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Stock Market & Financial Investment News

News Breaks
April 1, 2014
12:29 EDTARWR, RBCN, HSP, ISRG, MDR, MDCO, GMOn 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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March 2, 2015
16:20 EDTMDRMcDermott sees FY15 revenue $3.3B-$3.6B, consensus $2.79B
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16:18 EDTMDRMcDermott reports Q4 EPS 3c, consensus (6c)
Reports Q4 revenue $806.4M, consensus $715.83M. As of December 31, 2014, the companyís backlog was $3.6B, compared to $4.0B at September 30, 2014. Of the December 31, 2014 backlog, approximately 43% related to offshore operations and approximately 57% related to subsea operations. Order intake in Q4 totaled $427.7M and included a pipeline repair project in Brunei and change orders on existing projects. At December 31, 2014, the company had $8.6B in bids and change orders outstanding compared to $10.5B at September 30, 2014. At December 31, 2014, the company was targeting to bid approximately $17.6B in projects that it expects to be awarded to the market through March 31, 2016. In total, the companyís potential revenue pipeline was $29.8B as of December 31, 2014
15:23 EDTMDRNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include Mylan (MYL), consensus $1.05... Nabors Industries (NBR), consensus 39c... PRA Group (PRAA), consensus $1.11... Caesars Entertainment (CZR), consensus ($1.65)... Cumulus Media (CMLS), consensus 9c... Arena Pharmaceuticals (ARNA), consensus (12c)... Palo Alto Networks (PANW), consensus 17c... Guidewire Software (GWRE), consensus 11c... McDermott International (MDR), consensus (6c)... Salix Pharmaceuticals (SLXP), consensus (25c)... Matador Resources (MTDR), consensus 19c... Sanchez Energy (SN), consensus (11c).
February 27, 2015
16:15 EDTHSPHospira: No Form 483 observations issued after inspection of Costa Rica facility
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06:27 EDTGMGeneral Motors to discontinue vehicle production at Bekasi, Indonesia plant
As part of its ongoing focus on strengthening the performance of its global operations, General Motors announced that it will transition to a national sales company in Indonesia and will discontinue vehicle production at its Bekasi manufacturing plant near Jakarta by the end of June. GM Indonesia will retain its local presence by providing customers with Chevrolet products such as the Orlando, Captiva and Trailblazer through its committed dealer network. Several factors contributed to GMís decision, including high material costs and reduced potential to utilize the local supplier base due to limited scale.As a result of the companyís actions, approximately 500 positions will be impacted at the Bekasi plant, which is 16 km east of Jakarta. The plant, which is wholly owned by GM Indonesia, opened in 1995. It was reactivated in May 2013 after a suspension of production in 2005. The Bekasi plant currently produces the Chevrolet Spin for Indonesia and other ASEAN markets. GM also announced that GM Indonesia President Michael Dunne has decided to leave the company at the end of February to start his own business and focus on his previous domain of expertise. Dunneís decision has been known to GM for some time. GM has identified a new executive to lead the NSC, who will be announced shortly. GM Indonesia CFO Pranav Bhatt will serve as interim president until the permanent replacement is named.
February 26, 2015
13:06 EDTGMGM reaches agreement with Brazil factory union, Reuters says
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10:39 EDTGMOrbital ATK selected by 10 automakers to investigate Takata airbags
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09:41 EDTHSPHospira launches generic Remicade, WSJ says
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06:42 EDTGMGeneral Motors to stop making cars in Indonesia, Reuters says
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February 25, 2015
05:20 EDTMDRMcDermott and Petrofac form five-year strategic alliance
McDermott and Petrofac Limited announced they have formed a strategic marketing alliance to pursue top-tier deepwater subsea, umbilical, riser and flowline, or SURF, projects. The five-year alliance expects to provide oil and gas companies a competitive, integrated solution across a broad range of complex engineer, procure, construct, install Subsea projects in deep and ultra-deepwater across the US Gulf of Mexico, Mexico, Brazil, the North Sea, Mediterranean and West Africa. SURF projects are expected to be above $200M, with the project scope anticipated to be split between partners roughly equally, but according to the specifics of a particular opportunity, and governed by separate project agreements.
February 24, 2015
13:13 EDTGMTesla Model S named 'best overall' by Consumer Reports
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February 23, 2015
10:40 EDTGMGM ignition-switch deaths increase to 57, WSJ says
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07:33 EDTARWRArrowhead initiates dosing in phase 1 trial of ARC-AAT
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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 groupís proposal that GM buy back $8B of its stock is premature, and the amount too high for the companyís 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
07:04 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 GMís 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 GMís general counsel. Before joining GM, Glidden was executive VP and chief legal officer for LyondellBasell Industries (LYB).
February 19, 2015
06:17 EDTHSPHospira Inflectra patient registry reports interim results in treatment of IBD
Data have been presented on the use of Hospira's Inflectra, the world's first approved biosimilar monoclonal antibody, or mAb, at the European Crohn's and Colitis Organisation Inflammatory Bowel Diseases, or ECCO-ibd, conference. Results show a comparable response in patients treated with Inflectra to that expected with the reference product, Remicade, for inducing and maintaining remission in Crohn's disease, or CD, and ulcerative colitis, or UC. These data add to the body of evidence supporting Inflectra's use in inflammatory bowel disease, or IBD. Results presented from the ongoing independent, prospective, nationwide study in Hungary show that for the first 90 patients, treated with Inflectra, reductions compared with baseline were seen in validated measures of disease activity after both two and six weeks of treatment. C-reactive protein, or CRP, a marker of inflammation, was also decreased during induction therapy for UC. Four of the 90 patients showed an allergic reaction to treatment, all of who had previously received anti-TNF medication. The abstract can be found at: P314 Biosimilar infliximab in inflammatory bowel diseases: first interim results from a prospective nationwide observational cohort.
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