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Stock Market & Financial Investment News

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April 25, 2014
06:24 EDTYHOO, CS, DB, GS, MS, JPM, CAlibaba, bankers discussing adding new shares to deal, WSJ reports
Alibaba and its bankers is discussing adding new shares to its initial public offering to enable the company to raise funds for itself alongside current investors, reports the Wall Street Journal, citing people familiar with the deal. No final decision has been made, but the move would push the IPO beyond $20B. Reference Link
News For YHOO;CS;DB;GS;MS;JPM;C From The Last 14 Days
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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 nationís 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.
16:00 EDTCOptions Update; July 16, 2014
iPath S&P 500 VIX Short-Term Futures down 70c to 27.25. Option volume leaders: AAPL FB GOOG AMZN TWTR TSLA C HPQ TWX INTC AMZN according to Track Data.
15:02 EDTMSMorgan Stanley July 32.5 straddle priced for 3.3% move into Q2
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14:57 EDTMSEarnings Preview: Morgan Stanley to report amid optimism on Wealth Management
Morgan Stanley (MS) is scheduled to report second quarter earnings before the open on Thursday, July 17 with a conference call scheduled for 10:00 am ET. Morgan Stanley is a bank holding company. EXPECTATIONS: Analysts are looking for EPS of 55c on revenue of $8.2B, according to First Call. The consensus range for EPS is 52c-64c on revenue of $7.58B-$8.65B. Morgan Stanley (MS) reported stronger than expected first quarter results, as the company's revenue rose to $8.9B from $8.2B. The company's wealth management unit generated pre-tax income of $691M, versus $597M in the same period a year earlier. Morgan Stanley's investment management unit saw its pre-tax income from continuing operations rise to $263M from $187M, while the pre-tax income of its institutional Securities division rose $1.4B, up from $799M. Morgan Stanley's wealth management business will continue growing and the business' return on equity will eventually be well over 10%, said the company's CEO, Tom Gorman last month, according to The New York Times. But declines in the bank's fixed income revenues may make it harder for its securities businesses to exceed a 10% return on equity, and the firm has significantly reduced its trading operations, the newspaper quoted the CEO as saying. PEERS: On July 15, Goldman Sachs reported stronger than expected results, as the bank's investment banking unit saw its net revenue rise 15% year-over-year, while the net revenues generated by its Institutional Client Services unit dropped 11%. But Goldman's investing and lending unit saw its net revenues surge 46% year-over-year. Citigroup (C), on July 14, reported higher than expected Q2 EPS excluding certain items but lower than expected revenue. Revenue from Citi's Institutional Client Group dropped 11%, as revenue from fixed income and equity markets fell. STREET RESEARCH: On July 10, research firm Bernstein recommended Morgan Stanley's stock due to its exposure to high margin investment banking. Bernstein also liked Morgan Stanley because of its exposure to wealth management. PRICE ACTION: Morgan Stanley is up almost 9% over the last three months and it has surged over 23% in the last twelve months.
12:47 EDTYHOOYahoo 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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11:28 EDTCLeon Cooperman gives 12 stock picks at CNBC conference
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11:16 EDTCCooperman lists Actavis, Citigroup, KKR among top-picks, CNBC says
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10:00 EDTYHOOOn The Fly: Analyst Downgrade Summary
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09:37 EDTC, YHOOActive 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 EDTDB, JPMCNBC / Institutional Investor to host a conference
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08:25 EDTYHOOYahoo should be owned ahead of Alibaba IPO, says Piper Jaffray
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07:26 EDTJPMJPMorgan retreats from mortgage lending on foreclosure concerns, Reuters says
JPMorgan is retreating from making home loans to less creditworthy borrowers after losing confidence in its ability to recover much money from home foreclosures, even with government assurance, according to Reuters, citing comments from the CEO of JPMorgan's residential mortgage banking business Kevin Watters. Reference Link
07:00 EDTYHOOYahoo price target lowered to $40 from $43 at Bernstein
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06:59 EDTCSCredit Suisse granted $3.7B RMBS bond bid list, Reuters 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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