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Stock Market & Financial Investment News

News Breaks
June 30, 2014
12:30 EDTMNKD, YHOO, MBI, FOLD, GM, TWGP, BABAOn 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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November 11, 2014
09:55 EDTBABAAlibaba, Apple working out details on partnership in China, WSJ reports
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09:37 EDTBABAActive equity options trading
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09:17 EDTBABAOn The Fly: Pre-market Movers
UP AFTER EARNINGS: FMSA Holdings (FMSA), up 4.7% following third quarter results. ALSO HIGHER: AVEO Pharmaceuticals (AVEO), up 7.6% after entering agreement with Ophthotech (OPHT) to license tivozanib... Ophthotech is 2.1% higher in pre-market trading... Galena Biopharma (GALE), up 3.6% after first patient dosed in NeuVax and Herceptin combination Phase 2 trial... Yamana Gold (AUY), up 3% after being upgraded to Overweight from Neutral at HSBC... Ambac Financial (AMBC), up 3.1% after being upgraded to Neutral from Sell at MKM Partners... China Finance (JRJC), up 12.4% after announcing a new partnership with Great Wall Securities... Zynga (ZNGA), up 5.7% after being upgraded on mobile business growth at Jefferies... Fiat Chrysler (FCAU), up 2.2% after being initiated with a Conviction Buy at Goldman. DOWN AFTER EARNINGS: Applied Optoelectronics (AAOI), down 10.7%... Ekso Bionics (EKSO), down 2.2%. ALSO LOWER: Alibaba Group (BABA), down 1.6% following comments made by vice chairman Joseph Tsai in an interview.
08:38 EDTYHOOYahoo price target raised to $55 from $48 at Needham (yesterday)
Needham yesterday afternoon raised its price target for Yahoo (YHOO) shares to $55 citing higher than previously expected trading values for Alibaba (BABA). The firm believes Yahoo shares are pricing in negative 6% EBITDA growth for the company, which it views as too pessimistic. Needham expects positive EBITDA growth for Yahoo and keeps a Buy rating on the stock.
08:34 EDTBABAAlibaba says generated $8B in GMV with hours left of 11.11 shopping festival
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08:15 EDTBABAAlibaba says willing to collaborate with PayPal in future, Bloomberg reports
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07:26 EDTBABAAlibaba initiated with an Overweight at HSBC
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06:38 EDTBABAAlibaba says Singles' Day sales set new record, Reuters reports
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06:36 EDTBABAAlibaba's Ma says Alipay will 'definitely' go public, Reuters reports
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05:52 EDTMBIMBIA management to meet with MKM Partners
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November 10, 2014
17:40 EDTBABA, YHOOYahoo could go higher, Barron's says
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16:10 EDTBABAAlibaba initiated with an Outperform at Oppenheimer
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16:00 EDTYHOO, BABAOptions Update; November 10, 2014
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15:54 EDTFOLDAmerican Society of Nephrology to hold a conference
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14:59 EDTBABAAlibaba volatility increases as shares at record high
Alibaba November weekly call option implied volatility is at 55, November is at 45, December is at 43, January is at 43; compared to its 6-week average of 42 according to Track Data, suggesting large near term price movement.
13:35 EDTBABAAlibaba generates $2B in GMV in first hour of 11/11 shopping festival
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11:39 EDTYHOOStocks with call strike movement; YHOO NEM
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09:35 EDTBABAActive equity options trading
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06:41 EDTGMGM ordered new switches months before recall, WSJ reports
Half a million replacement ignition switches were ordered by General Motors (GM) almost two months before it alerted federal safety regulators of the issues that led to a recall of millions of vehicles, the Wall Street Journal reports, citing email exchanges between the automaker and Delphi Automotive (DLPH). The email exchanges, which took place in mid-December 2013 between a GM contract worker and Delphi, indicate GM placed an "urgent" order for 500,000 replacement switches on December 18, a day after a meeting of senior executives. Reference Link
05:47 EDTBABAStocks with implied volatility movement; BABA GNW
Stocks with implied volatility movement; Alibaba (BABA) 42, Genworth (GNW) 65 according to iVolatility.
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