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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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October 9, 2014
08:07 EDTBABAAlibaba invests in Peel app, Re/code reports
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October 8, 2014
15:03 EDTFOLDUCLA researchers report positive results in mouse model of Parkinsonís
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10:00 EDTBABAOn The Fly: Analyst Initiation Summary
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07:56 EDTBABAAlibaba volatility decreases on tight share price movement
Alibaba October call option implied volatility is at 30, November is at 35, December is at 37; compared to its 1-week average of 38 according to Track Data, suggesting decreasing price movement.
07:17 EDTBABAAlibaba initiated with a Neutral at Macquarie
Macquarie initiated Alibaba with a Neutral and $88 price target citing valuation.
06:19 EDTYHOOYahoo lays off 400 employees in India, WSJ reports
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05:53 EDTMNKDStocks with implied volatility movement; MNKD AFSI
Stocks with implied volatility movement; MannKind (MNKD) 85, AmTrust Financial (AFSI) 68 according to iVolatility.
October 7, 2014
12:56 EDTGMGM recalls Chevrolet Caprices due to transmission selector lever defect
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12:26 EDTGMGeneral Motors trades sharply lower, nearing 52-week low
The stock has been trading down since the open, last at $32.18 and just above the 52-week low at $31.67. If the shares break down through the 52-week low, next support would be at $30.50. Resistance is at $32.87.
12:17 EDTMBIMBIA notified of 'huge data leak,' KrebsonSecurity reports
The IT security blog KrebsOnSecurity reported that on Monday it notified MBIA (MBI) that a misconfiguration in a company server exposed customer account numbers, balances and other sensitive data and that the company "quickly disabled" the vulnerable site after being notified about the breach. The blog noted that data from Cutwater Asset Management, a subsidiary slated to be acquired by BNY Mellon (BK), was impacted. Reference Link
11:25 EDTGMStocks with call strike movement; SLV GM
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10:02 EDTYHOOYahoo volatility at low end of one-year range
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09:40 EDTYHOOYahoo lays off up to 2,000 employees in India, TechCrunch reports
Yahoo has laid off up to 2,000 employees in India as a result of a move to consolidate into fewer offices, TechCrunch reports, citing local blog The Next Big What. Yahoo has confirmed the consolidation, but did not confirm how many people are affected by the effort. Reference Link
09:24 EDTYHOOFormer Yahoo CFO says AOL merger makes 'little sense,' CNBC reports
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08:29 EDTGMGeneral Motors recalls 290,241 Cadillac SRX, SAAB 9-4X vehicles
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08:28 EDTGMGeneral Motors recalls 10,005 Cadillac CTS-V, STS-V vehicles
General Motors is recalling 10,005 model year 2004-2007 Cadillac CTS-V vehicles manufactured October 6, 2003, to March 15, 2007, and 2006-2007 Cadillac STS-V vehicles manufactured June 23, 2005, to March 15, 2007. In the affected vehicles, the electrical terminals of the fuel pump module may overheat resulting in the melting of the flange material. If the flange melts, a hole may be created allowing the fuel pump to leak fuel, causing the vehicle to stall, increasing the risk of a vehicle crash. Additionally, leaking fuel in the presence of an ignition source increases the risk of a fire.
08:26 EDTGMGM recalls 46,873 vehicles from 2008-2013, including Chevrolet Caprice
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08:10 EDTGMGeneral Motors estimates lowered, price target to $27 at Morgan Stanley
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06:43 EDTGMGM using Facebook, calls to reach out and get recalled cars fixed, AP reports
General Motors (GM) is using Facebook (FB) messages and phone calls to reach out to vehicle owners who have yet to bring in their cars the company has recalled, reports the Associated Press. CEO Mary Barra has also sent a personal letter urging people to get the switches replaced. Reference Link
06:03 EDTMNKDStocks with implied volatility above IV index mean; AVP MNKD
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