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Stock Market & Financial Investment News

News Breaks
December 27, 2012
12:16 EDTDIOD, BBY, TM, BCDS, JCP, SWHC, SHLD, RSHOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday after a reading of consumer confidence fell and a leading Democrat warned that there may not be enough time left to avoid a trip over the fiscal cliff... ECONOMIC EVENTS: In the U.S., weekly jobless claims fell 12,000 to 350,000, compared to expectations for claims to remain relatively flat with the prior week. Sales of new homes rose 4.4% in November from October to a seasonally adjusted annual rate of 377,000, beating expectations. Consumer confidence fell to its lowest level since August with a 65.1 reading for December, versus expectations for a 70.0 figure. Also, the Treasury Department warned last night that the government would hit its borrowing limit by Monday. Then, this morning, Senate Majority Leader Harry Reid warned that there may not be enough time left to reach a budget deal and that the U.S. appears destined to head over the "fiscal cliff." In China, the National Bureau of Statistics reported that industrial profit surged 22.8% on-year in November, which was up from 20.8% growth in October... COMPANY NEWS: U.S. listed shares of Toyota Motor (TM) rose about 1.75% after the company agreed to a settlement valued over $1B related to previous recalls over claims of accelerator pedal problems... MAJOR MOVERS: Among the notable gainers was BCD Semiconductor (BCDS), which rose 92% to $7.64 after agreeing to be acquired by Diodes (DIOD) for $8.00 per U.S. listed share. Diodes, meanwhile, rose over 3% following the deal. Also higher were shares of Smith & Wesson (SWHC), which advanced more than 3% after the company expanded its share repurchase program. Among the noteworthy losers were RadioShack (RSH), which fell over 6%, and J.C. Penney (JCP), which declined nearly 6% as well, after both were mentioned by The Wall Street Journal among four retailers that may face a particularly challenging and important year in 2013. The other two, Best Buy (BBY) and Sears Holdings (SHLD), also saw their shares fall more than the broader market... INDICES: Near noon, the Dow was down 105.18, or 0.80%, to 13,009.41; the Nasdaq was down 29.98, or 1.00%, to 2,960.18; and the S&P 500 was down 13.89, or 0.98%, to 1,405.94.
News For TM;RSH;JCP;BBY;SHLD;BCDS;DIOD;SWHC From The Last 14 Days
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April 10, 2014
16:06 EDTBBYZynga CFO Vranesh leaving company, Best Buy's Lee to succeed as CFO
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13:44 EDTTMToyota unveils new, more efficient gasoline engines, AP reports
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06:32 EDTTMAutomakers have recalled nearly 15M vehicles since start of year, WSJ reports
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03:19 EDTTMToyota targets annual Chinese car sales of 2M units by 2025, Nikkei reports
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April 9, 2014
17:48 EDTTMToyota targets annual Chinese car sales of 2M units by 2025, Nikkei reports
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16:23 EDTTMOn The Fly: Closing Wrap
Stocks on Wall Street were higher after the minutes of the latest FOMC meeting struck a particularly dovish note. The averages, which were higher for the second straight session ahead of the minutes release, climbed to their highs over the final two hours of trade. Each index posted gains of over 1%, with the tech-heavy Nasdaq again the biggest winner. ECONOMIC EVENTS: The minutes for the March 18-19 FOMC showed that some committee members were concerned that its future interest rate projections could be misconstrued by the market as advocating tighter monetary policies. The minutes also showed that committee members expect to continue tapering the Fed's asset purchases if the economy performs as expected going forward. Wholesale inventories rose 0.5% in February, matching economists' forecast. COMPANY NEWS: Several auto majors were in the news, notably General Motors (GM), which fell 91c, or 2.64%, to $33.62 as the National Highway Traffic Safety Administration yesterday announced that it fined the automaker for failing to respond to the administration's inquiry into its recall related to faulty ignition switches in a timely manner. Analysts at Morgan Stanley also downgraded the stock to Underweight from Equal Weight. U.S.-listed shares of Toyota Motor (TM) fell $1.37, or 1.26%, to $107.73 after the company announced the recall of over 6M vehicles worldwide. A report from Automotive News said that Volkswagen (VLKAY) issued a stop-sale order on some of it newer-model cars, but U.S.