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Stock Market & Financial Investment News

News Breaks
December 27, 2012
12:16 EDTBCDS, JCP, SWHC, SHLD, RSH, DIOD, BBY, TMOn 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 20, 2015
06:23 EDTSWHCSmith & Wesson initiated with a Sector Perform at RBC Capital
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April 19, 2015
13:56 EDTTMToyota to launch two hybrid cars in China in 2015, Reuters says
On the eve of the Shanghai autoshow, Toyota has announced plans to introduce two hybrid cars in China in 2015, says Reuters. The cars, both gasoline-electric hybrid cars, will be called Levin Hev and Corolla will be launched in China in the second half of the year, added Reuters. Reference Link
April 16, 2015
07:11 EDTSHLDSears may need to contibute more money into pension plan, WSJ reports
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April 15, 2015
12:30 EDTSWHCOn The Fly: Top stock stories at midday
Stocks on Wall Street began the session in positive territory for the fifth time in the past six sessions. The move came amid lower than expected manufacturing data and industrial production figures in the U.S. and a report on Chinese GDP growth that matched expectations. Although the averages remain higher near midday, the market is well off its highs as investors await the release of the Fed’s Beige Book report. ECONOMIC EVENTS: In the U.S., the Empire State manufacturing report had a reading of -1.19, versus expectations for a 7.17 reading. Industrial production fell 0.6% in March, versus expectations for a 0.3% decline. Capacity utilization came in at 78.4% during the month, versus the 78.6% that was forecast. NAHB's homebuilder confidence index climbed to 56 in April, versus expectations for a reading of 55. The Federal Reserve is scheduled to release its Beige Book at 2 pm EDT this afternoon. In China, the nation's GDP grew at a 7.0% rate in Q1, which met expectations but was the lowest level of quarterly growth since 2009. A number of March data releases came in below expectations in China, including reports on industrial production, retail sales and fixed investments. In Europe, the European Central Bank kept interest rates unchanged. COMPANY NEWS: The European Commission announced it has opened a formal investigation of whether Google’s (GOOG, GOOGL) conduct in relation to its Android mobile operating system as well as applications and services for smartphones and tablets has breached EU antitrust rules. The Commission also sent a Statement of objections to Google alleging the company has abused its dominant position in the markets for general internet search services in the European Economic Area by favoring its own comparison shopping product in its general search results pages. For its part, Google's SVP of Google Search Amit Singhal said the company "respectfully but strongly" disagrees with the need to issue a statement of objections and looks forward to making its case... After Intel (INTC) reported results that were in-line with its preannouncement and estimated that its 2015 revenue would be roughly flat year-over-year, shares rose 4.5%. However, analysts disagreed on the company's ability to meet its revised outlook, with Wedbush upgrading the stock to Outperform from Neutral, but Citi saying that the company's guidance was too bullish and keeping a Neutral rating on the shares. MAJOR MOVERS: Among the notable gainers was Celsion (CLSN), which gained 20% after the company announced interim data from its ongoing open-label Phase 2 DIGNITY Trial of ThermoDox in recurrent chest wall breast cancer. Also higher was gunmaker Smith & Wesson (SWHC), which gained 13% after raising its guidance, citing orders throughout its fiscal fourth quarter that have been stronger than originally anticipated. Among the noteworthy losers was Alcatel-Lucent (ALU), which dropped 19% after agreeing to merge with Nokia (NOK) in an all-share transaction that values Alcatel-Lucent at EUR 15.6B on a fully diluted basis. Also lower were shares of Precision Castparts (PCP), which fell 3% after the company issued fourth quarter guidance, said it was making headcount reductions and the stock was downgraded at DA Davidson. INDEXES: Near midday, the Dow was up 56.39, or 0.31%, to 18,093.09, the Nasdaq was up 24.52, or 0.49%, to 5,001.81, and the S&P 500 was up 9.80, or 0.47%, to 2,105.64.
11:21 EDTTMMobileye rises after Morgan Stanley, Deutsche Bank hike price targets
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11:09 EDTJCPJ.C. Penney rally would be opportunity to issue shares, says Imperial Capital
Imperial Capital continues to expect elevated debt levels to erode the value of J.C. Penney shares, but it thinks favorable operating momentum could drive the stock price above $10. Imperial believes such a rally would provide Penny with a "great opportunity" to issue additional shares to pay down debt. The firm keeps an Underperform rating on Penny with a $3 price target. Shares of the retailer are up 9c to $9.23 in late morning trading.
09:08 EDTTMToyota to realign North American manufacturing operations
As reported, Toyota plans to invest in a new plant will be built in Guanajuato, Mexico, to support improved competitiveness in North America. The plant will produce Corolla taking into consideration forecasted steady, mid and long-term growth in North America. Building this plant will be one of Toyota's efforts to realign its North American manufacturing operations and begin a new approach to plant building; featuring new work processes, including Toyota New Global Architecture production engineering innovations, and will be a model for global manufacturing. To more efficiently supply high-quality and attractive vehicles, Toyota will continue regional consolidation of North American production based on vehicle body type and size. In 2019, production of the Corolla will be shifted from the plant in Cambridge Ontario, Canada to the newly opened plant in Mexico and the plant in Blue Springs, Mississippi will continue to produce the Corolla; consolidating compact vehicle production to the Southern U.S. and Mexico. TMMC will then focus its production on mid-sized vehicles of higher value, along with Toyota Motor Manufacturing, Kentucky and Toyota Motor Manufacturing, Indiana.
