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Stock Market & Financial Investment News

News For YHOO;AMP;MSFT From The Last 14 Days
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January 30, 2015
16:28 EDTMSFT, YHOOMarket finishes week lower as earnings, GDP miss drag down stocks
Stocks ended the week lower as several major companies reported weaker than expected results or gave disappointing guidance and a number of U.S. economic data points came in below the consensus outlook. MACRO NEWS: The Federal Reserve reiterated that it would exercise patience in deciding when to raise interest rates. The central bank added that economic growth was expanding at a "solid" pace... U.S. economic data was mixed, as Q4 GDP growth, durable goods orders for December, and pending home sales came in below expectations, but weekly jobless claims and new home sales for December beat expectations... In Europe, the annual cost of living in the euro zone currency bloc fell 0.6% in January, versus analysts' forecast for a fall of 0.5%. However, the bloc's unemployment rate inched down to 11.4% in December from 11.5% in November. Analysts had expected the unemployment rate to remain unchanged. COMPANY NEWS: Apple's (AAPL) shares rose after the company reported record results, beating analysts' expectations. The company sold 74.5M iPhones last quarter, a figure that also beat the consensus outlook... Visa (V), Boeing (BA), Amazon.com (AMZN), Google (GOOG), and video game maker Electronic Arts (EA) were among the companies that rose following their earnings reports. Facebook (FB) reported stronger than expected results but its stock was little changed on the week... Microsoft (MSFT), Caterpillar (CAT), Qualcomm (QCOM), Alibaba (BABA), DuPont (DD), and 3M (MMM) fell after reporting their results... Yahoo (YHOO) announced that it plans to spin off its stake in Alibaba later this year in a tax-free transaction. The announcement led to speculation that Yahoo could become a takeover target... McDonald's (MCD) announced that its CEO, Don Thompson, would step down and be replaced by its current Chief Brand Officer, Steve Easterbrook. Its stock reacted favorably to the executive change... Qualcomm (QCOM) cut its fiscal 2015 guidance and announced that its Snapdragon 810 processor will not be in the upcoming design cycle of a large customer's flagship device. A number of analysts and media outlets said that Samsung was the company to which Qualcomm was referring. INDEXES: For the week, the Dow is down 2.83% to 17,164.95, the Nasdaq is down 2.56% to 4,635.24, and the S&P is down 2.77% to 1,994.99.
11:14 EDTYHOOStocks with call strike movement; YHOO AMZN
Yahoo (YHOO) July 52.5 call option implied volatility decreased 3% to 32, Amazon.com (AMZN) July 410 call option implied volatility decreased 10% to 28 according to IVolatility.
10:13 EDTYHOOOptions with decreasing implied volatility
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10:00 EDTAMPOn The Fly: Analyst Initiation Summary
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10:00 EDTYHOOOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Abbott (ABT) upgraded to Buy from Neutral at BofA/Merrill... BAE Systems (BAESY) upgraded to Buy from Hold at Cantor... Boston Scientific (BSX) upgraded to Outperform from Market Perform at BMO Capital... Bottomline Technologies (EPAY) upgraded to Buy from Hold at Craig-Hallum... Capital Bank (CBF) upgraded to Buy from Hold at Sandler ONeill... Centrica PLC (CPYYY) upgraded to Neutral from Sell at UBS... Chico's FAS (CHS) upgraded to Buy at Janney Capital... Coherent (COHR) upgraded to Buy from Neutral at B. Riley... Devon Energy (DVN) upgraded to Buy from Hold at Deutsche Bank... Farmers National Banc (FMNB) upgraded to Buy from Hold at Sandler O'Neill... Foot Locker (FL) upgraded to Overweight from Equal Weight at Barclays... Groupon (GRPN) upgraded to Buy from Sell at Ascendiant... JA Solar (JASO) upgraded to Outperform from Sector Perform at RBC Capital... K12 (LRN) upgraded to Outperform from Market Perform at Wells Fargo... PolyOne (POL) upgraded to Outperform at RW Baird... QLogic (QLGC) upgraded to Outperform from Market Perform at BMO Capital... SolarWinds (SWI) upgraded to Buy from Hold at Deutsche Bank... Stanley Black & Decker (SWK) upgraded to Equal Weight from Underweight at Barclays... SunPower (SPWR) upgraded to Outperform from Sector Perform at RBC Capital... TCF Financial (TCB) upgraded to Buy from Neutral at DA... Tempur Sealy (TPX) upgraded to Buy from Neutral at Nomura... Textron (TXT) upgraded at BofA/Merrill... Trina Solar (TSL) upgraded to Outperform from Sector Perform at RBC Capital... Umpqua Holdings (UMPQ) upgraded to Outperform from Market Perform at Keefe Bruyette... Valero Energy Partners (VLP) upgraded at Credit Suisse... Verifone (PAY) upgraded to Positive from Neutral at Susquehanna... Yahoo (YHOO) upgraded to Buy from Hold at Evercore ISI... Zimmer (ZMH) upgraded to Outperform at RW Baird.
