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12:50 EDTTreasury Option Action: mixed flows
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12:47 EDTSSNLFSamsung on shaky ground, Nikkei reports
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12:46 EDTXRAYDENTSPLY management to meet with Barrington
Meetings to be held in Toronto on August 7 and in Montreal on August 8 hosted by Barrington.
12:44 EDTJCPJ.C. Penney August volatility elevated into Q2 and outlook
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12:27 EDTNKE, ADDYYAnalyst says Nike decline yesterday unwarranted
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12:18 EDTBEATBioTelemetry says Mednet entities served subpoena in Q2
BioTelemetry disclosed in its quarterly filing, "We have been and are currently subject to pre and post-payment reviews as well as audits of claims under CMS Recovery Audit Program and may experience such reviews and audits of claims in the future. In addition, state agencies may conduct investigations or submit requests for information relating to claims data submitted to private payors. For example, in the second quarter 2014, the Mednet entities were served with a subpoena by the New Jersey Department of Banking and Insurance Bureau of Fraud Deterrence, requesting claims data submitted to private payors. The Company has responded to requests for information from the State of New Jersey and continues to cooperate regarding this inquiry. Responding to these investigations, requests for information, reviews and audits of our claims requires considerable time and effort and corresponding costs. Any of these events could result in material delays in payment, material recoupments or denials, the commencement of civil legal proceedings, or result in our exclusion from participation in the Medicare or Medicaid or similar programs, all of which would have an adverse effect on our results of operations."
12:16 EDT$NYENYSE market internals summary
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12:16 EDT$NSDNASDAQ market internals summary
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12:11 EDTGPROGoPro tumbles after issuing first quarterly earnings report since IPO
Shares of video content hardware and software developer GoPro (GPRO) are tumbling after the company reported a net loss during the second quarter that was nearly four times larger than its loss a year ago. However, the company announced better than expected earninsg per share and revenue results since its Initial Public Offering in June. WHAT'S NEW: GoPro's Q2 EPS was 8c, which beat analysts' consensus by 2c. The company's Q2 revenue was $244.6M, exceeding analysts' consensus of $237.73M. The company said it is seeing a "tremendous" volume of quality content generated by its users and a 200% year over year increase in video views on YouTube, "which is fueling our virtuous cycle whereby viewership of GoPro content drives sales." The company also commented that "Our Q2 performance demonstrates our users' continued passion for GoPro's products, content and brand." Still, GoPro reported that its Q2 net loss was $19.8M, which is almost four times bigger than the $5.1M loss the company experienced a year ago. WHAT'S NOTABLE: During its earnings conference call, GoPro said that it is anticipating Q3 revenue to be in the range of $255M-$265M, which is higher than analysts' consensus of $253.49M. In an interview with CNBC this morning, GoPro CEO Nicholas Woodman said that the company is continuing to expand the scale of content channels and that stock price movement has no effect on the company's strategy. He said that the firm is aiming to help people share content. He believes with people creating and managing more content, it increases pull from user-generated content to be distributed. ANALYST REACTION: Dougherty analyst Charlie Anderson downgraded GoPro to Neutral from Buy, citing valuation. Despite the downgrade, Anderson noted that the company has room to improve globally and plans to revisit his opinion on the firm if he gains confidence in higher estimates. Piper Jaffray analyst Sean Naughton believes that GoPro's pullback in shares is a buying opportunity and says that the company's earnings results and guidance should be viewed as a letdown. He said that he still is a fan of the GoPro story, as he notes a quickly growing and category-dominant consumer electronic product with an expansive path for development, combined with a brand that is creating an environment of hardware, software and media to keep clients. Naughton maintains an Overrating rating on GoPro with a $48 price target. PRICE ACTION: On June 26, GoPro priced its initial public offering of stock at $24 a share, which was the high end of its expected range. Since its IPO, the company's shares have increased 36.65%. During early afternoon trading, GoPro was down $6.79, or 14.2%, to $41.15.
12:07 EDTSYKStryker acquires North American assets of Small Bone Innovations
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12:05 EDTU.S. equities are retreating into the red
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12:03 EDTNGVCNatural Grocers management to meet with SunTrust
Meetings to be held in Boston on August 6 and in Kansas City, MO on August 7 hosted by SunTrust.
12:02 EDTFBFacebook website is down, Business Insider reports
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12:00 EDTRFMD, PWE, MONT, UPRO, SPLS, DLTR, QIDOptions with increasing implied volatility
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11:57 EDTBBGBill Barrett downgraded to Equal Weight from Overweight at Morgan Stanley
11:54 EDTNOKNokia may re-enter smartphone market with Android devices, PhoneArena reports
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11:54 EDTKORSMichael Kors technical comments ahead of earnings
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11:52 EDTLNKD, FB, TWTR, MEETLinkedIn rallies after results, outlook beat estimates
Shares of social media company LinkedIn (LNKD) are rallying after the company’s second quarter results, and its outlook for both the third quarter and full year, surpassed analysts’ consensus estimates. WHAT'S NEW: Last night, LinkedIn reported second quarter adjusted EPS of 51c and revenue of $534M, topping analysts’ consensus estimates of 39c and $510.98M, respectively. Q2 premium subscription revenue came in at $105M, up 44% year over year, and represented 20% of total revenue in the second quarter. Cumulative members grew 32% in Q2 to 313M. Q2 adjusted EBITDA came in at $145M, or 27% of revenue. WHAT’S NOTABLE: For the third quarter, LinkedIn expects Q3 adjusted EPS of approximately 44c and revenue of $543M-$547M, compared to estimates of 40c and $540.86M, respectively. Q3 adjusted EBITDA is expected to range between $134M-$136M. For fiscal 2014, adjusted EPS is forecast at approximately $1.80 and revenue of $2.14B-$2.15B, versus estimates of $1.64 and $2.13B, respectively. FY14 adjusted EBITDA is expected to range between $545M-$550M. ANALYST REACTION: This morning, research firm Pacific Crest raised its price target on LinkedIn to $250 from $220 and kept an Outperform rating on the shares due to strong Q2 results. The firm said user metrics were “shaky” and still a “big question,” however they were optimistic about the company’s new initiatives such as job listings, international, CRM, and advertising. They felt LinkedIn was the least expensive of the fast-growing internet names. Another firm, JP Morgan, also raised their price target to $241 from $235, and kept an Overweight rating on the shares. They were impressed with the company’s better than expected Q2 results, its marketing reacceleration, and the re-launch of its sales navigator product. PRICE ACTION: In late morning trading, LinkedIn rose $17.63, or almost 10%, to $198.27 on nearly triple its average daily trading volume. Despite today’s advance, the stock has lost approximately 7% over the past twelve months. OTHERS TO WATCH: Other companies in the social media space include Facebook (FB), down 0.5%, Twitter (TWTR), down 1.3%, and MeetMe (MEET), down 4.6%.
11:51 EDTHMCHonda reports July U.S. sales down 3.9% to 135,908 vehicles
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11:51 EDTWHRWhirlpool says Italian Court of Ancona approves Indesit share repurchase
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