86.2 reading... The Asian Development Bank cut its growth forecast for the region, citing a weaker outlook for China and India and a delayed recovery in the world's advanced economies. The bank now sees the Chinese economy growing 6.8% this year and 6.7% next year, down from its previous forecasts of 7.2% and 7%, respectively. Markit's flash manufacturing PMI for China fell to 47.0 in September from 47.3 last month. Meanwhile, Japanese Prime Minister Shinzo Abe unveiled new economic targets, including a goal for a 20% increase in the target size of the Japanese economy to 600T yen, though he gave no timeframe for achieving this aspiration... In Europe, Markit's composite PMI for the eurozone came in at 53.9 in the first look for September, down from 54.3 in August and below expectations for a reading of 54.1. COMPANY NEWS: Biotech stocks declined after privately-held Turing Pharmaceuticals made headlines by enacting a 5,000% price increase on its treatment for toxoplasmosis, reigniting a debate around drug prices that previously embroiled costly Hepatitis C drugs including AbbVie's (ABBV) Viekira Pak and Gilead's (GILD) Sovaldi and Harvoni. Presidential candidate Hillary Clinton sent the debate to center stage by criticizing the "outrageous" prices of specialty drugs and laying out a plan to tackle "price gouging" in the specialty drug market. The NASDAQ Biotechnology index fell roughly xxx% for the week amid the attention paid to Turing's drug and Clinton's response... Volkswagen (VLKAY) shares trading in New York fell sharply to begin the week and ended the week far from where they'd been last Friday before the EPA said it found manipulations that violate U.S. environmental standards while testing certain of the automaker's diesel cars. The EPA said Volkswagen may face civil penalties of $37,500 for each vehicle not in compliance with federal clean air rules, which could total as much as $18B, according to Reuters. In the wake of the scandal, Chief Executive Officer Martin Winterkorn resigned, with the company's supervisory board subsequently praising the decision and selecting Matthias Mueller, the former head of Porsche (POAHY), as Winterkorn's successor as the company's new CEO... Caterpillar (CAT) shares dropped after the heavy machinery maker announced plans for job cuts and lowered its revenue guidance for this year and next. Caterpillar said that it would lay off 4,000-5,000 of its employees between now and the end of 2016 and could lay off up to 10,000 employees by 2018. Caterpillar cut its fiscal year 2015 revenue forecast by $1B and said its sees its fiscal year 2016 revenue to be 5% below this year, adding that it expects revenue declines in all three large segments next year... Online and mobile deal provider Groupon (GRPN) said it plans to cut 1,100 jobs relating primarily to the company's international operations... Nike jumped after the athletic gear giant reported better than expected earnings and futures orders, prompting numerous price target hikes and at least one upgrade at Street research firms. Among other companies reporting earnings this week, BlackBerry (BBRY), ConAgra (CAG), Carnival (CCL), and CarMax (KMX) fell immediately following their quarterly reports... Apple (AAPL), which has previously been reported to be working on an electric car via its "Project Titan," is speeding up those efforts and setting 2019 as a target to ship its first vehicle, according to The Wall Street Journal... Against the backdrop of China's President Xi Jinping visiting the U.S., Boeing (BA) announced deals to sell 300 planes to three Chinese companies and set up an aircraft factory in in the Asian nation, while Cisco (CSCO) announced a partnership with Chinese server maker Inspur Group... Lloyd Blankfein, Goldman Sachs (GS) Chairman and CEO, disclosed that he was diagnosed with lymphoma. "Fortunately, my form of lymphoma is highly curable and my doctors' and my own expectation is that I will be cured," Blankfein stated in an open letter that was shared by the bank... GoPro (GPRO) finished the week about xxx% lower after Barron's contended in a feature article last weekend that the company's stock could plunge another 30% to $25 as Apple, Sony (SNE) and others pressure the company's "one-hit wonder" products... On the M&A front, Atmel (ATML) agreed to be acquired by German chipmaker Dialog Semiconductor in a deal valued at roughly $4.6B and Starwood Waypoint (SWAY) announced a stock-for-stock merger agreement with Colony American Homes. INDEXES: The Dow lost about 0.43% to close at 16,314.67, the S&P 500 fell about 1.35% to close at 1,931.34, and the Nasdaq declined about 2.89% to close at 4,686.50.
15:29 EDTTWTRSquare to file IPO within next two weeks, Fortune reports
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11:58 EDTTWTRStocks with call strike movement; TWTR NFLX
Twitter (TWTR) January 32 call option implied volatility increased 2% to 53, Netflix (NFLX) January 115.7 call option implied volatility decreased 2% to 55 according to IVolatility.
10:39 EDTTWTRTwitter falls, levels to watch
The stock is down over 2.4% at time of writing to $25.98. At that price next support is at $25.02. Resistance is at $26.42.
09:50 EDTTMUSOn Track says reaches agreement in principle with T-Mobile to settle claims
On Track Innovations (OTIV) announced in a regulatory filing that on September 24, it notified the U.S. District Court, Southern District of New York, jointly with T-Mobile (TMUS) that the parties have reached an agreement in principle to settle both of the company's claims against T-Mobile and the parties requested from the Court a 30-days stay of all deadlines pending in both actions to negotiate the terms of a settlement agreement. The company expects that the net proceeds from the settlement with T-Mobile, if such settlement is reached, should not be significant and under Company's initial expectations.
08:10 EDTPEPPepsiCo Q3 should mark earnings trough, says JPMorgan
JPMorgan analyst John Faucher expects PepsiCo's earnings to trough in Q3 as currency headwinds peak. Earnings growth acceleration and gross margin upside position the stock well heading into 2016, the analyst argues. He reiterates an Overweight rating on PepsiCo with a $110 price target.
08:02 EDTGLWCorning coverage assumed with a Neutral at Goldman
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07:28 EDTAMGNAmgen receives CHMP positive opinions for two treatment options
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07:22 EDTAMGNEuropean Society for Medical Oncology to hold a conference
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