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Stock Market & Financial Investment News

News Breaks
May 20, 2014
12:24 EDTHD, URBN, ARX, NVS, OPHT, SPLS, DKS, GM, CAT, TJXOn The Fly: Midday Wrap
Stocks on Wall Street began the session in negative territory and have remained there throughout the morning. With the economic calendar quiet again and earnings season just about to wind down, there was little to bring investors off the sidelines and reverse the trend. Among the many retailers that reported earnings last night and this morning, a number, including Dicks Sporting Goods (DKS), Staples (SPLS), Urban Outfitters (URBN) and TJX (TJX), missed Wall Street estimates. 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 all advancers on the Dow Jones Industrial Average, rising more than 2.5%, 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 Dow member, sliding 2%, after it reported April dealer retail sales trends that weakened relative to March... General Motors (GM) shares fell 1.5% near noon 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 25% after Cobham plc agreed to acquire the company for $10.50 per share in cash. Also higher was Ophthotech (OPHT), which gained 21% after it signed a licensing and commercialization agreement for its Fovista drug outside of the U.S. with Novartis (NVS). Among the noteworthy losers following their earnings reports were sporting goods retailer Dick's, which slumped 17%, and office supplier Staples, which dropped 13%. INDEXES: Near midday, the Dow was down 91.32, or 0.55%, to 16,420.54, the Nasdaq was down 19.57, or 0.47%, to 4,106.25, and the S&P 500 was down 8.89, or 0.47%, to 1,876.19.
News For HD;CAT;GM;DKS;SPLS;OPHT;NVS;ARX;URBN;TJX From The Last 14 Days
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September 5, 2014
13:13 EDTGMU.S. judge dismisses General Motors shareholder lawsuit over IPO, Reuters says
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12:42 EDTGMStocks with increasing options volume
Stocks with increasing options volume: VALE MCP KORS WAG GM PCLN
12:39 EDTGMGM recalls 2002-2004 Saturn Vues due to ignition defect
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12:19 EDTURBNGap falls after reporting August same-store sales decline
Shares of apparel retailer Gap (GPS) are falling after the company reported disappointing August same-store sales results and Buckingham analysts downgraded the company's stock. WHAT'S NEW: Gap reported last night that its August comparable sales declined 2%, compared to a 2% increase a year ago in the same month. Gap Global SSS fell 9%, Banana Republic Global SSS fell 2% and Old Navy Global SSS rose 2%. Gap also reported its August net sales were flat compared to last year's $1.23B. WHAT'S NOTABLE: Looking ahead, the company said Gap's August sales performance will likely put pressure on the brand's gross margins in September. ANALYST REACTION: Gap was downgraded to Neutral from Buy at Buckingham this morning following the August comparable sales numbers. Buckingham analysts say they question the previously anticipated 2H14 comp recovery at the core brand and do not see upside to the stock if the flagship brand does not turn positive in the second half. Buckingham expects the stock's multiple to contract back to its historical average until sales improve. The firm still expects full-year 2014 guidance to be achievable as Gap manages expenses and it continues to like operational improvements the company is making in its supply chain and omni-channel initiatives. Until sales improve, Buckingham expects shares to remain range bound near $44 to $46. UBS analysts, on the other hand, say Gap's share weakness presents a buying opportunity. The firm said the miss does not derail the company's ability to show improvement over the second half and does not impact their long-term thesis tied to margin improvement opportunities. PRICE ACTION: Near noon, Gap fell $2.20, or about 5%, to $44.39. OTHERS TO WATCH: Competitors to Gap include American Apparel (APP), American Eagle (AEO), Urban Outfitters (URBN), Express (EXPR), and Abercrombie and Fitch (ANF).
11:43 EDTURBNZumiez sinks as company provides 'disappointing' Q3 outlook
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07:20 EDTARXAeroflex to host special shareholder meeting
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06:27 EDTHDHealthCare.gov insurance site breached by hacker in July, WSJ reports
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06:12 EDTGMMichigan among the states investigating GM recall, Detroit News reports
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September 4, 2014
13:59 EDTCATProgress Rail loses railcar improvement deals, WSJ says
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11:07 EDTHDHome Depot believes we are in 'moderate stage' of housing recovery
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11:05 EDTHDHome Depot says it has no plans to expand in Brazil or going back to China
Home Depot said it has no plans to go back to China because it has not figured out how to make money there. It also said it has no plans in expanding into Brazil even though he has looked into opportunities there. Home Depot said it sees the most opportunities in North America, and will focus its resources there.
11:02 EDTHDHome Depot maintains 2H14 outlook that it will be better than 1H14
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10:57 EDTHDHome Depot seeing high-spend pro customers are growing higher than others
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10:43 EDTHDHome Depot CEO: 3rd parties 'working around the clock' on breach investigation
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10:42 EDTHDHome Depot CEO: We have told everybody what we know on breach
CEO Frank Blake said the company found out Tuesday morning and chose the path of communicating the facts as they know them. Blake said the company felt it was best to communicate the facts quickly and transparently, but cannot answer all of the questions. He added that the company will continue to investigate the breach "intensely." Comments taken from Goldman Sachs Annual Global Retailing Conference.
10:30 EDTHDHome Depot in contact with Secret Service over alleged breach, Reuters reports
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08:27 EDTGMGeneral Motors and General Motors Financial enter into support agreement
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08:25 EDTHDHome Depot could see less impact than Target from data breach, says BMO Capital
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07:14 EDTGMElectric cars share of total U.S. market stalled, LA Times reports
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06:02 EDTGMGM supplier Magna begins construction on new Tennessee facility
Magna International (MGA) yesterday announced that it has started construction on a new, state-of-the-art manufacturing facility located in Spring Hill, Tennessee. The 122,500-square-foot facility will manufacture complete seat assemblies supplying General Motors' (GM) Spring Hill Assembly Plant. The plant will be fully operational in January 2015. The new facility becomes Magna's fifth location in Tennessee and is expected to employ approximately 75 people when it begins production next year.
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