New User:

Forgot your password?

Stock Market & Financial Investment News

Sign up for a free trial to see the rest of the stories you've been missing.
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 >>
September 24, 2015
10:39 EDTDEAxiom says sell Caterpillar before company cuts guidance, jobs
The shares of heavy machinery maker Caterpillar (CAT) are tumbling after the company reduced its revenue guidance and announced that it would lay off 4,000-5,000 of its employees between now and the end of 2016. The company said it could lay off up to 10,000 employees by 2018. Before the news was announced, research firm Axiom initiated coverage of Caterpillar with a Sell rating, saying that the company will probably face "operating income headwinds." WHAT'S NEW: Caterpillar reduced its fiscal 2015 revenue guidance to $48B from $49B. Analysts' consensus estimate was $48.8B. Additionally, the company expects its revenue to drop 5% in fiscal 2016 versus fiscal 2015. Caterpillar expects to reduce its annual total costs by $1.5B, the heavy machinery maker said, noting that it anticipates that it will pay about $2B in pre-tax charges related to the layoffs. ANALYST CALL: Axiom analyst Gordon Johnson II initiated Caterpillar with a Sell rating, saying that the company appears to carry "Russian roulette risk." The company's Resources and Energy and Transportation units generate the highest margins for Caterpillar but are currently struggling, Johnson said. Consequently, the company will probably "face operating income headwinds" as its revenue mix deteriorates, the analyst stated. In 2016, Caterpillar's earnings per share is likely to drop to $2.79, Johnson warned, versus analysts' consensus estimate of $4.53 prior to today's announcement. Moreover, after analyzing the SEC filings of Caterpillar's subsidiary, CAT Financial, Johnson believes that "the company is using debt to fund sales (where revenue is recognized) between itself and wholly-owned foreign (subsidiaries)." Citing a May 2013 letter between Caterpillar and the SEC, Johnson says that the agency has noticed this phenomenon, limiting Caterpillar's ability to employ similar methods during the current downturn. He set a $28 price target on the stock. OTHERS TO WATCH: Other heavy machinery makers include Komatsu (KMTUY), Deere (DE) and AGCO (AGCO). Like Caterpillar, Joy Global (JOY) makes mining equipment. Fluor (FLR) and KBR (KBR) build major infrastructure projects. PRICE ACTION: In morning trading, Caterpillar sank 6.7% to $65.53, while Joy Global and Deere each dropped about 4%.
09:36 EDTHPQGabelli continues to believe Stratasys is a strategic fit for Hewlett-Packard
Subscribe for More Information
09:32 EDTFBActive equity options trading on open
Subscribe for More Information
08:51 EDTFBCiti cuts Twitter estimates below consensus, drops target to $30
Citi analyst Mark May says his analysis indicates the consensus estimates for Twitter (TWTR) may be too high as they assume "meaningful increases" in monetization which he believes may prove difficult to realize. May cut his 2015, 2016 and 2017 earnings per share estimates for Twitter to 30c, 34c and 58c, respectively, well below the consensus estimates of 34c, 63c, and $1.03. He also cut his 2016 revenue estimate to 3% below the consensus. It will be difficult for the stock to achieve sustained multiple expansion until user growth accelerates and/or revenue growth stabilizes, May tells investors in a research note. He moved the stock to Citi's "High Risk" designation given Twitter's recent user trends and his belief that his estimates are unlikely to move up in the near-term. He keeps a Neutral rating on the name. May's top picks among U.S. Internet stocks remain Facebook (FB), (AMZN) and eBay (EBAY).
07:45 EDTCSCOCisco CEO confirms Inspur joint venture in China
Subscribe for More Information
07:24 EDTFBWPP CEO: Google needs to weed out 'fake' online ad views, FT reports
Subscribe for More Information
06:59 EDTFBFacebook and Google more 'Yelp-like' than ever, says Northland
Northland analyst Darren Aftahi says Facebook (FB), Google (GOOG, GOOGL) and (AMZN) have recently added new features that focus on improved local search as well as tools enabling easier business-consumer communication. Facebook and Google are now more "Yelp-like" than ever, Aftahi tells investors in a research note. And while Apple's (AAPL) new "swipe right" feature could drive a near-term surge in Yelp (YELP) app downloads, it may translate into lower engagement on the Yelp app over longer term, the analyst argues. He remains cautious on Yelp's growth prospects and cut his price target for the stock to $17.75 from $21.50. Shares of the local business review site closed yesterday down 25c to $23.10. Aftahi has an Underperform rating on the stock, his firm's equivalent of a sell.
