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Stock Market & Financial Investment News

News Breaks
June 30, 2014
16:22 EDTGM, KING, MU, GLUU, MBI, TWGPOn The Fly: Closing Wrap
Stocks on Wall Street were mixed with the Nasdaq the lone index to notch a gain for the session. Stocks began the session mixed and remained that way for most of the session, with the major averages trading in a narrow range. The volume was light, as is typical for a holiday shortened week. Investors are already on watch for the monthly jobs report, which will be released on Thursday before the market opens. ECONOMIC EVENTS: In the U.S., the Chicago ISM manufacturing index dipped more than expected to 62.6 in June from the seven-month high reading of 65.5 it hit last month. An index of pending home sales in May climbed 6.1%, soundly beating expectations and representing its biggest advance in more than four years. COMPANY NEWS: Shares of General Motors (GM) fell 32c, or 0.87%, to $36.30 after the company announced it will conduct six new safety recalls in the U.S. involving about 7.6M vehicles from the 1997 to 2014 model years. GM said it expects to take a charge of up to approximately $1.2B in the second quarter for the cost of recall-related repairs, which includes a previously disclosed $700M charge for recalls that have already been announced previously. The District Attorney of Orange County, California, filed a civil lawsuit against the carmaker, accusing it of endangering the public through deception regarding vehicle safety and reliability. Earlier in the day, compensation expert Ken Feinberg unveiled the awaited settlement plan to compensate victims in accidents involving GM recalled vehicles. Under the program, Feinberg will provide compensation ranging from $20,000 to several million dollars to anyone who can show they were hurt in a crash involving cars GM has recalled, with no limit, but a key condition is that the claimants show the vehicle's air bags didn't deploy in the crash. MAJOR MOVERS: Among the notable gainers was King Digital (KING), which rose $2.70, or 15.13%, to $20.55 after Cowen said in a note to investors that fears over competition in the mobile gaming space are overdone and kept its Outperform ratings on King and another stock in the space, Gluu Mobile (GLUU). Also higher was Micron (MU), which jumped $1.44, or 4.57%, to $32.95 after Credit Suisse added the stock to its Focus List, citing the company's diversification efforts and gross margin expansion opportunities. Among the noteworthy losers was Tower Group (TWGP), which dropped 23c, or 11.11%, to $1.80 after disclosing that representatives of ACP Re have suggested that an unwaived insolvency event has or may have occurred under the companies' merger agreement, though Tower said it does not believe that any such event has occurred. Also lower were shares of MBIA (MBI), which fell 45c, or 3.92%, to $11.04 after the stock was downgraded to Neutral from Buy at BTIG. INDEXES: The Dow fell 28.16, or 0.17%, to 16,823.68, the Nasdaq rose 10.25, or 0.23%, to 4,408.18, and the S&P 500 slipped 0.73, or 0.04%, to 1,960.23.
News For GM;KING;MU;GLUU;MBI;TWGP From The Last 14 Days
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September 10, 2014
10:44 EDTMUMicron mentioned positively at Raymond James
09:17 EDTGMChina mulls easing car dealer restrictions, Bloomberg says
China's Ministry of Commerce is considering whether to ease rules on car dealers and allow them to sell vehicles from multiple brands in the same store, according to Bloomberg, citing people familiar with the matter. Note that both Bitauto (BITA) and Autohome (ATHM), which operate automobile buyer focused websites in China, were down significantly during yesterday's trading, though it is unclear if the reported new regulations play a role in their share weakness. Publicly traded carmakers include Fiat (FIATY), Ford (F), General Motors (GM), Honda (HMC), Nissan (NSANY), Toyota (TM) and Volkswagen (VLKAY). Reference Link
08:02 EDTGMGM calls Canadian dealer 'ambush' allegations overblown, Globe & Mail reports
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September 9, 2014
10:57 EDTGMMobileye climbs after analyst says GM, Tesla using technology
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09:16 EDTGMMobileye technology being used by GM, Tesla, says William Blair
William Blair believes both General Motors (GM) and Tesla (TSLA) are using Mobileye (MBLY) technology for their announced self-driving capabilities. The firm notes that over the past two days, GM and Tesla noted their intentions of offering vehicles with autonomous driving capability in the next 24-36 months. William Blair says the recent announcements confirm its bullish outlook on Mobileye's market opportunity. The firm has an Outperform rating on the stock. Shares of Mobileye are rallying 5%, or $2.61, to $55.62 in pre-market trading. Morgan Stanley also upped its price target this morning on the name to $65 from $46.
07:22 EDTMURaymond James to hold a conference
North American Equities Conference to be held in London, England on September 9.
06:52 EDTGMGM JV in China recalls over 38K Cadillac sedans, Reuters says
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06:09 EDTGMVerizon CEO sees self-driving cars 3-5 years away, Detroit News reports
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September 8, 2014
13:26 EDTGMFord falls after two notch downgrade at Morgan Stanley
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13:04 EDTGMAugust vehicle sales drop in Russia, WSJ says
The Association of European Businesses said that the sales of new vehicles in August throughout Russia have dropped at the quickest rate so far in 2014, according to The Wall Street Journal, citing a statement from chairman of the AEB Automobile Manufacturers Committee Joerg Schreiber. Industry officials are anticipating sales in the country for 2014 to decrease another 20% after a 5% decline last year. Publicly traded companies in the automobile industry include Fiat (FIATY), Ford (F), General Motors (GM), Honda (HMC), Nissan (NSANY), Toyota (TM) and Volkswagen (VLKAY). Reference Link
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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05:58 EDTGLUUGlu Mobile positioned to meet Q3 estimates, says Piper Jaffray
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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
16:42 EDTGLUUGlu Mobile, Kardashian extend licensing agreement term by additional three years
Glu Mobile and Kimsaprincess, Inc., or KAP, Kim Kardashian Westís corporation, entered into an amendment to their existing license agreement dated November 5, 2013. Pursuant to the amendment, Glu and KAP agreed to extend the term of the KAP license agreement by an additional three years such that the term is now scheduled to end on June 30, 2019. During the term, Glu may elect to develop additional games featuring Kardashian in addition to continuing to develop updates for Gluís existing game, Kim Kardashian Hollywood. Once the term ends, Glu is permitted to continue selling the games it developed during the term during a sell-off period which, pursuant to the amendment, has been extended by six months to a total of 12 months. During the term, Kardashian and her property and marks may not appear in any other game that is playable on a mobile device or any other device on which games are playable. Pursuant to the amendment, KAP has agreed to provide additional property for inclusion in the games, including additional vocal recordings and video clips of Kardashian. Furthermore, KAP has agreed to cause Kardashian to conduct additional marketing and promotional activities in support of the games, including through various social media channels and a launch event for the next major update of Kim Kardashian Hollywood.
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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