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Stock Market & Financial Investment News

News Breaks
March 25, 2014
12:28 EDTGM, WAG, CCL, SONC, HIMX, MKCOn The Fly: Midday Wrap
Stocks on Wall Street were mixed at midday, with the Nasdaq lagging the other major indexes for a second session in a row. Stock index futures were higher during pre-market trading, leading to a higher open for the broader market. The averages began to slip about an hour into trading and the tech-heavy Nasdaq was the first to fall into negative territory. Despite a consumer confidence reading that hit its highest level in about six years, the benchmark S&P 500 is little changed near noon. ECONOMIC EVENTS: In the U.S., the Conference Board’s index of consumer confidence rose to 82.3 in March from 78.3 a month earlier, beating expectations and hitting its highest level since the beginning of 2008. The S&P/Case-Shiller index of property values in 20 cities increased 13.2% from the prior year in January. New home sales dropped 3.3% to a 440K rate in February. Analysts had forecast a 4.9% decrease in the month. The Richmond Fed's business activity survey for March came in at -7, marking its second negative reading in a row. COMPANY NEWS: Walgreen (WAG) shares climbed 3% despite a headline earnings miss after the company said it plans to close 76 drugstores and expects more synergies from its Alliance Boots acquisition... Shares of cruise line operator Carnival (CCL) declined over 5% after the company narrowed its full-year profit forecast, citing higher costs. MAJOR MOVERS: Among the notable gainers was drive-in restaurant operator Sonic (SONC), which rose more than 9% after its quarterly earnings beat analysts’ consensus estimate. Also higher following its earnings report was spice maker McCormick (MKC), which advanced 6%. Among the noteworthy losers was Himax Technologies (HIMX), which fell 15% after Bank of America Merrill Lynch downgraded the stock two notches to Underperform from Buy. Also lower were shares of General Motors (GM), which slid 2.5% amid more press reports regarding its botched recall of vehicles with faulty ignition switches. The New York Times said GM lied about the evidence it had regarding defects in its cars, while Reuters reported that two GM customers filed an emergency motion seeking to compel the carmaker to warn owners to immediately stop driving the 1.6M vehicles that have been recalled over the switch issues. INDEXES: Near midday, the Dow was up 35.13, or 0.22%, to 16,311.82, the Nasdaq was down 19.32, or 0.46%, to 4,207.06, and the S&P 500 was up 0.34, or 0.02%, to 1,857.78.
News For WAG;CCL;SONC;HIMX;MKC;GM From The Last 14 Days
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October 17, 2014
18:10 EDTGMGeneral Motors General Counsel Michael Millikin to retire in early 2015
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16:31 EDTGMGeneral Motors announces $12.5B revolving credit facility
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09:03 EDTWAGWalgreen venture investment head leaves after short time in post, Fortune says
Bill Wafford, who was named managing director of Walgreen’s venture capital and growth equity investment business Well Ventures just this this past January, has left the company, according to Fortune. Reference Link
08:24 EDTCCLCarnival ship asked to return to U.S. over Ebola concern
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08:14 EDTWAGWalgreen sued by former CFO for defamation, Reuters reports
Wade Miquelon, the former CFO of Walgreen, filed a lawsuit yesterday in state court in Chicago alleging that CEO Gregory Wasson and director Stefano Pessina, the company's biggest shareholder defamed him in news reports that blamed him for errors in its earnings forecast, Reuters reports. The Wall Street Journal reported in August that Miquelon lost his job following a $1B error in forecasting Walgreen's Medicare-related business, and later said Miquelon's error caused the company to cut its forecast in pharmacy unit earnings for the year ending August 2016. Reference Link
October 16, 2014
13:25 EDTCCLCarnival Cruise Lines volatility elevated after sharp sell off
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12:04 EDTGMStocks with call strike movement; ABBV GM
AbbVie (ABBV) January 60 call option implied volatility decreased 5% to 29, General Motors (GM) March 33 call option implied volatility decreased 4% to 39 according to IVolatility.
06:34 EDTGMChina to punish automakers that miss fuel standards, Reuters reports
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October 15, 2014
13:27 EDTGMGM faces $10B suit due to recalls, Bloomberg says
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10:49 EDTCCLHigh option volume stocks
High option volume stocks: SNV FCG TXT MDSO PPHM NTRS CCL RGP LLTC SOCL
10:16 EDTGMGeneral Motors reports Q3 worldwide sales up 2% to 2.45M units
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05:21 EDTCCLCarnival, CSSC sign MOU
Carnival announced it has signed a memorandum of understanding, or MOU, with the China State Shipbuilding Corporation, or CSSC, to explore the possibility of a joint venture aimed at accelerating the development and growth of the Chinese cruise industry, expected to be one of the largest cruise markets in the world with 4.5M passengers by 2020, according to the Chinese Ministry of Transport, or MOT. Becoming official at a signing ceremony today at the Ninth China Cruise Shipping and International Cruise Expo in Tianjin, the MOU outlines the framework for exploration of a partnership between Carnival Corporation and the CSSC that includes the possibility of forming a shipbuilding joint venture that could become a three-way arrangement involving Fincantieri of Italy, the world's largest cruise ship building company, in support of the Chinese government's plans to grow the cruising industry in China and meet escalating demand for cruises from Chinese travelers. As part of the possible shipbuilding joint venture, Carnival Corporation would work closely with CSSC and Fincantieri to help define the first-ever, world-class cruise ship built in China. Carnival Corporation, the world's leading cruise operator, has been involved in building modern cruise ships that exceed guest expectations more than any entity in the world. Under the joint venture concept, Carnival Corporation would provide its ship design and shipbuilding expertise to create the vision, definition and overall specifications for the China-built cruise ship.
October 14, 2014
10:01 EDTGMOn The Fly: Analyst Downgrade Summary
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06:20 EDTGMGeneral Motors downgraded to Buy from Conviction Buy at Goldman
Goldman removed General Motors from the Conviction Buy List and lowered estimates to to cuts in North American and European production and a difficult pricing environment. The firm maintains its Buy rating and views risk/reward as favorable and expects reasonably strong comps over then next two quarters. Price target lowered to $47 from $48.
06:03 EDTWAGWalgreen implied volatility of 27 at lower end of index mean range
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October 13, 2014
12:10 EDTGMGM lawyer says 27 people eligible for ignition switch compensation, AP reports
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06:44 EDTGMRegulators seeking banks' auto loan data, Reuters reports
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06:41 EDTWAGWalgreens to roll out Apple Pay on October 18, MacRumors reports
Walgreens (WAG) will begin rolling out Apple Pay (AAPL) on Saturday, October 18, according to a memo obtained by MacRumors. Reference Link
06:13 EDTWAGWalgreen implied volatility of 25 at lower end of index mean range
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October 12, 2014
17:21 EDTGMTesla ahead of other car makers on semiautonomous driving system, WSJ says
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