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Stock Market & Financial Investment News

News Breaks
June 24, 2014
12:25 EDTEIGI, MU, WWWW, MEET, VRTX, WAG, GOOGOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday after reports on new home sales and consumer confidence both rose to their best levels in six years. The major averages began the day slightly below the flat-line but crossed into positive ground following the confidence and new home sales reports at 10 am ET, after which they found a level and have barely moved since. ECONOMIC EVENTS: In the U.S., the S&P/Case-Shiller index of property values in 20 cities for April had its smallest 12-month gain in more than a year, rising 10.8% from the same month of last year. However, a separate report showed that new home sales surged 18.6% in May to a 504K annual rate, beating expectations. The Conference Board's consumer confidence index climbed to 85.2 in June, beating expectations and hitting its highest level since 2008. The Richmond Fed manufacturing index dipped to 3 in June from 7 in both April and May. COMPANY NEWS: Shares of computer memory maker Micron Technology (MU) climbed 5% after the company's third quarter earnings per share and revenue surpassed analysts' expectations. Following its report and guidance last night, Needham upgraded Micron to Strong Buy from Buy and raised its price target for shares to $50 from $40, while analysts at Roth Capital, Jefferies, and JPMorgan also raised their price targets on the stock. Conversely, Walgreen (WAG) slipped 1% after its earnings missed expectations and it withdrew the FY16 goals the company had previously announced in 2012. Walgreen cited the consideration its board is making of the second step in its Alliance Boots strategic transaction as the reason for withdrawing the targets and said its expects to provide a new set of goals and metrics by late July or early August. MAJOR MOVERS: Among the notable gainers was Vertex Pharmaceuticals (VRTX), which was up about 40% after Phase 3 studies of its combination treatment for lung function in certain cystic fibrosis patients achieved their primary endpoint. Also higher was MeetMe (MEET), which rose 18% after the company announced that it set a new daily record for the number of user-to-user chats as more than 15 million chats were sent on a single day for the first time on its service. Among the noteworthy losers was Web.com (WWWW), which dropped 21% after Google (GOOG) entered the domain name market and announced that it would enable individuals and businesses to choose Internet addresses. Also lower following Google's entry into the domain name market was another company in the sector, Endurance (EIGI), which dropped more than 10%. INDEXES: Near midday, the Dow was up 12.00, or 0.07%, to 16,949.26, the Nasdaq was up 28.52, or 0.65%, to 4,397.19, and the S&P 500 was up 3.54, or 0.18%, to 1,966.15.
News For WWWW;GOOG;VRTX;MU;WAG;MEET;EIGI From The Last 14 Days
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June 23, 2015
16:00 EDTMUOptions Update; June 23, 2015
iPath S&P 500 VIX Short-Term Futures down 46c to 17. Option volume leaders: AAPL FB AAPL T BAC MU BTU WMB AMZN TWTR BBRY
12:08 EDTGOOGPandora down 1% after Google launches free music service
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12:05 EDTGOOGGoogle launches free, ad-supported music service in U.S.
Google (GOOG) announced via a blob post that Google Play Music now has a "free, ad-supported version" in the U.S. It stated, "Our team of music experts, including the folks who created Songza, crafts each station song by song so you don’t have to. If you’re looking for something specific, you can browse our curated stations by genre, mood, decade or activity, or you can search for your favorite artist, album or song to instantly create a station of similar music." Shares of Pandora (P) ticked lower following Google's announcement.
