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December 19, 2012
16:30 EDTHLF, ONTY, ALTE, IDTI, AIR, GM, PLXT, MKLOn The Fly: Closing Wrap
Stocks on Wall Street finished lower after a session that saw the averages trade on either side of the flat line. News out of Washington continued to dominate the headlines. House Speaker Boehner, speaking in the afternoon, said that it was time for President Obama to "get serious" on the budget, which sent the averages to their lows... ECONOMIC EVENTS: In the U.S., housing starts slid 3.0% in November to a 861,000 start rate, versus the expected 872,000. However, building permits rose 3.6% month over month to a 899,000 rate, versus the expected 875,000... COMPANY NEWS: CNBC's Kate Kelly reported that activist investor Bill Ackman has taken a "major" short position in Herbalife (HLF). The report said that Ackman considers Herbalife a "pyramid scheme" and will disclose his position, taken after several months of research, at an investor event tomorrow. Shares of Herbalife were halted for volatility following the report and finished the day down $2.28, or 5.36%, at $40.22... General Motors (GM) announced plans to buy back 200M shares held by the U.S. Treasury in a first step toward the government's full exit from its holding within the next 12 to 15 months. GM will pay $27.50 a share, or $5.5B total, and expects to close the deal to reduce the government's stake in the company to 19% from 26.5% by the end of this year. GM shares rose $1.69, or 6.63%, to $27.18 after the news... MAJOR MOVERS: Among the notable gainers was AAR Corp. (AIR), up $2.23, or 13.32%, to $18.97 after reporting earnings that beat Street estimates, raising its FY13 EPS view, and seeing its price target raised to $24 from $22 at DA Davidson. Also higher were shares of Alterra Capital (ALTE), up $5.03, or 21.73%, to $28.18 following its deal to be acquired by Markel (MKL) for $31 per share in stock and cash. Shares of Markel lost $49.81, or 10.25%, to close at $436.24. Among other noteworthy losers was Oncothyreon (ONTY), down $2.31, or 51.33%, to $2.19 after its lung cancer drug missed its endpoint in a study. Also lower were shares of PLX Technology (PLXT), down 80c, or 17.78%, to $3.70 after news the FTC would seek to block the company's planned merger with Integrated Device Technology (IDTI). Conversely, shares of Integrated Device rose 16c, or 2.31%, to $7.08... INDICES: The Dow was down 98.99, or 0.74%, to 13,251.97; the Nasdaq was down 10.17, or 0.33%, to 3,044.36; and the S&P 500 was down 10.98, or 0.76%, to 1,435.81.
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October 1, 2015
05:56 EDTGMTrueCar boosts 2015 U.S. sales forecast to 17.4M from 17.2M
TrueCar (TRUE) raised its 2015 annual forecast by 200,000 units to 17.4 million as sales growth in the remaining months of 2015 is poised to remain vigorous. New auto sales in September, aided by a later-than-usual Labor Day, should expand by 12.6 percent from a year ago, while the Seasonally Adjusted Annual Rate should reach 17.7 million units. That strength underpins TrueCar's revised full-year industry forecast of 17.4 million units, the highest volume since 2000. Retail share of the total industry likely expanded a full point in September versus last year, indicating busier-than-average showrooms. Confident consumers are expected to push new vehicle revenue to a record $45 billion for the month, up 13.2 percent versus the same period last year. Publicly traded companies in the space include Fiat Chrysler (FCAU), Ford (F), General Motors (GM), Honda (HMC), Nissan (NSANY), Toyota (TM), Daimler (DDAIF) and Volkswagen (VLKAY). TrueCar EVP Larry Dominique commented, "Volkswagen's stop sell of diesel vehicles in the U.S. causes a noticeable hit to its September revenue, with a 7.7 percent decline. We expect sales to dip by at least by 5 percent and incentives to increase by $235 per unit, which will be essential to push non-impacted models off the lots."
