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Stock Market & Financial Investment News

News Breaks
March 28, 2012
12:12 EDTXOM, SNX, TYC, PNR, BMY, AMLN, BNNY, CVX, RDS.A, ALIMOn The Fly: Mid-Day Wrap
Stocks on Wall Street are lower at mid-day, after a report on durable goods orders in February fell short of expectations. After a meandering start to the session the averages have found their direction and it is lower. Each of the major equity indices is firmly in negative territory and at session lows. The market began the session mixed and seemed unaffected by the generally in-line durable goods orders report. The market also ignored the weekly DOE energy inventory reports until the averages broke out of their tight range and moved to the downside, gaining negative momentum as the day progresses... ECONOMIC EVENTS: In the U.S., durable goods orders for February rose 2.2%, versus expectations for a 3.0% increase. The core reading, which excludes transportation items, increased 1.6%, versus the expected increase of 1.7%... MARKET NEWS: Exxon Mobil (XOM), Shell (RDS.A), BP (BP), and Chevron (CVX) all declined as oil prices dropped following statements from France's energy minister about a possible joint oil reserve release coordinated between France, the U.S. and the U.K... Organic pasta maker Annie's (BNNY) soared after the company's initial public offering, which priced above its expected range at $19. The stock is up almost 72% to $32.63 near noon... MAJOR MOVERS: Among the notable gainers were Amylin (AMLN), after Bloomberg reported that the company rejected a $22 per share takeover offer from Bristol-Myers (BMY) earlier this year, and Pentair (PNR), after the company agreed to merge with Tyco's (TYC) Flow Control business to create a combined company that sees pro forma 2012 revenues of $7.7B. Noteworthy losers included SYNNEX (SNX), following a downgrade at Citigroup on the company's disappointing guidance for Q2, and Alimera (ALIM), after the company said last night that based on recent discussions with European regulatory authorities it thinks it will take longer than originally anticipated to obtain marketing authorizations for it ILUVIEN drug... INDICES: Near noon, the Dow was down 83.97, or 0.64%, to 13,113.76; the Nasdaq was down 24.20, or 0.78%, to 3,096.15; and the S&P 500 was down 11.26, or 0.80%, to 1,401.26.
News For A;CVX;BNNY;AMLN;BMY;PNR;TYC;SNX;ALIM From The Last 14 Days
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October 15, 2014
07:44 EDTCVXExxon, Shell behind rivals in lowering greenhouse gas emissions, WSJ reports
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October 14, 2014
13:08 EDTTYCEaton rallies, Tyco falls after Barclays swaps ratings
Shares of industrial products maker Eaton (ETN) are rising while peer Tyco (TYC) is falling after analysts at Barclays upgraded the former and downgraded the latter. WHAT'S NEW: Noting that Eaton had tumbled 23.5% so far this year and Tyco had risen 1.2%, Barclays analyst Scott Davis wrote that the disparity between the stocks' valuations had become too extreme. Although Tyco faces slightly less risk and its management has been more effective than Eaton's, the two companies' profit growth is "comparable,” the analyst stated. Meanwhile, Eaton's valuation looks too low, as the stock price appears to anticipate that the company's profits will be as much as 20% below the consensus outlook, which is unlikely to occur in the near-term, Davis believes. According to Davis, the industrial sector is still in the midst of a generally positive trend although it's undergoing "a healthy correction." Stocks that have been "overly punished", such as Eaton's are likely to advance, the analyst stated. Davis upgraded Eaton to Overweight from Equal Weight and cut his rating on Tyco to Equal Weight from Overweight. He kept a $78 price target on Eaton and a $48 price target on Tyco. PRICE ACTION: In early afternoon trading, Eaton rose 2.5% to $60 and Tyco fell 3% to $40.
