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Stock Market & Financial Investment News

News Breaks
July 10, 2014
12:21 EDTLL, TRW, PBPB, FDO, CRAY, UALOn 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 Portugal’s 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 Germany’s 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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April 9, 2015
07:11 EDTUALUnited Continental sees Q1 consolidated capacity up 0.1%
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07:01 EDTUALUnited Continental reports March consolidated traffic down 0.7%
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April 8, 2015
16:04 EDTPBPBPotbelly appoints Michael Coyne as CFO
Potbelly announced the appointment of Michael Coyne as its new CFO, effective May 1. Coyne will oversee all financial functions and will also be charged with positively impacting Potbelly's analytical, productivity, and risk assessment capabilities. Most recently, Coyne served as SVP, Small Business at CNA Financial.
15:42 EDTLLLumber Liquidators senior managers knew about toxic laminate, Tilson says
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10:13 EDTLLLumber Liquidators invests $5M in Virginia finishing line
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10:08 EDTLLIcahn did look at Lumber Liquidators, not buying now, FBN reports
Carl Icahn took a look at Lumber Liquidators but is not buying the stock now, Charles Gasparino of Fox Business reports.
08:09 EDTFDOFamily Dollar says sales trends in March 'rebounded nicely'
"We continue to see tangible benefits from the investments we have made to strengthen our value proposition for customers. Our comparable store sales and customer traffic trends are improving, and we are beginning to see stabilization in key categories. While our trends in late-February were adversely impacted by severe winter weather, our sales trends in March rebounded nicely, reflecting both improved traffic trends and the benefit of an earlier Easter,” said Howard R. Levine, Chairman and CEO. “We are excited about the pending merger with Dollar Tree, and our teams are working to ensure a successful integration.”
08:05 EDTFDOFamily Dollar says not providing guidance
On January 22, Family Dollar (FDO) stockholders adopted the merger agreement with Dollar Tree (DLTR). The completion of the merger remains subject to Federal Trade Commission clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and other closing conditions. Dollar Tree, with support from Family Dollar, is continuing to work with the FTC to obtain clearance under the HSR Act, including in connection with arranging for divestitures. Dollar Tree has informed Family Dollar that Dollar Tree intends to close the merger by the end of May 2015. In light of the pending transaction, the company has not provided earnings guidance for fiscal 2015 and will not hold a conference call to discuss its second quarter results.
08:05 EDTFDOFamily Dollar reports March SSS up 3.7%
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08:04 EDTFDOFamily Dollar reports Q2 adjusted EPS 74c, consensus 73c
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April 7, 2015
16:38 EDTFDODollar Tree discloses update on FTC review process of Family Dollar acquisition
Dollar Tree (DLTR) disclosed in a regulatory filing, the following update on the Federal Trade Commission’s review process of the company’s pending acquisition of Family Dollar Stores (FDO). As of April 1, the FTC’s staff has substantially completed its review and identified approximately 340 stores for divestiture, representing approximately $47.4M of operating income. The company expects that all or almost all of the stores that will be divested will be Family Dollar stores. The company continues to make progress with divestiture buyers and has received multiple indications of interest from buyers, each of whom intend to operate these divested locations as dollar stores to address the FTC's concerns. The company is working to finalize divestiture agreements with the selected bidders in April 2015 and in parallel to secure FTC approval. The company intends to close the proposed merger in May, but this timing is subject to certain factors beyond the company’s control, including FTC approval.
15:30 EDTFDONotable companies reporting before tomorrow's open
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05:58 EDTLLStocks with implied volatility below IV index mean; LL WLL
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April 6, 2015
11:25 EDTLLLumber Liquidators near session highs, levels to watch
The shares are near the session high at time of writing, last at $34.80. The move up follows flooring tests commissioned by Raymond James. The firm upgraded the stock to Outperform today, with a $40 price target. Support is at $34.16.
11:20 EDTLLLumber Liquidators rises after Raymond James flooring tests trigger upgrade
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10:02 EDTLLOn The Fly: Analyst Upgrade Summary
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09:22 EDTLLOn The Fly: Pre-market Movers
HIGHER: Uniqure (QURE), up 44.2% following strategic collaboration with Bristol-Myers (BMY)... Cytori Therapeutics (CYTX), up 22.4% after Lorem Vascular receives regulatory clearance in China... Curis (CRIS), up 8.5% after FDA grants orphan drug designation to CUDC-907 for the treatment of Diffuse Large B-Cell Lymphoma... Capnia (CAPN), up 5.9% after being awarded a $220,000 NIH grant... Tesla (TSLA), up 3.8% after reporting first quarter deliveries up 55% to 10,030 cars... Ariad (ARIA), up 3.4% following approval of Iclusig in Canada... Lumber Liquidators (LL), up 3.1% after being upgraded to Outperform from Market Perform at Raymond James. LOWER: Magnum Hunter (MHR), down 8.9% after being downgraded to Hold from Buy at Wunderlich... Herbalife (HLF), down following CNBC report that federal law enforcement agencies contacted the company regarding its business practices... Qualcomm (QCOM), down 2.2% following a Wall Street Journal report that the Samsung (SSNLF) Galaxy S6 did not have a Qualcomm LTE modem... Skyworks (SWKS), down 2.1% after being downgraded to Equal Weight from Overweight at Stephens.
08:05 EDTLLLumber Liquidators trends normalizing, says Janney Capital
Janney Capital said Lumber Liquidators reported sales for March and Q1 showed there has clearly been improvement in recent weeks and that its sales trends appear to be normalizing. The firm noted that its checks suggest that the last week of March improved from the prior week. Janney added that discounting hurt the company's gross margins worse than it expected, but it believes management still made the right decision mid-term and long-term. The firm maintains its Buy rating and $47 fair value estimate on Lumber Liquidators shares.
06:43 EDTLLLumber Liquidators upgraded to Outperform from Market Perform at Raymond James
Raymond James upgraded Lumber Liquidators to Outperform with a $40 price target after commissioning tests on two Chinese laminated wood flooring products. The tests demonstrated safety as prescribed by the California Air Resource Board and were not deconstructed tests as reported in the 60 Minutes story. Raymond James expects Lumber Liquidators' near-term to be challenging but believes sales, earnings, shares will move higher longer-term.
06:11 EDTLLStocks with implied volatility below IV index mean; LL WLL
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