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Stock Market & Financial Investment News

News Breaks
April 4, 2012
12:10 EDTVIAS, PPO, IBM, WBMD, DDIC, YHOO, SNDK, GM, GEOn The Fly: Mid-Day Wrap
Stocks on Wall Street were sharply lower at mid-day, as the slide that began after yesterday's release of the Federal Open Market Committee minutes deepened. The comments which sank the market revolved around the lack of additional stimulus unless the economy faltered, ruling out at least for the time being any semblance of further quantitative easing. Though Fed Chairman Bernanke said as much last month, the market reacted strongly late yesterday and again today after digesting the implications further. The economic data released today was generally in line with expectations but did little to improve the dour tone of the market... ECONOMIC EVENTS: In the U.S., ADP said the private sector added 209K jobs in March, just exceeding forecasts for the addition of 206K jobs. The ISM non-manufacturing index had a reading of 56.0, versus expectations for 56.8. Crude oil inventories built up by much more than expected, growing by 9M barrels. In Europe, Spain's bond yields rose following the country's first auction after its new austerity budget had been announced. Also, the European Central Bank left its benchmark rate unchanged at 1.0%... COMPANY NEWS: IBM (IBM) shares were downgraded to Neutral from Buy at Bank of America's Merrill Lynch, which cited valuation and limited earnings upside in the near-term, though the firm did raise its price target on the stock to $215 from $205... Moody's downgraded the debt ratings of General Electric (GE) and its finance unit, General Electric Capital Corporation... Yahoo! (YHOO) confirmed that it will cut about 2,000 jobs as part of a restructuring that its new CEO Scott Thompson said will result in a "smaller, nimbler, more profitable" company... MAJOR MOVERS: Among the notable gainers were Polypore (PPO), after William Blair said General Motor's (GM) decision to restart Volt production earlier than planned could be a positive for the battery component supplier, and DDi Corp. (DDIC), on news it will be acquired by Viasystems Group (VIAS) for $13 per share. Noteworthy losers included SanDisk (SNDK), after the company lowered its Q1 revenue guidance, and WebMD (WBMD), after the company said it expects to acquire about 5.77M shares of its common stock at a price of $26.00 per share pursuant to its completed modified "Dutch auction" tender offer... INDICES: Near noon, the Dow was down 145.95, or 1.11%, to 13,053.60; the Nasdaq was down 53.46, or 1.72%, to 3,060.11; and the S&P 500 was down 15.89, or 1.12%, to 1,397.49.
News For IBM;GE;YHOO;PPO;GM;DDIC;VIAS;SNDK;WBMD From The Last 14 Days
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April 6, 2014
14:21 EDTYHOOYahoo plans to acquire bigger budget TV programming, WSJ says
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April 4, 2014
17:36 EDTGMJudge does not issue 'stop drive order' for faulty GM vehicles, Reuters says
U.S. District Court Judge Nelva Gonzales Ramos did not issue a "stop drive order" that would have parked 2.6M General Motors' cars recalled for defective ignition switches, Reuters reports. The judge said she would need additional time to study briefs submitted by attorneys, Reuters added. Reference Link
17:12 EDTGMMarket finishes mixed as Nasdaq sells off into weekend
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08:47 EDTIBMLenovo, IBM deal investigated by U.S. over Pentagon servers, Bloomberg says
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08:13 EDTWBMDWebMD Chief Operating and Technology Officer leaving company
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08:02 EDTGESam's Club extends contract for branded credit card program with GE Capital
Samís Club, a division of Wal-Mart Stores (WMT), has finalized a multi-year agreement with GE Capital Retail Bank (GE) to extend their existing relationship to provide Samís Club-branded credit cards to club members in the U.S. and Puerto Rico. As part of the extension, GE Capitalís Retail Finance business will continue to manage and service the credit card programs for Samís Club Savings, Business and Plus members. Under the agreement, the Samís Club co-branded credit card programs will be converted to MasterCard (MA) later this year. Walmart has also extended their relationship with GE Capital Retail Bank and branded cards will transition to MasterCard later this year.
07:55 EDTGMFord outpacing rivals in China on strength of SUVs, WSJ says
Thanks in large part to a rising demand in China for sport-utility vehicles, Ford's (F) China deliveries jumped past Toyota (TM) in 2013 and the U.S. automaker also gained on General Motors (GM) and Volkswagen (VLKAY), who it has similarly trailed in China for years, reported The Wall Street Journal. Reference Link
07:38 EDTGMGM ups truck discounts in April, Reuters says
GM (GM) again increased discounts on its full-size Chevrolet Silverado pickups after being outsold in March by Chrysler's Ram 1500, according to Reuters, citing GM's details of the discount on the company's consumer website. Chrysler is a unit of Fiat (FIATY). Reference Link
06:49 EDTGMNHTSA still receiving answers, documentation from GM, WSJ reports
GM says it has submitted 200,000 pages of records and answered more than 65% of the 107 questions the NHTSA has asked about the events leading to the ignition switch recall, though a timetable has not been released on when the information will be made public, the Wall Street Journal reports. Reference Link
April 3, 2014
17:25 EDTGMGeneral Motors expects $400M pre-tax charge on currency adjustment
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16:16 EDTIBMGlobalfoundries in lead to buy IBM chip plants, TSMC out of talks, WSJ says
IBM (IBM) has held talks with Globalfoundries, Intel (INTC) and Taiwan Semiconductor (TSM) regarding its semiconductor manufacturing operations, and Globalfoundries appears to be in the lead as the most likely potential buyer, according to The Wall Street Journal, citing people familiar with the matter. IBM initially asked for more than $2B and bids have come in "north of $1B," the report noted, adding that Intel is still involved, but TSMC has dropped out of the talks. Reference Link
15:49 EDTIBMGlobalfoundries in lead to buy IBM chip plants, TSMC out of talks, DJ says
IBM (IBM) also held talks with Intel (INTC), according to Dow Jones, citing sources.
12:57 EDTGMCourt may order GM to tell customers to stop driving cars, Bloomberg reports
A court will hold a hearing tomorrow on whether to order GM to tell owners of 2.59M of its small cars to refrain from driving them, Bloomberg reported this morning. Reference Link
10:43 EDTGMGM retains Jeff Eller to consult on crisis communications, Bloomberg says
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09:30 EDTIBM, GEApple, Pfizer others create 'go slow' patent lobby group, Reuters says
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07:41 EDTGMGM CEO grilled, pushed for faster change by senators, WSJ says
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07:19 EDTGMGM accused of 'criminal deception' due to switch defect, Bloomberg says
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07:01 EDTGMGeneral Motors recall not likely to have a long-term impact, says UBS
UBS said automotive industry forecaster, IHS Automotive, has not seen a large change in General Motors production schedules following news of the recall. Based on prior recalls at at Toyota and Ford, the analyst does not expect GM to experience a long-term impact. Shares are Buy rated.
06:57 EDTGMDelphi's role in GM recall could be put to test, Reuters says
Delphi Automotive's (DLPH) name does not appear on the outside of the 2.6M vehicles recalled by GM (GM) since February, but the company is getting drawn into an increasing wave of litigation for its role in making the faulty ignition switch which sparked the recalls, reported Reuters. Reference Link
06:20 EDTYHOOYahoo's goal of raising encryption could clash with advertising, WSJ reports
Yahoo's Chief Information Security Officer Alex Stamos announced new progress on efforts to beef up encryption although he admits there are limits to this encryption, reports the Wall Street Journal. The company could use HTTPS, which would block outsiders from watching data people submit, but Yahoo would then have to persuade every advertising network running ads to use the same encryption. Reference Link
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