Stocks making the biggest moves midday: UnitedHealth, JP Morgan, Johnson & Johnson and more

J.P. Morgan — Shares of the bank jumped 4% after the company announced third quarter earnings that beat analyst expectations on both the top and bottom lines. The bank said revenue rose 8% to a record $30.1 billion. Johnson & Johnson — Shares of the health care giant gained more than 2% following third quarter earnings that topped expectations for both earnings per share and revenue. First Republic Bank — Shares of First Republic Bank surged 6% after reporting better-than-expected quarterly earn


J.P. Morgan — Shares of the bank jumped 4% after the company announced third quarter earnings that beat analyst expectations on both the top and bottom lines. The bank said revenue rose 8% to a record $30.1 billion. Johnson & Johnson — Shares of the health care giant gained more than 2% following third quarter earnings that topped expectations for both earnings per share and revenue. First Republic Bank — Shares of First Republic Bank surged 6% after reporting better-than-expected quarterly earn
Stocks making the biggest moves midday: UnitedHealth, JP Morgan, Johnson & Johnson and more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, biggest, quarter, making, bank, morgan, stocks, rose, revenue, strike, moves, share, shares, midday, stock, unitedhealth, johnson, health, earnings


Stocks making the biggest moves midday: UnitedHealth, JP Morgan, Johnson & Johnson and more

UnitedHealth Group signage is displayed on a monitor on the floor of the New York Stock Exchange.

Check out the companies making headlines in midday trading:

UnitedHealth — Shares of UnitedHealth soared nearly 8% after beating analysts’ estimates for quarterly profit and revenue and raising its 2019 earnings forecast. The largest U.S. health insurer showed strength in its main business of selling health plans and its pharmacy benefits group.

J.P. Morgan — Shares of the bank jumped 4% after the company announced third quarter earnings that beat analyst expectations on both the top and bottom lines. The bank said revenue rose 8% to a record $30.1 billion.

Johnson & Johnson — Shares of the health care giant gained more than 2% following third quarter earnings that topped expectations for both earnings per share and revenue. The company said higher sales of cancer and other prescription drugs boosted results.

Charles Schwab — Shares of broker Charles Schwab rose more than 5% after the brokerage giant said its client assets reached a record high of $3.71 trillion this quarter, in its first earnings report since dropping commission fees. The company also beat on the top and bottom lines of its third-quarter earnings.

General Motors — The automaker’s stock rose 2% as CEO Mary Barra and President Mark Reuss met with leaders of the United Auto Workers on Tuesday, according to CNBC, as GM looked to end the union’s month-long strike. The UAW strike has cost GM about $2 billion so far, Bank of America estimated, as the firm said a prolonged strike could “bring GM to its knees.”

Wells Fargo — Shares of Wells Fargo rose 3.6% after the bank reported third-quarter results. While Wells Fargo’s earnings and net income were both below what Wall Street anticipated, investors appeared to welcome the bank’s restructuring plans, with new CEO Charles Scharf set to begin his role next week.

First Republic Bank — Shares of First Republic Bank surged 6% after reporting better-than-expected quarterly earnings and revenue. The regional bank earned $1.31 per share on revenue of $837.2 million, while Wall Street expected earnings of $1.21 on revenue of $835.1 million, according to Refinitiv.

Lowe’s — An analyst at Piper Jaffray upgraded the home improvement retailer to overweight from neutral. The analyst said Lowe’s has a “path for accelerating comp growth and gross margin upside in 2020.” Lowe’s shares rose 1.4% on the upgrade.

Nvidia — Bank of America hiked its price target on Nvidia’s stock to $250 per share from $225. The new price target implies a 34% upside from Monday’s close of $186.53. “We see NVDA as in prime position to leverage its portfolio of hardware, software and developer ecosystem,” Bank of America said. Nvidia’s stock rose more than 6%.

Square — Shares of Square rose nearly 3% after UBS initiated the coverage of the stock with a buy rating. The firm said Square would benefit from “reaccelerating” revenue growth.