09:01 EDTYHOOYahoo upgraded to Buy from Hold at Evercore ISI
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08:39 EDTMSFTXbox Live outage due to erroneous software, not hackers, Business Insider says
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07:46 EDTYHOOBuy Yahoo to take advantage of Alibaba weakness, says UBS
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06:59 EDTYHOOYahoo unavailable for takeover until late 2015, Re/code says
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06:21 EDTYHOOYahoo upgraded to Buy from Hold at Evercore ISI
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06:00 EDTMSFTStocks with implied volatility below IV index mean; MSFT NFLX
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January 29, 2015
16:55 EDTYHOOOn The Fly: Closing Wrap
Stocks on Wall Street struggled for direction for the first half of the session, making several passes across the flat line. The market seemed ready for a positive day after better than expected jobless claims data, and the buyers finally emerged in the second half of the day. The past two days had taken almost 500 points from the Dow, though the blue chip index ended up recapturing about half of those losses with its gains today. ECONOMIC EVENTS: In the U.S., jobless claims plunged by 43K to 265K last week, versus expectations for 300K first-time claims. That was the lowest weekly level in nearly 15 years, though the government cautioned that the inclusion of the Martin Luther King holiday makes the data more difficult to calculate. The pending home sales index dropped 3.7% to 100.7 in December, versus expectations for it to have risen 0.5%. COMPANY NEWS: McDonald's (MCD) was the best performing member of the Dow Jones Industrial Average, rising $4.49, or 5.06%, to $93.27 after announcing last night that Don Thompson will retire as president and CEO on March 1. Steve Easterbrook, who was previously senior executive VP and Chief Brand Officer, was selected to replace Thompson as CEO... Chinese e-commerce giant Alibaba (BABA) reported fourth quarter earnings per share, excluding certain items, that beat analysts' consensus estimate, but its revenue came in below expectations. Shares fell $8.64, or 8.78%, to $89.81 following the report. Yahoo (YHOO), which earlier this week announced that it plans to spin-off its remaining stake in Alibaba in a tax-free transaction, dropped $2.73, or 5.88%, to $43.73 in sympathy. MAJOR MOVERS: Among the notable gainers was Coach (COH), which rose $2.48, or 6.8%, to $38.94 after the luxury handbag maker reported better than expected earnings. Also higher was K12 (LRN), which jumped $3.35, or 30.32%, to $14.40 after its second quarter earnings and revenue topped expectations. Among the noteworthy losers was Qualcomm (QCOM), which declined $7.30, or 10.28%, to $63.69 after the chip maker lowered its outlook for fiscal 2015. It also announced that its Snapdragon 810 processor will not be in the upcoming design cycle of a large customer's flagship device, which is widely believed to be Samsung's next generation Galaxy S phone. Also lower were shares of specialty chemicals company Albemarle (ALB), which dropped $7.60, or 13.73%, to $47.77 after the company reported Q4 adjusted EPS and revenue that missed analysts' consensus forecasts and guided toward FY15 revenue and profits that also were below expectations. INDEXES: The Dow rose 225.48, or 1.31%, to 17,416.85, the Nasdaq gained 45.41, or 0.98%, to 4,683.41, and the S&P 500 added 19.09, or 0.95%, to 2,021.25.
16:12 EDTAMPAmeriprise initiated with a Hold at Jefferies
Target $135.
13:17 EDTMSFTEarnings Preview: Amazon sees Q4 revenue $27.3B-$30.3B
Amazon.com (AMZN) is expected to report fourth quarter earnings after the market close on Thursday, January 29 with a conference call scheduled for 5:00 pm ET. Amazon.com is an online retail company that also provides consumer electronics and cloud computing services. EXPECTATIONS: Analysts are looking for earnings per share of 17c on revenue of $29.67B. The consensus range is (41c)-56c for EPS, and $28.83B-$30.24B for revenue, according to First Call. LAST QUARTER: Amazon.com reported third quarter EPS of (96c) against estimates of (74c), on revenue of $20.58B against estimates of $20.84B. The company gave Q4 revenue guidance of $27.3B-$30.3B and Q4 operating income guidance of ($570M)-$430M, compared to $510M in the year-ago period. Amazon also reported Q3 operating cash flow up 15% to $5.71B. During its Q3 earnings conference call, Amazon reported Q3 active customer accounts exceeded 260M and said it viewed international as a "big opportunity" for growth. The company also said it was seeing "great growth" in Prime and noted that it was not planning to change the price. NEWS: During the quarter, Amazon's Audible unit acquired online comedy service Rooftop Media for an undisclosed amount and its Twitch platform acquired GoodGame; Amazon also acquired Annapurna Labs, an Israeli startup. The company said it plans to create more than 1,000 full-time jobs with a $75M in investment in Illinois. China Daily said Amazon would enable Chinese consumers to shop on its overseas websites and The Globe and Mail said Amazon would offer same-day shipping in Canada. During the fall, Amazon experimented with utilizing taxi cab services as a delivery method throughout San Francisco and Los Angeles using the mobile app Flywheel, according to The Wall Street Journal. Amazon's Fire TV Stick started shipping in November for $39 and outfitted several U.S. warehouses with wheeled robots that move stocked shelves to workers and are expected to speed delivery. Amazon Chief Executive Officer Jeff Bezos told Business Insider CEO Henry Blodget that the company has a succession plan in place. Amazon also announced the "Make an Offer" experience that allows customers to negotiate even lower prices on thousands of items and The Wall Street Journal said the company was practicing one-hour deliveries with bike messengers in New York City. European regulators said Amazon's tax arrangements in Luxembourg could give the company an illegal advantage over competitors and that the method Luxembourg used to calculate taxes payable by Amazon did not comply with international guidelines.U.S. technology giants like Amazon, Google (GOOG), Facebook (FB), Microsoft (MSFT) and others are "very worried" about the backlash they are now facing in Europe and U.S. companies may now remove services in some European countries because it isn’t worth the trouble and cost to cater to local laws in some of those countries, said The Wall Street Journal. Scott Wapner of CNBC stated on Twitter that sources tell him that Carl Icahn has "no stake at all" in Amazon, which had moved higher earlier amid rumors of Icahn getting involved in the stock. Most recently, Amazon said its Amazon Studios unit will begin to produce and acquire original movies for theatrical release and early window distribution on Amazon Prime Instant Video. The company also discontinued its Amazon Elements line of diapers after less than two months. Additionally, Amazon announced Amazon WorkMail, an email and calendar service. STREET RESEARCH: Robert W. Baird believes Amazon WorkMail could lead to software-as-a-service solutions that could produce $10B + in revenue for Amazon. The firm keeps a $340 price target and Outperform rating on Amazon. Piper Jaffray, which has an Overweight rating and $400 price target on the stock, believes Amazon.com shares are pricing in a soft margin outlook ahead of the company's December quarter results. Piper says that while it is unsure about near-term margins, it thinks any upside would be rewarded disproportionately. It also thinks the market is already expecting 2015 revenue to come down by 1%-2% due to currency moves. JPMorgan keeps a Neutral rating on Amazon.com ahead of the company's Q4 results but says it is "warming up" to the stock. The firm believes Prime subscriber growth has been strong worldwide and raised its price target for shares to $323 from $307. PRICE ACTION: Amazon.com shares have increased over 3.7% over the last three months. In Thursday trading ahead of the Q4 report, Amazon.com shares are up fractionally.
