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August 15, 2014
17:02 EDTNDLS, EPB, EBAY, CSCO, M, RRGB, KMR, AMZN, KMI, ICPT, SEAS, KMP, KATE, JCP, WMTStocks end week slightly higher despite flare-up in Russian tensions
Stocks on Wall Street were higher for the week as earnings season wound down and geopolitical events, primarily in Russia, took center stage once again. MACRO NEWS: In the U.S., the NFIB's small business confidence index rose 0.7% to 95.7 in July, though that was below the expectation for a 96.0 reading. Retail sales were flat in July, versus an expected 0.2% increase. Initial jobless claims rose to 311K in the second week of August, versus expectations for 295K claims. Import prices fell 0.2%, while export prices were flat in July. The Producer Price Index increased 0.1% overall, matching expectations. 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. In Europe, growth in the shared currency zone stagnated, with Q2 GDP slipping to unchanged. The biggest economy in the region, Germany, saw its GDP contract 0.2% in the quarter. In Asia, a measure of new credit in China came in at $44.3B in July, marking its lowest monthly total since October 2008. China's industrial production grew 9.0% year-over-year in the month, versus expectations for 9.2% growth. Japan's second quarter GDP fell an annualized 6.8%, which was slightly better than the expectation for a 7% decline. COMPANY NEWS: Wal-Mart (WMT) reported second quarter results that were in-line with expectations, but the world's largest retailer cut its fiscal year earnings outlook citing additional investments in e-commerce and higher U.S. health-care costs than previously anticipated. Despite the lowered guidance, Wal-Mart shares finished the day that it reported up about 0.5%, but the stock lost about 1% for the week. Among the other noteworthy losers following their earnings reports were Macy's (M), J.C. Penney (JCP), Kate Spade (KATE), SeaWorld (SEAS), King Digital (KING), Red Robin Gourmet Burgers (RRGB), and Noodles & Company (NDLS)... Cisco Systems (CSCO) reported higher than expected sales and profits for its fiscal fourth quarter. However, the Dow Jones Industrial Average component declined on the day after its report after saying it does not expect emerging markets growth for "several quarters" and that it expects to cut 6,000 jobs, or 8% of its workforce... Shares of Kinder Morgan (KMI) advanced after the company announced plans to consolidate its oil-and-gas holdings into one company by acquiring all of the outstanding shares of a number of its subsidiaries, including Kinder Morgan Energy Partners (KMP), Kinder Morgan Management (KMR) and El Paso Pipeline Partners (EPB)... (AMZN) advanced after the company launched "Amazon Local Register," a credit-card device and mobile app to help small business owners accept payments that will go head-to-head with competing systems from Square and eBay's (EBAY) PayPal unit... Intercept Pharmaceuticals (ICPT) rose after data from a trial of its liver disease drug OCA showed improved safety as well as a statistical benefit in reversing liver fibrosis. INDEXES: For the week, the Dow gained about 0.66% to close at 16,62.91; the S&P 500 rose about 1.21% to close at 1,955.06; the Nasdaq advanced about 2.14% to close at 4,464.93.
