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Stock Market & Financial Investment News

News Breaks
May 9, 2012
12:38 EDTDIS, CQB, DTEGY, PCS, BBBY, CPWM, SODA, TM, M, DVAXOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday, but the major averages were well off the lows seen about an hour into trading. The market is down for the sixth consecutive session, its longest losing string of the year. The weakness is being attributed to concern about the fate of the euro zone as a new leader takes over in France and Greece struggles to form a government and may need to hold another round of elections. The past several sessions have seen the market open lower but rally during the later hours of the session to reduce the day's losses. So far today that trend is continuing as the averages have recovered significantly from their worst levels... ECONOMIC EVENTS: In the U.S., wholesale inventories rose 0.3% in March, versus the expected increase of 0.6%. In Europe, Spanish 10-year bond yields rose above 6% and more reports indicated that efforts to form a new government in Greece were expected to fail, putting the country's bailout deal in doubt and renewing concerns about Greece intentionally exiting or being forced off the euro. A Reuters report, citing EU sources, said the EU is more likely than not to agree to the latest EUR 5.2B bailout payment due tomorrow to Greece from the EFSF bailout fund, which may have contributed to a late morning rally seen here in the States... COMPANY NEWS: Disney (DIS) shares gained over 2% after its earnings beat expectations, while Macy's (M) slid more than 3% in spite of earnings that also came in above consensus... Toyota (TM) reported a surge in its Q4 net income and forecast a doubling of profits in the current fiscal year, sending its stock up more than 3%... MAJOR MOVERS: Among the notable gainers were SodaStream (SODA), up over 26%, after it reported much stronger than expected results and boosted its 2012 guidance, and Cost Plus (CPWM), up about 22%, after agreeing to be acquired by Bed Bath & Beyond (BBBY) for $22 per share. Also higher were shares of MetroPCS (PCS), up about 19%, after Bloomberg reported Deutsche Telekom (DTEGY) was said to be in talks with the company on a potential T-Mobile deal. Noteworthy losers included Chiquita Brands (CQB), down 32%, after its earnings fell short of consensus and it warned that it sees 2012 continuing to be "a challenging year," and Dynavax (DVAX), down more than 22%, after pricing 17.5M shares at $4.25 in a secondary stock offering... INDICES: Near 12:30 pm ET, the Dow was down 98.05, or 0.76%, to 12,834.04; the Nasdaq was down 17.19, or 0.58%, to 2,929.08; and the S&P 500 was down 9.58, or 0.70%, to 1,354.14.
News For DIS;M;TM;SODA;CPWM;BBBY;PCS;DTEGY;CQB;DVAX From The Last 14 Days
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September 11, 2014
15:14 EDTTMToyota says no new or pending projects with Tesla, WSJ reports
After a question about Tesla Motors' (TSLA) soon-to-end deal to supply batteries and drive systems to Toyota (TM) for an electric RAV4 was posed to Tesla CEO Musk, the executive said earlier this week that his company may reach a new partnership with the Japanese company in the next two or three years, but Toyota’s chief U.S. spokeswoman has now told The Wall Street Journal that its RAV4 EV project with Tesla has been "mutually beneficial" but that the companies "currently have no new, or pending projects under discussion.” Reference Link
13:30 EDTTMToyota to recall 130,000 Tundra pickups due to air bag problem
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10:00 EDTMOn The Fly: Analyst Downgrade Summary
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09:18 EDTMOn The Fly: Pre-market Movers
UP AFTER EARNINGS: lululemon (LULU), up 15%... Sigma Designs (SIGM), up 7%. ALSO HIGHER: JDSU (JDSU), up 13.8% after announcing that it will separate into two publicly traded companies... Wet Seal (WTSL), up 4.5%, upgraded at B. Riley following Q2 earnings results... Gogo (GOGO), up 5% after announcing partnership with T-Mobile (TMUS)... Digital Ally (DGLY), up 8.4% after announcing plans to introduce "bullet camera" option at October police conference. DOWN AFTER EARNINGS: Restoration Hardware (RH), down 5%... Five Below (FIVE), down 5.6%. LOWER: Radio Shack (RSH), down 8% after reporting Q2 losses, stating that it may need to pursue bankruptcy... E2open (EOPN), down 29%, downgraded at Pacific Crest and Northland after the company announced preliminary Q2 earnings results... Twitter (TWTR), down 1% after announcing that it will offer $1.3B in convertible unsecured senior notes... Crocs (CROX), down 2.6% after downgraded at Buckingham... Macy's (M), down 1.3% after downgraded at Sterne Agee.
