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Stock Market & Financial Investment News

News Breaks
May 19, 2014
09:00 EDTVIABViacom initiated with a Buy at Hudson Square
Target $94.
News For VIAB From The Last 14 Days
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February 5, 2016
16:37 EDTVIABStocks end week lower as tech melts down despite strong Alphabet report
Stocks ended the week lower, with the Nasdaq index the clear laggard, as a number of well-known tech stocks felt the brunt of the market pullback. The week was bookended by a strong report Monday night from Google parent Alphabet (GOOGL), which still ended the week lower despite its better than expected earnings, and weak guidance Thursday evening from social media name LinkedIn (LNKD), which was severely punished by investors and analysts alike in the wake of its outlook. MACRO NEWS: In the U.S., nonfarm payrolls rose 151,000 in January, versus expectations for an increase of 190,000. The unemployment rate fell to 4.9%, versus expectations for it to stay at 5.0%. Average hourly earnings climbed 0.5% month-over-month, versus the consensus forecast for them to rise 0.3%. The trade deficit widened 2.7% to $43.4B in December, as exports dipped 0.3% and imports rose 0.3%. Markit's manufacturing purchasing managers index for January dipped to 52.4 in the final January reading, down from the 52.7 flash reading and below the 52.6 reading that was expected. The Institute for Supply Management's manufacturing index for January came in at 48.2, below the 48.4 that analysts expected. Markit's services PMI came in at 53.2, versus the consensus 53.7 forecast. The Institute for Supply Management's non-manufacturing index came in at 53.5 for January, down from 55.3 in the previous month and below the 55.1 reading forecast by analysts. The Labor Department said that productivity fell at an annual rate of 3% in the fourth quarter, marking the biggest quarterly decline in nearly two years and worse than the expected decline of 2%. Labor costs rose 4.5% in the fourth quarter, versus expectations for an increase of 4.3%... In Asia, China's National Development and Reform Commission set its economic growth projection range for this year at 6.5%-7%, noting that attempts to curb overcapacity will increase unemployment in provinces with high output of steel and coal. The Chinese government's official manufacturing purchasing managers index fell to 49.4 in January from 49.7 in December. The private Caixin manufacturing PMI edged up to 48.4 from 48.2 in the prior reading, but both figures still remain in contraction territory. The Caixin services PMI for China climbed to 52.4 in January from 50.2 in December, while Japan's services PMI rose to 52.4 from 51.5 in the prior month... In Europe, Markit's manufacturing PMI for the euro zone dropped to 52.3 from December's 53.2, in-line with the earlier flash estimate. The European Commission lowered its 2016 economic growth forecast for the 19-nation single currency area to 1.7% from the 1.8% expansion the commission had forecast in November. The Bank of England also cut its economic growth forecasts, saying it now expects Britain's economy to grow 2.2% this year and 2.3% next year, which is down from the 2.5% growth for 2016 and 2.6% in 2017 that it previously predicted. Additionally, the BoE maintained its bank rate and held the size of its asset purchase program steady. COMPANY NEWS: After the closing bell Monday, Alphabet reported better than expected quarterly earnings and revenue, along with breaking the results of its core Google businesses out from its "Other Bets" for the first time. The report was followed by analysts around Wall Street hiking their price targets on the stock, with Deutsche Bank notably raising its target to $1,080 per share, but the company's Class A shares only gained a bit more than 1% on Tuesday and finished the week down by nearly 8%... Shares of Yahoo (YHOO) declined nearly 5% on Wednesday after the embattled Internet company reported fourth quarter results and announced plans to simplify its product portfolio and reduce its workforce by roughly 15%. Maynard Webb, Yahoo's chairman, said the board is committed to its turnaround efforts and supportive of management's plan, but also believes that exploring additional strategic alternatives is in the best interest of its shareholders, but the assurance that the company will listen to