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September 23, 2015
18:14 EDTWMTWal-Mart seeks 2%-6% cuts on China-made goods from suppliers, Reuters says
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18:06 EDTWMTWal-Mart seeks 2%-6% cuts on China-made goods from suppliers, Reuters says
16:34 EDTCSCOOn The Fly: Top stock stories for Wednesday
Stocks began the day in quiet fashion and remained that way during the first hour of trading. Following the release of the weekly energy inventory report, the averages moved lower and looked to be possibly setting up for another selloff. Positive comments on China's economy by its President, who is visiting the U.S., brought out buyers, who pared the market's losses. The averages finished slightly in the red in a day marked by low volume as a number of market participants may have been absent in observance of the Jewish holiday of Yom Kippur. ECONOMIC EVENTS: In the U.S., Markit's flash manufacturing purchasing manager's index was flat at 53.0 in September, which was slightly better than the expectation for it to dip to 52.8. EIA inventory data showed a 1.93M barrel fall in crude oil inventories, versus expectations for a weekly drawdown of 1.25M barrels. In China, Markit's flash manufacturing PMI fell to 47.0 in September from 47.3 last month. In Europe, Markit's composite PMI for the eurozone came in at 53.9 in the first look for September, down from 54.3 in August and below expectations for a reading of 54.1. COMPANY NEWS: Shares of Volkswagen (VLKAY) trading in New York rebounded 6.5% to $27.10 following the resignation of Chief Executive Officer Martin Winterkorn, with the company's supervisory board subsequently praising the decision and saying it will consider his replacement at a meeting Friday. Prior to the CEO change news, the stock was downgraded at research firms JPMorgan, Deutsche Bank and Natixis to hold or equivalent ratings this morning. Accounting for today's advance, U.S.-listed shares of Volkwagen are still down nearly 29% since last Friday, when the EPA publicly accused the automaker of equipping certain diesel cars sold in the U.S. with software that circumvented emissions standards... Against the backdrop of China's President Xi Jinping visiting the U.S., Boeing (BA) announced deals to sell 300 planes to three Chinese companies and set up an aircraft factory in China. The deals are possibly worth tens of billions of dollars in total and represent the largest total order the planemaker has received from Chinese companies, according to Reuters. The Wall Street Journal reported, citing people familiar with the matter, that Cisco (CSCO) plans to announce a partnership with Chinese server maker Inspur Group during President Xi Jinping's visit. MAJOR MOVERS: Among the notable gainers was First Niagara (FNFG), which advanced $1.30, or 14.5%, to $10.26 following a Bloomberg report that the company is exploring a sale. DealReporter noted that potential suitors include Toronto-Dominion Bank (TD), Huntington Bancshares (HBAN) and New York Community Bancorp (NYCB). BioMed Realty (BMR) gained $2.36, or 12.3%, to $21.54 after Bloomberg reported that the company is in talks to sell itself and has attracted attention from firms including Blackstone (BX). Heron Therapeutics (HRTX) rose $7.25, or 21.6%, to $40.81 after announcing that its Phase 2 study of HTX-011 for post-operative pain met its primary endpoint. Shares of a competitor Pacira (PCRX) declined 7.65% after the news, with several analysts remarking that Heron's data compares favorably versus Pacira's Exparel drug. Summit Midstream Partners (SMLP) declined $3.90, or 18.2%, to $17.52 following a Bloomberg report that Energy Capital Partners is seeking to sell its stake in the company. Synchronoss (SNCR) fell 10.75% to $33.37 after research firm Baird said it has become "increasingly concerned" that Verizon (VZ) is "no longer fully committed" to the white-label cloud product it offers in conjunction with the cloud services provider. INDEXES: The Dow fell 50.58, or 0.31%, to 16,279.89, the Nasdaq lost 3.98, or 0.08%, to 4,752.74, and the S&P 500 declined 3.98, or 0.2%, to 1,938.76.
10:24 EDTAMZNOptions with increasing implied volatility
Options with increasing implied volatility: SNCR PTCT SRPT AMZN CREE CMG ISRG QLIK SNKD BIIB JNPR
09:18 EDTAMZN, CSCOPaulson Institute and CCPIT to co-host U.S.-China Business Roundtable
The Paulson Institute and the China Council for the Promotion of International Trade (CCPIT) provide an opportunity for U.S. and Chinese business leaders to discuss issues facing the two countries in a roundtable being held in Seattle, Washington on September 23.
07:08 EDTJCPJ.C. Penney names John Tighe chief merchant
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06:37 EDTJCPJ.C. Penney seeks new chief merchant to replace Sweney, WSJ reports
J.C. Penney is searching for a new chief merchant, The Wall Street Journal reports, citing sources familiar with the matter. The new executive would replace Elizabeth Sweney, who has held the role since 2012. It is unclear whether the new chief merchant would be an internal or external candidate, but one source says that an announcement relating to the role will be made "early Wednesday morning." Reference Link
06:21 EDTCSCOCisco preps for Inspur deal to bolster China business, WSJ reports
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September 22, 2015
10:56 EDTCSCOAnalysts disagree on Infoblox outlook
The shares of network controller maker Infoblox (BLOX) are retreating after Deutsche Bank downgraded the stock to Hold in a note to investors today. However, Stifel gave a divergent opinion on the stock yesterday, recommending it as a Buy. BUY: Research firm Stifel yesterday initiated coverage of Infoblox with a Buy rating, saying that the company is poised to benefit from "the tremendous growth of IP-based devices in enterprises." Infoblox has significant growth potential and is the leader in its markets, wrote Stifel, adding that the company should be boosted by its new products and better sales execution going forward. It set a $23 price target on the stock. HOLD: Infoblox still has to work hard to sell its IP Address management system and its Domain Name System, or DNS, product, Deutsche Bank analyst Vijay Bhagavath indicated. Moreover, the company will probably have to increase the amount of money it spends on sales initiatives in fiscal 2016, putting a lid on its earnings power, the analyst warned. Also likely to hurt Infloxblox in fiscal 2016 are its transition to an "as a service model," which is likely to cause analysts to lower their estimates for the company and Cisco's (CSCO) launch of an OpenDNS product for companies, according to Bhagavath, who cut his price target on Infoblox to $20 from $30. PRICE ACTION: In morning trading, Infoblox fell 3.7% to $17.11.
