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Stock Market & Financial Investment News

News Breaks
January 3, 2013
12:24 EDTGPS, MLNX, SONS, SPWR, F, GM, LTD, TJX, ROST, FDO, ALLTOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday, as the Dow narrowly underperformed the Nasdaq and S&P after yesterday's big run-up. The averages began the session in negative territory, which was not surprising given the gains of the last two sessions, but the economic releases, particularly the ADP employment change report, encouraged investors to drive the indices off their opening lows and back into positive territory near noon... ECONOMIC EVENTS: In the U.S., Challenger, Gray & Christmas said planned job cuts announced in December fell to 32,556, down 43% from November and 22% below December of last year. Payroll processor ADP said private employers added 215K jobs in December, which was up from November's total of 148K and above analyst forecasts for 140K new hires. Weekly jobless claims rose to 372K, versus expectation for an increase to 360K... COMPANY NEWS: Results were mixed among retailers reporting December same-store sales, with Ross Stores (ROST) and TJX (TJX) among those beating consensus and Limited (LTD) one notable name that disappointed. Family Dollar (FDO), in addition to having December SSS growth miss expectations, reported quarterly earnings and revenues below consensus and gave guidance below the Street's view, sending its shares down over 11%... In addition to reporting December SSS up 5%, Gap (GPS) made additional news with the approval of a $1B share buyback and the purchase of multi-brand specialty retailer Intermix for $130M... Increased December vehicle sales were also reported though out the morning, leading shares of both General Motors (GM) and Ford (F) up about 3%... MAJOR MOVERS: Among the notable gainers were SunPower (SPWR), up 35% following an upgrade to Buy at Lazard Capital, and Sonus Networks (SONS), up 10% after Northland Securities said Verizon (VZ) is adding more of Sonus' products on its wire-line side of its business. Among the noteworthy losers were Allot Communications (ALLT), down 23% following a downgrade to Perform at Oppenheimer, and Melanox (MLNX), down 13% after its Q4 revenue warning prompted at least three firms to cut their price targets on its stock... INDICES: Near noon, the Nasdaq was up 5.26, or 0.17%, to 3,117.52; the S&P 500 was up 2.20, or 0.15%, to 1,464.62; and the Dow was virtually up 6.59, or 0.05%, to 13,419.14.
News For GPS;FDO;ROST;TJX;LTD;GM;F;SPWR;SONS;MLNX;ALLT From The Last 14 Days
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July 23, 2014
07:53 EDTGMWider group of engineers at GM knew about switch issues, WSJ says
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07:20 EDTALLTAllot Communications receives order from Tier-1 mobile operator
Allot Communications received an order from a Tier-1 mobile operator in EMEA for the Allot Policy Control and Charging solution.
July 22, 2014
16:35 EDTMLNXMellanox initiated with an Outperform at Imperial Capital
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13:29 EDTFFord taps Galhotra to lead Lincoln brand
Ford earlier today announced that Kumar Galhotra – currently the company’s vice president of Engineering, responsible for all Ford and Lincoln vehicles globally – will be vice president and president of the company's Lincoln brand, effective Sept. 1. This new dedicated position, reporting to Ford President and CEO Mark Fields, is designed to accelerate Lincoln even further as a world-class luxury brand, the automaker added. Succeeding Galhotra is Jim Holland, who is named vice president, Vehicle Component and Systems Engineering, effective Sept. 1, Ford added. Holland will report to Raj Nair, group vice president, Global Product Development.
