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Stock Market & Financial Investment News

News Breaks
January 11, 2013
12:21 EDTWFC, AXP, BBY, INFY, UPIP, ERIC, JCP, ARQL, BVOn The Fly: Midday Wrap
Stocks on Wall Street were mixed at midday, with the Dow managing to cross back into positive ground near noon. The averages began the session in relatively quite fashion and traded in a narrow range throughout the morning. There was little reaction to the pre-market release of both the trade balance report for November and import and export price data for December. The focus for investors was more on the release of earnings from banking giant Wells Fargo (WFC), the first of the big U.S. banks to report... ECONOMIC EVENTS: In the U.S., the trade deficit grew in November to $48.7B, after analysts called for the deficit to shrink to $41.3B. However the gap's widening was driven by an increase in consumer goods imports, which is a potentially positive signal for consumer spending. Import prices decreased 0.1% in December, versus an expected increase of 0.1%, while export prices were similarly down 0.1% in the month, which matched expectations. In Asia, Japan's government approved $116B in new stimulus spending. Also, China's consumer price index grew 2.5% in December from the prior year, overshooting expectations for a less pronounced pick-up from the 2.0% growth rate of November. Producer prices, however, fell 1.9% from the prior year, which was roughly in-line with expectations... COMPANY NEWS: Wells Fargo's headline results topped expectations, as its EPS of 91c and $21.9B revenue both beat consensus. However, Wells’ Q4 net interest margin slid 10 basis points from the prior quarter to 3.56% and its stock declined 1% in midday trading... Shares of another newsmaker in the financial sector, American Express (AXP), fared a bit better, rising about 0.35%. AmEx said it plans to cut 5,400 jobs, with the largest cuts to come in its travel business. The company also said last night that cardmember spending rose 8% in Q4 and reported preliminary quarterly profit that beat Street expectations... MAJOR MOVERS: Among the notable gainers was Best Buy (BBY), which rose over 12% after reporting its domestic same-store sales were flat during the holiday season, but also cutting its view of free cash flow for this year. Also higher were shares of Infosys (INFY), up 17% after its results and guidance topped expectations, and Unwired Planet (UPIP), up 30% after the company announced a patent purchase agreement with Ericsson (ERIC) and the stock was upgraded to Outperform at Northland. Shares of J.C. Penney (JCP) sunk nearly 6% after UBS said the retailer's earnings outlook is deteriorating and downgraded the stock to Sell. Among the other noteworthy losers were ArQule (ARQL), down 15% after a Phase 2 trial for its cancer treatment failed to meet its primary endpoint, and Bazaarvoice (BV), down 11% after the Department of Justice filed an antitrust suit against the company and its stock was downgraded to Market Perform at BMO Capital... INDICES: Near noon, the Dow was up 6.12, or 0.05%, to 13,477.34; the Nasdaq was down 2.29, or 0.07%, to 3,119.47; and the S&P 500 was down 1.81, or 0.12%, to 1,470.31.
News For WFC;AXP;BBY;INFY;UPIP;ERIC;JCP;ARQL;BV From The Last 14 Days
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August 19, 2014
13:42 EDTWFCWells Fargo looks to bulk up asset-management business, WSJ says
Wells Fargo is looking to increase the size of its asset-management business to over $1T over the next decade by making acquisitions of smaller asset managers and more aggressive sales to larger investors, says the Wall Street Journal. Reference Link
10:42 EDTJCPOptions with decreasing implied volatility
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10:13 EDTAXPOn The Fly: Analyst Upgrade Summary
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07:48 EDTAXPAmerican Express upgraded to Neutral from Underperform at Macquarie
Macquarie upgraded American Express to Neutral based on valuation. Price target remains $91.
August 18, 2014
11:57 EDTJCPStocks with call strike movement; JCP GPRO
J.C. Penney (JCP) November 11 call option implied volatility decreased 4% to 43, GoPro (GPRO) January 48 call option implied volatility decreased 8% to 45 according to IVolatility.
