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Stock Market & Financial Investment News

News Breaks
July 10, 2014
12:21 EDTPBPB, FDO, CRAY, UAL, LL, TRWOn The Fly: Midday Wrap
Stocks on Wall Street began the session deep in negative territory and although they have managed recoup some ground, they remain lower. Fears about the health of one of Portugalís largest banks, coupled with weak economic data out of Italy, prompted a sell-off in Europe, which spilled over to the U.S. The decline in the market marked its biggest drop since May, but the averages have recaptured some of their earlier session losses by midday. ECONOMIC EVENTS: In the U.S., initial jobless claims dropped 11K to 304K in the week ended July 5. Wholesale inventories rose 0.5% in May, while sales edged up 0.7%, which were both a little below expectations. In China, trade performance improved in June but still missed market forecasts. Exports rose 7.2% in June from a year earlier, missing the consensus forecast for a rise of 10.6%, while imports grew 5.5% in the month, versus the 5.8% growth expectation. In Europe, concerns about the periphery rose again as the parent company of Portugal's Espirito Santo bank missed a debt payment, leading the country's interest rates higher and equities in the Eurozone lower. Also, Italy's industrial output saw its steepest monthly fall since late 2012, having dropped 1.2% in May, and the Bank of England maintained its main bank rate and its stock of purchased assets. COMPANY NEWS: Shares of airline United Continental (UAL) rose nearly 10% after reporting that its consolidated traffic, or revenue passenger miles, was flat year-over-year in June. In a note to investors following the company's update, UBS said it expected United Continental shares to trade higher given its higher than expected PRASM... Family Dollar (FDO) initially fell after reporting third quarter earnings that missed expectations. The dollar store operator stated that its same-store sales were down 1.8% in the period, but noted that its June comparable sales were approximately flat and that it was "encouraged" by its improving trends. Near noon, the stock had recovered and was up nearly 1%. MAJOR MOVERS: Among the notable gainers was supercomputer maker Cray (CRAY), which rallied 14.5% after the company announced it has been awarded a $174M computer deal from the National Nuclear Security Administration. Also higher was TRW Automotive (TRW), which rose nearly 7% before being halted for pending news near noon. Prior to the trading halt, Bloomberg had reported that Germanyís ZF Friedrichshafen has approached TRW about a potential takeover offer, with one source saying that the German company values the U.s. auto parts maker at around $11B-$12B. Among the noteworthy losers was sandwich maker Potbelly (PBPB), which plunged 23% after the company's second quarter and fiscal 2014 outlook fell significantly short of analysts' consensus estimates. Also lower was hardwood flooring and accessories retailer Lumber Liquidators (LL), which sunk 21% and was downgraded at both Credit Suisse and Jefferies after the company lowered its outlook for the year. INDEXES: Near midday, the Dow was down 91.13, or 0.54%, to 16,894.48, the Nasdaq was down 23.91, or 0.54%, to 4,395.13, and the S&P 500 was down 8.95, or 0.45%, to 1,963.88.
News For UAL;FDO;TRW;CRAY;PBPB;LL From The Last 14 Days
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August 27, 2015
18:52 EDTUALOn The Fly: After Hours Movers
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17:38 EDTUALS&P announces changes to S&P 500 index
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17:31 EDTUALUnited Continental up 6.6% to $56.88 after being added to S&P 500
17:18 EDTUALUnited Continental to replace Hospira in S&P 500 as of 9/2 close
12:07 EDTLLLumber Liquidators November and January puts active
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August 26, 2015
08:22 EDTCRAYCray management to meet with Craig Hallum
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August 24, 2015
15:01 EDTUALWyndham slips after FTC given go-ahead for data breach lawsuit
Shares of Wyndham (WYN) have slipped in afternoon trading after an appeals court ruled that the FTC can sue the company over its allegedly poor cybersecurity practices. WHAT'S NEW: According to a Reuters report of court proceedings, the 3rd U.S. Circuit Court of Appeals in Philadelphia has ruled that the FTC may proceed with its lawsuit against Wyndham over data breaches in 2008 and 2009, saying the hotel company failed to take reasonable steps to protect customer information. Wyndham's allegedly lackluster data protection policies constitute "unfair and deceptive trade practices," granting the Federal Trade Commission authority to step in, said Judge Thomas Ambro. FTC Chairwoman Edith Ramirez commented, "It is not only appropriate, but critical, that the FTC has the ability to take action on behalf of consumers when companies fail to take reasonable steps to secure sensitive consumer information," according to the report. WHAT'S NOTABLE: Today's ruling comes in the wake of numerous high-profile "hack attacks," with American Airlines (AAL), Anthem (ANTM), United Airlines (UAL) and Target (TGT) all reporting digital security breaches in recent years. Though no final verdict has been reached in the case between the FTC and Wyndham, Judge Ambro may have established the beginnings of a legal precedent potentially allowing the Commission to sue companies for not going far enough to protect consumer data and Chairwoman Ramirez appeared to share that broader tone. PRICE ACTION: Shares of Wyndham are down about 4% in intraday trading. Cybersecurity firms FireEye (FEYE) and Palo Alto Networks (PANW) are down roughly 2% and 2.7% for the afternoon.
10:25 EDTUALUnited Continental initiated with a Buy at Standpoint Research
Target $70.
