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Stock Market & Financial Investment News

News Breaks
January 22, 2014
10:45 EDTBP, APC, MU, AAPL, CMG, GMBP, Anadarko advance after Einhorn discloses stakes
Shares of BP (BP) and Anadarko (APC), which produce oil and gas, are climbing after David Einhorn's Greenlight Capital disclosed that it had obtained stakes in both companies. WHAT'S NEW: Greenlight Capital, a hedge fund founded by well-known investor David Einhorn, accumulated "medium size" stakes in BP and Anadarko last quarter, Einhorn wrote in a letter to investors dated January 21. Anadarko's stock is cheap compared with its peers, he contended. Noting that the company is involved in a legal battle stemming from its 2006 acquisition of oil and gas assets from Kerr-McGee, Einhorn predicted that Anadarko will have to pay $5 billion in penalties related to the case, rather than the maximum potential damages of $14 billion. As for BP, Einhorn contends that the company is worth $70 per share. As a result, it can create significant value by selling some of its assets and using the proceeds to buy back some of its own stock, he believes. BP has been taking this approach, and the market should begin to appreciate the company more as its legal issues subside, Einhorn wrote. WHAT'S NOTABLE: Greenlight also added a large position in flash memory maker Micron (MU), Einhorn reported. The hedge fund maintained long positions in Apple (AAPL), GM (GM), and Marvell (MRVL), and short positions in Chipotle (CMG) and US Steel (X), Einhorn indicated. PRICE ACTION: In mid-morning trading, BP added about 1.1% to trade near $49, while Anadarko advanced 2.75% to $83.42.
News For BP;APC;MU;AAPL;CMG;GM From The Last 14 Days
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August 10, 2014
16:51 EDTAAPLCourt rejects $324M settlement in tech hiring conspiracy, NYT says
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August 9, 2014
15:40 EDTGMGM loses attempt to dismiss revived ignition-death lawsuit, Bloomberg says
A Georgia judge rejected General Motors' attempt to dismiss a revived lawsuit over the death of woman that precipitated the recall of 2.59M cars over faulty ignition switches, says Bloomberg. Reference Link
August 8, 2014
16:16 EDTAAPLU.S. judge rejects Apple, Google antitrust hiring accord, Bloomberg reports
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16:00 EDTAAPLOptions Update; August 8, 2014
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14:09 EDTGMGeneral Motors announces 269K vehicle recall
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10:21 EDTAPCAnadarko calls active on renewed takeover chatter
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10:18 EDTAPCRumor: Anadarko moves up on renewed takeover chatter
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10:00 EDTCMGOn The Fly: Analyst Downgrade Summary
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09:37 EDTAAPLActive equity options trading on open
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09:10 EDTMUMicron shares should be bought on weakness, says Sterne Agee
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07:41 EDTCMGChipotle downgraded at Longbow
As previously reported, Longbow downgraded Chipotle to Neutral from Buy. The firm downgraded shares based on valuation.
07:31 EDTAAPLChina refutes report of Apple product procurement ban, Re/code reports
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06:50 EDTCMGChipotle downgraded to Neutral from Buy at Longbow
06:47 EDTGMGM aims to unveil new Volt hybrid in six months, Reuters says
GM said that it plans to showcase its newest model of its Chevrolet Volt hybrid electric vehicle in six months, reported Reuters. Company officials did not explain details on the pricing or driving range of the 2016 model, but said the car will be revealed at the North American International Auto Show. Reference Link
August 7, 2014
16:00 EDTAAPLOptions Update; August 7, 2014
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09:36 EDTAAPLActive equity options trading on open
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06:43 EDTAAPLApple poaches YSL's Catherine Monier, 9to5Mac reports
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06:19 EDTAAPLMicrosoft in talks to open Fifth Avenue store, Daily News reports
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06:18 EDTGMGM issues recall for certain model year SAABs, Trailblazer EXTs, others
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06:06 EDTCMGStocks with implied volatility below IV index mean; TWX CMG
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