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May 9, 2014
16:22 EDTATHN, ODP, NUS, TWTR, TSLA, MRK, GRPN, AOL, TGT, BAYRY, FEYE, WFM, AAPLMarket finishes week mixed following earnings, Fed commentary
The major averages ended the week mixed after Fed Chair Janet Yellen testified before Congress and a number of major companies reported weak earnings. MACRO NEWS: The labor market is "far from satisfactory" and inflation remains below the Fed's target, Yellen told Congress. Responding to questions on the Fed's exit strategy, Yellen said the FOMC plans to continue reducing QE purchases as long as Fed objectives are being met, but that a high degree of monetary accommodation is still warranted... U.S. economic data was mostly upbeat, with weekly jobless claims coming in better than expected and a services sector index beating the consensus outlook. However, first quarter productivity was estimated to have declined 1.7%, which was worse than the 1.1% drop predicted by economists... Away from the U.S., Chinese trade data for April was better than expected, but an index that measures the country's services sector fell slightly in April versus March. In Europe, ECB President Mario Draghi said the governing council was "comfortable" with easing at its next policy meeting. COMPANY NEWS: Tesla (TSLA), AOL (AOL), Whole Foods (WFM), Nu Skin (NUS), FireEye (FEYE), and Groupon (GRPN) were among the companies whose stocks fell after they reported earnings. Conversely, Office Depot (ODP), Humana (HUM) and Electronics Arts (EA) rose following their results... Twitter (TWTR) tumbled this week after over 450M of its shares, which represent around 80% of the total shares outstanding, were permitted to be sold without the restrictions that were put in place by the company’s initial public offering. Other previously high flying Internet stocks also continued their recent descent... Shares of Apple (AAPL) were in-focus after Financial Times said that the iPhone and iPad maker is in talks to acquire Beats Electronics, the headphone maker co-founded by rapper and record producer Dr. Dre, for over $3B... Bayer (BAYRY) and Merck (MRK) announced the latest in a series of major deals in the pharmaceutical industry, with Bayer agreeing to acquire Merck's consumer care business for $14.2B... Target (TGT) announced that CEO Gregg Steinhafel would leave the company effective immediately. The credit card data breach that hit the company late last year occurred on Steinhafel's watch... Well-known investor David Einhorn said he is short shares of athenahealth (ATHN). Athenahealth is not a software company, but an outsourcing company, and expectations for its operating margins are too high, said Einhorn. INDEXES: The Dow was up 0.4% to 16,583.34, the S&P 500 was down 0.1% to 1,878.48, and the Nasdaq was down 1.2% to 4,071.87.
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November 11, 2015
06:27 EDTAAPLApple to hire an additional 1,000 staff in Ireland, Reuters reports
Apple is set to add 1,000 jobs in Ireland, Reuters reports, citing comments made by Irish jobs minister Richard Burton. The jobs are expected to be added at Apple's base in Cork. Reference Link
06:24 EDTTSLANissan testing driverless cars in Japan, Business Insider reports
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06:21 EDTAAPLApple Music available for Android, BuzzFeed News reports
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05:50 EDTODPStocks with implied volatility above IV index mean; ODP NBG
Stocks with implied volatility above IV index mean; Office Depot (ODP) 103, National Bank of Greece (NBG) 520 according to iVolatility.
