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Stock Market & Financial Investment News

News Breaks
December 14, 2012
12:37 EDTSZYM, PAY, YHOO, CNC, ADBE, AVG, BBY, GEOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday despite better than expected reports on U.S. industrial production and Chinese manufacturing activity. The data, however, had little impact as investors continue to wait for a break through on the fiscal cliff negotiations. The market has moved in a narrow range during the morning hours and shows little sense of direction... ECONOMIC EVENTS: In the U.S., a report showed consumer prices declined 0.3% in November, mainly because of falling gasoline costs. When food and energy are removed from the equation, "core" prices increased 0.1%, versus expectations for them to rise 0.2%. Markit's preliminary manufacturing PMI improved to 54.2 in December, versus the 52.8 final reading for November. Industrial production beat expectations with a 1.1% increase in November, versus expectations for a rise of 0.3%. Industrial production capacity utilization rose to 78.4%, which was a bit more than an expected move up to 78.0%. In China, Markit's flash China PMI rose to a 14-month high reading of 50.9, beating expectations for a 50.8 reading. In Europe, Germany's flash PMI hit an 8-month high with a 50.2 reading, while France hit a 4-month high at 45.0, though its figure still indicates contraction... COMPANY NEWS: General Electric (GE) boosted its dividend by 12% to 19c per share and increased its existing share repurchase authorization by $10B... Among companies reporting earnings last night, Adobe (ADBE) advanced nearly 6% while VeriFone (PAY) declined over 10%... MAJOR MOVERS: Among the notable gainers were Solazyme (SZYM), up about 11% after announcing it has reached commercial-scale output at a facility in Iowa, and AVG Technologies (AVG), up 9% after announcing a new Search and Distribution relationship with Yahoo! (YHOO). Among the noteworthy losers was Best Buy (BBY), which fell over 15% after its board extended the deadline for founder Richard Schulze to deliver a potential buy-out bid. Also lower were shares of Centene (CNC), down over 8% after the company cut its FY12 EPS guidance... INDICES: Near 12:30 pm ET, the Dow was down 4.05, or 0.03%, to 13,166.67; the Nasdaq was down 10.15, or 0.34%, to 2,982.01; and the S&P 500 was down 2.50, or 0.18%, to 1,416.95.
News For GE;ADBE;PAY;BBY;CNC;SZYM;AVG;YHOO From The Last 14 Days
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August 24, 2015
12:29 EDTBBYBest Buy technical comments ahead of results
The shares have been trading in a bearish price channel since a peak of price in March of this year. If the news continues to be bearish, the current trend will likely continue. Next support below the current price of $30.53 is at the $29.50 area, the low of the current price channel. If the news is a sharp negative surprise, next supports will be at $28.11, $27.17, and $26.60. If the news is a bullish surprise, the top of the price channel at $32.78 would be the first important upside objective. It would take a breakout above the channel top to turn the trend back toward bullish. Next resistance above the channel would be at $33.75.
11:31 EDTBBYBest Buy volatility increases into Q2 and outlook
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August 21, 2015
17:02 EDTGEGeneral Electric completes sale of U.S. Sponsor Finance Business to CPPIB
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06:31 EDTBBYBest Buy volatility into Q2 and outlook
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August 20, 2015
19:53 EDTBBYRetailers, others question heightened fees at Port of Oakland, WSJ says
After the Port of Oakland said it is considering implementing additional fees, the Retail Industry Leaders Association told the Federal Maritime Commission that it is "troubled" due to the lack of details regarding the fees, according to the Wall Street Journal. The retailer group also questioned the general effectiveness of such a program, and the Agriculture Transportation Coalition echoed the criticism, said the report. Note that executives from Lowe's (LOW), Best Buy (BBY), Target (TGT), Coca-Cola (KO), J.C. Penney (JCP), Tyson Foods (TSN), SunOpta (STKL), and Whole Foods (WFM) serve on the boards of the aforementioned associations. Reference Link
09:42 EDTBBYBest Buy traffic and ticket trends improved in Q2, says ITG Research
ITG Research said Best Buy's traffic and ticket trends improve in Q2 versus Q1 driven by a mix shift towards big ticket items. The firm's Q2 domestic revenue estimates of $7.8B remains above consensus of $7.657B.
