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Stock Market & Financial Investment News

News Breaks
June 4, 2014
12:36 EDTGM, FSLR, NQ, FCEL, COHOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday despite a number of disappointing economic reports. Payroll provider ADP estimated that 179K new jobs were added last month, but that was below expectations. The trade balance report showed that the U.S. had its largest deficit in two years during April as exports slowed and imports surged. Non-farm productivity for the first quarter was also downwardly revised by more than expected. The lone bright spot were non-manufacturing reports from ISM and Markit. Despite all the negative data points, the market has drifted its way back into positive territory and was just north of the flat line near noon. ECONOMIC EVENTS: In the U.S., ADP reported private payrolls increased 179k in May, which was below the consensus forecast for 210K job additions. The U.S. trade deficit widened to $47.2B in April from $44.2B in March. Q1 productivity growth was revised lower to (3.2%), versus (1.7%) initially and expectations for a reduction to (3.1%.). Markit's services PMI rose to 58.1 in May from 55.0 in April, while ISM's services index rose to 56.3 in May from a reading of 55.2 last month. COMPANY NEWS: General Motors (GM) shares were up about 4% near noon after the company confirmed it will provide an update on its ignition switch recall investigation, followed by a press conference hosted by CEO Mary Barra, tomorrow. MAJOR MOVERS: Among the notable gainers was NQ Mobile (NQ), which jumped 38% after the company reported that its special committee's independent investigation did not find any evidence that the company had engaged in the fraudulent conduct alleged by Muddy Waters. Carson Block of Muddy Waters said in an emailed statement to Bloomberg that NQ Mobile is "unequivocally a fraud" and the company's press release today was "whitewash." Also higher was First Solar (FSLR), which rose 6% amid a number of headlines. The Department of Commerce announced its affirmative preliminary determination in a countervailing duty investigation of imports of certain solar power products from China, which Credit Suisse called positive for U.S. developers, the company agreed to buy Europe's skytron-energy, and a hearing on First Solar's challenge of an Indian government dumping determination was reportedly deferred to July. Among the noteworthy losers was FuelCell (FCEL), which dropped 8% after the company reported second quarter losses and revenue that were worse than analysts' consensus estimate. Also lower were shares of luxury products retailer Coach (COH), which slipped 2% after research firm Sterne Agee lowered its rating on the stock to Neutral from Buy in a note to investors earlier today. INDEXES: Near midday, the Dow was up 7.04, or 0.04%, to 16,729.38, the Nasdaq was up 17.68, or 0.42%, to 4,251.76, and the S&P 500 was up 2.75, or 0.14%, to 1,926.99.
News For GM;FSLR;NQ;FCEL;COH From The Last 14 Days
Check below for free stories on GM;FSLR;NQ;FCEL;COH the last two weeks.
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July 18, 2014
11:45 EDTCOHJefferies sees further risk for Michael Kors despite recent decline
Michael Kors' (KORS) margin pressures and slowing same-store sales growth, along with high expectations for the company, are reasons to be cautious on the stock, research firm Jefferies wrote in a note to investors today. The firm cut its price target on the luxury accessories retailer to $80 from $95. WHAT'S NEW: Michael Kors' same-store sales are slowing, while the company's gross margins are coming under pressure due to increased discounts of its products and its roll out of new stores, Jefferies analyst Randal Konik wrote. Additionally, investors' high expectations for the company will make it difficult for the stock to appreciate even if its results beat expectations, the analyst stated. Even with shares pulling back over the past few days, Konik says risk remains skewed to the downside and kept a Hold rating on the stock. Of note, this is the second time in two weeks that Jefferies cut its estimates for the company. WHAT'S NOTABLE: Expressing a very different outlook yesterday on Michael Kors was Credit Suisse analyst Christian Buss. Michael Kors is "one of the least discounted brands available during the seasonal clearance period ahead of early fall shipments" according to Buss, who wrote that he was "compelled" by the recent decline in the stock. The analyst reiterated a $107 price target and Outperform rating on the shares. OTHERS TO WATCH: The company's competitors include Kate Spade (KATE) and Coach (COH). PRICE ACTION: In late morning trading, Michael Kors was nearly flat near $82 per share.
