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Stock Market & Financial Investment News

News Breaks
March 17, 2014
12:22 EDTSGK, SINA, LMIA, VRSN, YHOO, MATW, GM, KNDIOn The Fly: Midday Wrap
Stocks on Wall Street were sharply higher in the first day of the new trading week amid better than expected industrial production data at home and relief that there was no violence despite Crimeans voting in favor of leaving Ukraine. The vote was declared invalid by the international community and has led to no military action, at least as of yet. The Federal Reserve kicks off a two-day policy meeting this week, capped by Janet Yellen’s first press conference as head of the central bank on Wednesday. ECONOMIC EVENTS: In the U.S., the New York Fed Empire state manufacturing survey reading of 5.61 came in below the consensus estimate of 6.5. However, the index rose from last month’s reading of 4.48. Industrial production rose 0.6% in February, beating expectations for a month-over-month increase of 0.2%. Capacity utilization in February came in at seen 78.8%, which was above the 78.6% forecast. The NAHB housing market index for March came in at 47, which was up 1 point from the prior reading but below the expected reading of 50. In Europe, an overwhelming majority of people in Ukraine's Crimea region voted to join Russia, although that result was widely anticipated. COMPANY NEWS: Shares of Yahoo! (YHOO) advanced nearly 4% after Alibaba Group confirmed it has decided to commence the process of an initial public offering in the United States. Note that Yahoo currently owns about a 24% stake in Alibaba, which is China’s largest e-commerce company. Shares of another Chinese Internet name, SINA (SINA), rose 7% after the company's majority-owned subsidiary Weibo, which operates a social media platform in China, filed a preliminary prospectus on Friday for its own initial public offering in the U.S. Weibo is seeking to raise up to $500M via the stock offering... Shares of General Motors (GM) came off their earlier highs and fell into negative ground just before noon after the company announced three new recalls involving U.S. production and sales of approximately 1.55M vehicles. GM is at the center of a great deal of press scrutiny and an increasing number of government investigations into its handling of an ignition flaw linked to 13 deaths. GM said it expects to take a charge of approximately $300M in the first quarter primarily for the cost of the repairs for the three safety actions announced today and the previously announced ignition switch recall. GM's stock came off its lows to be fractionally higher at midday following the news. MAJOR MOVERS: Among the notable gainers was Schawk (SGK), which jumped 36% after the company agreed to be acquired by Matthews International (MATW) for the equivalent of $20 per share in cash and stock. Shares of Matthews also rose over 2.5% after announcing the deal. Also higher was Chinese electric vehicle maker Kandi Technologies (KNDI), which rose 24% after the company reported its results for the fourth quarter. Among the noteworthy losers was VeriSign (VRSN), which fell more than 7% after a government regulatory body said it plans to transition the role it plays in the coordination of the Internet’s domain name system. Also lower were shares of LMI Aerospace (LMIA), which dropped 12% after the company's quarterly revenue missed expectations and it withdrew its previously issued 2014 guidance in order to provide time for its new CEO to conduct "a thorough review of the company's forecast and operations." INDEXES: Near midday, the Dow was up 168.29, or 1.05%, to 16,233.96, the Nasdaq was up 40.46, or 0.95%, to 4,285.86, and the S&P 500 was up 16.50, or 0.9%, to 1,857.63.
News For YHOO;SINA;GM;VRSN;SGK;MATW;LMIA;KNDI From The Last 14 Days
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January 23, 2015
10:02 EDTMATWOn the Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: AmSurg (AMSG) upgraded to Overweight from Neutral at Piper Jaffray... Anglo American (AAUKY) upgraded to Neutral from Sell at Goldman... Autobytel (ABTL) upgraded to Buy from Hold at Ascendiant... Charles River Labs (CRL) upgraded to Outperform from Market Perform at William Blair... Chesapeake (CHK) upgraded to Outperform from Neutral at Credit Suisse... CubeSmart (CUBE) upgraded to Buy from Neutral at SunTrust... Cypress Semiconductor (CY) upgraded to Neutral from Underweight at JPMorgan... DreamWorks Animation (DWA) upgraded to Overweight from Neutral at Piper Jaffray... E-Trade (ETFC) upgraded at Credit Suisse... Kate Spade (KATE) upgraded to Buy from Neutral at Mizuho... LinkedIn (LNKD) upgraded to Strong Buy from Market Perform at Raymond James... Matthews (MATW) upgraded to Outperform from Neutral at Macquarie... Meridian Bioscience (VIVO) upgraded to Buy from Hold at Craig-Hallum... Michael Kors (KORS) upgraded to Buy from Neutral at Mizuho... NIC Inc. (EGOV) upgraded to Hold from Sell at Maxim... Natural Grocers (NGVC) upgraded to Overweight from Neutral at Piper Jaffray... Nucor (NUE) upgraded to Buy from Neutral at Goldman... ResMed (RMD) upgraded to Buy from Hold at Needham... Smith & Wesson (SWHC) upgraded to Buy from Neutral at Dougherty... Ternium (TX) upgraded to Neutral from Sell at Goldman... Union Pacific (UNP) upgraded to Buy from Hold at BB&T... ZAGG (ZAGG) upgraded to Buy from Hold at Craig-Hallum... lululemon (LULU) upgraded to Overweight from Neutral at JPMorgan.
