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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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April 22, 2015
16:21 EDTEBAYeBay says PayPal net total payment volume grew 18% in Q1
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16:19 EDTEBAYeBay trades higher after earnings beat
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16:18 EDTEBAYeBay sees FY15 adjusted EPS $3.05-$3.15, consensus $3.10
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16:17 EDTEBAYeBay sees Q2 EPS 71c-73c, consensus 71c
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16:16 EDTEBAYeBay reports Q1 EPS 77c, consensus 70c
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15:50 EDTGMNotable companies reporting before tomorrow's open
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15:30 EDTEBAYNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include eBay (EBAY), consensus 70c... Facebook (FB), consensus 40c... Texas Instruments (TXN), consensus 62c... Las Vegas Sands (LVS), consensus 72c... Qualcomm (QCOM), consensus $1.33... AT&T (T), consensus 62c... F5 Networks (FFIV), consensus $1.50... Plexus (PLXS), consensus 69c... Skechers (SKX), consensus $1.01... Select Comfort (SCSS), consensus 41c... Tractor Supply (TSCO), consensus 41c... Covanta (CVA), consensus (8c)... Crown Castle (CCI), consensus $1.09... Torchmark (TMK), consensus $1.05... Ameriprise (AMP), consensus $2.33... Polycom (PLCM), consensus 21c... Citrix (CTXS), consensus 65c... Core Laboratories (CLB), consensus 85c... Graco (GGG), consensus 78c... Cheesecake Factory (CAKE), consensus 48c... Equifax (EFX), consensus $1.02... SLM (SLM), consensus 7c... Xilinx (XLNX), consensus 50c... O'Reilly Automotive (ORLY), consensus $1.94... Susquehanna (SUSQ), consensus 18c... Raymond James (RJF), consensus 83c... SL Green Realty (SLG), consensus $1.49... CoreLogic (CLGX), consensus 31c... Oceaneering (OII), consensus 62c... Valmont (VMI), consensus $1.49... Brandywine Realty (BDN), consensus 32c... Weatherford (WFT), consensus 1c.
13:54 EDTGMEarnings Preview: General Motors sentiment positive ahead of Q1 report
General Motors Company (GM) is expected to report first quarter earnings on Wednesday, April 23 before the market open with a conference call scheduled for 10:00 am ET. General Motors is a global designer and builder of cars, trucks and automobile parts. EXPECTATIONS: Analysts are looking for earnings per share of 97c on revenue of $37.61B, according to First Call. The consensus range for EPS is 85c-$1.07 on revenue of $35.71B-$39.36B. LAST QUARTER: GM reported fourth quarter adjusted EPS of $1.19 against estimates for 83c on revenue of $40.5B against estimates for $40.12B. In Q4, GM reported the following: Retail vehicle sales of 2.55M units; Total U.S. retail vehicle sales of 727K units and total North America retail vehicle sales of 854K units; Europe retail sales of 298K units; APMEA retail sales of 1.165M units; South America retail vehicle sales of 236K units; Total worldwide automotive market share of 11.4%, with total U.S. market share of 17.4%; Total Europe share of 6.3% and total APMEA share of 10.5%; North America capacity utilization of 98.9%. GM announced it intends to increase the second quarter dividend on its common stock by 20% to 36c per share. On March 9, GM announced a $5B share repurchase program. On April 22, GM said it sold 2.4M vehicles globally in Q1, up 2% from last year. Sales in China increased 9% and deliveries in North America were up 6%. STREET RESEARCH: Street research has been mostly positive in the weeks leading up to GM’s Q1 earnings report. On February 5, Craig-Hallum upgraded General Motors to Buy from Hold. The analyst said the company's Q4 report was superb and expects a very strong year ahead given recall issues that are mostly behind it and a continuation of impressive truck/SUV sales. Additionally, Craig-Hallum expects more shareholder-friendly actions following the announcement of a 20% common dividend increase. They raised their price target on the shares to $44 from $34. On March 10, Citigroup raised its price target for shares of General Motors to $50 from $49 saying the car maker's "earnings and overlooked progress" should hold more weight now that its capital allocation is in place. The firm continues to believe shares will trade at premium to Ford (F) by the end of 2015. It thinks the GM bears have "run out of excuses" and kept a Buy rating on the name. PRICE ACTION: GM shares have gained approximately 8% since Q4 results were released and notched a 52-week high of $38.99 in March. In afternoon trading ahead of Wednesday's Q1 report, GM shares are down 0.4%.
13:41 EDTEBAYEarnings Watch: eBay shares rise over 6.3% since last earnings report
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07:14 EDTJPMBrookings Institute to hold a conference
Global Cities Detroit Economic Conference is being held in Washington, D.C. on April 22 at 9 am.
