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Stock Market & Financial Investment News

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December 6, 2013
06:17 EDTGE, MPC, TRP, WFC, GM, VLO, TWC, C, NGL, EOG, CMCSA, NSANYOn the Fly: Periodicals Wrap-Up
WALL STREET JOURNAL: Any effort by Comcast (CMCSA) to acquire Time Warner Cable (TWC) would face significant hurdles in Washington, according Ajit Pai, a Republican commissioner at the FCC, casting doubt on a cable-industry consolidation scenario that has grabbed Wall Street's attention, the Wall Street Journal reports...The U.S. Gulf Coast, home to the world's largest concentration of petroleum refineries, is suddenly awash in crude oil. So much high-quality U.S. oil is flowing into the area (TRP, EOG, VLO, MPC, NGL) that the price of crude there has dropped sharply in the past few weeks and is no longer in sync with global prices, the Wall Street Journal reports...REUTERS: GM (GM) may consider shipping more South Korean-made cars to Australia, sources say, as part of a global restructuring that will see its Chevrolet brand in Europe dropped and production in Australia potentially scrapped, Reuters reports...GE (GE) has no plans to buy an oil or natural gas producer, CEO Jeff Immelt told Reuters. Ever since the conglomerate bought oil pump maker Lufkin earlier this year for nearly $5B, speculation has swirled that he wanted to buy an energy producer amid the fast-paced growth of the North American shale boom, Reuters reports...BLOOMBERG: Citigroup (C) and Wells Fargo (WFC) were accused of discriminatory mortgage lending by the city of Los Angeles, which seeks damages for reduced property tax revenue and the costs of maintaining foreclosed properties, Bloomberg reports...Nissan Motor (NSANY) forecast its growth in China will outpace industry wide sales in the country for the first time in three years as consumers in the world’s largest auto market return to Japanese brands, Bloomberg reports.
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April 11, 2014
06:15 EDTGMFord upgraded to Buy from Hold at Deutsche Bank
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April 10, 2014
16:39 EDTGMOn The Fly: Closing Wrap
Stocks on Wall Street were sharply lower as selling pressure took hold early in the session and did not relent. The averages closed near their worst levels, with the tech-heavy Nasdaq down more than 3%. With today's close, each of the major indexes is now lower for the year. ECONOMIC EVENTS: In the U.S., initial claims for unemployment benefits fell to 300K last week, hitting their lowest weekly level since May 2007. The the timing of Easter and Passover, as well as other seasonal factors, however, may have lead many to discount the figure. Export prices rose 0.8% in March, while import prices grew 0.6%, both of which were greater than expected advances. In China, exports fell 6.6% from a year earlier in March, while imports plunged 11.3%. Economists had predicted year-over-year gains for both. COMPANY NEWS: eBay (EBAY) and activist investor Carl Icahn settled their proxy contest, with Icahn withdrawing both his two board nominees and his proposal for eBay to spin off its PayPal unit. As part of its agreement with Icahn, eBay will expand the number of independent directors on its board to 10 and add David Dorman to serve in that capacity. The online retail marketplace was among the many tech names suffering losses, closing the session down $1.81, or 3.24%, at $54.08... Ally Financial (ALLY), formerly the auto finance and financial services arm of General Motors (GM), lost $1.02, or 4.08%, to close at $23.98 in its first day of trade following its return to the public markets after having price its return offering at $25.00 per share... General Motors made news again as well by confirming that two of its engineers have been placed on paid leave as part of the company's ongoing ignition switch recall probe. The company also added ignition lock cylinders to its safety recall of 2.2 million vehicles in the U.S. and said it expects to take a $1.3B charge in the first quarter due to recall-related repairs... MAJOR MOVERS: Among the notable gainers was drugstore operator Rite Aid (RAD), which rose 54c, or 8.44%, to $6.94 after reporting earnings and revenue and that beat expectations and giving a revenue outlook for its fiscal 2015 that came in above estimates. Also higher following a better than expected earnings report was casual restaurant owner Ruby Tuesday (RT), which advanced 72c, or 12.08%, to $6.68. Among the noteworthy losers was data security solutions provider Imperva (IMPV), down $21.73, or 43.7%, to $28.00 which plunged 41% after the company slashed its first quarter profit and sales outlook. Another name in computer security, FireEye (FEYE), was among a a number of so-called "momentum" stocks that fell during the session, sliding $6.64, or 11.77%, to $49.75. Other momentum stocks that fell included 3D Systems (DDD), down $5.90, or 10.79%, to $48.78, and Yelp (YELP), down $7.78, or 10.92%, to $63.47. INDEXES: The Dow was down 266.96, or 1.62%, to 16,170.22, the Nasdaq was down 129.79, or 3.1%, to 4,054.11, and the S&P 500 was down 39.10, or 2.09%, to 1,833.08.
