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Stock Market & Financial Investment News

News Breaks
March 17, 2014
12:22 EDTYHOO, MATW, GM, KNDI, SGK, SINA, LMIA, VRSNOn 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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May 20, 2015
06:41 EDTYHOOCantor sees 'cloud of uncertainty' around Yahoo plans
Cantor Fitzgerald analyst Youssef Squali believes comments yesterday from the IRS's Office of Associate Chief Counsel regarding tax treatment of certain spinoffs bring a "cloud of uncertainty" around Yahoo's (YHOO) plans to hold a tax-free spinoff of its shares in Alibaba (BABA). Isaac Zimbalist, Senior Technician Reviewer at the IRS' Office Associate Chief Counsel, said that the agency will now hold in abeyance any ruling requests received with regard to spinoffs, according to Bloomberg. Squali reiterates a Buy rating on Yahoo, however, saying shares at $41 remain compelling. His analysis of varying tax treatments of Yahoo's Alibaba spin yields a $16 per share negative impact under a worst case scenario relative to his $60 fair value estimate. Yahoo closed yesterday down $3.38 to $40.98 after Zimbalist's comments brought a late day selloff.
06:00 EDTGMTakata to widen airbag recall to nearly 34M, enters Consent Order
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05:46 EDTYHOOStocks with implied volatility movement; YHOO VIPS
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May 19, 2015
17:13 EDTYHOOYahoo falls on potential IRS changes to spinoff rules, Bloomberg says
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15:59 EDTYHOOYahoo at session lows, down over 9%
The move lower in Yahoo (YHOO) is being attributed to speculation on potential changes to IRS rules that may impact the company's planned spin-off of its stake in Alibaba (BABA), according to contacts.
15:56 EDTYHOOChina said to possibly raise tax on cross-border e-commerce, Bloomberg says
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15:20 EDTYHOOYahoo CIO leaves after less than a year in the post, WSJ reports
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14:31 EDTGMCovisint expands strategic relationship with Cisco, General Motors
Covisint (COVS) announced that it has reached a definitive agreement with Cisco (CSCO) to use the Covisint platform to power General Motors (GM) OnStar and SupplyPower through 2020. Under the terms of this five-year, non-cancelable contract, GM will materially increase their use of the Covisint platform to support growth in these solutions. This economically favorable transaction is a major milestone in the strategic partnership with Cisco, and a win for General Motors, Cisco and Covisint.
13:20 EDTGMTakata expected to recall 33.8M vehicles, Detroit News reports
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07:43 EDTYHOOJPMorgan to hold a conference
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07:36 EDTGMAutomakers to start V2V car rollouts with spectrum at a premium, WSJ says
General Motors' (GM) upcoming Cadillac CTS is the only car firmly scheduled to launch in the U.S. with vehicle-to-vehicle communications, or V2V, but the industry has promised that V2V will revolutionize safety and Cisco (CSCO) joined automakers earlier this month to brief the FCC on plans to test airwave sharing soon, said The Wall Street Journal. However, cable and telecom companies are pressuring carmakers to give up a part of the airwaves marked for V2V to be available for broader use, the report added. Publicly traded automakers include Fiat Chrysler (FCAU), Ford (F), Honda (HMC), Toyota (TM) and Volkswagen (VLKAY), while cable and telecom companies include Verizon (VZ), AT&T (T), Sprint (S), T-Mobile (TMUS), Comcast (CMCSA), Time Warner Cable (TWC) and Charter (CHTR). Reference Link
07:08 EDTGMGeneral Motors sees maintaining profitability goals in China, WSJ reports
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May 18, 2015
10:47 EDTKNDIOptions with increasing implied volatility: KNDI CTRX
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09:54 EDTGMNHTSA looks to accelerate V2V rollout by automakers, Motor Authority says
Automakers have been notified that initial proposals for the implementation of vehicle-to-vehicle technology will be outlined by before January 1, 2016, which would be a full year ahead of schedule, according to Motor Authority. Publicly traded automakers include Fiat Chrysler (FCAU), Ford (F), General Motors (GM), Honda (HMC), Nissan (NSANY), Toyota (TM) and Volkswagen (VLKAY). Mobileye (MBLY) makes chips utilized in advanced driver assistance systems. Reference Link
06:26 EDTGMStudy shows Toyota and Honda leads in best supplier relations, Reuters says
A new study revealed that Toyota (TM) and Honda (HMC) led automakers with U.S. plants in supplier relations, reports Reuters. According to the study led by Planning Perspectives President John Henke, Toyota led Honda while Ford (F) was a distant third and Nissan (NSANY) came in fourth. General Motors (GM) and Fiat Chrysler (FCAU) were last on the list. Reference Link
May 15, 2015
17:08 EDTYHOOSoros Fund gives quarterly update on stakes
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16:51 EDTGMGreenlight Capital gives quarterly update on stakes
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16:28 EDTGMAppaloosa Management gives quarterly update on stakes
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10:32 EDTSINASINA price target raised to $65 from $49 at Piper Jaffray
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08:46 EDTYHOOMobile operators ad blocking plan sets up fight with Google, FT reports
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