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Stock Market & Financial Investment News

News Breaks
February 20, 2014
07:50 EDTGDGeneral Dynamics price target raised to $125 from $115 at Jefferies
Jefferies raised its price target for General Dynamics shares to $125 citing the growth of the company's Gulfstream and Aerospace businesses. The firm keeps a Buy rating on the stock.
News For GD From The Last 14 Days
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July 31, 2015
16:22 EDTGDStocks end week higher in U.S. despite selloff in China
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July 30, 2015
09:21 EDTGDGeneral Dynamics downgraded to Hold from Buy at Drexel Hamilton
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07:09 EDTGDGeneral Dynamics price target raised to $165-$170 from $151-$155 at Wells Fargo
Wells Fargo increased its price target on General Dynamics after the company reported higher than expected Q2 sales and margins and raised its guidance. The firm thinks the stock could trade at a premium to other defense contractors because Wells believes that it, unlike its peers, will continue to use its excess cash to buy its shares. Wells keeps an Outperform rating on the shares.
July 29, 2015
17:05 EDTGDOn The Fly: Top stock stories for Wednesday
Stocks began the session in positive territory but soon turned mixed as the tech heavy Nasdaq was unable to hold its gains. The Federal Reserve's statement that accompanied its rate decision was little changed from its last meeting, keeping investors optimistic about a possible delay in its first interest rate hike in many years. ECONOMIC EVENTS: In the U.S., the Federal Reserve concluded a two-day meeting on monetary policy and kept benchmark interest rates unchanged between 0% and 0.25%, as expected. The Fed said information received since the last time the FOMC met indicates that economic activity has been expanding "moderately" in recent months, noting that the labor market continued to improve, with "solid job gains and declining unemployment." The central bank repeated that even after employment and inflation near "mandate-consistent levels," economic conditions may warrant keeping the target federal funds rate below "normal" levels. An index of pending home sales fell 1.8% in June, versus expectations for it to have risen 1% compared to the prior month. In China, the Shanghai composite index rose 3.4%, stemming its most recent stretch of declines, though the index is still deeply in the red on a week-to-date basis. COMPANY NEWS: Shares of Twitter (TWTR) fell $5.30, or 14.5%, to $31.24 after the company reported better than expected quarterly results but its management tempered expectations about its user growth. Several analysts cut their price targets on the stock and warned its shares may be range bound in the near-term, but maintained their buy ratings on the stock based on the social network operator's long-term potential. Analysts were not as ready to jump to the defense of another Internet stock, Yelp (YELP), which plunged $8.40, or 25.07%, to $25.11 after the local business review site operator reported lower than expected profit and lowered its fiscal year revenue guidance. At least eight research firms downgraded the stock after the company's outlook missed expectations and it announced the exit of brand advertising... Two defense contractors, Northrop Grumman (NOC) and General Dynamics (GD), advanced after each topped expectations with their quarterly reports and raised their fiscal year outlooks. General Dynamics shares gained 3.93% to $149.96 following its "beat and raise" report, while Northrop jumped 6.18% to $173.44. MAJOR MOVERS: Among the notable gainers was Cytec Industries (CYT), which gained 27.04% to $74.19 after agreeing to be acquired by Brussels-based Solvay (SVYZY) for $75.25 per share in cash, corresponding to an enterprise value of $6.4B. Among the noteworthy losers was Tableau Software (DATA), which fell $13.58, or 10.67%, to $113.64 after its earnings report. Cantor Fitzgerald analyst Brian White attributed today's pullback in shares to "very high" expectations going into the quarter, while Wedbush said Tableau's Q2 deceleration was due to difficulty in sustaining its "extraordinarily high" growth rate. Also lower were shares of Medivation (MDVN), which fell $8.77, or 8.39%, to $95.74 after Cowen analyst Eric Schmidt said prescription trends for the company's prostate cancer drug Xtandi have "slowed considerably." Schmidt, who thinks consensus expectations calling for Xtandi sales topping $3B in sales by 2019 are "far too high," recommended selling the shares and lowered his price target on the stock to $77. INDEXES: The Dow rose 121.12, or 0.69%, to 17,751.39, the Nasdaq gained 22.53, or 0.44%, to 5,111.73, and the S&P 500 advanced 15.32, or 0.73%, to 2,108.57.
