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Stock Market & Financial Investment News

News For YHOO;AMP;MSFT From The Last 14 Days
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July 30, 2014
10:43 EDTYHOOYahoo September calls active
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09:53 EDTMSFTBest Buy CEO Joly says sales of tablets 'crashing,' Re/code reports
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09:31 EDTMSFTGameStop should be bought on weakness, says BB&T
BB&T thinks Electronics Arts' (EA) subscription deal with Microsoft (MSFT) is a non-event for GameStop (GME). The firm sees the decline in Electronic Arts as an overreaction and keeps a Buy rating on the shares.
06:05 EDTMSFTEA service to not impact GameStop for several years, says Piper Jaffray
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July 29, 2014
16:52 EDTAMPAmeriprise reports Q2 operating EPS $2.08, consensus $2.01
Reports Q revenue $3.07B, consensus $3.03B. Total assets under management and administration grew 15% from a year ago to $810B driven by Ameriprise advisor client net inflows and market appreciation. Q2 return on equity excluding AOCI was 19.1%, operating ROE increased 380 bps to a record high 21.7%.
15:53 EDTAMPNotable companies reporting after market close
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13:58 EDTMSFTGameStop turns negative after EA announces subscription game service
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13:49 EDTMSFTElectronic Arts announces subscription game service in partnership with Microsoft
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12:13 EDTYHOOStocks with call strike movement; FB YHOO
RT Options Scanner shows Facebook (FB) December 85 call option implied volatility increased 3% to 36, Yahoo (YHOO) January 40 call option implied volatility increased 2% to 37 according to IVolatility.
11:17 EDTMSFTVirnetX announces denial of three Microsoft petitions for inter partes review
VirnetX (VHC) announced that last week, the United States Patent and Trademark Office denied three petitions for inter partes review filed by Microsoft (MSFT). These petitions sought review of certain claims of VirnetX's U.S. Patent Nos. 6,502,135 ('135 patent) and 7,188,180 ('180 patent). Like some of the petitions filed by Apple and all of the petitions filed by RPX, the USPTO found that Microsoft's petitions were not filed within the time limit imposed by the statute and declined to institute inter partes review. Microsoft was found to infringe both '135 and '180 patents in a prior lawsuit filed by VirnetX against Microsoft.
06:44 EDTMSFTMicrosoft, Akamai and JVP to work together in cybersecurity accelerator
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July 28, 2014
09:50 EDTMSFTMicrosoft offices in China raided amid probe, South China Morning Post says
Microsoft spokeswoman Joan Li confirmed that the company is being investigated in China, though did not specify what the investigation concerned, after China's State Administration for Industry and Commerce sent investigators to four Microsoft offices, reported The South China Morning Post. Reference Link
07:40 EDTMSFTAmazon could see new cloud competition on many fronts, WSJ says
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06:23 EDTMSFTMicrosoft to begin production on new Surface in August, DigiTimes reports
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06:05 EDTMSFTJD.com launches Xbox One sales in China
JD.com (JD) began taking China pre-orders for Microsoft's (MSFT) Xbox One gaming console. As part of an agreement between the companies, JD.com will have the exclusive right to accept pre-orders for Xbox One in China from July 28-30 through JD.com's Mobile QQ and Weixin entry points. Vice president of JD.com in charge of the IT and Digital Business unit Shuang Du said, "Through our partnership with Tencent (TCEHY), Chinese consumers are increasingly able to enjoy the JD.com shopping experience directly on China's most popular mobile communications platforms. We will continue to focus on providing the most convenient channels for Chinese consumers to purchase authentic products through their mobile devices." On July 31, the JD.com website and JD.com's exhibition booth at the ChinaJoy Expo in Shanghai will also begin taking pre-orders. Reference Link
July 27, 2014
18:57 EDTMSFTAmazon's cloud computing unit AWS faces more rivals, WSJ says
Amazon.com's (AMZN) cloud computing unit AWS has been competing with Google (GOOG) and Microsoft (MSFT) but more company's have launched offerings in the space including Verizon (VZ), Cisco Systems (CSCO), International Business Machines (IBM) and VMware (VMW), which may threaten the profitability plans that Amazon has for AWS, says the Wall Street Journal. Reference Link
July 25, 2014
06:20 EDTMSFTChina Telecom to start selling Microsoft's Xbox One in September, WSJ reports
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05:56 EDTMSFTYammer's David Sacks leaving Microsoft
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July 24, 2014
09:36 EDTYHOOActive equity options trading on open
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05:56 EDTYHOOStocks with implied volatility movement; YHOO GILD
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July 23, 2014
16:00 EDTMSFTOptions Update; July 23, 2014
iPath S&P 500 VIX Short-Term Futures up 23c to 28.17. Option volume leaders: AAPL FB C GILD MSFT PBR NFLX AMZN TWTR TSLA according to Track Data
14:58 EDTYHOOYahoo speculated as target for Alibaba, Softbank, Forbes contributor says
Forbes contributor Eric Jackson contends that after he previously published an article which wondered if Yahoo (YHOO) could be a takeover target and after "chatting with a large Yahoo shareholder," he now believes the most likely outcome is that either Alibaba (BABA) or SoftBank (SFTBF) buys Yahoo. Reference Link
10:02 EDTMSFTOn The Fly: Analyst Upgrade Summary
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09:18 EDTMSFTMicrosoft upgraded at Pacific Crest
As noted earlier, Pacific Crest upgraded Microsoft to Outperform from Sector Perform. The firm thinks the company reported solid results and continues to make progress with its cloud offerings, while the Nokia deal has become derisked. Target $54.
