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Stock Market & Financial Investment News

News Breaks
April 13, 2012
16:16 EDTCSTR, GOOG, TLB, LNG, JPM, PWAV, AAPL, WFCOn The Fly: Closing Wrap
Stocks on Wall Street were lower, as a report that indicated slowing growth in China weighed on sentiment. Stock futures were lower in pre-market trading, leading to a lower open for the market. The selling gained momentum following the slightly disappointing University of Michigan consumer confidence reading. The averages pared their losses by midday but weakness in shares of Google (GOOG) and Apple (AAPL) kept the Nasdaq lagging the other averages. As the news flow began to slow the market drifted in a narrow range, until a late sell-off pushed the averages to new lows into the closing bell... ECONOMIC EVENTS: In the U.S., the headline consumer price index rose 0.3% in March, while the core reading which removes food and energy was up 0.2%, with both readings matching expectations. The consumer sentiment index fell to 75.7, versus expectations of 76.2. In China, the nation's gross domestic product grew at its slowest pace in three years, rising only 8.1%, when published forecasts were near 8.4% and "whisper numbers" for the growth rate were even higher. In Europe, the cost of insuring against a Spanish default jumped to an all-time record as investors fear the nation may become the fourth, and by far the largest, euro-region member to need a bailout... COMPANY NEWS: Wells Fargo (WFC) and JP Morgan (JPM), the nation's two largest home lenders, kicked off bank earnings season by reporting better than expected profits, with strong mortgage results helping revenue at both. However, both banks slid amid a broad decline in financial stocks, with Wells Fargo falling $1.18, or 3.47%, to $32.84 and JP Morgan losing $1.63, or 3.64%, to $43.21... Google's earnings beat consensus estimates but more attention was paid to the company's announcement of a novel new share structure. Google's creation of a new class of nonvoting shares, to be distributed to existing stockholders effectively producing a 2-for-1 stock split, will let the company issue new shares without diluting the foundersí voting power, which raised concern among corporate-governance watchdogs... MAJOR MOVERS: Among the notable gainers were Cheniere Energy (LNG), up $1.12, or 7.13%, to $16.82, ahead of the government's decision on the company's request to build a Louisiana plant to export liquefied natural gas, and Coinstar (CSTR), up $4.47, or 7.29%, to $65.78, after the company pre-announced higher than expected quarterly results. Noteworthy losers included Powerwave Technologies (PWAV), down 84c, or 39.07%, to $1.31, following its forecast of Q1 revenue well below the consensus estimate, and Talbots (TLB), down 46c, or 14.70%, to $2.67, after its Q4 results and Q1 guidance both disappointed... INDICES: The Dow lost 136.99, or 1.05%, to 12,849.59; the Nasdaq fell 44.22, or 1.45%, to 3,011.33; and the S&P 500 dropped 17.31, or 1.25%, to 1,370.26.
News For WFC;JPM;GOOG;AAPL;LNG;CSTR;PWAV;TLB From The Last 14 Days
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April 4, 2014
06:36 EDTJPMJPMorgan upgraded to Outperform from Neutral at Macquarie
Macquarie upgraded JPMorgan to Outperform from Neutral based on relative valuation, improving U.S. and European economies, improving business mix and potential for increased buybacks. Price target raised to $68 from $62.
06:22 EDTGOOGNest Labs halts sales of smart smoke alarms
Nest Labs announced it is stopping sales of its Nest Protect: Smoke + Carbon Monoxide alarm because of a defect that can cause owners to inadvertently turn them off. The company says "At Nest, we conduct regular, rigorous tests to ensure that our products are the highest quality. During recent laboratory testing of the Nest Protect smoke alarm, we observed a unique combination of circumstances that caused us to question whether the Nest Wave -- a feature that enables you to turn off your alarm with a wave of the hand -- could be unintentionally activated. This could delay an alarm going off if there was a real fire. We identified this problem ourselves and are not aware of any customers who have experienced this. We feel that the best and safest thing to do is to immediately disable the Nest Wave feature to resolve the issue and remove any safety concerns. While we fix Nest Wave, we have also halted sales of all new Nest Protect alarms to ensure no one buys an alarm that needs an immediate update." Google acquired Nest Labs earlier this year. Reference Link
06:14 EDTAAPLApple acquires Novauris, terms not disclosed, Re/code reports
Apple has confirmed that it has acquired Novauris Technologies, a speech technology company, Re/code reports. Reference Link
06:01 EDTGOOGAcacia Research resolves action with Motorola Mobility
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April 3, 2014
18:40 EDTJPMJPMorgan restructures chief investment office, FT says
JPMorgan has restructured its chief investment office, the unit that housed the "London whale," combining its CIO and treasury unit, reports The Financial Times, citing people familiar with the matter. Reference Link
16:00 EDTAAPLOptions Update; April 3, 2014
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15:10 EDTGOOGVIX methodology for Google decreases 9.2% after 2-1 stock split
VIX methodology for Google (VXGOG) is recently down 9.2% to 28.56 after 2-1 stock split
14:01 EDTJPMJPMorgan to sell large-market 401(k) recordkeeping business
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13:13 EDTJPMJPMorgan names Canavari Chief Brand Officer for Chase
JPMorgan Chase announced that Susan Canavari will join the firm as Chief Brand Officer for Chase. In this newly created role, Canavari will lead strategy and development for the consumer brand, including advertising, creative services and social media marketing. Canavari will report to Kristin Lemkau, the firmís Chief Marketing Officer. Canavari joins Chase from mcgarrybowen, where she was Managing Director and lead on the JPMorgan Chase account.
