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Stock Market & Financial Investment News

News Breaks
June 4, 2014
16:30 EDTEBIX, NQ, COH, GM, UAOn The Fly: Closing Wrap
Stocks on Wall Street were higher, with the S&P 500 managing to close at a record high despite a relatively quiet trading day. Stocks began the session in negative territory following disappointing data job growth, the trade deficit, and non-farm productivity. The opening losses were moderate and were stemmed when the ISM services report came out slightly above expectations. The averages drifted towards the flat line and eventually crossed over into positive ground but there was little in the way of a catalyst to propel the market higher. The averages found a level near midday, from which they barely moved for the remainder of the session. ECONOMIC EVENTS: In the U.S., the trade deficit widened to $47.2B in April from $44.2B in March. ADP reported private payrolls increased 179k in May, which was below the consensus forecast for 210K job additions. Q1 productivity growth was revised lower to (3.2%), versus (1.7%) initially and expectations for a reduction to (3.1%.). Markit's services PMI rose to 58.1 in May from 55.0 in April, while ISM's services index rose to 56.3 in May from a reading of 55.2 last month. In its latest Beige Book report, the Federal Reserve said that all twelve of its districts reported that economic activity expanded during the recent period, with the pace of growth described as either "moderate" or "modest" in all of the regions. COMPANY NEWS: Shares of General Motors (GM) shares advanced $1.26, or 3.57%, to $36.52 after the company confirmed it will provide an update on its ignition switch recall investigation tomorrow, followed by a press conference hosted by CEO Mary Barra. MAJOR MOVERS: Among the notable gainers was NQ Mobile (NQ), which jumped $2.36, or 30.93%, to $9.99 after the company reported that investigators it appointed had found no evidence that the company had committed fraud as alleged by the short-selling blog Muddy Waters. Also higher was athletic apparel maker Under Armour (UA), which rose $2.52, or 4.93%, to $53.62 after research firm Jefferies upgraded the stock to Buy from Neutral in a note to investors earlier today. Among the noteworthy losers was Ebix (EBIX), which fell $2.17, or 14.56%, to $12.73 after it updated on its acquisition strategy and said it is looking to secure a new credit facility with additional flexibility and improved pricing to fund any acquisitions beyond its current allowance under its existing credit agreement. Also lower were shares of Coach (COH), which slipped $1.03, or 2.58%, to $38.99 after research firm Sterne Agee lowered its rating on the stock to Neutral from Buy. INDEXES: The Dow was up 15.19, or 0.09%, to 16,737.53, the Nasdaq was up 17.56, or 0.41%, to 4,251.64, and the S&P 500 was up 3.64, or 0.19%, to 1,927.88.
News For GM;NQ;UA;COH;EBIX From The Last 14 Days
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March 3, 2015
08:46 EDTGMFive people reject GM ignition settlements, WSJ says
Five people who submitted injury claims related to General Motors' ignition recall have rejected settlement offers, reports the Wall Street Journal. The Journal speculates that the rejections "likely [pave] the way for future lawsuits." Camille Biros, one of the administers of the compensation fund, stated "it is a bit surprising as these rejections are lower-end category two claims. These amounts are clearly spelled out in the facility’s protocol and are based strictly upon the number of nights of hospitalization or out-patient treatment." Reference Link
March 2, 2015
09:47 EDTCOHCoach downgraded to Hold from Buy at Standpoint Research
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February 27, 2015
06:27 EDTGMGeneral Motors to discontinue vehicle production at Bekasi, Indonesia plant
As part of its ongoing focus on strengthening the performance of its global operations, General Motors announced that it will transition to a national sales company in Indonesia and will discontinue vehicle production at its Bekasi manufacturing plant near Jakarta by the end of June. GM Indonesia will retain its local presence by providing customers with Chevrolet products such as the Orlando, Captiva and Trailblazer through its committed dealer network. Several factors contributed to GM’s decision, including high material costs and reduced potential to utilize the local supplier base due to limited scale.As a result of the company’s actions, approximately 500 positions will be impacted at the Bekasi plant, which is 16 km east of Jakarta. The plant, which is wholly owned by GM Indonesia, opened in 1995. It was reactivated in May 2013 after a suspension of production in 2005. The Bekasi plant currently produces the Chevrolet Spin for Indonesia and other ASEAN markets. GM also announced that GM Indonesia President Michael Dunne has decided to leave the company at the end of February to start his own business and focus on his previous domain of expertise. Dunne’s decision has been known to GM for some time. GM has identified a new executive to lead the NSC, who will be announced shortly. GM Indonesia CFO Pranav Bhatt will serve as interim president until the permanent replacement is named.
