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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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August 6, 2014
15:39 EDTGOOGYouTube buys mobile-video startup Directr
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13:04 EDTGOOGGoogle acquires mobile messaging application Emu
Google has acquired Emu, Emu announced on its website. "As of August 25, we’ll be shutting down the Emu app. It will no longer be available in the App Store, and existing users won’t be able to send, receive, or download messages." Financial terms of the deal have not been disclosed. Reference Link
12:12 EDTWAGOn The Fly: Midday Wrap
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12:09 EDTWAGWalgreen volatility flat on acquiring remaining 55% of Alliance Boots
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10:08 EDTMUMicron nears important test of support, levels to watch
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09:58 EDTWAGWalgreen shares defended at SunTrust
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09:19 EDTWAGShire, AstraZeneca, Smith & Nephew slump amid inversion fears, FT says
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09:13 EDTWAGOn The Fly: Pre-market Movers
HIGHER: Fox class A shares (FOXA), up 5.9% after withdrawing proposal to acquire Time Warner (TWX), announcing $6B share repurchase program, reporting quarterly results... MannKind (MNKD), up 1.6% after entering a supply agreement with Amphastar Pharmaceuticals (AMPH)... Criteo (CRTO), up 11.5% after upgraded at Goldman following its better than expected Q2 earnings report. LOWER: Time Warner (TWX), down 13% after earnings, maintaining guidance, bid dropped by Fox... Sprint (S), down 16.5% after naming Marcelo Claure as president and CEO, reportedly dropping pursuit of T-Mobile (TMUS). T-Mobile shares also down 8.5%... Groupon (GRPN), down 18%, downgraded at Wunderlich after the company reported lower than expected Q3 results... Walgreen (WAG), down 15.7% after exercises option to acquire remaining 55% of Alliance Boots, says it will not pursue inversion as part of deal... Shire (SHPG), down 6% after Walgreen announced it would stay located in Chicago and Bloomberg last night reported that the Treasury Department is exploring ways to bypass Congress in an attempt to curb corporate inversions... Cytori Therapeutics (CYTX), down 33% after announcing that it has placed enrollment in the ATHENA and ATHENA II trials on clinical hold. UP AFTER EARNINGS: Enphase Energy (ENPH), up 20%... AOL (AOL), up 5%. DOWN AFTER EARNINGS: Nu Skin (NUS), down 8.5%... Rocket Fuel (FUEL), down 27%... Cognizant (CTSH), down 13%... First Solar (FSLR), down 2.5%... Globus Medical (GMED), down 17%.
08:40 EDTWAGShire drops 5% with tax inversions in focus
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07:49 EDTGOOGcomScore price target raised to $44 from $40 at Brean Capital
Brean Capital raised its price target on comScore (SCOR) to $44 from $40 as they believe the company is well positioned for an acceleration in fundamentals. The firm expects its recent years of investment to impact their online business as the integration of Yahoo (YHOO) vCE is up and running and Google (GOOG) is expected to be completed by the end of Q3, leading to an acceleration of top line growth. Brean maintains its Buy rating on comScore.
07:47 EDTWAGRetailers pare store openings as shopper visits slide, WSJ says
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07:16 EDTWAGWalgreen news positive, says SunTrust
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06:44 EDTWAGWalgreen to hold a conference call
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06:17 EDTGOOGAlibaba courting Nokia employees on website, WSJ reports
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06:11 EDTWAGWalgreens Boots Alliance holding company to be headquartered in Chicago area
The Walgreens Boots Alliance holding company will be headquartered in the Chicago area, while Walgreens operations will remain headquartered in Deerfield, Ill. Boots operations also will remain headquartered at its current location in Nottingham, U.K.
06:10 EDTWAGWalgreen said the decision to buy rest of Rival Boots will not be inversion
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06:09 EDTWAGWalgreen board authorizes $3B share repurchase program, raises dividend
The board of directors has approved a new capital allocation policy for the combined enterprise. Returning cash to shareholders by targeting a 30%-35% long-term dividend payout ratio and a new $3B share repurchase authorization through the end of fiscal 2016. In addition, the board of Walgreen ncreased the quarterly dividend to 33.75c per share, a 7.1% increase over the year-ago quarterly dividend of 31.5c per share. The increased dividend is payable Sept. 12 to shareholders of record Aug. 21, and raises the annual rate from $1.26 per share to $1.35 per share.
06:07 EDTWAGWalgreen sees FY16 EPS $4.25-$4.60; FY16 revenue $126B-$130B
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06:04 EDTWAGWalgreen exercises option to acquire remaining 55% of Alliance Boots
Walgreens said it has exercised its option to complete the second step of its strategic transaction with Alliance Boots GmbH ahead of the original option period, which was between February and August 2015. The transaction, subject to shareholder and various regulatory approvals, would fully combine the two companies to form the first global pharmacy-led, health and wellbeing enterprise. This action follows the launch of the companies’ long-term strategic partnership in June 2012, when Walgreens acquired a 45% equity ownership in Alliance Boots, with the option to proceed to a full combination by acquiring the remaining 55% of Alliance Boots in three years’ time. Walgreens expects to close the transaction in the first quarter of calendar 2015. A new holding company to be formed in connection with the transaction will be named Walgreens Boots Alliance, and will include four divisions: Walgreen Co.; Boots; Pharmaceutical Wholesale and International Retail; and Global Brands. In addition, the combined company is establishing a cross-divisional global pharmacy market access group. CEO and board member Greg Wasson will be president and CEO of Walgreens Boots Alliance, and Stefano Pessina, executive chairman of Alliance Boots, will be executive vice chairman of the combined company. Jim Skinner will serve as the non-executive chairman of the board of directors for the combined company.
06:02 EDTWAGWalgreen exercises option to acquire remaining 55% of Alliance Boots
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