08:03 EDTCNCCentene subsidiary wins statewide foster care contract
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08:01 EDTGEGE to provide CESP with 30MW battery energy storage system
GE announced it will provide Coachella Energy Storage Partners with a 30-MW battery energy storage system as part of CESP's supply contract with the Imperial Irrigation District. Representing GE's largest energy storage project to date, the plant will be located in California's Imperial Valley, approximately 100 miles east of San Diego. The facility will aid grid flexibility and increase reliability on the IID network by providing solar ramping, frequency regulation, power balancing and black start capability for an adjacent gas turbine. GE will provide CESP with an integrated energy storage solution, configured using GE's Mark* VI plant controls, GE Brilliance MW inverters, GE Prolec transformers, medium-voltage switchgear and advanced lithium ion batteries housed in a GE purpose-built enclosure. The plant will be operated by ZGlobal, an engineering collaborator with CESP, for the first 18 months, after which control will transfer to the IID. The deal marks GE's third project using lithium ion battery technology since expanding its portfolio in recent months. GE anticipates project construction will begin early next year, with commercial operation scheduled for the third quarter of 2016.
August 19, 2015
08:05 EDTGEGE Capital unit selected by Bush Hog for financing solutions
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07:41 EDTYHOOYahoo price target lowered to $56 from $62 at Cantor
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August 18, 2015
10:32 EDTAVGAVG Technologies management to meet with JMP Securities
Meeting to be held in Boston on August 25 hosted by JMP Securities.
09:32 EDTGEGE unveils $100M-plus washer investment in Louisville plant
GE announced an investment of $100M-plus in a new top load washer design and expanded manufacturing capability at its laundry plant in Louisville. This marks the largest laundry launch for GE in 20 years and is another example of the company's continued commitment to U.S. manufacturing.
07:23 EDTAVGBWS Financial to hold a conference
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August 17, 2015
19:29 EDTYHOOFacebook tests expanded blog capabilities, CNET says
Facebook (FB) is testing an expanded version of its "notes" feature, allowing users to include large background photos in the blog-like service, reports CNET. The new look puts the service more in line with Yahoo's (YHOO) Tumblr blogging platform, said the report, and a Facebook spokesperson remarked that the test aims to "make it easier for people to create and read longer-form stories on Facebook." Reference Link
13:34 EDTYHOOBuzzFeed and Yahoo Japan in JV, FT reports
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08:02 EDTGEGE Healthcare wins FDA approval for low dose CT lung cancer screening
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August 14, 2015
16:13 EDTGEOn The Fly: Top stock stories for Friday
Stocks began the session with modest losses despite a calm overnight trading session for the Chinese yuan. The U.S. economic data that was released prior to the open were generally in-line with expectations leaving little for investors to key in on during the market hours. As a result, the averages drifted several times across the flat line until finally moving higher in the afternoon. Even the price of crude was fairly stale throughout the session, but it still closed toward its low of the day. The market received a slight boost toward the end of the session when headlines out of Europe said the area's finance ministers agreed to implement the Greek bailout with a couple of additional measures. ECONOMIC EVENTS: In the U.S., both industrial production and PPI beat estimates, with industrial production increasing 0.6% and PPI increasing 0.2%. Consumer sentiment for August fell to 92.9 in the preliminary report from the University of Michigan survey, after slipping to 93.1 in July from 96.1 in June. Meanwhile, Euro-area GDP rose 0.3% last quarter. Germany's economy grew 0.4%, Italy's 0.2%, while France stagnated. The Baker Hughes North American rig count report was unchanged from last week at 884 rigs. COMPANY NEWS: Nelson Peltz's Trian Fund Management disclosed a new 7.08% stake in food distributor Sysco Corporation (SYY), and is engaged in discussions with the company including board representation for Trian. Sysco rose 7.4% to $41.38 after the disclosure of the Trian stake... General Electric (GE) announced an agreement to sell GE Capital Bank's U.S. online deposit platform along with all deposits of GE Capital Bank, including online savings accounts, online CDs and brokered CDs, to Goldman Sachs Bank USA (GS). Under this agreement approximately $16B of deposits will be transferred to GS Bank. Additionally, Reuters reported that General Electric was expected to win EU antitrust approval for its proposed EUR12.4B acquisition of Alstom's (ALSMY) power unit, according to two people familiar with the matter. GE rose 1.1% to $26.08 on the day. MAJOR MOVERS: Among the notable gainers following their earnings reports were department store retailers Nordstrom (JWN) and J.C. Penney (JCP), which gained 4.3% and 5.6%, respectively. Also higher was WuXi PharmaTech (WX), up 6.15%, which reported earnings and entered into an agreement to be acquired by a management buyout group for around $3.3B. Among the noteworthy losers was El Pollo Loco (LOCO), which dropped 20.7% after its Q2 revenue fell short of analysts' estimates. Also lower were shares of King Digital (KING), which declined nearly 20.7% after reporting quarterly earnings and forecasting gross bookings for the third quarter $460M-$485M, citing "recent trends." INDEXES: The Dow rose 69.15, or 0.4%, to 17,477.40, the Nasdaq gained 14.68, or 0.29%, to 5,048.23, and the S&P 500 advanced 8.15, or 0.39%, to 2,091.54.