November 10, 2015
16:19 EDTAAPLOn The Fly: Top stock stories for Tuesday
Stocks on Wall Street were mixed, with the Dow and S&P notching slight gains and the Nasdaq being weighed on by a slide in Apple (AAPL). ECONOMIC EVENTS: In the U.S., import prices fell 0.5% in October and export prices slipped 0.2%. Wholesale sales rose 0.5% in September, with inventories rising 0.5% in the month as well. In China, the consumer inflation rate fell to an annual 1.3% in October, which was down from 1.6% the month before and below the 1.5% consensus forecast. COMPANY NEWS: Shares of Apple, as well as those of a number of its chip suppliers, slid following a bearish note by Credit Suisse, whose checks pointed to reduced iPhone component orders heading into 2016. Credit Suisse analyst John Pitzer and his team cut their forecast for iPhone production in next calendar year in the face of apparently reduced supplier orders from Apple for the iPhone 6s, sending shares of the tech giant down 3.15% to $116.77 and weighing on chip makers including Avago (AVGO), Broadcom (BRCM), Skyworks (SWKS) and Qorvo (QRVO)... During the company's investor meeting, McDonald's (MCD) raised its global refranchising target to 4,000 restaurants through 2018 with a new long-term goal to become 95% franchised, announced plans to increase its dividend by 5% to 89c per share and said that after "robust" debate it had decided to not pursue a REIT spin-off transaction for its real estate holdings. The fast food giant finished the day up 0.3% at $113.29 per share following the meeting. MAJOR MOVERS: Among the notable gainers was Mallinckrodt (MNK), which rallied $4.55, or 7.84%, to $62.56 after a CNBC appearance by Citron Research's Andrew Left, during which the stock began rebounding. Left's Citron had knocked the stock down sharply yesterday by tweeting that the shares had more downside than Valeant (VRX) amid the pricing debate that has impacted both and others in the specialty drug space. Also higher was Tower International (TOWR), which gained 9% to $29.77 after announcing plans to explore a sale of its European operations. Separately, Rackspace (RAX) advanced $3.24, or 11.96%, to $30.33 after reporting better than expected third quarter results. Among the noteworthy losers was Flotek (FTK), which dropped $5.56, or 38.08%, to $9.04 after it responded to a cautious report by saying an analysis of its FracMax database suggested certain production data was misinterpreted. Also lower was Wayfair (W), which lost 14% to $39.42 after reporting better than expected earnings while also being mentioned by investor Whitney Tilson as his largest short position. Later in the day, Citron's Left called the company's business model "stupid" in a CNBC interview. Additionally, Barrett Business (BBSI) fell 27% to $38.47 after disclosing that its auditor had requested an independent investigation regarding certain expense reserves. INDEXES: The Dow rose 27.73, or 0.16%, to 17,758.21, the Nasdaq lost 12.06, or 0.24%, to 5,083.24, and the S&P 500 advanced 3.14, or 0.15%, to 2,081.72.
16:00 EDTTSLA, AAPLOptions Update; November 10, 2015
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13:33 EDTAAPLApple, suppliers fall after analyst calls out reduced iPhone component orders
Apple (AAPL) shares, as well as those of a number of its chip suppliers, are dropping following a bearish note by Credit Suisse, whose checks pointed to reduced iPhone component orders heading into 2016. DECLINING IPHONE ORDERS: Following checks on Apple's Asian supply chain over the weekend, Credit Suisse analyst John Pitzer and his team cut estimates for iPhone shipments going forward into 2016. The research firm now sees first quarter units down 10.4% year-over-year to just 55M, and calendar year 2016 unit shipments down 5.5% to 222M. The team had previously forecast a respective 63M and 242M for those periods, but cut expectations in the face of apparently reduced supplier orders from Apple for the iPhone 6s. Credit Suisse notes that chip suppliers with greater than 10% exposure to Apple include Avago (AVGO), SanDisk (SNDK), Analog Devices (ADI), Broadcom (BRCM), Texas Instruments (TXN), NXP Semiconductors (NXPI) and Fairchild (FCS). Already cautious on Apple and other smartphone plays, the research firm reiterated its bearish view on the sector due to high market penetration, saying it instead prefers chip names levered to industrial, auto, and infrastructure applications, such as Linear Technology (LLTC), Maxim (MXIM), Cypress (CY) and ON Semiconductor (ON). IVES SAYS BUY: The Credit Suisse research note comes on the heels of a more bullish take by FBR yesterday, with the firm's Daniel Ives saying many investors "are not seeing the forest through the trees" when it comes to Apple. He characterized supply chain worries as "chatter" and lackluster Apple Watch sales as "bumps in the roads." More important, said Ives, is the "major inflection point period" which the company is entering, with streaming TV, iPad Pro, the $100B iPhone market opportunity in China, and a "blockbuster" iPhone 7 all approaching on the horizon, leading Ives to reiterate an Outperform rating and $175 price target on the shares. SUPPLIER PRICE ACTION: Despite FBR's confidence in Apple, smartphone component suppliers moved broadly lower after Tuesday's note from the Credit Suisse team. Avago has declined 3.8% to $121.67, while Broadcom, Skyworks (SWKS), and Qorvo (QRVO) lost a respective 2.1%, 5.1%, and 4.2%. Meanwhile, Apple shares are down 3.3% to $116.63.
