Schaeffer's Trading Floor Blog

Buzz Stocks: General Motors Company, BreitBurn Energy Partners L.P., Wal-Mart Stores, Inc., and UBS AG

Today's stocks to watch in the news are GM, BBEP, WMT, and UBS

by 7/24/2014 9:13 AM
Stocks quoted in this article:

U.S. markets are poised for a solid start thanks to a round of strong manufacturing data from around the globe. In company news, here are some stocks to watch.

  • General Motors Company (NYSE:GM) announced a fresh round of recalls yesterday, bringing its year-to-date total to roughly 26 million vehicles. The latest recall involves newer year models, with the company citing a number of safety concerns, including faulty laser welding. The news preceded the automakers' second-quarter earnings report, which was released this morning. (Los Angeles Times; Bloomberg)

  • In M&A news, BreitBurn Energy Partners L.P. (NASDAQ:BBEP) has agreed to purchase QR Energy LP (NYSE:QRE) in a deal worth about $1.5 billion. Elsewhere, Google Inc (NASDAQ:GOOG) will acquire 3-D graphics firm drawElements for a reported $10 million. (FOX Business; The New York Times)

  • The Delaware Supreme Court on Wednesday upheld a ruling requiring Wal-Mart Stores, Inc. (NYSE:WMT) to release to a shareholder internal documents relating to the company's Mexico bribery investigation. In response, the attorney representing the shareholder said, "We are very pleased with the result. After almost two years we eagerly await these documents and the truth they will reveal." Separately, WMT this morning announced the retirement of its U.S. CEO William Simon, effective Aug. 8. Simon will be replaced by Gregory Foran, former CEO of retail operations in Asia. (Reuters; MarketWatch)

  • French officials have ordered UBS AG (NYSE:UBS) to pay roughly $1.5 billion in bail, after the Swiss bank was put under formal investigation for money laundering. UBS called the bail "unprecedented and unwarranted," and said it plans to appeal. (Reuters)

  • The Food and Drug Administration approved Gilead Sciences, Inc.'s (NASDAQ:GILD) new cancer drug, Zydelig, aimed at treating three types of the disease: chronic lymphocytic leukemia, follicular lymphoma, and small lymphocytic lymphoma. According to the FDA, combining Zydelig with Rituxan -- another cancer treatment -- slowed the progression of the disease. (FOX Business)

  • Among companies that reported earnings were Facebook Inc (NASDAQ:FB), AT&T Inc. (NYSE:T), Ford Motor Company (NYSE:F), TripAdvisor Inc (NASDAQ:TRIP), and QUALCOMM, Inc. (NASDAQ:QCOM). (MarketWatch; USA Today; CNBC; FOX Business)

  • Finally, a family from Minnesota was temporarily removed from a Southwest Airlines Co's (NYSE:LUV) flight in Denver, after the father sent out a tweet complaining about one of the employees. The family was eventually allowed to re-board the plane after the man deleted the tweet, and LUV said the incident will go "under review." (Consumerist)

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