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Stock Market & Financial Investment News

News Breaks
May 20, 2014
16:27 EDTHD, TJX, SPLS, ARX, RRGB, ICPT, DKS, GM, CAT, URBNOn The Fly: Closing Wrap
Stocks on Wall Street opened in negative territory and were never able to make it back to unchanged. There was little to lure buyers off the sidelines to buy, as the economic calendar remained quiet. Adding to the pressure was a speech by Philadelphia Fed President Charles Plosser, in which he mentioned the eventual raising of rates and the potential for that to come sooner than expected if the economy picks up steam. The retail sector led the losers following disappointing earnings reports from Dick’s Sporting Goods (DKS), Staples (SPLS), TJX (TJX) and Urban Outfitters (URBN). ECONOMIC EVENTS: In the U.S., no major economic data was released for the second day in a row. COMPANY NEWS: Home Depot (HD) led the few advancers on the Dow, rising $1.46, or 1.91%, to $77.96, after the company's earnings narrowly beat expectations and it raised its FY14 EPS view to come in-line with analyst consensus estimate. Caterpillar (CAT) was the weakest member of the blue chip index, sliding $3.83, or 3.63%, to $101.56, after it reported April dealer retail sales trends that weakened relative to March... General Motors (GM) shares fell $1.18, or 3.45%, to $33.07 after the company announced it is recalling an additional 2.42M vehicles in four separate U.S. recalls. The automaker added $200M to the charge it expects to take in Q2 related to its recalls, bringing the total potential charge up to $400M. MAJOR MOVERS: Among the notable gainers was Aeroflex (ARX), which rose $2.11, or 25.39%, to $10.42 after Cobham agreed to acquire the company for $10.50 per share in cash. Also higher was Red Robin Gourmet Burgers (RRGB), which advanced $7.95, or 12.45%, to $71.80 after its sales and profits beat expectations for its fiscal first quarter. Among the noteworthy losers was Dick's Sporting Goods, which fell $9.56, or 17.98%, to $43.60 after it issued a worse than expected outlook for the current quarter and fiscal year, pointing to weakness it sees continuing in its golf and hunting segments. Also lower were shares of Intercept Pharmaceuticals (ICPT), which fell $36.66, or 14.1%, to $223.34 as The Street reported that the company knew last January that a trial of its liver disease drug was halted partially due to patients' abnormal cholesterol levels, but did not disclose the information to investors. INDEXES: The Dow was down 137.55, or 0.83%, to 16,374.31, the Nasdaq was down 28.92, or 0.7%, to 4,096.89, and the S&P 500 was down 12.25, or 0.65%, to 1,872.83.
News For HD;CAT;GM;DKS;ICPT;RRGB;ARX;SPLS;TJX;URBN From The Last 14 Days
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October 16, 2014
05:46 EDTURBNUrban Outfitters downgraded to Neutral from Outperform at Macquarie
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October 15, 2014
13:27 EDTGMGM faces $10B suit due to recalls, Bloomberg says
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10:16 EDTGMGeneral Motors reports Q3 worldwide sales up 2% to 2.45M units
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09:21 EDTICPTIntercept pullback a buying opportunity, says Summer Street
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07:24 EDTICPTIntercept management to meet with Deutsche Bank
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October 14, 2014
10:02 EDTHDHome Depot falls, levels to watch
Shares are going counter to the broader market, trading down last at $88.74. At that price next support is at $88.23 and then at $86.90. Resistance is at $89.93.
10:01 EDTGM, HDOn The Fly: Analyst Downgrade Summary
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08:46 EDTHDHome Depot announces resignation of Marvin Ellison as EVP - U.S. Stores
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07:23 EDTHDHome Depot downgraded to Neutral from Buy at SunTrust
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07:15 EDTHDJ.C. Penney new CEO may not have expertise in right areas, says Wells Fargo
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06:20 EDTGMGeneral Motors downgraded to Buy from Conviction Buy at Goldman
Goldman removed General Motors from the Conviction Buy List and lowered estimates to to cuts in North American and European production and a difficult pricing environment. The firm maintains its Buy rating and views risk/reward as favorable and expects reasonably strong comps over then next two quarters. Price target lowered to $47 from $48.