13:18 EDTAAPLVW brings in self-driving cars expert from Apple, NY Times says
Volkswagen (VLKAY) has hired a former Apple (AAPL) technology expert specializing in self-driving car technology, the New York Times reports. Johann Jungwirth, the expert in question, is set to lead the car maker's new Digitalization Strategy Department and will report to CEO Matthias Mueller, the report says. Jungwirth was formerly director of Mac systems engineering and also served as an executive at Daimler (DDAIF), the report says. Reference Link
12:25 EDTAAPLOn The Fly: Top stock stories at midday
Stocks on Wall Street opened in negative territory and drifted throughout the morning, with the Dow and S&P recovering more quickly than the Nasdaq. The Nasdaq remains down by about 0.5% amid a slide in Apple (AAPL) following cautious analyst comments around weakness seen in its supply chain. ECONOMIC EVENTS: In the U.S., import prices fell 0.5% in October and export prices slipped 0.2%. Wholesale sales rose 0.5% in September, with inventories rising 0.5% in the month as well. In China, the consumer inflation rate fell to an annual 1.3% in October, which was down from 1.6% the month before and below the 1.5% consensus forecast. COMPANY NEWS: Shares of Apple declined nearly 3% after Credit Suisse analyst Kulbinder Garcha and the firm's Asia Technology Team said that iPhone supply chain orders have weakened recently. Garcha reduced his calendar year 2016 iPhone estimate to 222M from 242M units, but believes weakness in the stock creates an attractive entry point, given the scope of the iPhone installed base and its ability to drive future upgrades... Gap (GPS) tumbled about 4% after the apparel retailer reported that its same-store sales declined last month and gave lower than expected profit guidance for its just completed quarter... Shares of Valeant (VRX) were down about 5% near noon after the company held another call this morning with investors to update on the impact of recent negative press and the termination of its relationship with specialty pharmacy Phillidor on its business. Shares of Mallinckrodt (MNK), which was mentioned cautiously yesterday by the same short-seller that has previously targeted Valeant, are also down 5% near midday. MAJOR MOVERS: Among the noteworthy gainers was D.R. Horton (DHI), which rallied 7% after it reported quarterly earnings and provided an outlook for fiscal 2016. Also higher was Liongate (LGF), which gained 4.5% after reporting Q2 earnings and stating that Discovery (DISCA) and Liberty Global (LBTYA) each agreed to take 3.4% stakes in the company. Among the notable losers was Wayfair (W), which fell nearly 12% after it reported better than expected Q3 earnings but was also mentioned by investor Whitney Tilson as his largest short position. Also lower was Flotek (FTK), which dropped 33% after it said, in response to a cautious report yesterday, that an analysis of its FracMax database suggested that certain production data was misinterpreted by the company and understated the production of a small subset of wells. INDEXES: Near midday, the Dow was up 4.24, or 0.02%, to 17,734.72, the Nasdaq was down 22.14, or 0.43%, to 5,073.16, and the S&P 500 was up 0.34, or 0.02%, to 2,078.92.
11:06 EDTTGTBattleground: Wayfair pits noted short sellers against Wall Street analysts
Shares of Wayfair (W), which describes itself as "one of the world's largest online destinations for home furnishings and decor," are sharply lower following its report last night of its third quarter results. The company posted a loss that was not as bad as forecast, reported better than expected revenues and guided to higher than expected sales in its upcoming quarter, but its stock is falling as bears and bulls debate its prospects for future profitability. BEARS: Whitney Tilson of Kase Capital Management, who previously accused Lumber Liquidators (LL) of selling wood with dangerous levels of formaldehyde, is making the same claims against Ark Floors, a California importer that has sold its products via Wayfair and through (WMT), reported The New York Times. Jane Carpenter, a spokeswoman for Wayfair, said the company had previously removed all of Ark's laminate from its website and said it had sold just 10 orders for Ark products since December 2014, including one order through, the report noted. According to a letter that Tilson sent to investors last night, published on Seeking Alpha, he stated that Wayfair is currently his largest short position "by far." Tilson noted that Wayfair competes head-to-head versus Amazon (AMZN), Home Depot (HD), Target (TGT), and Williams-Sonoma (WSM) and he believes the company's chances of "ever reaching breakeven, much less earning a profit, much less earning enough of a profit to justify a $4B market cap are close to zero," he wrote. Tilson predicts the stock will be below $10 within a year. Short-selling blog Citron Research, which has also previously disclosed a short position in Wayfair, linked to a Wall Street Journal article in an October 20 tweet, saying UPS (UPS) "destroys" Wayfair's core model of free shipping on oversized items. The Journal article detailed the shipping giant's plans to charge websites that share "generous shipping discounts with vendors." BULLS: Piper Jaffray analyst Neely Tamminga raised her price target for Wayfair to $73 from $60 this morning, saying the company posted "exceptional" growth in Q3 amid an otherwise "lackluster" retail environment. After the New York Times article citing Wayfair's association with a vendor viewed as at-risk given a short-seller's testing of laminate flooring, Tamminga points out that all laminate flooring accounts for 0.2% of the company's sales. She continues to recommend Wayfair as a top pick for 2015. Analysts at Wells Fargo previously said in September that reports on Wayfair by short sellers included many inaccuracies. For example, Wells said that shorts' view that Wayfair loses money on every transaction relies on a "flawed view" of the company's customer acquisition costs and payback. Shorts compare Wayfair with Overstock (OSTK), but Wayfair is growing much more quickly that the latter company, Wells stated. According to the firm, which kept an Outperform rating on the shares, Wayfair has by far the highest organic revenue growth rate among U.S. consumer companies. PRICE ACTION: In morning trading, Wayfair fell $5.08, or 11.2%, to $40.50 per share.