08:19 EDTMMacy's downgraded at Sterne Agee
As noted earlier, Sterne Agee downgraded Macy's to Neutral from Buy. As reasons for the downgrade, the firm cited valuation and its belief that the company's SSS and EBIT growth are unlikely to accelerate. Target $62.
06:05 EDTMMacy's downgraded to Neutral from Buy at Sterne Agee
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September 10, 2014
15:27 EDTTMToyota searching for Mexico assembly plant site, Bloomberg reports
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13:48 EDTDISDisney CFO says digital ads growing 'much faster' than tv advertising
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13:11 EDTDISDisney CFO says Maker integration going well
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09:37 EDTCQBChiquita Brands signs confidentiality agreement with Cutrale/Safra
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09:17 EDTTMChina mulls easing car dealer restrictions, Bloomberg says
China's Ministry of Commerce is considering whether to ease rules on car dealers and allow them to sell vehicles from multiple brands in the same store, according to Bloomberg, citing people familiar with the matter. Note that both Bitauto (BITA) and Autohome (ATHM), which operate automobile buyer focused websites in China, were down significantly during yesterday's trading, though it is unclear if the reported new regulations play a role in their share weakness. Publicly traded carmakers include Fiat (FIATY), Ford (F), General Motors (GM), Honda (HMC), Nissan (NSANY), Toyota (TM) and Volkswagen (VLKAY). Reference Link
September 9, 2014
14:54 EDTDIS, MApple announces Apple Pay
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13:58 EDTDISStarbucks, Groupon, OpenTable apps among those to integrate Apple Pay
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10:57 EDTTMMobileye climbs after analyst says GM, Tesla using technology
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09:28 EDTTMMobileye price target raised to $62 from $48 at Citigroup
Citigroup raised its price target for Mobileye (MBLY) shares to $62 saying it left day one of the ITS World Congress feeling better about its thesis regarding the company landing Toyota (TM) as a client. Citi says Toyota is one of few remaining large OEMs that has yet to enter production with Mobileye. It believes Toyota recognizes Mobileye’s distinct technological advantages and expects to source more ADAS suppliers over the medium-term. William Blair this morning said it believes Tesla (TSLA) and GM (GM) are using Mobileye for their automated highway driving assist technology while Morgan Stanley upped its price target for shares to $65. The stock is trading up 6% to $56.23 in pre-market trading.
06:09 EDTTMVerizon CEO sees self-driving cars 3-5 years away, Detroit News reports
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September 8, 2014
13:04 EDTTMAugust vehicle sales drop in Russia, WSJ says
The Association of European Businesses said that the sales of new vehicles in August throughout Russia have dropped at the quickest rate so far in 2014, according to The Wall Street Journal, citing a statement from chairman of the AEB Automobile Manufacturers Committee Joerg Schreiber. Industry officials are anticipating sales in the country for 2014 to decrease another 20% after a 5% decline last year. Publicly traded companies in the automobile industry include Fiat (FIATY), Ford (F), General Motors (GM), Honda (HMC), Nissan (NSANY), Toyota (TM) and Volkswagen (VLKAY). Reference Link
07:34 EDTTMU.S. claims China breaks commitments amid Qualcomm, Microsoft probes, WSJ says
As Microsoft (MSFT) and Qualcomm (QCOM) are being investigated for potential monopolistic activity by Chinese regulators and lawmakers there recently alleged price manipulation by foreign automakers including Toyota (TM), Honda (HMC) and Daimler (DDAIF), the U.S. Chamber of Commerce alleged that China's use of its antimonopoly law has been subjective and its implementation skewed to favor China's local companies, reported The Wall Street Journal. Reference Link
07:07 EDTCQBChiquita Brands provides update to holders
Chiquita Brands announced that it has postponed the Special Meeting of Shareholders to vote on the proposed transaction with Fyffes to October 3. The meeting had been scheduled for September 17. In addition, Fyffes proposes to seek adjournments of the Court Meeting and EGM convened for September 17 and, subject to any direction of the Irish High Court, to reconvene such meetings for October 3. The company also announced Fyffes has granted Chiquita a waiver that permits Chiquita to engage in discussions with the Cutrale Group and the Safra Group. Accordingly, Chiquita has sent a letter to Cutrale / Safra indicating its willingness to offer to Cutrale / Safra the opportunity to conduct focused due diligence and present its final and best offer. Chiquita does not expect to update the market with any further information unless and until the Board has reached a decision on a definitive course of action. In the interim, Chiquita continues to recommend that its shareholders vote "FOR" the Fyffes transaction and the other proposals on the WHITE proxy card.
06:51 EDTTMTesla head says 'not surprised' if Toyota deal happens, Reuters says
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