Notable News: Federal National Mortgage Assctn Fnni, General Motors Company, Broadcom Corporation, Alcoa Inc


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OTC:BB:FNMA / NYSE:GM / NASDAQ:BRCM / NYSE:AA
01/05/2014 [ACCESSWIRE]

NEW YORK / ACCESSWIRE / June 05, 2014 / Market Buzz Report, which provides up to date coverage, commentary and alerts on OTC and NASDAQ Stocks, issues critical stocks analysis for Federal National Mortgage Assctn Fnni, General Motors Company, Broadcom Corporation, Alcoa Inc.

Federal National Mortgage Assctn Fnni Me (OTCBB:FNMA)’s shares declined 2.80% to $4.52. The company on May 30 said its April 2014 Monthly Summary is now available. The monthly summary report contains information about Fannie Mae's monthly and year-to-date activities for our gross mortgage portfolio, mortgage-backed securities and other guarantees, interest rate risk measures, serious delinquency rates, and loan modifications.

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Additionally, the company on May 16 priced its fifth Multifamily DUS REMIC in 2014 totaling $1.24 billion under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS(TM)) program on May 9, 2014.

General Motors Company (NYSE:GM)’s shares gained 3.57% to $36.52. General Motors Co and its Chinese joint ventures sold 276,109 vehicles in China in May, up 9.2 percent from a year earlier, the U.S. automaker said on on June 5. That follows a 6.3 percent year-on-year rise in April and a 7.8 rise in March. The company's sales in the first five months of the year came to 1.47 million vehicles, up 10.7 percent from the same period a year earlier. GM plans to invest $12 billion in China between 2014 and 2017 and build five more plants to ramp up its manufacturing capacity, its China president Matt Tsien said at the Beijing auto show in April.

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Additionally, the company on June 3 has apologized to the families of accident victims who have been asked to bring in cars to replace defective ignition switches. GM has recalled 2.6 million vehicles to replace a defective switch that has been linked to 13 fatalities. Some families who lost loved ones in fatal crashes have complained that the auto firm should not have sent them notices to bring in cars for repairs.

Broadcom Corporation (NASDAQ:BRCM)’s shares jumped 3.32% to $37.07. The company on June 2 announced it is exploring strategic alternatives for its cellular baseband business, including a potential sale or wind-down. The company has engaged investment bank JP Morgan in connection with its efforts. The successful sale or wind-down of the cellular baseband business is currently expected to result in a roughly $700 million reduction in annualized GAAP research and development and selling, general and administrative expenses, of which approximately $100 million relates to estimated reductions in stock-based compensation.

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Additionally, in a report published on June 3, Stifel analyst Kevin Cassidy downgraded the rating on Broadcom’s shares from Buy to Hold, and removed the $34.00 price target.

Alcoa Inc (NYSE:AA)’s shares gained 1.25% to $13.82. The company on May 29 broke ground on its state-of-the-art, $100 million aerospace expansion in La Porte, Indiana where it will produce nickel-based superalloy jet engine parts. The new 320,000-square-foot facility will expand Alcoa’s reach from structural engine components for business and regional jets to large commercial aircraft, including narrow- and wide-body and military airplanes.

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Additionally, the company on May 27 announced that 2013 was its safest, most environmentally-efficient year on record, as the Company made strong strides in improving the sustainability of its global operations.

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SOURCE: Market Buzz Report  

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