—CNBC’s Michael Sheetz, Fred Imbert and Pippa Stevens contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, biggest, quarter, making, bank, morgan, stocks, rose, revenue, strike, moves, share, shares, midday, stock, unitedhealth, johnson, health, earnings


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JP Morgan Chase shares surge after posting record revenue above Wall Street expectations

J.P. Morgan Chase posted profit and revenue that exceeded analysts’ expectations on the strength of consumer banking operations that helped the bank mitigate the impact of lower interest rates. Revenue also rose 8% to $30.1 billion, exceeding the $28.5 billion estimate, and the bank cited growth in home loans, auto and credit cards. The bank exceeded Dimon’s guidance on the strength of its bond trading desks: The bank posted $3.56 billion in fixed income trading revenue, exceeding estimates by m


J.P. Morgan Chase posted profit and revenue that exceeded analysts’ expectations on the strength of consumer banking operations that helped the bank mitigate the impact of lower interest rates. Revenue also rose 8% to $30.1 billion, exceeding the $28.5 billion estimate, and the bank cited growth in home loans, auto and credit cards. The bank exceeded Dimon’s guidance on the strength of its bond trading desks: The bank posted $3.56 billion in fixed income trading revenue, exceeding estimates by m
JP Morgan Chase shares surge after posting record revenue above Wall Street expectations Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: hugh son
Keywords: news, cnbc, companies, expectations, billion, earlier, record, posting, street, wall, bank, morgan, surge, revenue, increase, exceeding, trading, posted, shares


JP Morgan Chase shares surge after posting record revenue above Wall Street expectations

J.P. Morgan Chase posted profit and revenue that exceeded analysts’ expectations on the strength of consumer banking operations that helped the bank mitigate the impact of lower interest rates.

The bank said third-quarter profit rose 8% to $9.1 billion, or $2.68 a share, exceeding the $2.45 estimate of analysts surveyed by Refinitiv. Revenue also rose 8% to $30.1 billion, exceeding the $28.5 billion estimate, and the bank cited growth in home loans, auto and credit cards. The stock rose 1.7 percent in early trading.

“The consumer remains healthy with growth in wages and spending, combined with strong balance sheets and low unemployment levels,” CEO Jamie Dimon said in the earnings release. “This is being offset by weakening business sentiment and capital expenditures mostly driven by increasingly complex geopolitical risks, including tensions in global trade.”

Banks have this year on worries the Federal Reserve’s shift to easing rates will squeeze the industry’s profit margins. The Fed cut rates twice in the third quarter to avert a slowdown, and banks including J.P. Morgan and Wells Fargo warned last month that net interest income would be lower than earlier guidance.

Still, the bank posted $14.4 billion in the third quarter, exceeding the estimate of Morgan Stanley’s Betsy Graseck by almost $300 million, as J.P. Morgan grew its balance sheet, the firm said.

Despite fears of an encroaching slowdown, the consumer has supported the U.S. economy, borrowing more and largely repaying debts on time. Analysts will scrutinize the bank’s charge-offs for any signs of weakness in consumer and corporate borrowing.

Another area that will be closely watched is J.P. Morgan’s trading desks. While CEO Jamie Dimon said last month that third-quarter trading revenue is expected to climb 10% from a year earlier, that figure is still 10% lower than the bank’s results in the second quarter, when it posted $5.2 billion.

The bank exceeded Dimon’s guidance on the strength of its bond trading desks: The bank posted $3.56 billion in fixed income trading revenue, exceeding estimates by more than $300 million. Equities trading posted $1.52 billion in revenue, just under the $1.58 estimate.

Here’s what Wall Street expected:

Earnings: $2.45 per share, a 4.7% increase from a year earlier, according to Refinitiv.

$2.45 per share, a 4.7% increase from a year earlier, according to Refinitiv. Revenue: $28.5 billion, a 2.4% increase from a year earlier.

$28.5 billion, a 2.4% increase from a year earlier. Net Interest Margin: 2.41%.

2.41%. Trading Revenue: Equities $1.58 billion, Fixed Income $3.19 billion, according to FactSet.

This is breaking news. Please check back for updates.


