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Stock Market & Financial Investment News

News Breaks
March 25, 2014
12:28 EDTGM, HIMX, WAG, SONC, MKC, CCLOn 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 Boardís 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 analystsí 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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March 24, 2015
06:36 EDTMKCMcCormick sees FY15 adjusted EPS $3.44-$3.51, consensus $3.53
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06:32 EDTMKCMcCormick reports Q1 adjusted EPS 70c, consensus 64c
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06:18 EDTGMGM to build next-gen Chevrolet Cruze in Coahuila, Mexico, Reuters reports
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06:12 EDTGMFord, GM considering asking for lower-paid workers, Bloomberg says
Ford (F) and General Motors (GM) are considering asking the United Auto Workers union to create a lower-pay tier of employee at U.S. auto factories, reports Bloomberg, citing people familiar with the matter. The union, on the other hand, is considering eliminating the existing tier structure altogether, according to a person familiar with the union leadership. The proposed lower tier worker would not assemble cars, said the sources. Reference Link
March 23, 2015
15:24 EDTMKCNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include McCormick (MKC), consensus 64c... IHS Inc. (IHS), consensus $1.36... HD Supply (HDS), consensus 10c... G-III Apparel (GIII), consensus 83c.
13:20 EDTCCLCarnival volatility flat into Q1 and outlook
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11:11 EDTGMGM ignition switch death claims rises to 74, WSJ reports
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10:08 EDTSONCHigh option volume stocks
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10:00 EDTCCLOn The Fly: Analyst Downgrade Summary
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07:52 EDTSONCSonic 2015 EPS poised to beat expectations, says Oppenheimer
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07:37 EDTGMVolkswagen to cut at least 150 workers at Russian plant, Reuters reports
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05:30 EDTCCLCarnival downgraded to Hold from Buy at Deutsche Bank
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March 20, 2015
10:00 EDTCCLOn The Fly: Analyst Initiation Summary
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08:01 EDTGMStifel says evidence supports Apple moving into electric vehicles
Analysts at Stifel say they see enough evidence to suggest that Apple is internally working on the development of a battery electric vehicle to be sold over the next five-to-ten years. The analysts are "intrigued" by Apple CFO Luca Maestri's background at General Motors (GM). They believe Apple's investments in manufacturing should be a key consideration for investors and point out the $40B spent by the iPhone maker over the past five years, with 80%-plus invested in manufacturing, is similar to GM, Ford (F) and Daimler-Benz and well above Tesla's $1.8B cumulative capex. The analysts say there is a "lot to think about" regarding Apple's move into the car space, including the regulatory environment. They keep a Buy rating on the tech giant with a $150 price target. Shares of Apple closed yesterday down 97c to $127.50.
06:40 EDTMKCMcCormick April volatility elevated into Q1 and outlook
McCormick April call option implied volatility is at 22, June is at 16, September is at 20; compared to its 26-week average of 18 according to Track Data, suggesting large near term price movement into the expected release of Q1 on March 24.
06:22 EDTGMGM CEO to be questioned October 8 over ignition failures, AP says
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06:20 EDTCCLCarnival initiated with a Neutral at Wedbush
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March 18, 2015
09:28 EDTSONCSonic March volatility elevated into Q2 and outlook
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08:37 EDTGMGeneral Motors says to change business model in Russia
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08:36 EDTGMGeneral Motors says to idle auto plant in St. Petersburg
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