10:45 EDTWMTReimbursement pressure on drug stores should moderate, says Cleveland Research
Cleveland Research analysts Rob Eich and Rob Stuyck said the firm's work indicates that stepdown reimbursement rates will be more manageable for drug store operators and that generic inflation will be less of a headwind for the group in FY16. However, Direct and Indirect Remuneration clauses will still be a source of margin pressure, the firm said, noting that several payers will be introducing a DIR next year. Cleveland Research has Neutral ratings on CVS (CVS), Walgreens (WBA), Rite Aid (RAD) and Wal-Mart (WMT).
10:23 EDTAMZNOptions with increasing implied volatility
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10:07 EDTNDLSHigh option volume stocks
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10:07 EDTAMZNMedia companies adjust Netflix strategy ahead of OTT growth, Bloomberg says
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September 21, 2015
13:31 EDTAMZNAfter Emmys, analyst sees 'growing threat' to established content creators
Netflix (NFLX), Time Warner (TWX), and Viacom (VIA) shares fell in midday trading following last night's Emmy Awards, while Amazon (AMZN) climbed. An analyst called the combined nominations for Netflix and Amazon a an indication that emerging over-the-top streaming services have become a "growing threat to the establishment." WHAT'S NEW: HBO, a Time Warner network, dominated the 67th Annual Emmy Awards, walking away with 43 awards overall, including 29 Creative Emmys, while Netflix won four awards, as did Viacom's Comedy Central. Amazon, meanwhile, achieved its first-ever Emmy wins with five total awards. Following HBO's performance at the annual awards show, Netflix Chief Executive Officer Reed Hastings tweeted: "Congrats @HBO on supporting so much Emmy-winning talent. Your leadership of great television is inspiring." Netflix was nominated for 34 awards, while Amazon was nominated for 12. STREET RESEARCH: Cantor Fitzgerald analyst Youssef Squali said that while Netflix's four Emmys this year was "somewhat disappointing" considering last year's seven, the service's performance at the awards show was "notable," particularly since the company has long been underestimated by bigger and more established content creators. Squali said that the combined 46 nominations for both Netflix and Amazon is a "clear indication" that emerging over-the-top streaming services have become a "growing threat to the establishment" and that it's "a matter of time" before such services begin to rival and possibly exceed their "linear cousins." The analyst sees Netflix gaining strong momentum heading into the second half of fiscal 2015 and 2016 and reiterated a Buy rating on the company's stock with a $125 price target. PRICE ACTION: Netflix shares are down 1.95% to $100.62 in afternoon trading. Meanwhile, Time Warner is down 0.29% to $69.44, Viacom is down 2.42% to $45.58, and Amazon is up 0.94% to $545.32.