05:30 EDTHLFStocks with implied volatility above IV index mean; P HLF
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September 30, 2015
15:45 EDTGMGeneral Motors to hold a conference call
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09:05 EDTGMGeneral Motors and Navistar reach long-term commercial vehicle agreement
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September 29, 2015
08:05 EDTAIRAAR Corp. appoints Michael Sharp as CFO effective October 5
AAR CORP. announced that Michael Sharp has been appointed to serve as the company's CFO, effective October 5, 2015. Sharp will replace John Fortson who is resigning and relocating to take a CFO position with a non-aviation company. Sharp currently serves as its Vice President, Controller and Chief Accounting Officer.
06:17 EDTGMFiat Chrysler labor deal faces resistance, NY Times reports
Fiat Chrysler's (FCAU) tentative deal with the United Auto Workers union has seen resistance in early voting, with several plants rejecting the deal outright, the New York Times says. Voting at some of the largest plants will start Tuesday, and that fate of the proposed four-year deal will be determined by the middle of the week, the report says. Opponents to the deal have said that it does not offer any clear path for lower-tier workers to reach the highest levels of hourly play and fails to limit the number of entry-level workers, the report says. Fiat Chrysler's deal with its auto workers is viewed as a template for labor talks that General Motors (GM) and Ford (F) will have with their workers, the report says. Reference Link
September 28, 2015
18:51 EDTGMGM CEO plans increased focus on connectivity, autonomous driving, Reuters says
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06:32 EDTHLFHerbalife volatility flat on tight price movement
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06:28 EDTHLFHerbalife volatility flat on tight price movement
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September 25, 2015
09:05 EDTGMGeneral Motors volatility elevated
General Motors October weekly call option implied volatility is at 34, October and November is at 33; compared to its 52-week range of 14 to 36, suggesting large near term price movement.
06:34 EDTGMGM CEO again rejects idea of merger with Fiat Chrysler, WSJ reports
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06:07 EDTGMGM CEO says pursuing profit margins, not market share, WSJ reports
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05:08 EDTHLFStocks with implied volatility movement; PFE HLF
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September 24, 2015
16:09 EDTAIRAAR Corp. reports Q1 EPS 23c, consensus 23c
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09:03 EDTGMAlcoa completes expansion of Tennessee facility
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07:55 EDTGMVW scandal strengthens Marchionne's quest for consolidation, Bloomberg says
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September 23, 2015
19:07 EDTGMStudy shows U.S. cars less safe than EU vehicles, Independent says
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09:18 EDTGMPaulson Institute and CCPIT to co-host U.S.-China Business Roundtable
The Paulson Institute and the China Council for the Promotion of International Trade (CCPIT) provide an opportunity for U.S. and Chinese business leaders to discuss issues facing the two countries in a roundtable being held in Seattle, Washington on September 23.
September 22, 2015
08:04 EDTAIRAAR Airlift repsonds to DynCorp lawsuit
AAR Airlift Group said it categorically denies the allegations set forth in a complaint filed by DynCorp International LLC in early September 2015 in the United States District Court for the Middle District of Florida. DynCorp's lawsuit alleges improper actions purportedly taken by AAR Airlift in connection with a solicitation issued by the U.S. Department of State Bureau of International Narcotics and Law Enforcement Affairs, Office of Aviation for a federal government contract (the "INL/A contract") supporting State's Worldwide Aviation Support Services program. The lawsuit follows a series of protests filed by DynCorp with the U.S. Government Accountability Office, beginning on February 12, 2015, after DynCorp and AAR Airlift each submitted proposals in October 2014 for the award of the INL/A contract. Steven Harrison, President of AAR Airlift, stated: "This lawsuit is entirely without merit and represents yet another tactic in an orchestrated campaign by DynCorp to delay the Department of State from making a contract award in support of a critical program. As the incumbent under the current INL/A contract, DynCorp significantly benefits from any delay in the awarding of the new INL/A contract."
07:46 EDTGMFormer GM exec: Apple will lose money in car business, CNBC says
Apple (AAPL) could lose big money if it enters the electric car business, CNBC reports, citing comments from former General Motors (GM) vice chairman Bob Lutz. "There is absolutely no reason to assume that Apple is going to be financially successful in the electric car business," Lutz told CNBC. Reference Link
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