offers from potential suitors did little to help its stock performance this week... GoPro (GPRO) shares sunk to all-time lows on Thursday after the action camera maker reported fourth quarter revenue that fell $60M short of expectations and guided first quarter revenue even further below analyst forecasts... LinkedIn (LNKD) plunged over 40% on Friday after the professional network reported stronger than expected fourth quarter results, but its 2016 guidance came in significantly below expectations. At least nine Wall Street research firms responded to the guidance miss by downgrading the stock. "Big Data" software provider Tableau (DATA) similarly issued full-year guidance significantly below expectations and also fell sharply, tumbling nearly 50%... In addition to tech companies, it was a big week for earnings reports from names in the oil space. Exxon Mobil (XOM) posted better than expected revenue and profits in the fourth quarter, but its shares slid 2% on Tuesday after the report. Fellow oil major BP (BP) plunged more than 8% the same day after reporting a steep quarterly loss, largely due to $2.6B in charges related to impairments of Upstream assets as well as restructuring. ConocoPhillips (COP) declined nearly 9% on Thursday after the oil and gas explorer reported a worse than expected quarterly loss and slashed its dividend to 25c from 74c per share. CEO Ryan Lance said the decision to reduce the dividend was a "difficult one," but the company believes it is prudent to plan for lower commodity prices for a longer period of time... Among the many others reporting earnings this week, Dow Chemical (DOW), Comcast (CMCSA), Michael Kors (KORS), Mattel (MAT), Sysco (SYY), and Aetna (AET) gained immediately following their reports, while Chipotle Mexican Grill (CMG), General Motors (GM), Mondelez (MDLZ), Match Group (MTCH), Cardinal Health (CAH), ADT (ADT), Royal Caribbean (RCL), Ralph Lauren (RL) and Kohl's (KSS) all slid following their own... On the M&A front, Syngenta (SYT) agreed to a $43B-plus takeover offer from ChemChina. Alere (ALR) surged after Abbott (ABT) agreed to acquire the company for $56 per share at a total expected equity value of $5.8B. Questar (STR) jumped on Monday as well after Dominion Resources (D) agreed to acquire it for $25 per share, or about $4.4B. Lowe's (LOW) fell 6% on Wednesday after agreeing to acquire Canada's RONA in a deal valued at $2.3B... Sumner Redstone stepped down as executive chairman of both CBS (CBS) and Viacom (VIA, VIAB), being replaced by the CEOs of the companies in both cases. CBS shares were up fractionally Thursday after Leslie Moonves was named the next chair of its board, while Class A shares of Viacom gained 2% after Philippe Dauman was selected to succeed Redstone... Like Chipotle has been in the past months, Buffalo Wild Wings (BWLD) shares were punished by food safety worries after one of its restaurants was named a suspected source of new norovirus-like cases in suburban Kansas City, though the company disputed a link between its location and the illnesses. Late in the week, the Department of Health of Johnson County, Kansas, confirmed one case of norovirus associated with an area Buffalo Wild Wings location, according to Bloomberg. INDEXES: For the week, the Dow fell 1.6% to 16,204.83, the Nasdaq lost 5.4% to 4,363.14, and the S&P 500 declined 3.1% to 1,880.02.
13:46 EDTVIABBox Office Battle: 'Kung Fu Panda 3' expected to remain on top
DreamWorks Animation's (DWA) "Kung Fu Panda 3," starring Jack Black, is expected to retain the top spot at the box office in its second weekend of release, with an estimated domestic gross of $23M-$24.7M. Second place is likely to be a toss-up between Comcast (CMCSA, CMCSK) subsidiary Universal's "Hail, Caesar!," directed by the Coen brothers and starring George Clooney, and Lionsgate's (LGF) Jane Austen parody "Pride and Prejudice and Zombies," which are both predicted to open in the $10M-$11M range. Expected to round out the top five are Fox's (FOX, FOXA) survival story and Oscar contender "The Revenant," which is expected to earn an additional $8M-$9M, and Disney's (DIS) "Star Wars: The Force Awakens," which is expected to gross another $7M in its eighth weekend at theaters -- pushing it past the $900M mark domestically and the $2B mark globally. Other publicly traded companies involved in filmmaking include Sony (SNE), Time Warner (TWX), and Viacom (VIA, VIAB).
