New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
January 10, 2014
09:50 EDTACEACE shareholders approve 24% quarterly dividend increase to 63c per share
ACE Limited announced that its shareholders approved a resolution to increase the company’s quarterly dollar-denominated dividend by 24%, to 63c per share from 51c per share. The approved dividend increase will be distributed out of capital contribution reserves and will be in addition to the par value reduction approved by shareholders on May 16, 2013, for a total of 63c per share for each of the next two quarterly dividend installments. The first of these installments will be payable on January 31, to shareholders of record at the close of trading on the New York Stock Exchange on January 13.
News For ACE From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
1 | 2 | all recent ACE news | >>
July 2, 2015
10:57 EDTACEChubb upgraded to Outperform from Market Perform at Keefe Bruyette
Subscribe for More Information
08:36 EDTACEACE Limited shares could retreat following deal, says BMO Capital
Subscribe for More Information
07:26 EDTACEACE Limited deal 'transformative,' says RBC Capital
Subscribe for More Information
July 1, 2015
16:28 EDTACEOn The Fly: Top stock stories for Wednesday
Stocks on Wall Street opened higher amid hopes for a resolution to the Greek debt crisis. The market also received help from positive reports from the ISM on manufacturing and ADP on the labor market. The averages saw their highs shortly after the open and then gradually drifted off those highs, while moving in a fairly narrow range. Investors will now be looking to the release of tomorrow’s nonfarm payrolls report, which will be out a day earlier than normal due to the Independence Day holiday. ECONOMIC EVENTS: In the U.S., ADP reported the private sector added 237,000 jobs in June, versus expectations for 218,000 job additions. Markit's manufacturing purchasing managers' index for June came in at 53.6, narrowly above the 53.4 forecast. ISM's manufacturing index rose to 53.5 in June, topping May's 52.8 reading and the 53.2 consensus forecast. Construction spending rose 0.8% in May, versus the expected growth of 0.5%. In China, manufacturing PMIs came in short of expectations. The HSBC/Markit PMI slipped to a final 49.4 in June from the flash reading of 49.6, while the government's official manufacturing PMI fell to 50.1 in June from 50.9 in May. In Europe, Greece officially missed its $1.7B payment to the International Monetary Fund last night. Reports then indicated that Greece's government was willing to make concessions that get it much closer to creditor demands. The new proposal for budget cuts and policy overhauls from Prime Minister Alexis Tsipras was dismissed by European officials, however, and Eurogroup president Jeroen Dijsselbloem said that he sees no need for further talks on Greece at this point and that he awaits the result of this Sunday's scheduled referendum. COMPANY NEWS: In a blockbuster deal in the insurance industry, ACE Limited (ACE) agreed to acquire Chubb (CB) in a cash and stock transaction valued in excess of $28B that will create the number one global Property and Casualty insurance company by P&C underwriting income and the number two U.S. public P&C insurer by market cap. ACE shares advanced 77c, or 0.76%, to $102.45 following the deal announcement, while Chubb surged $25.63, or 26.94%, to $120.77... U.S. airline stocks dropped after the Associated Press reported that the Justice Department is investigating potential "unlawful coordination" between companies attempting to artificially limit growth to keep fares high. Shares of American Airlines (AAL), Delta Air Lines (DAL), Southwest (LUV), United Continental (UAL) and JetBlue (JBLU) all closed lower by between 1.4% to 3.4% following the report. MAJOR MOVERS: Among the notable gainers was Schnitzer Steel (SCHN), which advanced 13.45% to $19.82 after BofA Merrill Lynch upgraded the shares two notches to Buy from Underperform and raised its price target to $21, saying scrap pricing should be nearing a trough with stability expected ahead. Also higher were shares of Dycom (DY), which gained 7.87% to $63.48 following a fourth quarter guidance hike, an announcement of a $40M repurchase plan and an upgrade to Buy at DA Davidson. Among the noteworthy losers was Baxter (BAX), which fell 44.43% to $38.86 after its spin-off of Baxalta (BXLT), whose shares fell 1.38% to $31.50. Baxter was downgraded to Neutral from Outperform at Credit Suisse after the research firm updated its valuation of Baxter to reflect the split. Also lower was Graham Holdings (GHC), which fell 35.48% to $693.63 after the company completed its spin-off of Cable ONE (CABO), whose shares lost 6.23% to $399. Additionally, shares of General Motors (GM) fell 0.87% to $33.04 after the company halted production at its Russian plant and reported June U.S. sales dropped 3%. INDEXES: The Dow rose 138.40, or 0.79%, to 17,757.91, the Nasdaq gained 26.26, or 0.53%, to 5,013.12, and the S&P 500 advanced 14.31, or 0.69%, to 2,077.42.
14:39 EDTACEChubb downgraded to Hold from Buy at Argus
Chubb (CB) has agreed to be acquired by ACE Limited (ACE).
