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Stock Market & Financial Investment News

News Breaks
January 15, 2014
12:18 EDTQIWI, GM, DTLK, BAC, NUS, CHTPOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday following a better than expected report on manufacturing in the New York region as well as solid earnings from Bank of America (BAC). Renewed optimism surrounding the earnings season following reports from three of the largest U.S. banks has given investors the confidence to push the Dow to its second triple digit gain in a row. ECONOMIC EVENTS: In the U.S., the 0.4% increase in the producer-price index in December from the prior month matched economists' estimate. The "core" measure, which excludes food and energy, climbed 0.3%, which was more than the 0.1% forecast. The Empire State manufacturing index surged to 12.5 in January from a revised 2.2 reading for December, beating expectations for a more modest rise to 3.5. Also, in its latest Global Economic Prospects report the World Bank raised its forecast for global economic growth to 3.2% this year from 2.4% in 2013. COMPANY NEWS: Bank of America grew its fourth quarter earnings to 29c a share, which was greatly increased from the 3c a share it posted in the same period last year earlier and also exceeded the 26c a share that analysts had expected. Shares of the bank, the third large U.S. bank to report in the last two days, rose about 2.5% near midday following the report... General Motors (GM) shares were down nearly 2% amid a number of newsworthy developments. The automaker declared a 30c per share quarterly common stock dividend, its first dividend since coming out of bankruptcy, and appointed a new Chief Financial Officer. GM also said it expects its earnings before interest and tax to be "modestly improved" in 2014, but warned it expects restructuring costs this year of $1.1B. MAJOR MOVERS: Among the notable gainers was Chelsea Therapeutics (CHTP), whose share price more than doubled after an FDA advisory committee voted to support approval of Northera for the treatment of neurogenic orthostatic hypotension. Also higher was Datalink (DTLK), a designer of servers, storage and networks, which soared 28% after the company raised its fourth quarter outlook. Among the noteworthy losers was multi-level marketer Nu Skin (NUS), which fell 19% after a cautious article about the company was published in the Chinese-language periodical "People's Daily." However, the company said in a statement to Bloomberg that the report contained inaccuracies. Also lower were shares of Qiwi (QIWI), a provider of payment services in Russia, which fell over 17% after Russia's Kommersant reported that the country may limit domestic payments using anonymous electronic wallets and ban cross-border payments using them. INDEXES: Near midday, the Dow was up 121.28, or 0.74%, to 16,495.14, the Nasdaq was up 28.42, or 0.68%, to 4,211.44, and the S&P 500 was up 10.29, or 0.56%, to 1,849.17.
News For BAC;GM;CHTP;DTLK;QIWI;NUS From The Last 14 Days
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January 14, 2015
12:49 EDTBACOn The Fly: Midday Wrap
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09:36 EDTBACActive equity options trading
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09:26 EDTGMGeneral Motors says pricing 'quite aggresively' to offset forex in Russia
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09:24 EDTGMGeneral Motors CFO says 'confident' in ability to raise dividends in future
General Motors' Stevens says "mindful" of potential need to use significant cash in 2015 on legal matters and that its planning keeps that potential in mind. General Motors CFO Chuck Stevens is speaking at the Deutsche Bank Auto Industry Conference.
09:16 EDTBAC, GMOn The Fly: Pre-market Movers
HIGHER: ZIOPHARM (ZIOP), up 53% after the company and Intrexon (XON) announced a licensing agreement with University of Texas. Intrexon shares are also up 12%... GameStop (GME), up 10.6% after reporting holiday SSS, providing guidance for the fourth quarter and fiscal 2014, and being upgraded at Pacific Crest... Smith Micro (SMSI), up 12.7% after reporting preliminary fourth quarter revenue and providing revenue guidance for the first quarter and fiscal 2015... BioCryst (BCRX), up 3.2% after receiving a positive opinion on EMA orphan drug designation for BCX4161... GoPro (GPRO), up 1% following analyst remarks that sell-off after yesterday's report on Apple (AAPL) patent was "overdone." DOWN AFTER EARNINGS: JPMorgan (JPM), down 2.7%... Wells Fargo (WFC), down 2.2%... Banking peers down as well, with Bank of America (BAC) down 2.8% and Citi (C) down 2%. ALSO LOWER: Tesla (TSLA), down 9% following comments made by CEO Elon Musk at an automotive conference in Detroit regarding a slowdown in China... New Media (NEWM), down 4.8% after 7M share spot secondary priced at $21.70... General Motors (GM), down 3% after giving 2015 guidance, saying it is on track to meet previously announced 2016 financial targets... Apple (AAPL), down 1% following lawsuit against Ericsson (ERIC) and countersuit filing.
08:03 EDTGMGeneral Motors to increase CapEx to $9B in 2015
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08:03 EDTGMGeneral Motors on track to meet previously announced 2016 financial targets
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08:02 EDTGMGeneral Motors sees adjusted EBIT and EBIT-adjusted margin to increase in 2015
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07:34 EDTBACNew rules prompt BofA to sever ties with 150 hedge funds, Bloomberg reports
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07:34 EDTGMDeutsche Bank to hold a conference
2015 Global Auto Industry Conference is being held in Detroit on January 13-15 with webcasted company presentations to begin on January 14 at 7:15 am; not all company presentations may be webcasted. Webcast Link
06:57 EDTBACBarclays appoints Jonathan Moulds as Group COO
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January 13, 2015
15:12 EDTBACU.S. Supreme Court decision gives homeowners leeway to rescind mortgage loans
In an unanimous ruling, the U.S. Supreme Court ruled on Jesinoski vs. Countrywide Home Loans that homeowners are allowed to rescind home mortgages within the three years allotted under the Truth in Lending Act of 1968 by providing written notice to his/her lender. The court ruled that the borrowers were not required to file suit against the lender, which the respondents, Countrywide, claimed. The notice of rescission was sufficient to clear the homeowners of any obligation to the loan, provided they do it within the allotted time. Countrywide Home Loans is a subsidiary of Bank of America (BAC). Other publicly traded companies in the banking space include Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
13:56 EDTGMGM open to partnering with Google on self-driving cars, Time says
GM (GM) would be open to having a discussion with Google (GOOG) about jointly developing self-driving cars, GM Chief Technology Officer Jon Lauckner said, according to Time Magazine. Reference Link
11:20 EDTBACBank of America January volatility elevated into Q4 and outlook
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07:44 EDTBACNationstar, non-bank lenders could get boost from refis, WSJ says
As a decline in interest rates and a reduction in federal loan fees boosts refinancing activity, smaller banks and non-bank lenders, such as Quicken Loans, loanDepot, and Nationstar Mortgage (NSM), may be in a better position than large banks to benefit, said The Wall Street Journal. Publicly traded large U.S. banks include Bank of America (BAC), Citi (C), JPMorgan (JPM), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
07:25 EDTGMNew NHTSA head says 2015 may see more recalls than record-setting 2014, WSJ says
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January 12, 2015
14:36 EDTGMGeneral Motors to spend $12B to launch new Cadillac models, Bloomberg says
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11:58 EDTGMAlly Financial could see 20% of originations hit by GM changes, says Jefferies
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11:05 EDTGMGM receives 141 more claims for faulty ignition switch compensation, Reuters say
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06:24 EDTGMGM plans to use lending arm for subsized leases in the U.S., WSJ reports
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