October 13, 2014
16:28 EDTHDOn The Fly: Closing Wrap
Stocks on Wall Street spent most of today's quiet session see-sawing across the flat-line before dropping sharply in the final hour of trading and closing at their lows. The market opened in negative territory but soon made a move to the upside and appeared ready to break the recent market slide that has seen the S&P lose about 5% of its value. Before the averages gained significant steam, they reversed again and moved back into negative ground. The averages moved in a fairly narrow range for most of the afternoon, before accelerating to the downside with conviction in the final hour of trading. ECONOMIC EVENTS: In the U.S., no economic data of note was reported and banks and bond markets were closed in observance of the Columbus Day holiday. In China, the nation's customs administration reported a trade surplus of about $31B for September. Exports in the month increased 15.3% from a year earlier, beating expectations and making for the biggest monthly increase since February 2013. Imports rose 7%, significantly outpacing the consensus projection for a 2% decline. COMPANY NEWS: The Wall Street Journal reported that CSX (CSX) was approached by a larger rival, Canadian Pacific (CP), about a possible merger. However, Credit Suisse analyst Allison Landry wrote in a note to investors that a merger between the two would not be able to occur, due to high regulatory hurdles. Still, CSX rose $1.76, or 5.88%, to $31.70 following the Journal's report, while Canadian Pacific fell $4.40, or 2.32%, to $184.97... Shares of Fiat Chrysler Automobiles (FCAU) made their debut on the New York Stock Exchange and opened at $9 per share. The stock of the newly merged company closed trading down about 1% at $8.92... J.C. Penney (JCP) selected Marvin Ellison, who is currently executive vice president of stores at Home Depot (HD), to become its next CEO. The stock, which was also downgraded to Sell from Neutral at UBS this morning, spent much of the trading day in positive ground but moved lower late in the session and closed down 3c, or 0.42%, at $7.09. MAJOR MOVERS: Among the notable gainers was Alnylam (ALNY), which advanced $13.83, or 18.98%, to $86.68 after the company announced data from study of its treatment for patients with familial amyloidotic polyneuropathy and Piper Jaffray raised its price target on the stock to $133 from $101 citing the trial results. Among the noteworthy losers was AutoNation (AN), which fell $4.11, or 8.01%, to $47.21 after another company in the same sector, Lithia Motors (LAD), lowered its profit outlook for the third and fourth quarter and issued a lower than expected earnings forecast for fiscal 2015. Shares of Lithia, meanwhile, plunged $16.85, or 20.84%, to $64.01. Also lower were shares of GoPro (GPRO), which fell $8.38, or 9.85%, to $76.67 after a French journalist reported that the son of racing legend Michael Schumacher attributed the severity of his father's brain injury following a skiing accident on the GoPro camera mounted to his helmet. INDEXES: The Dow fell 223.03, or 1.35%, to 16,321.07, the Nasdaq dropped 62.58, or 1.46%, to 4,213.66, and the S&P 500 declined 31.39, or 1.65%, to 1,874.74.
12:16 EDTHDOn The Fly: Midday Wrap
Stocks on Wall Street were slightly lower at midday amid light trading volume. Banks and bond markets are closed in observance of the Columbus Day holiday, though equity markets remain open. ECONOMIC EVENTS: In the U.S., no major economic data was reported. COMPANY NEWS: Shares of a number of freight train operators rose after The Wall Street Journal reported that one of the companies in the sector, CSX (CSX), was approached by a larger rival, Canadian Pacific (CP), about a possible merger. Following the Journal's report, CSX rose 10% and Canadian Pacific advanced 1%, while Norfolk Southern (NSC) and Kansas City Southern (KSU) both climbed about 3%... Chrysler returned to the U.S. stock market, as shares of Fiat Chrysler began trading on the New York Stock Exchange under the symbol "FCAU." MAJOR MOVERS: Among the notable gainers was J.C. Penney (JCP), which rose 3% after the company selected Marvin Ellison, who is currently executive vice president of stores at Home Depot (HD), to become its next CEO. Also higher were Atlas Energy (ATLS), which rose 20%, and Atlas Pipeline Partners (APL), which advanced 6%, after Targa Resources Partners (NGLS) and Targa Resources (TRGP) agreed to acquire Atlas Pipeline Partners for cash and stock valued at $38.66 per APL common unit and agreed to buy Atlas Energy following the company's spin-off of its non-midstream assets. Among the noteworthy losers was Aerohive Networks (HIVE), which plunged 30% after the company lowered its guidance for the third quarter, citing weaker-than-expected order volume near the quarter's end. Also lower were shares of GoPro (GPRO), which fell over 8% after a French journalist reported that the son of racing legend Michael Schumacher attributed the severity of his father's brain injury following a skiing accident on the GoPro camera mounted to his helmet. INDEXES: Near midday, the Dow was down 32.14, or 0.19%, to 16,511.96, the Nasdaq was down 7.97, or 0.19%, to 4,268.27, and the S&P 500 was down 6.85, or 0.36%, to 1,899.28.
12:10 EDTGMGM lawyer says 27 people eligible for ignition switch compensation, AP reports
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10:22 EDTHDHome Depot falls, levels to watch
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10:12 EDTHDHome Depot bench deep, Ellison departure not surprising, says RW Baird
RW Baird said it is not surprised to see Marvin Ellison leaving Home Depot (HD) since he was likely in the running for the CEO post that went to someone else, but the firm expects a smooth internal transition and noted that it views the company's management bench as deep. Baird, which maintains its Outperform rating on Home Depot, believes J.C. Penney (JCP) is getting a strong leader with extensive retail experience in hiring Ellison.
10:06 EDTHDJ.C. Penney rises after selecting Home Depot executive as next CEO
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08:38 EDTHDJ.C. Penney names Marvin Ellison CEO-Designee
The board of J. C. Penney (JCP) announced the appointment of Marvin Ellison, currently executive vice president of stores at Home Depot (HD), as president and CEO-Designee, effective November 1. Ellison will also join the board. He will then succeed Myron E. Ullman, III as CEO of JCPenney on August 1, 2015. At that time, Ullman will become executive chairman of the board for a period of one year.
06:44 EDTGMRegulators seeking banks' auto loan data, Reuters reports
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October 12, 2014
17:21 EDTGMTesla ahead of other car makers on semiautonomous driving system, WSJ says
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