16:00 EDTCOptions Update; April 10, 2014
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15:25 EDTWFCNotable companies reporting before tomorrow's open
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14:07 EDTGMGeneral Motors up more than 1% after announcing $1.3B recall-related charge
14:02 EDTGMGeneral Motors to take $1.3B charge in Q1 on recall-related repairs
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13:07 EDTWFCWells Fargo April weekly 50 straddle priced for 2% move into Q1
12:48 EDTNGLOppenheimer reports 11.45% passive stake in NGL Energy Partners
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12:36 EDTWFCEarnings Preview: Wells Fargo to report results after dividend hike
Wells Fargo (WFC), a bank holding company, is scheduled to report first quarter earnings before the open on Friday, April 11, with a conference call scheduled for 10:00 am ET. EXPECTATIONS: Analysts are looking for earnings per share of 97c on revenue of $20.6B, according to First Call. The consensus range for EPS is 90c-$1.02 on revenue of $19.5B-$22.41B. LAST QUARTER: Wells Fargo reported higher than expected Q4 EPS and revenue. The company said that it believes it can continue to grow its net interest margin over time. In a statement, CEO John Stumpf said, "Strong earnings power and capital levels, and an improving economic outlook are major reasons why we look ahead to 2014 with optimism." On March 26, Wells Fargo reported that the Federal Reserve had approved the bank’s capital allocation plan. Under the plan, Wells plans to pay a dividend of 35c per share. The dividend, which was increased 16.7% over prior levels, must be approved by the bank’s board of directors at its April 29 meeting. The bank also authorized the repurchase of an additional 350M shares of its own stock. STREET RESEARCH. In a note to investors on April 8, UBS wrote that Q1 may be the first quarter in four years that Wells Fargo’s EPS will not grow versus the previous quarter, as it believes the bank was hit with seasonal costs in Q1 that were not offset by revenue increases. The bank’s EPS will drop to 97c in Q1, down from $1.00 in Q4, but will still be up 5% versus the first quarter of 2013, the firm predicted. On a positive note, UBS contended that Wells Fargo was "a relative winner" of the Fed’s capital plan approval process. Although Wells' board has approved a 350M share increase in the bank’s stock repurchases, it typically doesn’t carry out large share repurchases, UBS stated. Wells should benefit from a continued U.S. economic recovery, but its shares already reflect such an outlook, according to UBS, which kept a Neutral rating on the stock. Meanwhile, Oppenheimer was somewhat upbeat about the sector's outlook. In a note to investors on April 3, the firm predicted that bank stocks would outperform the broader market by a few hundred basis points per year. Loan growth "remains sluggish," but reduced credit costs and expenses should enable banks to report results that show slight year-over-year improvements, the firm contended. PRICE ACTION: Wells’ stock is little changed over the last month, but is up 6% so far this year and nearly 29% over the last 12 months.
12:25 EDTGMOn The Fly: Midday Wrap
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09:37 EDTCActive equity options trading on open
Active equity options trading on open according to Track Data: SIRI RAD AAPL AMZN AA FB TSLA MRK CVX C
09:03 EDTGEGE to provide grid modernization solutions to Furnas
GE’s Digital Energy business is providing Furnas and Triangulo Mineiro Transmissora/Geoenergia with the latest in protection and control equipment to ensure performance and quality for each of the utility’s grid modernization projects. Furnas is one of the biggest utilities in Latin America and is responsible for power transmission in south, southeast and mid west Brazil. These projects, which support the modernization of Brazil’s grid, mark GE’s entry into Brazil’s ANEEL transmission auctions. The auctions were won in December 2013 by TMT, a collaborative utility composed of Furnas and FIP Milao, with Furnas being the largest participant at 49%.
08:08 EDTGMGM confirms two engineers placed on paid leave as part of ignition switch probe
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07:49 EDTCMCSA, TWCLawmakers concerned over Internet share of combined Comcast-TWC, LAT says
During merger review proceedings, legislators on the Senate Judiciary Committee expressed particular concern about the 40% nationwide share of the Internet market that would be held by a combined Comcast (CMCSA) and Time Warner Cable (TWC) if the two are permitted to merge, reported The Los Angeles Times. Reference Link
07:30 EDTWFCWells Fargo April volatility elevated at 20 into Q1 and outlook
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07:21 EDTCMCSAHulu's head of original programming development to leave company, AdWeek says
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07:20 EDTGMGM fights against judge's request for 'park-it' order, Bloomberg says
U.S. District Judge Nelva Gonzales Ramos asked GM to explain why she shouldn’t order the automaker to recommend that drivers of the recalled cars should cease driving them, according to Bloomberg, citing a statement from the automotive company. GM feels it shouldn’t be obligated to tell vehicle owners to park the recalled models until they are fixed, because they’re safe to use if government-approved recall instructions are followed. Reference Link
06:35 EDTC, WFCMobile banking presents opportunity and risks for banks, WSJ reports
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06:32 EDTGMAutomakers have recalled nearly 15M vehicles since start of year, WSJ reports
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06:10 EDTGMGeneral Motors requests NASA review in recalled vehicles, Detroit News says
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