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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 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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September 8, 2014
12:40 EDTHSPPar Pharmaceutical resumes shipment of generic Precedex Injection
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08:33 EDTHSPHospira confirms FY14 EPS view $2.30-$2.50, consensus $2.41
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07:59 EDTGMMorgan Stanley downgrades Auto sector to Cautious, downgrades Ford
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07:14 EDTGMGM board slow to react on safety, NY Times says
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September 7, 2014
20:02 EDTGMGM to introduce hands free Cadillac model in two years, Bloomberg says
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September 5, 2014
18:56 EDTGMGM to install vehicle to vehicle communication to help prevent crashes, WSJ says
General Motors has plans to install vehicle to vehicle communications systems in some car models by 2016, The Wall Street Journal reports. The move comes as regulators and auto manufacturers push to introduce technology that can help prevent vehicle crashes without human intervention. Mary Barra, CEO of General Motors, plans to announce the company's move toward vehicle to vehicle communications systems on Sunday, The Wall Street Journal added, citing people familiar with the matter. Reference Link
13:13 EDTGMU.S. judge dismisses General Motors shareholder lawsuit over IPO, Reuters says
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12:42 EDTGMStocks with increasing options volume
Stocks with increasing options volume: VALE MCP KORS WAG GM PCLN
12:39 EDTGMGM recalls 2002-2004 Saturn Vues due to ignition defect
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06:12 EDTGMMichigan among the states investigating GM recall, Detroit News reports
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September 4, 2014
13:12 EDTHSPFDA posts approval of Hospira's Milrinone Lactate
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08:27 EDTGMGeneral Motors and General Motors Financial enter into support agreement
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07:14 EDTGMElectric cars share of total U.S. market stalled, LA Times reports
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06:02 EDTGMGM supplier Magna begins construction on new Tennessee facility
Magna International (MGA) yesterday announced that it has started construction on a new, state-of-the-art manufacturing facility located in Spring Hill, Tennessee. The 122,500-square-foot facility will manufacture complete seat assemblies supplying General Motors' (GM) Spring Hill Assembly Plant. The plant will be fully operational in January 2015. The new facility becomes Magna's fifth location in Tennessee and is expected to employ approximately 75 people when it begins production next year.
September 3, 2014
12:33 EDTGMOn The Fly: Midday Wrap
Stocks on Wall Street were higher to begin the day, as reports spurred optimism that a ceasefire agreement between Russia and the Ukraine may soon be reached. The move was short lived, as the averages turned mixed during the second hour of trading. Shares of Apple (AAPL) are weighing down the Nasdaq after an analyst recommended investors take some profits in the stock. ECONOMIC EVENTS: In the U.S., factory orders rose 10.5% in July, which was a bit below the forecast for 11.0% growth. The Fed's Beige Book is scheduled to be released at 2:00 pm ET. In Europe, the final reading of Eurozone services PMI was knocked down to 53.1 from a preliminary 53.5 reading, mirroring the lowering of the Eurozone manufacturing PMI reading yesterday. COMPANY NEWS: Shares of Apple retreated 4% after research firm Pacific Crest advised investors to take some profits in the stock. Pacific Crest analyst Andy Hargreaves forecast the percentage of new iPhone users who buy the next version of the device beyond the iPhone 6 is likely to decline versus prior cycles. The stock likely has only limited room to increase, according to Hargreaves, who said he would probably downgrade Apple unless new products that can generate billions of dollars in new operating profit are launched at its September 9 event... Carmakers reported on August vehicle sales in the U.S., with Chrysler (FIATY) reporting a 20% increase, Ford stating that sales rose slightly compared to the prior year and General Motors (GM) posting a 1.2% decline in sales. MAJOR MOVERS: Among the notable gainers was Infinity Pharmaceuticals (INFI), which jumped 46% after the company announced a cancer drug collaboration with AbbVie (ABBV) and a master clinical supply agreement with Roche (RHHBY). Also higher was Mobileye (MBLY), which gained nearly 10% after Morgan Stanley wrote that the stock could rise "towards $100" if the company maintains its current market, gross margins and earnings position. Mobileye is scheduled to report on its second quarter results tomorrow morning, which will be its first quarterly report since its August IPO. Among the noteworthy losers was Repros Therapeutics (RPRX), which dropped 15% after newly posted FDA briefing documents regarding a panel on T-normalizing therapies prompted Piper Jaffray to downgrade the stock to Neutral from Overweight. Also lower following its earnings report was apparel company Vince Holding (VNCE), which fell 11%. INDEXES: Near midday, the Dow was up 33.71, or 0.2%, to 17,101.27, the Nasdaq was down 23.24, or 0.51%, to 4,574.95, and the S&P 500 was down 0.64, or 0.03%, to 2,001.64.
11:54 EDTHSPHospira talks to acquire Danone nutrition unit stall, Reuters reports
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11:36 EDTHSPHospira talks to acquire Danone nutrition unit stall, Reuters reports
09:34 EDTGMGM reports August U.S. sales down 1.2% to 272,423 units
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09:31 EDTGMGeneral Motors reports August U.S. sales down 1.2% to 272,423 vehicles
06:29 EDTGMGeneral Motors looking to fend off ignition-switch recall review, WSJ reports
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