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Stock Market & Financial Investment News

News Breaks
April 9, 2014
12:18 EDTSTZ, ANR, GTN, TM, ACI, NXST, CTCT, PG, WLT, SBGI, GM, AAOn 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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November 13, 2014
08:40 EDTPGProcter & Gamble says top line comps are more difficult in Q2 vs 2H15
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07:44 EDTPGProcter & Gamble to restate Batteries results to discontinued operations
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07:44 EDTPGP&G to incur non-cash charge of approx. 28c per share in current quarter
07:42 EDTPGProcter & Gamble sees FY15 core EPS growth mid-single digits
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07:41 EDTPGProcter and Gamble volatility flat into Berkshire Hathaway acquiring Duracell
Procter and Gamble (PG) overall option implied volatility of 13 is near its 26-week average of 14 according to Track Data, suggesting non-directional price movement into Berkshire Hathaway Inc. (BRK.B) acquiring the Duracell battery business from Procter & Gamble in deal valued at approximately $6.4B.
07:40 EDTPGProcter & Gamble reiterates FY15 organic sales, core EPS growth guidance
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07:40 EDTPGProcter & Gamble sees clsoing Duracell transaction in 2H15
Following its prior announcement of plans to exit the Duracell business, P&G (PG) said it now plans to execute a split transaction, in which it will exchange a recapitalized Duracell Company for Berkshire Hathaway’s (BRK.A) shares of P&G stock. Berkshire’s stock ownership is currently valued at approximately $4.7 billion. P&G said it expects to contribute approximately $1.8 billion in cash to the Duracell Company in the pre-transaction recapitalization. P&G said the transaction maximizes the after-tax value of the Duracell business and is tax efficient for P&G. The value received for Duracell in the exchange is approximately 7-times fiscal year 2014 adjusted EBITDA. This equates to a cash sale valued at approximately 9-times adjusted EBITDA. As part of the exit of the battery business, P&G announced that it closed the sale of its interest in a China-based battery joint venture earlier in the week. Based on the signing of the contract to exit the Duracell business, P&G will restate Batteries results to discontinued operations effective with the reporting of October-December 2014 quarterly results. The Company expects to restate earnings per share of approximately 12c-14c to discontinued operations for fiscal year 2014. All-in GAAP earnings per share are not affected by the restatements. P&G said it will incur a non-core, non-cash charge of approximately 28c per share in current quarter results to adjust Duracell goodwill and intangible assets to the expected after-tax transaction value. P&G expects to finalize the restatement and one-time charge amounts in the next few weeks, and will update shareholders when final amounts are available. P&G said it expects to close the Duracell transaction in the second half of calendar year 2015 pending necessary regulatory approvals.
07:31 EDTPGBerkshire Hathaway to acquire Procter & Gamble's Duracell battery business
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07:30 EDTPGBerkshire Hathaway to acquire Procter & Gamble's Duracell battery business
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06:24 EDTGMHeidrick & Struggles picked by GM to find new general counsel, WSJ reports
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06:02 EDTANRStocks with implied volatility movement; EFA ANR
Stocks with implied volatility movement; iShares MSCI EAFE Index Fund (EFA) 14, Alpha Natural (ANR) 112 according to iVolatility.
November 12, 2014
08:42 EDTGMGeneral Motors' Ammann leading push for change, WSJ says
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07:46 EDTACICowen to hold a conference
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06:03 EDTTMToyota recalls 361,800 vehicles worldwide, Reuters reports
Toyota is recalling 361,800 vehicles around the world, covering three separate defects, Reuters reports. The recalls include 170,000 Camrys to fix a faulty ball joint, and the automaker is also recalling 105,800 Hiace, Dyna and Regius Ace models mainly in Japan, as well as 86,000 Crown and Crown Majesta models in Japan. Reference Link
November 11, 2014
17:17 EDTGMGM scales back workers, production at small car plant, WSJ says
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11:01 EDTSBGISinclair Broadcast promotes Delbert Parks to Chief Technology Officer
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November 10, 2014
15:57 EDTTMWorldwide Business Research to hold a conference
ProcureCon for Digital & Marketing Services 2014 is being held in San Antonio on November 11-13.
13:56 EDTPGProcter & Gamble to host analyst meeting
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09:35 EDTWLTActive equity options trading
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06:41 EDTGMGM ordered new switches months before recall, WSJ reports
Half a million replacement ignition switches were ordered by General Motors (GM) almost two months before it alerted federal safety regulators of the issues that led to a recall of millions of vehicles, the Wall Street Journal reports, citing email exchanges between the automaker and Delphi Automotive (DLPH). The email exchanges, which took place in mid-December 2013 between a GM contract worker and Delphi, indicate GM placed an "urgent" order for 500,000 replacement switches on December 18, a day after a meeting of senior executives. Reference Link
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