12:54 EDTYHOOOn The Fly: Midday Wrap
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11:44 EDTYHOOYahoo volatility elevated following Alibaba Q3 results
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11:23 EDTYHOOYahoo seen as target after spin-off, but slides after Alibaba revenue miss
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11:06 EDTYHOOAlibaba not working with advisors on buyback of Yahoo 'SpinCo,' CNBC reports
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10:59 EDTYHOOYahoo core business now valued at negative $1B, says Citigroup
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10:51 EDTYHOOOptions with decreasing implied volatility
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10:20 EDTYHOONeedham sees Yahoo as potential takeover target ahead of spin-off
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10:00 EDTMSFTOn The Fly: Analyst Downgrade Summary
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09:37 EDTYHOOActive equity options trading
Active equity options trading according to Track Data: AAPL FB KO NFLX PFMT GILD YHOO TSLA MCD
09:06 EDTYHOOOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Flextronics (FLEX), up 6%... Coach (COH), up 6.3%... Autoliv (ALV), up 4.3%... Dow Chemical (DOW), up 3.5%... Ford (F), up 0.8%. ALSO HIGHER: McDonald's (MCD), up 3% after announcing CEO change...Xencor (XNCR), up 19% after reporting results from two trials... Pluristem Therapeutics (PSTI), up 8% after providing update and outlook on trials and pipeline... Avon Products (AVP), up 2.3% after naming James Scully as CFO... Omeros (OMER), up 6% after 2.996M share spot secondary priced at $20.03. DOWN AFTER EARNINGS: Alibaba (BABA), down 8%... Qualcomm (QCOM), down 6.8%... Alexion (ALXN), down 1.1% after reporting fourth quarter results, fiscal 2015 guidance, and CEO appointment. ALSO LOWER: Yahoo (YHOO), down 7% following Alibaba earnings report... Venaxis (APPY), down 72% after its APPY1 Test was determined by the FDA to not meet the criteria for substantial equivalence.
08:04 EDTMSFTMicrosoft downgraded to Underweight from Neutral at Atlantic Equities
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07:27 EDTMSFTU.S. groups ask China to re-examine new cybersecurity rules, WSJ reports
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07:04 EDTMSFTChina implementing new requirements for some tech companies, NY Times says
China is forcing companies which sell computer equipment to Chinese banks to divulge secret source code and submit to audits, according to The New York Times. It is also requiring such companies to provide the government with access to hardware and software products, the newspaper indicated. Cisco (CSCO), Qualcomm (QCOM), and Microsoft (MSFT) have raised issues about accessing the Chinese market, while Apple (AAPL) is looking to increase its business in the country, the newspaper added. Reference Link
06:38 EDTYHOOSome see Yahoo as takeover target after Alibaba spinoff, NY Times says
Yahoo's (YHOO) improvement under CEO Marissa Mayer may make it a takeover target after it sells its remaining stake in Alibaba (BABA), some investors and analysts say, according to The New York Times. But others disagree, saying that Yahoo still has more work to do before it will interest potential acquirers, the newspaper added. Reference Link
06:35 EDTYHOOYahoo's U.K. auditors have resigned, Evening Standard reporter says
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06:20 EDTMSFT, YHOOMicrosoft to release Outlook on iOS, Outlook and Office on Android, Re/code says
Microsoft (MSFT) is releasing on Thursday an Apple iOS (AAPL) version of its Outlook email software as well as a preview of an Android version, reports Re/code. The apps will support Microsoft's own email service as well as Google Gmail (GOOG), iCloud, and Yahoo (YHOO) email accounts. The company is also launching full versions of its Word, Excel, and PowerPoint apps for Android. Reference Link
05:57 EDTYHOOAlibaba taken by surprise of Yahoo's split decision, Financial Times reports
Alibaba (BABA) was given little warning ahead of Yahoo's (YHOO) decision to spin off its remaining 15% in Alibaba as a separate, publicly traded company, reports the Financial Times. According to a number of people familiar with the situation, Alibaba was only informed of the decision Tuesday night when Yahoo announced it and still has not formulated a plan for how to respond. One source said the company is not in a position to announce anything substantive during its Q3 earnings conference call on Thursday. Reference Link
January 28, 2015
16:55 EDTYHOOOn The Fly: Closing Wrap
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16:18 EDTAMPAmeriprise reports Q4 operating EPS $2.30, consensus $2.22
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16:00 EDTYHOOOptions Update; January 28, 2015
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15:37 EDTAMPNotable companies reporting after market close
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13:51 EDTMSFTAmazon.com will launch WorkMail, an email and calendar service, WSJ reports
Amazon (AMZN) plans to launch WorkMail, an email and electronic calendar service, hoping to compete against Microsoft (MSFT) and Google (GOOG) in the corporate-email marketplace, Wall Street Journal reports. The company hopes that its sales pitch of "simplicity and security" will pull customers in. Reference Link
13:17 EDTYHOOAOL sinks after downgrade, report of no Yahoo interest
Shares of AOL (AOL) are falling after Wells Fargo downgraded the stock to Market Perform from Outperform and CNBC’s David Faber reported that Yahoo has ruled out a potential acquisition of the company. WHAT'S NEW: AOL is likely to encounter increased competition in Internet video advertising, in the wake of acquisitions by Facebook (FB) and Yahoo (YHOO), Wells contended in a note to investors earlier today. Specifically, Facebook's acquisition of Liverail will enable the social network to improve the targeting of its video ads, while Yahoo is using its sales force to find buyers for the video assets of Brightroll, which Yahoo acquired. AOL is also encountering increased competition for internet video ad spending from Google's YouTube, Wells believes. Meanwhile, AOL, along with other Google search partners, may find it more difficult to maintain its current share of queries as more searches are conducted on mobile device, the firm stated. The superior functionality of Google's mobile web and app base search, along with the default search position that Google enjoys on Android devices, create headwinds for AOL and its peers, the firm stated. Wells cut its valuation range on AOL to $49-$51 from $55-$$57. WHAT'S NOTABLE: Activist investor Starboard Value has called on Yahoo to explore the possibility of combining with AOL. CNBC's David Faber, however, after speaking last night with Yahoo CEO Marissa Mayer, reported that the search giant has ruled out a potential acquisition of AOL. The interview followed Yahoo’s fourth quarter results and announcement that it would carry out a tax free spin-off of its remaining stake in Chinese e-commerce giant Alibaba (BABA). PRICE ACTION: In mid-afternoon trading, AOL fell 8% to $44, while yahoo rose 2% to $49.
