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July 16, 2014
12:26 EDTAAPL, BAC, INTC, FOXA, VIAB, LCI, TXT, BABA, THC, TWX, DIS, IBM, PNC, YHOO, HCA, DISCA, CBSOn The Fly: Midday Wrap
Stocks on Wall Street began the session sharply higher on the heels of solid earnings reports from a few corporate bellwethers as well as some completed acquisition deals and a high-profile rejected one. The market began to lose some steam during the second hour of trading as Fed Chairwoman Yellen began her second day of testimony in Washington on the economy. ECONOMIC EVENTS: In the U.S., the Producer Price Index for June rose 0.4%, which was ahead of expectations for a 0.2% increase. Industrial production grew 0.2% in June, missing the forecast for 0.3% growth. The NAHB homebuilder confidence index rose to 53 in July, ahead of expectations for it to tick up 1 point to 50. The Fed's Beige Book is expected to be released at 2 pm ET. COMPANY NEWS: Shares of HBO parent Time Warner (TWX) jumped more than 15% after it was reported by CNBC and DealBook's Andrew Ross Sorkin that the company had received, and rejected, a takeover offer worth about $80B, or $85 per share, from Rupert Murdoch's Twenty-First Century Fox (FOXA). According to the report, Fox indicated that it would sell its news channel CNN, which could be sought by CBS (CBS) or Disney's (DIS) ABC, as part of the proposal. Before the opening bell both Time Warner and Fox confirmed the report, with Time Warner stating that it rejected the bid since it was "not in the best interests of stockholders" and 21st Century Fox noting that the companies are not currently in discussions. Other media stocks were trading higher after the news, with Discovery Communications (DISCA) rising 6.5% and Viacom class B shares (VIAB) gaining 4%... Shares of Intel (INTC) advanced 7.5% after the semiconductor giant's second quarter results beat analysts' consensus estimates. Among other S&P 500 companies reporting earnings, Textron (TXT) advanced, while Bank of America (BAC) and PNC Financial (PNC) declined... Apple (AAPL) gained 1% and IBM (IBM) advanced more than 2% after the companies announced a deal to partner on mobile products for corporations. MAJOR MOVERS: Among the notable gainers was Tenet Healthcare (THC), which rallied 7% after after another company in the hospital sector, HCA Holdings (HCA), pre-announced stronger than expected second quarter results. For its part, HCA rose 9% after providing better than expected Q2 guidance and increasing its fiscal year outlook. Among the noteworthy losers was Lannett (LCI), which fell 14% after announcing that it has received interrogatories and subpoena from the State of Connecticut Office of the Attorney General concerning its investigation into pricing of the drug digoxin. Also lower after its earnings report was Yahoo! (YHOO), which fell 4.5%. In addition to reporting results, the company announced last night that it has amended its share repurchase agreement with Chinese e-commerce company Alibaba (BABA), reducing the number of shares that Yahoo is required to sell at the IPO to 140M shares from 208M. INDEXES: Near midday, the Dow was up 64.71, or 0.38%, to 17,125.39, the Nasdaq was up 18.55, or 0.42%, to 4,434.94, and the S&P 500 was up 7.08, or 0.36%, to 1,980.36.
News For TWX;FOXA;HCA;THC;INTC;YHOO;BABA;BAC;PNC;TXT;AAPL;IBM;LCI;CBS;DIS;VIAB;DISCA From The Last 14 Days
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May 11, 2015
11:37 EDTAAPLApple expanding renewable energy projects in China
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11:24 EDTAAPLUBS says Apple Watch could become 'must-have' device, but not yet
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11:02 EDTVIABTribune Media names Josh Cogswell as Chief Product Officer
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09:59 EDTPNCOn The Fly: Analyst Downgrade Summary
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09:58 EDTBACBarclays expected to pay GBP2B to settle forex rigging charges, FT says
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09:56 EDTAAPLIDC: Apple leads smartphone vendors in China during Q1
IDCís latest Mobile Phone Tracker shows the China smartphone market contracted by 4% year-on-year with 98.8M units shipped in the first quarter of 2015. This is the first time in six years that the China smartphone market declined YoY as the market continues to mature. On a QoQ basis, the market contracted 8% on the back of a large inventory buildup at the end of last year. The study said Apple (AAPL) was the top smartphone vendor in China in the first quarter, with consumers still having a strong appetite for the larger screens on the iPhone 6 and iPhone 6 Plus. Xiaomi slipped to the second position as it faced strong competition from other vendors in the low to mid-range segment of the market, while Huawei maintained third position as it saw a good uptake in the mid-range segment. Samsung (SSNLF) and Lenovo (LNVGY) both led the market at least once last year, but rankings have since changed quickly, highlighting the volatility of consumers' brand preference in China. Reference Link
09:37 EDTAAPL, BACActive equity options trading on open
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08:42 EDTPNCPNC Financial downgraded to Neutral at Susquehanna
As reported previously, Susquehanna downgraded PNC Financial to Neutral from Positive citing valuation. The firm raised its price target on PNC shares to $102 from $100.
08:41 EDTAAPLApple Watch may become 'must have' as interface to internet, says UBS
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08:26 EDTFOXAFox says 'American Idol' to end after season 15, NY Times reports
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08:18 EDTBACBanks executives seek to push back on 'false, damaging' statements, WSJ reports
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06:54 EDTPNCPNC Financial downgraded to Neutral from Positive at Susquehanna
06:44 EDTAAPLFiat Chrysler CEO met with Apple, Tesla CEOs, Reuters says
During a trip to California, Fiat Chrysler (FCAU) CEO Sergio Marchionne met with Apple (AAPL) CEO, Tim Cook, and Tesla (TSLA) CEO Elon Musk, reports Reuters, citing Marchionne. Marchionne also vowed that the company would make a stronger attempt in the luxury SUV market, Reuters adds. Reference Link
06:33 EDTDISCA, DIS, FOXA, CBSTV networks worried amid tough competition from digital outlets, NY Times says
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06:32 EDTINTCIntel management to meet with FBR Capital
Meetings to be held in Boston/New York May 11-14 hosted by FBR Capital.
06:12 EDTYHOOYahoo implied volatility of 22 at lower end of index mean range
05:05 EDTAAPLApple announces environmental initiatives in China
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May 10, 2015
18:05 EDTTWX, VIAB, DIS, FOXA, CBSFCC contract ruling may speed review of AT&T-DirecTV merger, WSJ says
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17:35 EDTTWX, DISDisney's 'Avengers: Age Of Ultron' leads U.S. weekend box office with $77.2M
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16:01 EDTBABAAlibaba buys 9.3% Zulily stake, not pursuing full acquisition, WSJ says
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