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Stock Market & Financial Investment News

News Breaks
June 24, 2014
12:25 EDTWWWW, GOOG, VRTX, MU, WAG, MEET, EIGIOn 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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July 16, 2014
18:26 EDTMUOn The Fly: After Hours Movers
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17:39 EDTGOOGeBay says Google search algorithm change slowed traffic in June
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16:00 EDTGOOGOptions Update; July 16, 2014
iPath S&P 500 VIX Short-Term Futures down 70c to 27.25. Option volume leaders: AAPL FB GOOG AMZN TWTR TSLA C HPQ TWX INTC AMZN according to Track Data.
13:44 EDTMUEarnings Preview: Stifel sees SanDisk results, guidance topping expectations
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12:47 EDTGOOGYahoo falls after results disappoint, details additional plans for Alibaba stake
Shares of media and search engine company Yahoo (YHOO) are falling after the company's second quarter results fell short of analysts' consensus estimates. The company also said it will lower the amount of stock it will sell in Alibaba's initial public offering to 140M shares and that it plans to return "at least half" of its after-tax proceeds from the stake sale to its shareholders. WHAT'S NEW: Last night, Yahoo reported Q2 earnings per share of 37c and revenue ex-tac of $1.04B, narrowly missing analysts' consensus estimates of 38c and $1.08B, respectively. The company's Q2 display ad revenue fell 7% to $394M, while Q2 price per ad fell 24% versus last year. Q2 search revenue ex-tac increased 6% to $428M. Yahoo said that in Q2, the number of ads sold increased approximately 24% compared to last year, while the number of paid clicks increased approximately 3%. Price-per-click increased 15% compared to last year. Marissa Mayer, Yahoo's Chief Executive Officer, said that as the company's top priority is revenue growth, it is "not satisfied" with Q2 results. Mayer noted that several areas showed strength in the quarter, including Yahoo Search, which grew 6% year-over-year on a revenue ex-tac basis, but their growth was offset by declines. Meyer says the company needs to "work faster to ameliorate" negative trends in display. Mayer says the company "can and will do better" going forward. WHAT'S NOTABLE: Looking ahead, Yahoo forecast third quarter revenue ex-tac of $1.02B-$1.06B, below the consensus of $1.1B. The company also guided Q3 adjusted earnings before interest, taxes, depreciation and amortization, or EBTIDA, at $220M-$260M and non-GAAP operating income of $70M-$110M. Yahoo also noted that it will lower the number of shares it sells in the Alibaba IPO to 140M from 208M, and is committed to return at least half of the after-tax IPO proceeds to shareholders. Mayer noted on the company's earnings conference call that "A transformation of this size will take several years," adding that "it will take a little longer than originally forecasted." ANALYST REACTION: This morning, research firm CRT Capital downgraded Yahoo to Fair Value from Buy, citing mixed Q2 earnings and weak guidance. The firm sees pressure on ad pricing continuing for at at least two to three quarters. Another firm, Bernstein, lowered their price target on Yahoo to $40 from $43 following the company's weaker than expected results and said that it would return 50% of its proceeds from the Alibaba IPO to shareholders. The firm thinks there is an increased risk that Yahoo will use the other 50% on M&A, and Bernstein sees high risk that the M&A will destroy value. Bernstein kept an Outperform rating on the stock. Piper Jaffray said Yahoo should be owned ahead of the Alibaba IPO, noting its agreement with Alibaba to reduce the number of shares it will sell at the IPO should outweigh the "unsurprising" challenges in the company's core business. The firm, which kept an Overweight rating on the stock, expects the stock to react positively on the Q2 earnings report. PRICE ACTION: In early afternoon trading, Yahoo fell $1.66, or about 4.7%, to $33.95 on heavy trading volume. Despite today's pull back, the stock is up approximately 25% over the past 12 months. OTHERS TO WATCH: Yahoo peer AOL (AOL) is down over 4.% to $38.98. Jackie Reses, Yahoo's chief of mergers and acquisitions, said at the Fortune Brainstorm Tech Conference that the company is not planning to buy AOL, Re/code reported this morning. Mayer previously told a number of people that she does not "get" the merger.
10:58 EDTGOOGSamsung in talks to buy SmartThings for about $200M, TechCrunch reports
Samsung is in talks to acquire SmartThings, a company in the home automation space that allows users to connect devices like lights and doorlocks to a system controlled by their mobile phone, TechCrunch reports. The purchase price is said to be around $200M. Reference Link
06:27 EDTWAGWalgreen could relocate to Switzerland if it buys out Alliance Boots, WSJ says
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06:20 EDTMUDRAM chip prices likely to increase 10% in July, DigiTimes reports
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06:14 EDTGOOGABI Research: More than 2B smartphones to ship in 2018, DigiTimes says
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July 15, 2014
18:23 EDTGOOGGoogle hires cyber-security researchers to improve internet security, WSJ says
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18:02 EDTGOOGAdobe, Google announce digital type breakthrough
Adobe (ADBE) announced the release of Source Han Sans, an open source typeface supporting Japanese, Chinese and Korean, as well as Latin, Greek and Cyrillic alphabets. It was developed in collaboration with Adobe’s key partner Google (GOOG) and contracted foundry partners across East Asia. Source Han Sans marks a record-breaking typeface in terms of size, scale, complexity and support for Japanese, Chinese and Korean all within the same font family. It provides designers and developers creating content for international audiences one uniform font to use in print and Web files no matter the language - eliminating the need to license multiple fonts.
17:35 EDTGOOGGoogle confirms Alan Mulally appointment to board
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16:15 EDTGOOGGoogle appoints ex Ford CEO Alan Mulally to board, CNBC says
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16:00 EDTGOOGOptions Update; July 15, 2014
iPath S&P 500 VIX Short-Term Futures up 53c to 28.02. Option volume leaders: AAPL FB GOOG AMZN ABX DIS NFLX TWTR TSLA according to Track Data.
11:07 EDTMUStocks with call strike movement; MU FB
Micron (MU) October 37 call option implied volatility increased 2% to 39, Facebook (FB) December 75 call option implied volatility increased 3% to 38 according to IVolatility.
10:00 EDTGOOGOn The Fly: Analyst Initiation Summary
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07:15 EDTGOOGIIR Holdings to hold a conference
14th Annual Shopper Insights in Action Conference to be held in Chicago on July 14-16.
06:15 EDTGOOGGoogle Fit may benefit remote medical care industry, DigiTimes Research says
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06:02 EDTGOOGSamsung, Nest, ARM team up for Thread wireless networking protocol
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05:44 EDTGOOGNovartis to license Google 'smart lens' technology
Novartis (NVS) announced that its eye care division Alcon has entered into an agreement with a division of Google (GOOG) to in-license its "smart lens" technology for all ocular medical uses. The agreement with Google[x], a team within Google that is devoted to finding new solutions to big global problems, provides Alcon with the opportunity to develop and commercialize Google's "smart lens" technology with the potential to transform eye care and further enhance Alcon's pipeline and global leadership in contact lenses and intraocular lenses. The transaction remains subject to anti-trust approvals. The agreement between Google and Alcon represents an important step for Novartis, across all of its divisions, to leverage technology to manage human diseases and conditions. Google's key advances in the miniaturization of electronics complement Novartis's deep pharmaceuticals and medical device expertise. Novartis aims to enhance the ways in which diseases are mapped within the body and ultimately prevented.
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