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Stock Market & Financial Investment News

News Breaks
June 5, 2014
12:28 EDTAXAS, HPQ, VRA, JOY, PVH, GMOn The Fly: Midday Wrap
Stocks began the session in quiet fashion as they got little help from the day’s economic reports which included the weekly jobless claims data and the monthly Challenger Job Cuts report. The relatively benign numbers lifted the futures above fair value but gave it little momentum once the market opened. The averages drifted in a narrow range and pushed the S&P to a new all-time high. The market may continue to drift this afternoon as investors move to the sidelines ahead of tomorrow’s nonfarm payrolls report. ECONOMIC EVENTS: In the U.S., initial jobless claims rose slightly, up 8,000 to 312,000, in the week of May 31. The Challenger Job-Cut Report for May came in at 52,961, an increase partially caused by a 16,000 employee layoff at Hewlett-Packard (HPQ). COMPANY NEWS: General Motors (GM) released the results of an internal investigation into the company’s delayed recall of defective ignition switches, with CEO Mary Barra saying the saga was "riddled with failure, leading to tragic results for many." Fifteen employees were fired for misconduct, incompetence or failure to act. MAJOR MOVERS: Joy Global (JOY) is up 6.31% after reporting Q2 earnings results and backing its FY14 guidance. Abraxas Petroleum (AXAS) is up 11.38% after raising its FY14 production guidance last night after the close. Abraxas was also upgraded to Buy from Neutral at SunTrust this morning. PVH Corp (PVH) is down 6.66% after reporting Q1 earnings results and lowering its FY14 EPS view. Vera Bradley (VRA) is down 3.6% after reporting Q1 earnings results and giving Q2 and FY15 guidance that did not meet analyst expectations. INDEXES: The Dow is up 97.10, or 0.58%, to 16,834.63; the Nasdaq is up 37.88, or 0.89%, to 4,289.52; and the S&P 500 is up 11.06, or 0.57%, to 1,938.96.
News For HPQ;GM;JOY;AXAS;PVH;VRA From The Last 14 Days
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January 14, 2015
08:03 EDTGMGeneral Motors on track to meet previously announced 2016 financial targets
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08:02 EDTGMGeneral Motors sees adjusted EBIT and EBIT-adjusted margin to increase in 2015
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07:34 EDTGMDeutsche Bank to hold a conference
2015 Global Auto Industry Conference is being held in Detroit on January 13-15 with webcasted company presentations to begin on January 14 at 7:15 am; not all company presentations may be webcasted. Webcast Link
06:14 EDTHPQMediaTek: Worldwide tablet shipments rise at slower pace, DigiTimes says
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January 13, 2015
13:56 EDTGMGM open to partnering with Google on self-driving cars, Time says
GM (GM) would be open to having a discussion with Google (GOOG) about jointly developing self-driving cars, GM Chief Technology Officer Jon Lauckner said, according to Time Magazine. Reference Link
12:48 EDTHPQOn The Fly: Midday Wrap
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11:57 EDTHPQHP rises after PC report despite Pacific Crest downgrade
Shares of personal computer maker Hewlett-Packard (HPQ) are rising after research firm Gartner estimated that worldwide PC shipments had risen 1% last quarter. The advance comes despite research firm Pacific Crest having downgraded HP shares this morning. WHAT'S NEW: Worldwide shipments of PCs increased 1% last quarter, Gartner estimated. "These results indicate a slow, but consistent improvement following more than two years of decline," the firm wrote. The estimate suggests that PCs are not fading into oblivion, as some had predicted. Despite this news, research firm Pacific Crest downgraded HP to Sector Perform from Outperform in a note to investors today. HP is facing increased competition, as a number of companies are buying fewer individual servers and IT storage products, Pacific Crest analyst Brent Bracelin stated. Instead, they are buying integrated IT stacks. Ongoing technological trends could make this option more popular going forward, the analyst believes. Additionally, new data storage systems - including next wave systems with software-defined controls, cloud storage systems, and open sources systems - are growing rapidly and could increase the competitive pressure on HP, the analyst stated. Bracelin is less confident that HP's multiple can expand further going forward, he added. WHAT'S NOTABLE: Bracelin also downgraded NetApp (NTAP) to Sector Perform from Outperform for the same reasons that he cut his rating on HP. The analyst identified Tableau (DATA), F5 Networks (FFIV), Qlik Technologies (QLIK), and Nimble Storage (NMBL) as his favorite names in the IT infrastructure sector. F5 should benefit from earnings and multiple expansion as it carries out its security strategy, while Qlik is well-positioned to generate improved growth and margins, the analyst stated. Tableau and Nimble are poised to report better than expected results as their new products ramp up, Bracelin believes. OTHERS TO WATCH: Other companies that benefit from upbeat PC sales include Intel (INTC), Microsoft (MSFT), and hard disk drive makers Seagate (STX) and Western Digital (WDC). PRICE ACTION: In late morning trading, HP shares climbed 1.5% to $40.50.
10:00 EDTHPQOn The Fly: Analyst Downgrade Summary
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07:25 EDTGMNew NHTSA head says 2015 may see more recalls than record-setting 2014, WSJ says
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06:44 EDTHPQHP downgraded to Sector Perform from Outperform at Pacific Crest
Pacific Crest downgraded HP (HPQ) to Sector Perform citing valuation and rising competitive risks from hyperconvergence and new datastores. The firm lists Tableau (DATA), F5 Networks (FFIV), lik Technologies (QLIK) and Nimble Storage (NMBL) as its top names to own in the Cloud, Analytics & Data Infrastructure space. Pacific Crest also downgraded also NetApp (NTAP) to Sector Perform citing the same rationale as HP.
January 12, 2015
16:50 EDTHPQGartner says worldwide PC shipments in Q4 grew 1%
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14:36 EDTGMGeneral Motors to spend $12B to launch new Cadillac models, Bloomberg says
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11:58 EDTGMAlly Financial could see 20% of originations hit by GM changes, says Jefferies
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11:05 EDTGMGM receives 141 more claims for faulty ignition switch compensation, Reuters say
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10:00 EDTJOYOn The Fly: Analyst Downgrade Summary
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08:40 EDTJOYJoy Global downgraded at RBC Capital
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06:45 EDTJOYJoy Global downgraded to Sector Perform from Outperform at RBC Capital
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06:24 EDTGMGM plans to use lending arm for subsized leases in the U.S., WSJ reports
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January 11, 2015
20:52 EDTGMGM Opel unit to build Buick models to sell in U.S., Reuters says
General Motors will announce that its Opel unit will manufacture a Buick version of the Opel Cascada for sale in the U.S., reports Reuters. Reference Link
17:59 EDTGMGeneral Motors plans to launch $30K EV rival to Tesla, WSJ says
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