12:42 EDTGDOn The Fly: Top stock stories at midday
Stocks on Wall Street overcame a tentative start and are higher at midday ahead of the statement from the Federal Reserve following its latest monetary policy meeting. The pending home sales report showed an unexpected decline from the prior month, reminding investors the economy still isn't seeing the most robust of recoveries. ECONOMIC EVENTS: In the U.S., an index of pending home sales fell 1.8% in June, versus expectations for it to have risen 1% compared to the prior month. The Federal Reserve concludes a meeting on monetary policy today and its post-meeting statement is scheduled to be released at 2 pm EDT. The central bank is not expected to raise rates at this meeting and no post-meeting press conference is scheduled for Fed Chair Janet Yellen. In China, the Shanghai composite index rose 3.4%, stemming its most recent stretch of declines, though the index is still deeply in the red on a week-to-date basis. COMPANY NEWS: Shares of Twitter (TWTR) fell 13% after the company reported better than expected quarterly results but its management tempered expectations about its user growth. Several analysts cut their price targets on the stock and warned its shares may be range bound in the near-term, but maintained their buy ratings on the stock based on the social network operator's long-term potential. MAJOR MOVERS: Among the notable gainers following their earnings reports were hepatitis C drug maker Gilead (GILD), which rose 3%, and two defense contractors who raised their outlooks: Northrop Grumman (NOC), which advanced 7%, and General Dynamics (GD), which gained nearly 5%. Also higher was Citrix Systems (CTXS), which jumped about 10% after issuing better than expected fiscal year earnings guidance, reporting its CEO Mark Templeton plans to retire and entering into a cooperation agreement with activist investor Elliott Management, which owns approximately 7.5% of the company’s common stock. Among the noteworthy losers was Yelp (YELP), which tumbled 28% and hit a multi-year low after the local business review site operator reported lower than expected profit and lowered its fiscal year revenue guidance. Also lower following their earnings reports were Akamai (AKAM), which fell 5%, and Level 3 Communications (LVLT), which dropped 6%. INDEXES: Near midday, the Dow was up 94.46, or 0.54%, to 17,724.73, the Nasdaq was up 6.72, or 0.13%, to 5,095.92, and the S&P 500 was up 9.02, or 0.43%, to 2,102.27.
09:19 EDTGDGeneral Dynamics says not looking in anything in M&A
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09:16 EDTGDGeneral Dynamics sees FY15 revenue $31.7B-$31.8B, consensus $31.77B
Cuts FY15 Aerospace revenue by $250M-$300M from prior view. Sees FY15 Aerospace operating margin to be about 18.5%. Sees FY15 Marine Systems revenue $7.8B and FY15 IS&T revenue $9.1B. Sees FY15 tax rate in low 29% range. Guidance taken from Q2 earnings conference call.
07:36 EDTGDGeneral Dynamics reports total backlog of $70B at end Q2
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07:35 EDTGDGeneral Dynamics raises FY15 continuing ops EPS view to $8.70-$8.80
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07:34 EDTGDGeneral Dynamics reports Q2 EPS $2.27, consensus $2.06
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July 28, 2015
15:21 EDTGDNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's open, with earnings consensus, include MasterCard (MA), consensus 85c... Altria (MO), consensus 71... General Dynamics (GD), consensus $2.06... Anthem (ANTM), consensus $2.75... Praxair (PX), consensus $1.46... Northrop Grumman (NOC), consensus $2.36... McKesson (MCK), consensus $2.91... Eaton (ETN), consensus $1.13... Humana (HUM), consensus $1.63... Hilton (HLT), consensus 23c... International Paper (IP), consensus 92c... Rockwell Automation (ROK), consensus $1.54... Jarden (JAH), consensus 59c... Quintiles (Q), consensus 70c... Tableau Software (DATA), consensus 4c... Garmin (GRMN), consensus 82c... Vantiv (VNTV), consensus 54c... ADT (ADT), consensus 49c.
July 23, 2015
11:02 EDTGDGeneral Dynamics awarded $20M contract modification from U.S. Navy
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09:14 EDTGDGeneral Dynamics UK awarded GBP390M contract
General Dynamics UK has been awarded a GBP390M contract by the UK Ministry of Defence to provide in-service support for the SCOUT Specialist Vehicle fleet until 2024. In addition, the company is opening a new Armoured Fighting Vehicle Assembly, Integration and Testing facility in South Wales. The contract is an extension of the in-service support that General Dynamics UK was contracted to provide for the SCOUT SV fleet until 2020. The vehicles are on schedule to be delivered to the British Army from 2017 through 2024. The new UK industrial capability, alongside the SCOUT SV extended in-service support contract, will support the creation of 250 new jobs in South Wales.

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