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Stock Market & Financial Investment News

News Breaks
June 30, 2014
16:22 EDTMBI, KING, GLUU, GM, TWGP, MUOn 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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March 20, 2015
08:01 EDTGMStifel says evidence supports Apple moving into electric vehicles
Analysts at Stifel say they see enough evidence to suggest that Apple is internally working on the development of a battery electric vehicle to be sold over the next five-to-ten years. The analysts are "intrigued" by Apple CFO Luca Maestri's background at General Motors (GM). They believe Apple's investments in manufacturing should be a key consideration for investors and point out the $40B spent by the iPhone maker over the past five years, with 80%-plus invested in manufacturing, is similar to GM, Ford (F) and Daimler-Benz and well above Tesla's $1.8B cumulative capex. The analysts say there is a "lot to think about" regarding Apple's move into the car space, including the regulatory environment. They keep a Buy rating on the tech giant with a $150 price target. Shares of Apple closed yesterday down 97c to $127.50.
06:22 EDTGMGM CEO to be questioned October 8 over ignition failures, AP says
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March 18, 2015
11:25 EDTMUStocks with call strike movement; SWKS MU
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09:36 EDTMUActive equity options trading on open
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08:37 EDTGMGeneral Motors says to change business model in Russia
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08:36 EDTGMGeneral Motors says to idle auto plant in St. Petersburg
08:08 EDTMUSamsung postponed DRAM equipment orders, says JPMorgan
JPMorgan says its research indicates Samsung has recently postponed a "meaningful" level of DRAM equipment orders by up to two quarters. The firm views the push outs as evidence of discipline in the DRAM supply chain and a positive for Micron (MU). It believes the DRAM pricing environment should stabilize starting in Q2 and recommends buying shares of Micron at current levels. It has an Overweight rating on the name with a $40 price target.
March 17, 2015
14:13 EDTGMMorgan Stanley questions GM capital allocation plan
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11:16 EDTMUMicron falls, levels to watch
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09:25 EDTGLUUOn The Fly: Pre-market Movers
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08:41 EDTGLUUGlu Mobile to partner with Kendall, Kylie Jenner on new mobile game
Glu Mobile announced that the company will partner with Kendall and Kylie Jenner on the development of a new mobile game. Featuring the voices, likenesses, and creative influences of Kendall and Kylie, the game will allow players to interact with the sisters as friends and mentors as they work to realize their creative and career aspirations. Glu expects to launch the game worldwide in late 2015 on iOS and Android. Glu will provide additional details on the game's development and Kendall and Kylie's involvement at a later date. Shares of Glu Mobile, the maker of "Kim Kardashian: Hollywood," are up about 7% in pre-market trading to $5.15.
08:05 EDTGMGeneral Motors coverage resumed with an Underweight at Morgan Stanley
Morgan Stanley reinstated General Motors with an Underweight and $28 price target. The firm believes GM's agreement to accelerate capital returns to investors is a popular short-term decision but raises questions longer-term by increasing both financial and strategic risks.
08:00 EDTMUMicron FY16 EPS estimate lowered at RBC Capital
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06:23 EDTGMGM employees to be deposed for class action case, NY Times says
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March 16, 2015
11:06 EDTGMGM ignition switch death claims rises to 67, WSJ says
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10:50 EDTKINGKing Digital seen benefiting from user base larger than Twitter, LinkedIn
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10:02 EDTKINGOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: AmerisourceBergen (ABC) upgraded to Buy from Neutral at UBS... Avago (AVGO) upgraded to Buy from Neutral at DA Davidson... Francesca's (FRAN) upgraded to Buy at Janney Capital... Goldcorp (GG) upgraded to Overweight from Neutral at HSBC... Jabil Circuit (JBL) upgraded to Buy from Hold at Cross Research... JetBlue (JBLU) upgraded to Outperform at Raymond James... King Digital (KING) upgraded to Overweight from Neutral at JPMorgan... L.B. Foster (FSTR) upgraded to Outperform from Neutral at Macquarie... NextEra Energy (NEE) upgraded to Buy from Hold at Deutsche Bank... Petrobras Argentina (PZE) upgraded to Buy from Neutral at BofA/Merrill... Qorvo (QRVO) upgraded to Buy from Neutral at DA Davidson... Randgold (GOLD) upgraded to Overweight from Neutral at HSBC... Royal Gold (RGLD) upgraded to Overweight from Neutral at HSBC... Seagate (STX) upgraded at Needham... Standex (SXI) upgraded to Buy from Hold at BB&T... Union Pacific (UNP) upgraded to Outperform from Neutral at Macquarie... West Corp. (WSTC) upgraded to Outperform from Neutral at RW Baird... Xilinx (XLNX) upgraded to Buy from Hold at Drexel Hamilton... YPF (YPF) upgraded to Buy from Neutral at BofA/Merrill.
09:22 EDTKINGOn The Fly: Pre-market Movers
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08:24 EDTMUMicron pricing pressure to ease in 2H15, says Deutsche Bank
Deutsche Bank lowered its estimates on Micron to reflect near-term PC DRAM weakness, but the firm expects pricing pressure to ease in 2H15, driven by seasonal PC build, higher mobile content and a DDR4 upgrade cycle. The firm thinks the company will have a number of positive catalysts in 2016, and it keeps a $40 price target and Buy rating on the shares.
06:25 EDTKINGKing Digital upgraded to Overweight from Neutral at JPMorgan
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