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Stock Market & Financial Investment News

News Breaks
August 13, 2014
20:25 EDTWMT, WMT, PRGO, PRGO, KSS, KSS, AAP, AAP, HMHC, HMHC, RRGB, RRGB, BGG, BGGNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Wal-Mart (WMT), consensus $1.21; Perrigo (PRGO), consensus $1.55; Kohl's (KSS), consensus $1.07; Advance Auto Parts (AAP), consensus $2.01; Houghton Mifflin (HMHC), consensus 14c; Red Robin (RRGB), consensus 90c; and Briggs & Stratton (BGG), consensus 36c.
News For WMT;PRGO;KSS;AAP;HMHC;RRGB;BGG From The Last 14 Days
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September 2, 2015
19:00 EDTWMTWal-Mart to reopen five stores after claims of worker retaliation, Reuters says
Wal-Mart plans to reopen five U.S. stores after being accused by the UFCW union of closing the locations in retaliation against workers trying to organize, reports Reuters, citing spokesperson statements. The company will push former employees of the stores to reapply, said the spokesperson. Reference Link
August 31, 2015
09:51 EDTWMTWal-Mart reduces worker hours to cut costs, Bloomberg reports
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08:34 EDTPRGOPerrigo acquires ScarAway
Perrigo announced that it has acquired ScarAway from Enaltus, LLC. The brand is expected to generate approximately $10M in full, calendar year 2015 net sales or approximately $3M for the remainder of the year. The acquisition is expected to be immediately accretive to Perrigo's calendar year 2015 adjusted earnings per share and to immediately exceed Perrigo's ROIC threshold.
August 28, 2015
16:17 EDTPRGOOn The Fly: Top stock stories for Friday
Stocks slipped at the open as the futures once again were influenced by the volatile overnight trading session in China. The averages began to recover shortly after the open and turned mixed by midday. Comments from Fed Vice Chairman Stanley Fisher about the central bank being open to a possible rate hike in September took some momentum out of the market. As the volume slowed and the news flow went silent, the volatility increased and the averages headed lower only to rebound before the close, but the trading was still remarkably calm when compared to the wide swings seen in the market in the earlier sessions of this week. ECONOMIC EVENTS: In the U.S., personal income rose 0.4% in July, as expected, with consumer spending up 0.3%, which was below the 0.4% consensus growth forecast. The University of Michigan consumer sentiment reading for August was revised down to 91.9 from the 92.9 preliminary reading, versus expectations for it to be bumped up to 93.0. Baker Hughes reported the U.S. rig count is down 8 rigs from last week to 877. WTI crude oil prices added another 6% today to yesterday's 10% rally, closing at $45.22 a barrel on Friday. U.S. crude closed with a weekly gain of 11.8%, marking its first advance in 10 weeks and best week in six years. The Federal Reserve may still raise its benchmark interest rate in September, Fed vice chairman Stanley Fischer said in an interview with CNBC, noting that Fed committee members "haven't made a decision yet" and have "time to wait and see," because the next policy-making meeting won't happen until the middle of next month. COMPANY NEWS: Shares of cancer drug maker ARIAD (ARIA) surged $2.91, or 41.69%, to $9.89 after Bloomberg reported that industry peer Baxalta (BXLT) is in takeover talks with the smaller company to boost its oncology pipeline. Baxalta, which had recently turned down a merger offer from Shire (SHPG), fell $1.18, or 3.24%, to $35.25 following the report... In other pharmaceutical industry M&A news, Mylan (MYL) shareholders voted to approve the company's proposed acquisition of Perrigo (PRGO) and the related issuance of Mylan ordinary shares. Afterward, Perrigo CEO Joseph Papa said he was confident that most of his company's shareholders believe that Mylan's offer substantially undervalues Perrigo and would dilute its "growth profile and superior valuation"... Video game maker Activision Blizzard (ATVI) and airline owner United Continental (UAL) both advanced sharply, rising 4.62% and 6.93%, respectively, after each had their shares selected to join the S&P 500. Activision will replace Pall Corp. (PLL) in the S&P 500 after the close of trading tonight, while United will replace Hospira (HSP) in the index after the close of trading on Wednesday, September 2. MAJOR MOVERS: Among the notable gainers was Big Lots (BIG), which advanced $6.58, or 15.67%, to $48.58 after the discount retailer reported better than expected quarterly results and lifted its fiscal year guidance. Among the noteworthy losers after their quarterly reports were video game retailer GameStop (GME), which slid $3.71, or 8.03%, to $42.49, and design software and services company Autodesk (ADSK), which fell $2.48, or 4.96%, to $47.52. INDEXES: The Dow fell 11.76, or 0.07%, to 16,643.01, the Nasdaq gained 15.62, or 0.32%, to 4,828.33, and the S&P 500 advanced 1.21, or 0.06%, to 1,988.87.
09:31 EDTPRGOMylan vote not surprising, Perrigo likely to rise in near-term, says BMO Capital
BMO Capital analyst David Maris believes that Mylan (MYL) shareholders' vote in favor of Mylan's proposed takeover of Perrigo (PRGO) and authorizing the company to issue shares was the outcome expected by most investors and will not come as a surprise to the market. Maris noted that he expects Perrigo shares will rise in the coming days amid speculation on its next move and thinks the Mylan bid significantly undervalues the company, which he estimates is worth $246 per share on a stand-alone basis. The firm keeps an Outperform rating on Perrigo and a Market Perform rating on Mylan.