12:52 EDTYHOOOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday as a blowout quarter from Apple (AAPL) offset a bit of the earnings season jitters that several Dow members' misses had sent through the market yesterday. The market saw its highs a short time after the open, as the better than expected earnings reports from both Apple and Boeing (BA) drove an early bounce. The U.S. averages gave up all their gains and moved into the red for a moment, but have managed to drift higher again following the close of the European markets. Next up is the Fed’s rate announcement and accompanying statement, which is due out shortly. ECONOMIC EVENTS: In the U.S., crude oil inventories built up by 8.87M barrels last week, versus the consensus forecast for a build of 3.85M barrels. The price of WTI crude was down 2.5% near noon following the report and dipped back below $45 per barrel earlier in the morning. The Federal Reserve’s rate announcement is due out this afternoon at 2:00 pm ET. COMPANY NEWS: Shares of Apple jumped nearly 8% after the tech giants first quarter results handily topped estimates. A number of analysts hiked their price targets for the stock after the report, with JPMorgan raising its price target for Apple shares to $140 from $112 and Cantor increasing its price target to a "Street high" $160 from $143. Of note, Apple also said that Apple Watch is expected to ship in April... Yahoo (YHOO) shares rose 2.3% after the company reported earnings and announced plans to split into two companies: one that will own Yahoo’s core operating business and its stake in Yahoo Japan and another that will hold a legacy operating business and Yahoo’s remaining 15% stake in Alibaba (BABA). Yahoo plans for a tax-free spin-off of the company's remaining 384M shares of Alibaba, valued at $40B based on the closing price on January 26, and people familiar with the matter told Financial Times that the decision "significantly increases" the chances of Alibaba buying back that stake. MAJOR MOVERS: Among the notable gainers was Abiomed (ABMD), which jumped 30% after announcing that the Impella RP System has received FDA approval under a Humanitarian Device Exemption and raising its FY15 revenue guidance. Also higher following their earnings reports were Freescale Semiconductor (FSL), which rose 20%, U.S. Steel (X), which gained 14%, and Electronic Arts (EA), which advanced 14%. Among the noteworthy losers was Pilgrim's Pride (PPC), which dropped 6% as its shares went "ex-special dividend," meaning investors buying the stock from here forth will not be entailed to the $5.77 per share special dividend, which is payable on February 17. Also lower following their earnings reports were Radware (RDWR), which fell over 13%, and Ethan Allen (ETH), which dropped more than 12%. INDEXES: Near midday, the Dow was up 71.28, or 0.41%, to 17,458.49, the Nasdaq was up 31.54, or 0.67%, to 4,713.03, and the S&P 500 was up 5.31, or 0.26%, to 2,034.86.
11:31 EDTYHOOStocks with call strike movement; YHOO AAPL
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10:29 EDTYHOOOptions with decreasing implied volatility
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09:59 EDTYHOOOn The Fly: Analyst Upgrade Summary
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09:35 EDTYHOOActive equity options trading
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09:15 EDTYHOOOn The Fly: Pre-market Movers
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08:06 EDTMSFTMicrosoft stops production of Surface 2 tablet in favor of Surface 3, Verge says
Microsoft announced it is no longer manufacturing its Surface 2 tablet in favor of focusing on the more popular Surface 3, reports The Verge. The Surface 2 is Microsoft's last remaining device to run on its mobile operating system Windows RT, indicating a shift towards traditional editions of Windows. Reference Link
07:59 EDTMSFTSenate Homeland Security & Government Affairs Committee to hold a hearing
The Committee holds a hearing entitled, "Protecting America from Cyber Attacks: The Importance of Information Sharing" with EVP of American Express, Marc Gordon, VP of Microsoft, Scott Charney, EVP of Marsh & McLennan, Peter Beshar and Chief Security Strategist of FireEye, Richard Bejtlich, on January 28 at 2:30 pm. Webcast Link
07:50 EDTYHOOYahoo spin-off of Alibaba will unlock value, says UBS
UBS believes Yahoo's (YHOO) spin-off of Alibaba (BABA) will unlock shareholder value. The firm also viewed the company's growth initiatives and its organic investments to drive growth as positive. UBS reiterated its Buy rating and raised its price target to $62 from $60 on Yahoo shares.