08:04 EDTMSFTMicrosoft results step in right direction, says FBR Capital
FBR Capital views Microsoft's June quarter results as "as another step in the right direction" and it raised its price target for shares to $51 from $49. The firm keeps an Outperform rating on the stock, saying the Nokia guidance was better than feared.
07:58 EDTMSFTMicrosoft price target raised to $50 from $45 at Oppenheimer
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07:49 EDTMSFTMicrosoft price target raised to $50 from $46 at UBS
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06:45 EDTMSFTMicrosoft faces increased competition from MacBooks, Chromebooks, DigiTimes says
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06:22 EDTMSFTMicrosoft upgraded to Neutral from Underperform at BofA/Merrill
06:02 EDTMSFTMicrosoft upgraded to Outperform from Sector Perform at Pacific Crest
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July 22, 2014
18:34 EDTMSFTMicrosoft reverses after Q4 earnings call, now trading up 1.4%
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18:33 EDTMSFTOn The Fly: After Hours Movers
UP AFTER EARNINGS: Broadcom (BRCM), consensus up 3% after reporting second quarter results... Intuitive Surgical (ISRG), up 10.4%... Manhattan Associates (MANH), up 3%... Robert Half International (RHI), up 3.9%... Hawaiian Holdings (HA), up 3.1%... Microsoft (MSFT), up just under 1%... FMC Technologies (FTI), up 1.1%. ALSO HIGHER: Ballard Power Systems (BLDP), up 2.7% following purchase order from New Flyer Industries... Unwired Planet (UPIP), up 2.4% after filing a lawsuit against Microsoft for breach of contract. NOTABLE: Puma Biotechnology (PBYI), up 193.8% after reporting positive top line results from Phase III PB272 trial. DOWN AFTER EARNINGS: Xilinx (XLNX), down 8.7%... Apple (AAPL), down after reporting third quarter results and fourth quarter guidance... Juniper Networks (JNPR), down 4.7%... ALSO LOWER: Farmland Partners (FPI), down 3.8% after filing to sell 3.72M shares of common stock.
18:27 EDTMSFTMicrosoft says demand weak in China, unlikely to change soon
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18:03 EDTMSFTMicrosoft sees FY15 OpEx $34.2B-$34.6B
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16:57 EDTMSFTUnwired Planet files suit against Microsoft
Unwired Planet (UPIP) announced that it has sued Microsoft (MSFT) for breach of contract and declaratory judgment in the U.S. district court of Delaware. This action relates to the licensing agreement the two companies entered into in September 2011. "Microsoft owes Unwired Planet licensing fees under a previous agreement,” stated Phil Vachon, chairman of Unwired Planet. The complaint was filed under seal in order to protect the confidentiality of certain terms of the parties’ agreement.
