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Stock Market & Financial Investment News

News Breaks
April 1, 2014
12:29 EDTHSP, ISRG, MDR, MDCO, GM, ARWR, RBCNOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday as the second quarter began with the S&P 500 index hitting a record high. The Nasdaq, however, was the early leader and remains the session's best performer with an advance of about 1%. Manufacturing data from around the globe pointed to expansion in the U.S. and Europe last month, though the picture in China was clouded by conflicting surveys. ECONOMIC EVENTS: In the U.S., Markit's final print for the March manufacturing PMI held steady at 55.5, which was down from February's 57.1 reading and below expectations for it to have been bumped up to 56.0. ISM's manufacturing PMI for March inched up to 53.7 from February's 53.2 reading, though that was a hair below the consensus 53.9 forecast. Construction spending rose 0.1% in February, as expected. In Asia, China's official manufacturing PMI climbed to 50.3 in March, beating expectations for a modest decline to 50.1. Markit and HSBC's PMI reading, however, fell to an eight-month low of 48.0. In Europe, the final euro zone manufacturing PMI for the month was unchanged from a flash estimate of 53.0, extending the recovery in the regionís manufacturing sector to a ninth straight month. COMPANY NEWS: General Motors (GM), which has been a constant source of headlines of late due to its ongoing recall problems, reported that its March U.S. sales report has been delayed due to a computer systems issue that impacted dealer reporting. The company, whose CEO Mary Barra is on Capitol Hill today to give testimony about the automaker's handling of ignition switch issues linked to 13 deaths, said it expects to report its sales this afternoon before the close of business... Shares of Intuitive Surgical (ISRG) advanced 9% near noon after the company announced the FDA cleared the U.S introduction of its new da Vinci Xi Surgical System. Analysts at JPMorgan responded to the news by raising Intuitive Surgical's price target to $500 from $475, saying the new system is a significant positive with the potential to both drive a replacement cycle and further increase penetration and utilization of the company's products within hospitals. Leerink also sees today's news as a positive, but said it is uncertain exactly how many incremental system sales the da Vinci XI Surgical system will fuel and whether the features of Intuitive's new robot will lead to increased utilization into new surgery areas. The firm kept its Market Perform rating on Intuitive. MAJOR MOVERS: Among the notable gainers was Rubicon (RBCN), which rose 13% after the stock was upgraded to Overweight at JPMorgan citing a pick-up in demand for LEDs and sapphire covers. Also higher was Arrowhead Research (ARWR), which rose 12% after the company announced that the first cohort of 8 patients has been fully enrolled and dosed in a Phase 2a clinical trial of its RNAi therapeutic for the treatment of chronic hepatitis B virus infection. Among the noteworthy losers was The Medicines Co. (MDCO), which slid 15% after a court ruled that the company failed to prove that Hospira's (HSP) generic Angiomax product infringed its patents. Also lower was McDermott (MDR), which slid 7% after warning that its first quarter results may differ "substantially" from the company's current expectation and filing to sell 10M tangible equity units. INDEXES: Near midday, the Dow was up 60.69, or 0.37%, to 16,518.35, the Nasdaq was up 45.98, or 1.1%, to 4,244.98, and the S&P 500 was up 7.07, or 0.38%, to 1,879.41.
News For GM;ISRG;RBCN;MDCO;HSP;ARWR;MDR From The Last 14 Days
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April 9, 2015
11:31 EDTGMGM may make 'major' investment in Warren Tech Center, Detroit News says
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08:41 EDTGMGM's Opel unit reports Q1 new passenger car sales 279,306 units
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06:19 EDTGMGeneral Motors considering $1.3B expansion of Arlington plant, Reuters reports
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06:07 EDTGMGM to temporarily halt production of Chevrolet Volt, WSJ reports
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April 8, 2015
19:09 EDTGMGM pressures Canadian workers to reduce pension benefits, Globe and Mail says
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14:36 EDTARWRArrowhead Research May volatility elevated on tight five-month price movement
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April 7, 2015
17:11 EDTARWRIntegrated Core Strategies reports 6.6% passive stake in Arrowhead
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12:36 EDTARWROptions with increasing implied volatility
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11:27 EDTGMCanadian sale of General Motors stake removes an overhang, says BofA/Merrill
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11:02 EDTHSPHospira responds to FDA warning letter
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09:30 EDTHSPHospira sent FDA warning letter following site inspection
The FDA sent a warning letter to Hospira, dated March 31, following a May 5-9 and 12-13, 2014 inspection of the company's pharmaceutical manufacturing facility. "We have conducted a detailed review of your firmís response dated June 4, 2014 and note that it lacks sufficient corrective actions. We acknowledge receipt of your firmís correspondence dated August 4, 2014, October 2, 2014, December 4, 2014, and February 9, 2015," the FDA states in its letter. Reference Link
09:23 EDTGMOn The Fly: Pre-market Movers
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09:08 EDTMDRMcDermott awarded SURF installation scope for Atlanta EPS
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09:01 EDTGMGeneral Motors 73.39M share Block Trade priced at $35.90
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06:56 EDTGMGeneral Motors 73.39M share Block Trade; price range $35.80-$36.00
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April 6, 2015
18:01 EDTGMCanada GEN Investment to sell 73.39M shares of General Motors to Goldman Sachs
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11:41 EDTGMDeath claims linked to GM ignition switches up to 80, WSJ reports
The number of deaths linked to General Motors' faulty ignition switch was raised by three to 80 total people, reports The Wall Street Journal, citing statements by lawyers operating the GM compensation fund. The number of confirmed injury claims rose by seven to 141 people. Reference Link
11:30 EDTARWROptions with increasing implied volatility
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07:41 EDTGMBrookings Institute to hold a discussion
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April 5, 2015
08:43 EDTGMAT&T, Philip Morris, eight others have reliable yields up to 5.7%, Barron's says
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