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Stock Market & Financial Investment News

News Breaks
July 24, 2014
17:05 EDTANGI, SODA, DHI, TRLA, GM, LTM, Z, FBOn The Fly: Closing Wrap
Stocks on Wall Street began the session slightly higher but were unable to gather any upside momentum during the day. The market barely reacted to the much better than expected weekly jobless claims data, as the Labor Department explained that this time of the year is typically volatile for the data. The new home sales report for June had the opposite effect, as sales were worse than expected and the previous month was also revised down. The number put a lid on the averages, which moved throughout the afternoon as if summer doldrums had set in. ECONOMIC EVENTS: In the U.S., initial jobless claims dropped 19K to 284K in the week ended July 19. While the BLS said there were no special factors in the claims data, they also reminded that the numbers can be very volatile at this time of year due in part to auto shutdowns. Markit's flash U.S. PMI for July dipped 1 point to 56.3 from 57.3 in June. June new home sales fell 8.1% to a 406K rate, which was worse than expected, and May's data was downwardly revised. In China, HSBC's flash manufacturing Purchasing Managers' Index rose to 52 in July from 50.7 a month earlier. COMPANY NEWS: Facebook (FB) achieved a new all-time high during the session and closed up $3.69, or 5.18%, to $74.98 after its revenue and profits beat expectations. After the report a number of Wall Street analysts hiked their price targets on the stock, with Jefferies and Topeka both raising their targets on the social network operator's stock to $100... Shares of General Motors (GM) declined $1.67, or 4.46%, to $35.74 after its earnings per share, excluding special items, missed consensus expectations and its revenue also fell short of the analysts' forecast. The company took a $400M special charge related to its ignition switch compensation program, but cautioned that there is no cap on this program and it is possible the total cost could increase by another $200M. Also, GM recorded a non-cash pre-tax special charge of about $900M in the second quarter for the estimated costs of future possible recalls for "up to the next 10 years on 30M GM vehicles on the road today." MAJOR MOVERS: Among the notable gainers was Trulia (TRLA), which surged $13.16, or 32.43%, to $53.74 after Bloomberg said the company is in talks to be acquired by rival real estate website operator Zillow (Z). Zillow shares also gained $19.29, or 15.25%, to $145.76 after the news service said it could tie-up with its peer in a deal that could value Trulia as much as $2B. Also higher was SodaStream (SODA), which jumped $2.73, or 9.45%, to $31.63 after Bloomberg said the home soda machine maker is holding talks with an investment firm about taking itself private at a valuation of about $828M, or $40 per share. However, an analyst at Stifel called that scenario "highly improbable to impossible." Among the noteworthy losers was Angie's List (ANGI), which plunged $1.96, or 19.27%, to $8.21 after reporting second quarter results that were worse than expected, prompting at least seven downgrades of its stock by Wall Street analysts. Also lower were Life Time Fitness (LTM), which lowered its FY14 earnings view and fell $6.00, or 12.7%, to $41.26 and D.R. Horton (DHI), which dropped $2.86, or 11.53%, to $21.94 after its quarterly profits missed expectations. INDEXES: The Dow slipped 2.83, or 0.02%, to 17,083.80, the Nasdaq dropped 1.59, or 0.04%, to 4,472.11, and the S&P 500 gained 0.97, or 0.05%, to 1,987.98.
News For FB;GM;SODA;Z;TRLA;ANGI;LTM;DHI From The Last 14 Days
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January 22, 2015
16:00 EDTFBOptions Update; January 22, 2015
iPath S&P 500 VIX Short-Term Futures down 2.13 to 31.32 Option volume leaders: AAPL TSLA TWTR AMZN FB FXCM AVP BAC according to Track Data.
13:53 EDTFBFacebook initiated with a Sell at Societe Generale
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10:20 EDTFBFacebook January weekly volatility elevated into Q4 and outlook
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10:07 EDTGMGM invests $300M to upgrade plant for new Cadillac sedan, Reuters reports
GM has invested $300M to upgrade and automate its Detroit-Hamtramck plant ahead of the launch of the 2016 Cadillac CT6 luxury sedan, reports Reuters. The investment includes the construction of a new body shop equipped with 205 robots and designed to use advanced manufacturing techniques as aluminum laser welding. Reference Link
10:03 EDTSODAOn the Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: AMC Networks (AMCX) upgraded to Buy from Neutral at Nomura... Alcatel-Lucent (ALU) upgraded to Conviction Buy from Neutral at Goldman... Chuy's (CHUY) upgraded at Wells Fargo... Coty (COTY) upgraded to Buy from Neutral at Citigroup... Era Group (ERA) upgraded to Buy from Hold at Evercore ISI... Exterran (EXH) upgraded to Buy from Hold at Evercore ISI... F5 Networks (FFIV) upgraded to Buy from Neutral at Buckingham... Joy Global (JOY) upgraded to Outperform from Market Perform at BMO Capital... Lennox (LII) upgraded to Buy from Neutral at UBS... RSA Insurance (RSNAY) upgraded to Outperform from Neutral at Credit Suisse... Rockwell Automation (ROK) upgraded to Buy from Neutral at UBS... SodaStream (SODA) upgraded to Hold from Sell at Stifel... eBay (EBAY) upgraded to Equal Weight from Underweight at Morgan Stanley.
