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Stock Market & Financial Investment News

News Breaks
June 3, 2014
07:03 EDTACMAECOM Capital, Lowe Enterprises form JV with Atlas Hotels
Lowe Enterprises and AECOM Capital, the investment fund of AECOM Technology Corporation, have formed a joint venture with long-time property owner Atlas Hotels, Inc. to own, operate and reposition the Town and Country Resort & Convention Center in the Mission Valley area of San Diego. Lowe’s hospitality management subsidiary, Destination Hotels & Resorts, has assumed management of the 954-room resort located at 500 Hotel Circle North. The new ownership group will immediately begin developing and implementing a program of property-wide infrastructure upgrades and creating a new long-term vision for the property.
News For ACM From The Last 14 Days
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July 15, 2014
14:55 EDTACMAECOM Technology outlook brightening, says Argus
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July 14, 2014
14:04 EDTACMAECOM Technology upgraded to Buy from Neutral at UBS
UBS upgraded AECOM to Buy citing cost synergies and debt reduction from the URS Corporation (URS) merger. Price target raised to $40 from $33.
13:39 EDTACMAECOM Technology upgraded to Buy from Neutral at UBS
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12:21 EDTACMOn The Fly: Midday Wrap
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09:30 EDTACMAECOM Technology upgraded to Buy from Hold at BB&T
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09:27 EDTACMAECOM Technology acquisition terms represent fair value, says RW Baird
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09:16 EDTACMOn The Fly: Pre-market Movers
HIGHER: Citigroup (C), up 3.6% after reporting better than expected Q2 results, announcing $7B settlement with DOJ and FDIC... Apple (AAPL), up 0.7% after Barclays upgrades stock to Overweight, Morgan Stanley raises Apple estimates above consensus... Shire (SHPG), up 1.6% after receiving revised proposal from AbbVie (ABBV) of GPB 53.20 per share, which it says it would be willing to recommend to Shire shareholders. AbbVie is down 2.8% after the news... Mylan (MYL), up 4% after acquiring Abbott's (ABT) non-U.S. developed markets specialty and branded generics business in all-stock transaction valued at about $5.3B. Abbott up 1.6% after the news... Progenics (PGNX), up 13% after FDA says RELISTOR can be approved on data submitted in sNDA... Exelixis (EXEL), up 13% after announcing coBRIM Phase 3 trial met primary endpoint... URS (URS) up 8% after acquired by AECOM Technology (ACM) for $56.31 per share. AECOM shares alos up 2% after deal announcement... Whiting Petroleum (WLL), up 4.5% after agreeing to acquire Kodiak Oil & Gas (KOG) in a $6B transaction. Kodiak Oil & Gas up 3%... Kandi Technologies (KNDI), up 11% after announcing JV's sale of 4,114 EVs in Q2. LOWER: Riverbed (RVBD), down 4.5% after saying it sees its Q2 adjusted EPS at low end of 26c-28c range... Harmonic (HLIT), down 13% after reporting preliminary Q2 earnings results.. EBay (EBAY), down 0.5% after downgraded at Pacific Crest, confirming partnership plans with Sotheby's (BID).
08:33 EDTACMAECOM Technology expects to return to lower debt levels by 2017
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08:01 EDTACMAECOM Technology to host conference call
Conference call to discuss the acquisition of URS Corporation will be held on July 14 at 8 am. Webcast Link
07:38 EDTACMURS volatility expected to move on AECOM Technology acquiring for $4B
URS (URS) option implied volatility is expected to move on AECOM Technology (ACM) acquiring all outstanding shares of URS for a combination of cash and stock valued at approximately $4B or $56.31 per URS share. Overall option implied volatility of 49 is above its 26-week average of 29 according to Track Data, suggesting large near term price movement.
July 13, 2014
14:06 EDTACMAECOM sees URS deal accretive to GAAP EPS in FY15
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14:02 EDTACMAECOM backs FY14 EPS view in lower range of $2.50-$2.60, consensus $2.49
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13:54 EDTACMAECOM Technology to acquire URS for $56.31 per share
AECOM Technology (ACM) and URS (URS) announced the execution of a definitive agreement under which AECOM will acquire all outstanding shares of URS for a combination of cash and stock valued at approximately $4B or $56.31 per URS share, based on the AECOM closing share price as of July 11. Including the assumption of URS debt, the total enterprise value of the transaction is approximately $6B. The combined company will be a leading, fully integrated infrastructure and federal services provider with more than 95,000 employees in 150 countries. It would have calendar year 2013 pro forma revenues of more than $19B and EBITDA of approximately $1.3B. AECOM will pay $56.31 per URS share, based on AECOM’s closing price on July 11, representing a premium of 19% over the trailing 30-day average closing price of URS shares ending July 11. URS stockholders will receive per share consideration equal to $33 in cash and 0.734 shares of AECOM common stock for each URS share. URS stockholders may elect to receive all cash or all stock consideration, subject to proration in the event of oversubscription. The election will be subject to a customary proration mechanism to achieve an aggregate consideration mix of approximately 59% cash and 41% AECOM common shares. The stock portion of the consideration is expected to be tax-free to URS stockholders. AECOM expects the combination to be accretive to its GAAP earnings per share and more than 25% accretive to its cash earnings per share in fiscal year 2015, excluding transaction-related costs. AECOM also expects annual cost synergies of $250M, nearly all of which it expects to achieve by the end of fiscal year 2016. These synergy expectations are based on the due diligence and planning that have already been conducted. Including the realization of expected synergies, the approximately $6B enterprise value of the transaction is less than 7x pro forma 2015 URS EBITDA. The terms of the definitive agreement have been unanimously approved by the Boards of Directors of both companies. The transaction is subject to customary closing conditions, including regulatory approvals, approval by URS stockholders of the merger agreement, and the approval by AECOM stockholders of the issuance of shares in the transaction. The transaction is expected to close in October 2014. AECOM also announced that it continues to target diluted earnings per share in the lower end of its range of $2.50 to $2.60 for fiscal year 2014, excluding transaction-related costs. It also still anticipates that its third-quarter EPS will be approximately 25% of its full-year results. The company’s backlog continues to grow sequentially and year over year, and remains at record levels.

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