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Stock Market & Financial Investment News

News Breaks
February 19, 2014
12:37 EDTZLC, SIG, TIF, NFLX, VZ, GOOG, CMCSA, X, PBPBOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday after the S&P 500 spent the majority of the morning in positive ground. Significantly worse than expected housing data for January contributed to a lower open for the major averages, but the Dow and S&P had recovered within an hour of the opening bell. The averages hung near the flat line until just about noon, when all three declined in concert. The move lower may be related to cautious comments coming from the International Monetary Fund, but also coincided with new headlines regarding the ongoing political unrest in Ukraine. ECONOMIC EVENTS: In the U.S., the newly revamped producer price index, which now includes the wholesale cost of goods and adds services, construction, government purchases and exports, climbed 0.2% on a seasonally adjusted basis, which was above the forecast for a 0.1% increase. Housing starts dropped 16% from the prior month to an 880K annual rate in January, which was significantly worse than expected. Building permits also fell a worse-than-expected 5.4% from the prior month to a rate of 937K. COMPANY NEWS: Signet Jewelers (SIG) agreed to acquire Zale (ZLC), which operates its namesake brand as well as Kay Jewelers, Jared, and others, for about $1.4B, or $21.00 per share. Signet projected the transaction to be high single-digit percentage accretive to earnings in the first full fiscal year after the deal closes, excluding acquisition accounting adjustments and one-time transaction costs. Shares of Zale jumped 40% to trade just below $21 at midday, while Signet's stock rose more than 16%. Shares of the leading jewelry and watch retailer in terms of market capitalization, Tiffany (TIF), were up fractionally following the deal between its smaller rivals... After courts ruled against the Federal Communications Commission's last two attempts to enforce "Open Internet" rules, otherwise known as "net neutrality," on broadband providers like Verizon (VZ) and Comcast (CMCSA), the regulator said it is going back to the drawing board to craft new rules to prevent ISPs from charging companies like Netflix (NFLX) and Google (GOOG) to provide consumers of their services the highest speeds. MAJOR MOVERS: Among the notable gainers following their earnings reports were land drilling contractor Nabors Industries (NBR), which advanced 12%, and GPS maker Garmin (GRMN), which gained 8%. Among the noteworthy losers was U.S. Steel (X), which fell 7% after the U.S. Department of Commerce declined to impose tariffs on oil and natural gas pipe products from South Korea, which is the largest exporter among nine nations targeted in a complaint from the company and others in the industry. Also lower were shares of sandwich shop owner Potbelly (PBPB), which fell nearly 11% after reporting quarterly sales that missed expectations. INDEXES: Near midday, the Dow was down 34.00, or 0.21%, to 16,096.40, the Nasdaq was down 21.11, or 0.49%, to 4,251.67, and the S&P 500 was down 4.63, or 0.25%, to 1,836.13.
News For ZLC;SIG;TIF;NFLX;VZ;GOOG;CMCSA;X;PBPB From The Last 14 Days
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July 17, 2014
09:22 EDTCMCSAComcast price target raised to $66 from $62 at Maxim
Maxim raised its price target for Comcast (CMCSA) shares to $66 citing synergies from the Time Warner Cable (TWC), Charter deal. The firm says it values NBC Universal on a 10 times 2015 EBITDA, which it notes is a 14% discount to Fox's (FOXA) proposed bid for Time Warner (TWX), which values Time Warner at 11.6 times. Maxim keeps a Buy rating on Comcast shares.
09:09 EDTGOOGSenate Commerce, Science & Transportation Committee holds a hearing
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08:39 EDTGOOGMicrosoft shifting some Nokia X designs to Lumia products running Windows
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07:31 EDTNFLXNetflix Q2 results likely to beat expectations, says MKM Partners
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07:20 EDTNFLXNetflix July weekly volatility elevated into Q2 and outlook
Netflix July weekly call option implied volatility is at 77, August is at 49, September is at 40; compared to its 26-week average of 44 according to Track Data, suggesting large near term price movement into the expected release of Q2 results on July 21.
06:50 EDTGOOGAirbus considering partnering with high tech companies, NY Times says
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06:47 EDTGOOGGoogle plans big push in India for Android One initiative, The Informations says
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July 16, 2014
17:39 EDTGOOGeBay says Google search algorithm change slowed traffic in June
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16:00 EDTGOOGOptions 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.
15:17 EDTNFLXNetflix quietly ends Saturday DVD deliveries to lower costs, LAT says
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14:03 EDTVZ, CMCSA, NFLXNetflix submits FCC comments on proposed Net Neutrality rules
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13:05 EDTCMCSA, VZVerizon, Comcast, AT&T viwed as 'logical' Time Warner bidders, Bloomberg says
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12:47 EDTGOOGYahoo 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.
12:42 EDTCMCSA, VZTime Warner said to see Verizon,Comcast, AT&T as logical bidders, Bloomberg says
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10:58 EDTGOOGSamsung in talks to buy SmartThings for about $200M, TechCrunch reports
Samsung is in talks to acquire SmartThings, a company in the home automation space that allows users to connect devices like lights and doorlocks to a system controlled by their mobile phone, TechCrunch reports. The purchase price is said to be around $200M. Reference Link
09:37 EDTNFLXActive equity options trading on open
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07:43 EDTCMCSASenate Commerce, Science & Transportation Committee holds a hearing
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07:40 EDTCMCSAComcast to see better than expected accretion from TWC deal, says Brean Capital
Brean Capital raised its price target on Comcast (CMCSA) to $65 from $60 to reflect the potential for significant value creation and better than expected accretion from its acquisition of Time Warner Cable (TWC) including multi-billion opportunities leveraging both companies. The firm, which keeps Buy ratings on both stocks, also raised its price target on Time Warner Cable to $186 from $165.
06:14 EDTGOOGABI Research: More than 2B smartphones to ship in 2018, DigiTimes says
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05:58 EDTCMCSACBS CEO says 'willing to talk' to Aereo, VentureBeat reports
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