06:13 EDTEBAYeBay April weekly call volatility elevated into Q1 and outlook
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06:04 EDTGMGeneral Motors says sold 2.4M vehicles globally in Q1, up 2% from last year
General Motors sold 2.4 million vehicles globally in the first quarter of 2015, up 2% compared to a year ago. Sales in China increased 9% and deliveries in North America were up 6%. Opel/Vauxhall increased its sales by 3% in Europe. “The momentum our brands are building in China, the U.S. and Western Europe more than offset difficult conditions in some other large markets like Russia and Brazil,” said GM CEO Mary Barra. “We are in the early days of a very aggressive onslaught of new products and customer-driven innovation,” she said. “Already, the Chevrolet Trax and Colorado are redefining segments in the United States, Cadillac is growing rapidly in China and establishing a new formula for prestige sedans with the CT6 and Opel’s revitalization is accelerating across Europe. At the same time, we are deploying OnStar with 4G LTE in North America, Europe and China to give our customers the best connectivity experience in the industry.”
April 21, 2015
09:02 EDTWFCBlackstone, Wells Fargo in talks on more GE financial assets, Bloomberg says
General Electric (GE), which has announced plans to divest the majority of its GE Capital businesses, is in talks about the potential sale of its $74B U.S. commercial-lending unit, reported Bloomberg, echoing a similar report from The Wall Street Journal. Potential buyers include Blackstone (BX), Mitsubishi UFJ (MTU) Wells Fargo (WFC) and Apollo Global (APO), according to people with knowledge of the matter. Reference Link
06:31 EDTJPMJPMorgan names Chien, Li as co-heads of Greater China banking, WSJ reports
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April 20, 2015
19:32 EDTJPMU.S. pressures JPMorgan, Citi, others to settle forex case by mid-May, FT says
The U.S. Department of Justice is pressuring JPMorgan (JPM), Barclays (BCS), Citi (C), Royal Bank of Scotland (RBS), and UBS (UBS) to reach a settlement by mid-May regarding alleged foreign exchange manipulation, reports the Financial Times, citing people familiar with the situation. The Financial Times notes that the settlement could see some of the banks paying roughly $1B. Sources say that the Department is demanding guilty pleas from "most" of the banks. Reference Link
15:16 EDTGMGreenlight starts new GM long position, rolls Lorillard short bet to Reynolds
David Einhorn's Greenlight Capital hedge fund said in its latest quarterly letter to investors that it had established new long positions in General Motors (GM), Chicago Bridge & Iron (CBI) and AerCap Holdings (AER) last quarter. WHAT'S NEW: Greenlight believes GM should benefit from low gas prices, low raw material costs, and its decision to launch share buybacks, Greenlight stated. GM has an excellent chance of beating 2015 EPS expectations, added the firm. Einhorn's group said they found the valuation of Chicago Bridge and Iron, an engineering and construction company with significant exposure to energy, attractive following the stock's decline. Although energy prices may stay low for some time, the company has a significant backlog that should support its earnings for several years, Greenlight stated. Additionally, the market is overestimating how much of the cost overruns for two nuclear energy projects with be shouldered by the company, Greenlight contended. AerCap, the largest publicly traded aircraft leasing company, bought AIG's (AIG) aircraft leasing business last year at a bargain price, Greenlight stated. The combined business will benefit from AerCap's low tax rate, as well as efficiencies, the hedge fund believes. WHAT'S NOTABLE: Greenlight exited its short position in Lorillard (LO). Greenlight noted that it has rolled its short bet on Lorillard into a fresh position in Reynolds American (RAI), since it still believes that the FDA is gearing up to do "something major" in terms of regulation of menthol cigarettes, but is moving "slowly and deliberately" because it anticipates an extremely aggressive industry response. The firm also exited two other short positions because the companies agreed to takeovers: Safeway (SWY) and Freescale Semiconductor (FSL), which has agreed to sell itself to NXP Semicondictors (NXPI).
14:16 EDTGMEinhorn lists AerCap, CBI, GM as new longs, Bloomberg reports
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12:34 EDTWFCGE in discussions to sell $74B U.S. commercial lending unit, WSJ says
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11:35 EDTGMGeneral Motors ignition switch death claims rise to 87, WSJ reports
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06:50 EDTGMTesla price target slashed to $165 at JPMorgan
After lowering its earnings estimates to reflect adverse currency moves, higher operating costs and slower than earlier expected Model X ramp, JPMorgan cut its price target for Tesla shares to $165 from $175. The stock closed Friday up 9c to $206.79. The firm dropped its Q1 earnings estimate to (38c) from (31c) despite the increase in Q1 deliveries preannounced by the electric car maker. JPMorgan keeps an Underweight rating on Tesla, the firm's equivalent to a sell. It maintains Overweight ratings on Ford (F) and General Motors (GM) with price targets of $19 and $46, respectively, ahead of the Q1 reporting season.
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