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Stock Market & Financial Investment News

News Breaks
June 30, 2014
12:30 EDTGM, YHOO, BABA, FOLD, MNKD, TWGP, MBIOn The Fly: Midday Wrap
Stocks on Wall Street were mixed at midday, as they have been for most of the session. There were short stretches this morning when the averages were either all positive or all negative, but they all remained in a narrow trading range following the worse than expected Chicago-area manufacturing report and the better than expected pending home sales data. Investors are already on watch for the monthly jobs report, which is scheduled for release on Thursday due to the holiday-shortened calendar. ECONOMIC EVENTS: In the U.S., the Chicago ISM manufacturing index dipped more than expected to 62.6 in June from the seven-month high reading of 65.5 it hit last month. An index of pending home sales in May climbed 6.1%, soundly beating expectations and representing its biggest advance in more than four years. In Europe, the shared currency zone's annual rate of inflation was unchanged at 0.5% in June, while bank lending to the private sector, including both households and businesses, declined in May. COMPANY NEWS: Compensation expert Ken Feinberg unveiled the awaited settlement plan to compensate victims in accidents involving General Motors vehicles with defective ignition switches. Under the program, Feinberg will provide compensation ranging from $20,000 to several million dollars to anyone who can show they were hurt in a crash involving cars GM has recalled, with no limit, but a key condition is that the claimants show the vehicle's air bags didn't deploy in the crash... Yahoo (YHOO) rose 2% after Piper Jaffray analyst Gene Munster upgraded his rating on Yahoo (YHOO) shares to Overweight from Neutral saying the company's stake in Alibaba (BABA) is undervalued at current levels. Munster expects shares to move higher as Alibaba's initial public offering nears and raised his price target for Yahoo shares to $43 from $37. MAJOR MOVERS: Among the notable gainers was Amicus Therapeutics (FOLD), which jumped 25% after the company provided updates and detailed the statistical analysis plan for its second Phase 3 study of its potential monotherapy for Fabry patients and its stock was upgraded to Overweight at JPMorgan. Also higher was MannKind (MNKD), which rose 11% to regain all of the 5.5% that it had lost Friday after the FDA approved its Afrezza inhalation powder to treat diabetes but required the drug to have a Boxed Warning and required the company to conduct several post-marketing studies on the drug. RBC Capital thinks most of the label, including its warnings, are as expected, while Brinson Patrick raised its price target for MannKind shares to $15 and said the labeling, REMS program, and post-marketing requirements exceeded its expectations. Among the noteworthy losers was Tower Group (TWGP), which dropped 11% after disclosing that representatives of ACP Re have suggested that an unwaived insolvency event has or may have occurred under the companies' merger agreement, though Tower said it does not believe that any such event has occurred. Also lower were shares of MBIA (MBI), which fell 4% after the stock was downgraded to Neutral from Buy at BTIG. INDEXES: Near midday, the Dow was down 10.23, or 0.06%, to 16,841.61, the Nasdaq was up 11.30, or 0.26%, to 4,409.23, and the S&P 500 was up 0.67, or 0.03%, to 1,961.63.
News For GM;YHOO;BABA;FOLD;MNKD;TWGP;MBI From The Last 14 Days
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September 8, 2014
08:05 EDTBABAAlibaba lower than forecast valuation seen giving room to raise, Bloomberg says
Alibaba is seeking a valuation of as much as $162.7B and could raise as much as $21.1B via its U.S. initial public offering, but analysts surveyed in July put its value at $187B and JG Capital analyst Henry Guo believes the lower than expected value estimate will give the company room to raise the IPO price during its roadshow, said Bloomberg. Reference Link
07:59 EDTGMMorgan Stanley downgrades Auto sector to Cautious, downgrades Ford
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07:14 EDTGMGM board slow to react on safety, NY Times says
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06:46 EDTYHOOYahoo acquires, shuts down, Luminate
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06:45 EDTBABA, YHOOYahoo to receive $8.8B in first tranche of Alibaba stake, says Cantor
Cantor Fitzgerald says that based on Alibaba's (BABA) updated F1 on Friday, Yahoo (YHOO) will receive $8.8B in the first tranche of its Alibaba stake. Cantor estimates that at the mid-point, Alibaba's proposed market cap is $158.3B, with Yahoo's stake valued at $33B. The firm notes this is below its $180B estimate. Cantor says Yahoo is only selling 140M shares in the first tranche, leaving 384M shares to be sold in a year-plus, likely at a higher valuation and on better tax terms. Cantor keeps a Buy rating on the stock.
06:33 EDTYHOOYahoo's core business valued at $11B, WSJ reports
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06:28 EDTBABA, YHOOAlibaba recently added three new partners, WSJ reports
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06:04 EDTYHOOStocks with implied volatility top IV index mean; AMD YHOO
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September 7, 2014
20:02 EDTGMGM to introduce hands free Cadillac model in two years, Bloomberg says
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September 5, 2014
18:56 EDTGMGM to install vehicle to vehicle communication to help prevent crashes, WSJ says
General Motors has plans to install vehicle to vehicle communications systems in some car models by 2016, The Wall Street Journal reports. The move comes as regulators and auto manufacturers push to introduce technology that can help prevent vehicle crashes without human intervention. Mary Barra, CEO of General Motors, plans to announce the company's move toward vehicle to vehicle communications systems on Sunday, The Wall Street Journal added, citing people familiar with the matter. Reference Link
16:01 EDTYHOOOptions Update; September 5, 2014
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15:51 EDTBABAAlibaba to set IPO price in $60-$66 range, CNBC says
13:13 EDTGMU.S. judge dismisses General Motors shareholder lawsuit over IPO, Reuters says
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12:42 EDTGMStocks with increasing options volume
Stocks with increasing options volume: VALE MCP KORS WAG GM PCLN
12:39 EDTGMGM recalls 2002-2004 Saturn Vues due to ignition defect
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12:05 EDTBABAAlibaba to begin trading on Thursday, September 18, CNBC says
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11:49 EDTBABAAlibaba to let employees, 'friends,' buy shares in upcoming IPO, WSJ reports
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09:35 EDTYHOOActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL GILD TSLA YHOO WFM SLW ABX GOOG FB BIDU
06:12 EDTGMMichigan among the states investigating GM recall, Detroit News reports
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06:01 EDTYHOOStocks with implied volatility top IV index mean; AMD YHOO
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