10:02 EDTVIABOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: 21st Century Fox (FOXA) initiated with an Outperform at Telsey Advisory... AbbVie (ABBV) initiated with an Outperform at William Blair... CBS (CBS) initiated with an Outperform at Telsey Advisory... Criteo (CRTO) initiated with an Outperform at Boenning & Scattergood... LHC Group (LHCG) initiated with a Buy at Jefferies... Marriott Vacations (VAC) initiated with an Outperform at Credit Suisse... Prestige Brands (PBH) initiated with an Overweight at Piper Jaffray... Rubicon Project (RUBI) initiated with an Outperform at Boenning & Scattergood... TESARO (TSRO) initiated with a Buy at Lake Street... Time Warner (TWX) initiated with an Outperform at Telsey Advisory... TubeMogul (TUBE) initiated with a Neutral at Boenning & Scattergood... Viacom (VIAB) initiated with an Outperform at Telsey Advisory... Wyndham (WYN) initiated with a Neutral at Credit Suisse.
08:29 EDTVIABViacom initiated with an Outperform at Telsey Advisory
Target $66.
February 4, 2016
18:32 EDTVIABViacom looks cheap, could produce gains of 30%, Barron's reports
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16:47 EDTVIABOn The Fly: Top stock stories for Thursday
Stocks had a roller coaster session, moving in a wide range and crossing the flat line several times during the day as the market continues to move in conjunction with the price of oil. Early in the session oil prices met resistance near $34 a barrel and equities were up by triple digits. When the price of crude pulled back, equities followed suit and ultimately turned negative. Oil prices struggled during the afternoon hours and closed down for the day. However, the averages drifted higher into the close and finished in the green. ECONOMIC EVENTS: In the U.S., the Labor Department said that productivity fell at an annual rate of 3% in the fourth quarter, marking the biggest quarterly decline in nearly two years and worse than the expected decline of 2%. Labor costs rose 4.5% in the fourth quarter, versus expectations for an increase of 4.3%. Initial jobless claims rose to 285,000 in the week ended January 30, versus expectations for 277,000 first-time claims. Factory orders declined 2.9% in December, versus expectations for them to be down 2.8% for the month. In Europe, the European Commission lowered its 2016 economic growth forecast for the 19-nation single currency area to 1.7% from the 1.8% expansion the commission had forecast in November. The Bank of England also cut its economic growth forecasts, saying it now expects Britain's economy to grow 2.2% this year and 2.3% next year, which is down from the 2.5% growth for 2016 and 2.6% in 2017 that it previously predicted. Additionally, the BoE maintained its bank rate and held the size of its asset purchase program steady. COMPANY NEWS: Shares of GoPro (GPRO) sunk to all-time lows after the action camera maker reported fourth quarter revenue that fell $60M short of expectations and guided first quarter revenue even further below analyst forecasts. The stock fell as low as $9.01 early in the session before ending the day down 8.68% at $9.78. Ambarella (AMBA), a chip supplier that has often traded in tandem with GoPro in the past, gained 5.13% to $39.35, with several analysts highlighting the company's healthy business outside of GoPro... Sumner Redstone stepped down as executive chairman of both CBS (CBS) and Viacom (VIA, VIAB), being replaced by the CEOs of the companies in both cases. CBS shares were up 0.31% after Leslie Moonves was named the next chair of its board, while Class A shares of Viacom were up 2.33% after Philippe Dauman was selected to succeed Redstone... Mattel (MAT) and Hasbro (HAS) gained a respective 1.67% and 1.2% following Bloomberg's report that the two toymakers have held intermittent merger discussions after Hasbro approached its peer late last year. MAJOR MOVERS: Among the notable gainers was Cascade Microtech (CSCD), which spiked 32.26% to $20.21 after agreeing to be acquired by FormFactor (FORM) for $16 per share. FormFactor declined 12.61% following the news. Also higher was VirnetX (VHC), which soared 46.14% to $7.00 after being awarded $625.6M in a patent dispute against Apple (AAPL). In addition, GrubHub (GRUB), McGraw Hill (MHFI) and Buffalo Wild Wings (BWLD) rose 12.8%, 7.7% and 7.6%, respectively, following their quarterly reports. Among the noteworthy losers were Ralph Lauren (RL) and Kohl's (KSS), which fell a respective 22.2% and 18.8% after reporting quarterly earnings and issuing underwhelming financial outlooks, with the negative signals also dragging down department store operators J.C. Penney (JCP), Macy's (M) and Nordstrom (JWN). Also lower was ConocoPhillips (COP), which declined 8.65% to $35.29 after the oil and gas explorer reported a worse than expected quarterly loss and slashed its dividend to 25c from 74c per share. CEO Ryan Lance said the decision to reduce the dividend was a "difficult one," but the company believes it is prudent to plan for lower commodity prices for a longer period of time. Meanwhile, AstraZeneca (AZN), Credit Suisse (CS) and MetLife (MET) slipped 5.9%, 10.8% and 5.3%, respectively, following their quarterly reports. INDEXES: The Dow rose 79.92, or 0.49%, to 16,416.58, the Nasdaq gained 5.32, or 0.12%, to 4,509.56, and the S&P 500 advanced 2.92, or 0.15%, to 1,915.45.