13:05 EDTACEOn The Fly: Top stock stories at midday
Stocks on Wall Street remain higher at midday but off their best levels, which were achieved shortly after the open. The strength is being largely attributed to hopes for a resolution to the Greek crisis, but the move was also supported by better than expected domestic data on employment, construction and manufacturing. ECONOMIC EVENTS: In the U.S., ADP reported the addition of 237,000 private sector jobs in June, versus expectations for 218,000 job additions. Markit's manufacturing purchasing managers' index for June came in at 53.6, narrowly topping the 53.4 forecast. ISM's manufacturing index rose to 53.5 in June, topping May's 52.8 reading and the 53.2 consensus forecast. Construction spending rose 0.8% in May, versus the expected growth of 0.5%. In China, manufacturing PMI's came in short of expectations. The HSBC/Markit PMI slipped to a final 49.4 in June from the flash reading of 49.6 reading, while the official manufacturing PMI fell to 50.1 in June from 50.9 in May. In Europe, Greece officially missed its $1.7B payment to the International Monetary Fund, becoming the first developed country to do so. The Financial Times then reported the Greek government was indicating it was willing to make concessions that get it much closer to creditor demands. The new proposal for budget cuts and policy overhauls from Prime Minister Alexis Tsipras was dismissed by European officials, however, and uncertainty remains high surrounding the next steps in Europe. COMPANY NEWS: In a blockbuster deal in the insurance industry, ACE Limited (ACE) agreed to acquire Chubb (CB) in a transaction valued in excess of $28B in cash and stock. ACE said it expects that the deal will be immediately accretive to EPS and book value, and by year three, the transaction will be accretive to EPS on a double-digit basis and will be accretive to ROE. The combined company is expected to be the number one global Property and Casualty insurance company by P&C underwriting income and the number two U.S. public P&C insurer by market cap. ACE shares advance 2% following the deal announcement, while Chubb surged 29%... General Motors (GM) reported its U.S. sales fell 3% in June compared to the same month of last year, while Ford (F) said its sales grew 1.6% last month compared to last year. FCA US, the parent of the Chrysler and Jeep brands, reported U.S. sales increased 8% compared with sales in June 2014. MAJOR MOVERS: Among the notable gainers was Schnitzer Steel (SCHN), which rose 14% after BofA Merrill Lynch upgraded the shares two notches to Buy from Underperform and raised its price target to $21, saying it believes scrap pricing should be nearing a trough with stability expected ahead. Also higher were shares of Dycom (DY), which gained 7% after the company raised its fourth quarter guidance for both earnings and revenue and announced a $40M stock repurchase program. Among the noteworthy losers was Chambers Street Properties (CSG), which fell 8% after announcing a merger agreement with Gramercy Property Trust (GPT), whose shares also slipped 3% following the announcement of the stock-for-stock transaction. Also lower were shares of Peabody Energy (BTU), which dropped 24% after cutting its second quarter guidance on Tuesday night. The company sees its adjusted EPS below its original target due to multiple factors, including flash flood events in June and price drops in Australian metallurgical coal. INDEXES: Near midday, the Dow was up 88.42, or 0.5%, to 17,707.93, the Nasdaq was up 13.01, or 0.26%, to 4,999.88, and the S&P 500 was up 8.62, or 0.42%, to 2,071.73.
12:55 EDTACEHartford Financial calls active on ACE Limited acquisition of Chubb
Subscribe for More Information
10:09 EDTACEHigh option volume stocks
High option volume stocks: ACE APOL SC SCHN SGMS BDBD OFG HTS AVAV CAVM
09:54 EDTACEWells does not expect competing bid for Chubb
Subscribe for More Information
09:28 EDTACEOn The Fly: Pre-market Movers
Subscribe for More Information
09:14 EDTACEACE CFO says does not expect to make share buybacks 'for some time'
09:10 EDTACEACE says combined company to be number two U.S. public P&C insurer by market cap
Subscribe for More Information
09:03 EDTACEACE sees no material tax gain from Chubb deal
Subscribe for More Information
07:49 EDTACEChubb volatility elevated into ACE Limited acquiring for $28B in cash and stock
Subscribe for More Information
07:47 EDTACEACE Limited & Chubb to host joint conference call
Subscribe for More Information
07:41 EDTACEACE Limited volatility elevated into acquiring Chubb for $28B in cash and stock
ACE Limited (ACE) July call option implied volatility is at 18, August is at 17; compared to its 52-week range of 10 to 21, suggesting large price movement into acquiring Chubb (CB) for $62.93 per share in cash and 0.6019 shares of ACE stock.
07:02 EDTACEACE sees deal immediately accretive to EPS and book value
It is expected that the transaction will be immediately accretive to earnings per share and book value, and by year three, the transaction will be accretive to EPS on a double-digit basis and will be accretive to ROE. It is anticipated that the ROI will exceed ACE’s cost of capital within two years, result in a double-digit return by year three, and tangible book value per share will return to its current level in three years. Morgan Stanley & Co. LLC is serving as financial advisor and Sullivan & Cromwell LLP is serving as legal counsel to ACE. Guggenheim Securities, LLC is serving as financial advisor and Wachtell, Lipton, Rosen & Katz is serving as legal counsel to Chubb.
07:02 EDTACEACE Limited, Chubb company will be led by Evan Greenberg
Subscribe for More Information
07:01 EDTACEACE Limited to acquire Chubb for $28.3B in cash and stock
Subscribe for More Information
07:00 EDTACEACE Limited to acquire Chubb for $28.3B in cash and stock
Subscribe for More Information
1 | 2 | all recent ACE news | >>

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use