-listed shares of the German automaker, which were upgraded earlier in the session by Bernstein to Outperform, were unfazed and gained $2.91, or 5.72%, to $53.78... Two notable initial public offerings took place today, with hotel chain operator La Quinta (LQ) gaining 12c, or 0.71%, to $17.12 and Chinese medical exam and screening center operator iKang Healthcare (KANG) gaining $1.20, or 8.57%, to $15.20, in their first day of trade. MAJOR MOVERS: Among the notable gainers was marketing software and solutions provider Constant Contact (CTCT), up $6.30, or 28.74%, to $28.22 after the company's preliminary first quarter revenue exceeded analysts' projection. Also higher was social media giant Facebook (FB), up $4.22, or 7.25%, to $62.41 after analysts at Susquehanna and SunTrust published positive commentary on the company. Among the noteworthy losers was Intuitive Surgical (ISRG), down $33.20, or 6.78%, to $456.64 after last night saying it expects first quarter revenue to come in well below expectations, though the stock was defended by no fewer than three analyst firms following the announcement. Also lower were a number of coal producers, including Alpha Natural Resources (ANR) and Walter Energy (WLT), which each lost more than 6%, and Arch Coal (ACI), which fell over 3%, after all three stocks were downgraded to Sell at UBS. INDEXES: The Dow was up 181.04, or 1.11%, to 16,437.18, the Nasdaq was up 70.91, or 1.72%, to 4,183.90, and the S&P 500 was up 20.22, or 1.09%, to 1,872.18.
12:18 EDTTMOn The Fly: Midday Wrap
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10:06 EDTTMOn The Fly: Analyst Downgrade Summary
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09:11 EDTTMOn The Fly: Pre-market Movers
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08:57 EDTTMToyota downgraded to Neutral from Buy at BofA/Merrill
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06:40 EDTTMCar sales rose 9% last month in China, China Daily says
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06:31 EDTTMToyota volatility expected to move on recall of over 6M vehicles worldwide
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05:57 EDTTMToyota announces recall of over 6M vehicles worldwide
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April 8, 2014
11:42 EDTJCPStocks with call strike movement; P JCP
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07:17 EDTTMChina car sales up 9% as curbs spark early purchases, Bloomberg says
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07:14 EDTTMGM SUVs earn top scores among rivals in crash test, Bloomberg says
The Insurance Institute for Highway Safety said GM's (GM) Chevrolet Equinox and GMC Terrain earned the highest scores among mid-size sport-utility cars in a test made to simulate one of the deadliest kinds of front-end crashes, according to Bloomberg, citing a statement from IIHS's Chief Research Officer David Zuby. Toyota's (TM) Highlander earned an "acceptable" rating, while the other six cars that were tested were given a "marginal" or "poor" rating. Reference Link
April 7, 2014
07:01 EDTSHLDEquity One names David Lukes as next CEO
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06:33 EDTBBYBest Buy implied volatility of 32 at lower end of index mean range
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06:28 EDTJCPStocks with implied volatility below IV index mean; SWY JCP
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April 5, 2014
19:03 EDTSHLDSears completes Land's End spin-off, receives $500M in gross proceeds
Sears Holdings (SHLD) announced that its pro-rata spin-off of Lands' End (LE) from Sears Holdings closed on April 4. Lands' End has now been separated from Sears Holdings and its common stock is expected to begin regular-way trading on the Nasdaq Capital Market under the symbol LE on April 7. Sears Holdings will continue to be listed on the Nasdaq Global Select Market under the symbol SHLD. Sears Holdings received aggregate gross proceeds from the spin-off of $500M, consisting of a cash dividend paid by Lands' End prior to the spin-off to a subsidiary of Sears Holdings. In the spin-off, Sears Holdings distributed a total of approximately 32M shares of Lands' End common stock to the holders of Sears Holdings common stock as of 5:30 p.m. Eastern time on March 24, the record date. Each share of Sears Holdings common stock outstanding as of the record date entitles the holder thereof to receive 0.300795 shares of Lands' End common stock, except that holders of Sears Holdings' restricted stock that was unvested as of the record date will receive cash awards in lieu of shares. In addition, as part of the spin-off, Lands' End entered into an asset-based senior secured revolving credit facility, which provides for maximum borrowings of approximately $175M with a letter of credit sub-limit, and a senior secured term loan facility of approximately $515M. The proceeds of the term loan facility were used to pay the $500M dividend to the Sears Holdings subsidiary and to pay fees and expenses associated with the foregoing facilities of approximately $10M, with the remaining proceeds to be used by Lands' End for general corporate purposes.
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