11:05 EDTTWTRStocks with call strike movement; NFLX TWTR
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10:53 EDTTGTWhitney Tilson sees Wayfair trading below $10 within a year
Noted short-seller Whitney Tilson explained in a Seeking Alpha post why Wayfair (W) is his largest short position. He predicts the stock will be below $10 within a year. The online retailer is trading down $4.74 to $41.10 after reporting Q3 results. A New York Times article on one of Wayfair's vendors producing potentially toxic Chinese-made laminate flooring shows the company's business model is "completely out of control," Tilson argues. In addition, the odds of the online retailer ever reaching breakeven are "close to zero," he contends, citing the competition Wayfair faces from (AMZN), Home Depot (HD), Target (TGT) and Williams-Sonoma (WSM). Reference Link
10:14 EDTFEYECyberark retreats after BofA downgrades on slowing growth
Bank of America Merrill Lynch downgraded IT security provider Cyberark (CYBR) in the wake of the company's results, citing valuation, tough comparisons, and the company's decelerating growth. Cyberark's stock is falling in the wake of its results and the downgrade. BACKGROUND: Cyberark reported third quarter earnings per share of 26c, versus analysts' consensus estimate of 13c. The company's revenue came in at $40M versus the consensus outlook of $37M. Cyberark provided fiscal 2015 EPS guidance of 80c-82c, against the consensus outlook of 65c. ANALYST REACTION: In a note to investors today, BofA Merrill analyst Tal Liani downgraded Cyberark to Neutral from Buy, stating that the company reported "solid results," but is facing high expectations and tough year-over-year comparisons for the next few quarters. Although Cyberark beat Q3 expectations, the amount by which it surpassed consensus estimates has dropped over the last few quarters, the analyst pointed out. Additionally, its growth has decelerated and the shares of other IT security companies in similar situations have dropped sharply, according to Liani. The analyst lowered his price target on the stock to $48 from $80. OTHERS TO WATCH: Other publicly traded companies in the IT security space include Barracuda (CUDA), Check Point (CHKP), F5 Networks (FFIV), FireEye (FEYE), Fortinet (FTNT), Imperva (IMPV), Palo Alto (PANW), Proofpoint (PFPT), Qualys (QLYS) and Symantec (SYMC). PRICE ACTION: In early trading, Cyberark fell 6% to $42.07.
10:10 EDTAAPLVIX methodology for Apple VXAPL up 10.8% to 30.11
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10:07 EDTAAPLApple November volatility increases
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09:37 EDTTGT, AAPLActive equity options trading on open
Active equity options trading on open: AAPL TGT VLO BAC FB W RAX V PHM
08:48 EDTAAPLApple heads lower in pre-market
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07:23 EDTAAPLApple's Asia supply chain weakens, says Credit Suisse
Credit Suisse's Asia Technology Team has noted that iPhone supply chain orders have weakened recently. Analyst Kulbinder Garcha said the weak supply chain news could weigh on shares for the next few weeks or quarters. Garcha lowered Apple's FY16 earnings estimate by 6% to $9.81 from $10.40 and reduced his CY16 iPhone estimate to 222M from 242M, and introduced a a CY17 unit estimate of 235M. While Garcia believes shares could be range bound near-term, he continues to believe weakness creates an attractive entry point given the scope of the iPhone installed base and its ability to drive future upgrades, and the increasing probability that Apple will launch a 4-inch "iPhone 6c." Apple shares remain Outperform rated with a $140 price target.
06:22 EDTTWTR'Three Peters' could leave Twitter's board, Re/code reports
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05:29 EDTODPStocks with implied volatility above IV index mean; M ODP
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