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: hugh son
Keywords: news, cnbc, companies, expectations, billion, earlier, record, posting, street, wall, bank, morgan, surge, revenue, increase, exceeding, trading, posted, shares


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J&J beats third-quarter earnings expectations on higher prescription drug sales; shares rise

Johnson & Johnson reported third-quarter earnings and revenue Tuesday that beat Wall Street’s expectations, boosted by higher sales of cancer and other prescription drugs. J&J’s pharmaceutical business, which accounts for half of the company’s revenue, posted revenue of $10.88 billion, better than the $10.41 billion projection compiled by StreetAccount. The company’s consumer unit, which makes beauty products such as Neutrogena, reported revenue of $3.46 billion, in line with Wall Street’s expec


Johnson & Johnson reported third-quarter earnings and revenue Tuesday that beat Wall Street’s expectations, boosted by higher sales of cancer and other prescription drugs. J&J’s pharmaceutical business, which accounts for half of the company’s revenue, posted revenue of $10.88 billion, better than the $10.41 billion projection compiled by StreetAccount. The company’s consumer unit, which makes beauty products such as Neutrogena, reported revenue of $3.46 billion, in line with Wall Street’s expec
J&J beats third-quarter earnings expectations on higher prescription drug sales; shares rise Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: berkeley lovelace jr, in berkeleylovelace
Keywords: news, cnbc, companies, expectations, thirdquarter, prescription, drug, rise, billion, reported, opioid, lawsuits, earnings, wall, revenue, consumer, sales, higher, shares


J&J beats third-quarter earnings expectations on higher prescription drug sales; shares rise

Johnson & Johnson reported third-quarter earnings and revenue Tuesday that beat Wall Street’s expectations, boosted by higher sales of cancer and other prescription drugs.

Here’s what the company reported compared with Wall Street estimates, based on a survey of analysts by Refinitiv:

Adjusted earnings per share: $2.12 versus $2.01 expected

Revenue: $20.73 versus $20.07 billion expected

J&J also raised its full-year guidance and now sees earnings between $8.62 and $8.67 per share, with revenue in the range of $81.8 billion to $82.3 billion.

Shares of J&J were up more than 2% in premarket trading.

J&J’s pharmaceutical business, which accounts for half of the company’s revenue, posted revenue of $10.88 billion, better than the $10.41 billion projection compiled by StreetAccount.

The company’s consumer unit, which makes beauty products such as Neutrogena, reported revenue of $3.46 billion, in line with Wall Street’s expectations. J&J’s medical device unit reported revenue of $6.3 billion, slightly better than $6.27 billion analysts were expecting.

“Our third-quarter results represent strong performance, driven by competitive underlying growth in Pharmaceuticals and Medical Devices, as well as continued optimization in our Consumer business,” J&J Chairman and CEO Alex Gorsky said in a statement.

Sales J&J’s rheumatoid arthritis drug Remicade fell 24% year over year. Sales of its multiple myeloma drug Darzalex increased 53.5% year over year to $765 million, while sales of cancer drug Imbruvica increased 30.6% to $921 million.

The maker of popular consumer product brands like Tylenol and Aveeno, J&J is facing thousands of lawsuits ranging from claims that its talc-based baby powder causes cancer to allegations that it helped fuel that nationwide opioid epidemic.

J&J in August was ordered by an Oklahoma judge to pay the state $572 million in the first ruling in the U.S. holding a drugmaker accountable for the epidemic. And last week, a Philadelphia jury ordered J&J to pay $8 billion in punitive damages for downplaying risks that its antipsychotic drug Risperdal could promote breast growth in boys.

Chief Financial Officer Joseph Wolk told CNBC on Tuesday that the company is open to “a reasonable” settlement that would settle the hundreds of opioid lawsuits from state and local municipalities, adding its painkillers represented less than 1% of the overall market.

“Where is makes sense for all stakeholders, we’ll look to have a settlement,” he said on “Squawk Box.”

Earlier this month, J&J settled opioid claims with two Ohio counties for $20.4 million.

The company did not report its litigation expenses for the third quarter.

Despite the lawsuits, J&J’s shares were up by about 1% so far this year as of Monday, and some Wall Street analysts were expecting a relatively uneventful quarter with modest growth in its pharmaceutical and consumer units.


