Post-Market and Company News: Updates on BAC, GM, C, GLE, AA, PLX, BKW

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Post-Market and Company News: Updates on BAC, GM, C, GLE, AA, PLX, BKW
AnandKZ / Pixabay

Post-Market and Company News: Updates on BAC, GM, C, GLE, AA, PLX, BKW

 

Market Levels

Dan Sundheim Founder Of D1 At Sohn 2021 On His Favorite Stock

Jeffrey Aronson Crossroads CapitalAt this year's Sohn Investment Conference, Dan Sundheim, the founder and CIO of D1 Capital Partners, spoke with John Collison, the co-founder of Stripe. Q1 2021 hedge fund letters, conferences and more D1 manages $20 billion. Of this, $10 billion is invested in fast-growing private businesses such as Stripe. Stripe is currently valued at around Read More


 

  • US:  Dow: 12640.80 (0.53%), S&P 500: 1335.02 (0.72%), NASDAQ: 2892.42 (1.17%)
  • Europe: CAC: 3090.90 (-0.75%), DAX: 6263.25 (-1.28%), FTSE: 5513.69 (-0.96%).
  • Asia-Pacific: Australia: 4048.20 (-0.96%), China: 2260.88 (0.00%), Hong Kong: 18995.13 (-1.42%), India: 5146.05 (-0.37%), Japan: 8798.35 (-0.29%).
  • Metals: Gold: 1566.90 (0.09%), Silver: 26.66 (-0.66%), Copper: 3.31 (0.24%)
  • Energy: Crude Oil: 79.76 (1.99%), Natural Gas: 2.62 (1.67%)
  • Commodities: Corn: 5.54 (0.73%), Soya Bean: 13.75 (0.31%), Wheat: 7.06 (0.93%)
  • Currency: Euro (€) / US Dollar ($) (EURUSD): 1.2572 (-0.19%), British Pound Sterling (UK£) / US Dollar ($) (GBPUSD): 1.5590 (0.08%), US Dollar ($) / Japanese Yen (¥) (USDJPY): 80.4150 (0.26%)
  • 10 year US Treasury: 1.674% (0.058)

 

Market and Economy News Update

 

U.S. markets end higher: U.S. markets bounced back on Friday with banks unexpectedly leading the advance, but Dow and S&P 500 both ended the week lower, while the NASDAQ rose for the third consecutive week. The Dow Jones Industrial Average (INDEXDJX:.DJI) rose 0.5 percent to 12640.78. The S&P 500 (INDEXSP:.INX) was up 0.7 percent to 1335.02., while the NASDAQ Composite (INDEXNASDAQ:.IXIC) jumped 1.2 percent to 2892.42.

 

Oil prices rise: Oil prices rebounded from an eight-month low and ended higher on Friday as a potential tropical storm in the Gulf of Mexico threatened to disrupt production. Crude oil for August delivery gained 2 percent, to settle at $79.76 a barrel on the New York Mercantile Exchange. Brent oil for August settlement jumped 2 percent to $90.98 a barrel on the London-based ICE Futures Europe exchange.

 

Stocks in Focus

  • Bank of America Corp (NYSE:BAC), JPMorgan Chase & Co. (NYSE:JPM) and Morgan Stanley (NYSE:MS) closed significantly higher, a day after Moody’s Investors Service cut the debt ratings of 15 of the world’s largest banks.
  • General Motors Company (NYSE:GM) will recall 413,418 Chevrolet Cruze sedans in the United States to fix a problem that could cause engine-compartment fires.
  • Citigroup Inc. (NYSE:C) has agreed to buy a portion of French bank Societe Generale SA (EPA:GLE)’s portfolio of shipping loans for an undisclosed sum.
  • Insurance company Old Republic International Corporation (NYSE:ORI) has withdrawn a plan to spin off the mortgage-guaranty operation to its shareholders, following objections from certain shareholders’. The stock tumbled 12 percent in late trading.
  • Cruise operator Carnival Corporation (NYSE:CCL) posted second quarter earnings, excluding one time items of 20 cents a share, topping analysts’ estimate of 8 cents a share. Revenue for the quarter fell to $3.54 billion from $3.62 billion in the year ago period. The Miami-based company also raised its full-year outlook.
  • Klaus Kleinfeld, Chairman and Chief Executive Officer at Alcoa Inc. (NYSE:AA) said that demand for aluminum is strong in Europe despite the worsening of the euro zone debt crisis.
  • Pfizer Inc. (NYSE:PFE) and Protalix BioTherapeutics Inc. (NYSEAMEX:PLX) said that European regulators have ruled against recommending their Gaucher disease drug taliglucerase alfa, because a competing drug from Shire Plc. (ADR) (NASDAQ:SHPGY) has exclusive marketing rights until 2020.
  • First Solar, Inc. (NASDAQ:FSLR) has secured approval from the public works department of Los Angeles to install solar modules at a California power plant that is currently under construction.
  • Family Dollar Stores, Inc. (NYSE:FDO) closed 1.6 percent higher after Citigroup Inc. raised its target price to $80 from $69 a share.
  • Alexza Pharmaceuticals, Inc. (NASDAQ:ALXA) said it has resubmitted a new drug application for its psychiatric drug Adasuve, after the U.S. Food and Drug Administration last month denied approval to the medication.
  • Drug developer Repligen Corporation (NASDAQ:RGEN) said the U.S. Food & Drug Administration has denied approval for its experimental pancreatitis treatment RG1068, and has asked for additional clinical trial data.
  • NPS Pharmaceuticals, Inc. (NASDAQ:NPSP) jumped 14 percent after a review panel in Europe recommended approval for its short bowel syndrome drug teduglutide.
  • Houston-based oil company Harvest Natural Resources, Inc. (NYSE:HNR) has agreed to sell its Venezuelan assets to Indonesia’s state-owned oil and gas company PT Pertamina for $725 million in cash.

