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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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September 9, 2014
09:16 EDTGMMobileye technology being used by GM, Tesla, says William Blair
William Blair believes both General Motors (GM) and Tesla (TSLA) are using Mobileye (MBLY) technology for their announced self-driving capabilities. The firm notes that over the past two days, GM and Tesla noted their intentions of offering vehicles with autonomous driving capability in the next 24-36 months. William Blair says the recent announcements confirm its bullish outlook on Mobileye's market opportunity. The firm has an Outperform rating on the stock. Shares of Mobileye are rallying 5%, or $2.61, to $55.62 in pre-market trading. Morgan Stanley also upped its price target this morning on the name to $65 from $46.
07:40 EDTCVXChevron downgraded to Underperform from Neutral at BofA/Merrill
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07:17 EDTFThe Wireless Association to hold a conference
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07:15 EDTABAXCL King to hold a conference
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06:52 EDTGMGM JV in China recalls over 38K Cadillac sedans, Reuters says
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06:09 EDTFIATY, F, TM, GMVerizon CEO sees self-driving cars 3-5 years away, Detroit News reports
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06:06 EDTFIATYChrysler slashes price of Dodge Viper by $15,000, Detroit News reports
Chrysler has cut the price of its Dodge Viper by $15,000, the Detroit News reports. The slow-selling sports car now costs $84,995, priced comparably to the first-generation Viper. Reference Link
September 8, 2014
17:47 EDTFFord downgrade a buying opportunity, Barron's says
Ford's downgrade at Morgan Stanley is a buying opportunity and investors should buy the dip, Barron's argues in its 'Barron's Take' column. Reference Link
16:00 EDTMRKOptions Update; September 8, 2014
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13:26 EDTGM, FFord falls after two notch downgrade at Morgan Stanley
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13:04 EDTFIATY, TM, GM, FAugust vehicle sales drop in Russia, WSJ says
The Association of European Businesses said that the sales of new vehicles in August throughout Russia have dropped at the quickest rate so far in 2014, according to The Wall Street Journal, citing a statement from chairman of the AEB Automobile Manufacturers Committee Joerg Schreiber. Industry officials are anticipating sales in the country for 2014 to decrease another 20% after a 5% decline last year. Publicly traded companies in the automobile industry include Fiat (FIATY), Ford (F), General Motors (GM), Honda (HMC), Nissan (NSANY), Toyota (TM) and Volkswagen (VLKAY). Reference Link
10:06 EDTFOn The Fly: Analyst Downgrade Summary
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09:39 EDTLTMHG Vora reports 5.1% passive stake in Life Time Fitness
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09:12 EDTFOn The Fly: Pre-market Movers
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07:59 EDTF, GMMorgan Stanley downgrades Auto sector to Cautious, downgrades Ford
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07:34 EDTTMU.S. claims China breaks commitments amid Qualcomm, Microsoft probes, WSJ says
As Microsoft (MSFT) and Qualcomm (QCOM) are being investigated for potential monopolistic activity by Chinese regulators and lawmakers there recently alleged price manipulation by foreign automakers including Toyota (TM), Honda (HMC) and Daimler (DDAIF), the U.S. Chamber of Commerce alleged that China's use of its antimonopoly law has been subjective and its implementation skewed to favor China's local companies, reported The Wall Street Journal. Reference Link
07:14 EDTGMGM board slow to react on safety, NY Times says
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06:51 EDTTMTesla head says 'not surprised' if Toyota deal happens, Reuters says
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06:29 EDTFFord downgraded to Underweight from Equal Weight at Morgan Stanley
Morgan Stanley downgraded Ford two notches to Underweight from Overweight and lowered its price target to $16 from $17. The firm recommends reducing positions due to competitive pressures, cycle maturity, high expectations, and execution risk to the new truck changeover.
September 7, 2014
20:02 EDTGMGM to introduce hands free Cadillac model in two years, Bloomberg says
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