11:03 EDTFFord announces retirement of Chief Technical Officer Mascarenas
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10:38 EDTGMGM recalls 2015 Chevrolet Silverado 2500s, 3500s for power steering defect
GM is recalling certain model year 2015 Chevrolet Silverado 2500 and 3500 HD vehicles manufactured October 1, 2013 to June 6 and 2015 GMC Sierra 2500 and 3500 HD vehicles manufactured September 30, 2013, to June 6. The power steering hose clamp may disconnect from the power steering pump or gear, causing a loss of power steering fluid. GM will notify owners, and dealers will inspect the vehicles to make sure the power steering hose clamps are properly secured, free of charge. The recall is expected to begin in early August. Reference Link
08:59 EDTALLTAllot Communications receives notice of deficiency from NASDAQ
Allot Communications announced that on July 16 it received a notice of deficiency from NASDAQ Stock Market. The non-compliance cited by NASDAQ is the result of the previously-announced departure of Dov Baharav from the company's board of directors. With the departure of Baharav, the company is currently not in compliance with NASDAQ Stock Market Listing Rule 5605, which requires the company's board of directors to be comprised of a majority of independent directors, and NASDAQ Listing Rule 5605, which requires the company's audit committee to be comprised of at least three independent directors. Accordingly, the company intends to hold a meeting of its shareholders to elect one or more new directors who will be independent under the NASDAQ Stock Market Listing Rules and, once elected, to appoint such director to serve as a member of the audit committee within the time period specified in the Notice.
07:17 EDTFNational Association for Business Economics to hold a seminar
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July 21, 2014
14:02 EDTGPSGap expands brand to Slovenia and Austria
Gap announced that it will introduce the Gap brand to Slovenia and Austria through agreements with new and existing franchise partners. Magistrat International has been selected for the launch of Slovenia and Gottex, which currently manages the Gap franchise business in Israel and Hungary, will launch Austria. Gap has signed a new agreement with Magistrat International to open three stores for the first time later this year in the capital city of Ljubljana. City Park. All locations are scheduled to open by September this year. Gap will also open its first store in Vienna, Austria this October through an existing relationship with Gottex Brands, which is a part of the Trimera Group.
11:57 EDTGMChinese electric vehicle maker Kandi surges after tax break news
Shares of Chinese electric car maker Kandi Technologies (KNDI) are surging after a Chinese newspaper reported that electric cars made outside of China would not qualify for a key tax break in the country. WHAT'S NEW: A key sales tax will not be waived on purchases of electric cars made outside of China, said Su Bo, China's vice-minister of the Industry and Information Technology Ministry, according to China Daily. Buyers of electric vehicles made in China will not have to pay a purchase tax from September 1, 2014 until the end of 2017, China Daily stated. WHAT'S NOTABLE: Tesla Motors (TSLA), Nissan (NSANY) and GM (GM) have all sought to sell electric vehicles in China. PRICE ACTION: In late morning trading, Kandi Technologies' stock rose $1.66, or 8.5%, to $21.28. The shares are well off their high for the day of $22.22, but they have surged 80% so far this year. Tesla shares, which had spent some of the morning in slightly negative ground, were up about 1% near $222 per share just before noon.
08:34 EDTROSTRoss Stores opens 30 new locations in June and July
Ross Stores announced the June and July openings of 23 Ross Dress for Less and seven dd's DISCOUNTS stores across 17 different states. These new locations are part of the off-price retailer's plans to add a total of approximately 75 Ross and 20 dd's DISCOUNTS stores during 2014.
