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Stock Market & Financial Investment News

News Breaks
December 3, 2012
16:19 EDTHMA, SVU, GM, QIHU, DELL, QLGC, FOn The Fly: Closing Wrap
Stocks on Wall Street finished lower as some mixed economic data from the U.S. and abroad tempered investor enthusiasm. After a moderately higher open, fueled by positive news from China, the market drifted steadily lower through the session. Late day reports broke of a counter-offer being made by House Republicans regarding the fiscal cliff, though the news didn't move the averages as sharply as similar news has in recent days... ECONOMIC EVENTS: In the U.S., the ISM November manufacturing purchasing managersí index, or PMI, slid to 49.5, reflecting contraction, versus expectations for a 51.4 reading. Construction spending for the month of October increased 1.4%, versus an expected 0.5% rise. In Asia, the final reading of the HSBC China manufacturing PMI for November rose to 50.5 and a similar survey from the Chinese National Bureau of Statistics rose to a seven-month high of 50.6. In Europe, manufacturing activity contracted again but at a slower pace, as Markit's final November euro-zone PMI rose to 46.2 from 45.4 in October... COMPANY NEWS: Dell (DELL) shares opened sharply higher after Goldman upgraded the stock two notches, from Sell to Buy, though shares lost a little steam during the session. Dell finished the day up 42c, or 4.36%, to $10.06... November auto sales rose to what may be their highest annualized rate since February 2008, though General Motors' (GM) 3.4% increase missed expectations. Meanwhile, Ford's (F) November sales rose a better than expected 6.5%... MAJOR MOVERS: Among the notable gainers was Qihoo 360 (QIHU), up $2.45, or 9.80%, to $27.44 after Stifel Nicolaus said the company launched a music and a map vertical search engine. Also higher were shares of Supervalu (SVU), up 30c, or 12.61%, to $2.68 after a weekend report from the Wall Street Journal said Cerberus Capital would explore multiple options in its bid for the company. Among noteworthy losers was QLogic (QLGC), down 73c, or 7.70%, to $8.75 after the stock was downgraded to Sell from Neutral at Goldman. Also lower were shares of Health Management (HMA), down 45c, or 5.66%, to $7.50 after a negative mention in a "60 Minutes" report and a downgrade at CRT Capital, though the stock was defended or recommended by at least four other firms... INDICES: The Dow was down 59.98, or 0.46%, to 12,965.60; the Nasdaq was down 8.04, or 0.27%, to 3,002.20; and the S&P 500 was down 6.72, or 0.47%, to 1,409.46.
News For DELL;GM;F;QIHU;SVU;QLGC;HMA From The Last 14 Days
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November 24, 2015
11:33 EDTQLGCBrocade sinks to 52-week low after Q1 outlook trails estimates
Shares of Brocade (BRCD), a supplier of networking equipment, are sinking after the company's outlook for the first quarter trailed analysts' consensus estimates. WHAT'S NEW: Last night, Brocade reported fourth quarter adjusted earnings per share of 26c and revenue of $588.83M, beating analysts' consensus estimates of 24c and $575.1M, respectively. Adjusted gross margin for the quarter was 67.9%, while adjusted operating margin was 25%. SAN product revenue was $325M in Q4, flat year-over-year and up 5% quarter-over-quarter, while Q4 IP Networking product revenue was $170M, up 12% year-over-year and 10% quarter-over-quarter. GUIDANCE: Looking ahead to Q1, Brocade forecast adjusted EPS of 23c-25c and revenue of $550M-$570M, below analysts' consensus estimates of 26c and $582.17M, respectively. The company also sees Q1 adjusted gross margin of 67%-67.5%, adjusted operating margin of 24%-25.5%, adjusted free cash flow of $30M-$50M, operating cash flow of $50M-$70M and capital expenditures of $15M-$20M. Additionally, the company forecast Q1 SAN product revenue flat to up 3% quarter over quarter, "as we typically see stronger buying patterns from our OEM partners in our fiscal Q1." IP Networking revenue is expected down 16% to down 22% q/q, driven by U.S. federal seasonality and lower router sales. The company sees Q1 Global Services revenue down 2% q/q due to a one-time catch-up benefit realized in Q4 of approximately $3M. Brocade noted that at the end of Q4, OEM inventory was approximately 1.3 weeks of supply based on SAN business revenue and the company expects inventory to be between one to two weeks in Q1. ANALYST REACTION: JPMorgan analyst Rod Hall downgraded Brocade to Neutral from Overweight this morning, saying that enterprise IT spending continues to look weak after the company's guidance missed estimates. Hall also cut his price target for shares to $9 from $14. PRICE ACTION: Brocade fell 82c, or about 8%, to $9.27 in late morning trading on more than three times its average daily trading volume. Earlier in the session, the stock hit a fresh 52-week low of $9.16. Including today's pull back, the shares have lost approximately 20% over the past 12 months. OTHERS TO WATCH: Other networking equipment suppliers include Cisco Systems (CSCO), down 0.6%, Juniper Networks (JNPR), down 0.4%, Extreme Networks (EXTR), down 0.7%, and QLogic (QLGC), down 1.3%.
