GE, GM, Apple and Zynga Lead Stock Market Drivers Feb 2nd

General Electric (NYSE:GE): GE Capital and GE Healthcare, the financial services and healthcare divisions of General Electric, announced an investment in Check-Cap, Ltd., a developer of an ingestible imaging capsule that may help detect colorectal cancer. The investment is being made through the GE healthymagination Fund, an equity fund that makes investments in highly promising healthcare technology companies. The investment is aligned with GE Healthcare’s expanding focus on colon cancer management solutions that can improve healthcare globally, as well as GE’s broader healthymagination initiative, which focuses on reducing cost, increasing patient access and improving quality in healthcare. Financial terms of the transaction were not disclosed.

General Motors (NYSE:GM): General Motors (NYSE:GM) exercised options to cancel a substantial portion of its Q2 upfront advertising commitments, pulling out of nearly 50% of its upfront buys in broadcast and cable for the time period, the maximum allowed under its network contracts, reported Ad Week yesterday afternoon, citing sources.

Apple Inc. (NASDAQ:AAPL): A large increase in sales of Apple’s (NASDAQ:AAPL) iPhone caused the company to jump to third place in worldwide mobile phone sales in Q4, up from fifth place previously, according to Cnet, which cited research firm IDC. Apple, which had an 8.7% share of the worldwide market last quarter, trailed only Nokia (NYSE:NOK) and Samsung in mobile phone sales, the publication added.

Zynga (NASDAQ:ZNGA): Piper Jaffray believes Facebook’s preliminary prospectus provides a positive read through to Zynga. The firm sees an expanding addressable market opportunity for Zynga due to Facebook’s growing user base and reiterates an Overweight rating on the stock with an $11 price target.

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To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com