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Stock Market & Financial Investment News

News Breaks
April 11, 2014
17:09 EDTEBAY, GM, JPM, WFCStocks tumble as investors remain skittish
Stocks on Wall Street finished lower in a choppy week of trade that saw sellers take control in the week's final two sessions. The Nasdaq, which has been leading the market lower over the last few weeks of trade, was the week's laggard, with the tech index logging its first close below 4,000 since early February. ECONOMIC EVENTS: In the U.S., economic data came in a bit better than expected, with initial jobless claims reported at 300,000, less than expectations for 320,000 and lower than the prior month's revised reading of 332,000. The University of Michigan's consumer sentiment reading jumped to 82.6 in the preliminary April reading, better than March's 80.0... On Wednesday, the minutes from the FOMC's latest meeting were released, indicating that some Committee members were concerned that its new forward guidance could imply a change in its policy intentions. The Committee also said the severe winter weather in much of the U.S. held down economic activity early in the year, and said international developments, including those in China and Ukraine, bear watching... China's imports fell 11.3% from the prior month, sharply lower than expectations for expansion of 3.9%, with the world's second largest economy also reporting exports that fell 6.5% against estimates for a 4.8% increase. COMPANY NEWS: General Motors (GM) was again in the news this week, with the carmaker on Thursday placing two engineers on paid leave as part of its investigation into the circumstances leading to recall of more than 2.6M vehicles due to ignition defects. Later that same day, the company said it expects to take a $1.3 billion charge in the first quarter on recall-related repairs. Late in the session on Friday, a trove of documents were released by the the House of Representatives Committee on Energy and Commerce, which indicated, among other things, that CEO Mary Barra knew in 2011 about the company's handling of Saturn and Chevrolet models being probed by the NHTSA related to defects... Banking giants Wells Fargo (WFC) and JPMorgan (JPM) reported earnings Friday morning, with Wells' results beating expectations while JPMorgan missed estimates... eBay (EBAY) and activist investor Carl Icahn agreed to settle their proxy fight, with Icahn agreeing to withdraw his proposal for eBay to spin-off its PayPal unit. INDEXES: The Dow lost 2.4% to 16,026.75, the S&P 500 lost 2.6% to 1,815.69, and the Nasdaq lost 3.1% to 3,999.73.
News For GM;WFC;JPM;EBAY From The Last 14 Days
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June 24, 2015
07:19 EDTJPMJPMorgan names Nachimowski head of chemicals dealmaking in EMEA, Bloomberg says
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06:43 EDTGMGeneral Motors volatility low into downgrade to Neutral from Buy at Goldman
General Motors July call option implied volatility is at 17, August and September is at 19; compared to its 52-week range of 17 to 38, suggesting decreasing price movement into Goldman downgrade to Neutral and lowered its price target to $40 from $47 due to a weakness in China and softening US profit momentum.
06:37 EDTJPMDeutsche downgrades Citi, Goldman after share rallies
Deutsche Bank analyst Matt O'Connor recommends using the strong share performance of both Citi (C) and Goldman Sachs (GS) as on opportunity to take profits. The analyst this morning downgraded shares of both investment banks to Hold from Buy. Citi is up 21% from the lows on January 30 while Goldman is up 30% since July 1, 2014, the analyst points out. On Citi, O'Connor sees less near term upside with fixed income trading entering a seasonally weak period and core cost reductions largely over. On Goldman, the analyst sees a lack of catalysts to drive the stock meaningfully higher in the near term. His top picks among U.S. Banks are Bank of America (BAC), JPMorgan (JPM), M&T Bank (MTB) and SunTrust (STI).
06:27 EDTGMGeneral Motors downgraded to Neutral from Buy at Goldman
Goldman downgraded General Motors (GM) to Neutral and lowered its price target to $40 from $47 due to a weakness in China and softening US profit momentum. The firm's recent dealer visits in China indicate increased promotional activity and net price deterioration to support Shanghai GM JV product sales. Goldman said this, combined with margin pressure, will likely lead to a reduction in China guidance. For North America, the firm said Q1 carryover product pressure has extended into Q2 and could be pressured further with full availability of Ford's (F) F-150 heading into 2H 2015.