November 23, 2015
10:37 EDTFFord no longer using Takata air bag inflators in future cars, AP reports
Ford (F) will stop using air bag inflators manufactured by Takata (TKTDY) in future vehicles, the Associated Press reports. The company joins Honda (HMC), Toyota (TM), and Nissan (NSANY) in choosing not to put the inflators in vehicles currently under development, the report says. Reference Link
10:33 EDTFFord recalls roughly 451,000 midsize vehicles in NA for potential fuel leak
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06:24 EDTGMGM uses KBB to offer targeted incentives, Automotive News reports
General Motors has turned to Kelley Blue Book's website to offer targeted incentives to customers, Automotive News reports. Reference Link
November 22, 2015
18:46 EDTGMUAW union ratifies General Motors agreement
The United Auto Workers announced that its international executive board has formally ratified the national labor agreement with General Motors. The union explained that, after its proposed agreement with GM was blocked by the union's skilled trades members, it held meetings with those members and subsequently presented their concerns to both union leadership and GM itself. Following those discussions, the parties agreed to changes that "protect core trades classifications and seniority rights," according to UAW. Reference Link
18:32 EDTFUAW union members ratify Ford agreement
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November 20, 2015
16:17 EDTSVUSupervalu weighs sale of Save-A-Lot as alternative to spinoff, Reuters reports
Supervalu is considering an outright sale as an alternative to a spin-off of its discount grocery retail chain Save-A-Lot, Reuters reports, citing people familiar with the matter. Supervalu has fielded interest in Save-A-Lot from multiple private equity firms, and has explained that it will weigh offers once it registers the unit with regulators for a spin in early 2016, the sources said. Reference Link
15:45 EDTSVUSupervalu weighs sale of Save-A-Lot as alternative to spinoff, Reuters reports
November 19, 2015
08:32 EDTFFord to hold a discussion
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07:55 EDTGMGM's Reuss: Company 'deeply committed' to EVs, FT says
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06:11 EDTFFord-UAW contract headed for rejection, Reuters says
A proposed four-year labor deal between Ford and the United Auto Workers union seems headed for rejection after Chicago plant workers voted against the deal by a margin of over 2-to-1, Reuters reports. UAW leaders warned other members that rejecting the contract could jeopardize investments that would maintain U.S. factory jobs and believe that the proposed pact with Ford would be the richest in history, the report says. Reference Link
November 18, 2015
16:01 EDTFOptions Update; November 18, 2015
iPath S&P 500 VIX Short-Term Futures down 1.39 to 19.44. Option volume leaders: AAPL NBG TGT NFLX F FB QCOM SUNE GPRO MSFT
09:32 EDTGMThe House Oversight & Government Reform Committee to hold a hearing
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07:57 EDTGMBarclays to hold a conference
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November 17, 2015
09:01 EDTQLGCQLogic announces approval of $125M stock repurchase program
QLogic Corp. announced that its board of directors has authorized a program to repurchase up to $125M of the company's outstanding common stock over a period of up to two years from the initial purchase under the new program.
08:00 EDTFFord says launching new Escape
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November 16, 2015
12:56 EDTFFord faces trial over allegedly exaggerated MPG estimates, Bloomberg says
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09:59 EDTGMOmega bought Valeant in Q3, sold some SuneEdison
Leon Cooperman's Omega Advisors gave a quarterly update on its stakes in a filing this morning, disclosing its positions as of September 30. NEW STAKES: Pfizer (PFE), Valeant (VRX) Walgreens Boots Alliance (WBA), TerraForm Global (GLBL), Cigna (CI). INCREASED STAKES: Google Class A (GOOGL), Facebook (FB), Delta Air Lines (DAL). DECREASED STAKES: SunEdison (SUNE), Shire (SHPG), Citi (C), KAR Auction (KAR), LyondellBasell (LYB). LIQUIDATED STAKES: McKesson (MCK), 21st Century Fox (FOXA), General Motors (GM), QEP Resources (QEP), eBay (EBAY).
08:20 EDTFFord sold remaining interest in Mazda, Nikkei reports
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07:36 EDTGMBerkshire Hathaway discloses new AT&T stake in quarterly update
Berkshire Hathaway gave a quarterly update on its stakes in a filing this morning. NEW STAKES: AT&T (T), Kraft Heinz (KHC), Liberty Lilac Group (LILA). INCREASED STAKES: Phillips 66 (PSX), Charter (CHTR), Liberty Media (LMCK), Suncor (SU), General Motors (GM). DECREASED STAKES: Goldman Sachs (GS), Wal-Mart (WMT), Deere (DE), Chicago Bridge & Iron (CBI), WABCO (WBC). LIQUIDATED STAKES: Viacom (VIAB).
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