10:15 EDTFCELPlug Power advances after analyst says outlook has improved
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09:48 EDTNQActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL NQ GOOG GOOGL TSLA KGC TWTR AMZN ELNK AMGN FB
09:24 EDTNQOn The Fly: Pre-market Movers
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07:10 EDTNQNQ Mobile engages Marcum Berstein & Pinchuk as independent auditor
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July 17, 2014
13:14 EDTCOHMichael Kors rises after analyst sees less discounting than peers
Shares of accessories designer Michael Kors (KORS) are slightly higher in a down market after Credit Suisse said that the company's brands are less likely to be on sale than those of its competitors. WHAT'S NEW: In a note to investors, Credit Suisse analyst Christian Buss wrote that Michael Kors' products are "one of the least discounted brands available during the seasonal clearance period ahead of early fall shipments." At mid-tier department stores, 25% of Michael Kors' products are on sale with an average markdown of 27%, Buss reported. On average, 35% of the products of the company's peers are on sale, at an average discount of 27%, the analyst stated. Additionally, Michael Kors' channel strategy provides it with multiple advantages, including brand integrity and limits on markdowns, Buss believes. Buss wrote that he was "compelled" by the recent drop in the stock, and reiterated a $107 price target and Outperform rating on the shares. WHAT'S NOTABLE: Also upbeat on Michael Kors today was research firm Canaccord. Markdowns of the company's products are not any larger than last year, and concerns about large discounts on its products have created a buying opportunity, the firm contended. Canaccord continues to believe that the accessories maker has strong long-term growth opportunities, and it kept a $123 price target and Buy rating on the shares. PRICE ACTION: In mid-afternoon trading, Michael Kors gained 2% to $83. Two of the company's competitors, Coach (COH) and Kate Spade (KATE), rose fractionally.
07:46 EDTGMSenate Commerce & Transportation Committee to hold a hearing
The Subcommittee on Consumer Protection, Product Safety and Insurance holds a hearing entitled, "Examining Accountability and Corporate Culture in Wake of the GM Recalls" with General Motors CEO Barra and EVP Milllikin and President & CEO O'Neal of Delphi Automotive on July 17 at 10 am. Webcast Link
06:53 EDTGMGM deems some cars with same recalled switch 'safe', Reuters says
Even though GM issued a recall for millions of cars with defected ignition switches, the automobile manufacturer has concluded that over 2M other vehicles with the same switches are safe, according to Reuters, citing comments from GM spokesman Alan Adler. The car models which have not been recalled include fullsize crossovers such as the Buick Enclave and the Chevrolet Traverse manufactured from 2007 to the present. Reference Link
06:38 EDTGMGeneral Motors hires outside law firm to review litigation practices, WSJ says
General Motors has hired an outside law firm to review the way it handles litigation, reports the Wall Street Journal. The company's General Counsel Michael Millikin plans to say in a testimony at a Senate hearing Thursday that a "well-respected outside law firm" will conduct a "zero-based review" of his department. Reference Link
July 16, 2014
13:05 EDTGMGM sold 2.5M vehicles worldwide in Q2
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09:02 EDTGMGeneral Motors volatility low into testimony at Senate hearing
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06:31 EDTGMDocuments show GM hid defect from regulators, NY Times reports
Documents indicate that GM knew at least three fatal crashes were caused by its faulty ignition switches, but failed to tell regulators that when asked about the cause of the accidents, according to The New York Times. Reference Link
06:29 EDTGMSenators turn scrutiny towards GM General Counsel, WSJ reports
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06:19 EDTGMFord, GM, Chrysler not interested in Tesla patents, Detroit News says
Ford (F), General Motors (GM), and Chrysler (FIATY) either have little interest in Tesla's (TSLA) EV patents or the companies are not sharing their plans, reports the Detroit News. Reference Link
July 15, 2014
17:45 EDTGMGeneral Motors shares should climb 30%, Barron's says
GM shares look inexpensive at current prices and shares should climb over 30% in the next year, Barron's contends in its "Ahead of the Crowd" column. Reference Link
13:15 EDTFCELPlug Power jumps after analyst starts with Outperform rating
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12:31 EDTCOHMichael Kors sinks after analysts issue bearish notes
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07:04 EDTFSLRWTO says U.S. tariffs on Chinese solar cells against rules, Xinhua reports
The World Trade Organization yesterday ruled that U.S. tariffs on Chinese solar cells violated the rules of the organization, according to Xinhua. China requested that the WTO probe the subsidies in 2012, the news service noted. The WTO also said that U.S. tariffs on Chinese steel products and paper violated the organization's rules, the news service added. Publicly traded solar energy companies include Canadian Solar (CSIQ), First Solar (FSLR), JA Solar (JASO), SunPower (SPWR), Trina Solar (TSL) and Yingli Green Energy (YGE).Reference Link
06:38 EDTGMGeneral Motors, VocallQ looking to develop voice-control systems, WSJ reports
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06:27 EDTGMAutomakers backing U.S.-EU trade deal, NY Times reports
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