February 26, 2015
13:06 EDTGMGM reaches agreement with Brazil factory union, Reuters says
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10:39 EDTGMOrbital ATK selected by 10 automakers to investigate Takata airbags
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06:42 EDTGMGeneral Motors to stop making cars in Indonesia, Reuters says
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February 25, 2015
07:31 EDTCOHCoach longer term outlook positive, says Stifel
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February 24, 2015
13:13 EDTGMTesla Model S named 'best overall' by Consumer Reports
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10:00 EDTCOHOn The Fly: Analyst Upgrade Summary
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09:35 EDTUAActive equity options trading on open
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06:28 EDTCOHCoach upgraded to Outperform from Perform at Oppenheimer
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February 23, 2015
10:40 EDTGMGM ignition-switch deaths increase to 57, WSJ says
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07:54 EDTUAUnder Armour Bull Case target raised to $121 at Morgan Stanley
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06:24 EDTGMGeneral Motors to legally challenge worker strike in Brazil, WSJ reports
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February 22, 2015
14:20 EDTGMUAW chief says GM buyback proposal too much, premature, Reuters says
Dennis Williams, the president of the UAW, said that an investor group’s proposal that GM buy back $8B of its stock is premature, and the amount too high for the company’s long-term health, says Reuters. The UAW indirectly controls the largest single block of General Motors shares, added Reuters. Reference Link
February 20, 2015
08:11 EDTGMAlly CEO exploring subprime lending, sees loss of GM business, Detroit News says
Ally (ALLY) CEO Jeffrey Brown stated in a Thursday interview with The Detroit News that the company may return to offering credit cards and home mortgages, and currently plans to expand auto lending to subprime customers. The CEO said he expects to decide within 30-60 days whether Ally will consolidate its five locations to a single headquarters in the Detroit suburbs. Brown added that he expects GM (GM) to shift its $4.1B subsidized leasing program for Chevrolet from Ally to GM Financial, which the Ally CEO wants to offset by increasing subprime lending from 9% of total lending to 12%-15%. Reference Link
07:14 EDTUA, COHOppenheimer to hold a tour
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07:04 EDTGMAlly CEO assuming company will lose all of GM's leasing business, Reuters says
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06:41 EDTGMApple pushing for 2020 production of its electric car, Bloomberg says
Apple (AAPL) is pushing to begin production of its electric vehicle as soon as 2020, reports Bloomberg, citing people with knowledge of the matter. Bloomberg notes that the move could put Apple into direct competition with Tesla (TSLA) and General Motors (GM), both of which are targeting a 2017 release for next-generation electric vehicles. Apple may still cancel the project if it becomes unhappy with progress, the sources said, though its vehicle team is already 200-people strong. Reference Link
06:06 EDTGMGeneral Motors names Craig Glidden as new general counsel
General Motors (GM) announced yesterday that Craig B. Glidden has been appointed executive VP and general counsel, effective March 1. Glidden will lead a team of staff attorneys who are integrated into all of GM’s regional and functional teams in more than 30 countries. Glidden succeeds Michael Millikin, who is retiring in July after a nearly four-decade legal career, including five years as GM’s general counsel. Before joining GM, Glidden was executive VP and chief legal officer for LyondellBasell Industries (LYB).
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