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Market Commentary

Stocks Post Strong Q2 Gains; GM Recalls 8.4 Million Vehicles

June 30th, 2014

Stocks end Q2 mixed but overall posted strong gains throughout the second quarter. General Motors (GM) announced a recall of nearly 8.4 million vehicles today, mostly for faulty ignition switches. This year so far GM has recalled over 27 million vehicles, which is quickly approaching the 30.8 million industry-wide recall record that was set in
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MannKind Corp. (MNKD) Approved for Inhaled Insulin Treatment

June 30th, 2014

Shares of MannKind Corporation (MNKD) were trading up +1.90 or +19.00 percent to $11.90 per share in pre-market trading Monday morning. Mannkind announced over the weekend that the company had finally gained approval for its inhaled insulin drug AFREZZA from the U.S. Food and Drug Administration or FDA. Mannkind shares closed at $10.00 per share,
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Street Ends Mixed This Week as Consumer Sentiment Brightens (GPRO, NKE)

June 27th, 2014

Weekly Wrap Up The US markets were able to close higher on Friday, but both the SP 500 and Dow Jones ended lower for the week. Nasdaq saw its second consecutive weekly gain. Consumer sentiment reportedly rose this month to a reading of 82.5 for June, driven by auto sales. On Wednesday it was announced
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U.S. Stocks Rally; Michaels (MIK) Goes Public

June 27th, 2014

Following earlier reports of a slowing economic growth and consumer spending, U.S. stocks stalled but ended higher on Friday. Michaels (MIK) went public today after the company had been taken private by Bain and Blackstone (BX) back in 2006. However, this IPO had a modest day and shares largely traded flat. Nike (NKE) was one of
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GoPro (GPRO) Stock Surges after Initial Public Offering

June 27th, 2014

Shares of GoPro Inc. (GPRO) were trading up +0.76 or +2.43 percent to $32.10 per share in pre-market trading Friday morning, after the companyí

Stocks Dip on Fed Comments; Consumer Spending Weak for May (NKE, ZU)

June 26th, 2014

Wall Street ended on Thursday slightly lower after several economic and corporate reports disappointed investors. Despite the drop for the S&P, this is only the third loss for the index in 10 trading days. The government announced that unemployment claims dropped last week, a good sign for the economy, but also announced that consumer spending
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Iron Mountain (IRM) Soars After Board Approves Conversion to REIT

June 26th, 2014

Shares of Iron Mountain Inc. (IRM) were trading up +6.94 or +23.31 percent to $36.71 per share in pre-market trading Thursday morning, after the company announced yesterday that its board had unanimously approved the companyâ s conversion into a real estate investment trust or REIT. The conversion is for the companyâ s fiscal 2014 year,
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U.S. Economy Down In First Quarter; Big Day In Supreme Court

June 25th, 2014

According to a report released by the Commerce Department on Wednesday, GDP fell at a 2.9% annual rate instead of a more gradual pace of 1% that was reported last month. This is the worst reading since the same three months in 2009. However, analysts believe that this setback is temporary as the consumer confidence
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Vertex Pharmaceuticals Inc. (VRTX) Up on Positive Drug Trials

June 25th, 2014

Shares of Cambridge, Massachusetts-based Vertex Pharmaceuticals (VRTX) were up sharply on Tuesday, amid a broadly lower market on Wall Street. Vertex’s stock was up 40.41%, rising $26.92 to close at $93.53 per share, on volume of 25,236,837 shares. The company announced positive results for a drug it has formulated in treating cystic fibrosis. The successful
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Consumer Confidence Hits 6-Year High, Climate Change Poses Economic Risk

June 24th, 2014

Stocks continue to back away from their record highs that they hit last Friday. Consumer confidence continues to rise and hit a 6-year high in June. The main factors that led to an increased consumer confidence level were rising stock prices and continual job growth. A bipartisan report was released today suggesting that future climate
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Dean Foods (DF) Subpoenaed in Insider Trading Case