 

Hedge Fund News Update

  • Hedge fund manager Bill Ackman has taken a personal 12 percent passive stake in burger chain, Burger King Worldwide Inc. (NYSE:BKW), while his hedge fund Pershing Square Capital Management also acquired a sizeable position in the company, according to a filing with the Securities and Exchange Commission on Friday. Burger King began trading on Wednesday
  • London-based Brevan Howard Asset Management LLP is reportedly seeking capital for its latest hedge fund, the Brevan Howard Credit Value Master Fund, which will invests in real-estate linked collateralized debt obligations and mortgage-backed securities, Bloomberg reported. The fund has a minimum investment requirement of $20 million.
  • Panning Capital Management LP, founded by Kieran Goodwin, the former head trader at New York-based King Street Capital Management will launch its maiden hedge fund in the middle of October.
  • Institutional investors across the globe are showing an increasing appetite for alternative investments, according to a survey conducted by Russell Investments.
  • The pension fund for the London Borough of Waltham is looking to allocate £50 million ($78 million) to a hedge fund. Waltham Forest will follow the London Borough of Camden which made a commitment of £50 million ($78 million) to Michael Platt’s BlueCrest Capital Management in April.
  • The University of California, which has allocated about $500 million to hedge funds, is planning to add three more hedge fund managers to its investment portfolio.
  • Chicago-based hedge fund Pentwater Capital Management LP last month bought 77,800 shares of car rental company Dollar Thrifty Automotive Group, Inc. (NYSE:DTG), SEC documents showed. Pentwater now holds a stake of 11 percent in the Tulsa-based company.

 

Brokerage Upgrades and Downgrades on Friday, June 22, 2012

 

  • Corning Incorporated (NYSE:GLW) was upgraded to “neutral” from “underweight” at JPMorgan Chase.
  • Domino’s Pizza, Inc. (NYSE:DPZ) was raised to “buy” from “hold” by analysts at Canaccord Genuity.
  • Kimberly Clark Corp (NYSE:KMB) was lifted to “buy” from “neutral” at Argus with a price target of $92.
  • The Pep Boys-Manny, Moe & Jack (NYSE:PBY) was upgraded to “buy” from “sell” by analysts at Argus with a target price of $12.
  • SUPERVALU INC. (NYSE:SVU) was raised to “neutral” from “sell” at Northcoast Research.
  • SXC Health Solutions Corp. (USA) (NASDAQ:SXCI) was lifted to “outperform” from “neutral” by analysts at Credit Suisse with a target price of $109.
  • The Fresh Market Inc (NASDAQ:TFM) was upgraded to “overweight” from “neutral” at Piper Jaffray.
  • Watson Pharmaceuticals, Inc. (NYSE:WPI) was raised to “outperform” from “market perform” by analysts at Bernstein.
  • Arch Coal Inc (NYSE:ACI) was cut to “equal weight” from “overweight” at Johnson Rice.
  • Chimera Investment Corporation (NYSE:CIM) was downgraded to “underweight” from “equal weight” by analysts at Barclays Capital.
  • ITT Corporation (NYSE:ITT) was lowered to “underperform” from “market perform” at FBR Capital with a target price of $15.5
  • Key Energy Services, Inc. (NYSE:KEG) was cut to “market perform” from “outperform” by analysts at FBR Capital with a target price of $9.
  • Pengrowth Energy Corp (USA) (NYSE:PGH) was downgraded to “market perform” at Raymond James.
  • Ryder System, Inc. (NYSE:R) was lowered to “outperform” from “strong buy” by analysts at Raymond James.
  • Ryder System, Inc. (NYSE:R) was cut to “market perform” from “outperform” at Wells Fargo & Co. with a target price of $41.
  • Vodafone Group Plc (ADR) (NASDAQ:VOD) was removed from the “conviction buy” list at Goldman Sachs.

 


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