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: berkeley lovelace jr, in berkeleylovelace
Keywords: news, cnbc, companies, expectations, thirdquarter, prescription, drug, rise, billion, reported, opioid, lawsuits, earnings, wall, revenue, consumer, sales, higher, shares


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Wirecard shares sink after FT report alleging company inflated sales

An illuminated logo sits on the exterior of Wirecard’s headquarters in the Aschheim district of Munich, Germany. Shares in Wirecard sank more than 20% in early trading on Tuesday after the Financial Times newspaper published documents on the company’s accounting practices alleging an effort to inflate sales and profits, dealers said. A Wirecard spokesman declined to comment on the report. The report comes after the paper published a series of stories earlier this year alleging fraud and false ac


An illuminated logo sits on the exterior of Wirecard’s headquarters in the Aschheim district of Munich, Germany. Shares in Wirecard sank more than 20% in early trading on Tuesday after the Financial Times newspaper published documents on the company’s accounting practices alleging an effort to inflate sales and profits, dealers said. A Wirecard spokesman declined to comment on the report. The report comes after the paper published a series of stories earlier this year alleging fraud and false ac
Wirecard shares sink after FT report alleging company inflated sales Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15
Keywords: news, cnbc, companies, profits, wirecard, sink, effort, wirecards, inflated, alleging, report, company, newspaper, inflate, early, sales, published, shares


Wirecard shares sink after FT report alleging company inflated sales

An illuminated logo sits on the exterior of Wirecard’s headquarters in the Aschheim district of Munich, Germany.

Shares in Wirecard sank more than 20% in early trading on Tuesday after the Financial Times newspaper published documents on the company’s accounting practices alleging an effort to inflate sales and profits, dealers said.

At 0806 GMT, shares were down 15% after hitting their lowest since April 24, making them the biggest faller on Germany’s DAX 30 and on track for their worst day since early February.

A Wirecard spokesman declined to comment on the report.

The newspaper said the documents included internal company spreadsheets and related correspondence between senior members of Wirecard’s finance team, which appear to indicate an effort to inflate sales and profits at its businesses in Dubai and Ireland, as well as to potentially mislead EY, its tier-one auditor.

The report comes after the paper published a series of stories earlier this year alleging fraud and false accounting at Wirecard’s Singapore office and that a key Middle East unit was not properly audited.

The company has denied the FT’s allegations, saying that although Dubai-based subsidiary Card Systems was not individually audited, its books had undergone higher-level “full-scope” scrutiny by auditor EY.


Company: cnbc, Activity: cnbc, Date: 2019-10-15
Keywords: news, cnbc, companies, profits, wirecard, sink, effort, wirecards, inflated, alleging, report, company, newspaper, inflate, early, sales, published, shares


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Citigroup earnings beat on better-than-expected trading results

Here’s how the bank fared compared to Wall Street expectations:Earnings: $1.97 per share vs $1.95 per share expected by Refinitiv. $1.97 per share vs $1.95 per share expected by Refinitiv. $18.6 billion vs $18.545 billion forecast. Fixed-income, currency and commodities trading revenue: $3.211 billion vs $3.09 billion expected by StreetAccount. $3.211 billion vs $3.09 billion expected by StreetAccount.


Here’s how the bank fared compared to Wall Street expectations:Earnings: $1.97 per share vs $1.95 per share expected by Refinitiv. $1.97 per share vs $1.95 per share expected by Refinitiv. $18.6 billion vs $18.545 billion forecast. Fixed-income, currency and commodities trading revenue: $3.211 billion vs $3.09 billion expected by StreetAccount. $3.211 billion vs $3.09 billion expected by StreetAccount.
Citigroup earnings beat on better-than-expected trading results Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: fred imbert, hugh son
Keywords: news, cnbc, companies, quarter, shares, expected, morgan, beat, revenue, net, betterthanexpected, results, billion, share, interest, earnings, trading, citigroup


Citigroup earnings beat on better-than-expected trading results

Citigroup on Tuesday reported third-quarter earnings and revenue that topped projections as stronger-than-expected trading results made up for weaker lending margins.

Here’s how the bank fared compared to Wall Street expectations:

Earnings: $1.97 per share vs $1.95 per share expected by Refinitiv.

$1.97 per share vs $1.95 per share expected by Refinitiv. Revenue: $18.6 billion vs $18.545 billion forecast.