06:32 EDTFB360-degree video should boost GoPro sales, says JPMorgan
JPMorgan analyst Paul Coster believes GoPro (GPRO) has first-mover advantage in the creation of high-quality, low-cost 360-degree content after being named the exclusive spherical content provider for Facebook's (FB) News Feed. Coster is "still reeling from the experience" of riding yesterday via Facebook with Ronnie Renner across the dunes of Idaho. The launch of 360-degree content on Facebook's News Feed should spur sales of GoPro's hardware and give momentum to the company's media and entertainment initiatives, Coster tells investors in a research note. The analyst keeps an Overweight rating on the action camera maker with a $75 price target. The stock closed yesterday down 67c to $32.64.
September 23, 2015
20:08 EDTCSCOChinese president visits U.S. amid cybersecurity, copyright worries
As part of his first official U.S. visit, Chinese president Xi Jinping held a meeting with American business leaders on Wednesday to address concerns of copyright infringement and cybersecurity, among numerous topics. In attendance were corporate giants from both nations, including Microsoft (MSFT), Apple (AAPL), Amazon (AMZN), Cisco (CSCO), Alibaba (BABA), Tencent (TCEHY), and Baidu (BIDU), according to media reports. COPYRIGHT CONCERNS: Responding to oft-cited concerns of copyright infringement by Chinese companies, Xi said China will "stand firm to protect" the intellectual property rights of American companies, according to Wall Street Journal coverage of the event. Note that in late 2014, China began establishing specialized courts to deliberate on intellectual property rights cases, and Xi commented Wednesday that "the newly established IPR courts are working smoothly. This means there will be much stronger IPR protection which will serve the interests of foreign businesses as well as Chinese companies." Chinese consumer electronics company Xiaomi is perhaps the most talked-about firm when it comes to the matter, with media outlets frequently criticizing its alleged "copying" of Apple design sensibilities. In mid-July, Xiaomi VP of global operations Hugo Barra told Bloomberg that the company is preparing to enter U.S. markets, though he cautioned that the launch could be "much more" than a year away as it seeks to build up its patent portfolio. CYBERSECURITY TENSIONS: Wednesday's meeting comes in the wake of numerous high-profile "hack attacks," with Sony (SNE), American Airlines (AAL), Anthem (ANTM), United Airlines (UAL), and Target (TGT) all reporting digital security breaches in recent years. Xi has consistently denied the involvement of state-backed hackers, but tensions have nevertheless arisen as cybersecurity firms such as FireEye (FEYE) and Palo Alto Networks (PANW) backtrace connections to the country. Cybersecurity intrusions originating from China have recently slowed ahead of Xi's visit, according to Reuters, with Kevin Mandia of security firm Mandiant telling the publication, "In my gut, I feel like the Chinese and the U.S. over the next couple of years are going to figure this out."
