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Stock Market & Financial Investment News

News Breaks
August 6, 2014
12:12 EDTTWX, FUEL, WPX, ENPH, GRPN, TAP, SFTBF, BAC, WAG, S, TMUS, FOXA, NUSOn The Fly: Midday Wrap
Stocks on Wall Street began the session in negative territory in what appeared to be a continuation of yesterday’s sell-off. However, by mid-morning the averages crossed into positive territory where they have remained into the lunch hour. Events from abroad continue to move U.S. markets, as European stock markets responded unfavorably to weaker than expected economic data in Italy and Germany, and investors keep an eye on the unfolding stand-offs in Russia and Israel. ECONOMIC EVENTS: In the U.S., the trade deficit narrowed to $41.5B in June from a revised $44.7B in May. In Europe, Italian GDP unexpectedly contracted 0.2% in Q2, putting the country into a technical recession, while German manufacturing orders surprised with a 3.2% June drop. COMPANY NEWS: Shares of Time Warner (TWX) declined nearly 12% despite the company reporting quarterly earnings that surpassed the consensus expectation, as its results were overshadowed by other news, namely 21st Century Fox (FOXA) withdrawing its offer to buy the company. Fox Chairman and CEO Rupert Murdoch said Time Warner management and its board refused to engage and that the reaction in its own share price since its initial proposal was made "undervalues our stock and makes the transaction unattractive to Fox shareholders." Meanwhile, class A shares of 21st Century Fox, which also authorized the repurchase of an additional $6B of its stock, rose 5%... Another deal being abandoned drove shares of another prominent company lower, as Sprint (S) dropped 18% after replacing CEO Dan Hesse with Marcelo Claure and reportedly gave up on its plans to try to combine with the fourth largest U.S. mobile carrier, T-Mobile (TMUS). Shares of T-Mobile also sunk nearly 7%, though The Wall Street Journal, citing a source, said that Iliad (ILIAF) will continue to pursue its bid for T-Mobile, though the French company sees no immediate need to boost its own offer after Sprint and parent Softbank (SFTBF) appear to have walked away... Bank of America (BAC) increased its quarterly dividend to 5c per share from 1c per share, marking the bank’s first quarterly common stock dividend increase in seven years. MAJOR MOVERS: Among the notable gainers was brewer Molson Coors (TAP), which rose 6% after the company's second quarter profits topped expectations. Also higher following their earnings reports were Enphase Energy (ENPH), which gained 20%, and WPX Energy (WPX), which advanced 12%. Among the noteworthy losers was Walgreen (WAG), which dropped 12% after the company exercised its option to acquire the remaining 55% of Alliance Boots that it does not already own but said its purchase of the rest of Boots will not be a "tax inversion" deal, as many had been expecting. Walgreen also authorized a $3B share repurchase program and raised its dividend by 7.1%, though the capital return plans did not appear to be enough to offset investor disappointment over the lack of an inversion pursuit. Also lower following their earnings reports were Groupon (GRPN), which fell 16%, Rocket Fuel (FUEL), which plunged 27%, and Nu Skin (NUS), which declined 24%. INDEXES: Near midday, the Dow was up 53.37, or 0.32%, to 16,482.84, the Nasdaq was up 25.50, or 0.59%, to 4,378.34, and the S&P 500 was up 6.91, or 0.36%, to 1,927.12.
News For TWX;FOXA;TMUS;S;WAG;BAC;SFTBF;TAP;GRPN;ENPH;WPX;FUEL;NUS From The Last 14 Days
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October 10, 2014
10:01 EDTTAPMolson Coors and SABMiller settle Canada litigation
Molson Canada 2005, a subsidiary of Molson Coors, and Miller Brewing Company, a subsidiary of SABMiller, jointly announce that they have settled amicably their litigation in Toronto, Canada, arising from the Licence Agreement for the Miller trademark brands in Canada. As a result of the settlement, the rights to distribute Miller trademark brands in Canada will revert to SABMiller effective April 1, 2015.
09:35 EDTSSprint downgraded to Sell from Hold at Evercore
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09:00 EDTGRPNOn The Fly: Pre-market Movers
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08:13 EDTGRPNGroupon downgraded to Sell from Equal Weight at Evercore
08:05 EDTFOXA21st Century Fox, Apollo Global agree to form content joint venture
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08:03 EDTFOXA21st Century Fox, Apollo Global form content joint venture
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07:58 EDTENPHEnphase Energy will continue microinverter dominance, says Canaccord
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07:27 EDTTMUST-Mobile upgraded to Buy from Hold at Jefferies
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07:04 EDTTWXAmazon in talks to join digital locker for movies. WSJ reports
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06:42 EDTFOXA, TWXTime Warner CEO to be questioned on growth plans, NY Post reports
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06:04 EDTWAGWalgreen implied volatility of 24 at lower end of index mean range
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05:45 EDTTMUST-Mobile upgraded to Buy from Hold at Jefferies
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05:18 EDTTWXTime Warner to host investor meeting
Investor meeting to be held on October 15 at 9:30 am. Webcast Link
October 9, 2014
16:00 EDTBACOptions Update; October 9, 2014
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10:21 EDTWPXWPX Energy says will explore opportunistic, bolt-on acquisitions
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10:15 EDTWPXWPX Energy sees increasing market cap threefold by 2020
Says about 100 employees chose to accept early exit program. Sees year end employee headcount down about 15% from year end 2013. Says about 70%-80% of capital is oil focused. Says production guidance "in line" with previously provided view. Says expects to increase market capitalization threefold by 2020; says this belief is not reliant on M&A, bolt on acquisitions. Says targeting $12B market cap by 2020. Sees fivefold increase in oil production by 2020. Says bullish longer term for natural gas. Sees nat gas pricing $3.50-$4.50 over next three years, sees oil market at $80.00-$100.00 a barrel. Comments made on the company's strategy rollout conference call. WPX Energy shares are down 4.78% to $20.53 in morning trading.
09:59 EDTWPXWPX Energy sees Q3 adjusted production 1,060-1,073.3 MMcfe/d
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09:56 EDTWPXWPX Energy reaffirms adjusted full-year production guidance
WPX Energy reaffirmed its full-year production guidance ranges, adjusted for its Powder River sale. In the Williston, WPX says its initial result of larger stimulations encouraging. In San Juan Gallup, WPX says it is completing first two 7,500ʹ laterals and that a 3rd rig has been added. Guidance and comments from slides for strategic update.
06:45 EDTBACBofA finalizes oil financing agreement with PES, Reuters says
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06:33 EDTBACCitigroup 2015 consensus may be 10% too high, says Deutsche Bank
Deutsche Bank believes the IPO of OneMain, the consumer finance unit within Citi Holdings, and higher expenses create 10% risk to the 2015 consensus estimate of $5.40 for Citigroup. Deutsche says shedding OneMain would lower Citigroup's (C) annual earnings by about 20c. The firm says the bank's Q3 results could top expectations, however, on better than expected currency trading. Deutsche continues to prefer Bank of America (BAC) to Citi, saying its confident consensus estimates for the former are reasonable. It has a Hold rating on Citi and Buy rating on Bank of America.
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