16:30 EDTMSFTMicrosoft sold 1.1M XBox consoles in Q4
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16:11 EDTMSFTMicrosoft CEO says cloud revenue doubled to $4.4B run rate
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16:07 EDTMSFTMicrosoft reports Q4 commercial revenue grew 11% to $13.48B
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16:06 EDTMSFTMicrosoft reports Q4 devices and consumer revenue up 42% to $10B
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16:03 EDTMSFTMicrosoft reports Q4 EPS 55c, consensus 60c
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15:32 EDTMSFTMicrosoft technical notes before earnings
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15:30 EDTMSFTNotable companies reporting after market close
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15:24 EDTMSFTMicrosoft July weekly 45 straddle priced for 4.1% move into Q4
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15:07 EDTMSFTEarnings Preview: Microsoft to report after Nadella makes big job cuts
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10:48 EDTYHOOOptions with decreasing implied volatility
Options with decreasing implied volatility: IGT YHOO LYK ATHN CMG SWKS NFLX SHPG SNDK MTG
07:31 EDTMSFTInvestors prepare for large dose of earnings reports
U.S. equity futures are suggesting a market bounce following yesterday’s down day. Investors are feeling optimistic about the week’s large number of earnings reports. Scheduled to release results today are tech heavyweights Apple (AAPL) and Microsoft (MSFT.) Both companies' earnings have the ability to impact the rest of the technology sector. Investors will also be examining the Consumer Prices Index, a housing price index, an existing home sales report, and Richmond Fed manufacturing data.
06:17 EDTMSFTGlobal notebook shipments to increase 4.3% in Q3, DigiTimes Research says
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05:56 EDTYHOOYahoo paying over $200M for Flurry, TechCrunch reports
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05:53 EDTMSFTStocks with implied volatility movement; HLF MSFT
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July 21, 2014
16:52 EDTYHOO, MSFTGoogle ranked as top U.S. search marketplace in June
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16:41 EDTYHOOYahoo to acquire Flurry
Yahoo! and Flurry, Inc. announced that they have reached a definitive agreement for Yahoo to acquire Flurry. Yahoo is on a mission to re-imagine users’ daily habits, and mobile is at the center of everything we do. Our agreement to acquire Flurry is a meaningful step for the company and reinforces Yahoo’s commitment to building and supporting useful, inspiring and beautiful mobile applications and monetization solutions. By joining Yahoo, Flurry will have resources to speed up the delivery of platforms that help developers build better apps, reach the right users, and explore new revenue opportunities. Together, the companies can make mobile experiences better through products that are more personalized and more inspiring. Analytics are critical for all mobile developers to understand and optimize their applications. Yahoo and Flurry are reinvesting in developers and continuing to build great analytics products. The combined scale of the two companies will accelerate revenue growth for thousands of developers and publishers across the mobile ecosystem. In addition, the joined offerings of Yahoo and Flurry will enable more effective mobile advertising solutions for brands seeking to reach their audiences and gain unique insights across desktop and mobile, and users will benefit from more personalized app experiences. Following the closing, the Flurry team will remain in their present locations, and Flurry’s vision, mission, and focus will stay the same. Flurry’s products will continue to operate and innovate with Yahoo’s support and investment. The transaction is subject to customary closing conditions.
14:59 EDTYHOOYahoo to buy mobile and app analytics start-up Flurry, Re/code says
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14:55 EDTYHOOYahoo to buy Flurry for 'hundreds of millions,' Re/code says
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14:11 EDTYHOOYahoo to be exclusive U.S home for pre-theatrical release of 'One Chance'
Yahoo announced in a post to Tumblr, that it will be the exclusive US home for the pre-theatrical release of the Weinstein Company’s film “One Chance.” The company said, "Whether it’s comedy, live events or inspiring stories, we are always looking to bring the very best content from the world’s greatest creators to our audience. That’s why today, we’re thrilled to announce that this fall, we’ll be the exclusive US home for the pre-theatrical release of the Weinstein Company’s film “One Chance.” Reference Link
13:15 EDTYHOOGoogle ranked as top online video content property in June
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11:04 EDTMSFTOptions with increasing implied volatility:
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10:42 EDTYHOOOptions with decreasing implied volatility
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10:09 EDTMSFTMicrosoft July weekly volatility elevated into Q4 and outlook
Microsoft July weekly call option implied volatility is at 51, August is at 29, October is at 20; compared to its 26-week average of 20 according to Track Data, suggesting large near term price movement into the expected release of Q4 on July 22.