09:06 EDTTMToyota to build new plant in Mexico, expand Chinese joint venture
Toyota announced that it will build a new plant in Mexico and expand its joint venture, Guangzhou Toyota Motor Co., in China. These investments are grounded on its plans to construct production lines that are more competitive, with greatly reduced initial investment, improved efficiency, flexibility, environmental performance and safety, the company said. The new plant in Mexico and the expansion in China will be designed to accelerate innovation by implementing new technologies into real production lines. These "simple and slim" production lines can be easily lengthened or shortened depending on demand, with over-head conveyance devices eliminated, compact equipment installed on top of the plant floors, and paint-booths that are smaller. Toyota had previously suspended construction of new plants in order to improve capacity utilization of existing plants and plan for reduced model change-over and new plant construction investment. Currently, total capacity utilization is more than 90% and the initial portion of new simple and slim plant costs, including structure and equipment, is expected to be approximately 40% lower when compared to 2008. Production at the new plant in Mexico is scheduled to start in 2019 and the investment will be approximately $1B. Production at the new plant in China is to start as needed after completion of new line 3 in 2017 and Toyota plans to invest about Y52.5B.
08:36 EDTSWHCSmith & Wesson raises FY15 non-GAAP EPS to 96c-98c from 87c-89c, consensus 77c
Raises FY15 revenue to $546M-$555M from $532M-$536M, consensus $535.53M. The company indicated that orders throughout its fiscal fourth quarter have been stronger than originally anticipated and it is therefore increasing its guidance.
08:35 EDTSWHCSmith & Wesson raises Q4 non-GAAP EPS to 29c-31c from 39c-41c, consensus 26c
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April 14, 2015
12:23 EDTTMFord likely to announce $2.5B investment in Mexico this week, Reuters reports
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11:47 EDTJCPJ.C. Penney business on 'more stable footing,' says Baird
Baird analyst Mark Altschwager says J.C. Penney's business is on "more stable footing" after the retailer reported a quarter-to-date comp of 6% and provided Q1 comp guidance above consensus. Altschwager raised his price target for shares to $10 from $9 but keeps a Neutral rating on Penny. He believes meaningful free cash flow growth will be challenging as investment needs normalize.
08:55 EDTJCPJ.C. Penney sees Q1 SSS up 3.5%-4.5%
J.C. Penney said in a regulatory filing that on April 13, the company became aware that a senior official of the company inadvertently sent an e-mail communication to a securities analyst that contained non-public information regarding the company’s comparable store sales results for Q1 to date, which are approximately 6%. Based on results to date, and taking into account the shift of Easter into the fiscal month of March this year, the company currently expects comparable store sales for Q1 to be in the range of 3.5%-4.5%.
06:23 EDTTMToyota to spend $1B to build factory in Mexico, Reuters reports
According to two sources, Toyota will announce plans on Wednesday to invest $1B to build a car factory in Mexico, Reuters reports. The factory, which would be in Guanajuato, is expected to produce about 200,000 cars per year and create about 2,400 direct jobs, one source says. Reuters previously reported that the factory would produce the Corolla car starting in the summer of 2019. Reference Link
April 13, 2015
16:07 EDTBBYBest Buy chairman retiring June 9, CEO Joly to take on chairman role
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09:23 EDTSHLDSears moves higher on Simon Property Group deal
Price was last higher by over 3.8% in the pre-market to $44.60 after the company struck a deal with Simon Property Group (SPG) similar to that previously made with General Growth Properties (GGP). Resistance is at $45.69. Support is at $44.02.
08:15 EDTSWHCSmith & Wesson positioned for solid recovery, says Cowen
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06:35 EDTSHLDSears volatility low into Simon Property a joint venture of real estate holdings
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06:22 EDTSHLD, JCPGap, Target, others scrutinized by NY AG over staffing practices, WSJ says
Several major retailer including Gap (GPS) and Target (TGT) are under investigation by New York Attorney General Eric Schneiderman over their staffing practices and whether they require workers to show up or stay home with little notice, The Wall Street Journal reports. Schneiderman sent letters warning Abercrombie & Fitch (ANF), JC Penney (JCP), Urban Outfitters (URBN), TJX Cos (TJX), Ann Inc (ANN), L Brands (LB), Burlington Stores (BURL), Sears Holdings (SHLD), Williams-Sonoma (WSM) and J Crew Group that he believes the chains are using on-call scheduling and that such practices may be in violation of New York laws. Reference Link
06:06 EDTSHLDSears, Simon Property form 50/50 JV
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