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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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January 26, 2015
15:40 EDTCOHNotable companies reporting before tomorrow's open
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January 23, 2015
12:39 EDTUAlululemon rises after JPMorgan analyst says EPS can more than double
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10:54 EDTGMGoodyear Tire recalls 48,500 SUV tires after finding small tread cracks, AP says
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07:28 EDTGMGeneral Motors has too much capital on balance sheet, Bass says
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06:36 EDTUAlululemon upgraded to Overweight from Neutral at JPMorgan
JPMorgan upgraded lululemon (LULU) to Overweight saying its recent field work has indicated positive traffic and demand trends while management is laying the foundation for sustainable growth. The firm raised its price target for shares to $75 from $50. The retailer of athletic apparel closed yesterday up 90c to $63.76. JPMorgan notes that its $75 price target reflects a 20% discount to peers Nike (NKE) and Under Armour (UAUA).
06:09 EDTCOHCoach January weekly volatility elevated into Q4 and outlook
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January 22, 2015
10:07 EDTGMGM invests $300M to upgrade plant for new Cadillac sedan, Reuters reports
GM has invested $300M to upgrade and automate its Detroit-Hamtramck plant ahead of the launch of the 2016 Cadillac CT6 luxury sedan, reports Reuters. The investment includes the construction of a new body shop equipped with 205 robots and designed to use advanced manufacturing techniques as aluminum laser welding. Reference Link
07:20 EDTGMGM bringing Spark electric vehicle to Maryland by June, WSJ says
General Motors will start selling its Spark EV in Maryland by late June, reports the Wall Street Journal. The state joins California and Oregon in offering the $17,845 electric-only car, which can travel 119 miles per charge. Official GM announcements are expected at the upcoming Washington D.C. auto show. Reference Link
January 21, 2015
19:18 EDTGMLower oil prices could boost car and truck sales, CNBC reports
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13:54 EDTGMJPMorgan could lose $1.5B as a result of 2008 error, Reuters says
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13:53 EDTGMGoldman cuts rating on auto dealers citing below consensus U.S. sales view
Goldman Sachs lowered its outlook on auto dealers to Cautious from Neutral, citing several factors, including its belief that U.S. auto sales growth will be "essentially flat" this year. The firm also downgraded its rating on one of the companies in the sector, AutoNation (AN), to Neutral from Buy and removed the stock from its Americas Buy List. WHAT'S NEW: U.S. auto sales will probably rise less than 1% this year on a seasonally adjusted basis, Goldman analyst Patrick Archambault wrote in a note to investors today. Archambault indicated that his U.S. auto sales estimate is significantly below analysts' consensus outlook. Incentive deals and sales to subprime customers last year will probably negatively affect sales growth this year, the analyst stated. Additionally, the growth of dealers' revenue from parts and service is likely to slow this year after a series of major auto recalls were carried out last year, Archambault warned. Dealers may also be hurt by the regulation of auto lenders by the Consumer Financial Protection Bureau, since lenders and dealers split the profits from interest rate markups, the analyst stated. Finally, dealers are trading at a valuation that is 13% above their ten year average, according to Archambault. The analyst cut his rating on AutoNation to Neutral from Buy, based partly on valuation and his belief that the stock's near-term catalysts have diminished after it implemented a rebranding strategy and enhanced its digital systems. Over the medium term, the company's growth prospects will be limited by weak U.S. auto sales growth this year, added Archambault. However, the analyst continues to identify AutoNation as his favorite auto dealer stock. Other auto dealers covered by the analyst include Penske (PAG), which he rates Neutral, and Group 1 (GPI) and Sonic Automotive (SAH), both of which are rated Sell by the analyst. WHAT'S NOTABLE: Automakers whose shares could be negatively affected if the analyst's forecast for anemic U.S. sales growth proves to be accurate include Fiat Chrysler (FCAU), Ford (F), General Motors (GM), Honda (HMC), Nissan (NSANY), Toyota (TM) and Volkswagen (VLKAY). PRICE ACTION: In mid-afternoon trading, AutoNation lost 1.2% to $57.12, Sonic Auto lost 1% to $25.18, Group 1 fell 2.5% to $77.40, and Penske climbed 1% to $47.09.
January 20, 2015
08:59 EDTGMGM receives 108 new ignitition claims, $400M earmarked for cases, Reuters says
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January 16, 2015
10:45 EDTCOHCoach January weekly volatility elevated into Q4 and outlook
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10:01 EDTCOHOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: 21st Century Fox (FOXA) initiated with a Buy at Stifel... Arista Networks (ANET) initiated with a Neutral at Buckingham... Boston Beer (SAM) initiated with a Buy at Jefferies... Brocade (BRCD) initiated with a Neutral at Buckingham... CBS (CBS) initiated with a Buy at Stifel... Cabela's (CAB) initiated with an Outperform at Raymond James... Coach (COH) initiated with a Market Perform at Bernstein... Costco (COST) initiated with an Outperform at BMO Capital... Crane (CR) initiated with a Hold at Canaccord... Flowserve (FLS) initiated with a Neutral at Susquehanna... Fortinet (FTNT) initiated with a Buy at Buckingham... Gap (GPS) initiated with a Market Perform at Bernstein... GrubHub (GRUB) initiated with a Buy at Stifel... Imperva (IMPV) initiated with a Neutral at Buckingham... KLX Inc. (KLXI) initiated with a Sector Perform at RBC Capital... KNOT Offshore Partners (KNOP) initiated with a Buy at UBS... L Brands (LB) initiated with a Market Perform at Bernstein... Michael Kors (KORS) initiated with an Outperform at Bernstein... Northstar Realty (NRF) initiated with a Buy at Sterne Agee... OmniVision (OVTI) initiated with a Buy at Rosenblatt... Qorvo (QRVO) initiated with a Buy at Brean ... RSP Permian (RSPP) initiated with an Outperform at Northland... Ross Stores (ROST) initiated with a Market Perform at Bernstein... SPX Corp. (SPW) initiated with a Neutral at Susquehanna... TJX (TJX) initiated with an Outperform at Bernstein... Tiffany (TIF) initiated with a Market Perform at Bernstein... Viacom (VIAB) initiated with a Buy at Stifel... Xylem (XYL) initiated with a Neutral at Susquehanna... iGATE (IGTE) initiated with a Buy at Deutsche Bank... lululemon (LULU) initiated with an Outperform at Bernstein.
08:43 EDTCOHCoach sales activity below plan, says Goldman
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06:29 EDTGMJudge rules GM lawyer notes protected by attorney-client privilege, Reuters says
U.S. District Judge Jesse Furman ruled that plaintiffs’ lawyers suing General Motors could not access notes prepared by the company's lawyers, to prepare an internal report on the ignition-switch flaw, due to those notes being protected under attorney-client privilege, reports Reuters. Reference Link
January 15, 2015
17:06 EDTCOHCoach initiated with a Market Perform at Bernstein
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06:30 EDTGMGoogle in talks with major automakers on driverless cars, Reuters reports
Google (GOOG) is in talks with many of the top automakers in the world, including Toyota (TM), GM (GM) and Ford (F), about developing driveless vehicles, the director of Google's self-driving car project said yesterday, according to Reuters. The tech giant has also hired a group of "traditional and nontraditional suppliers" to bolster its efforts, with Nvidia (NVDA) one of the latter group, the news service quoted the executive as saying. Google aims to bring driverless vehicles to the market by 2020, the executive said, Reuters reported. Reference Link
06:28 EDTGMAlly Financial shares overreacted to GM news, says Citigroup
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06:06 EDTNQNQ Mobile implied volatility of 97 at lower end of index mean range
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