07:48 EDTMSFTMicrosoft top lawyer fights at center of post-Snowden offensive, WSJ says
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07:15 EDTMSFT, YHOOO'Reilly to hold a conference
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06:02 EDTMSFTLenovo says not getting out of small-screen Windows tablet business
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July 18, 2014
16:47 EDTYHOOMarket ends week higher as earnings, M&A offset geopolitical tensions
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13:39 EDTYHOOYahoo News hires Golodryga to head up news and finance properties, Variety says
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11:25 EDTYHOOOptions with decreasing implied volatility
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08:58 EDTMSFTMicrosoft's Spencer confirms Xbox Entertainment Studios to close, Re/code says
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07:22 EDTMSFTTotal June video game sales up 24%, spending on games down 3%, VentureBeat says
Sales of physical video game products, including consoles, games and accessories, rose 24% from the same month of last year to $736.4M in the U.S. in June, reported VentureBeat, citing NPD Group data. Spending on games slid 3% year-over-year to $286.8M, the report noted, with NPD stating that sales of launch titles this June "did not compare favorably" to those launched in 2013. The report also noted that PS4 again outsold Xbox One in the month. Publicly traded companies in the video game space include Activision Blizzard (ATVI), Electronic Arts (EA), GameStop (GME), Take-Two (TTWO), Sony (SNE) and Microsoft (MSFT). Reference Link
06:06 EDTMSFTXbox Live, PlayStation Network users report connectivity issues, Re/code says
Xbox Live (MSFT) and PlayStation Network (SNE) users yesterday reported problems with connecting to their online services, Re/code reports. The connectivity issues could be connected to the start of a beta period for the upcoming Bungie-Activision (ATVI) game Destiny, the publication says. Reference Link
06:06 EDTMSFTSony confirms PlayStation4 is top selling next-gen consol in June for U.S.
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July 17, 2014
17:57 EDTMSFTMicrosoft still looks attractive, Barron's says
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16:52 EDTMSFTOn The Fly: Closing Wrap
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16:01 EDTMSFTOptions Update; July 17, 2014
iPath S&P 500 VIX Short-Term Futures up 2.66 to 29.93. Option volume leaders: AAPL FB GOOG APA MSFT PBR SUNE AMZN TWTR TSLA according to Track Data.
14:52 EDTYHOOYahoo Sports, NBC Sports announce expanded fantasy football coverage
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13:20 EDTMSFTMicrosoft to shutter Xbox Entertainment Studios, Re/code reports
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13:18 EDTMSFTOn The Fly: Midday Wrap
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11:12 EDTYHOOOptions with decreasing implied volatility
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09:40 EDTMSFTActive equity options trading on open
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09:15 EDTMSFTOn The Fly: Pre-market Movers
HIGHER: Dresser-Rand (DRC), up 15.5% after Manager Magazin says Siemens (SIEGY) preparing bid for the company. Other oil equipment companies with a market cap similar to Dresser-Rand's include Dril-Quip (DRQ) and Oil States (OIS)... Microsoft (MSFT), up 3.4% after announcing restructuring, including plans to cut up to 18K jobs. UP AFTER EARNINGS: Morgan Stanley (MS) up 1.5%... Sherwin-Williams (SHW), up 3%. DOWN AFTER EARNINGS: Mattel (MAT), down 7.3%... Sandisk (SNDK), down 7%... Yum! Brands (YUM), down 2.5%. LOWER: Orbitz (OWW), down 3% after results, 34M share spot secondary offering of stock priced at $8.25... Benefitfocus (BNFT), down 1% after 2.5M share Secondary priced at $38.50.