12:44 EDTVIABOn The Fly: Top stock stories at midday
Stocks on Wall Street had an up and down morning, with the Dow swinging by triple digits in either direction. The market opened lower as oil prices lost their early gains, but as oil began to move higher so did stocks. When oil prices met resistance near the $34 a barrel level it began to pare its gains, once again taking stocks with it. The averages are now back in the green as investors await tomorrow's monthly jobs report. ECONOMIC EVENTS: In the U.S., the Labor Department said that productivity fell at an annual rate of 3% in the fourth quarter, marking the biggest quarterly decline in nearly two years and worse than the expected decline of 2%. Labor costs rose 4.5% in the fourth quarter, versus expectations for an increase of 4.3%. Initial jobless claims rose to 285,000 in the week ended January 30, versus expectations for 277,000 first-time claims. Factory orders declined 2.9% in December, versus expectations for them to be down 2.8% for the month. In Europe, the European Commission lowered its 2016 economic growth forecast for the 19-nation single currency area to 1.7% from the 1.8% expansion the commission had forecast in November. The Bank of England also cut its economic growth forecasts, saying it now expects Britain's economy to grow 2.2% this year and 2.3% next year, which is down from the 2.5% growth for 2016 and 2.6% in 2017 that it previously predicted. Additionally, the BoE maintained its bank rate and held the size of its asset purchase program steady. COMPANY NEWS: Shares of GoPro (GPRO) sunk to an all-time low after the action camera maker reported fourth quarter revenue that fell $60M short of expectations and guided toward sales in the new quarter that were even further below the consensus forecast. GoPro, which also guided to losses in the first quarter and named a new CFO, fell as low as $9.01 earlier in the session before cutting its losses to be down about 8% near noon... Sumner Redstone stepped down as Executive Chairman of both CBS (CBS) and Viacom (VIA, VIAB), being replaced by the CEOs of the companies in both cases. CBS shares were up 1% after Leslie Moonves was named the next Chair of its board, while Class A shares of Viacom were up about 1.5% after Philippe Dauman was selected to succeed Redstone... ConocoPhillips (COP) fell nearly 7% after the oil and gas explorer reported a worse than expected quarterly loss and slashed its dividend to 25c from 74c per share. CEO Ryan Lance said the decision to reduce the dividend was a "difficult one," but that the company believes it is prudent to plan for lower commodity prices for a longer period of time. MAJOR MOVERS: Among the notable gainers was Hersha Hospitality (HT), which rallied 14% after it announced that it signed agreements with Cindat to form a joint venture for seven of the company's hotels in Manhattan for $571.4M. Also higher was VirnetX (VHC), which gained 53% after it was awarded $625.6M in a verdict against Apple (AAPL) for infringing four VirnetX patents. In addition, GrubHub (GRUB) and ProtoLabs (PRLB) were up 15% and 12%, respectively, after reporting quarterly earnings. Among the noteworthy losers were Ralph Lauren (RL), Kohl's (KSS), and AstraZeneca (AZN), which were down 17%, 19%, and 7%, respectively, after reporting quarterly earnings. INDEXES: Near midday, the Dow was up 70.02, or 0.43%, to 16,406.68, the Nasdaq was up 6.50, or 0.14%, to 4,510.74, and the S&P 500 was up 3.90, or 0.2%, to 1,916.43.
