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Stock Market & Financial Investment News

News Breaks
March 12, 2014
12:44 EDTEPL, WLH, PGR, PAY, PHM, EXXI, GERN, TOLOn 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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November 14, 2014
10:00 EDTGERNOn The Fly: Analyst Upgrade Summary
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09:16 EDTGERNOn The Fly: Pre-market Movers
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07:32 EDTEXXIHayman Capital gives quarterly update on stakes
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07:12 EDTGERNGeron upgraded to Overweight from Neutral at Piper Jaffray
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November 13, 2014
18:40 EDTGERNOn The Fly: After Hours Movers
UP AFTER EARNINGS: TubeMogul (TUBE), up 12.4%... Weibo (WB), up 3.2%... Nordstrom (JWN), up 3.1%. ALSO HIGHER: Geron (GERN), up 30.7% after announcing a global strategic collaboration with Janssen Biotech... Baker Hughes (BHI), up 16.2% following reports that the company is in talks to be acquired by Halliburton (HAL)... Halliburton is up 1.4%... Pandora (P), up 4% after announcing a conference call to discuss Web IV proceeding... AmerisourceBergen (ABC), up 1.1% after being awarded a $4.06B government contract. DOWN AFTER EARNINGS: Retrophin (RTRX), down 6.6%... Phoenix New Media (FENG), down 8.4%... Voxeljet AG (VJET), down 8.6%... Intrexon (XON), down 1.1%... Youku Tudou (YOKU), down 5.7%... Applied Materials (AMAT), down 2.5%. ALSO LOWER: Puma Biotechnology (PBYI), down 6.9% following PB272 Phase II Trial results... EnLink Midstream (ENLK), down 4.8% after filing to sell 10.5M common units representing limited partners.
16:28 EDTGERNGeron announces global strategic collaboration with Janssen Biotech
Geron (GERN) announced that the company has entered into an exclusive worldwide license and collaboration agreement with Janssen Biotech, a Johnson & Johnson (JNJ) company, to develop and commercialize, imetelstat, Geron's telomerase inhibitor product candidate, for oncology, including hematologic malignancies, and other human therapeutics uses. Imetelstat is a modified oligonucleotide that is currently in early phase clinical development for myelofibrosis, or MF, and may have activity in other hematologic myeloid malignancies such as myelodysplastic syndrome, or MDS, and acute myelogenous leukemia, or AML. Under the terms of the agreement, Geron will receive an initial payment of $35M due after the applicable waiting periods under the Hart-Scott Rodino Act and is eligible to receive additional payments up to a potential total of $900M for the achievement of development, regulatory and commercial milestones, as well as royalties on worldwide net sales. Certain regulatory, development, manufacturing and promotional activities will be managed through a joint governance structure, with Janssen responsible for operational implementation of these activities. All sales will be booked by Janssen.
13:32 EDTGERNLeerink biotech analysts hold an analyst/industry conference call
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13:29 EDTGERNLeerink biotech analysts hold an analyst/industry conference call
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13:26 EDTGERNLeerink biotech analysts hold an analyst/industry conference call
Biotech Analysts provide a preview of items being discussed at the upcoming 56th Annual Meeting of ASH including Leukemia/MDS on an Analyst/Industry conference call to be held on November 20 at 10 am.