12:55 EDTAMZNOn The Fly: Top stock stories at midday
Stocks began the session with a triple digit gain for the Dow and remained in a fairly narrow range for most of the morning. However, once the European markets closed, the U.S. averages weakened and are now struggling to remain in positive ground. ECONOMIC EVENTS: In the U.S., existing home sales fell 4.8% to a 5.31M rate in August, versus expectations for them to be down 1.6% to a rate of 5.5M. Over the weekend, three Federal Reserve officials, namely an Francisco Fed President John Williams, St. Louis Fed President James Bullard and Richmond Fed President Jeffrey Lacker, all argued that an interest-rate increase is still warranted this year. In Europe, Alexis Tsipras' Syriza party gained 35.5% of the vote in the Greek election. COMPANY NEWS: Shares of Volkswagen (VLKAY) trading in Germany plunged and the ADRs trading in New York dropped more than 17.5% after the EPA and California Air Resources Board detected manipulations that violate American environmental standards while testing Volkswagen diesel cars. The EPA said Volkswagen may face civil penalties of $37,500 for each vehicle not in compliance with federal clean air rules, which could total as much as $18B, according to Reuters... Time Warner's (TWX) HBO dominated the Emmy awards ceremony with 43 awards, including the 29 Creative Emmys it won last week. Meanwhile, Amazon (AMZN) earned its first-ever Emmy wins and Netflix (NFLX) CEO Reed Hastings, whose company won four awards, tweeted out: "Congrats @HBO on supporting so much Emmy-winning talent. Your leadership of great television is inspiring." MAJOR MOVERS: Among the notable gainers was Atmel (ATML), which jumped 12% after agreeing to be acquired by German chipmaker Dialog Semiconductor in a deal valued at approximately $4.6B, or the equivalent of $10.42 per Atmel share. Among the noteworthy losers was Mallinckrodt (MNK), which dropped 9% following the announcement that ANI Pharmaceuticals (ANIP) plans to acquire two new drug applications from Merck (MRK) that could compete with Acthar, Mallinckrodt's largest product. Also lower was uniQure (QURE), which fell 15% after announcing topline results of one-year follow-up data from a Phase I/II clinical trial in four Sanfilippo B syndrome patients. Both stocks were among the many big pharma and biotech decliners after Hillary Clinton, on the heels of a Wall Street Journal report detailing Turing Pharmaceuticals' price hike to $750 from $13.50 per pill of a drug that treats a life-threatening parasitic infection, vowed to lay out a plan tomorrow to take on what she calls "price gouging" of specialty drugs. INDEXES: Near midday, the Dow was up 38.57, or 0.24%, to 16,423.15, the Nasdaq was down 21.13, or 0.44%, to 4,806.10, and the S&P 500 was up 1.85, or 0.09%, to 1,959.88.
11:14 EDTAMZNNetflix gaining momentum after last night's Emmy's, says Cantor
Netflix (NFLX) left last night's 67th Emmy Awards with four trophies and Amazon (AMZN) "a surprising" five, Cantor Fitzgerald analyst Youssef Squali points out in a research note to investors. Netflix's performance is "somewhat disappointing" relative to last year's seven emmys, but it's still a "notable performance" for an $8.99 per month service that started in 2012, Squali argues. The combined 46 nominations for Netflix and Amazon is a "clear indication" that over-the-top streaming services are a "growing threat to the establishment," Squali writes. The analyst views this phenomenon, coupled with solid reviews for Narcos, ongoing expansion throughout Asia and a recent price hike in major European markets as signs Netflix is seeing strong momentum into the second half of 2015. He reiterates a Buy rating on the stock with a $125 price target. Netflix is up 15c to $102.71 in late morning trading.
09:27 EDTJCPJ.C. Penney says to hire 30,000 seasonal associates
J.C. Penney said in a tweet that it will hire 30,000 seasonal associates. Reference Link
09:14 EDTAMZNNetflix CEO congratulates HBO on Emmy dominance
Netflix (NFLX) CEO Reed Hastings tweeted out: "Congrats @HBO on supporting so much Emmy-winning talent. Your leadership of great television is inspiring." Time Warner's (TWX) HBO dominated the Emmy awards ceremony with 43 awards over all, including 29 Creative Emmys last week. Viacom's (VIA) Comedy Central, with four wins, was the network with the second-highest number of awards last night. Meanwhile, Hastings' won Netflix won four awards and Amazon (AMZN) earned its first-ever Emmy wins with two awards for its series "Transparent." Reference Link
09:01 EDTMMacy's to hire 85,000 seasonal associates in 2015
Macy's said it plans to hire seasonal associates for approximately 85,000 positions at its Macy's and Bloomingdale's stores, call centers, distribution centers and online fulfillment centers nationwide for the 2015 Christmas and holiday season. The company's 2015 seasonal hiring plan is essentially flat to last year.
07:12 EDTCSCOSplunk to hold a users conference
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