07:31 EDTYHOOAOL downgraded on rising competition at Wells Fargo
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07:26 EDTYHOOAlibaba more likely to buy back Yahoo stake due to spin plans, FT says
After Yahoo (YHOO) announced plans to split into two companies, one that will own Yahoo’s core operating business and its stake in Yahoo Japan and another that will hold a legacy operating business and Yahoo’s remaining 15% stake in Alibaba (BABA), people familiar with the matter told Financial Times that the decision significantly increases the chances of Alibaba buying back the stake since the spin-off will create a "shadow market" of its shares over which it will have little control. Reference Link
07:25 EDTYHOOYahoo price target raised to $61 from $53 at Jefferies
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07:23 EDTMSFTIntel pullback yesterday a buying opportunity, says Jefferies
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07:12 EDTYHOOYahoo price target raised to $69 from $54 at Credit Suisse
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06:54 EDTYHOOYahoo price target raised to $60 from $43 at Cantor
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05:55 EDTYHOOStocks with implied volatility above IV index mean; YHOO HLF
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05:53 EDTYHOOYahoo upgraded to Buy from Fair Value at CRT Capital
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January 27, 2015
18:20 EDTYHOOOn The Fly: After Hours Movers
UP AFTER EARNINGS: ABIOMED (ABMD), up 27%... Yahoo (YHOO), up 7.2% after reporting fourth quarter results and that it is planning a tax-free spin-off of remaining Alibaba (BABA) stake... Freescale Semiconductor (FSL), up 10%... Marten Transport (MRTN), up 6%... U.S. Steel (X), up 9.2%... Key Tronic (KTCC), up 4%... Juniper Networks (JNPR), up 4.4%... Western Digital (WDC), consensus 2.6%... Electronic Arts (EA), up 4.8%... VMware (VMW), up 1.7%... AT&T (T), up 1.9%... Apple (AAPL), up 5.1%. ALSO HIGHER: Cirrus Logic (CRUS), up 2.9%, Skyworks (SWKS), up 1.3%, NXP Semiconductors (NXPI), up 1.5%, and Qorvo (QRVO), up 1% following Apple's first quarter results... EMC (EMC), up 2.1% following VMware's fourth quarter results... Alibaba (BABA), up marginally following Yahoo results and tax-free spin-off plans... DOWN AFTER EARNINGS: Ethan Allen (ETH), down 13.1%... EZCORP (EZPW), down 7.1%... International Game Technology (IGT), down 2.9%... Open Text (OTEX), down 4.4%. ALSO LOWER: Synergy Resources (SYRG), down 3.7% after filing to sell $150M of common stock.
17:46 EDTYHOOYahoo updates Q4 share repurchase activity
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16:31 EDTMSFTOn The Fly: Closing Wrap
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16:18 EDTYHOOYahoo trades up after announcing tax-free spin-off of Alibaba stake
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16:17 EDTYHOOYahoo sees Q1 revenue ex-TAC $1.02B-1.06B, consensus $1.1B
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16:16 EDTYHOOYahoo jumps 6% after earnings, plan for tax-free spin of Alibaba stake
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16:15 EDTYHOOYahoo plans for tax-free spin-off of remaining stake in Alibaba
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16:13 EDTYHOOYahoo reports Q4 GAAP display revenue down 4% to $532M
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16:12 EDTYHOOYahoo reports Q4 GAAP search revenue up 1% to $467M
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16:11 EDTYHOOYahoo plans tax free spin-off of remaining Alibaba stake
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16:10 EDTYHOOYahoo reports Q4 EPS 30c, consensus 29c
Reports Q4 revenue ex-TAC $1.18B, consensus $1.19B.
15:35 EDTYHOONotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include Apple (AAPL), consensus $2.60; AT&T (T), consensus 55c; Amgen (AMGN), consensus $2.05; Yahoo (YHOO), consensus 29c; ACE (ACE), consensus $2.29; Stryker (SYK), consensus $1.45; Western Digital (WDC), consensus $2.10; Electronic Arts (EA), consensus 92c; Juniper (JNPR), consensus 31c; Total System Services (TSS), consensus 53c; Freescale Semiconductor (FSL), consensus 33c; Amdocs (DOX), consensus 81c; VMware (VMW), consensus $1.07; International Game Technology (IGT), consensus 25c; United States Steel (X), consensus 87c; Cytec (CYT), consensus 61c.
14:51 EDTYHOOYahoo January weekly 48 straddle priced for 8% movement into Q4
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12:45 EDTYHOOEarnings Preview: Yahoo may announce Alibaba plans with Q4 earnings
Yahoo (YHOO) is expected to report fourth quarter earnings after the market close on Tuesday, January 27 with a conference call scheduled for 5:00 pm ET. Yahoo is a digital media company that provides properties and services such as Yahoo! Search and Yahoo! News. EXPECTATIONS: Analysts are looking for earnings per share of 29c on revenue of $1.19B. The consensus range is 17c-57c for EPS, and $1.16B-$1.22B for revenue, according to First Call. LAST QUARTER: Yahoo reported Q3 EPS 52c against estimates of 30c on revenue ex-tac of $1.09B against estimates of $1.04B. The company reported Q3 GAAP display revenue down 5% to $447M and Q3 AAP search revenue up 4% to $452M. Looking ahead, Yahoo expected Q4 revenue ex-TAC $1.14B-$1.18B, Q4 non-GAAP net income $190M-$230M, and Q4 adjusted EBITDA $340M-$380M. Yahoo also said Tumblr monthly active users exceeds 1B, up 6% vs. last year. In regards to the Alibaba (BABA) sale, Yahoo expected taxes of $3.3B in Q1. NEWS: In the past quarter, Starboard and other major Yahoo supporters have voiced their support for a combination with AOL (AOL). In a letter to Yahoo's CEO and board, Starboard also said Yahoo should explore monetization for non-core minority equity investments. In a separate NY Times report, other major unnamed shareholders are collaborating to push for a merger with AOL. The Associated Press also reported that Yahoo may announce its plans for Alibaba during its Q4 earnings report. The report noted that investors hope CEO Marissa Mayer will spin off the $37B stake to ease potential taxes. Yahoo has also been rumored to be in talks to acquire a cable network. Re/code's Kara Swisher, however, said Yahoo is not buying CNN and Variety reported Yahoo has not held talks to buy Food Network from Scripps (SNI). During a Credit Suisse Technology Conference in December, Yahoo's CFO said the company's total headcount has been taken down. The company also noted that its PC display business has been challenged, but mobile is growing. IT will continue to invest in Search and is looking at new ways to monetize Flickr. STREET RESEARCH: Ahead of the Q4 earnings, BGC Financial said Yahoo is unlikely to announce a spin-out with earnings. Citigroup meanwhile believes an Alibaba spin-off will likely occur in the second half of 2015 as Yahoo begins to return to focus on its core business. Citi adds that core Yahoo is showing "green shoots "as fast growing mobile revenue become a bigger part of overall results. FBR Capital sees positive risk/reward for Yahoo shares ahead of Q4 earnings, saying expectations are low for core Yahoo business at a time when engagement is improving. PRICE ACTION: Yahoo shares have risen more than 19%, since the first day of trading following the company's Q3 report. In Tuesday afternoon trading ahead of the Q4 report, Yahoo shares are trading up 2.3%.
