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Stock Market & Financial Investment News

News Breaks
February 1, 2013
12:37 EDTLTM, ADNC, FIATY, MRK, CTRP, DELL, F, CVX, NOV, PMCS, TM, GM, XOMOn The Fly: Midday Wrap
Stocks on Wall Street were sharply higher at midday following the monthly jobs report for January and a better than expected reading on manufacturing expansion. The Dow Jones Industrial Average rose above 14,000 for the first time since 2007 on several occasions in the first part of the day but has had trouble holding above that round-number level... ECONOMIC EVENTS: In the U.S., the nonfarm payrolls report showed that 157K jobs were added in January and unemployment rose to 7.9%. This compared to expectations for 165K new jobs and for unemployment to hold steady at 7.8%. Notably, December payroll additions were revised up to 196K from 155K and November was raised to 247K from 161K. The University of Michigan consumer confidence reading for January came in at 73.8, versus the expected 71.5. The January ISM manufacturing index had a reading of 53.1, versus the expected reading of 50.7, while Markit's January U.S. PMI came in at 55.8, also beating expectations. Construction spending in the month of December rose 0.9%, versus the expected increase of 0.7%. In China, the government’s official PMI slid to 50.4 from 50.6 in December, while a similar PMI reading from HSBC rose to a two-year high of 52.3. In Europe, the euro zone PMI hit an 11-month high at 47.9, though that figure is still indicates contraction... COMPANY NEWS: Two oil supermajors, Exxon Mobil (XOM) and Chevron (CVX) both reported quarterly earnings that beat expectations on revenues that missed the Street's forecasts. Shares of Exxon were nearly flat while Chevron was up nearly 1% near noon following their reports and corresponding investor calls... General Motors (GM), Ford (F), Chrysler (FIATY) and Toyota (TM) all reported double-digit sales increases in January... MAJOR MOVERS: Among other advancers following earnings were Audience (ADNC), up 21%, PMC-Sierra (PMCS), up 13%, and Ctrip.com (CTRP), up 6%. Also higher were shares of Dell (DELL), which rose over 4% after Reuters said its planned 'go private' deal may happen as soon as Monday... Among the noteworthy losers was Merck (MRK), which fell almost 3% and was the only Dow component not rising at midday. The company's quarterly results beat expectations but it also announced it would delay its filing for approval of odanacatib, the company’s investigational osteoporosis drug. Also lower after their earnings reports were Life Time Fitness (LTM), down 20%, and National Oilwell Varco (NOV), down 4%... INDICES: Near noon, the Dow was up 137.51, or 0.99%, to 13,998.09; the Nasdaq was up 38.79, or 1.23%, to 3,180.92; and the S&P 500 was up 15.21, or 1.02%, to 1,513.32.
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April 11, 2014
05:43 EDTTMToyota upgraded to Buy from Hold at Jefferies
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05:22 EDTMRKMerck says Hepatitis C combination therapy shows antiviral activity
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April 10, 2014
17:50 EDTTMToyota group members to expand repair shops in Southeast Asia, Nikkei says
Parts makers Denso and Aisin Seiki, and trading house Toyota Tsusho, intend to open repair shops in Thailand and Indonesia during 2014, Nikkei reports. Reference Link
17:44 EDTMRKMerck stock could return 20%, Barron's says
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16:39 EDTGMOn The Fly: Closing Wrap
Stocks on Wall Street were sharply lower as selling pressure took hold early in the session and did not relent. The averages closed near their worst levels, with the tech-heavy Nasdaq down more than 3%. With today's close, each of the major indexes is now lower for the year. ECONOMIC EVENTS: In the U.S., initial claims for unemployment benefits fell to 300K last week, hitting their lowest weekly level since May 2007. The the timing of Easter and Passover, as well as other seasonal factors, however, may have lead many to discount the figure. Export prices rose 0.8% in March, while import prices grew 0.6%, both of which were greater than expected advances. In China, exports fell 6.6% from a year earlier in March, while imports plunged 11.3%. Economists had predicted year-over-year gains for both. COMPANY NEWS: eBay (EBAY) and activist investor Carl Icahn settled their proxy contest, with Icahn withdrawing both his two board nominees and his proposal for eBay to spin off its PayPal unit. As part of its agreement with Icahn, eBay will expand the number of independent directors on its board to 10 and add David Dorman to serve in that capacity. The online retail marketplace was among the many tech names suffering losses, closing the session down $1.81, or 3.24%, at $54.08... Ally Financial (ALLY), formerly the auto finance and financial services arm of General Motors (GM), lost $1.02, or 4.08%, to close at $23.98 in its first day of trade following its return to the public markets after having price its return offering at $25.00 per share... General Motors made news