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Stock Market & Financial Investment News

News Breaks
January 28, 2014
10:51 EDTVOD, VZVerizon shareholders approve share issuance for acquisition of Verizon Wireless
Verizon (VZ) announced that at a special meeting a substantial majority of shareholders of Verizon approved the company's issuance of up to 1.28B shares of common stock to Vodafone (VOD) shareholders to complete the acquisition of Vodafone Group PLC's indirect 45% interest in the Verizon Wireless joint venture. Earlier at a shareholder meeting in London, Vodafone shareholders also approved matters necessary for the transaction to close, Verizon said. At the special shareholder meeting, Verizon shareholders also approved an amendment to the company's charter to increase by 2B the number of shares of Verizon common stock the company is authorized to issue. The approval of this charter amendment was not a condition to the completion of the Verizon Wireless transaction, but will allow for additional authorized common stock to support the company's growth and provide flexibility for future corporate needs. Under the terms of the stock purchase agreement and as a result of the shareholder vote, Verizon will not exercise an election to increase the cash consideration by up to $15B. The acquisition remains subject to approval of the High Court of Justice of England and Wales and other customary closing conditions. On Dec. 4, 2013, Verizon received the approvals needed from the Federal Communications Commission for the acquisition. The transaction is currently expected to close on or about Feb. 21, Verizon said.
News For VZ;VOD From The Last 14 Days
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December 10, 2014
11:28 EDTVZVerizon heads for test of 52-week low, levels to watch
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10:24 EDTVZSprint retreats after Oppenheimer cuts rating to Underperform amid price war
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09:36 EDTVZActive equity options trading
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09:12 EDTVZRadioShack threatens bankruptcy if cell phone deals not reworked, NY Post says
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December 9, 2014
16:28 EDTVZOn The Fly: Closing Wrap
Stocks on Wall Street opened in the red on the heels of a sharp sell-off in China and amid continued concern over tumbling oil prices. The domestic economic calendar offered little in the way of a catalyst and the market moved in a narrow range throughout the morning. However, the averages began to pare their losses once the European markets closed. By mid-afternoon the averages had turned mixed with the Nasdaq higher, the S&P flat, and the Dow the laggard, which is the way the trading day closed. ECONOMIC EVENTS: In the U.S., the National Federation of Independent Business' optimism index rose to 98.1 from a prior reading of 96.1. The JOLTS report showed job openings increased 149K to 4.83M in October, which was above the expectation for 4.795M openings. Wholesale sales increased 0.2% in October and inventories grew 0.4%, both of which were better than expected. In Asia, China's Shanghai composite index plunged 5.4%, making for the stock market's sharpest selloff in years, after the country’s securities clearing house raised the threshold for the type of collateral used for short-term loans and policymakers warned about potentially slower economic growth. In Europe, Greek stocks and bonds also tumbled after a move to bring forward presidential elections, which could potentially derail Greece’s bailout and austerity efforts. COMPANY NEWS: Verizon (VZ) was among the Dow's worst performers, sinking $1.98, or 4.05%, to $46.92 after the company warned that Q4 impacts of its promotional offers, together with the strong customer volumes this quarter, will put short-term pressure on its earnings per share. After last night's commentary from the company, Robert W. Baird downgraded Verizon shares to Neutral from Outperform and lowered its price target on the stock to $50 from $54... Merck (MRK) also weighed on the Dow, as the drugmaker fell $1.87, or 3.02%, to $60.01 after a Delaware court denied Cubist's (CBST) bid to stop Hospira (HSP) from selling a generic version of Cubicin in 2016. Merck announced just yesterday morning that it had agreed to buy Cubist in a transaction with a total value of approximately $9.5B. The news is a "tough start" to Merck's takeover and makes the $9.5B buyout price look $2B to $3B too high, according to analysts at Leerink. Shares of Cubist also fell $xxx, or xxx%, to $xxx following the court ruling. MAJOR MOVERS: Among the notable gainers was bluebird bio (BLUE), which surged $35.39, or 72.39%, to $84.28 after the company announced data from eight subjects treated with its LentiGlobin drug product and Piper Jaffray more than doubled its price target for the shares to $112 from $52. Among the noteworthy losers was Conn's (CONN), which plunged $14.26, or 40.64%, to $20.83 after unexpectedly reporting losses for its third fiscal quarter, withdrawing its FY15 guidance and announcing the departure of its CFO. Also lower was Spirit Airlines (SAVE), which slid $10.70, or 12.67%, to $73.77 after the company said last night that since late October there has been compression in the fare structure for close-in bookings, believed to be driven by the industry’s willingness to trade lower fuel prices for lower fares. Also, this morning, Raymond James downgraded Spirit Airlines to Market Perform from Outperform, citing valuation, European deflation headwinds, and earnings that are still being revised down. INDEXES: The Dow fell 51.28, or 0.29%, to 17,801.20, the Nasdaq rose 25.77, or 0.54%, to 4,766.46, and the S&P 500 slipped 0.49, or 0.02%, to 2,059.82.
