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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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August 22, 2014
11:04 EDTGMGM assessing timing of facility development in Russia, Reuters says
GM said that it was assessing the timing of the planned development of its Russian facility close to St Petersburg due to a decline in the automobile market in the country, according to Reuters, citing comments from a company spokesman. The spokesman said, "In view of the current business situation in Russia and the lower sales volumes since the start of the year, we are taking a close look at our plans. Reference Link
06:54 EDTGMChrysler to not replace Ram steel body panels until 2020, Reuters says
Fiat's (FIATY) Chrysler is aiming to redesign its full-size Ram 1500 pickup trucks beginning in three years, but the car manufacturer has no definitive goals to follow competitors GM (GM) and Ford (F) in using aluminum body panels instead of steal until a finalized overhaul happens after 2020, according to Reuters, citing industry sources. Reference Link
06:07 EDTGMProsecutors investigating GM's legal department, WSJ reports
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05:23 EDTKINGKing Digital launches Candy Crush Saga in China
King Digital announced that a localized version of the world's sweetest game, Candy Crush Saga, is now available for players in China. The Chinese version of the game is now integrated with Tencent's Mobile QQ and Weixin social network, and available in Tencent's App Center and Apple's App Store in China.
August 21, 2014
13:52 EDTGMCadillac mulls expanding offices to Manhattan, Reuters says
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10:17 EDTMUStocks with call strike movement; MU HTZ
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07:18 EDTGMChina considering new anti-trust rules for auto sector, China Daily says
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06:21 EDTGMGM product chief thinks Google might become 'threat,' Bloomberg says
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06:12 EDTMUDRAM prices making downward correction with oversupply concerns, DigiTimes says
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06:08 EDTGMGM launches new round of discounts for Labor Day weekend, WSJ reports
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August 20, 2014
11:09 EDTTWGPHigh option volume stocks
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August 19, 2014
17:02 EDTTWGPTower Group receives Nasdaq notice regarding listing requirements
Tower Group International announced that it received a notification letter from The Nasdaq Listing Qualification Department on August 14, stating that because Tower has not yet filed its Form 10-Q for the period ended June 30 with the SEC, it was not in compliance with the continued listing requirements under Nasdaq Listing Rule 5250c1. The Nasdaq notice has no immediate effect on the listing or trading of Tower's common stock on The Nasdaq Global Market. Under Nasdaq listing rules, Tower has 60 days to submit a plan to Nasdaq to regain compliance with the applicable listing rule. Tower currently expects to file the 10-Q with the SEC within approximately the next twenty days.
10:42 EDTKINGOptions with decreasing implied volatility
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09:41 EDTGMGM recalls Silverados, Sierras equipped with auxiliary battery
GM is recalling certain model year 2007-2011 Chevrolet Silverado HD 2500/3500 trucks manufactured January 18, 2007, to June 22, 2011, and GMC Sierra HD 2500/3500 trucks manufactured January 22, 2007, to June 21, 2011, and equipped with an auxiliary battery. Owners may unknowingly draw too much current through the vehicle's trailer harness resulting in the melting of fusible link for the auxiliary battery. If the fusible link melts it may come into contact with adjacent components, damage the electrical center cover, the nearby wiring harness conduit and other vehicle components, increasing the risk of a fire. GM will notify owners and dealers will replace the jumper harness with one that includes a 40 amp inline fuse, and provide the owner with supplemental Owner Manual information, free of charge. The manufacturer has not yet provided a notification schedule. Reference Link
09:38 EDTGMGM recalls cars equipped with Calix oil pan, block heater
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08:02 EDTGMBorgWarner supplies solenoid technology for General Motors' GF6
BorgWarner (BWA) supplies its mini direct-acting variable force solenoid for General Motors' (GM) global front-wheel drive 6-speed automatic transmission program, or GF6.
August 18, 2014
13:01 EDTGMFord, Chevrolet launching incentives earlier than usual, Autmotive News says
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10:57 EDTKINGOptions with decreasing implied volatility
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07:37 EDTGMReport says Russia may bar car imports if new sanctions enacted, Reuters says
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August 17, 2014
17:23 EDTGMJudge appoints lead counsel in GM ignition switch cases, Reuters says
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