08:23 EDTMATWMatthews upgraded to Outperform from Neutral at Macquarie
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07:37 EDTYHOODistribution news could increase Yahoo value to $67 per share, says MKM Partners
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07:28 EDTGMGeneral Motors has too much capital on balance sheet, Bass says
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January 22, 2015
16:11 EDTVRSNVeriSign says 4M domain names added to internet in Q3 FY14
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13:50 EDTYHOOYahoo launches new art initiative, Business Insider says
Yahoo's Tumblr announced a new initiative, Creatrs, that will help artists license their work and protect their legal rights, according to Business Insider. Under the program Tumblr will also utilize users' art and provide art to advertisers, Business Insider added. Reference Link
13:46 EDTYHOOYahoo may attract buyers without Alibaba stake on sheets, Bloomberg reports
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10:18 EDTYHOOYahoo volatility elevated into Q4 and ad outlook
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10:07 EDTGMGM invests $300M to upgrade plant for new Cadillac sedan, Reuters reports
GM has invested $300M to upgrade and automate its Detroit-Hamtramck plant ahead of the launch of the 2016 Cadillac CT6 luxury sedan, reports Reuters. The investment includes the construction of a new body shop equipped with 205 robots and designed to use advanced manufacturing techniques as aluminum laser welding. Reference Link
10:03 EDTVRSNOn the Fly: Analyst Downgrade Summary
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07:20 EDTGMGM bringing Spark electric vehicle to Maryland by June, WSJ says
General Motors will start selling its Spark EV in Maryland by late June, reports the Wall Street Journal. The state joins California and Oregon in offering the $17,845 electric-only car, which can travel 119 miles per charge. Official GM announcements are expected at the upcoming Washington D.C. auto show. Reference Link
06:24 EDTVRSNJPMorgan downgrades three in Software, FireEye a top pick
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05:39 EDTVRSNVeriSign downgraded to Underweight from Neutral at JPMorgan
JPMorgan downgraded VeriSign to Underweight saying new generic Top Level Domains are cannibalizing growth in .com. The firm sees a lack of near-term catalysts and keeps a $57.50 price target for shares.
January 21, 2015
19:18 EDTGMLower oil prices could boost car and truck sales, CNBC reports
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14:35 EDTYHOOYahoo unlikely to announce spin-out with earnings, says BGC Financial
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13:54 EDTGMJPMorgan could lose $1.5B as a result of 2008 error, Reuters says
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13:53 EDTGMGoldman cuts rating on auto dealers citing below consensus U.S. sales view
Goldman Sachs lowered its outlook on auto dealers to Cautious from Neutral, citing several factors, including its belief that U.S. auto sales growth will be "essentially flat" this year. The firm also downgraded its rating on one of the companies in the sector, AutoNation (AN), to Neutral from Buy and removed the stock from its Americas Buy List. WHAT'S NEW: U.S. auto sales will probably rise less than 1% this year on a seasonally adjusted basis, Goldman analyst Patrick Archambault wrote in a note to investors today. Archambault indicated that his U.S. auto sales estimate is significantly below analysts' consensus outlook. Incentive deals and sales to subprime customers last year will probably negatively affect sales growth this year, the analyst stated. Additionally, the growth of dealers' revenue from parts and service is likely to slow this year after a series of major auto recalls were carried out last year, Archambault warned. Dealers may also be hurt by the regulation of auto lenders by the Consumer Financial Protection Bureau, since lenders and dealers split the profits from interest rate markups, the analyst stated. Finally, dealers are trading at a valuation that is 13% above their ten year average, according to Archambault. The analyst cut his rating on AutoNation to Neutral from Buy, based partly on valuation and his belief that the stock's near-term catalysts have diminished after it implemented a rebranding strategy and enhanced its digital systems. Over the medium term, the company's growth prospects will be limited by weak U.S. auto sales growth this year, added Archambault. However, the analyst continues to identify AutoNation as his favorite auto dealer stock. Other auto dealers covered by the analyst include Penske (PAG), which he rates Neutral, and Group 1 (GPI) and Sonic Automotive (SAH), both of which are rated Sell by the analyst. WHAT'S NOTABLE: Automakers whose shares could be negatively affected if the analyst's forecast for anemic U.S. sales growth proves to be accurate include Fiat Chrysler (FCAU), Ford (F), General Motors (GM), Honda (HMC), Nissan (NSANY), Toyota (TM) and Volkswagen (VLKAY). PRICE ACTION: In mid-afternoon trading, AutoNation lost 1.2% to $57.12, Sonic Auto lost 1% to $25.18, Group 1 fell 2.5% to $77.40, and Penske climbed 1% to $47.09.
January 20, 2015
08:59 EDTGMGM receives 108 new ignitition claims, $400M earmarked for cases, Reuters says
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06:39 EDTYHOOYahoo to announce Alibaba plans on or before January 27, AP says
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06:01 EDTYHOOStocks with implied volatility above IV index mean; HLF YHOO
Stocks with implied volatility above IV index mean; Herbalife (HLF) 113, Yahoo (YHOO) 54 according to iVolatility.
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