again as well by confirming that two of its engineers have been placed on paid leave as part of the company's ongoing ignition switch recall probe. The company also added ignition lock cylinders to its safety recall of 2.2 million vehicles in the U.S. and said it expects to take a $1.3B charge in the first quarter due to recall-related repairs... MAJOR MOVERS: Among the notable gainers was drugstore operator Rite Aid (RAD), which rose 54c, or 8.44%, to $6.94 after reporting earnings and revenue and that beat expectations and giving a revenue outlook for its fiscal 2015 that came in above estimates. Also higher following a better than expected earnings report was casual restaurant owner Ruby Tuesday (RT), which advanced 72c, or 12.08%, to $6.68. Among the noteworthy losers was data security solutions provider Imperva (IMPV), down $21.73, or 43.7%, to $28.00 which plunged 41% after the company slashed its first quarter profit and sales outlook. Another name in computer security, FireEye (FEYE), was among a a number of so-called "momentum" stocks that fell during the session, sliding $6.64, or 11.77%, to $49.75. Other momentum stocks that fell included 3D Systems (DDD), down $5.90, or 10.79%, to $48.78, and Yelp (YELP), down $7.78, or 10.92%, to $63.47. INDEXES: The Dow was down 266.96, or 1.62%, to 16,170.22, the Nasdaq was down 129.79, or 3.1%, to 4,054.11, and the S&P 500 was down 39.10, or 2.09%, to 1,833.08.
14:07 EDTGMGeneral Motors up more than 1% after announcing $1.3B recall-related charge
14:02 EDTGMGeneral Motors to take $1.3B charge in Q1 on recall-related repairs
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13:44 EDTTMToyota unveils new, more efficient gasoline engines, AP reports
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12:46 EDTCVXChevron management to meet with Jefferies
Meetings to be held in London on April 16-17 hosted by Jefferies.
12:25 EDTGMOn The Fly: Midday Wrap
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09:37 EDTCVX, MRKActive equity options trading on open
Active equity options trading on open according to Track Data: SIRI RAD AAPL AMZN AA FB TSLA MRK CVX C
09:21 EDTMRKOn The Fly: Pre-market Movers
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09:02 EDTCVXChevron, YPF continue development of Vaca Muerta Shale in Argentina
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08:08 EDTGMGM confirms two engineers placed on paid leave as part of ignition switch probe
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08:03 EDTMRKXencor Merck receives milestone payment from Merck for using XmAb antibody
Xencor (XNCR) announced that the company has received a milestone payment from Merck (MRK), through a subsidiary, triggered by the initiation of a Phase 1 clinical trial for an undisclosed biologic drug candidate that uses Xencor's XmAb antibody engineering intellectual property. Under the terms of the agreement signed in June 2013, Xencor granted Merck a non-exclusive license to certain Xencor patents for use in an undisclosed product, as well as an option to license the same intellectual property for future products. Xencor received an upfront payment and continues to receive annual maintenance fees. Xencor is also eligible to receive milestone payments associated with the successful development of Merck product candidates, as well as royalties on sales of any potential products that may result from this agreement.
07:20 EDTGMGM fights against judge's request for 'park-it' order, Bloomberg says
U.S. District Judge Nelva Gonzales Ramos asked GM to explain why she shouldn’t order the automaker to recommend that drivers of the recalled cars should cease driving them, according to Bloomberg, citing a statement from the automotive company. GM feels it shouldn’t be obligated to tell vehicle owners to park the recalled models until they are fixed, because they’re safe to use if government-approved recall instructions are followed. Reference Link
06:32 EDTFIATY, GM, TM, FAutomakers have recalled nearly 15M vehicles since start of year, WSJ reports
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06:10 EDTGMGeneral Motors requests NASA review in recalled vehicles, Detroit News says
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05:27 EDTMRKMerck announces data from C-WORTHy study
Merck announced additional data from the ongoing C-WORTHy study, a multi-arm Phase 2 clinical trial evaluating the efficacy and safety of a once-daily, all-oral regimen combining MK-5172, an investigational hepatitis C virus, or HCV, NS3/4A protease inhibitor, and MK-8742, an investigational HCV NS5A replication complex inhibitor, among patients with chronic HCV Genotype 1 infection, or GT1. In an interim analysis of treatment-naïve, non-cirrhotic patients administered a 12-week regimen of MK-5172/MK-8742, with and without ribavirin, or RBV, a sustained viral response, or SVR, was observed in 98% of patients administered MK-5172/MK-8742 alone and 94% in those administered MK-5172/MK-8742 plus RBV.
03:19 EDTTMToyota targets annual Chinese car sales of 2M units by 2025, Nikkei reports
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