Author: FX_Trdr

Palo Alto Networks announced that it is seeking a valuation more than double the multiple of rivals. The Internet-firewall technology firm seeks to raise $248 million in a share sale scheduled for July 19.

Moody’s Investors Service said today in a statement that a proposed US law to offer tax breaks to businesses hiring locally would likely curtail growth in India’s technology outsourcing sector.The legislation to which they’re referring would offer a 20% tax credit to businesses for switching outsourced jobs back to the U.S. It discourages companies from moving work overseas. India depends on North America for more than half of its revenue in outsourcing. For more updates, follow us on Twitter @FNNOnline.

As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy — they expect to make money. So let’s look at two noteworthy recent insider buys.

In trading on Wednesday, semiconductors shares were relative leaders, up on the day by about 2.3%. Leading the group were shares of Cavium (CAVM), up about 6.7% and shares of Inphi (IPHI) up about 6.2% on the day.

From FNNO.com, you’re watching the Financial News Network. I’m Laura Hankin, here with an update on HSBC. The bank, which the Senate accused of providing services to money-launderers and to banks with potential links to terrorism and drug cartels, appeared before the Senate today to apologize for its actions.At the hearing, David Bagley announced he would step down as the head of HSBC’s compliance office at its London headquarters. Bagley is the top executive in charge of HSBC’s anti-money-laundering programs. Bagley also revealed that HSBC plans to close many of its Cayman Islands accounts, after the Senate report showed that HSBC had little awareness or regulation of Cayman Island accounts holding $2.1 billion. Chief Legal Officer Stuart Levey stated that the bank has reorganized in order to better manage these risks. HSBC will still have to undergo an investigation by the Justice Department, where they could be forced to pay a fine that many believe might exceed the record $619 million fine paid by Dutch bank ING after similar accusations. HSBC closed down at $3.30 a share today, a .59% drop. For more updates on this and other stories, check out our Twitter @FNNOnline.

A European report on the Vatican’s attempts to make its financial sector more transparent says the seat of the Catholic Church has to do more to reach international standards on combating money laudering and financing terrorism.

Target (TGT) was downgraded today by Citigroup (C) from buy to neutral with a price target of $69 as the firm is taking a more cautious macro outlook with regards to the retail giant. Shares are lower by about three tenths of a percent.

Conagra Foods Incorporated (CAG) maintained its quarterly dividend of 24 cents per share. The dividend will be paid on August 29, 2012, to stockholders of record at the close of business on July 27, 2012.

The Daily Ticker’s Aaron Task talks Howard Davidowitz about June retail sales.

New economic data out this morning. The Commerce Department reported retail sales fell in June to seasonally adjusted 0.5 percent last month. This result follows declines in both April and May of this year.The decline occurred in almost every retail industry with the largest being at gas stations, which saw a fall of 1.8% in sales. The only sellers to report gains were liquor stores, clothing outlets, groceries and certain internet retailers.The last time retail numbers were down three months in a row was in the second half of 2008. Despite these results though, U.S. retail numbers over the last 12 months have risen 3.5%. For more financial news and analysis follow us on Twitter @FNNOnline.