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Stock Market & Financial Investment News

News Breaks
March 12, 2014
12:44 EDTPAY, PHM, EXXI, GERN, TOL, EPL, WLH, PGROn The Fly: Midday Wrap
Stocks on Wall Street were mixed at midday, with the Nasdaq the lone major index trading in positive territory. Stocks trading in New York began the session in the red, taking their lead from overseas markets which were weaker on global growth concerns. The market drifted off its lows and all three major averages made it back to positive ground, though the Dow and S&P have slipped back below yesterday's closing levels. ECONOMIC EVENTS: In the U.S., MBA's mortgage applications index fell 2.1% last week. The federal budget for February is scheduled to be reported at 2:00 pm ET. In Asia, Reuters said overnight that China's central bank is prepared to cut the amount of cash that banks must keep as reserves if economic growth slows further. COMPANY NEWS: Shares of a number of homebuilders sunk after Credit Suisse downgraded three companies in the sector, saying that the spring selling season looks set to be "underwhelming." Credit Suisse analyst Daniel Oppenheim wrote that the firm's survey of real estate agents last month indicates that demand for housing was weak. Buyer traffic fell compared with January and February 2013, the analyst stated, adding that homebuilders' stocks generally reflect optimistic outlooks. As a result, he downgraded three names in the sector - Toll Brothers (TOL), PulteGroup (PHM), and William Lyon Homes (WLH) - to Neutral from Outperform. Near midday, Pulte shares were down over 2%, Toll slid almost 2% and William Lyon fell 1%. MAJOR MOVERS: Among the notable gainers was electronic payment solution provider VeriFone Systems (PAY), which hit a new 52-week high earlier in the session and was up about 9% near midday after the company's first quarter results topped expectations. Also higher was EPL Oil & Gas (EPL), which jumped 30% after the company agreed to be acquired by Energy XXI (EXXI) in a deal that will see stockholders receive a consideration valued at $39.00 per EPL share. Shares of Energy XXI slipped 6% following the deal announcement. Among the other noteworthy losers was insurer Progressive (underwhelming), which fell more than 3% after reporting its net premiums written rose 3% to $1.54B in February. Also lower were shares of Geron (GERN), which plunged over 62% and was downgraded to Neutral from Overweight at Piper Jaffray after the FDA put a full clinical hold for all company-sponsored imetelstat studies. INDEXES: Near midday, the Dow was down 36.20, or 0.22%, to 16,315.05, the Nasdaq was up 3.14, or 0.07%, to 4,310.33, and the S&P 500 was down 3.89, or 0.21%, to 1,863.74.
News For TOL;PHM;WLH;GERN;PAY;EPL;EXXI;PGR From The Last 14 Days
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March 31, 2015
16:16 EDTPGRProgressive initiated with a Neutral at Credit Suisse
Target $28.
March 30, 2015
08:08 EDTPAYVerifone says launching new cloud POS solution for SMBs
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08:05 EDTPAYVerifone, Heartland Payment renew alliance, announce EMV, encryption initiative
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March 24, 2015
10:01 EDTPAYOn The Fly: Analyst Initiation Summary
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10:01 EDTPGROn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Banco Popolare (BPSAY) downgraded to Neutral from Buy at UBS... Century Aluminum (CENX) downgraded at Morgan Stanley... Global Power Equipment (GLPW) downgraded to Market Perform at William Blair... Ivanhoe Mines (IVPAF) downgraded to Equal Weight from Overweight at Morgan Stanley... JD Wetherspoon (JDWPY) downgraded to Hold from Buy at Jefferies... MEI Pharma (MEIP) downgraded to Market Perform from Outperform at Wells Fargo... NICE Systems (NICE) downgraded to Market Perform from Outperform at JMP Securities... Progressive (PGR) downgraded to Neutral from Buy at Goldman... Tim Participacoes (TSU) downgraded to Reduce from Overweight at HSBC... ZAGG (ZAGG) downgraded at Craig-Hallum.
06:18 EDTPAYVerifone initiated with an Outperform at BMO Capital
Target $42.
05:27 EDTPGRProgressive downgraded to Neutral from Buy at Goldman
Goldman Sachs downgraded Progressive to Neutral with a $28 price target citing the playing out of catalysts and the company's increasing reliance on commercial auto profitability for earnings.
March 23, 2015
09:52 EDTEXXIEnergy XXI sees Q3 production 58,000-62,000 BOE/d
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09:52 EDTEXXIEnergy XXI lowers 2015 capex view to $640M-$660M
Energy XXI projected FY15 capex of $640M-$660M in slides for its presentation at the Howard Weil energy conference. On February 9, the company had estimated total FY15 capital program to range from $670M-$690M. Energy XXI still sees FY15 production 57,000-61,000 BOE/d. The company said it is pursuing asset monetization for midstream and non-core E&P and that for the combined GoM divestiture with M21K that bids have been received and negotiations are underway with potential buyers. Says annualized savings approaching $170M.
07:20 EDTPAYBarclays to hold a forum
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March 20, 2015
07:47 EDTTOLToll Brothers management to meet with Deutsche Bank
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05:49 EDTEXXIStocks with implied volatility movement; EXXI FXCM
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March 19, 2015
07:36 EDTTOLToll Brothers management to meet with Deutsche Bank
Meeting to be held in Frankfurt on March 19 hosted by Deutsche Bank.
March 18, 2015
08:45 EDTPGRProgressive reports Feb. net premiums written $1.69B vs. $1.54B last year
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07:39 EDTTOLToll Brothers management to meet with Deutsche Bank
Meetings to be held in Geneva/Zurich on March 18 hosted by Deutsche Bank.

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