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Stock Market & Financial Investment News

News Breaks
April 1, 2014
12:29 EDTGM, ISRG, RBCN, MDCO, HSP, ARWR, MDROn 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 region’s 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
Check below for free stories on GM;ISRG;RBCN;MDCO;HSP;ARWR;MDR the last two weeks.
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August 11, 2014
15:23 EDTGMJPMorgan to hold a conference
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06:38 EDTGMGM's ignition switch fund receives 63 death case claims, AP reports
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06:07 EDTGMGM's Lansing plant to halt Cadillac production temporarily, Detroit News reports
General Motors will halt Cadillac production at its Lansing Grand River Assembly Plant for three weeks, effective August 18, the Detroit News reports. According to sources, the halt is due to lower than expected demand for the cars. Reference Link
August 9, 2014
15:40 EDTGMGM loses attempt to dismiss revived ignition-death lawsuit, Bloomberg says
A Georgia judge rejected General Motors' attempt to dismiss a revived lawsuit over the death of woman that precipitated the recall of 2.59M cars over faulty ignition switches, says Bloomberg. Reference Link
August 8, 2014
14:09 EDTGMGeneral Motors announces 269K vehicle recall
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10:00 EDTRBCNOn The Fly: Analyst Downgrade Summary
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09:30 EDTRBCNRubicon price target cut to $10 from $17 at DA Davidson
DA Davidson cut its price target on Rubicon after the company reported in-line results but provided Q2 guidance that the firm views as lackluster. The firm expects the company's business to eventually rebound and keeps a Buy rating.
07:51 EDTRBCNRubicon downgraded to Hold at Canaccord
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06:48 EDTRBCNRubicon downgraded to Hold from Buy at Canaccord
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06:47 EDTGMGM aims to unveil new Volt hybrid in six months, Reuters says
GM said that it plans to showcase its newest model of its Chevrolet Volt hybrid electric vehicle in six months, reported Reuters. Company officials did not explain details on the pricing or driving range of the 2016 model, but said the car will be revealed at the North American International Auto Show. Reference Link
06:34 EDTRBCNRubicon downgraded to Neutral from Overweight at JPMorgan
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06:28 EDTARWRArrowhead Research volatility elevated
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August 7, 2014
17:56 EDTMDCOThe Medicines Co. could have 25% upside, Barron's says
FDA approval of The Medicines Co. skin infection drug Orbactiv should give shares a boost and although the stock is not cheap, it is cheap enough to buy, Barron's argues in its Barron's Take column. The company's pipeline should bolster its earnings, the paper adds. Reference Link
16:58 EDTRBCNRubicon falls 10% to $6.75 after Q3 loss forecast worse than expected
16:33 EDTRBCNRubicon sees Q3 EPS (39c)-(44c), consensus (27c)
Sees Q3 revenue $8M-$12M, consensus $16.25M. The company said, “We expect continued progress in growing the wafer business in the third quarter with additional volumes in both polished and PSS wafers. However, we are seeing very limited demand for two-inch core in the third quarter as our polishing customers currently have excess inventory. In addition, we believe that recent capacity additions in the sapphire market, which are primarily targeted at the developing mobile device market, are temporarily impacting the two-inch market...[The] relatively wide range of expected revenue is due to the near-term uncertainty in the two-inch market. We expect two-inch inventories at our polishing customers to be reduced over the course of the third quarter and for demand for that product to improve in Q4."
16:32 EDTRBCNRubicon reports Q2 EPS (39c), consensus (42c)
Reports Q2 revenue $14.5M, consensus $14.4M. Revenue from polished and patterned wafers increased by $1.8M sequentially while revenue from cores declined by a similar amount. "The decline in core sales was due to more crystal production being directed into wafer products and because the Company had exhausted its excess boule inventory in the first quarter. Wafer costs continued to be higher than normal due to the large number of PSS samples produced and the cost of establishing a four-inch polishing line," the company said.
16:00 EDTRBCNRubicon trading halted, pending news
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08:12 EDTMDCOThe Medicines Co. to host conference call
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06:18 EDTGMGM issues recall for certain model year SAABs, Trailblazer EXTs, others
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05:11 EDTMDCOThe Medicines Co. Orbactiv approved by FDA
The Medicines Company announced that the FDA has approved Orbactiv for injection for the treatment of adults with acute bacterial skin and skin structure infections, or ABSSSI, caused by susceptible designated Gram-positive bacteria including methicillin-resistant Staphylococcus aureus. Orbactiv is the first and only antibiotic approved by FDA to treat ABSSSIs with a single, once-only administration. Once fully infused over three hours, the Orbactiv treatment regimen is complete for patients with skin infections caused by susceptible Gram-positive pathogens.
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