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Stock Market & Financial Investment News

News Breaks
March 17, 2014
12:22 EDTYHOO, SINA, GM, VRSN, SGK, MATW, LMIA, 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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July 11, 2014
11:45 EDTYHOOStocks with call strike movement; YHOO WFM
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11:16 EDTYHOOAOL, Yahoo CEOs have late-night talk, WSJ reports
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10:35 EDTGMCadillac confirms Johan de Nysschen as president
General Motors (GM) announced the appointment of Johan de Nysschen as President – Cadillac. de Nysschen will be responsible for all aspects of Cadillac globally including sales, pricing and network development, strategic brand development and marketing and product portfolio planning, including critical input for product engineering and design. de Nysschen joins the GM executive leadership team as an executive vice president of the company beginning September 1 and reports to GM President Dan Ammann. de Nysschen spent the last two years as head of the Infiniti (NSANY) brand worldwide.
09:11 EDTGMFormer head of Infiniti taking over Cadillac, CNBC reports
Johan de Nysschen, the former head of Infiniti and Audi USA, will be taking over General Motors' Cadillac division, CNBC's Phil LeBeau reports via Twitter.
July 10, 2014
17:49 EDTYHOOAlibaba may begin IPO process by end of month, WSJ reports
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11:35 EDTYHOOStocks with call strike movement; YHOO AAL
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06:34 EDTKNDIChina exempts new energy cars from sales tax, Xinhua reports
China announced yesterday that new energy cars would be exempt from a 10% sales tax starting in September, according to Xinhua. The tax will not have to be paid by buyers of qualified pure electric cars, plug-in hybrid electric cars and fuel cell cars from September 1, 2014 until the end of 2017, the news service quoted the Chinese government as saying. Tesla (TSLA), Volkswagen (VLKAY), and Kandi Technologies (KNDI) are among the companies that are poised to benefit from the decision. Reference Link
06:24 EDTGMGeneral Motors to replace faulty ignition switch kits, Detroit News says
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06:06 EDTGMGM recalling Saab convertibles due to safety defect, Detroit News reports
Around 28,790 Saab convertibles from the 2004-2011 model years are being recalled by General Motors, as the driver's seat belt retractor can break, the Detroit News reports. Reference Link
July 9, 2014
09:56 EDTKNDIChina plans tax-break for electric vehicles, Dow reports
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09:47 EDTGMNew car sales in India rose 15% in June, WSJ reports
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09:43 EDTGMGeneral Motors, Manchester United debut sponsored shirt for 2014-15 season
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09:21 EDTGMDelphi CEO to testify about GM ignition switches, Automotive News says
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07:52 EDTGMJapan leading drive for fuel cell vehicles, FT says
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06:28 EDTGMGM Korea employees approve strike amid stalled wage discussions, Reuters says
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06:17 EDTGMGM CEO, general counsel to testify before Senate subcommittee, WSJ reports
Mary Barry, the CEO of General Motors (GM), and the company's general counsel, Mike Millikin, have been called to testify next week before a Senate subcommittee looking at why it took the automaker almost 11 years to recall older cars equipped with a faulty ignition switch, the Wall Street Journal reports. Delphi Automotive (DLPH) CEO Rodney O'Neal and Kenneth Feinberg have also been called as witnesses. Reference Link
July 8, 2014
12:25 EDTGMGM won't use insurance to pay ignition claims, Automotive News reports
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08:25 EDTYHOOYahoo volatility elevated into Q2 and growth outlook
Yahoo July call option implied volatility is at 35, August is at 39, September is at 34, October is at 37; compared to its 26-week average of 33 according to Track Data, suggesting large near term price movement into the expected release of Q2 results on July 15.
06:54 EDTGMGM Korea head says potential strike could mean output cuts, Reuters says
GM South Korea CEO Sergio Rocha warned employees that a possible strike could prompt further production reductions in one of its major Asian manufacturing centers, according to Reuters, citing comments from Rocha. GM's 15K unionized employees in South Korea plan to cast ballots on whether to hold a strike for a fourth consecutive year, signaling a reemergence of summer labor unrest in the country's vehicle industry. Reference Link
06:29 EDTGMGeneral Motors elects not to recall trucks with brake problems, NY Times says
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