June 24th, 2014

Shares of the Dean Foods (DF) were off -0.52 or -2.96 percent to $17.03 per share in after hours trading yesterday afternoon , after news that the company was recently served with a subpoena from Preet Bharara, the United States Attorney for Manhattan. The subpoena was for documents related to alleged insider trading by sports
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Existing Home Sales Post Best Gain Since 2011; Stocks Retreat From Record Highs

June 23rd, 2014

The Dow and S&P 500 retreat from record highs, while Nasdaq ends the day slightly up. Existing home sales rose 4.9% in May, for the second straight month. The monthly gain is the highest gain since August 2011. A massive combined airbag recall of nearly 3 million vehicles worldwide was announced by Honda (HMC), Mazda,
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MICROS Systems (MCRS) to be Acquired by Oracle for $5.3B

June 23rd, 2014

Shares of the MICROS Systems Inc. (MCRS) were trading up +1.63 or +2.48 percent to $67.40 per share in pre-market trading on Monday, after news that Oracle Corp. (ORCL) would be taking the company over in a $5.3 billion deal. MICROS Systems stock closed at $65.77 per share, up +0.52 or +0.80% in Fridayâ s
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Housing Recovery Faltering; Nasdaq Closes at 14-Year High

June 20th, 2014

The record finishes continue as the Dow and S&P 500 both end at all-time highs. Nasdaq also finished in the green at a 14-year high. The number of available jobs increased in most states during May thus the jobless rate fell in 20 states last month. Also, jobless rates were below the national average of
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Fed Continues to Trim Stimulus; Amazon Unveils 3-D Fire Phone

June 20th, 2014

Weekly Wrap Up The week ended on a high note with the Dow Jones and S&P 500 closing at record highs. In addition, Nasdaq closed at a 14-year high. The Federal Reserve met this week and announced, as expected, that they would be cutting the stimulus package by another $10 billion, reducing monthly spending from
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Oracle (ORCL) Shares Down After Earnings Miss

June 20th, 2014

Shares of the Oracle Corporation (ORCL) were down -2.62 or -6.16 percent to $39.89 in pre-market trading this morning, after the company announced lower than expected fourth quarter earnings late yesterday. Oracle stock closed at $42.51, down -0.30 or -0.70 percent in Thursdayâ s regular trading session. Redwood City, California based Oracle Corporation is the
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Record Finishes Continue for S&P 500; American Apparel’s CEO Ousted

June 19th, 2014

The S&P 500 hit a record close for the second straight day. Additional earnings reports were released today, revealing mixed results. Rite Aid (RAD), Coach (COH), and Pier One’s (PIR) shares all fell after they reported disappointing earning forecasts. Kroger’s (KR) shares jumped up 5% after the grocery store reported higher than expected first-quarter earnings.
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Measurement Specialties (MEAS) to be Acquired by TE Connectivity

June 19th, 2014

Shares of Measurement Specialties Inc. (MEAS) were up + 8.15 or +10.45 percent to $86.15 per share in pre market trading early Thursday, after news released late Wednesday that TE Connectivity Ltd. (TEL) and Measurement Specialties had entered into a definitive agreement for the acquisition of Measurement Specialties by TE Connectivity for $86.00 per share.
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Fed Cuts Stimulus by Another $10 Billion, Reduces U.S. Economic Growth Forecast

June 18th, 2014

The S&P 500 closed at a record high today, nearly reaching 2,000, while Nasdaq closed at a 2014 high. The Dow Jones also ended the day in the green. The Federal Reserve met today and reduced its forecast for U.S. economic growth in 2014. The Fed still does believe that the unemployment rate will continue
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SolarCity (SCTY) Up on Acquisition of Solar Panel Manufacturer

June 18th, 2014

Shares of San Mateo, California based SolarCity Corp. (SCTY) rose sharply on an overall up day on Wall Street. SolarCity’s stock was up 17.58%, rising $9.65 per share to close at $64.53, on volume of 24,105,997 shares. The company announced that it is acquiring a solar panel maker, that will be a “breakthrough in the
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