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Stock Market & Financial Investment News

News Breaks
February 1, 2013
16:26 EDTCVX, LTM, ADNC, F, XOM, BCOV, TM, GM, MRK, ABAX, FIATYOn 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, 2015
07:36 EDTGMGeneral Motors reports Q2 adjusted EPS $1.29, consensus $1.08
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07:28 EDTABAXAbaxis well positioned despite increased competition, says Canaccord
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07:19 EDTFFord July weekly volatility elevated into Q2 and outlook
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06:19 EDTF, GMUAW concerned over auto production moving to Mexico, NYT says
The greatest concern for the United Automobile Workers, or UAW, union as it enters discussions on new contracts with Detroit auto makers Fiat Chrysler (FCAU), Ford (F), and General Motors (GM) is losing vehicle production to lower-wage countries such as Mexico, the New York Times reports. Union president Dennis Williams was upset over comments last week that suggested that Ford was considering sending work to Mexico in an effort to cut costs, the report says. "I will save my comments on Ford for when we open up negotiations,” Mr. Williams said. “But it is always concerning to me when any company invests outside the United States.” Reference Link
July 22, 2015
15:26 EDTGMNotable companies reporting before tomorrow's open
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15:02 EDTFOptions Update; July 22, 2015
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14:50 EDTGMGeneral Motors technical comments ahead of earnings
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13:24 EDTGMEarnings Preview: General Motors down approximately 20% since Q1 report
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08:54 EDTFFord recalling 8,000 vehicles in North America for issue with parking brake
Ford said it is issuing a safety compliance recall for approximately 8,000 vehicles in North America, including certain 2015-2016 Ford Explorer, and certain 2015 Taurus and Flex, as well as Lincoln MKS and MKT vehicles for an issue with the parking brake. In these vehicles, the parking brake might not engage fully, which is a compliance issue with FMVSS 135 regarding brake systems. Ford is not aware of any accidents or injuries associated with this issue. Affected vehicles include certain 2015-2016 Ford Explorer vehicles built at Chicago Assembly Plant, May 4, 2015 through May 23, 2015; certain 2015 Ford Taurus vehicles built at Chicago Assembly Plant, May 4, 2015 through May 23, 2015; certain 2015 Ford Flex vehicles built at Oakville Assembly Plant, May 4, 2015 through May 23, 2015; certain 2015 Lincoln MKS vehicles built at Chicago Assembly Plant, May 4, 2015 through May 23, 2015; and certain Lincoln MKT vehicles built at Oakville Assembly Plant, May 4, 2015 through May 21, 2015. There are 7,165 vehicles in the United States and federalized territories, 799 in Canada and one in Mexico.
08:20 EDTGMGeneral Motors July weekly volatility elevated into Q2 and outlook
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07:18 EDTGM, F, TMAir bag aging poses threat to millions of U.S. drivers, NBC News reports
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07:04 EDTMRKMerck's Keytruda approved by EU for treatment of advanced melanoma in adults
Merck announced that the European Commission has approved KEYTRUDA, the company’s anti-PD-1 therapy, for the treatment of advanced melanoma in adults. The European Commission approval of pembrolizumab is based on data from three clinical studies conducted in more than 1,500 first-line and previously-treated patients with advanced melanoma. Pembrolizumab received European Commission regulatory approval based on Phase 3 data which showed it is the first and only anti-PD-1 therapy to provide a statistically superior survival benefit as a monotherapy compared to ipilimumab, the current standard of care for advanced melanoma. Today’s approval allows marketing of pembrolizumab in all 28 EU member states at the approved dose of 2 mg/kg every three weeks. The European Commission’s approval is based on data from three studies -- KEYNOTE-001, KEYNOTE-002 and KEYNOTE-006. These studies evaluated the efficacy and safety of pembrolizumab in advanced melanoma patients – across treatment lines, prognostic factors, tumor characteristics, and BRAF mutational status – and established 2 mg/kg every three weeks as the approved dose.
06:39 EDTXOM, CVXEuro, U.S. oil and gas groups to find tough competition in Iran, WSJ says
European and U.S. oil and gas firms drawn to Iran as sanctions lessen can expect not only opportunities, but also Iranian companies offering tough competition or joint ventures, the Wall Street Journal reports. Though no Iran-based companies have the clout of firms such as Exxon Mobil (XOM) or Schlumberger (SLB), companies that can take on engineering tasks are emerging and growing in Iran, the report says. If the Iran nuclear agreement comes into effect and sanctions are lifted against Iran sometime soon, those Iranian companies will be well positioned to compete for tens of billions of dollars worth of service contracts, the report adds. Other publicly traded companies in the space include BP (BP), Chevron (CVX), ConocoPhillips (COP), Royal Dutch Shell (RDS.A) and Total (TOT). Reference Link
06:13 EDTXOMExxon Mobil upgraded to Conviction Buy from Buy at Goldman
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06:05 EDTMRKMerck, Ablynx expand immuno-oncology collaboration
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July 21, 2015
18:33 EDTTMToyota to delay building Lexus brand in China, Reuters reports
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12:22 EDTTMFormer Toyota exec plans to make supplier more competitive, Bloomberg says
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11:05 EDTF, TMAfter Jeep hacked, analyst predicts cybersecurity boosts for Harman, Delphi
After Jeep hacked, analyst predicts cybersecurity boosts for Harman, Delphi The shares of Harman (HAR) and Delphi Automotive (DLPH) are rising after Wells Fargo predicted that the companies would benefit from the increasing need to protect cars from cybersecurity attacks after Wired reported on hackers discovering methods that can be used to take control of vehicles. BACKGROUND: Two computer hacking researchers showed that they could seize control of a Jeep Cherokee, made by Fiat Chrysler (FCAU), using a technique called a zero-day exploit, Wired reported today. Using the same technique, the hackers can control "any of thousands of vehicles," the website reported. In the past, they have demonstrated how they were able to take control of a Ford (F) Escape and Toyota (TM) Prius, according to Wired. The hackers' technique involves taking control of vehicles' entertainment systems and sending commands to the vehicles' dashboard functions, steering, brakes, and transmission through their those systems, the website stated. ANALYST REACTION: In a note to investors today, Wells Fargo analyst David Lim responded to Wired's article by saying that cybersecurity has become a significant concern for automakers. Automotive technology suppliers such as Harman (HAR) and Delphi (DLPH) should benefit from auto makers' efforts to protect their vehicles from cyberattacks, Kwas believes. He reiterated Outperform ratings on Harman and Delphi. PRICE ACTION: In morning trading, Harman climbed about 2% to $108 and Delphi rose fractionally to $78.15. This version of the story replaces an earlier one to correct the lead analyst to David Lim.
09:40 EDTGM, TM, FJeep Cherokee can be hacked via entertainment system, Wired reports
Hackers Charlie Miller and Chris Valasek demonstrated to Wired how Jeep Cherokees can be hacked via the vehicle’s entertainment system, giving an attacker wireless control of the automobile and its systems. Miller and Valasek previously demonstrated hacks they were able to perpetrate against Ford (F) Escape and Toyota (TM) Prius vehicles, the report noted. Other publicly traded automakers include General Motors (GM), Honda (HMC), Nissan (NSANY) and Volkswagen (VLKAY). Reference Link
06:13 EDTFFord to launch luxury pickup truck, Reuters reports
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