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Stock Market & Financial Investment News

News Breaks
August 29, 2012
16:27 EDTDY, C, JOSB, WLP, ARQL, YELPOn The Fly: Closing Wrap
Stocks on Wall Street were slightly higher as the Fed's Beige Book and reports on second quarter economic growth and July pending home sales were all encouraging. Stock futures were generally quiet in premarket trading but rose a bit after the GDP revision, leading to a slightly higher open for the broader market. The averages moved in a very narrow range for much of the day before solidifying in positive territory after the Beige Book said that moderate expansion in the economy had continued since the last report. A late day fade dented the gains, but the averages hung on to post modest increases... ECONOMIC EVENTS: The Federal Reserve's Beige Book, its anecdotal account of the state of the economy, stated that economic activity in nine of the Fed's 12 districts rebounded. The U.S.'s second estimate of Q2 GDP growth was revised up to 1.7% from 1.5%, as expected, and Q2 personal consumption growth was revised upward to 1.7% from a prior 1.5% estimate as well. Pending home sales grew 2.4% on a month-over-month basis in July, which was ahead of forecasts... COMPANY NEWS: WellPoint (WLP) rose $4.41, or 7.68%, to $61.80 as investors responded favorably to the decision of its CEO, Angela Braly, to submit to shareholder pressure and resign... Citigroup (C) agreed to pay $590M to settle a shareholder lawsuit that claimed it misled investors about the bank's growing problems before the financial crisis... MAJOR MOVERS: Among the notable gainers were Yelp (YELP), up $4.11, or 22.51%, to $22.37, with the move attributed to a short squeeze after an IPO lockup period expired, and JoS. A Bank (JOSB), up $5.81, or 13.96%, to $47.44, after its earnings and revenues beat expectations. Noteworthy losers included Dycom (DY), down $3.60, or 19.07%, to $15.28, and ArQule (ARQL), down $1.24, or 18.51%, to $5.46, following their earnings reports... INDICES: The Dow gained 4.49, or 0.03%, to 13,107.48; the Nasdaq rose 4.05, or 0.13%, to 3,081.19; and the S&P 500 advanced 1.19, or 0.08%, to 1,410.49.
News For WLP;C;YELP;JOSB;DY;ARQL From The Last 14 Days
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February 5, 2016
08:14 EDTYELPYelp volatility elevated into Q4 and outlook
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February 4, 2016
06:58 EDTCFed official supports tougher bank stress tests, Reuters reports
Boston Fed president Eric Rosengren said that he supports tougher stress tests for "too big to fail" banks, including larger capital investments that would make them "even more binding," Reuters reports. Rosengren said that stress test changes have reduced the likelihood that systemically important financial firms would fail, the report says. Publicly traded companies in the space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
06:51 EDTCBofA doesn't deserve to be in 'stock market doghouse,' WSJ says
Bank of America (BAC) is currently in the "stock market doghouse," but doesn't deserve to be, David Reilly of the Wall Street Journal's Ahead of the Tape says. The overall beating of U.S. bank stocks has come amid the greater market selloff, reflecting the fact that slowing growth has brought doubt on the Fed's ability to raise rates in March, Reilly says. Since a rate increase is a far-off prospect, investors have little reason to own bank stocks, though Bank of America's valuation assumes "too dire an outcome," the report says. Banks with international outreach, such as Citi (C), are still arguably further behind in post-crisis cleanup, but Bank of America is more focused on the domestic U.S. economy and prices a U.S. recession as a given, not a possibility, the report says. Other large U.S. banks include Wells Fargo (WFC), JPMorgan (JPM), Goldman Sachs (GS), Morgan Stanley (MS), U.S. Bancorp (USB), BB&T (BBT), PNC Financial (PNC), and SunTrust (STI). Reference Link
February 3, 2016
16:00 EDTCOptions Update; February 3, 2016
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10:35 EDTYELPYelp losing traffic share, says B. Riley
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05:16 EDTCStocks with implied volatility movement; GS C
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February 2, 2016
11:53 EDTCCiti agrees to $23M 'ice breaker' yen Libor settlement, Reuters reports
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February 1, 2016
09:36 EDTCActive equity options trading on open
Active equity options trading on open: BAC AAPL FB AMZN TWTR MGM MCD NFLX GILD INTC TSLA AA BABA C
January 31, 2016
20:43 EDTCOn The Fly: Top five weekend stock stories
Catch up on the weekend's top five stories with this list compiled by The Fly: 1. Coca-Cola (KO) announced a minority stake in diary and juice company Chi, with plans to take full ownership within three years. 2. Billionaire investor Nelson Peltz is considering taking an activist position in Time Warner (TWX), the New York Post reported. 3. Toyota (TM) could temporarily halt domestic production after an explosion at a key supplier curbed its supply of steel, Reuters said. 4. Investigations into Herbalife (HLF), as well as investigations into Bill Ackman himself, have fizzled and criminal charges look unlikely, the Wall Street Journal revealed. 5. Virtu Financial (VIRT) and Ctrip (CTRP) were discussed positively by Barron's this week, as well as "tech bargains" Autodesk (ADSK), Akamai (AKAM), Western Digital (WDC), SanDisk (SNDK) and Lam Research (LRCX) and attractive banking stocks Citi (C), JPMorgan (JPM), Bank of America (BAC) and Wells Fargo (WFC).
