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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 21, 2014
16:14 EDTSONCSonic reports Q4 EPS 34c, consensus 34c
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15:30 EDTSONCNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include Yahoo! (YHOO), consensus 30c; ACE (ACE), consensus $2.34; Discover Financial (DFS), consensus $1.34; Pinnacle Financial (PNFP), consensus 51c; Broadcom (BRCM), consensus 84c; Intuitive Surgical (ISRG), consensus $3.80; FMC Technologies (FTI), consensus 74c; Robert Half International (RHI), consensus 58c; E-Trade (ETFC), consensus 22c; Nabors Industries (NBR), consensus 36c; Waste Connections (WCN), consensus 54c; Cubist Pharmaceuticals (CBST), consensus 4c; Sonic (SONC), consensus 34c; American Campus Communities (ACC), consensus 43c; Cree (CREE), consensus 36c; Fulton Financial (FULT), consensus 20c; Costamare (CMRE), consensus 41c; Hawaiian Holdings (HA), consensus 78c; Ethan Allen (ETH), consensus 36c; Sabra Health (SBRA), consensus 55c; Rush Enterprises (RUSHA), consensus 51c.
14:13 EDTWAGCtW Investment urges Walgreen board to form investigative panel, WSJ reports
CtW Investment is urging Walgreen's board to form an investigative panel to look into allegations raised by former CFO Wade Miquelon in a defamation lawsuit, The Wall Street Journal reports. Reference Link
12:08 EDTGMGeneral Motors says supports Michigan House Bill 5606
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10:29 EDTWAGWalgreen spikes higher, levels to watch
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10:22 EDTWAGWalgreen calls active on activist investor speculation
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10:15 EDTWAGRumor: Walgreen moves up on activist investor speculation
Shares of Walgreen are moving higher amid speculation Carl Icahn has taken a stake in the company.
10:13 EDTGMGeneral Motors volatility elevated into Q3 and outlook
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10:00 EDTGMOn The Fly: Analyst Initiation Summary
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08:03 EDTWAGCVS offering drug plan with higher co-pay at stores selling tobacco, WSJ says
CVS Health (CVS), which stopped selling tobacco products last month, is now offering a prescription-drug plan via its pharmacy benefits unit Caremark that charges patients copayments that are up to $15 higher on prescriptions filled where tobacco is sold, which includes at rival pharmacies operated by Walgreen (WAG) and Rite-Aid (RAD), reported The Wall Street Journal. Reference Link
06:26 EDTGMGeneral Motors initiated with a Neutral at Susquehanna
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October 20, 2014
11:53 EDTGMDeaths tied to faulty GM ignition-switch increases to 29, Reuters says
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11:06 EDTWAGWalgreen begins accepting Apple Pay in stores
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08:22 EDTGMCourt rules GM loan docs valid despite mistake, Reuters reports
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October 19, 2014
13:39 EDTCCLCarnival cruise passenger tests negative for Ebola, Reuters says
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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
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