11:36 EDTVIABViacom names CEO Dauman as Executive Chairman
The Board of Directors of Viacomannounced that it has appointed Sumner Redstone to the newly created position of Chairman Emeritus. The Board also elected Viacom CEO and President Philippe Dauman as Executive Chairman, succeeding Redstone in that role. The board has also extended an offer to Viacom's Non-Executive Vice Chair, Shari Redstone, to become Non-Executive Chairman. She declined the offer and will continue in her role as Non-Executive Vice Chair, the company stated.
11:06 EDTVIABViacom CEO Philippe Dauman named Chairman, Deadline Hollywood says
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11:03 EDTVIABViacom CEO Dauman named Chairman, Bloomberg reports
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09:18 EDTVIABOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Glu Mobile (GLUU), up 21.9%... Solaredge Technologies (SEDG), up 11.2%... Cadence Design (CDNS), up 6.6%. ALSO HIGHER: VirnetX Holding (VHC), up 91.7% after the company won a $625.6M verdict in favor of in a patent infringement lawsuit against Apple (AAPL)... Viacom (VIAB), up 5.1% after CNBC's David Faber reported that sources said CEO Philippe Dauman is likely to be named Chairman despite objections from Shari Redstone. DOWN AFTER EARNINGS: GoPro (GPRO), down 16.4%... ConocoPhillips (COP), down 2.9%... Dunkin Brands (DNKN), down 2.1%... Philip Morris (PM), down 3.2%. ALSO LOWER: L Brands (LB), down 3.3% after providing Q4 guidance, reporting January Same-Store Sales were down 2%... MannKind (MNKD), down 8.1% after Piper Jaffray analyst Joshua Schimmer calls the company a penny stock with a mid-cap valuation.
08:13 EDTVIABViacom CEO Dauman likely to be named Chairman, CNBC's Faber says
Viacom CEO Philippe Dauman is said to be likely to be named Chairman despite objections from Shari Redstone, reported CNBC's David Faber, citing sources. Reference Link
07:23 EDTVIABViacom gains likely to fade, says Bernstein
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February 3, 2016
19:35 EDTVIABOn The Fly: After Hours Movers
UP AFTER EARNINGS: Glu Mobile (GLUU), up 27.9%... Capstone Turbine (CPST), up 17.2%... Solaredge (SEDG), 12.6%... Take-Two (TTWO), up 8.3%... PennantPark (PNNT), up 5%... Cadence Design (CDNS), up 4.5%... Buffalo Wild Wings (BWLD), up 1%. ALSO HIGHER: VirnetX Holding (VHC), up 90.6% after the company won a $625.6M verdict in favor of in a patent infringement lawsuit against Apple (AAPL)... Viacom (VIAB, VIA), up 9.5% and 7%, respectively, after Viacom issued a brief statement which reads, "The Viacom board of directors is scheduled to meet tomorrow."... CBS (CBS), up 4.7% after Sumner Redstone has resigned as executive chairman of CBS to be replaced by CEO Leslie Moonves. DOWN AFTER EARNINGS: DHT Holdings (DHT), down 5.3%... GoPro (GPRO), down 9.9%... Imperva (IMPV), down 11.7%... Shutterfly (SFLY), down 3.8%... MetLife (MET), down 2.3%. ALSO LOWER: Ambarella (AMBA), down 2.2% after GoPro reported Q4 results.
17:13 EDTVIABViacom issues statement, says board is scheduled to meet Thursday
Viacom issued a brief statement which reads, "The Viacom board of directors is scheduled to meet tomorrow."
16:47 EDTVIABCBS, Viacom shares jump following news of Redstone departure
Shares of CBS (CBS) and Viacom (VIA, VIAB) have jumped a respective 4.33% and 7.45% following news that Sumner Redstone has resigned as executive chairman of CBS to be replaced by CEO Leslie Moonves, as well as a report by CNBC's David Faber indicating that Viacom will also move to replace Redstone as chairman on Thursday.