12:50 EDTGEGE likely to gain EU approval for Alstom unit buy, Reuters reports
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12:37 EDTGEOn The Fly: Top stock stories at midday
Stocks began the session with modest losses, despite a stabilization in the Chinese yuan overnight. Relatively in line data on producer prices and industrial production did not hurt the situation, but there was also the lack of a catalyst. As a result, the market has drifted throughout the morning session moving up as much as 0.4% before paring its gains. The market is now struggling to hold onto its meager gains. ECONOMIC EVENTS: In the U.S., both industrial production and PPI beat estimates, with industrial production increasing 0.6% and PPI increasing 0.2%. Consumer sentiment for August fell to 92.9 in the preliminary report from the University of Michigan survey, after slipping to 93.1 in July from 96.1 in June. Meanwhile, Euro-area GDP rose 0.3% last quarter. Germany's economy grew 0.4%, Italy's 0.2%, while France stagnated. The Baker Hughes North American rig count report is out at 1 p.m. ET. COMPANY NEWS: General Electric (GE) announced an agreement to sell GE Capital Bank's U.S. online deposit platform along with all deposits of GE Capital Bank, including online savings accounts, online CDs and brokered CDs, to Goldman Sachs Bank USA (GS). Under this agreement approximately $16B of deposits will be transferred to GS Bank. Separately, Goldman Sachs is selling its Colombia coal mining division to privately held Murray Energy. General Motors (GM) is boosting production of its larger SUVs and trucks, according to Reuters. The automaker could make as many as 60,000 additional vehicles for the 2016 model year to capitalize on rising demand. Meanwhile, GM is recalling 73,424 small cars because improper wiring could prevent the roof-mounted driver's side air bag from deploying after a crash, the Associated Press reported. SunTrust analyst Robert Peck said he believes Twitter (TWTR) could announce a permanent CEO as early as next week. Peck continues to think Twitter is likely to unveil a "Triumvirate of leadership" with Jack Dorsey as CEO, Adam Bain as COO and Evan Williams with more board influence, possibly Chairman. Tesla's (TSLA) secondary offering of 2.7 million common shares was priced at $242 each, according to an SEC filing. That represents an increase from the 2.1 million shares Tesla had previously announced for the offering. MAJOR MOVERS: Among the notable gainers following their earnings reports were department store retailers Nordstrom (JWN) and J.C. Penney (JCP), which gained 5.35% and 5.95%, respectively. Also higher was WuXi PharmaTech (WX), up 5.45%, which reported earnings and entered into an agreement to be acquired by a management buyout group for around $3.3B. Cyberark Software (CYBR) also gained 1.8% after being upgraded to Outperform from Market Perform at Wells Fargo. Among the noteworthy losers was El Pollo Loco (LOCO), which dropped 18% after its Q2 revenue fell short of analysts' estimates. Also lower were shares of King Digital (KING), which declined nearly 12% after reporting quarterly earnings and forecasting gross bookings for the third quarter $460M-$485M, citing "recent trends." The company said fourth quarter gross bookings would be "fairly consistent sequentially." JPMorgan downgraded King Digital this morning to Neutral from Overweight citing an elevated risk profile following the results. INDEXES: Near midday, the Dow was up 42.43, or 0.24%, to 17,450.68, the Nasdaq was fractionally lower by 2.96, or 0.06%, to 5,030.59, and the S&P 500 was up 3.46, or 0.17%, to 2,086.89.
12:33 EDTGEGeneral Electric likely to gain EU approval for Alstom unit buy, Reuters says
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