16:00 EDTVZOptions Update; December 9, 2014
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14:57 EDTVZTelecom equipment stocks rally after Verizon CFO comments on wireless CapEx
Telecom equipment stocks, which opened lower, rallied after Verizon (VZ) CFO Fran Shammo said he sees wireless CapEx continuing to trend upward. Shammo, speaking at the UBS 42nd Annual Global Media And Communications Conference, said, "The day we start to cut wireless CapEx is the day we start to wonder where the future of this industry is going." Ciena (CIEN), JDSU (JDSU), and Finisar (FNSR) all reversed earlier losses. PRICE ACTION: In afternoon trading, Ciena is up 1.5%, JDS Uniphase is up 3.8%, and Finisar is up 4.5%. Verizon, which was downgraded this morning to Neutral from Buy by RW Baird, is trading down almost 5%.
12:25 EDTVZOn The Fly: Midday Wrap
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10:38 EDTVZVerizon CFO Shammo says not interested in doing large international M&A deal
CFO Fran Shammo sees wireless CapEx continuing to trend up, sees wireline CapEx continuing to trend down. Says does not believe wireless CapEx will decline. Shammo commented that ""The day we start to cut wireless CapEx is the day we start to wonder where the future of this industry is going." Says dividend policy "very important." Says doesn't see share buybacks until balance sheet is delevered.
10:28 EDTVZVerizon drops after warning about promotional impact on profits
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10:27 EDTVZVerizon CFO says would sell towers for 'right price, right terms'
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10:23 EDTVZOn The Fly: Analyst Downgrade Summary
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10:17 EDTVZVerizon CFO Shammo says sees promotional pricing 'settling down' in 2015
Says Q4 has been a "pretty exciting" period, says seeing increase in activations, but seeing some increase in churn as well. Says has seen high volume in Q4 sales. Says continues to see strong momentum for wireless customer growth in Q4. Sees promotional pricing "settling down" in 2015. Shammo says social media, press has built this up as a price war; says rival's half-priced promotion "not as dramatic" as it looks. Says tablets a "tremendous" growth area for industry. Says streaming TV to mobile to begin in mid-2015. Says that over time, company believes can increase margins. Comments made at the UBS Global Media & Communications Conference. Verizon shares are down 3.8% to $47.04 in morning trading.
09:38 EDTVZActive equity options trading
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07:40 EDTVZVerizon competition increased, company should be able to respond, says Canaccord
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07:32 EDTVZUBS to hold a conference
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06:15 EDTVZVerizon downgraded at RW Baird
As previously reported, Baird downgraded Verizon to Neutral from Outperform. The firm downgraded shares citing last night's negative pre-announcement due to increasing competitive concerns, margin pressures, higher churn, and full valuation. Price target lowered to $50 from $54.
06:01 EDTVZVerizon downgraded to Neutral from Outperform at RW Baird
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December 8, 2014
18:24 EDTVZOn The Fly: After Hours Movers
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17:05 EDTVZVerizon sees Q4 impacts of promotional offers will pressure wireless EBITDA, EPS
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