11:39 EDTMUStocks with call strike movement; TSLA MU
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09:36 EDTMUActive equity options trading on open
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09:35 EDTWWWWWeb.com downgraded to Neutral from Buy at Citi
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06:25 EDTGOOGGoogle introduces the News Lab on blog
Google said on its blog that it is launching the News Lab, "a new effort at Google to empower innovation at the intersection of technology and media. Our mission is to collaborate with journalists and entrepreneurs to help build the future of media. And we’re tackling this in three ways: though ensuring our tools are made available to journalists around the world -- and that newsrooms know how to use them; by getting helpful Google data sets in the hands of journalists everywhere; and through programs designed to build on some of the biggest opportunities that exist in the media industry today. The News Lab is a global effort, with teams in the U.S., U.K., France, and Germany to start -- and we’re also powering the training and research arm of Google’s Digital News Initiative in Europe. Google has created many technologies and platforms that have engaged the media industry. As both the media landscape and technology continue to evolve, we believe we can create a more informed world if technologists and journalists work together -- and we’re excited to be part of the effort." Reference Link
06:14 EDTGOOGGetty filed a complaint against Google to EU earlier this year, WSJ reports
Getty Images complained earlier this year to European antitrust authorities that Google unfairly favors its image search service over rivals, the Wall Street Journal reports. The European Commission told Getty in early June that its concerns were valid and added Getty as an “interested third person” in its search manipulation case against the search giant, according to a document reviewed by the Wall Street Journal. Reference Link
June 22, 2015
18:22 EDTGOOGGoogle offers sign-ups to test GoPro virtual reality prototype
Google (GOOG) has created a sign-up page to allow "creators" -- taken to mean video content creators -- to test its "Jump" virtual reality platform. Jump uses 16 GoPro (GPRO) cameras to create virtual reality video "that you can step inside of." Content creators selected by Google will get access to the platform beginning this summer. Reference Link
16:00 EDTMUOptions Update; June 22, 2015
iPath S&P 500 VIX Short-Term Futures down 78c to 17.45. Option volume leaders: AAPL FB BAC CHK WMB BABA TWTR MU AMBA TSLA JPM
14:42 EDTGOOGOculus potential not reflected in Facebook's stock price, Piper Jaffray says
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12:12 EDTGOOGUS Supreme Court rejects Google patent appeal over Street View, Reuters says
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10:00 EDTMUOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Akebia (AKBA) initiated with an Outperform at JMP Securities... Barracuda Networks (CUDA) initiated with a Buy at Summit Research... BioLineRx (BLRX) initiated with an Outperform at JMP Securities... Cabela's (CAB) initiated with an Outperform at Barrington... Chemours (CC) initiated with a Buy at Jefferies... Communications Sales & Leasing (CSAL) initiated with an Overweight at JPMorgan... E.W. Scripps (SSP) initiated with a Hold at Evercore ISI... EQT Corporation (EQT) reinstated with an Overweight at Barclays... EQT GP (EQGP) initiated with an Outperform at Credit Suisse... EQT Midstream Partners (EQM) initiated with a Buy at Deutsche Bank... Eagle Pharmaceuticals (EGRX) initiated with an Outperform at RBC Capital... Energen (EGN) initiated with a Buy at KLR Group... Ignyta (RXDX) initiated with an Overweight at Piper Jaffray... International Game (IGT) initiated with a Buy at BofA/Merrill... Leju (LEJU) initiated with an Overweight at Barclays... Micron (MU) initiated with an Outperform at Cowen... People's Utah Bancorp (PUB) initiated with a Buy at DA Davidson... SouFun (SFUN) initiated with an Overweight at Barclays... Turquoise Hill (TRQ) initiated with an Outperform at BMO Capital.
10:00 EDTMUOn The Fly: Analyst Downgrade Summary
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09:14 EDTMUOn The Fly: Pre-market Movers
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08:02 EDTGOOGTransphorm announces new $70M investment led by KKR
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07:31 EDTGOOGFacebook catching up to YouTube in video ads, Reuters says
Facebook (FB) is gaining market share on Google's (GOOG) YouTube in online video advertising, reports Reuters, citing a published Ampere Analysis report. Reference Link
07:02 EDTMUMicron price target lowered to $33 from $37 at JPMorgan
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06:15 EDTMUMicron initiated with an Outperform at Cowen
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05:31 EDTMUMicron downgraded to Sell from Neutral at Goldman
Goldman Sachs analyst Mark Delaney downgraded Micron Technology to Sell saying rising DRAM supply will lower selling prices and contract margins. Delaney expects DRAM prices to drop up to 30% over the next three quarters and cut his price target for shares to $19 from $27. The semiconductor provider closed Friday at $24.47.
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