12:33 EDTCU.S. banks could return 20% or more, Barron's says
The banking sector looks like "one of the best bargains in the market," Barron's contends in a cover story. Names such as Citi (C), JPMorgan (JPM), Bank of America (BAC), Wells Fargo (WFC), Goldman Sachs (GS), Morgan Stanley (MS), BB&T (BBT), PNC Financial (PNC), SunTrust (STI) and U.S. Bancorp (USB) are showing healthy balance sheets and could offer "at least" 20% upside, the publication argues, adding that the industry's exposure to the energy sector "looks manageable" given information offered in recent earnings reports and conference calls. Reference Link
January 29, 2016
16:00 EDTCOptions Update; January 29, 2016
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07:31 EDTCBank, financial stocks look cheap, says Oppenheimer
After an index of bank stocks fell 19% since last summer, versus an 8% decline for the S&P, Oppenheimer says that "the group looks cheap." The firm says that banks' balance sheets will remain strong whether the economy is resilient or enters a downturn. The firm says that the banks' Q4 results were stable, and it expects the group to benefit from steady loan growth and slightly rising NIMs in 2016. Oppenheimer continues to recommend Bank of America (BAC), Citi (C), Goldman Sachs (GS), Discover (DFS), and Fifth Third (FITB)
January 28, 2016
16:00 EDTCOptions Update; January 28, 2016
iPath S&P 500 VIX Short-Term Futures down 84c to 25.21 Option volume leaders: FB AAPL MSFT AMZN NFLX BAC BABA QCOM AAL MU C RIG
07:38 EDTARQLArQule provides proprietary pipeline update for AKT inhibitors
ArQule announced a pipeline update for its AKT inhibitors, including ARQ 092 and ARQ 751, both orally available, selective pan-AKT inhibitors. The phase 1 trial for ARQ 092 in Proteus syndrome, which was opened for enrollment in November 2015, has completed dosing of its first cohort. The first cohort, consisting of three patients, is being observed for safety. The phase 1 trial is being conducted by our collaborators at the National Human Genome Research Institute, or NHGRI, of the National Institutes of Health, or NIH. Proteus syndrome is a rare disease that is characterized by overgrowth of the skeleton, skin, adipose tissue and central nervous system. ARQ 092 was recently granted orphan drug designation by the FDA in this indication which impacts less than one in a million people worldwide. ArQule continues to enroll patients harboring AKT1 or PI3K mutations in the company sponsored phase 1b expansion cohort of its oncology trial. Cohorts for lymphoma and endometrial are fully enrolled. Thus far the company has observed five partial responses in the phase 1b portion of the trial, three of which occurred in patients whose tumors have AKT1 or PI3K mutations and two of which occurred in patients where the mutational status is unknown. ArQule received FDA approval of its investigational new drug, or IND, application for ARQ 751, a next generation AKT inhibitor, in oncology. As published in PLOS ONE, ARQ 751 has demonstrated signal abrogation and efficacy in pre-clinical in vitro and in vivo models harboring AKT1 and PI3K mutations. The company expects to commence a phase 1 trial in oncology during the first half of 2016 targeting AKT1 and PI3K mutations.
January 26, 2016
16:00 EDTCOptions Update; January 26, 2016
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13:13 EDTYELPYelp spike attributed to takeover speculation
An early afternoon spike in shares of Yelp (YELP) is being attributed to takeover speculation. A rumor has Priceline (PCLN) interested in a potential acquisition of Yelp, trading sources tell The Fly. Shares of Yelp are up 68c to $22.34 in early afternoon trading after earlier spiking as high as $22.87. The Fly, in fulfilling its mission of explaining stock movement, often comes across the many unconfirmed rumors being passed through trading desks and social media platforms. On the occasion that rumors or speculation appear on The Fly's news feed, it should be viewed not as giving credence to the conjecture, rather as simply highlighting its impact on the stock prices of the companies involved.
13:13 EDTYELPYelp January weekly calls active
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11:13 EDTCActive options; AAPL BAC FB NFLX C MSFT TWTR VALE FCX COH XOM AMZN
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January 25, 2016
16:00 EDTCOptions Update; January 25, 2016
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07:49 EDTARQLArQule presents clinical data from Phase 2, ongoing Phase 3 METIV-HCC studies
ArQule announced that an analysis of preliminary baseline tumor MET status of patients screened in the phase 3 METIV-HCC trial for tivantinib in second-line hepatocellular carcinoma, or HCC, confirms previously presented data from the company's phase 2 trial in the same patient population. In both trials MET status, as determined by immunohistochemistry, was more frequently high after first-line therapy and was a predictive and prognostic biomarker in the phase 2 trial. The data was presented in an oral presentation and poster at the 2016 Gastrointestinal Cancers Symposium, or ASCO GI, on January 22. The METIV-HCC trial screened patient tumor biopsies for MET status as an inclusion criteria for Met-high patients. Approximately half of the more than 1,000 samples tested were MET-high. A higher MET-high rate was observed in those samples from patients analyzed following first-line treatment with sorafenib while a lower MET-high rate was observed in those samples analyzed prior to sorafenib treatment. The METIV-HCC trial, being conducted in western countries in partnership with Daiichi Sankyo, has completed enrollment and a planned interim analysis, which is triggered when 60% of events occur, is expected to take place early in the second quarter of 2016. The trial enrolled over 300 patients, is randomized 2:1 treatment to best supportive care, and has overall survival as its primary end-point. The phase 2 study, completed in the third quarter of 2011 and published in The Lancet Oncology medical journal in November 2012, enrolled 107 HCC patients who progressed or were intolerant to one prior systemic therapy. Multiple biomarkers were evaluated as part of the study, and tumor MET status as determined by immunohistochemistry emerged as the strongest predictor of tivantinib response.

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