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Stock Market & Financial Investment News

News Breaks
February 1, 2013
16:26 EDTMRK, BCOV, ABAX, ADNC, TM, FIATY, F, GM, CVX, XOM, LTMOn The Fly: Closing Wrap
Stocks on Wall Street were higher on the day after the monthly jobs and manufacturing reports topped expectations, and the Dow Jones Industrial Average closed above 14,000 for the first time since October 2007... ECONOMIC EVENTS: In the U.S., the nonfarm payrolls report showed that 157K jobs were added in January and unemployment rose to 7.9%. This compared to expectations for 165K new jobs and for unemployment to hold steady at 7.8%. Notably, December payroll additions were revised up to 196K from 155K and November was raised to 247K from 161K. The University of Michigan consumer confidence reading for January came in at 73.8, versus the expected 71.5. The January ISM manufacturing index had a reading of 53.1, versus the expected reading of 50.7, while Markit's January U.S. PMI came in at 55.8, also beating expectations. Construction spending in the month of December rose 0.9%, versus the expected increase of 0.7%. In China, the government’s official PMI slid to 50.4 from 50.6 in December, while a similar PMI reading from HSBC rose to a two-year high of 52.3. In Europe, the euro zone PMI hit an 11-month high at 47.9, though that figure is still indicates contraction... COMPANY NEWS: Among Dow members reporting earnings before the bell were Merck (MRK), ExxonMobil (XOM), and Cevron (CVX). Merck, which reported in-line EPS and revenue was the average's laggard after the company announced it would delay its filing for approval of odanacatib, its investigational osteoporosis drug, and shares were down $1.42, or 3.28%, to $41.83. Shares of ExxonMobil were up slightly, adding 7c, or 0.08%, to $90.04, while shares of Chevron gained $1.35, or 1.17%, to $116.50... General Motors (GM), Ford (F), Chrysler (FIATY) and Toyota (TM) all reported double-digit sales increases in January... MAJOR MOVERS: Among those moving higher following earnings were Audience (ADNC), up $1.88, or 15.38%, to $14.10, and Abaxis (ABAX), up $5.57, or 14.39%, to $44.29 after earnings beat estimates and shares were upgraded to Strong Buy from Buy at Feltl with a $49 price target... Among noteworthy losers were shares of Brightcove (BCOV), down $2.31, or 27.43%, to $6.11 after the company cut its Q1 and FY13 guidance and shares were downgraded to Outperform from Top Pick at RBC Capital with a $16 price target. Also lower were shares of Life Time Fitness (LTM), down $11.37, or 22.41%, to $39.36 after the company's preliminary Q4 results were lower that current estimates and the company cut its FY12 and FY13 EPS view, and shares were also downgraded by at least three firms... INDICES: The Dow was up 149.21, or 1.08%, to 14,009.79; the S&P 500 15.06, or 1.01%, to 1,513.17; the Nasdaq was up 36.97, or 1.18%, to 3,179.10.
News For MRK;XOM;CVX;GM;F;FIATY;TM;ADNC;ABAX;BCOV;LTM From The Last 14 Days
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July 23, 2014
14:02 EDTF, GMEarnings Preview: Ford approaches 52-week high ahead of Q2 report
Ford Motor Co. (F) is expected to report second quarter earnings on Thursday, July 24, before the market open with a conference call scheduled for 8:30 am ET. Ford is a manufacturer and distributor of cars and trucks across six continents. EXPECTATIONS: Analysts are looking for earnings per share of 36c on revenue of $36.26B, according to First Call. The consensus range for earnings per share is 31c-43c on revenue of $34.65B-$39.42B. LAST QUARTER: Ford reported first quarter adjusted EPS of 25c against estimates for 31c on revenue of $35.9B against estimates for $34.06B. On its Q1 earnings report, the company said its plan for FY14 automotive revenue to be about equal to FY13's $139.4B is on track. It said FY14 operating margin and operating related cash flow plans are on track as well. The company maintained its view for U.S. and China industry volumes, but increased its view for EU 20 industry volume this year to 14M-15M from 13.5M-14.5M. The company expects second quarter production to be 1.7M units, up 32,000 units from a year ago, more than explained by higher volume in Asia Pacific. Compared with the first quarter, second quarter production is up 87,000 units. On its Q1 earnings conference call, Ford said it expects the remaining quarters of year to be 'substantially better' than Q1. On May 1, Ford announced CEO Alan Mulally was retiring and would be replaced by Mark Fields, effective July 1. On May 7, Ford announced a $1.8B stock repurchase plan. On June 24, Ford's Americas Chief Joe Hinrichs said the company was on schedule for its aluminum bodied 2015 Ford F-150 pickup truck. STREET RESEARCH: Street research has been mostly positive in the weeks leading up to Fords's Q2 earnings report. On April 28, Craig-Hallum upgraded Ford to Buy from Hold based on balance sheet, earnings profitability and dividend yield, and the upcoming 2015 F-Series launch. The firm raised its price target on the shares to $21 from $16. On May 15, Buckingham said Ford shares should be sold. Buckingham recommended buying GM's (GM) shares aggressively and selling Ford's stock. The firm reported that GM's performance in May had significantly outpaced that of Ford, while GM's full-size pickup sales had risen year-over-year. The firm kept a Buy rating on GM and a Sell rating on Ford. PRICE ACTION: Ford's shares have traded 13% higher since its Q1 report and are approaching their 52-week high of $18.08. In afternoon trading ahead of Thursday's Q2 report, Ford is up about 0.4% to $17.90.
