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Stock Market & Financial Investment News

News Breaks
March 18, 2014
16:59 EDTSCTYSolarCity says certain financial statements should not be relied on
On March 18, the Board of Directors of SolarCity and management of the company concluded, after discussion with SolarCity’s independent registered public accounting firm, Ernst & Young LLP, that the consolidated financial statements as of December 31, 2010 and 2011 and for the years then ended included in SolarCity’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012, should no longer be relied upon as a result of (i) an error related to the presentation of non-cash stock based compensation costs in the consolidated statement of cash flows for the portion of such costs that were capitalized as part of the costs of solar energy systems leased and to be leased; and (ii) an error related to the classification of certain of the noncontrolling interests in subsidiaries after the company concluded that certain noncontrolling interests with redemption rights should be presented in temporary equity and not permanent equity as had previously been disclosed. These matters also impacted the 2013 interim and 2012 annual and interim consolidated financial statements referred to in our Form 8-K filed on March 3, 2014. The impact of the related restatements of the company’s previously filed consolidated financial statements will be explained in the Notes to Consolidated Financial Statements in the company’s Annual Report on Form 10-K for the year ended December 31, 2013, which the company anticipates to file on March 18.
News For SCTY From The Last 14 Days
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February 5, 2016
09:30 EDTSCTYSolarCity added to Conviction List at Avondale
February 2, 2016
16:19 EDTSCTYElon Musk boosts SolarCity stake to 21.7%
Elon Musk disclosed an increased stake of 21.7% in SolarCity, which represents 21.28M shares, as of December 31, 2015. Musk, who is Chairman of the Board and founder of the company, holds the shares in a revocable trust.
February 1, 2016
05:13 EDTSCTYSolarCity implied volatility of 117 at upper end of index mean range
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January 29, 2016
08:43 EDTSCTYSolarCity and Sunrun to benefit from CPUC decision, says Morgan Stanley
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07:48 EDTSCTYSolarCity to benefit from new California rule, says Stifel
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January 28, 2016
18:30 EDTSCTYSolarCity issues statement on California net metering decision
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16:40 EDTSCTYOn The Fly: Top stock stories for Thursday
The Dow began the session with triple digit gains thanks in part to solid earnings reports from some of America's bellwether corporations and oil prices, which approached $34 a barrel. The market was unable to hold its opening gains and eventually crossed into negative territory. Before the losses became too big the averages reversed and moved back across the flat line. With oil holding onto its gains and closing above $33 a barrel, the averages closed in positive territory ahead of the next barrage of earnings reports. ECONOMIC EVENTS: In the U.S., initial jobless claims fell to 278,000 last week, versus the expected 281,000 first-time claims. Durable goods orders dropped 5.1% in December, versus expectations for a decrease of 0.7%. The core reading, which removes transportation items, was down 1.2%, versus expectations for a decline of 0.1%. The National Association of Realtors' pending home sales index for December rose 0.1%, versus expectations for it to be up 0.9%. COMPANY NEWS: Shares of Facebook (FB) surged 15.5% to $109.11 after the social media giant's fourth quarter earnings and revenue beat expectations. A number of Wall Street analysts increased their price targets for the stock following the report, including Piper Jaffray's Gene Munster, who hiked his target to a "Street-high" $170 per share. Facebook management made only one mention of macro concerns for the business in 2016, significantly different than Apple's (AAPL) earnings call on Tuesday night, Munster pointed out... Caterpillar (CAT) reported better than expected quarterly earnings, excluding certain items, but its revenue came in below the consensus forecast and the heavy equipment maker warned that it does not anticipate an improvement in the world economy or commodity prices in 2016. The stock, which had declined almost 20% in the last three months prior to this morning's report, rebounded 4.7% to $61.08 after the company jumped over the lowered bar that had been set by bearish analysts... Under Armour (UA), which had similarly been the focus of concern recently for some bearish analysts, posted better than expected results on the top and bottom line and backed its fiscal year revenue forecast, proving its doubters wrong and sending its share rocketing up 22.5% to $84.00. MAJOR MOVERS: Among the notable gainers were Intrexon (XON), Inovio (INO) and Cerus (CERS), which gained a respective 10%, 7.6% and 1.4% as the ongoing Zika virus scare brought attention to the companies' efforts fighting the illness. Also higher were SolarCity (SCTY), Sunrun (RUN) and Vivint Solar (VSLR), with the solar stocks jumping 8.5%, 20.5% and 3.6%, respectively, after the California Public Utilities Commission approved new net-metering rules. Meanwhile, Eagle Pharmaceuticals (EGRX) rose 12.2% to $74.44 after announcing commercial availability of its Bendeka injection in partnership with Teva (TEVA). Among the noteworthy losers was Yahoo (YHOO), which lost 3.2% to $28.75 despite a pre-market spike after SpringOwl Asset Management urged the company to seek an investment from a strategic partner. The news was also followed by reports that CEO Marissa Mayer has started restructuring efforts with an "invest/maintain/kill" list, as well as news that Verizon (VZ) denied a report that it had bid for the company's core Internet business. Also lower were OSI Systems (OSIS), Qualcomm (QCOM) and eBay (EBAY), which fell a respective 31.8%, 8.3% and 12.5% following their quarterly earnings reports. INDEXES: The Dow rose 125.18, or 0.79%, to 16,069.64, the Nasdaq gained 38.51, or 0.86%, to 4,506.68, and the S&P 500 advanced 10.41, or 0.55%, to 1,893.36.
14:11 EDTSCTYCalifornia PUC approves new net-metering rules
The California Public Utilities Commission voted 3-2 in favor of the proposed Net Energy Metering Successor Tariff.
13:17 EDTSCTYSolarCity views MLPs better than REITs, Environmental Finance reports
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08:36 EDTSCTYAttractive risk/reward developing in SolarCity, says Roth Capital
Roth Capital says that an attractive risk/reward ratio is developing in SolarCity, whose stock has dropped about 40% this year. However, the firm says that the company "will not be out of the woods" until California finalizes its net metering rules. The firm thinks the final net metering rules will be positive for SolarCity, but it's unsure about when the rules will be finalized, although it thinks they could be finalized later today. It keeps a $65 price target and Buy rating on SolarCity.
January 26, 2016
10:24 EDTSCTYNevada may let rooftop solar customers sell back power, Politico reports
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January 25, 2016
18:45 EDTSCTYNV Energy to propose 'grandfathering' rule in Nevada solar scuffle
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05:45 EDTSCTYSolarCity implied volatility of 116 at upper end of index mean range
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