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Stock Market & Financial Investment News

News Breaks
January 15, 2014
12:18 EDTDTLK, BAC, NUS, CHTP, QIWI, GMOn 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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April 9, 2014
06:27 EDTBACBig banks must add capital to comply with new rules, WSJ reports
A of January 1, 2018, the U.S.'s eight largest banks -- including Citigroup (C), JPMorgan (JPM) and Goldman Sachs (GS) -- must add up to $68B in extra capital to comply with a new rule intended to help firms weather losses during periods of market stress, the Wall Street Journal. The banks will be required to maintain well above the minimum levels of capital held against assets on their books. Banks must report the new levels next year. Reference Link
06:00 EDTGMGeneral Motors workers in Kentucky vote to allow strike, AP reports
GM's auto workers at its Bowling Green, Kentucky plant have voted to authorize a strike over safety concerns, the Associated Press reports. More than 90% of the eligible union workers voted to call a strike if necessary. Reference Link
April 8, 2014
18:56 EDTGMOn The Fly: After Hours Movers
NOTABLE: General Motors (GM) was fined by the National Highway Traffic Safety Administration for failing to respond to the agency's inquiry into the company's recall of faulty ignition switches in a timely manner... According to a report by The Wall Street Journal, Goldman Sachs (GS) executives have broached the subject of closing its dark pool trading operation, Sigma X. HIGHER: Constant Contact (CTCT), up 13% after giving a preliminary first quarter revenue outlook that beat estimates and raising its fiscal 2014 revenue guidance... Alcoa (AA), up 2.5% after reporting adjusted profit that beat estimates on revenue that missed expectations. LOWER: Intuitive Surgical (ISRG), down 9.5% after giving a first quarter revenue outlook that widely missed expectations and saying it will take a $67M charge in the quarter related to legal settlements.
18:23 EDTGMGeneral Motors planning lower-priced Chevy Volt, Reuters says
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17:14 EDTGMGeneral Motors fined $28,000 by NHTSA for timeliness of response to inquiry
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17:06 EDTGMGeneral Motors fined $28,000 by NHTSA, reports CNBC
12:33 EDTGMGeneral Motors to invest $449M in support of electric vehicles
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09:32 EDTGMGeneral Motors appears oversold, says RBC Capital
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07:31 EDTGMGM workers in Bowling Green to hold vote on strike, AP reports
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07:17 EDTGMChina car sales up 9% as curbs spark early purchases, Bloomberg says
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07:14 EDTGMGM SUVs earn top scores among rivals in crash test, Bloomberg says
The Insurance Institute for Highway Safety said GM's (GM) Chevrolet Equinox and GMC Terrain earned the highest scores among mid-size sport-utility cars in a test made to simulate one of the deadliest kinds of front-end crashes, according to Bloomberg, citing a statement from IIHS's Chief Research Officer David Zuby. Toyota's (TM) Highlander earned an "acceptable" rating, while the other six cars that were tested were given a "marginal" or "poor" rating. Reference Link
April 7, 2014
19:57 EDTBACFederal Reserve announces extension on some CLOs
The Federal Reserve Board announced that it intends to exercise its authority to give banking entities two additional one-year extensions to conform their ownership interests in and sponsorship of certain collateralized loan obligations, or CLOs, covered by section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly referred to as the Volcker rule. Section 619 of the Dodd-Frank Act directed the board to adopt rules for the conformance period and the board previously extended the conformance period for all activities and investments by one year to July 21, 2015. To ensure effective compliance, the board intends to grant banking entities two additional one-year extensions, which together would extend until July 21, 2017, to conform their ownership interests in and sponsorship of CLOs to the statute. Publicly traded companies that may be impacted by the announcement include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
17:25 EDTGMGeneral Motors to invest $450M in electric cars, WSJ says
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14:16 EDTGMGroup says General Motors' Impala could have air bag defect, Bloomberg reports
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11:17 EDTGMGeneral Motors upgraded to Buy from Hold at Standpoint Research
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06:35 EDTGMGM investors keep faith as recall reduces $3B in value, Bloomberg says
A variety of institutional investors in GM say they still feel confident in the stock after the recall crisis reduced more than $3B in shareholders’ value over four weeks, reported Bloomberg. Reference Link
06:29 EDTGMGeneral Motors considers range of options for victim-compensation, WSJ says
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April 6, 2014
18:12 EDTGMGM to begin fixing faulty ignition switches, WSJ says
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16:07 EDTGMGM's Opel brand planning compact electric car by 2017, Reuters says
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14:53 EDTGMMcCaskill says GM ignition case could lead to criminal charges, Reuters says
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