12:20 EDTGOOGGoogle considers wireless service in Fiber markets, The Information says
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10:00 EDTLNGOn The Fly: Analyst Downgrade Summary
BB&T (BBT) downgraded to Outperform from Strong Buy at Raymond James... Broadcom (BRCM) downgraded to Neutral from Overweight at Piper Jaffray... CF Industries (CF) downgraded to Neutral from Buy at Citigroup... CSX (CSX) downgraded to Equalweight from Overweight at Barclays... Cheniere Energy (LNG) downgraded to Neutral from Outperform at Credit Suisse... Citigroup (C) downgraded to Neutral from Buy at Sterne Agee... Deutsche Bank (DB) downgraded to Neutral from Overweight at JPMorgan... G&K Services (GK) downgraded to Neutral from Outperform at RW Baird... Marcus (MCS) downgraded to Neutral from Buy at B. Riley... National Retail Properties (NNN) downgraded to Sell from Neutral at UBS... Norfolk Southern (NSC) downgraded to Neutral from Overweight at Atlantic Equities... Orion Energy (OESX) downgraded to Hold from Buy at Ascendiant... VIVUS (VVUS) downgraded to Underweight from Neutral at Piper Jaffray... Liquidity Services (LQDT) downgraded to Neutral from Outperform at RW Baird... Shaw Communications (SJR) downgraded to Sector Performer from Outperformer at CIBC... USG (USG) downgraded to Neutral from Outperform at Macquarie... Level 3 (LVLT) downgraded to Hold from Buy at Gabelli... U.S. Bancorp (USB) downgraded to Neutral from Conviction Buy at Goldman... Extra Space Storage (EXR) downgraded to Buy from Conviction Buy at Goldman... First Republic Bank (FRC) downgraded to Buy from Conviction Buy at Goldman... TELUS (TU) downgraded to Neutral from Outperform at Macquarie.
09:37 EDTAAPLActive equity options trading on open
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09:30 EDTAAPLApple, Pfizer others create 'go slow' patent lobby group, Reuters says
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08:54 EDTGOOGGoogle Class C shares begin trading today
Google (GOOG) is effectively splitting its stock via a dividend distribution of new "Class C" shares, which begin trading today. The price of existing Google A shares, which hold one vote each, is expected to fall by half today as the C shares begin trading. WHAT'S NOTABLE: In January, Google announced that its board approved a dividend of Class C shares to be distributed on April 2 to holders of record as of March 27. The new Class C shares will trade under the ticker "GOOG" and the company's existing Class A shares will trade under a new ticker, "GOOGL." The company has previously said that its Q1 GAAP EPS will be half of what it would otherwise report because its net earnings are divided by twice as many shares. The company also said that its non-GAAP EPS will be similarly affected by the Class C dividend issuance, but will also be impacted by the expected sale of Motorola Mobile to Lenovo (LNVGY). This sale triggers "discontinued operations" accounting treatment, Google noted. Both Google Class A and Class C will be included in the S&P 500 and S&P 100 and there will not be a switch from Class A to Class C. Class A shares will subsequently be removed from Nasdaq indexes when the exchange operator rebalances them on June 23. By introducing non-voting C shares, Google's Sergey Brin and Larry Page will be able to issue stock to compensate workers or make acquisitions without diluting their voting stake, Bloomberg has noted.
07:50 EDTGOOGNew Google shares land in market, Bloomberg says
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07:40 EDTAAPLApple bulls bet new products to prompt stock revival, Bloomberg says
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06:52 EDTJPMJPMorgan eases tension with Russian embassy by processing payment, Reuters says
JPMorgan is processing a payment from Russia's embassy in Kazakhstan to insurance agency Sogaz in an effort to ease tension after Moscow accused the firm of illegally blocking the transaction under the pretext of sanctions, according to Reuters, citing a company statement from the U.S. bank. Reference Link
06:29 EDTGOOGTaiwan makers: Chromebook shipments in 2014 to reach 4M-5M units, DigiTimes says
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06:24 EDTGOOGGoogle could ship up to 11M Chromebooks worldwide by 2019, DigiTimes says
ABI Research believes Google could ship an estimated 11M Chromebooks in 2019 after shipping nearly 2.1M in 2013, reports DigiTimes. Research Analyst Stephanie Van Vactor said the device is a disruptive force to the portable PC market after finding the ASP to be $338. Reference Link
06:10 EDTGOOGGoogle's LeBeau hired by Facebook, TechCrunch reprots
Google (GOOG) product designer Mike LeBeau has been hired by Facebook (FB), TechCrunch reports. LeBeau had a hand in developing several voice-related technologies, including iPhone Voice Search, while working as a staff software engineer and product designer at Google, and was an early member of the Android team. LeBeau will become a product manager at Facebook. Reference Link
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