08:42 EDTYHOOCBS, Yahoo among potential CNN buyers if Time Warner divests, WSJ says
If Time Warner (TWX) were to divest CNN, which has been raised as a possiblity given the interest in Time Warner expressed by Fox News owner 21st Century Fox (FOXA), the "long list of potential buyers" would include CBS (CBS), Yahoo (YHOO) and Bloomberg LP, said The Wall Street Journal, citing media analysts and executives. Reference Link
08:39 EDTMSFTMicrosoft shifting some Nokia X designs to Lumia products running Windows
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08:25 EDTMSFTMicrosoft CEO says plans to have fewer layers of management
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08:25 EDTMSFTMicrosoft CEO says decision to change "difficult, but necesary"
In am email to Microsoft employees on the integration of Nokia Devices and Services, CEO Satya Nadella said "The first step to building the right organization for our ambitions is to realign our workforce. With this in mind, we will begin to reduce the size of our overall workforce by up to 18,000 jobs in the next year. Of that total, our work toward synergies and strategic alignment on Nokia Devices and Services is expected to account for about 12,500 jobs, comprising both professional and factory workers. We are moving now to start reducing the first 13,000 positions, and the vast majority of employees whose jobs will be eliminated will be notified over the next six months. It’s important to note that while we are eliminating roles in some areas, we are adding roles in certain other strategic areas... Our workforce reductions are mainly driven by two outcomes: work simplification as well as Nokia Devices and Services integration synergies and strategic alignment. First, we will simplify the way we work to drive greater accountability, become more agile and move faster. As part of modernizing our engineering processes the expectations we have from each of our disciplines will change. In addition, we plan to have fewer layers of management, both top down and sideways, to accelerate the flow of information and decision making. This includes flattening organizations and increasing the span of control of people managers... Second, we are working to integrate the Nokia Devices and Services teams into Microsoft. We will realize the synergies to which we committed when we announced the acquisition last September. The first-party phone portfolio will align to Microsoft’s strategic direction. To win in the higher price tiers, we will focus on breakthrough innovation that expresses and enlivens Microsoft’s digital work and digital life experiences. In addition, we plan to shift select Nokia X product designs to become Lumia products running Windows." Reference Link
08:13 EDTMSFTMicrosoft to cut 18K jobs, sees restructuring charge of $1.1B-$1.6B
Microsoft announced a restructuring plan to simplify its operations and align the recently acquired Nokia Devices and Services business with the company's overall strategy. These steps will result in the elimination of up to 18,000 positions over the next year. Of the total, about 12,500 professional and factory positions will be eliminated through synergies and strategic alignment of the Nokia Devices and Services business acquired by Microsoft on April 25. The actions associated with the plan are expected to be substantially complete by Dec. 31, 2014, and fully completed by June 30, 2015. The company expects to incur pre-tax charges of $1.1B-$1.6B over the next four quarters, including $750M-$800M for severance and related benefit costs, and $350M-$800M of asset-related charges.
08:11 EDTMSFTMicrosoft to cut 18K jobs, sees pretax charge of $1.1B-$1.6B
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08:00 EDTMSFTMicrosoft says Xbox One sales more than double in June from prior month
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05:58 EDTMSFTMicrosoft layoffs could be announced today, NY Times reports
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July 16, 2014
16:24 EDTYHOOOn The Fly: Closing Wrap
Stocks on Wall Street started the trading day higher, thanks in part to solid earnings reports from some of the nation’s largest companies as well as a proposed mega-merger in the entertainment industry. Investors preparing for the next round of earnings after the close, which includes reports from eBay (EBAY), Yum! Brands (YUM), and Las Vegas Sands (LVS), did so with the Dow at a new all-time high. ECONOMIC EVENTS: In the U.S., the Producer Price Index for June rose 0.4%, which was ahead of expectations for a 0.2% increase. Industrial production grew 0.2% in June, missing the forecast for 0.3% growth. The NAHB homebuilder confidence index rose to 53 in July, ahead of expectations for it to tick up 1 point to 50. Economic activity expanded in all regions of the country at a moderate to modest pace in recent weeks, the Fed reported today in its Beige Book. Consumer spending rose in every region, as retail sales grew modestly in most areas and vehicle sales were stronger than sales of most other products, the central bank reported. COMPANY NEWS: Shares of HBO and Warner Bros. parent Time Warner (TWX) surged $12.12, or 17.07%, to $83.13 after it was reported by CNBC and DealBook's Andrew Ross Sorkin that the company had received, and rejected, a takeover offer worth about $80B, or $85 per share, from Rupert Murdoch's Twenty-First Century Fox (FOXA). Both Time Warner and Fox subsequently confirmed the report, with Time Warner stating that it rejected the bid since it was "not in the best interests of stockholders" and Fox noting that the companies are not currently in discussions. Afterward, research firm Jefferies said it believes 21st Century Fox could raise its bid for Time Warner into the mid-to-upper $90's per share, but it also thinks that Time Warner would still be unlikely to accept the offer. Meanwhile, FBR Capital said Fox could pay up to $120 for Time Warner and still make an accretive deal. Class A shares of Twenty-First Century Fox ended the day down $2.19, or 6.22%, to $33.00... Shares of Apple (AAPL) initially rose after announcing last night that it would collaborate with IBM (IBM) to provide mobile solutions for businesses. Goldman Sachs analyst Bill Shope wrote in a note to investors that the deal with IBM is clearly positive for Apple, as it validates the "unique enterprise capabilities" of iOS, which has a lack of fragmentation that makes it uniquely suited for organizations. BlackBerry (BBRY), which has a focus on mobile devices for business use, slid $1.33, or 11.77%, to $9.97 after the tech giants announced their new partnership. Apple closed down 54c, or 0.57%, to $94.78, though IBM (IBM), which reports after tomorrow's close, climbed $3.87, or 2.05%, to $192.36. MAJOR MOVERS: Among the notable gainers was Intel (INTC), which advanced $2.94, or 9.27%, to $34.65 after the semiconductor giant's second quarter results beat analysts' consensus estimates. Also higher was Tenet Healthcare (THC), which rallied $3.74, or 8.32%, to $48.71 after after another company in the hospital sector, HCA Holdings (HCA), pre-announced stronger than expected second quarter results. For its part, HCA rose $5.78, or 10.47%, to $60.99 after providing better than expected Q2 guidance and increasing its fiscal year outlook. Among the noteworthy losers was Yahoo (YHOO), which fell $1.82, or 5.11%, to $33.79 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. Also lower were shares of Ross Stores (ROST), which fell $3.12, or 4.78%, to $62.15 after Sterne Agee downgraded its stock to Neutral from Buy and cut its price target for shares to $68 from $81, citing negative traffic trends and low visibility. INDEXES: The Dow rose 77.52, or 0.45%, to 17,138.20, the Nasdaq gained 9.58, or 0.22%, to 4,425.97, and the S&P 500 advanced 8.29, or 0.42%, to 1,981.57.