$18.6 billion vs $18.545 billion forecast. Fixed-income, currency and commodities trading revenue: $3.211 billion vs $3.09 billion expected by StreetAccount.

$3.211 billion vs $3.09 billion expected by StreetAccount. Net interest margin: 2.56% vs 2.66% forecast.

2.56% vs 2.66% forecast. Net interest income: $11.64 billion vs $12.15 billion expected.

Citigroup’s earnings of $1.97 per share excludes a tax benefit of 10 cents per share.

The bank’s revenues from its fixed-income, currency and commodities trading division got a boost from higher rates during the quarter as well as “improved activity” with corporate and investor clients, Citigroup said.

CEO Michael Corbat also touted the strength of the U.S. consumer, noting branded-cards revenue expanded by 11% in North America during the third quarter.

“Despite an unpredictable environment throughout the quarter, we continue to deliver on our strategy of improving shareholder returns through consistent, client-led growth while also executing against our capital plan,” Corbat said in a statement.

However, the company’s lending business posted weaker-than-forecast results, with net interest income coming in at $11.64 billion. Analysts polled by StreetAccount expected net interest income of $12.15 billion. Net interest margin, meanwhile, came in at 2.56% for the quarter. That’s below a 2.66% forecast.

The bank’s stock fell 2% in early trading.

Citigroup shares lagged those of peers such as J.P. Morgan Chase, Goldman Sachs and Wells Fargo in the third quarter. The bank’s stock fell 1.4% last quarter while J.P. Morgan Chase and Goldman rose 5.3% and 1.3%, respectively. Wells Fargo, meanwhile, rose 6.6% in that time.

J.P. Morgan Chase and Goldman reported earlier in the day. J.P. Morgan’s results topped expectations, with its quarterly revenue reaching a record. Shares of J.P. Morgan rose 1.3%. Goldman shares slid 3% after the company posted a disappointing profit for the third quarter.

Bank shares were taken for a ride in the third quarter amid wild swings in Treasury yields. The 10-year yield fell to around 1.46% from 2% between late July and early September. This move briefly pushed financials, including the major banks, into correction territory. The yield later recovered, lifting the sector out of its correction.

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Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: fred imbert, hugh son
Keywords: news, cnbc, companies, quarter, shares, expected, morgan, beat, revenue, net, betterthanexpected, results, billion, share, interest, earnings, trading, citigroup


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You could be missing out on this employee benefit. But beware the risks

The health insurer’s employee stock purchase plan gave her the ability to buy shares at a 15% discount with a feature called a lookback. That revelation led Shapiro to found his own company, Carver Edison, to help employees come up with the money to participate. Nearly three-quarters of publicly traded companies offer employee stock purchase plans, or ESPPs, to at least some of their employees, according to a 2018 Deloitte survey. Company shares generally are offered at a discount, which is typi


The health insurer’s employee stock purchase plan gave her the ability to buy shares at a 15% discount with a feature called a lookback. That revelation led Shapiro to found his own company, Carver Edison, to help employees come up with the money to participate. Nearly three-quarters of publicly traded companies offer employee stock purchase plans, or ESPPs, to at least some of their employees, according to a 2018 Deloitte survey. Company shares generally are offered at a discount, which is typi
You could be missing out on this employee benefit. But beware the risks Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-14  Authors: lorie konish
Keywords: news, cnbc, companies, company, benefit, shares, employees, plans, carver, purchase, plan, beware, edison, employee, stock, risks, missing


You could be missing out on this employee benefit. But beware the risks

Fertnig | E+ | Getty Images

When Aaron Shapiro dug through the workplace benefits his mother was entitled to as a 30-year employee at United Healthcare, he noticed a big missed opportunity. The health insurer’s employee stock purchase plan gave her the ability to buy shares at a 15% discount with a feature called a lookback. That means a participant in the plan gets the lowest price from either the beginning or the end of the stock purchase period. “It’s an opportunity that anyone in the institutional investing world would kill to have access to,” Shapiro said. “It just so happens to be sitting in the hands of an employee of a publicly traded company.” By Shapiro’s calculations, not participating in the plan cost his mother more than $1 million. That revelation led Shapiro to found his own company, Carver Edison, to help employees come up with the money to participate. Nearly three-quarters of publicly traded companies offer employee stock purchase plans, or ESPPs, to at least some of their employees, according to a 2018 Deloitte survey. Yet employee participation in the plans is generally low, the study found.