16:34 EDTCSCOOn The Fly: Top stock stories for Wednesday
Stocks began the day in quiet fashion and remained that way during the first hour of trading. Following the release of the weekly energy inventory report, the averages moved lower and looked to be possibly setting up for another selloff. Positive comments on China's economy by its President, who is visiting the U.S., brought out buyers, who pared the market's losses. The averages finished slightly in the red in a day marked by low volume as a number of market participants may have been absent in observance of the Jewish holiday of Yom Kippur. ECONOMIC EVENTS: In the U.S., Markit's flash manufacturing purchasing manager's index was flat at 53.0 in September, which was slightly better than the expectation for it to dip to 52.8. EIA inventory data showed a 1.93M barrel fall in crude oil inventories, versus expectations for a weekly drawdown of 1.25M barrels. In China, Markit's flash manufacturing PMI fell to 47.0 in September from 47.3 last month. In Europe, Markit's composite PMI for the eurozone came in at 53.9 in the first look for September, down from 54.3 in August and below expectations for a reading of 54.1. COMPANY NEWS: Shares of Volkswagen (VLKAY) trading in New York rebounded 6.5% to $27.10 following the resignation of Chief Executive Officer Martin Winterkorn, with the company's supervisory board subsequently praising the decision and saying it will consider his replacement at a meeting Friday. Prior to the CEO change news, the stock was downgraded at research firms JPMorgan, Deutsche Bank and Natixis to hold or equivalent ratings this morning. Accounting for today's advance, U.S.-listed shares of Volkwagen are still down nearly 29% since last Friday, when the EPA publicly accused the automaker of equipping certain diesel cars sold in the U.S. with software that circumvented emissions standards... Against the backdrop of China's President Xi Jinping visiting the U.S., Boeing (BA) announced deals to sell 300 planes to three Chinese companies and set up an aircraft factory in China. The deals are possibly worth tens of billions of dollars in total and represent the largest total order the planemaker has received from Chinese companies, according to Reuters. The Wall Street Journal reported, citing people familiar with the matter, that Cisco (CSCO) plans to announce a partnership with Chinese server maker Inspur Group during President Xi Jinping's visit. MAJOR MOVERS: Among the notable gainers was First Niagara (FNFG), which advanced $1.30, or 14.5%, to $10.26 following a Bloomberg report that the company is exploring a sale. DealReporter noted that potential suitors include Toronto-Dominion Bank (TD), Huntington Bancshares (HBAN) and New York Community Bancorp (NYCB). BioMed Realty (BMR) gained $2.36, or 12.3%, to $21.54 after Bloomberg reported that the company is in talks to sell itself and has attracted attention from firms including Blackstone (BX). Heron Therapeutics (HRTX) rose $7.25, or 21.6%, to $40.81 after announcing that its Phase 2 study of HTX-011 for post-operative pain met its primary endpoint. Shares of a competitor Pacira (PCRX) declined 7.65% after the news, with several analysts remarking that Heron's data compares favorably versus Pacira's Exparel drug. Summit Midstream Partners (SMLP) declined $3.90, or 18.2%, to $17.52 following a Bloomberg report that Energy Capital Partners is seeking to sell its stake in the company. Synchronoss (SNCR) fell 10.75% to $33.37 after research firm Baird said it has become "increasingly concerned" that Verizon (VZ) is "no longer fully committed" to the white-label cloud product it offers in conjunction with the cloud services provider. INDEXES: The Dow fell 50.58, or 0.31%, to 16,279.89, the Nasdaq lost 3.98, or 0.08%, to 4,752.74, and the S&P 500 declined 3.98, or 0.2%, to 1,938.76.
16:00 EDTFBOptions Update; September 23, 2015
iPath S&P 500 VIX Short-Term Futures down 53c to 23.81 Option volume leaders: AAPL NFLX BAC FB BABA DOW RIG MU FCX PBR XOM JPM
13:33 EDTFBFacebook introduces 360 video
Subscribe for More Information
13:10 EDTFBGoPro launches 360-degree videos on Facebook
GoPro (GPRO) announces it is bringing "immersive, spherical videos" to Facebook's (FB) News Feed. Beginning today, people on Facebook can experience GoPro 360-degree video directly through their web browser or Android mobile device, the action camera maker said in a press release. In the coming weeks, GoPro will launch additional 360-degree content on Facebook, it added. Shares of the action camera maker are up 10c to $33.41 in afternoon trading.
12:36 EDTVRSKVerisk Analytics management to meet with SunTrust
Meetings to be held in Texas on September 28-29 hosted by SunTrust.
10:48 EDTMFCManulife Financial management to meet with UBS
Subscribe for More Information
09:18 EDTCSCO, DDPaulson Institute and CCPIT to co-host U.S.-China Business Roundtable
The Paulson Institute and the China Council for the Promotion of International Trade (CCPIT) provide an opportunity for U.S. and Chinese business leaders to discuss issues facing the two countries in a roundtable being held in Seattle, Washington on September 23.
07:18 EDTMDRXAllscripts management to meet with Deutsche Bank
Meeting to be held in San Francisco on September 23 hosted by Deutsche Bank.
06:36 EDTFBFacebook unveils new 'Click to message' ad-type, Business Insider reports
Subscribe for More Information
06:32 EDTHPQHP's employee shift ultimatum not going as planned, Business Insider reports
Subscribe for More Information
06:21 EDTCSCOCisco preps for Inspur deal to bolster China business, WSJ reports
Subscribe for More Information
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 >>

Sign up for a free trial to see the rest of the stories you've been missing.
I agree to the disclaimer & terms of use