13:05 EDTAAgilent sees FY15 revenue declining $20M-$30M due to NMR business closure
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13:03 EDTAAgilent sees Q4 EPS 87c-91c, consenssus 89c
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13:02 EDTAAgilent to close Nuclear Magnetic Resonance business
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12:20 EDTTYCOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday after three of the nation's largest banks reported on their results in the most recent quarter of the year. The market began the session in positive territory but the move seemed tenuous and the averages were almost back in negative ground within a half hour of the opening bell. As the morning progressed and the bears were unable to gain control, the buyers emerged and pushed the Dow to a triple digit gain and the Nasdaq to an increase of nearly 1.5%. ECONOMIC EVENTS: In the U.S., the National Federation of Independent Business' small business optimism index came in at 95.3, versus the consensus expectation for a 95.8 reading. COMPANY NEWS: JPMorgan (JPM) swung to a third quarter profit, but its headline earnings per share fell below analysts’ consensus estimate. Of note, the company's press release on its results came out earlier than planned on Nasdaq's (NDAQ) Shareholder.com website, which the exchange operator attributed to an internal "human error." Wells Fargo (WFC) reported in-line earnings and stronger credit quality, but its stock slid 1.4% following the report. Citigroup (C) generated the most headlines, however, as it reported better than expected adjusted third quarter profit, announced plans to pull back from retail banking in eleven countries and said it will disband a legacy Banamex unit that provided personal security services after an investigation uncovered illegal conduct. Shares of Citi bucked the trend set by its two peers, rising 3% near noon... In addition to JPMorgan, Dow member Johnson & Johnson (JNJ) reported on its third quarter earnings. The drug and medical device giant reported better than expected profits and revenues and raised its FY14 EPS outlook, but the stock was fractionally lower near midday. MAJOR MOVERS: Among the notable gainers was Energy Transfer Equity (ETE), which gained 8.5% after the stock was among the energy industry names upgraded this morning at RW Baird. Also higher was Skyworks (SWKS), which rose 11% after the company preannounced stronger than expected results that its CEO attributed to the "broad-based strength" of its business. Among the noteworthy losers was EnerNOC (ENOC), which dropped 11% after JPMorgan downgraded the stock to Neutral citing risk to the company's Demand Response revenue at PJM given the challenge to FERC Rule 745. Also lower was Tyco (TYC), which fell nearly 4% after Barclays downgraded the stock citing valuation and coupled the ratings change with an upgrade of Eaton (ETN). INDEXES: Near midday, the Dow was up 133.38, or 0.82%, to 16,454.45, the Nasdaq was up 60.63, or 1.44%, to 4,274.29, and the S&P 500 was up 21.51, or 1.15%, to 1,896.25.
11:23 EDTBMYBIND Therapeutics and The Conference Forum hold a conference
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10:01 EDTTYCOn The Fly: Analyst Downgrade Summary
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09:19 EDTCVXChevron delays $12B deepwater project after gas discovery, Jakarta Post says
PT Chevron Pacific Indonesia, a unit of Chevron, has submitted a letter requesting the postponement of its $12B Indonesia Deepwater Development project as it revise its calculations on the project following the discovery of a new gas reserve that has increased the project’s monetizing value, reported The Jakarta Post, citing an official with the Energy and Mineral Resources Ministry. Reference Link
05:29 EDTTYCTyco downgraded to Equal Weight from Overweight at Barclays
Barclays downgraded Tyco (TYC) citing valuation and keeps a $48 price target for shares. The firm coupled the downgrade with an upgrade of Eaton (ETN).
05:28 EDTTYCEaton upgraded to Overweight from Equal Weight at Barclays
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October 13, 2014
17:24 EDTBNNYS&P announces changes to the S&P MidCap 400 and S&P SmallCap 600 indices
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17:19 EDTBNNYAngioDynamics to replace Annie's in S&P 600 as of 10/20 close
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08:05 EDTBMYBristol-Myers, Pharmacyclics, Janssen announce clinical collaboration
Bristol-Myers Squibb Company (BMY), Pharmacyclics, Inc. (PCYC), and Janssen Research & Development, LLC (JNJ) announced today they have entered into a clinical trial collaboration agreement to evaluate the safety, tolerability and preliminary efficacy of Bristol-Myers Squibb’s investigational PD-1 immune checkpoint inhibitor OPDIVO in combination with IMBRUVICA, an oral Bruton's tyrosine kinase inhibitor co-developed and co-marketed by Pharmacyclics and Janssen. The Phase 1/2 study will focus on evaluating the safety and anti-tumor activity of combining OPDIVO and IMBRUVICA as a potential treatment option for patients with non-Hodgkin lymphoma, including diffuse large B-cell lymphoma, follicular lymphoma and chronic lymphocytic leukemia. Bristol-Myers Squibb has proposed the name OPDIVO, which if approved by health authorities, will serve as the trademark for the investigational drug, nivolumab. OPDIVO is part of a new class of cancer treatments known as immunotherapies, which are designed to harness the body’s own immune system in fighting cancer by targeting distinct regulatory components of the immune system. Each agent has individually shown activity against hematologic malignancies in clinical trials; pre-clinical evidence suggests OPDIVO and IMBRUVICA may have the potential for additive treatment effects in patients with hematologic malignancies. The study will be conducted by Janssen. Additional details of the collaboration were not disclosed.
07:13 EDTBMYBioFlorida to hold a conference
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06:36 EDTCVXSaudi Arabia content to let oil prices stay low, Reuters reports
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October 12, 2014
13:53 EDTCVXKuwaiti Minister says OPEC unlikely to cut production, WSJ says
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13:45 EDTCVXSaudis take aggressive oil measures in Europe, WSJ says
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October 10, 2014
10:03 EDTBMYBristol-Myers receives orphan status for melanoma treatment
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08:19 EDTBMYMedivir announces Janssen initiates enrolment in phase II IMPACT study
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