08:06 EDTPRGOPerrigo 'confident' shareholders will reject Mylan 's offer
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07:22 EDTPRGOMylan shareholders approve proposed acquisition of Perrigo
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August 27, 2015
06:23 EDTWMTWal-Mart extends holiday layaway program two weeks, Reuters reports
Wal-Mart (WMT) plans to boost its holiday layaway program by two weeks ahead of an expected year-end demand for Star Wars toys, a Disney (DIS) property, Reuters reports. The retailer will jumpstart the program on August 28, two weeks earlier than last year, the report says, citing comments from Anne Marie Kehoe, VP of toys at Wal-Mart. Reference Link
August 26, 2015
14:52 EDTWMTWal-Mart phasing out sales of modern sport rifles, Washington Post says
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06:55 EDTPRGOMylan shares may sell off on affirmative Perrigo deal vote, says BMO Capital
With Mylan (MYL) set to hold a shareholder vote on August 28 regarding its proposed acquisition of Perrigo (PRGO), BMO Capital analyst David Maris predicts that if the vote goes in Mylan's favor, he expects Perrigo shares to rise and Mylan shares to fall. Afterward, he feels added overhangs, such as Teva's (TEVA) and Abbott's (ABT) shareholdings and potential short-term selling by arbitrageurs, will come into play, further pressuring Mylan shares.
05:58 EDTPRGOPerrigo CEO says company is 'very active in M&A,' Bloomberg reports
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August 25, 2015
13:22 EDTPRGOMylan comments on 'misleading' Perrigo statements
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11:27 EDTPRGOTeva to refrain from voting at Mylan special meeting
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09:12 EDTRRGBRed Robin management to meet with Jefferies
Meetings to be held in Los Angeles/San Francisco September 1-2 hosted by Jefferies.
August 24, 2015
09:49 EDTKSSFitbit being sold at Macy's seen as near-term catalyst
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August 21, 2015
16:34 EDTWMTMarket enters correction territory in worst week in four years
For the week, stocks plummeted amid concerns about a slowing Chinese economy and declining oil prices. MACRO NEWS: Monday, the Empire State manufacturing index crashed to -14.92 in August after rebounding to 3.86 in July from June's -1.98. The consensus estimate was 4.75, and the surprising drop puts the index at its lowest point since April 2009... Meanwhile, the NAHB homebuilder sentiment index rose to 61 in August from 60 in June, matching consensus estimates... Tuesday, July housing starts edged up 0.2% to 1.206M, beating consensus estimates for 1.180M in the best reading since October 2007. Building permits, however, fell 16.3% to 1.119M against expectations for 1.230M, while single family starts rose 12.8% and multifamily numbers fell 17.0%... Wednesday, the July consumer price index edged up 0.1% against expectations for 0.2% reading. The core reading, which excludes food and energy, also came in at 0.1% versus consensus estimates of 0.2%... Meanwhile, FOMC minutes showed no definitive indication of a September rate hike... Thursday, initial jobless claims rose to 277,000 from a revised 273,000, bringing the 4-week moving average to 271,500... The Philadelphia Fed index rose 2.6 points to 8.3 in August, beating expectations for a 7.5 reading... Friday, the PMI Manufacturing Index Flash for August came in at a level of 52.9, below the prior level of 53.8 and the consensus level of 54.2. COMPANY NEWS: Monday, Liberty Interactive (QVCA) announced an agreement to acquire zulily (ZU) for $18.75 per share in a deal valuing the online shopping site at $2.4B. The acquisition will be attributed to Liberty's QVC tracking stock, though the companies specified that QVC and zulily will operate as separate brands... Amazon (AMZN) founder and CEO Jeff Bezos downplayed a recent New York Times critique of the company's workplace practices, telling employees in an email that "the article doesn't describe the Amazon I know or the caring Amazonians I work with every day..." Tuesday, Wal-Mart (WMT) cut its full year earnings outlook, with company executives on a subsequent conference call expressing confidence in China but noting that Brazil and U.K. remain challenging markets for the company... Wednesday, Seagate Technology (STX) agreed to acquire Dot Hill Systems (HILL) for $9.75 per share, noting that it expects the deal to be non-GAAP EPS accretive in fiscal 2016... Thursday, Valeant (VRX) agreed to acquire Sprout Pharmaceuticals for roughly $1B in cash plus a profit-sharing agreement, adding that it expects to bring the company's recently-approved female sexual dysfunction drug Addyi to the U.S. by Q4... Friday, Steiner Leisure (STNR) entered into a definitive merger agreement where an affiliate of Catterton will acquire all of the outstanding shares of Steiner for $65 per share in cash. INDEXES: For the week, the Dow lost about 5.79% to close at 16,459.75, the Nasdaq declined about 6.71% to close at 4,706.04, and the S&P 500 fell about 5.73% to close at 1,970.89.
15:22 EDTPRGOMylan clarifies certain inaccuracies related to lowered condition to acquire Perrigo
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08:19 EDTPRGOMylan to host special shareholder meeting
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