June 23, 2015
18:04 EDTEBAYWal-Mart poaches technology talent from eBay, WSJ says
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17:44 EDTGMGoldman ups Ford to Buy, cuts GM to Neutral
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17:27 EDTGMGeneral Motors downgraded to Neutral from Buy at Goldman
14:53 EDTEBAYeBay bans Confederate flags listings, Reuters reports
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13:02 EDTWFCSumitomo, others show interest in GE railway-leasing business, WSJ says
Japan's Sumitomo Mitsui Financial Group is interested in buying General Electric's (GE) railway-leasing business, says the Wall Street Journal, citing sources. Wells Fargo (WFC) and other U.S. financial institutions have also shown interest in GE Capital Rail Services, which may be worth around $4B, added the Wall Street Journal, citing people familiar with the matter. Reference Link
June 22, 2015
16:00 EDTJPMOptions Update; June 22, 2015
iPath S&P 500 VIX Short-Term Futures down 78c to 17.45. Option volume leaders: AAPL FB BAC CHK WMB BABA TWTR MU AMBA TSLA JPM
12:41 EDTGMHyundai nearing sponsorship agreement with NFL, Bloomberg reports
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11:15 EDTGMGM activists not interested in merger with Fiat Chrysler, Financial Times says
General Motors (GM) activist holders have said they will not push for a merger with Fiat Chrysler (FCAU), reports the Financial Times. According to four people familiar with the matter, the activist contingent, which controls about 1.5% of GM shares, is more interested in cutting costs than embarking on a complicated merger transaction. One person close to the hedge funds said the investors believe consolidation makes sense but are unsure "that this particular consolidation makes sense." Reference Link
11:02 EDTGMGeneral Motors to invest $245M at Orion Assembly plant
General Motors said it will invest $245M and add 300 new jobs at its Orion Assembly plant to support launching an all-new vehicle program. "Orion Assembly is a breeding ground for manufacturing innovation, said Cathy Clegg, GM North America vice president of Manufacturing and Labor Relations. "It serves as a model for how to engage the entire workforce at all levels to achieve success. The plant is up to the challenge of building this brand-new product, something its never seen before." Investment in Orion totals $962M since the UAW and GM worked together to reopen the previously idled plant in 2010, the automaker announced in a statement. Today's announcement is a part of the $5.4B GM has announced it will invest in U.S. manufacturing over the next three years. Approximately $3.1B of the $5.4B has been identified, leaving $2.3B to be announced by year end.
06:57 EDTGMCNH Industrial upgraded to Neutral from Underweight at JPMorgan
JPMorgan upgraded CNH Industrial (CNHI) to Neutral saying the stock could find support until the potential General Motors (GM) and Fiat-Chrysler (FCAU) merger is resolved. The firm raised its price target for shares to $8.50 from $7.50.
06:08 EDTGMGeneral Motors to add over 243,000 hatcbacks to air bag recall, AP reports
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June 19, 2015
11:01 EDTEBAYeBay sells equity interest in craigslist back to craigslist
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10:50 EDTGMEPA proposes new rules for medium- and heavy-duty truck emissions
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June 18, 2015
16:24 EDTGMOn The Fly: Top stock stories for Thursday
Stocks began the session in positive territory, adding to the late day move yesterday that followed Fed comments about the central bank's plans to raise benchmark interest rates gradually. Today's rally was broad based, as all 10 S&P sectors were in positive ground and the Nasdaq closed at a new all-time high. There were the usual headlines concerning Greece, but for at least one day, the U.S. market was able to ignore the European noise. ECONOMIC EVENTS: In the U.S., the consumer prices index rose 0.4% in the month of May, versus expectations for a 0.5% increase. The core reading, which removes food and energy prices, rose 0.1%, versus the expected increase of 0.2%. Initial jobless claims dipped 12,000 to 267,000 in the week ended June 13, versus expectations for 277,000 first-time claims. The Philadelphia Fed manufacturing survey climbed 8.5 points to 15.2 in June, topping expectations for a reading of 8. The leading indicators rose 0.7% to 123.1 in May, topping expectations for a rise of 0.4%. In Europe, International Monetary Fund chief Christine Lagarde reportedly said Greece wont be given a grace period if it fails to make its scheduled payment to the fund on June 30. Meanwhile, finance ministers of euro area member states met today, after which Agence France-Presse reported that the talks ended with no deal on Greece. Bloomberg subsequently said that euro leaders plan to hold a summit to discuss Greece this coming Monday. COMPANY NEWS: Shares of Oracle (ORCL) dropped $2.17, or 4.84%, to $42.74 after the enterprise software, hardware and IT services provider reported lower than expected fourth quarter earnings per share and gave a lower than expected forecast for profit in its new quarter... General Motors (GM) announced that Fitch has raised the credit ratings of both GM and GM Financial to investment grade, meaning the corporate credit ratings for GM are now investment grade with all major rating agencies. Meanwhile, Reuters reported, citing several sources familiar with the matter, that the automaker has hired Goldman Sachs (GS) and Morgan Stanley (MS) to advise it as Fiat Chrysler (FCAU) CEO Sergio Marchionne attempts to gain the support of GM investors with the goal of forcing merger discussions with GM's board... Fitness tracker maker Fitbit (FIT) surged 48.4% to close at $29.68 in its first day of public trading. The company priced its initial public offering at $20 per share, topping expectations, and its closing price gives it a market value near $6B. MAJOR MOVERS: Among the notable gainers was Martha Stewart Living Omnimedia (MSO), which rose $1.35, or 26.27%, to $6.44 after The Wall Street Journal reported the company was nearing a deal to be acquired by Sequential Brands (SQBG), though the Journal said it was unable to learn the terms of the potential deal being discussed. Sequential Brands (SQBG) shares added 12.4% to close at $16.04 following the report. Also higher was Radius Health (RDUS), which gained $7.81, or 15.1%, to $59.54 after the company announced results from the six-month extension study for abaloparatide, its experimental treatment for osteoporosis. Among the noteworthy losers was Bankrate (RATE), which fell $2.60, or 18.77%, to $11.25 and was downgraded to Neutral from Buy at SunTrust after the company's revenue outlook came in well below the consensus forecast. INDEXES: The Dow gained 180.10, or 1%, to 18,115.84, the Nasdaq rose 68.07, or 1.34%, to 5,132.95, and the S&P 500 added 20.80, or 0.99%, to 2,121.24.
15:46 EDTWFCWells Fargo names Hope Hardison as Chief Administrative Officer
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13:28 EDTGMFitch upgrades General Motors, GM Financial to investment grade
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