16:32 EDTVIABViacom board expected to replace Redstone, CNBC's Faber says
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February 2, 2016
15:46 EDTVIABEarnings Watch: Media networks report amid shifts in streaming, TV landscape
Comcast (CMCSA), CBS (CBS), Time Warner (TWX), Viacom (VIA), and 21st Century Fox (FOX) are among media companies expected to report quarterly results over the next several weeks. EXPECTATIONS: Comcast is expected to report EPS of 82c on revenue of $18.77B, CBS is expected to report EPS of 93c, Time Warner is expected to report EPS of $1.00 on revenue of $7.53B, Viacom is expected to report EPS of $1.18 on revenue of $3.26B, and Fox is expected to report EPS of 44c on revenue of $7.54B. LAST QUARTER: Comcast, Fox, and viacom reported mixed results for the previous quarter, while CBS and Time Warner beat on both top and bottom lines. NEWS: On November 10, Comcast announced it expanded its advanced fiber network to Modesto, California as part of the company's ongoing response to Google (GOOG) Fiber. On November 12, the Wall Street Journal broke news that Hulu, a video streaming joint venture of Disney (DIS), Comcast and Fox, is in talks to sell a stake to Time Warner, though the Journal said on January 31 that the company has expressed dissatisfaction with Hulu's inclusion of current-season TV episodes, which it believes contributes to cord-cutting. On December 2, the Wall Street Journal reported that YouTube was holding talks with Hollywood studios and production companies to seek content licenses amid intensified competition with Netflix (NFLX), Amazon (AMZN), and Hulu. On December 9, Re/code reported that Apple (AAPL), rumored to be working on a subscription TV service, walked away from its negotiations with the major networks after being pressed to include "filler" channels in its hypothetical service. Speaking at a January 7 media conference, Time Warner CFO Howard Averill said the company was negotiating to make full seasons of TV shows available to pay-TV customers on demand, mirroring the "binge watching" offered by Netflix. On January 8, the New York Post reported that Corvex Management was considering an activist position in Time Warner. That same day, Benzinga reported that Twenty-First Century Fox remained interested in the company and had made a $105 per share acquisition offer, though Fox later denied the report. On January 14, the New York Post reported that Comcast has begun "ripping up" agreements with cable networks, moving them from basic cable onto digital tiers in response to consumer demand for smaller bundles. On January 27, Reuters reported that SpringOwl Asset Management is urging Viacom to seek outside investment from strategic partners. On January 30, the New York Post reported that Nelson Peltz is considering an activist position in Time Warner. On February 1, the National Football League announced a broadcasting agreement with CBS and Comcast's NBC which will see the two companies paying roughly $225M each for rights to the next two seasons of Thursday Night Football. Also on February 1, it was reported that Fox offered certain employees voluntary buyouts as part of a $250M cost cutting target. STREET RESEARCH: On November 5, Wells Fargo analyst Marci Ryvicker downgraded Time Warner to Market Perform after its "huge" guidance cut last quarter, with the shares also seeing downgrades at CLSA and Bank of America Merrill Lynch. On December 22, Morgan Stanley analyst Benjamin Swinburne called Comcast one of his top large cap picks for 2016, saying the company can use skinny bundles to take market share and potentially add net video customers for the first time since 2006. On January 8, research firm Stifel cut its price target on CBS to $54 from $66, citing a belief that industry syndication and SVOD revenues will significantly decelerate going forward, with CBS having more exposure to those areas than its peers. Meanwhile, JPMorgan added the company to its U.S. focus list on January 11, citing its heavily discounted stock and potentially strong EPS growth in 2016. On February 1, Pacific Crest argued that Comcast shares should be owned going into fourth quarter results, contending that the company's video and broadband investments will likely translate to increased market share and strong cash flows this year. PRICE ACTION: Comcast and Fox, the first of the media giants to report quarterly earnings, are down 2% and 3.6%, respectively, amid the broader market selloff.
January 31, 2016
13:15 EDTVIABViacom could appeal to long-term investors, Barron's says
Viacom shares look appealing for long-term value oriented investors, Barron's contends in its 'Trader Extra' column, citing activist firm SpringOwl's recent calls for change at the company. Reference Link
January 29, 2016
06:49 EDTVIABViacom chairman to be evaluated by doctor hired by Manuela Herzer, NY Post says
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