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Stock Market & Financial Investment News

News Breaks
May 15, 2014
12:34 EDTNQ, GTIV, GM, WMT, ACXM, KND, CSCOOn The Fly: Midday Wrap
Stocks on Wall Street began the session in negative territory, extending yesterday's slide, and have remained there throughout the morning. The Dow is down about 1%, though that decline is less than either the S&P 500 or Nasdaq have experienced. The blue chip index is being weighed on by a post-earnings slide in shares of Wal-Mart (WMT), but that decline has been somewhat offset by the advance of fellow component Cisco (CSCO) after its own strong report. ECONOMIC EVENTS: In the U.S., initial claims fell to a new cycle-low 297K in the second week of May, which was below the expectation for 315K initial claims. The Consumer Price Index rose 0.3% in April compared to the prior month, as expected. The NY Fed's Empire State survey has a reading of 19.01, which was a four-year high and well above the forecast for a reading of 5.0. Industrial production fell 0.6% in April, which was worse than the expected decline of 0.1%. Capacity utilization fell to 78.6% in the month, which was also worse than expected. The Philadelphia Federal Reserve index fell to 15.4 in May from its prior reading of 16.6, which was a smaller decline than anticipated. The NAHB housing market index fell to 45 in May, undershooting the consensus estimate of 48. COMPANY NEWS: Two blue chip names were moving in different directions following their earnings reports, as tech giant Cisco lead all advancers on the Dow and the world's largest retailer, Wal-Mart, was the laggard on the index. Cisco shares gained almost 7% near noon after the company's Q3 results beat expectations and analysts at Cantor called the company's tone on its conference call "the most upbeat in over a year." Conversely, Wal-Mart fell 2.5% at midday after the company's earnings for the just ended quarter and its guidance for current quarter profits both trailed analysts' consensus forecast... General Motors (GM) shares are down nearly 3% after the company announced five new safety recalls covering about 2.7M vehicles in the United States. MAJOR MOVERS: Among the notable gainers was Gentiva Health (GTIV), which jumped 61% and was upgraded to Market Perform from Underperform at Raymond James after Kindred Healthcare (KND) made public its proposal to acquire Gentiva for a combination of $7.00 per share in cash and $7.00 of Kindred common stock. Shares of Kindred, which said that Gentiva has not been willing to discuss a transaction, also rose 6% after the announcement. Among the noteworthy losers was NetQin Mobile (NQ), which plunged 25% after the Chinese company, which has previously been accused of fraud by short-seller Muddy Waters, said it was unable to file its annual report on time because it needs additional time to complete it. Also lower was Acxiom (ACXM), which dropped 22% after the company gave a lower than expected FY15 outlook and announced a deal to acquire LiveRamp for $310M in cash. INDEXES: Near midday, the Dow was down 195.53, or 1.18%, to 16,418.44, the Nasdaq was down 60.36, or 1.47%, to 4,040.26, and the S&P 500 was down 25.16, or 1.33%, to 1,863.37.
News For CSCO;WMT;GTIV;KND;GM;NQ;ACXM From The Last 14 Days
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June 23, 2015
17:27 EDTGMGeneral Motors downgraded to Neutral from Buy at Goldman
16:29 EDTWMTOn The Fly: Top stock stories for Tuesday
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13:37 EDTWMTOn The Fly: Top stock stories at midday
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08:04 EDTCSCONRG Renew to develop 20MW solar energy facility for Cisco
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07:41 EDTCSCORed Hat to hold a summit
Red Hat Summit 2015 is being held in Boston on June 23-26 with webcasted company presentations to begin on June 23 at 4 pm; not all presentations may be webcasted. Webcast Link
07:33 EDTCSCOBlackBerry, Cisco sign broad patent cross-licensing agreement
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07:05 EDTWMTGreen Dot price target raised to $24 from $22 at Piper Jaffray
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06:31 EDTWMTGreen Dot contract terms better than feared, says JPMorgan
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June 22, 2015
19:00 EDTWMTOn The Fly: After Hours Movers
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16:33 EDTWMTGreen Dot rallies sharply on Walmart deal
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16:28 EDTWMTGreen Dot up 27% after announcing deal with Wal-Mart
16:02 EDTWMTGreen Dot to remain program manager for Walmart
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12:41 EDTGMHyundai nearing sponsorship agreement with NFL, Bloomberg reports
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11:15 EDTGMGM activists not interested in merger with Fiat Chrysler, Financial Times says
General Motors (GM) activist holders have said they will not push for a merger with Fiat Chrysler (FCAU), reports the Financial Times. According to four people familiar with the matter, the activist contingent, which controls about 1.5% of GM shares, is more interested in cutting costs than embarking on a complicated merger transaction. One person close to the hedge funds said the investors believe consolidation makes sense but are unsure "that this particular consolidation makes sense." Reference Link
11:02 EDTGMGeneral Motors to invest $245M at Orion Assembly plant
General Motors said it will invest $245M and add 300 new jobs at its Orion Assembly plant to support launching an all-new vehicle program. "Orion Assembly is a breeding ground for manufacturing innovation,” said Cathy Clegg, GM North America vice president of Manufacturing and Labor Relations. "It serves as a model for how to engage the entire workforce at all levels to achieve success. The plant is up to the challenge of building this brand-new product, something it’s never seen before." Investment in Orion totals $962M since the UAW and GM worked together to reopen the previously idled plant in 2010, the automaker announced in a statement. Today's announcement is a part of the $5.4B GM has announced it will invest in U.S. manufacturing over the next three years. Approximately $3.1B of the $5.4B has been identified, leaving $2.3B to be announced by year end.
08:08 EDTCSCORed Hat names Frank Calderoni as EVP, operations, CFO
Red Hat (RHT) announced that Frank Calderoni will join the company as EVP, operations and CFO. Calderoni will be responsible for leading the company’s global finance organization and the leadership and management of IT and operations teams, reporting to Red Hat president and CEO, Jim Whitehurst. Calderoni served as EVP and CFO at Cisco Systems (CSCO) for seven years and most recently served as an executive advisor. Calderoni succeeds Red Hat executive vice president and CFO Charlie Peters, whose planned retirement was announced in December 2014, and who will remain with Red Hat until July 31. Calderoni joins Red Hat on June 22, 2015, and will succeed Peters as CFO effective July 13, 2015.
06:57 EDTGMCNH Industrial upgraded to Neutral from Underweight at JPMorgan
JPMorgan upgraded CNH Industrial (CNHI) to Neutral saying the stock could find support until the potential General Motors (GM) and Fiat-Chrysler (FCAU) merger is resolved. The firm raised its price target for shares to $8.50 from $7.50.
06:08 EDTGMGeneral Motors to add over 243,000 hatcbacks to air bag recall, AP reports
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June 19, 2015
10:50 EDTGMEPA proposes new rules for medium- and heavy-duty truck emissions
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08:22 EDTWMTChina to let foreign companies fully own e-commerce businesses, Reuters reports
China's Ministry of Industry and Information Technology announced that, effective immediately, foreign companies will be allowed to have full ownership of some e-commerce businesses, reported Reuters. Players in China's booming e-commerce market include market leader Alibaba Group (BABA) as well as JD.com (JD), Amazon.com (AMZN), Vipshop (VIPS) Wal-Mart (WMT), which holds a stake in shopping site Yihaodian, the report noted. Reference Link
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