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Stock Market & Financial Investment News

News Breaks
June 4, 2014
12:36 EDTFCEL, GM, NQ, COH, FSLROn 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
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February 23, 2015
16:33 EDTFSLRFirst Solar, SunPower plan to partner to form joint YieldCo vehicle
First Solar (FSLR) and SunPower (SPWR) announced that they are in advanced negotiations to form a joint YieldCo vehicle to which they each expect to contribute a portfolio of selected solar generation assets from their existing portfolio of assets. Upon the execution of a master formation agreement, the parties intend to file a registration statement with the SEC for an initial public offering of limited partner interests in the YieldCo. Formation of the YieldCo and completion of the IPO are subject to, among other things, the execution of definitive documentation, each party’s board approval and regulatory approval. There is no assurance that the YieldCo will be formed or that the IPO will be consummated or that any other transaction will occur.
13:23 EDTFSLRFirst Solar February weekly volatility elevated into Q4 and outlook
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10:40 EDTGMGM ignition-switch deaths increase to 57, WSJ says
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06:24 EDTGMGeneral Motors to legally challenge worker strike in Brazil, WSJ reports
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February 22, 2015
14:20 EDTGMUAW chief says GM buyback proposal too much, premature, Reuters says
Dennis Williams, the president of the UAW, said that an investor group’s proposal that GM buy back $8B of its stock is premature, and the amount too high for the company’s long-term health, says Reuters. The UAW indirectly controls the largest single block of General Motors shares, added Reuters. Reference Link
February 20, 2015
08:11 EDTGMAlly CEO exploring subprime lending, sees loss of GM business, Detroit News says
Ally (ALLY) CEO Jeffrey Brown stated in a Thursday interview with The Detroit News that the company may return to offering credit cards and home mortgages, and currently plans to expand auto lending to subprime customers. The CEO said he expects to decide within 30-60 days whether Ally will consolidate its five locations to a single headquarters in the Detroit suburbs. Brown added that he expects GM (GM) to shift its $4.1B subsidized leasing program for Chevrolet from Ally to GM Financial, which the Ally CEO wants to offset by increasing subprime lending from 9% of total lending to 12%-15%. Reference Link
07:14 EDTCOHOppenheimer to hold a tour
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07:04 EDTGMAlly CEO assuming company will lose all of GM's leasing business, Reuters says
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06:41 EDTGMApple pushing for 2020 production of its electric car, Bloomberg says
Apple (AAPL) is pushing to begin production of its electric vehicle as soon as 2020, reports Bloomberg, citing people with knowledge of the matter. Bloomberg notes that the move could put Apple into direct competition with Tesla (TSLA) and General Motors (GM), both of which are targeting a 2017 release for next-generation electric vehicles. Apple may still cancel the project if it becomes unhappy with progress, the sources said, though its vehicle team is already 200-people strong. Reference Link
06:06 EDTGMGeneral Motors names Craig Glidden as new general counsel
General Motors (GM) announced yesterday that Craig B. Glidden has been appointed executive VP and general counsel, effective March 1. Glidden will lead a team of staff attorneys who are integrated into all of GM’s regional and functional teams in more than 30 countries. Glidden succeeds Michael Millikin, who is retiring in July after a nearly four-decade legal career, including five years as GM’s general counsel. Before joining GM, Glidden was executive VP and chief legal officer for LyondellBasell Industries (LYB).
February 19, 2015
13:18 EDTFSLRIsrael's SolarEdge to launch IPO
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09:59 EDTCOHOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Altisource Residential (RESI) upgraded to Neutral from Sell at Compass Point... Angie's List (ANGI) upgraded to Overweight from Equal-Weight at First Analysis... Barrick Gold (ABX) upgraded to Buy from Hold at TD Securities... British Land (BTLCY) upgraded to Buy from Hold at Societe Generale... Coach (COH) upgraded to Buy from Hold at Topeka... Fiat Chrysler (FCAU) upgraded to Outperform from Neutral at Exane BNP Paribas... Garmin (GRMN) upgraded at BofA/Merrill... Hologic (HOLX) upgraded to Buy from Hold at Canaccord... Iberdrola (IBDRY) upgraded to Neutral from Underweight at HSBC... KPN (KKPNY) upgraded to Neutral from Underperform at Exane BNP Paribas... Monster Worldwide (MWW) upgraded at Evercore ISI... Pharmacyclics (PCYC) upgraded to Buy from Neutral at Nomura... RPC, Inc. (RES) upgraded to Equal Weight from Underweight at Morgan Stanley... Sanofi (SNY) upgraded to Buy from Neutral at BofA/Merrill... Sasol (SSL) upgraded to Neutral from Underweight at HSBC... Tractor Supply (TSCO) upgraded at Oppenheimer... Valero (VLO) upgraded to Buy from Hold at Deutsche Bank... Weingarten Realty (WRI) upgraded to Neutral from Sell at UBS... Werner (WERN) upgraded on improving freight fundamentals at RBC Capital... diaDexus (DDXS) upgraded to Buy from Neutral at Ladenburg,
06:30 EDTCOHCoach upgraded to Buy from Hold at Topeka
Topeka upgraded Coach to Buy and raised its price target to $44 from $40 following yesterday's Fall 2015 fashion week. The analyst is impressed how quickly Coach has changed its assortments under new design director Stuart Vevers. Topeka said there are more opening price points in handbags and improved cohesion between collection and core, creating a brand halo effect. Additionally, the firm's recent mall checks indicate a pickup in Coach store traffic.
February 18, 2015
18:22 EDTFSLRSolar stocks struggle in extended session after SolarCity results
Solar stocks are trading down in the extended session after SolarCity (SCTY) reported a larger fourth quarter loss than expected and guided to a first quarter loss well below consensus estimates. WHAT'S NEW: Solar city said adjusted non-GAAP earnings per share for Q4 was a loss of ($1.33) against estimates of a loss of ($1.27). Revenue for the quarter was in-line at $71.8M. The company also guided for a loss of ($1.75)-($1.65) per share in the current quarter which is below analysts' average estimates for a loss of ($1.25) per share. However, the company did note, " With end-market demand healthy and growing, our installation capacity steadily ramping and a majority of our financing needs secured for the year, we remain confident in achieving our guidance to deploy 920-1000MW in 2015." PRICE ACTION: Shares of SolarCity are down over 5% to $54.01 in the after-hours session. OTHERS TO WATCH: Other stocks in the solar space trading lower in the extended session include SunPower (SPWR), SunEdison (SUNE), Vivint Solar (VSLR), and First Solar (FSLR).
06:38 EDTGMCar sales rose in Europe last month, NY Times says
European car sales increased 6.7% in January, versus the same period a year earlier, data from the European Automobile Manufacturers’ Association indicates, according to The New York Times. January was the 17th straight month that European car sales have increased, but they remain well below the levels they reached before the financial crisis, the newspaper stated. Publicly traded companies in the space include Fiat Chrysler (FCAU), Fiat S.p.A. (FIATY), Ford (F), General Motors (GM), Honda (HMC), Nissan (NSANY), Toyota (TM) and Volkswagen (VLKAY). Reference Link
February 17, 2015
17:13 EDTGMPoint72 gives quarterly update on stakes
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11:14 EDTNQBlock sees 'pure speculation' as only reason investors hold NQ Mobile stock
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06:57 EDTGMGM in court Tuesday over bankruptcy shield, WSJ says
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05:58 EDTGMGeneral Motors recalls 81,000 Malibus, Pontiacs due to power steering issue
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February 16, 2015
12:50 EDTGMGM claims for ignition switch defects rises to 4,312, Reuters says
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