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Stock Market & Financial Investment News

News Breaks
April 9, 2014
12:18 EDTAA, ACI, WLT, ANR, NXST, SBGI, GTN, CTCT, GM, TM, PG, STZOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday ahead of the release of the minutes for the Federal Reserve’s last policy meeting. Investors may have gained some optimism about the upcoming earnings season following Alcoa’s (AA) first quarter report, sending its shares and the major averages higher right from the outset of today’s trading. The indexes have moved in a relatively narrow range, but have remained in positive ground throughout the morning. ECONOMIC EVENTS: In the U.S., wholesale inventories rose 0.5% in February, matching economists’ forecast. The minutes for the March 18-19 FOMC meeting are scheduled to be released at 2 pm ET. COMPANY NEWS: Shares of aluminum producer Alcoa gained more than 3% after the company unofficially kicked off the earnings season with its report last night. The company reported first quarter adjusted profit that beat estimates, on revenue that missed expectations, adding that its year-to-date productivity gains are ahead of schedule… Toyota Motor (TM) saw its New York listed shares slip a bit over 1.5% after the company announced the recall of over 6M vehicles worldwide and its shares were downgraded to a Neutral rating at Bank of America Merrill Lynch. Another automaker grappling with its own recall issues, General Motors (GM), declined 2% after Morgan Stanley downgraded the stock to Underweight from Equal Weight. GM will need to invest heavily into connected vehicles, advanced power trains and eventually autonomous cars, which will pressure margins and earnings, the analyst contended… Procter & Gamble (PG) shares were fractionally higher after the consumer goods giant agreed to sell its three major pet food brands - Iams, Eukanuba, and Natura - to Mars for $2.9B. MAJOR MOVERS: Among the notable gainers was marketing software and solutions provider Constant Contact (CTCT), which surged 28% higher after the company’s preliminary first quarter revenue exceeded analysts' projection. Also higher were shares of several companies that own local TV stations, including Gray Television (GTN), Sinclair Broadcast (SBGI), and Nexstar (NXST), after Wells Fargo upgraded all three stocks after its meetings with FCC representatives relieved its prior concerns that the agency could veto sharing deals among stations. Among the noteworthy losers was beer and wine importer and distributor Constellation Brands (STZ), which slid 3% despite the company reporting sales that matched estimates and adjusted profits that beat the consensus forecast. Also lower were shares of a number of coal producers, including Alpha Natural Resources (ANR), Walter Energy (WLT) and Arch Coal (ACI), after all three stocks were downgraded to Sell at UBS. INDEXES: Near noon, the Dow was up 57.81, or 0.36%, to 16,313.95; the Nasdaq was up 29.81, or 0.72%, to 4,142.80; and the S&P 500 was up 6.06, or 0.33%, to 1,858.02.
News For AA;PG;TM;GM;CTCT;GTN;SBGI;NXST;ANR;WLT;ACI;STZ From The Last 14 Days
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July 18, 2014
12:21 EDTGM, PGCable ad upfront volumes may drop 4% or more, WSJ says
Two of the U.S.'s biggest marketers, Procter & Gamble (PG) and General Motors (GM), have pulled back on their TV network advertising commitments in advance of the "upfront" selling season for cable networks, said The Wall Street Journal, citing people familiar with the matter. The overall volume of ad dollars committed to cable networks during the upfront, which is still under way, could be down 4% or more from last year, people familiar with the situation said. Notable owners of cable television stations include 21st Century Fox (FOXA), Time Warner (TWX), Disney (DIS), CBS (CBS), Comcast (CMCSA), Discovery (DISCA), Viacom (VIAB), and AMC Networks (AMCX). The report added that cutbacks partly reflect a shift of tv ad budgets to digital media, including online video. Google (GOOG) has a large presence in online video with YouTube and Facebook (FB) is taking steps to grow in the area. Reference Link
July 17, 2014
16:13 EDTAAHP appoints Whitman Chairman, Alcoa's Kleinfeld joins board
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09:40 EDTAAActive equity options trading on open
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08:32 EDTSBGISinclair Broadcast launches American Sports Network
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07:46 EDTGMSenate Commerce & Transportation Committee to hold a hearing
The Subcommittee on Consumer Protection, Product Safety and Insurance holds a hearing entitled, "Examining Accountability and Corporate Culture in Wake of the GM Recalls" with General Motors CEO Barra and EVP Milllikin and President & CEO O'Neal of Delphi Automotive on July 17 at 10 am. Webcast Link
07:45 EDTPGAs Americans age, Procter & Gamble returns to adult diaper market, WSJ says
Procter & Gamble (PG) is expected in the coming months to re-enter the North American adult diaper market that it had exited over a decade ago, according to The Wall Street Journal, citing several retailers and analysts. Rival Kimberly-Clark's (KMB) CEO recently told investors at a conference that demand for its Huggies training pants has been weakening while sales of incontinence products have been growing steadily, the report noted. Reference Link
06:53 EDTGMGM deems some cars with same recalled switch 'safe', Reuters says
Even though GM issued a recall for millions of cars with defected ignition switches, the automobile manufacturer has concluded that over 2M other vehicles with the same switches are safe, according to Reuters, citing comments from GM spokesman Alan Adler. The car models which have not been recalled include fullsize crossovers such as the Buick Enclave and the Chevrolet Traverse manufactured from 2007 to the present. Reference Link
06:38 EDTGMGeneral Motors hires outside law firm to review litigation practices, WSJ says
General Motors has hired an outside law firm to review the way it handles litigation, reports the Wall Street Journal. The company's General Counsel Michael Millikin plans to say in a testimony at a Senate hearing Thursday that a "well-respected outside law firm" will conduct a "zero-based review" of his department. Reference Link
July 16, 2014
13:05 EDTGMGM sold 2.5M vehicles worldwide in Q2
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09:02 EDTGMGeneral Motors volatility low into testimony at Senate hearing
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06:31 EDTGMDocuments show GM hid defect from regulators, NY Times reports
Documents indicate that GM knew at least three fatal crashes were caused by its faulty ignition switches, but failed to tell regulators that when asked about the cause of the accidents, according to The New York Times. Reference Link
06:29 EDTGMSenators turn scrutiny towards GM General Counsel, WSJ reports
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06:19 EDTGMFord, GM, Chrysler not interested in Tesla patents, Detroit News says
Ford (F), General Motors (GM), and Chrysler (FIATY) either have little interest in Tesla's (TSLA) EV patents or the companies are not sharing their plans, reports the Detroit News. Reference Link
July 15, 2014
17:45 EDTGMGeneral Motors shares should climb 30%, Barron's says
GM shares look inexpensive at current prices and shares should climb over 30% in the next year, Barron's contends in its "Ahead of the Crowd" column. Reference Link
16:19 EDTPGStepan subsidiary to acquire sulfonation facility in Brazil
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11:42 EDTSBGIDoJ requires Sinclair to make divestiture to proceed with Perpetual deal
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10:37 EDTAAOptions with decreasing implied volatility
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09:04 EDTSBGISinclair Broadcast reaches retransmission consent with Buckeye Cable
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06:38 EDTGMGeneral Motors, VocallQ looking to develop voice-control systems, WSJ reports
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06:27 EDTGM, TMAutomakers backing U.S.-EU trade deal, NY Times reports
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