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February 1, 2013
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 (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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September 24, 2015
09:22 EDTFFord exec says company does not use emissions 'defeat devices,' CNBC reports
Ford President of the Americas Joe Hinrichs said, while appearing on CNBC's Squawk Box, that Ford does not use "defeat devices and we clearly understand what it means from an integrity standpoint to make sure our vehicles perform on the road like they do in the lab." Hinrichs' comments come after Volkswagen (VLKAY) was accused by the EPA of installing a device in its diesel vehicles to mask their true emissions and after a German report said that a discrepancy with on-road emissions performance was found with an SUV made by BMW (BAMXY). Reference Link
09:03 EDTF, GMAlcoa completes expansion of Tennessee facility
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07:55 EDTGMVW scandal strengthens Marchionne's quest for consolidation, Bloomberg says
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September 23, 2015
19:07 EDTTM, F, GMStudy shows U.S. cars less safe than EU vehicles, Independent says
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16:00 EDTXOMOptions Update; September 23, 2015
iPath S&P 500 VIX Short-Term Futures down 53c to 23.81 Option volume leaders: AAPL NFLX BAC FB BABA DOW RIG MU FCX PBR XOM JPM
10:44 EDTCTRPChinese Internet stock pullback a buying opportunity, CLSA says
Shares of multiple Chinese Internet companies are down again in morning trading amid more weak economic data from the Asian nation. However, research firm CLSA released a note making favorable comments and evaluations of several of the country's largest Internet players amid the economic slowdown. LITTLE IMPACT FROM SLOWDOWN: After 25 Chinese Internet and telecom companies attended CLSA's Investors' Forum, analyst Elinor Leung stated that Internet companies in China reported that they have been little affected by growing weakness in the nation's economy. Leung said that such companies have attributed their successful performance to a high savings rate, which increases consumer spending power, as well as gains in offline market share. Additionally, companies already listed may benefit from a weak A-share market in China, since smaller companies do not have access to financing and the slow market speeds up consolidation, Leung noted. RATINGS CHANGES: CLSA upgraded online travel service provider Ctrip (CTRP) to Buy from Outperform and maintained an $85 price target on its shares, while also raising its rating on Baidu (BIDU) two notches, to Buy from Underperform. Leung, who lowered Baidu's price target to $180 from $225, said the firm's top sector picks in the country are (JD), Alibaba (BABA), Tencent (TCEHY), and Ctrip. The analyst added that Tencent and Ctrip shares are the "most defensive" stocks, while JD and Alibaba could rebound even more after sentiment improves. WHAT'S NOTABLE: Last Thursday, TechInAsia reported that Baidu chief executive officer Robin Li said that the company was weighing the idea of delisting from the Nasdaq (NDAQ) and re-listing on the A-shares market in China. TechInAsia later added that a spokesperson from the Chinese internet giant "downplayed" the potential move, saying that Li's comments referred to an "unlikely hypothetical situation" in which U.S. investors don't recognize the importance of the online-to-offline market. PRICE ACTION: In morning trading, Baidu shares fell 1.4% to $134.21, Ctrip shares were flat near $66.64, shares slid 2% to $25.04 and Alibaba shares declined 2% to $60.69.
10:00 EDTXOMOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: A.O. Smith (AOS) initiated with a Buy at BB&T...Exxon Mobil (XOM) initiated with an Underperform at Macquarie... Farmland Partners (FPI) initiated with a Buy at Wunderlich... Ferro (FOE) initiated with an Outperform at Oppenheimer... FibroGen (FGEN) initiated with a Hold at Lake Street.
10:00 EDTCTRPOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Baidu (BIDU) upgraded to Buy from Underperform at CLSA... BioMed Realty (BMR) upgraded to Buy from Hold at Canaccord... Carnival (CCL) upgraded to Buy from Neutral at Nomura... (CTRP) upgraded to Buy from Outperform at CLSA... Daktronics (DAKT) upgraded to Buy from Hold at Needham... FMC Corporation (FMC) upgraded to Buy from Hold at Jefferies... Finish Line (FINL) upgraded to Outperform from Market Perform at FBR Capital... Intel (INTC) upgraded on potential PC, client business rebound at Bernstein... MTN Group (MTNOY) upgraded to Neutral from Sell at Goldman... Mitcham Industries (MIND) upgraded to Buy from Neutral at Sidoti... Parker Drilling (PKD) upgraded to Buy from Neutral at Sidoti... Raytheon (RTN) upgraded on international outlook at Bernstein... Regional Management (RM) upgraded to Buy from Hold at Jefferies... Vivendi (VIVHY) upgraded to Hold from Underperform at Jefferies... Wolverine World Wide (WWW) upgraded to Neutral from Sell at Citi.
09:55 EDTFActive calls on open: BIIB FCX X F INTC
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09:18 EDTGMPaulson Institute and CCPIT to co-host U.S.-China Business Roundtable
The Paulson Institute and the China Council for the Promotion of International Trade (CCPIT) provide an opportunity for U.S. and Chinese business leaders to discuss issues facing the two countries in a roundtable being held in Seattle, Washington on September 23.
08:50 EDTMRKProvectus initiates Phase 1b/2 trial of PV-10 combo with Pembrolizumab
Provectus Biopharmaceuticals (PVCT) announced it has completed development of the protocol for Phase1b/2 testing of its investigational cancer drug PV-10 in combination with pembrolizumab in patients with Stage IV melanoma. Pembrolizumab, also known as Keytruda, a product of Merck (MRK), is an immune checkpoint inhibitor approved for treatment of patients with advanced or unresectable melanoma. PV-10 is Provectus's novel investigational drug for cancer that is injected into solid tumors. It is currently undergoing Phase 3 clinical testing in patients with Stage III melanoma. Clinical testing under the new Phase 1b/2 protocol is expected to commence before the end of the year. The FDA granted accelerated approval to pembrolizumab in September 2014, making it the first FDA-approved anti-PD-1 immune checkpoint inhibitor. Because pembrolizumab is already FDA-approved, Provectus can commence this study with or without assistance of a partner.
07:50 EDTCTRP, upgraded to Buy from Outperform at CLSA
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07:48 EDTCTRP, CTRPBaidu upgraded to Buy from Underperform at CLSA
After hosting an Investors Forum and Internet tour for Chinese companies, CLSA upgraded Baidu (BIDU) to Buy, stating that the recent correction in the stock is a buying opportunity. Chinese Internet companies said they have seen very little impact from the slowing economy, the firm tells investors in its sector note. The firm lowered its price target on Baidu shares to $180 from $225. CLSA also upgraded Ctrip (CTRP) to Buy this morning.
05:31 EDTXOM, CVXExxon Mobil initiated with an Underperform at Macquarie (yesterday)
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September 22, 2015
16:00 EDTFOptions Update; September 22, 2015
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13:13 EDTCVXChevron initiated with an Underperform at Macquarie
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13:13 EDTXOMExxon Mobil initiated with an Underperform at Macquarie
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07:46 EDTGMFormer GM exec: Apple will lose money in car business, CNBC says
Apple (AAPL) could lose big money if it enters the electric car business, CNBC reports, citing comments from former General Motors (GM) vice chairman Bob Lutz. "There is absolutely no reason to assume that Apple is going to be financially successful in the electric car business," Lutz told CNBC. Reference Link
07:43 EDTMRKDrug stocks could be hurt by focus on pricing, says Oppenheimer
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06:19 EDTMRKClinton to roll out plan to rein in prescription drug costs, USA Today reports
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