08:33 EDTFBFacebook Q4 North America revenues trending slightly ahead, says ITG Research
ITG Research said Facebook's Q4 North American revenues are tracking to $1.8B vs. its prior estimate of $1.775B and consensus of $1.721B.
07:20 EDTGMGM bringing Spark electric vehicle to Maryland by June, WSJ says
General Motors will start selling its Spark EV in Maryland by late June, reports the Wall Street Journal. The state joins California and Oregon in offering the $17,845 electric-only car, which can travel 119 miles per charge. Official GM announcements are expected at the upcoming Washington D.C. auto show. Reference Link
07:08 EDTSODASodaStream upgraded to Hold from Sell at Stifel
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06:11 EDTFBWhatsApp now available in web browsers
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January 21, 2015
19:18 EDTGMLower oil prices could boost car and truck sales, CNBC reports
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16:00 EDTFBOptions Update; January 21, 2015
iPath S&P 500 VIX Short-Term Futures down 1.63 to 33.49. Option volume leaders: AAPL TSLA TWTR AMZN FB RIG C ABX SIRI NFLX according to Track Data.
13:54 EDTGMJPMorgan could lose $1.5B as a result of 2008 error, Reuters says
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13:53 EDTGMGoldman cuts rating on auto dealers citing below consensus U.S. sales view
Goldman Sachs lowered its outlook on auto dealers to Cautious from Neutral, citing several factors, including its belief that U.S. auto sales growth will be "essentially flat" this year. The firm also downgraded its rating on one of the companies in the sector, AutoNation (AN), to Neutral from Buy and removed the stock from its Americas Buy List. WHAT'S NEW: U.S. auto sales will probably rise less than 1% this year on a seasonally adjusted basis, Goldman analyst Patrick Archambault wrote in a note to investors today. Archambault indicated that his U.S. auto sales estimate is significantly below analysts' consensus outlook. Incentive deals and sales to subprime customers last year will probably negatively affect sales growth this year, the analyst stated. Additionally, the growth of dealers' revenue from parts and service is likely to slow this year after a series of major auto recalls were carried out last year, Archambault warned. Dealers may also be hurt by the regulation of auto lenders by the Consumer Financial Protection Bureau, since lenders and dealers split the profits from interest rate markups, the analyst stated. Finally, dealers are trading at a valuation that is 13% above their ten year average, according to Archambault. The analyst cut his rating on AutoNation to Neutral from Buy, based partly on valuation and his belief that the stock's near-term catalysts have diminished after it implemented a rebranding strategy and enhanced its digital systems. Over the medium term, the company's growth prospects will be limited by weak U.S. auto sales growth this year, added Archambault. However, the analyst continues to identify AutoNation as his favorite auto dealer stock. Other auto dealers covered by the analyst include Penske (PAG), which he rates Neutral, and Group 1 (GPI) and Sonic Automotive (SAH), both of which are rated Sell by the analyst. WHAT'S NOTABLE: Automakers whose shares could be negatively affected if the analyst's forecast for anemic U.S. sales growth proves to be accurate include Fiat Chrysler (FCAU), Ford (F), General Motors (GM), Honda (HMC), Nissan (NSANY), Toyota (TM) and Volkswagen (VLKAY). PRICE ACTION: In mid-afternoon trading, AutoNation lost 1.2% to $57.12, Sonic Auto lost 1% to $25.18, Group 1 fell 2.5% to $77.40, and Penske climbed 1% to $47.09.
12:09 EDTZUBS Group AG reports 5.29% passive stake in Zillow
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12:07 EDTTRLAUBS Group AG reports 7.01% passive stake in Trulia
11:51 EDTANGIAngie's List moves higher after insiders buy shares
Shares of Angie's list are higher after insiders disclosed, in filings last night, the purchase of shares. John Chuang, a director, bought 3,895 shares between 1/15 and 1/16 and director Steven Kapner also bought 3,895 shares of company stock from 1/15-1/16. Shares of Angie's List are higher by 36c or 7.1% to $5.34 in late morning trading.
January 20, 2015
08:59 EDTGMGM receives 108 new ignitition claims, $400M earmarked for cases, Reuters says
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06:57 EDTFBFacebook to upgrade Messenger app, experiment with revenue generation, WSJ says
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06:02 EDTFBFacebook acquires boutique firm Teehan+Lax, terms not disclosed
Toronto-based boutique firm Teehan+Lax announced in a blog post on Friday that the company will join Facebook's design team in California. T+L said "In a few weeks we will be moving to the San Francisco Bay Area. This will mean saying goodbye to family, friends, Toronto, and Teehan+Lax." Terms of the deal have not been disclosed. Reference Link
January 18, 2015
16:34 EDTFBFacebook job listings hint at push into virtual reality, Reuters says
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