06:21 EDTGMGeneral Motors eyeing budget cars for Europe, FT reports
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06:12 EDTGMGeneral Motors delays recall in another ignition switch case, ABC News says
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July 19, 2014
20:10 EDTGMGM issues stop-sale on certain 2014 Cadillac CTS sedans, Bloomberg says
General Motors has issued a stop-sale order dated July 8 to its dealers for 2014 Cadillac CTS sedans that use a standard key ignition, says Bloomberg. Reference Link
July 18, 2014
12:48 EDTSPWRSolar stocks rise after successful IPO in space
Shares of solar energy companies are rising after a solar energy company's subsidiary surged on its first day of trading. WHAT'S NEW: The shares of SunEdison (SUNE) subsidiary TerraForm (TERP) are surging 36% in early afternoon trading. TerraForm Power opened at $33.26 and was trading near $34 per share at midday, after its initial public offering priced at $25 per share. TerraForm was formed to own and operate assets that generate clean power and the company plans to pay dividends. In a note to investors yesterday, Josh Baribeau, an analyst at Canaccord Genuity, wrote that TerraForm is a Yieldco. Subsidiaries of energy companies that own power plants and projects, Yieldcos typically trade on stock exchanges. Noting that TerraForm's IPO had priced at the high end of its expected range yesterday and was well oversubscribed, Baribeau wrote that this outcome reflects the strong demand for Yieldcos among investors. The Yieldcos provide investors with yield which is in high demand in today's low interest rate environment, the analyst stated. Additionally, as a result of the strong demand for Yieldcos' stocks, they provide their parent companies with "cheap and abundant capital," the analyst stated. SunEdison and TerraForm will grow their combined cash available for distributions at a faster rate than their target of 15% over the next three years, helping SunEdison's stock rise, the analyst stated. He kept a $30 price target and Buy rating on SunEdison. WHAT'S NOTABLE: A number of solar energy companies that own solar projects could form Yieldcos, research firm Trefis wrote in a Forbes column last month. Like Canaccord's Baribeau, Trefis believes that Yieldcos provide their parent companies with a cheap source of funding. Yieldcos also distribute most of their cash through dividends, Trefis stated. The firm named First Solar (FSLR) and SunPower (SPWR) as companies that could launch their own Yieldcos. PRICE ACTION: In early afternoon trading, Terraform jumped 36% to $34 and SunEdison was down 1% to $22.76. Meanwhile, First Solar rose 1.4% to $62.29, SunPower climbed 2.7% to $38.71, JinkoSolar gained 2.8% to $26.75, and Canadian Solar (CSIQ) advanced 3% to $28.71.
12:21 EDTGMCable ad upfront volumes may drop 4% or more, WSJ says
Two of the U.S.'s biggest marketers, Procter & Gamble (PG) and General Motors (GM), have pulled back on their TV network advertising commitments in advance of the "upfront" selling season for cable networks, said The Wall Street Journal, citing people familiar with the matter. The overall volume of ad dollars committed to cable networks during the upfront, which is still under way, could be down 4% or more from last year, people familiar with the situation said. Notable owners of cable television stations include 21st Century Fox (FOXA), Time Warner (TWX), Disney (DIS), CBS (CBS), Comcast (CMCSA), Discovery (DISCA), Viacom (VIAB), and AMC Networks (AMCX). The report added that cutbacks partly reflect a shift of tv ad budgets to digital media, including online video. Google (GOOG) has a large presence in online video with YouTube and Facebook (FB) is taking steps to grow in the area. Reference Link
July 17, 2014
07:46 EDTGMSenate Commerce & Transportation Committee to hold a hearing
The Subcommittee on Consumer Protection, Product Safety and Insurance holds a hearing entitled, "Examining Accountability and Corporate Culture in Wake of the GM Recalls" with General Motors CEO Barra and EVP Milllikin and President & CEO O'Neal of Delphi Automotive on July 17 at 10 am. Webcast Link
06:53 EDTGMGM deems some cars with same recalled switch 'safe', Reuters says
Even though GM issued a recall for millions of cars with defected ignition switches, the automobile manufacturer has concluded that over 2M other vehicles with the same switches are safe, according to Reuters, citing comments from GM spokesman Alan Adler. The car models which have not been recalled include fullsize crossovers such as the Buick Enclave and the Chevrolet Traverse manufactured from 2007 to the present. Reference Link
06:38 EDTGMGeneral Motors hires outside law firm to review litigation practices, WSJ says
General Motors has hired an outside law firm to review the way it handles litigation, reports the Wall Street Journal. The company's General Counsel Michael Millikin plans to say in a testimony at a Senate hearing Thursday that a "well-respected outside law firm" will conduct a "zero-based review" of his department. Reference Link
05:17 EDTFFord launches product acceleration in Middle East, Africa
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