12:28 EDTMSFTOn The Fly: Midday Wrap
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11:14 EDTMSFTMicrosoft sinks after outlook brings multiple downgrades
Shares of Microsoft (MSFT) are falling after the company last night issued guidance for its quarter ending in March that came in significantly below analysts' expectations. JPMorgan, Citigroup, MKM Partners and Nomura responded to the company's results by downgrading the stock. BACKGROUND: Microsoft's revenue guidance for its March quarter missed expectations, driven by U.S. dollar strength, and continued weakness in China, Russia and Japan, according to JPMorgan analyst Mark Murphy. The company's second quarter results were roughly in-line with expectations, but its software sales came in below the consensus outlook, as customers shifted to cheaper Web-based products. ANALYST REACTION: In a note to investors, JPMorgan's Murphy downgraded the stock to Neutral for Overweight. Microsoft plans to spend more money than anticipated going forward, according to the analyst, who consequently cut his fiscal 2015 earnings per share forecast for the company by 8%. The reduced profit outlook could delay the stock's move above $50, warned Murphy, who reduced his price target on the name to $47 from $53. But the analyst did note that the tech giant’s commercial cloud revenue growth jumped 114% year-over-year last quarter, a higher growth rate than during the same period a year earlier. Citigroup cut its rating on Microsoft to Sell from Neutral, saying that the company's earnings headwinds are becoming clearer. The firm set a $38 price target on the stock. Both Nomura and MKM Partners cut its ratings on the name to Neutral from Buy. PRICE ACTION: In late morning trading, Microsoft fell 9.55 to $42.50. Other companies
10:00 EDTMSFTOn the Fly: Analyst Downgrade Summary
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09:36 EDTMSFTActive equity options trading
Active equity options trading according to Track Data: AAPL MSFT TWTR TSLA GILD NFLX C AA HPQ X
09:17 EDTMSFTOn The Fly: Pre-market Movers
HIGHER: Silicon Image (SIMG), up 23% after signing agreement to be acquired by Lattice Semiconductor (LSCC)... USA Technologies (USAT), up 5% following nationwide roll-out of new Apple Pay points... TE Connectivity (TEL), up 3.9% following a Wall Street Journal report that the company is close to a deal with Commscope (COMM)... Select Comfort (SCSS), up 1% after being upgraded to Buy from Hold at Stifel. DOWN AFTER EARNINGS: Microsoft (MSFT), down 8.2%... Caterpillar (CAT), down 7.8%... Packaging Corp (PKG), down 8.3%... Peabody Energy (BTU), down 5.3%... Freeport-McMoRan (FCX), down 5.7%... Polaris Industries (PII), down 2.1%... United Technologies (UTX), down 2.3%... Procter & Gamble (PG), down 2.6%.
08:20 EDTMSFTFCC to hold a conference
Small Business and Emerging Technologies Conference is being held at FCC Washington, D.C. with webcasted presentations to begin at 9 am. Webcast Link
07:13 EDTMSFTMicrosoft downgraded to Hold from Buy at MKM Partners
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07:03 EDTMSFTMicrosoft shares extend losses as downgrades pile up
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06:53 EDTMSFTMicrosoft downgraded to Sell from Neutral at Citigroup
Citigroup downgraded Microsoft to Sell with a $38 price target after the company's March outlook came in well below expectations. Citi says Microsoft's earnings headwinds are becoming more clear. The stock was also downgraded this morning at JPMorgan and Nomura.
06:47 EDTMSFTMicrosoft downgraded to Neutral from Buy at Nomura
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06:42 EDTMSFTMicrosoft cloud business performed well in Q2, says Piper Jaffray
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06:09 EDTMSFTMicrosoft guidance 'shockingly low,' says Jefferies
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05:58 EDTYHOOStocks with implied volatility above IV index mean; YHOO HLF
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05:44 EDTMSFTMicrosoft downgraded to Neutral from Overweight at JPMorgan
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January 26, 2015
18:28 EDTMSFTOn The Fly: After Hours Movers
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18:14 EDTMSFTMicrosoft sees Q3 Devices & Consumers, Other revenue approximately $2B
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18:04 EDTMSFTMicrosoft sees Q3 phone hardware revenue $1,4B-$1.5B
18:03 EDTMSFTMicrosoft sees Q3 computing and gaming revenue $1.5B-$1.7B
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18:02 EDTMSFTMicrosoft sees Q3 consumer licensing revenue $3.4B-$3.6B
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18:00 EDTMSFTMicrosoft anticipates lower gross margins over next few quarters
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17:57 EDTMSFTMicrosoft sees four point revenue impact from FX in Q3
17:46 EDTMSFTMicrosoft says results in China, Japan fell short of expectations in Q2
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17:36 EDTMSFTMicrosoft says Commercial Cloud run-rate $5.5B
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16:17 EDTMSFTMicrosoft shares drop 2% to $45.99 following Q2 results
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16:16 EDTMSFTMicrosoft reports Q2 Commercial revenue up 5% to $13.3B
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16:15 EDTMSFTMicrosoft reports Q2 Devices and Consumer revenue up 8% to $12.9B
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16:13 EDTMSFTMicrosoft expects to complete $40B share repurchase by end of 2016
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16:12 EDTMSFTMicrosoft says results include 6c of restructuring, IRS expenses
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16:11 EDTMSFTMicrosoft reports Q2 EPS 71c, consensus 71c
Reports Q2 revenue $26.5B, consensus $26.33B.
