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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 20, 2014
11:53 EDTGMDeaths tied to faulty GM ignition-switch increases to 29, Reuters says
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11:28 EDTBABATesla taking online orders for Model S on Alibaba's Tmall.com, Bloomberg says
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09:52 EDTYHOOArmstrong says AOL will not merge with Yahoo, VentureBeat reports
AOL CEO Tim Armstrong said "no" when asked if his company will merge with Yahoo (YHOO), VentureBeat reports, citing a fireside chat with Armstrong at the TechCrunch Disrupt in Europe. Reference Link
08:22 EDTGMCourt rules GM loan docs valid despite mistake, Reuters reports
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07:29 EDTYHOOYahoo weekly volatility increases into Q3 and capital outlook
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07:10 EDTFOLDAmerican Society of Human Genetics to hold annual meeting
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06:52 EDTMNKDMannKind initiated with a Neutral at Goldman
Target $6.
06:49 EDTYHOOTumblr, TV shows collaborate to broaden reach, NY Times says
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06:26 EDTYHOOYahoo to unveil turnaround, M&A strategy, WSJ reports
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October 19, 2014
19:46 EDTFOLDAmicus announces additional positive data from from Fabry monotherapy study
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October 17, 2014
18:10 EDTGMGeneral Motors General Counsel Michael Millikin to retire in early 2015
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16:31 EDTGMGeneral Motors announces $12.5B revolving credit facility
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13:16 EDTYHOOYahoo weekly volatility elevated into Q3 and capital utilization outlook
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12:17 EDTYHOOMark Cuban says buying Netflix shares, sees company as M&A target
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October 16, 2014
16:10 EDTBABABrean starts Alibaba at Buy, calls core China Internet holding
Brean Capital rolled out coverage on shares of Alibaba (BABA) with a Buy rating $110 price target, calling the stock a core holding in the China Internet space. Brean believes Alibaba gives investors exposure to "robust Chinese secular ecommerce growth." The stock closed the trading day up $3.25 to $88.85.
16:05 EDTBABAAlibaba initiated with a Buy at Brean Capital
Target $110.
12:04 EDTGMStocks with call strike movement; ABBV GM
AbbVie (ABBV) January 60 call option implied volatility decreased 5% to 29, General Motors (GM) March 33 call option implied volatility decreased 4% to 39 according to IVolatility.
06:56 EDTBABAAlibaba changes payment unit's name, adopts strategy, Reuters reports
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06:34 EDTGMChina to punish automakers that miss fuel standards, Reuters reports
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06:16 EDTBABAAlipay Wallet has over 190M active users, WSJ reports
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