13:45 EDTF, GMEarnings Preview: General Motors to take Q2 charge up to $1.2B on recalls
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13:30 EDTGMGM announces six new recalls totaling 717,950 vehicles
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11:02 EDTFFord July weekly volatility elevated into Q2 and outlook
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07:53 EDTGMWider group of engineers at GM knew about switch issues, WSJ says
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07:20 EDTFIATYFiat head says VW tie-up never an option, Reuters says
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July 22, 2014
16:26 EDTFIATYChrysler recalling older-model SUVs over ignition switch concerns
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13:29 EDTFFord taps Galhotra to lead Lincoln brand
Ford earlier today announced that Kumar Galhotra – currently the company’s vice president of Engineering, responsible for all Ford and Lincoln vehicles globally – will be vice president and president of the company's Lincoln brand, effective Sept. 1. This new dedicated position, reporting to Ford President and CEO Mark Fields, is designed to accelerate Lincoln even further as a world-class luxury brand, the automaker added. Succeeding Galhotra is Jim Holland, who is named vice president, Vehicle Component and Systems Engineering, effective Sept. 1, Ford added. Holland will report to Raj Nair, group vice president, Global Product Development.
11:03 EDTFFord announces retirement of Chief Technical Officer Mascarenas
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10:38 EDTGMGM recalls 2015 Chevrolet Silverado 2500s, 3500s for power steering defect
GM is recalling certain model year 2015 Chevrolet Silverado 2500 and 3500 HD vehicles manufactured October 1, 2013 to June 6 and 2015 GMC Sierra 2500 and 3500 HD vehicles manufactured September 30, 2013, to June 6. The power steering hose clamp may disconnect from the power steering pump or gear, causing a loss of power steering fluid. GM will notify owners, and dealers will inspect the vehicles to make sure the power steering hose clamps are properly secured, free of charge. The recall is expected to begin in early August. Reference Link
07:17 EDTFNational Association for Business Economics to hold a seminar
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07:08 EDTABAXLife Sciences highlights this week at Canaccord
Canaccord highlighted six diagnostic names that report this week and recommends buying Top Pick IDEXX (IDXX) into the print given strong recurring razor/razorblade sales and consistent organic growth. The analyst expects Hold rated Quest Diagnostics (DGX) to report upside to Street estimates of $1.06/$1.882B, Quidel (QDEL) to have an uneventful report, Exact Sciences (EXAS) to provide an update on numerous catalysts near-term and Abaxis (ABAX) to report earnings below consensus. Lastly, the firm is cautious on Meridian Bioscience (VIVO) following a competitor report last week.
July 21, 2014
13:36 EDTXOMExxon Mobil files export application for Alaska LNG project
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11:57 EDTGMChinese electric vehicle maker Kandi surges after tax break news
Shares of Chinese electric car maker Kandi Technologies (KNDI) are surging after a Chinese newspaper reported that electric cars made outside of China would not qualify for a key tax break in the country. WHAT'S NEW: A key sales tax will not be waived on purchases of electric cars made outside of China, said Su Bo, China's vice-minister of the Industry and Information Technology Ministry, according to China Daily. Buyers of electric vehicles made in China will not have to pay a purchase tax from September 1, 2014 until the end of 2017, China Daily stated. WHAT'S NOTABLE: Tesla Motors (TSLA), Nissan (NSANY) and GM (GM) have all sought to sell electric vehicles in China. PRICE ACTION: In late morning trading, Kandi Technologies' stock rose $1.66, or 8.5%, to $21.28. The shares are well off their high for the day of $22.22, but they have surged 80% so far this year. Tesla shares, which had spent some of the morning in slightly negative ground, were up about 1% near $222 per share just before noon.
09:00 EDTCVXChevron's Pascagoula refinery begins commercial production
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07:21 EDTMRKGilead could be hurt by new HCV drugs, says Wells Fargo
Noting that data on a new Merck (MRK) HCV treatment is expected in November, Wells Fargo thinks Merck's HCV drug could be combined with Gilead's (GILD) Sovaldi to shorten the duration of treatment to four weeks. Other companies could take similar actions, and Gilead's per patient revenues would be significantly reduced if this occurs, the firm warned. However, it continues to have an upbeat outlook on Gilead heading into what it sees as a strong quarter and is still upbeat on the company's long-term HCV opportunity. It keeps an Outperform rating on Gilead.
06:43 EDTMRKGrowing market for hepatitis-C treatment prompts legal scramble, WSJ says
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06:21 EDTGMGeneral Motors eyeing budget cars for Europe, FT reports
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06:12 EDTGMGeneral Motors delays recall in another ignition switch case, ABC News says
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July 19, 2014
20:10 EDTGMGM issues stop-sale on certain 2014 Cadillac CTS sedans, Bloomberg says
General Motors has issued a stop-sale order dated July 8 to its dealers for 2014 Cadillac CTS sedans that use a standard key ignition, says Bloomberg. Reference Link
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