16:01 EDTMSFTOptions Update; January 26, 2015
iPath S&P 500 VIX Short-Term Futures down 1.47 to 30.63. Option volume leaders: AAPL TSLA TWTR AMZN FB NFLX X MSFT BP GILD according to Track Data.
15:32 EDTMSFTMicrosoft January weekly 47 straddle priced for 3.7% movement into Q2
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15:30 EDTMSFTNotable companies reporting after market close
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14:10 EDTMSFTEarnings Preview: Analysts' opinions on Microsoft divided
Microsoft (MSFT) is scheduled to report results of its second quarter of fiscal year 2015 after the market close on Monday, January 26, with a conference call scheduled for 5:30 pm ET. Microsoft, a member of the Dow Jones Industrial Average, sells and licenses software to consumers and businesses, offers cloud computing and other business services, and markets hardware including the Xbox entertainment system, the Surface tablet and Windows smartphones. EXPECTATIONS: Analysts are looking for earnings per share of 71c on revenue of $26.33B, according to First Call. The consensus range for EPS is 65c-81c on revenue of $25.87B-$27.52B. On its last earnings call, Microsoft said it sees Q2 licensing revenue of $4B-$4.2B, computers and gaming revenue of $3.5B-$3.8B, phone hardware revenue of $2B-$2.2B, device and consumer other revenue of $2.3B-$2.4B, commercial licensing revenue of $10.8-$11B and commercial other revenue of $2.5B-$2.6B. Microsoft noted that it expects a quarter-over-quarter decline in its non-commercial segment in Q2. LAST QUARTER: On October 23, Microsoft reported first quarter EPS of 54c, beating the consensus analyst forecast of 49c. It's revenue came in at $23.2B, topping the consensus estimate of $22.02B. Microsoft said its Q1 financial results include $1.14B of integration and restructuring expenses, or an 11c per share negative impact, related to both Microsoft’s restructuring plan announced in July and the ongoing integration of the Nokia Devices and Services business. Microsoft reported that its Q1 Devices and Consumer revenue grew 47% to $10.96B and that its Commercial revenue grew 10% to $12.28B. NEWS: On November 4, Dropbox and Microsoft announced a partnership, with the two companies teaming up to integrate their services for collaboration across Dropbox and Microsoft Office on phones, tablets and the web. On December 4, Barnes & Noble (BKS) announced that it would buy Microsoft's entire stake in the book retailer's NOOK Media subsidiary for about $62.5M in cash and 2.74M Barnes & Noble shares. Barnes & Noble said it was buying back the stake to facilitate the spin off of the NOOK business. On January 21, Microsoft announced at its Windows 10 event that Windows 8 and Windows 7 customers will get free upgrades to Windows 10. The company also said that Cortana, its rival to Apple's (AAPL) Siri personal assistant, will be available for the desktop in Windows 10, making the virtual assistant available across smartphones, PCs and tablets. STREET RESEARCH: On the day after the company's last quarterly report, Credit Suisse said Microsoft reported strong hardware revenue outperformance combined with cost controls and cloud businesses momentum. The firm raised its price target on the stock to $55 from $50 and said it believed the company can return to double-digit EPS growth. On November 20, Jefferies initiated shares of Microsoft with an Underperform rating, saying the "new" Microsoft will look very much like the "old" Microsoft for some time. The firm attributed a rally in shares over the past year to optimism around new management, but it thinks the tech giant's fundamentals remain challenged despite its focus on cloud and mobile given its dependency on the PC market. Jefferies put a $40 price target on the stock at that time. In early December, JPMorgan started shares of Microsoft with an Overweight rating, saying the company has the strongest cloud platform among enterprise IT mega vendors. The firm set a $53 price target for the stock. Less than two weeks later, Piper Jaffray also began coverage on shares of Microsoft with an Overweight rating, saying the tech giant should benefit from stabilization in the PC market and "healthy" enterprise spending. The firm set a $54 price target for shares. However, on December 16, BofA Merrill Lynch downgraded Microsoft to Underperform from Neutral. The firm downgraded shares based on elevated valuation and reduced visibility. BofA/Merrill has concerns of a slowing Win Pro cycle, the Consumer 365 transition, and challenging gross margins. BofA had a price target of $47 on Microsoft. PRICE ACTION: Over the last three months, Microsoft shares are up about 1%. In afternoon trading ahead of tonight's report, Microsoft is down almost 1% to trade near $46.74 per share.
13:36 EDTMSFTMicrosoft technical notes before earnings
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13:26 EDTYHOOYahoo volatility increases into Q4 and ad outlook
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10:00 EDTYHOOOn The Fly: Analyst Initiation Summary
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09:44 EDTMSFTInterDigital announces commencement of ITC evidentiary hearing in Microsoft case
InterDigital (IDCC) announced the commencement of the evidentiary hearing in the remand of U.S. International Trade Commission "613 Investigation" of the company's complaint against respondents Nokia Corporation, Nokia Inc. and Microsoft (MSFT). In the 613 Investigation, InterDigital seeks an exclusion order prohibiting the importation into the U.S. of Nokia and Microsoft Mobile devices with 3G WCDMA capabilities that infringe two InterDigital patents. The 613 Investigation was remanded to the ITC from the U.S. Court of Appeals for the Federal Circuit, which held that the Commission had erred in interpreting certain claim terms in InterDigital's patents.