How these plans work

Stock plans are generally available to all employees and allow them to purchase shares at a reduced price. The purchase of company stock is made via payroll deductions. That means the money comes out of your pay after taxes, noted Emily Cervino, head of thought leadership at Fidelity. Company shares generally are offered at a discount, which is typically around 15%, she said. Many plans also include a lookback. So, if you enroll when the stock is at $10 per share, and the transaction occurs when the stock is $15, you get the discount on the lower of the two prices. That means you pay $8.50 per share if the stock is trading at $15. Participating employees can choose their salary contributions, which usually range between 1% to 10%, Cervino said. The IRS limits your investment to $25,000 total per year. Employee contributions typically accumulate over three to six months, at which point they are aggregated together to purchase shares. In most cases, employees can sell the shares immediately after they’ve purchased them. Or, they can choose to sell them at a later date. One big factor to consider when choosing between now or later: taxes. An immediate sale will be taxed as ordinary income. A future sale will be taxed at a lower rate as long-term capital gains. To qualify as long-term capital gains, you generally need to sell at least two years from the first day of the offering period or at least one year from the purchase date.

Improving employee participation

Shapiro’s company, Carver Edison, is working to provide short-term interest-free rate loans on behalf of employees so they can increase their contributions to stock purchase plans. For example, if a plan’s maximum is 10% of an employee’s income, and a worker can only afford to contribute 1%, Carver Edison will front the 9% difference. Following the transaction, Carver Edison receives some shares to reimburse them for the loan. The employee’s net shares are then deposited into their brokerage account. More from Personal Finance:

Knowing the ‘right’ people is key to getting the right salary

Your benefits at work can help your family save in 2020

Tips for maxing out your retirement contributions this year “If things go well at the company, [the employee] stands to build more wealth over time,” Shapiro said. “If things don’t go well, the employee now owns more shares, [and] they have more dry powder to diversify their investments.” Carver Edison works directly with companies. So an individual’s employer would need to be working with them in order for an employee to take a loan. The company recently completed a deal to provide their program to the publicly traded companies on E-Trade’s Equity Edge platform.

What to consider before you invest

Just because you can borrow to participate in an ESPP doesn’t mean you should. And, as with all investments, financial advisors say you should proceed with caution if you want to participate in your employer’s plan. “A good question to ask is, ‘Would I buy this stock if it wasn’t in my company plan?'” said Cathy Curtis, founder and CEO of Curtis Financial Planning in Oakland, California. “If the answer is probably not, then maybe it’s a better idea not to get involved.” In addition, it’s also important to evaluate whether the strategy fits into your overall financial plan. “The first thing to figure out is do you even have cash available to contribute,” said Roger Ma, founder of Lifelaidout in New York.


Company: cnbc, Activity: cnbc, Date: 2019-10-14  Authors: lorie konish
Keywords: news, cnbc, companies, company, benefit, shares, employees, plans, carver, purchase, plan, beware, edison, employee, stock, risks, missing


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Stocks making the biggest moves midday: Blackstone, HP, AMC, Tapestry & more

The firm said that while Blackstone is “very well-positioned over the long term” they see “more modest upside” ahead after the stock’s 55% surge this year. Hewlett Packard Enterprise — HP shares rose 3% after an analyst at Evercore ISI upgraded them to in-line from underperform. AMC – Shares of the entertainment company lost 3.6% after Evercore downgraded the stock to underperform. Tapestry – Shares of the luxury lifestyle brands company dropped 2.9% after UBS lowered its rating on the stock to


The firm said that while Blackstone is “very well-positioned over the long term” they see “more modest upside” ahead after the stock’s 55% surge this year. Hewlett Packard Enterprise — HP shares rose 3% after an analyst at Evercore ISI upgraded them to in-line from underperform. AMC – Shares of the entertainment company lost 3.6% after Evercore downgraded the stock to underperform. Tapestry – Shares of the luxury lifestyle brands company dropped 2.9% after UBS lowered its rating on the stock to
Stocks making the biggest moves midday: Blackstone, HP, AMC, Tapestry & more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-14  Authors: michael sheetz
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Stocks making the biggest moves midday: Blackstone, HP, AMC, Tapestry & more

