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Stock Market & Financial Investment News

News Breaks
May 20, 2014
16:27 EDTURBN, ARX, DKS, HD, TJX, RRGB, GM, SPLS, ICPT, CATOn 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 Dickís 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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June 23, 2015
17:44 EDTGMGoldman ups Ford to Buy, cuts GM to Neutral
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17:27 EDTGMGeneral Motors downgraded to Neutral from Buy at Goldman
June 22, 2015
17:46 EDTCATCaterpillar to lay off 50 more workers in East Peoria, Reuters says
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12:41 EDTGMHyundai nearing sponsorship agreement with NFL, Bloomberg reports
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11:15 EDTGMGM activists not interested in merger with Fiat Chrysler, Financial Times says
General Motors (GM) activist holders have said they will not push for a merger with Fiat Chrysler (FCAU), reports the Financial Times. According to four people familiar with the matter, the activist contingent, which controls about 1.5% of GM shares, is more interested in cutting costs than embarking on a complicated merger transaction. One person close to the hedge funds said the investors believe consolidation makes sense but are unsure "that this particular consolidation makes sense." Reference Link
11:02 EDTGMGeneral Motors to invest $245M at Orion Assembly plant
General Motors said it will invest $245M and add 300 new jobs at its Orion Assembly plant to support launching an all-new vehicle program. "Orion Assembly is a breeding ground for manufacturing innovation,Ē said Cathy Clegg, GM North America vice president of Manufacturing and Labor Relations. "It serves as a model for how to engage the entire workforce at all levels to achieve success. The plant is up to the challenge of building this brand-new product, something itís never seen before." Investment in Orion totals $962M since the UAW and GM worked together to reopen the previously idled plant in 2010, the automaker announced in a statement. Today's announcement is a part of the $5.4B GM has announced it will invest in U.S. manufacturing over the next three years. Approximately $3.1B of the $5.4B has been identified, leaving $2.3B to be announced by year end.
06:57 EDTGMCNH Industrial upgraded to Neutral from Underweight at JPMorgan
JPMorgan upgraded CNH Industrial (CNHI) to Neutral saying the stock could find support until the potential General Motors (GM) and Fiat-Chrysler (FCAU) merger is resolved. The firm raised its price target for shares to $8.50 from $7.50.
06:08 EDTGMGeneral Motors to add over 243,000 hatcbacks to air bag recall, AP reports
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June 19, 2015
10:50 EDTGMEPA proposes new rules for medium- and heavy-duty truck emissions
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09:19 EDTSPLSStaples sees Office Depot deal completed by end of year
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08:20 EDTSPLSOffice Depot shareholders approve acquisition by Staples
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June 18, 2015
16:24 EDTGMOn The Fly: Top stock stories for Thursday
Stocks began the session in positive territory, adding to the late day move yesterday that followed Fed comments about the central bank's plans to raise benchmark interest rates gradually. Today's rally was broad based, as all 10 S&P sectors were in positive ground and the Nasdaq closed at a new all-time high. There were the usual headlines concerning Greece, but for at least one day, the U.S. market was able to ignore the European noise. ECONOMIC EVENTS: In the U.S., the consumer prices index rose 0.4% in the month of May, versus expectations for a 0.5% increase. The core reading, which removes food and energy prices, rose 0.1%, versus the expected increase of 0.2%. Initial jobless claims dipped 12,000 to 267,000 in the week ended June 13, versus expectations for 277,000 first-time claims. The Philadelphia Fed manufacturing survey climbed 8.5 points to 15.2 in June, topping expectations for a reading of 8. The leading indicators rose 0.7% to 123.1 in May, topping expectations for a rise of 0.4%. In Europe, International Monetary Fund chief Christine Lagarde reportedly said Greece wonít be given a grace period if it fails to make its scheduled payment to the fund on June 30. Meanwhile, finance ministers of euro area member states met today, after which Agence France-Presse reported that the talks ended with no deal on Greece. Bloomberg subsequently said that euro leaders plan to hold a summit to discuss Greece this coming Monday. COMPANY NEWS: Shares of Oracle (ORCL) dropped $2.17, or 4.84%, to $42.74 after the enterprise software, hardware and IT services provider reported lower than expected fourth quarter earnings per share and gave a lower than expected forecast for profit in its new quarter... General Motors (GM) announced that Fitch has raised the credit ratings of both GM and GM Financial to investment grade, meaning the corporate credit ratings for GM are now investment grade with all major rating agencies. Meanwhile, Reuters reported, citing several sources familiar with the matter, that the automaker has hired Goldman Sachs (GS) and Morgan Stanley (MS) to advise it as Fiat Chrysler (FCAU) CEO Sergio Marchionne attempts to gain the support of GM investors with the goal of forcing merger discussions with GM's board... Fitness tracker maker Fitbit (FIT) surged 48.4% to close at $29.68 in its first day of public trading. The company priced its initial public offering at $20 per share, topping expectations, and its closing price gives it a market value near $6B. MAJOR MOVERS: Among the notable gainers was Martha Stewart Living Omnimedia (MSO), which rose $1.35, or 26.27%, to $6.44 after The Wall Street Journal reported the company was nearing a deal to be acquired by Sequential Brands (SQBG), though the Journal said it was unable to learn the terms of the potential deal being discussed. Sequential Brands (SQBG) shares added 12.4% to close at $16.04 following the report. Also higher was Radius Health (RDUS), which gained $7.81, or 15.1%, to $59.54 after the company announced results from the six-month extension study for abaloparatide, its experimental treatment for osteoporosis. Among the noteworthy losers was Bankrate (RATE), which fell $2.60, or 18.77%, to $11.25 and was downgraded to Neutral from Buy at SunTrust after the company's revenue outlook came in well below the consensus forecast. INDEXES: The Dow gained 180.10, or 1%, to 18,115.84, the Nasdaq rose 68.07, or 1.34%, to 5,132.95, and the S&P 500 added 20.80, or 0.99%, to 2,121.24.
13:28 EDTGMFitch upgrades General Motors, GM Financial to investment grade
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11:31 EDTCATCaterpillar trends appear negative for Cummins, says Wells Fargo
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09:15 EDTCATCaterpillar reports retail machines sales down 12% in three months end May
Caterpillar reported in a regulatory filing that its total retail machines sales were down 12% on a three month rolling basis in May. For reference, retail sales of machines were down 11% in the period ending in April and were down 12% in the period ending in March. The company reported world Resources Industries sales down 8% in the May period, which was better than the 9% drop in the April end period. Construction Industries world sales were down 14%, worse than the 12% drop in the April period. Total Energy & Transportation Retail Sales were down 6% in the May end period, which was better than the 8% decline seen in the April period.
08:59 EDTCATCaterpillar and Modustri to collaborate on equipment monitoring technology
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07:32 EDTSPLSStaples Advantage Canada announces partnership with Ital Florist
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June 17, 2015
17:37 EDTGMGM hires advisers as Fiat Chrysler tries to force merger talks, Reuters says
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13:05 EDTGMJ.D. Power: Japanese auto brands struggle to keep up with pace of improvement
With a significant year-over-year improvement, Korean brands continue to widen the quality gap with other automakers, while Japanese makes collectively fall below industry average for the first time in 29 years, according to the J.D. Power 2015 U.S. Initial Quality StudySM released today. Korean brands lead the industry in initial quality by the widest margin ever, averaging 90 PP100, which is an 11 PP100 improvement from 2014. For the first time in the study, European brands surpass Japanese brands, while domestic makes equal the Japanese for only a second time. Porsche (POAHY) ranks highest in initial quality for a third consecutive year, posting a score of 80 PP100. With a 20 PP100 improvement from 2014, Kia follows Porsche in the rankings at 86 PP100. This marks the first time in the history of the study that Kia has led all non-premium makes in initial quality. Jaguar (TTM), Hyundai (HYMLF) and Infiniti (NSANY) round out the top five nameplates. Infiniti is one of the most improved brands in the study, lowering its problem score by 31 PP100 from 2014. Reference Link
06:09 EDTGMGeneral Motors uses old Chevrolet Volt batteries to power IT building
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