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Stock Market & Financial Investment News

News Breaks
February 20, 2013
12:35 EDTMM, NTSP, ODP, HNR, CAT, TSS, OMXOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday following the release of several domestic economic reports and ahead of the minutes from the last FOMC meeting. The averages drifted quietly with little direction in the early part of the session, but weakened following rumors that a sizable commodity hedge fund was in trouble and was forced to liquidate. Details of that rumored collapse were scarce, though crude prices were down over 2% in midday trading... ECONOMIC EVENTS: In the U.S., Commerce Department figures showed total housing starts dropped 8.5% to a 890K rate in January, which was less than forecast. However, building permits were up 1.8% in the month, versus expectations for an increase of 1.2%. Producer prices in January rose 0.2%, versus expectations for an increase of 0.3%. The core producer price inflation figure, which excludes volatile food and energy components, rose 0.2%, which was in line with expectations. Also, the Federal Reserve is scheduled to release the minutes from its Jan. 29-30 meeting at 2pm ET... COMPANY NEWS: Shares of Office Depot (ODP) and OfficeMax (OMX) both declined after confirming their previously rumored plan to merge, but the announcement took a strange turn. Office Depot inadvertently announced the deal early as part of its earnings report, though both companies confirmed the merger in press releases later in the morning. Following the confirmation of the all-stock deal, Office Depot fell 14%, while OfficeMax slid nearly 4%... Dow member Caterpillar (CAT) declined almost 2% after disclosing that global retail machine sales dropped 4% in the three months through January, continuing a trend of declining sales that began in the prior month... MAJOR MOVERS: Among the notable gainers was NetSpend (NTSP), which rose over 28% to $15.79 after agreeing to be acquired by Total Systems (TSS) for $16 per share. Shares of buyer Total Systems slipped more than 6%. Also lower were shares Harvest Natural Resources (HNR), down over 38% after its agreement to sell interests in Venezuela was terminated, and Millennial Media (MM), which fell 36% after its quarterly report and a downgrade of the stock at Morgan Stanley... INDICES: Near midday, the Dow was down 18.97, or 0.14%, to 14,016.70; the Nasdaq was down 17.42, or 0.54%, to 3,196.17; and the S&P 500 was down 6.17, or 0.40%, to 1,524.77.
News For ODP;OMX;CAT;NTSP;TSS;HNR;MM From The Last 14 Days
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May 29, 2015
13:49 EDTODPCablevision hires Keith Sherwell as CIO, Variety reports
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08:57 EDTMMMillennial Media management to meet with Needham
Meeting to be held in the Mid-Atlantic area on June 3 hosted by Needham.
May 27, 2015
19:05 EDTODPOffice Depot to pay $3.4M over faulty office chairs
The U.S. Consumer Product Safety Commission announced that Office Depot has agreed to pay a $3.4M civil penalty to settle CPSC's charges that Office Depot knowingly failed to report defects and an unreasonable risk of serious injury concerning two models of office chairs -- the Quantum and the Gibson. The seatbacks of both models failed, resulting in multiple back and other injuries. Federal law requires parties like Office Depot to report to CPSC within 24 hours about a consumer product containing a defect that could create a substantial product hazard or presenting a risk of serious injury. "Office Depot received dozens of reports of seatback failures and related injuries involving both the Quantum chairs and the Gibson chairs. Office Depot never reported the Quantum chair hazard to CPSC, and reported the Gibson chair hazard only after receiving a request from staff. By the time the chairs were recalled, Office Depot had received 33 and 153 reports, respectively, of seatback detachment from the chairs, and 14 and 25 reports, respectively, of injuries, some requiring medical attention," said the CPSC. In addition the civil penalty, Office Depot has agreed that the company has, and shall maintain, a compliance program to ensure compliance with the Consumer Product Safety Act and a related system of internal controls and procedures. Office Depot neither admits nor denies CPSC staff’s charges. The penalty agreement has been accepted provisionally by the Commission. Reference Link
13:58 EDTCATExxon Mobil announces Doug Oberhelman elected to board
Exxon Mobil (XOM) announced that its shareholders have elected Doug Oberhelman to its board of directors. Oberhelman is chairman of the board of directors and CEO of Caterpillar (CAT). With the election of Oberhelman, the ExxonMobil board stands at 12 directors, 11 of whom are non-employee directors. Oberhelman was named CEO and chairman of Caterpillar’s board in 2010. Prior to that, he served as group president of various divisions within Caterpillar from 2002 to 2010, and was elected a Caterpillar vice president and CFO in 1995.
May 21, 2015
16:21 EDTMMMillennial Media names Ernie Cormier as COO
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May 20, 2015
10:37 EDTCATCaterpillar April update seems negative for earnings power, says Wells Fargo
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10:00 EDTTSSOn The Fly: Analyst Initiation Summary
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09:14 EDTCATCaterpillar reports retail machines sales down 11% in three months end April
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06:04 EDTODPStaples sees Q2 non-GAAP EPS 11c-13c, consensus 11c
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May 19, 2015
16:50 EDTTSS, TSSTotal System initiated with an Outperform at CLSA
Target $46.
14:51 EDTCATCaterpillar management to meet with William Blair
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09:22 EDTHNROn The Fly: Pre-market Movers
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May 18, 2015
13:59 EDTTSSTotal System to host analyst day
Analyst Day to be held in New York on May 20 at 9 am. Webcast Link

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