August 20, 2015
16:48 EDTLLOn The Fly: Top stock stories for Thursday
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13:26 EDTLLOn The Fly: Top stock stories at midday
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10:42 EDTLLCantor upgrade gives embattled Lumber Liquidators a boost
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10:00 EDTLLOn The Fly: Analyst Upgrade Summary
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06:40 EDTLLLumber Liquidators upgraded to Buy from Hold at Cantor
Cantor Fitzgerald analyst Laura Champine upgraded Lumber Liquidators to Buy from Hold and raised her price target for shares to $18 from $15. The embattled wood flooring retailer closed yesterday down 75c to $14.21. The risk/reward scenario has become "much more appealing" with the down nearly 80% year-to-date, Champine tells investors in a research note. Appointing a chief compliance and legal officer with three decades of relevant experience should bring improved oversight, the analyst argues. Champine also raised her long-term gross margin assumptions after her recent store tour with senior management.
August 18, 2015
20:00 EDTUALAirline stocks fall as companies face probes, labor issues, WSJ says
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16:49 EDTLLOn The Fly: Top stock stories for Tuesday
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13:33 EDTLLOn The Fly: Top stock stories at midday
Repeating yesterday's start, the market began the session in negative territory before recapturing those losses. Early weakness was attributed to a dip in Wal-Mart (WMT) shares after the company's earnings report as well as a selloff in the Chinese market overnight. Heading into the afternoon, the market has drifted back across the flat line, with all three indices negative despite July's housing starts showing the strongest reading in eight years. ECONOMIC EVENTS: In the U.S., housing starts edged up 0.2% in July to 1.206M, outpacing consensus estimates for 1.180M in the best reading since October 2007. Building permits fell 16.3% to 1.119M against expectations for 1.230M from a revised 1.337M in June, while single family starts rose 12.8% and multifamily numbers fell 17.0%. In Europe, Eurozone parliaments are set to vote on Greece's prospective bailout deal this week, with Reuters reporting earlier today that the Austrian parliament has approved the EUR86B agreement. COMPANY NEWS: Shares of National Penn (NPBC) rose nearly 17% to $12.77 after BB&T (BBT) agreed to acquire the company in a $1.8B cash and stock deal. On a conference call discussing the acquisition, BB&T CEO Kelly King called the "very, very synergistic" deal a "compelling use of capital," adding that the company expects to consolidate about 25 branches to help drive annual cost savings of $65M... Wal-Mart (WMT) fell roughly 3.2% to near $69.50 after cutting its full year earnings outlook this morning, with CFO Charles Holley noting that operating profit will see continued pressure. Meanwhile, Home Depot (HD) and Dicks Sporting Goods (DKS) saw respective gains of about 2.3% and 1.8% after their pre-market earnings reports. MAJOR MOVERS: Among the notable gainers was Omeros (OMER), surging more than 69% to $24.58 after releasing positive preliminary data on its Phase 2 trial of OMS721 for the treatment of organ blood clots. Also higher was Inteliquent (IQNT), rising about 19% to $21.24 after announcing a three-year agreement with T-Mobile (TMUS) to provide IP voice services for the carrier. Separately, Lumber Liquidators (LL) has gained almost 5.7% to nearly $15 in afternoon trading after announcing the appointment of Jill Witter as Chief Compliance and Legal Officer. Among the noteworthy losers was Esperion (ESPR), falling over 11% despite rising 5% in pre-market trading after reporting that the ETC-1002 Phase 3 program is on track, adding that the FDA will not require a cardiovascular outcomes trial prior to the drug's potential approval. Also lower was American Apparel (APP), slipping about 1.9% after disclosing "substantial doubt" about its ability to sustain operations during the coming year. INDEXES: Near midday, the Dow was down 40.37, or 0.23%, to 17,504.81, the Nasdaq lost 26.86, or 0.53%, to 5,064.96, and the S&P 500 was lower by 6.02, or 0.29%, to 2,096.41.
10:15 EDTLLLumber Liquidators hires Jill Witter as Chief Compliance and Legal Officer
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05:28 EDTCRAYCray awarded $6M contract by DMI
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August 16, 2015
20:09 EDTLL'60 Minutes' reiterates view of 'unsafe' Lumber Liquidators flooring
On the August 16 edition of CBS' "60 Minutes," reporter Anderson Cooper reiterated the program's perspective that the company's flooring does not appear safe. During the rerun, head of environmental nonprofit Global Community Monitor Danny Larson -- who is suing the company with the help of attorney Richard Drury -- told the program he wants Lumber Liquidators to replace "every single board, at their cost." Drury added that, among households nationwide, there are "probably hundreds of thousands" using Lumber Liquidators products that exceed acceptable formaldehyde levels. As shown in the rerun, undercover investigators for "60 Minutes" visited three separate Chinese mills that claimed to be major suppliers to Lumber Liquidators -- and at all three mills, employees "openly admitted" to producing flooring with non-compliant formaldehyde levels, reportedly saving the company 10%-15%. Since the report first aired, former Lumber Liquidators CEO Robert Lynch has resigned and the company has met with numerous investigations. In a statement released this week, the embattled hardwood retailer said it has taken, and continues to take, action to protect its customers, though it offered no concrete details. Note that shares of Lumber Liquidators closed Friday at $14.02 after Tiger Management disclosed a 238,000 share position in the firm.
18:20 EDTUALFAA working with airlines to restore operations after August 15 cancellations
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