09:35 EDTWFCActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL AMZN DG TSLA GILD FB ABX WFC C
06:39 EDTERICHrvatski Telekom selects Ericsson for 5-year managed services contract
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August 15, 2014
17:07 EDTARQLBiotechnology Value Fund reports 6.9% passive stake in ArQule
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17:02 EDTJCPStocks end week slightly higher despite flare-up in Russian tensions
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16:38 EDTJCPOn The Fly: Closing Wrap
Stocks on Wall Street began the session in positive territory despite some soft economic data points, including a weaker than expected report on manufacturing in the New York area and a lower than expected consumer confidence reading. The market short circuited following reports of a skirmish in the Ukraine where a Russian convoy was supposedly fired upon when it crossed the border. The averages quickly dropped and were only able to partially recover, as investors moved to the sidelines to avoid additional geopolitical risk over the weekend. ECONOMIC EVENTS: The NY Fed's Empire manufacturing survey had a reading of 14.69, versus expectations for a 20.0 reading. The Producer Price Index increased 0.1% overall, matching expectations. The core reading was up 0.2%, which was also in-line with the consensus forecast. Industrial production increased 0.4% in July, beating the consensus 0.2% growth forecast. That nudged up capacity utilization to 79.2%, versus 79.1% previously. The first University of Michigan consumer confidence reading for August fell 2.6 points to 79.2, versus expectations for it to have edged up to 82.0. Treasury international capital data showed foreigners dumped $153.5B in total U.S. assets in July after buying a revised $33.1B in June. COMPANY NEWS: Shares of Monster Beverage (MNST) surged $21.84, or 30.48%, to $93.49 after Coca-Cola (KO) bought a stake in the energy drink maker and the companies announced a long-term strategic partnership and asset swap. Coca-Cola will pay $2.15B for a 16.7% stake in Monster, the companies announced last night. Under the terms of their agreement, Coca-Cola will add two directors to Monster's board. Coke will transfer ownership of its worldwide energy business including brands like NOS, Full Throttle, Burn, Mother, Play and Power Play, and Relentless to Monster, in trade for which Monster will transfer its non-energy business to Coke. MAJOR MOVERS: Among the notable gainers was Achillion Pharmaceuticals (ACHN), which rose 81c, or 9.6%, to $9.25 after the company announced interim results from an ongoing Phase 2 proxy study of a potential chronic hepatitis C virus regimen that analysts at Piper Jaffray called "impressive." Also higher was Paylocity (PCTY), which advanced $2.17, or 9.79%, to $24.34 after reporting better than expected fourth quarter revenue and guiding to higher than expected sales in its first quarter. Among the noteworthy losers was retailer J.C. Penney (JCP), which fell 24c, or 2.46%, to $9.50 despite posting a narrower than expected loss for the second quarter. Also lower were shares of another department store owner, Dillard's (DDS), which dropped $9.49, or 8.21%, to $106.11 after reporting quarterly results that missed expectations. INDEXES: The Dow dropped 50.67, or 0.3%, to 16,662.91, the Nasdaq gained 11.92, or 0.27%, to 4,464.93, and the S&P 500 slipped 0.12, or 0.01%, to 1,955.06.
12:53 EDTJCPStocks with call strike movement; JCP SINA
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12:39 EDTJCPOn The Fly: Midday Wrap
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12:07 EDTAXPAmerican Express reports July net write-off rate 1.5% vs. 1.5% last month
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10:30 EDTJCPJ.C. Penney falls despite posting a narrower than expected Q2 loss
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09:35 EDTJCPActive equity options trading on open
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09:10 EDTJCPOn The Fly: Pre-market Movers
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08:48 EDTJCPJ.C. Penney comps get more difficult from here, says Maxim
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08:47 EDTJCPJ.C. Penney comp run rates does not support quick recovery, says Morgan Stanley
Morgan Stanley said J.C. Penney's underlying comp run-rate of 4% does not support a quick turnaround and believes comps will decelerate from current levels. The firm trimmed its 2015-2017 base assumptions and believes the company will struggle to reach +6% comps. Shares are Underweight rated with a reduced price target of $7 from $7.50.
07:19 EDTJCPWells says 'no reason to get too excited' about J.C. Penney
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06:41 EDTJCPJ.C. Penney turnaround 'very much underway,' says Piper Jaffray
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