07:24 EDTPAYSunTrust to hold a conference
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07:18 EDTTOL, PHMUBS to hold a conference
Building & Building Products Annual CEO Conference is being held in New York on November 13 with webcasted company presentations to begin at 9:30 am; not all company presentations may be webcasted. Webcast Link
06:28 EDTEXXIEnergy XXI appoints Antonio de Pinho to COO
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November 12, 2014
10:00 EDTPAYOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Advent Software (ADVS) initiated with a Neutral at BofA/Merrill... Agios Pharmaceuticals (AGIO) initiated with a Buy at Canaccord... Ashford Hospitality (AHT) initiated with a Neutral at Credit Suisse... AvalonBay (AVB) initiated with a Neutral at Credit Suisse... Berkshire Hills Bancorp (BHLB) initiated with a Buy at Compass Point... Boston Properties (BXP) initiated with an Outperform at Credit Suisse... Brandywine Realty (BDN) initiated with a Neutral at Credit Suisse... Brookline Bancorp (BRKL) initiated with a Neutral at Compass Point... CNH Industrial (CNHI) initiated with an Underperform at Macquarie... Camden Property (CPT) initiated with a Neutral at Credit Suisse... Care.com (CRCM) initiated with a Buy at Craig-Hallum... Corporate Office Properties (OFC) initiated with an Underperform at Credit Suisse... DCT Industrial (DCT) initiated with an Underperform at Credit Suisse... DDR Corp. (DDR) initiated with a Neutral at Credit Suisse... Demandware (DWRE) initiated with a Buy at Mizuho... DiamondRock (DRH) initiated with a Neutral at Credit Suisse... Douglas Emmett (DEI) initiated with a Neutral at Credit Suisse... EastGroup Properties (EGP) initiated with an Underperform at Credit Suisse... Equity One (EQY) initiated with a Neutral at Credit Suisse... Equity Residential (EQR) initiated with a Neutral at Credit Suisse... Essex Property Trust (ESS) initiated with a Neutral at Credit Suisse... Forest City (FCE.A) initiated with an Outperform at Credit Suisse... General Growth (GGP) initiated with a Neutral at Credit Suisse... Host Hotels (HST) initiated with a Neutral at Credit Suisse... Hudson Pacific (HPP) initiated with an Outperform at Credit Suisse... Kilroy Realty (KRC) initiated with an Underperform at Credit Suisse... Kimco Realty (KIM) initiated with an Outperform at Credit Suisse... LaSalle Hotel (LHO) initiated with an Outperform at Credit Suisse... Macerich (MAC) initiated with a Neutral at Credit Suisse... MasterCard (MA) initiated with a Hold at Topeka... NetApp (NTAP) initiated with a Buy at Maxim... Pebblebrook Hotel (PEB) initiated with an Outperform at Credit Suisse... Prologis (PLD) initiated with an Outperform at Credit Suisse... RLJ Lodging Trust (RLJ) initiated with an Outperform at Credit Suisse... Regency Centers (REG) initiated with a Neutral at Credit Suisse... Ryerson (RYI) initiated with a Buy at Deutsche Bank... SL Green Realty (SLG) initiated with an Underperform at Credit Suisse... Simon Property (SPG) initiated with an Outperform at Credit Suisse... Strategic Hotels (BEE) initiated with a Neutral at Credit Suisse... Sunstone Hotel (SHO) initiated with an Outperform at Credit Suisse... Taubman Centers (TCO) initiated with an Outperform at Credit Suisse... UDR, Inc. (UDR) initiated with a Neutral at Credit Suisse... VWR (VWR) initiated with a Neutral at Citigroup... VeriFone (PAY) initiated with a Buy at Topeka... Visa (V) initiated with a Hold at Topeka... Vornado (VNO) initiated with a Neutral at Credit Suisse... Westfield Financial (WFD) initiated with a Buy at Compass Point... XPO Logistics (XPO) initiated with an Outperform at Cowen.
08:28 EDTPGRProgressive reports Oct. net premiums written up 5% to $1.75B
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November 11, 2014
16:23 EDTPAYVeriFone initiated with a Buy at Topeka
Target $43.
16:14 EDTGERNLeerink biotech analysts hold an analyst/industry conference call
Biotech Analysts provide a preview of items being discussed at the upcoming 56th Annual Meeting of ASH including JAK inhibitors, novel Jakafi combinations for Myelofibrosis and developing compounds on an Analyst/Industry conference call to be held on November 17 at 10 am.
November 10, 2014
10:04 EDTPHMOn The Fly: Analyst Upgrade Summary
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07:51 EDTPHMPulteGroup upgraded at BofA/Merrill
As previously reported, BofA/Merrill upgraded PulteGroup to Buy from Neutral. The firm's checks indicate PulteGroup's order growth is at a positive inflection point and its balanced approach to capital allocation will drive EPS accretion. Price target raised to $25 from $23.
07:10 EDTTOLToll Brothers reports preliminary Q4 revenue $1.35B, consensus $1.31B
Toll Brothers Q4 total revenues of $1.35B and 1,807 units increased 29% in dollars and 22% in units, compared to 4Q13 results of $1.04B and 1,485 units. The average price of homes delivered was $747,000, compared to $732,000 in Q3 and $703,000 in 4Q13. net signed contracts of $970.2M and 1,282 units rose 16% in dollars and 10% in units, compared to FY 2013's fourth-quarter net signed contracts of $839.0M and 1,163 units. The average price per unit of net contracts signed in Q4 was $757,000, compared to $717,000 in Q3 and $721,000 in 4Q13. On a per-community basis, Q4 net signed contracts were 5.01, compared to 4Q13 totals of 5.17, 4.86 in 4Q12, 3.04 in 4Q11 and 2.94 in 4Q10.
06:09 EDTPHMPulteGroup upgraded to Buy from Neutral at BofA/Merrill
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