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July 30, 2014
17:12 EDTTWTR, EW, HSP, AMGN, GNW, GT, GRMN, PWEOn The Fly: Closing Wrap
Stocks on Wall Street began the session in positive territory following a better than expected GDP growth estimate for the second quarter, but were unable to hold their initial gains. The averages reversed early in the session and eventually crossed into negative territory, as investors chose to wait for the Fedís rate decision and to listen to the accompanying statements. The Fed kept rates the same, said inflation was tracking towards their goals, and continued to reduce their planned purchases of bonds, which was all generally in keeping with expectations. The market initially revived, but then settled back into the range it was in before the Fed's release and limped into the close. ECONOMIC EVENTS: 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%. ADP reported private payrolls climbed 218K in July, which was a bit below the 238K forecast. The Federal Reserve wrapped up its two-day Federal Open Market Committee meeting and, as expected, decided to reduce its monthly asset purchases by $10B next month. The Fed will buy $10B of mortgage-backed securities in August, down from $15B in July, and will buy $15B of longer-term Treasury securities next month, down from $20B previously. The committee reaffirmed its view that highly accommodative monetary policies are still appropriate and maintained its 0% to 0.25% target range for the federal funds rate. Additionally, the leaders of the G-7 issued a joint statement that they "remain ready to further intensify the costs" to Russia if it does not change its course regarding Ukraine. COMPANY NEWS: Shares of Twitter (TWTR) surged $7.71, or 19.98%, to $46.30 after the social network operator's second quarter results beat analysts' consensus estimates and it raised its fiscal year 2014 revenue and adjusted EBITDA forecasts. Following last night's report, Bank of America Merrill Lynch upgraded Twitter to Buy from Neutral, while the stock was also upgraded at FBN Securities, UBS and Cowen. MAJOR MOVERS: Among the notable gainers following their earnings reports were Edwards Lifesciences (EW), which gained $8.44, or 10.0%, to $92.88, Hospira (HSP), which rose $4.31, or 8.3%, to $56.21, and Amgen (AMGN), which advanced $6.70, or 5.43%, to $130.01. Among the notable gainers following their earnings reports were Genworth Financial (GNW), which fell $2.28, or 14.02%, to $13.98, Goodyear Tire (GT), which declined $2.14, or 7.76%, to $25.45, and Garmin (GRMN), which dropped $3.17, or 5.51%, to $54.41. Also lower was Penn West Petroleum (PWE), which fell $1.30, or 14.21%, to $7.85 after it announced that the Audit Committee of the company's Board of Directors is conducting a voluntary, internal review of certain of the company's accounting practices. INDEXES: The Dow dropped 31.75, or 0.19%, to 16,880.36, the Nasdaq gained 20.20, or 0.45%, to 4,462.90, and the S&P 500 added 0.12, or 0.01%, to 1,970.07.
News For TWTR;EW;HSP;AMGN;GNW;GT;GRMN;PWE From The Last 14 Days
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September 9, 2014
14:03 EDTGRMNGarmin down 3% after Apple confirms launch of Apple Watch
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12:15 EDTHSPHospira expects 2015 to be a turnaround year for pump business
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11:57 EDTHSPHospira says it has appealed court's adverse decision relating to Precedex
The argument for appeal has been set for October 27. Comments taken from Morgan Stanley Global Healthcare Conference.
09:36 EDTTWTRActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL KNDI NFLX YHOO TWTR TSLA C BAC FB MCD
07:28 EDTTWTRThe Money Event, Inc to hold a conference
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06:01 EDTTWTRTwitter's Carolyn Penner to join Vine, Re/code reports
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September 8, 2014
16:00 EDTTWTROptions Update; September 8, 2014
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15:53 EDTGTJury awards deceased Goodyear Tire employee's family $18.6M
A Dallas County jury has awarded $18.6M to the family of a tire builder who died after being exposed to cancer-causing asbestos fibers at the Goodyear Tire & Rubber plant in Tyler, Texas. Carl Rogers worked at the plant for 30 years before being diagnosed with mesothelioma, a deadly cancer caused by exposure to asbestos fibers. Jurors found Goodyear grossly negligent for allowing Rogers' continued exposure to asbestos. The Sept. 5 verdict includes $2.7M in non-economic damages, $900,000 in economic damages, and $15M in punitive damages. The parties stipulated to an amount of paid medical bills, which will also be added to the final judgment.
12:40 EDTHSPPar Pharmaceutical resumes shipment of generic Precedex Injection
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10:30 EDTTWTRTwitter moves higher on 'buy' button test, levels to watch
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09:18 EDTTWTRTwitter confirms test of 'Buy' button for select U.S. users
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08:33 EDTHSPHospira confirms FY14 EPS view $2.30-$2.50, consensus $2.41
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07:15 EDTAMGNIBC Life Sciences to hold a conference
10th Annual Cell Line Development & Engineering Conference to be held in Berkeley, California on September 8-10.
07:04 EDTGTGoodyear Tire management to meet with Deutsche Bank
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06:49 EDTAMGNAmgen shares to trend higher, price target to $150 at RBC Capital
RBC expects shares of Amgen to trend higher due to evolving sentiment around the 2015 pipeline and low multiple. Some investors want a break-up of the company to increase shareholder value but the analyst does not expect it to occur given the concentrated portfolio, tax reasons, and a commercial infrastructure that can not be split off. Shares are Outperform rated with a $150 price target, raised from $135.
September 5, 2014
09:42 EDTTWTRTwitter management to meet with Deutsche Bank
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September 4, 2014
16:00 EDTTWTROptions Update; September 4, 2014
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13:12 EDTHSPFDA posts approval of Hospira's Milrinone Lactate
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07:24 EDTGTGoodyear Tire management to meet with Deutsche Bank
Meeting to be held in New York on September 4 hosted by Deutsche Bank.
06:38 EDTTWTRTwitter CFO hints at better search, improved algorithm, group chats, WSJ says
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