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Stock Market & Financial Investment News

News Breaks
April 11, 2014
17:09 EDTGM, WFC, JPM, EBAYStocks 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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July 10, 2014
06:24 EDTGMGeneral Motors to replace faulty ignition switch kits, Detroit News says
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06:21 EDTJPMJPMorgan appoints Li as new China head, Reuters says
JPMorgan Chase (JPM) said it has appointed former UBS (UBS) banker David Li as the new head of its China division to replace top China banker Fang Fang who left the firm in March, according to Reuters, citing a statement from the U.S. company. Reference Link
06:06 EDTGMGM recalling Saab convertibles due to safety defect, Detroit News reports
Around 28,790 Saab convertibles from the 2004-2011 model years are being recalled by General Motors, as the driver's seat belt retractor can break, the Detroit News reports. Reference Link
06:00 EDTEBAYeBay repatriated cash likely to be used for M&A, says Piper Jaffray
Piper Jaffray believes a large part of the $9B in cash eBay expects to repatriate to the U.S. will be used for acquisitions in the payments space. The cash, equating to $6B net of taxes, could help eBay take advantage of the shift to mobile payments, the firm says. Piper lists Square, VeriFone (PAY), iZettle and Corduro as companies in the payment space that are within acquisition range for eBay. The firm has an Overweight rating on eBay with a $63 price target.
July 9, 2014
09:47 EDTGMNew car sales in India rose 15% in June, WSJ reports
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09:43 EDTGMGeneral Motors, Manchester United debut sponsored shirt for 2014-15 season
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09:21 EDTGMDelphi CEO to testify about GM ignition switches, Automotive News says
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08:24 EDTEBAYeBay July volatility elevated into Q2 and PayPal outlook
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07:52 EDTGMJapan leading drive for fuel cell vehicles, FT says
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07:36 EDTWFCWells Fargo July weekly volatility increases into Q2 and outlook
Wells Fargo July weekly call option implied volatility is at 39, July is at 20, August is at 15, October is at 14; compared to its 26-week average of 16 according to Track Data, suggesting large near term price movement into the expected release of Q2 results on July 11.
06:28 EDTGMGM Korea employees approve strike amid stalled wage discussions, Reuters says
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06:17 EDTGMGM CEO, general counsel to testify before Senate subcommittee, WSJ reports
Mary Barry, the CEO of General Motors (GM), and the company's general counsel, Mike Millikin, have been called to testify next week before a Senate subcommittee looking at why it took the automaker almost 11 years to recall older cars equipped with a faulty ignition switch, the Wall Street Journal reports. Delphi Automotive (DLPH) CEO Rodney O'Neal and Kenneth Feinberg have also been called as witnesses. Reference Link
July 8, 2014
13:39 EDTJPMJPMorgan seeks hundreds of millions in annual expense cuts, WSJ reports
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13:39 EDTJPMJP Morgan names Blessing as Vice Chair of IB EMEA, Bloomberg reports
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13:19 EDTJPMJP Morgan July volatility increases into Q2 and outlook
JP Morgan July call option implied volatility is at 19, August is at 17, October is at 16; compared to its 26-week average of 18 according to Track Data, suggesting large price movement into the expected release of Q2 results on July 15.
13:13 EDTJPMJPMorgan plans hundreds of millions in expense cuts this year, Dow reports
JPMorgan plans hundreds of millions of dollars in expense savings this year via office locations, third-party contracts and market data cuts, Dow Jones reports, citing sources.
12:58 EDTJPMBlackRock poaches JPMorgan Asset Management's Chris Jones, Reuters reports
BlackRock (BLK) has hired Chris Jones, an adviser from JPMorgan Asset Management (JPM), Reuters reports. Jones will serve as co-head of BlackRock's Global Fundamental Equity. Reference Link
12:25 EDTGMGM won't use insurance to pay ignition claims, Automotive News reports
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06:54 EDTGMGM Korea head says potential strike could mean output cuts, Reuters says
GM South Korea CEO Sergio Rocha warned employees that a possible strike could prompt further production reductions in one of its major Asian manufacturing centers, according to Reuters, citing comments from Rocha. GM's 15K unionized employees in South Korea plan to cast ballots on whether to hold a strike for a fourth consecutive year, signaling a reemergence of summer labor unrest in the country's vehicle industry. Reference Link
06:29 EDTGMGeneral Motors elects not to recall trucks with brake problems, NY Times says
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