HP logo, at Hewlett-Packard pavilion, during theMobile World Congress day 3, on February 28, 2018 in Barcelona, Spain. (Photo by Joan Cros/NurPhoto via Getty Images)

Check out the companies making headlines in midday trading:

Blackstone – Shares of the alternative asset manager shed 1.5% following a downgrade to neutral at Bank of America. The firm said that while Blackstone is “very well-positioned over the long term” they see “more modest upside” ahead after the stock’s 55% surge this year.

Hewlett Packard Enterprise — HP shares rose 3% after an analyst at Evercore ISI upgraded them to in-line from underperform. The analyst said HPE now has a better “risk/reward dynamic,” citing solid cash flow, an attractive valuation and the acquisition of supercomputer builder Cray.

AMC – Shares of the entertainment company lost 3.6% after Evercore downgraded the stock to underperform. The firm said that “accelerating cord-cutting trends” makes the stock “unfavorable at current levels.”

Western Digital – Shares of the computer hard-disk maker rose 1.5% after an analyst at Loop Capital upgraded Western Digital to buy from hold, noting the company can deliver earnings and revenue upside for the final two quarters of 2019.

Tapestry – Shares of the luxury lifestyle brands company dropped 2.9% after UBS lowered its rating on the stock to neutral from buy. UBS believes Tapestry will continue to face both widespread and industry headwinds, limiting its upside.

General Motors – GM’s stock slipped 0.4% after the United Auto Workers (UAW) union announced it was countering the automaker’s latest offer. The UAW strike has lasted nearly a month, disputing GM production as multiple key manufacturing locations.

Beyond Meat – Shares of the plant-based burger maker slid more than 3% after Wells Fargo initiated coverage on the stock with a market perform rating. The firm said “competition is poised to intensify” and that there’s “limited visibility into restaurant and foodservice success.”

CrowdStrike – Shares of cybersecurity technology company CrowdStrike tanked more than 8% after Citi initiated coverage of the stock with a sell rating. The firm said CrowdStrike won’t be able to sustain its current growth level and is trading above normal software multiples.

Planet Fitness – Shares of Planet Fitness rose 3.4% following an upgrade from Imperial to outperform from in-line. The firm said Planet Fitness is a “best in class” fitness operator with good management. Imperial called the stock a “core long-term holding.”

SmileDirectClub – The teeth-straightening startup’s stock tanked 11% after California Governor Gavin Newsom signed a bill that is expected to how the company’s “teledentistry” service is regulated. SmileDirectClub shares have fallen more than 52% since its IPO on Sep. 12 at $20.55 a share.

– CNBC’s Maggie Fitzgerald, Pippa Stevens and Fred Imbert contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-10-14  Authors: michael sheetz
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IAC shares jump after it announces plans to spin off Match Group

Tech holding company IAC/InterActiveCorp announced Friday it plans to spin off all of its shares of online dating company Match Group. Shares of IAC popped as much as 3% in early trading, while Match slid more than 1%. “Today IAC proposed an important first step in the separation of Match Group from IAC,” Levin said. Under the plan, IAC stockholders would take ownership of the shares of Match held by IAC. The Match spin-off still needs to receive the approval of IAC’s board, IAC and Match shareh


Tech holding company IAC/InterActiveCorp announced Friday it plans to spin off all of its shares of online dating company Match Group. Shares of IAC popped as much as 3% in early trading, while Match slid more than 1%. “Today IAC proposed an important first step in the separation of Match Group from IAC,” Levin said. Under the plan, IAC stockholders would take ownership of the shares of Match held by IAC. The Match spin-off still needs to receive the approval of IAC’s board, IAC and Match shareh
IAC shares jump after it announces plans to spin off Match Group Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: annie palmer
Keywords: news, cnbc, companies, spin, angi, jump, iac, spinoff, dating, announces, matchs, separation, match, plans, group, company, proposal, shares


IAC shares jump after it announces plans to spin off Match Group

Tech holding company IAC/InterActiveCorp announced Friday it plans to spin off all of its shares of online dating company Match Group.