13:52 EDTMSFTMicrosoft advances strongly after Intel comments on PCs
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12:47 EDTYHOO, MSFTYahoo 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.
12:26 EDTYHOOOn The Fly: Midday Wrap
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11:57 EDTYHOOStocks with call strike movement; GILD YHOO
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10:00 EDTYHOOOn The Fly: Analyst Downgrade Summary
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09:37 EDTYHOOActive equity options trading on open
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09:30 EDTYHOOAlibaba valued at $150B in trades ahead of IPO, WSJ says
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09:23 EDTYHOOOn The Fly: Pre-market Movers
HIGHER: Time Warner (TWX), up 15% after company confirmed that it rejected an $80B takeover offer from 21st Century Fox (FOX, FOXA), as had been reported earlier this morning... Apple (AAPL), up 2% after announcing an enterprise mobile partnership with IBM (IBM), which is also up 2%... International Game (IGT), up 9.5% after agreeing to be acquired by GTECH for $4.7B in cash and stock... FireEye (FEYE), up 5% after shares upgraded at Goldman... Precision Drilling (PDS), up 4% after announcing strategic agreement with Schlumberger (SLB), upgraded at Deutsche Bank... Mellanox (MLNX), up 4.7% following upgrade at Jefferies. UP AFTER EARNINGS: Intel (INTC), up 5.4%... HCA Holdings (HCA), up 6%... Textron (TXT), up 3.2%... Abbott (ABT), up 1%. DOWN AFTER EARNINGS: PNC Financial (PNC), down 2.5%... MGIC Investment (MTG), down 3.6%. LOWER: Yahoo (YHOO), down 3% after downgraded at CRT Capital following second quarter earnings report... Ares Capital (ARCC), down 2.5% after filing to sell 11.85M shares of common stock... Nationstar (NSM), down 2.4% after downgraded at Wells Fargo... Walter Investment (WAC), which was also downgraded at Wells Fargo, down 1.6%.
08:25 EDTYHOOYahoo should be owned ahead of Alibaba IPO, says Piper Jaffray
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08:09 EDTMSFT21Vianet and GigaTrust sign partnership agreement in China
21Vianet (VNET) and GigaTrust, provider of Microsoft (MSFT)-based email and document protection software solutions for mobile devices, have signed an exclusive partnership agreement for the China market. 21Vianet will market and sell the portfolio of GigaTrust security products to enterprises and Office 365 cloud subscribers in China.
07:00 EDTYHOOYahoo price target lowered to $40 from $43 at Bernstein
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06:24 EDTMSFTMicrosoft aims to reduce 1K jobs in Finland, Reuters says
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06:14 EDTMSFTABI Research: More than 2B smartphones to ship in 2018, DigiTimes says
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06:09 EDTYHOOYahoo downgraded to Fair Value from Buy at CRT Capital
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06:03 EDTYHOOYahoo M&A chief says company not planning to buy AOL, Re/code reports
Yahoo (YHOO) is not planning to buy AOL (AOL), Yahoo M&A chief Jackie Reses commented at the Fortune Brainstorm Tech conference, Re/code reports. When asked whether she thought AOL would be acquired in the next two years, Reses said "Not by us." Reference Link
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