08:48 EDTYHOOYahoo with a Neutral at Rosenblatt
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08:12 EDTYHOOYahoo risk/reward positive into earnings, says FBR Capital
FBR Capital sees a positive risk/reward for Yahoo (YHOO) shares into tomorrow's Q4 earnings report. The firm says the delta in value between a fully taxed Alibaba (BABA) stock sale and a tax-shielded transfer is $15 per share, with every 10% percentage point tax rate deduction worth $4 to Yhaoo's stock price. FBR also believes expectations are low for the core Yahoo business at a time when engagement is improving. It cut its price target for Yahoo to $56 from $60 to reflect a lower Alibaba share price and keeps an Outperform rating on the shares.
07:23 EDTMSFTMicrosoft volatility elevated into Q2 and outlook
Microsoft January weekly call option implied volatility is at 34, February is at 23, March 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 Q2 results today after the market close.
06:44 EDTYHOOSoftbank awaiting Yahoo announcement on Alibaba, WSJ says
Yahoo's (YHOO) upcoming announcement regarding its 15% Alibaba (BABA) stake and 35.5% Yahoo Japan stake may affect Softbank's (SFTBF) plans for Alibaba, reports the Wall Street Journal's Digits blog, citing an SMBC Nikko analyst. Sprint (S)-owner Softbank has a 32% stake in Alibaba and a 43% stake in Yahoo Japan. Analysts say Softbank is unlikely to purchase Yahoo's shares in either company, though a Yahoo Japan buyback is "more plausible." Reference Link
06:29 EDTYHOOYahoo core business showing 'green shoots,' says Citigroup
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06:26 EDTYHOOYahoo may absorb Tumblr sales force, Re/code says
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06:07 EDTYHOOStocks with implied volatility above IV index mean; YHOO HLF
Stocks with implied volatility above IV index mean; Yahoo (YHOO) 46, Herbalife (HLF) 101 according to iVolatility.
January 25, 2015
17:18 EDTAMPAmeriprise could be 15% higher, Barron's says
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January 23, 2015
15:27 EDTMSFTMicrosoft volatility elevated into Q2 and outlook
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14:22 EDTYHOOYahoo volatility elevated into Q4 and ad outlook
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11:58 EDTMSFTMicrosoft to acquire Revolution Analytics to aid customers with data analysis
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08:11 EDTMSFTMicrosoft reveals smartphone-controlled "smart scarf," Business Insider says
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08:07 EDTMSFTU.S. tech giants nervous about backlash in Europe, WSJ says
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07:37 EDTYHOODistribution news could increase Yahoo value to $67 per share, says MKM Partners
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06:00 EDTMSFTWindows 10 unlikely to bring dramatic changes to mobile market, DigiTimes says
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January 22, 2015
14:26 EDTMSFTTwitter introduces Tweet translation with Bing Translator
Twitter (TWTR) announced that the company has partnered with Bing Translator (MSFT) to provide machine translations of Tweets between more than 40 language pairs. Tweet translation is available on twitter.com, Twitter for iOS, Twitter for Android, and TweetDeck, according to the company's support page about the new feature. Reference Link
13:50 EDTYHOOYahoo launches new art initiative, Business Insider says
Yahoo's Tumblr announced a new initiative, Creatrs, that will help artists license their work and protect their legal rights, according to Business Insider. Under the program Tumblr will also utilize users' art and provide art to advertisers, Business Insider added. Reference Link
13:46 EDTYHOOYahoo may attract buyers without Alibaba stake on sheets, Bloomberg reports
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12:37 EDTMSFTMicrosoft volatility into Q2 and outlook
Microsoft January weekly call option implied volatility is at 30, February is at 23, March 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 Q2 results on January 26.
10:18 EDTYHOOYahoo volatility elevated into Q4 and ad outlook
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08:01 EDTMSFTSeagate expands collaboration with Super Micro Computer
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06:03 EDTMSFTMicrosoft Windows 10 not a 'material' catalyst, says Jefferies
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January 21, 2015
15:18 EDTMSFTMicrosoft unveils holographic goggle prototype, Wired reports
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14:35 EDTYHOOYahoo unlikely to announce spin-out with earnings, says BGC Financial
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12:31 EDTMSFTMicrosoft Cortana to be available on Windows 10 computers, Business Insider says
Microsoft (MSFT) announced at its Windows 10 event that Cortana, its rival to Apple's (AAPL) Siri personal assistant, will be available for the desktop in Windows 10, Business Insider reports, adding that Cortana will be available across smartphones, PCs and tablets. Reference Link
12:22 EDTMSFTMicrosoft says Windows 8, Windows 7 customers to get free upgrade to Windows 10
This comment was made at the Microsoft Windows 10 Briefing. Reference Link
10:06 EDTMSFTMicrosoft set to test key support, levels to watch
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08:09 EDTMSFTDTS to enhance Starz audio technology on Microsoft's Xbox One
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January 20, 2015
11:08 EDTMSFTMicrosoft acquires Equivio, terms not disclosed
Rajesh Jha, Microsoft's Corporate VP, Outlook and Office 365, announced on the company's blog that Microsoft has acquired Equivio, a provider of machine learning technologies for eDiscovery and information governance. Jha explains, "We are making this acquisition to help our customers tackle the legal and compliance challenges inherent in managing large quantities of email and documents." Reference Link
09:39 EDTMSFTMicrosoft Outlook in China hacked by government censorship department, CNBC says
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06:39 EDTYHOOYahoo to announce Alibaba plans on or before January 27, AP says
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06:01 EDTYHOOStocks with implied volatility above IV index mean; HLF YHOO
Stocks with implied volatility above IV index mean; Herbalife (HLF) 113, Yahoo (YHOO) 54 according to iVolatility.
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