Shares of IAC popped as much as 3% in early trading, while Match slid more than 1%. ANGI shares jumped more than 4%.

IAC, which owns 80% of Match and 83% of ANGI, has become known for incubating businesses and spinning them off into separate companies. Over the years, it’s done the same with Expedia, HSN, Ticketmaster, Interval and LendingTree.

Match has carved out a foothold in the online dating market, largely due to solid growth in its youth-oriented dating app, Tinder. It also includes other dating services like Match, Hinge and OKCupid. Match’s stock is up more than 70% so far this year and the company outperformed earnings expectations in the second quarter, with revenue climbing 18% year-over-year.

Meanwhile, ANGI has underperformed expectations, with the stock down nearly 58% year-to-date. In a letter to shareholders, Levin said ANGI has struggled due to a “combination of issues around marketing and an increasingly tight supply of service professionals in certain categories.”

IAC had said in August it was exploring a spin-off of Match and ANGI Homeservices, which holds digital marketplace companies like Angie’s List and Handy.

Now, the company says it has submitted a proposal to members of Match’s board of directors that would result in the the full separation of Match from IAC. It plans to delay the spin-off of ANGI until it completes the separation of Match, CEO Joey Levin said in a statement.

“Today IAC proposed an important first step in the separation of Match Group from IAC,” Levin said. “IAC is confident that the proposal communicated to the Match Group special committee provides strong footing for Match Group to begin its journey as a thriving, independent company.”

Under the plan, IAC stockholders would take ownership of the shares of Match held by IAC. The proposal also suggests eliminating Match’s dual-class share structure in favor of adopting a single class.

The Match spin-off still needs to receive the approval of IAC’s board, IAC and Match shareholders, among other stakeholders.


Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: annie palmer
Keywords: news, cnbc, companies, spin, angi, jump, iac, spinoff, dating, announces, matchs, separation, match, plans, group, company, proposal, shares


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Roku shares upgraded by RBC’s Mahaney, who sees 30% rally ahead for the stock

Would you give up Google for $17,000 a year? The Fed wants to… The Fed is trying to figure out how much free internet services are worth to the economy. Economyread more


Would you give up Google for $17,000 a year? The Fed wants to… The Fed is trying to figure out how much free internet services are worth to the economy. Economyread more
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Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: john melloy
Keywords: news, cnbc, companies, worth, rbcs, ahead, mahaney, rally, figure, stock, internet, services, roku, google, free, sees, fed, wants, tothe, trying, shares, upgraded


Roku shares upgraded by RBC's Mahaney, who sees 30% rally ahead for the stock

Would you give up Google for $17,000 a year? The Fed wants to…

The Fed is trying to figure out how much free internet services are worth to the economy.

Economy

read more


Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: john melloy
Keywords: news, cnbc, companies, worth, rbcs, ahead, mahaney, rally, figure, stock, internet, services, roku, google, free, sees, fed, wants, tothe, trying, shares, upgraded


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Roku shares upgraded by RBC’s Mahaney, who sees 30% rally ahead for the stock

Would you give up Google for $17,000 a year? The Fed wants to… The Fed is trying to figure out how much free internet services are worth to the economy. Economyread more


Would you give up Google for $17,000 a year? The Fed wants to… The Fed is trying to figure out how much free internet services are worth to the economy. Economyread more
Roku shares upgraded by RBC’s Mahaney, who sees 30% rally ahead for the stock Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: john melloy
Keywords: news, cnbc, companies, worth, rbcs, ahead, mahaney, rally, figure, stock, internet, services, roku, google, free, sees, fed, wants, tothe, trying, shares, upgraded


Roku shares upgraded by RBC's Mahaney, who sees 30% rally ahead for the stock

Would you give up Google for $17,000 a year? The Fed wants to…

The Fed is trying to figure out how much free internet services are worth to the economy.

Economy

read more


Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: john melloy
Keywords: news, cnbc, companies, worth, rbcs, ahead, mahaney, rally, figure, stock, internet, services, roku, google, free, sees, fed, wants, tothe, trying, shares, upgraded


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