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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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November 10, 2014
15:54 EDTHSPAmerican Society of Nephrology to hold a conference
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09:18 EDTARWRArrowhead announces presentation of ongoing Phase 2a ARC-520 data
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07:57 EDTISRGIntuitive Surgical survey positive on hernia opportunity, says JPMorgan
JPMorgan said its survey of 25 U.S.-based general surgeons who have used da Vinci for hernia procedures yielded positive outlook on the hernia opportunity for Intuitive Surgical. The firm says the complexity of the robot does not appear to be an issue. It keeps an Overweight rating on Intuitive with a $550 price target.
06:41 EDTGMGM ordered new switches months before recall, WSJ reports
Half a million replacement ignition switches were ordered by General Motors (GM) almost two months before it alerted federal safety regulators of the issues that led to a recall of millions of vehicles, the Wall Street Journal reports, citing email exchanges between the automaker and Delphi Automotive (DLPH). The email exchanges, which took place in mid-December 2013 between a GM contract worker and Delphi, indicate GM placed an "urgent" order for 500,000 replacement switches on December 18, a day after a meeting of senior executives. Reference Link
November 7, 2014
21:13 EDTISRGIntuitive Surgical management to meet with SunTrust
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11:59 EDTGMSenators ask U.S. DOJ to review Takata as airbag worries increase, Reuters says
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10:00 EDTHSPOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Antero Resources (AR) upgraded to Overweight from Equalweight at Capital One... CA Technologies (CA) upgraded at Evercore ISI... CGG SA (CGG) upgraded to Hold from Sell at Canaccord... Cavium (CAVM) upgraded to Strong Buy from Outperform at Raymond James... Charter (CHTR) upgraded to Outperform from Market Perform at Raymond James... Chesapeake (CHK) upgraded to Overweight from Equal Weight at Johnson Rice... Container Store (TCS) upgraded at BofA/Merrill... Delhaize (DEG) upgraded to Neutral from Underperform at BofA/Merrill... Devon Energy (DVN) upgraded to Accumulate from Hold at Tudor Pickering... Dynegy (DYN) upgraded to Accumulate from Hold at Tudor Pickering... EOG Resources (EOG) upgraded to Buy from Accumulate at Tudor Pickering... Envestnet (ENV) upgraded at Raymond James... GNC Holdings (GNC) upgraded to Buy from Neutral at Goldman... Hospira (HSP) upgraded at Raymond James... Kinross Gold (KGC) upgraded to Buy from Neutral at UBS... Kosmos (KOS) upgraded at RBC Capital... Nationstar (NSM) upgraded to Market Perform from Underperform at Wells Fargo... Northern Oil and Gas (NOG) upgraded at Raymond James... Perrigo (PRGO) upgraded to Overweight from Equal Weight at Morgan Stanley... PetSmart (PETM) upgraded to Hold from Sell at Deutsche Bank... Plains GP Holdings (PAGP) upgraded at Credit Suisse... Rosetta Resources (ROSE) upgraded to Accumulate from Hold at Tudor Pickering... Splunk (SPLK) upgraded to Buy from Hold at Evercore ISI... Sunoco Logistics (SXL) upgraded to Buy from Neutral at UBS... Target (TGT) upgraded to Buy from Neutral at Cleveland Research... Walker & Dunlop (WD) upgraded to Outperform from Market Perform at Wells Fargo... XO Group (XOXO) upgraded to Buy from Neutral at B. Riley... Zynga (ZNGA) upgraded to Buy from Hold at Needham.
09:38 EDTRBCNRubicon downgraded to Neutral from Buy at Dougherty
Dougherty downgraded Rubicon to Neutral following the Q3 report citing sapphire weakness.
09:25 EDTHSPHospira upgraded at Raymond James
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07:04 EDTHSPHospira upgraded to Market Perform from Underperform at Raymond James
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November 6, 2014
17:17 EDTHSPOn The Fly: Closing Wrap
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16:09 EDTRBCNRubicon sees Q4 EPS (42c)-(38c), consensus (35c)
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16:06 EDTRBCNRubicon reports Q3 adjusted EPS (36c), consensus (41c)
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08:56 EDTGMMaxwell awarded U.S. Advanced Battery Consortium $2.68M contract
Maxwell Technologies (MXWL) has been awarded a $2.68M cost-shared technology development contract by the United States Advanced Battery Consortium to develop a high-performance hybrid ultracapacitor/lithium-ion battery for stop-start idle-elimination microhybrid autos. USABC is a subsidiary of the United States Council for Automotive Research LLC, the collaborative automotive technology organization for Chrysler Group Ford (F) and General Motors (GM). With funding provided by the U.S. Department of Energy, USABC's mission is to develop electrochemical energy storage technologies that support commercialization of electric, hybrid-electric and fuel cell vehicles.
07:38 EDTRBCNRubicon November volatility elevated into Q3 and outlook
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07:35 EDTHSPHospira raises FY14 adjusted EPS to $2.40-$2.50 from $2.30-$2.50
FY14 EPS consensus of $2.37. The company is updating its guidance for full-year 2014 cash flow from operations, which it now expects to range between $425 million and $475 million. Capital expenditure projections remain in a range between $375 million and $425 million. The company continues to expect depreciation and amortization to range between $225 million and $275 million.
07:33 EDTHSPHospira reports Q3 adjusted EPS 74c, consensus 53c
Reports Q3 revenue $1.15B, consensus $1.08B
06:55 EDTGMGM says not responsible for pre-bankruptcy vehicle allegations, Reuters says
A filing from a Manhattan bankruptcy court revealed that GM said it should not be required to go up-against cases based on safety problems in vehicles manufactured prior to its bankruptcy 5 years ago, including a defected ignition switch that prompted the automobile firm to recall 2.6M cars earlier in FY14, according to Reuters, citing the filing. Reference Link
06:40 EDTGMTakata cautions of larger FY loss, cancels dividend for now, Reuters says
After its faulty airbags have been connected to four deaths in the U.S., Takata cautioned of a larger loss this year and canceled its dividend at this time, according to Reuters, citing comments from Takata CFO Yoichiro Nomura. Car companies who utilized Takata airbags include Toyota (TM), Honda (HMC), Mazda (MZDAF), BMW (BAMXY), Nissan (NSANY), Mitsubishi, Subaru, Chrysler (FCAU), Ford (F), and General Motors (GM). Reference Link
06:31 EDTGMWestern Europe's auto sales increased 5.5% last month, Reuters says
Auto sales in Western Europe increased 5.5% in October versus the same period a year earlier, according to Reuters, which cited industry data. Demand for vehicles rose in all of the region's major markets except France, the news service quoted consulting firm LMC Automotive. as saying. Publicly traded companies in the space include Ford (F), General Motors (GM), Honda (HMC), Nissan (NSANY), Now trades under FCAU (FIATY), Toyota (TM) and Volkswagen (VLKAY). Reference Link
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