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Stock Market & Financial Investment News

News Breaks
June 4, 2014
12:36 EDTNQ, COH, FSLR, FCEL, GMOn 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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May 26, 2015
05:59 EDTGMGM ignition fund approves claims for 107 deaths, Detroit News says
General Motors' ignition compensation fund said it has approved compensation for 107 deaths, an increase of three from the previous week, The Detroit News reports. An additional eight injured people also will be compensated, the report says. Reference Link
May 25, 2015
20:10 EDTGMFiat Chrysler CEO sent email to GM's Barra to suggest merger, NYT says
Fiat Chrysler (FCAU) CEO Sergio Marchionne sent an email in March to General Motors (GM) CEO Mary Barra discussing a potential merger of the two companies, the New York Times reported Saturday, citing two people with knowledge of the matter. Sources said Barra flatly rejected the idea, and also rejected Marchionne's offer to discuss the subject in person. Reference Link
17:55 EDTGMProsecutors nearing criminal charges for GM, WSJ says
The Manhattan U.S. attorney’s office has concluded that General Motors made misstatements about faulty ignition switches for over a decade and will likely pursue a fine exceeding $1B, reports The Wall Street Journal, citing people familiar with the matter. Sources said prosecutors have still not determined whether to charge individual GM employees. GM will probably strongly oppose a guilty plea, said one of the sources. Reference Link
May 22, 2015
18:01 EDTGMGeneral Motors stock is significantly undervalued, Barron's reports
General Motors’ stock trades at 7.5 times forward earnings, and is about 55% cheaper than the broad market, making it significantly undervalued, Barron's reports. Reference Link
08:56 EDTFSLRJefferies to hold a field trip
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May 21, 2015
15:48 EDTGMU.S DOT extends federal oversight of General Motors
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12:47 EDTGMGabelli says 'just started buying' General Motors in last 60 days
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12:01 EDTFSLRSouthern Company subsidiary acquires 103-MW Georgia solar project
Southern Company (SO) subsidiary Southern Power acquired the 103-megawatt Butler solar facility from Community Energy in Georgia. The project, which was initially developed by Community Energy was selected by Southern Company subsidiary Georgia Power in a competitive process through the nationally recognized Georgia Power Advanced Solar Initiative. The facility, which will be located on approximately 1,070 acres in Taylor County, Georgia, is expected to enter commercial operation in the fourth quarter of 2016. Construction is slated to begin in September 2015, with First Solar (FSLR) managing the building, operations and maintenance of the facility. The Butler solar facility is expected to consist of more than 1 million of First Solar's thin-film photovoltaic solar modules mounted on single-axis tracking tables. The electricity and associated renewable energy credits generated by the facility will be sold under a 30-year power purchase agreement with Georgia Power, which will have the option to keep or sell the RECs, for the benefit of its customers or renewable energy programs.
May 20, 2015
06:00 EDTGMTakata to widen airbag recall to nearly 34M, enters Consent Order
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May 19, 2015
19:06 EDTNQOn The Fly: After Hours Movers
UP AFTER EARNINGS: Computer Sciences (CSC), up 5%... NQ Mobile (NQ), up 1.4%. ALSO HIGHER: Sarepta Therapeutics (SRPT), up 38.9% after announcing plans for rolling eteplirsen NDA... LendingClub (LC), up 2.8% after being upgraded to Overweight from Equal Weight at Morgan Stanley. DOWN AFTER EARNINGS: Keysight Technologies (KEYS), down 3.1%... Autodesk (ADSK), down 2.1%. ALSO LOWER: Cimarex Energy (XEC), down 4% after filing to sell 6M shares of common stock... Norwegian Cruise Line (NCLH), down 2.5% after filing to sell 20M ordinary shares for holders... Achillion Pharmaceuticals (ACHN), down 3.2% following collaboration for HCV with Janssen.
17:08 EDTNQNQ Mobile sees FY15 revenue $455M-$460M, one estimate $443M
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17:08 EDTNQNQ Mobile sees Q2 revenue $102M-$103M, one estimate $99.5M
Representing a 25.0%-26.2% year-over-year increase.
17:06 EDTNQNQ Mobile reports Q1 adjusted EPS 0c, one estimate 0c
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14:31 EDTGMCovisint expands strategic relationship with Cisco, General Motors
Covisint (COVS) announced that it has reached a definitive agreement with Cisco (CSCO) to use the Covisint platform to power General Motors (GM) OnStar and SupplyPower through 2020. Under the terms of this five-year, non-cancelable contract, GM will materially increase their use of the Covisint platform to support growth in these solutions. This economically favorable transaction is a major milestone in the strategic partnership with Cisco, and a win for General Motors, Cisco and Covisint.
13:20 EDTGMTakata expected to recall 33.8M vehicles, Detroit News reports
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11:05 EDTCOHRumor: Coach spikes up on renewed speculation of an activist investor stake
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07:36 EDTGMAutomakers to start V2V car rollouts with spectrum at a premium, WSJ says
General Motors' (GM) upcoming Cadillac CTS is the only car firmly scheduled to launch in the U.S. with vehicle-to-vehicle communications, or V2V, but the industry has promised that V2V will revolutionize safety and Cisco (CSCO) joined automakers earlier this month to brief the FCC on plans to test airwave sharing soon, said The Wall Street Journal. However, cable and telecom companies are pressuring carmakers to give up a part of the airwaves marked for V2V to be available for broader use, the report added. Publicly traded automakers include Fiat Chrysler (FCAU), Ford (F), Honda (HMC), Toyota (TM) and Volkswagen (VLKAY), while cable and telecom companies include Verizon (VZ), AT&T (T), Sprint (S), T-Mobile (TMUS), Comcast (CMCSA), Time Warner Cable (TWC) and Charter (CHTR). Reference Link
07:08 EDTGMGeneral Motors sees maintaining profitability goals in China, WSJ reports
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May 18, 2015
09:54 EDTGMNHTSA looks to accelerate V2V rollout by automakers, Motor Authority says
Automakers have been notified that initial proposals for the implementation of vehicle-to-vehicle technology will be outlined by before January 1, 2016, which would be a full year ahead of schedule, according to Motor Authority. Publicly traded automakers include Fiat Chrysler (FCAU), Ford (F), General Motors (GM), Honda (HMC), Nissan (NSANY), Toyota (TM) and Volkswagen (VLKAY). Mobileye (MBLY) makes chips utilized in advanced driver assistance systems. Reference Link
06:26 EDTGMStudy shows Toyota and Honda leads in best supplier relations, Reuters says
A new study revealed that Toyota (TM) and Honda (HMC) led automakers with U.S. plants in supplier relations, reports Reuters. According to the study led by Planning Perspectives President John Henke, Toyota led Honda while Ford (F) was a distant third and Nissan (NSANY) came in fourth. General Motors (GM) and Fiat Chrysler (FCAU) were last on the list. Reference Link
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