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September 22, 2015
10:07 EDTCMCSAMedia companies adjust Netflix strategy ahead of OTT growth, Bloomberg says
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09:20 EDTGRPNOn The Fly: Pre-market Movers
HIGHER: Ashland (ASH), up 4% after announcing that its board has approved proceeding with a plan to separate Ashland into two independent, publicly traded companies: the new Ashland, a provider of specialty chemical solutions, and Valvoline, which will focus on building the world's leading engine and automotive maintenance business... Solera Holdings (SLH), up 3% after Bloomberg reported that IHS (IHS) is considering besting Vista Equity Partners' $55.85 per share offer for Solera. Shares of IHS are up xxx% following the report... Weatherford (WFT), up 11% after stating that it has decided not to pursue its previously announced concurrent public offerings of ordinary shares of the company and mandatorily exchangeable subordinated notes. DOWN AFTER EARNINGS: Carnival (CCL), down 3.7%. ALSO LOWER: Groupon (GRPN), down 0.7% after announcing plans to cut 1,100 jobs relating primarily to the company's international operations... New Mountain Finance (NMFC), down 4% after its 5M share spot secondary priced at $14.14 per share... Memorial Resource Development (MRD), down 4% after announcing it acquired additional acreage in North Louisiana and pricing its 12M share spot secondary at $17.60 per share.
09:02 EDTGRPNGroupon volatility flat into announcing restructuring, plans to cut 1,100 jobs
Groupon September weekly call option implied volatility is at 51, October is at 48; compared to its 52-week range of 33 to 83, suggesting non-directional price movement into announcing a restructuring, plans to cut 1,100 jobs, sees pretax charges up to $35M.
08:54 EDTGRPNGroupon to cut 1,100 jobs, sees pretax charges up to $35M
In a regulatory filing, Groupon disclosed that its board of directors approved restructuring actions relating primarily to the company's international operations. These actions are expected to involve an overall reduction of approximately 1,100 positions globally and be substantially complete by September 2016. In connection with these actions, the company expects to record total pre-tax charges of up to $35M, including approximately $22M-$24M in the third quarter of 2015. Substantially all of the pre-tax charges are expected to be paid in cash and will relate to employee severance and compensation benefits, with an immaterial amount of the charges relating to asset impairments and other exit costs. The company intends to exclude the restructuring charges from its non-GAAP financial metrics, including Adjusted EBITDA and non-GAAP EPS. In addition, the company expects that any cost savings from the restructuring actions will be immaterial in 2015. Cost savings in subsequent years are expected to be primarily reinvested in the business.
September 21, 2015
06:03 EDTPMPhilip Morris' Sampoerna sets price range for potential rights issue
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September 20, 2015
19:48 EDTCMCSA'Maze Runner' sequel outpaces 'Black Mass'
Young-adult science fiction film "Maze Runner: The Scorch Trials" raced ahead of Johnny Depp-led crime biopic "Black Mass" in their respective weekend debuts. WEEKEND LEADER: Falling somewhat short of estimated sales in the range of $34M-$36M, Fox's (FOX, FOXA) "Maze Runner: The Scorch Trials" grossed $30.3M domestically for the weekend of September 20. The sci-fi action thriller's $61M budget nearly doubles that of the first "Maze Runner" film, building on a trend of dystopic young-adult films popularized by Lionsgate's (LGF) "The Hunger Games" and "Divergent." BOX OFFICE RUNNERS-UP: "Black Mass" from Time Warner (TWX) subsidiary Warner Bros. took in $23.4M for its domestic open. The Boston-based crime film garnered acclaim from critics and audiences alike, with particular praise given to Johnny Depp in the role of mobster Whitey Bulger. Meanwhile, Comcast (CMCSA, CMCSK) subsidiary Universal's horror thriller "The Visit" earned $11.4M in its second week in theaters, while Sony (SNE) thriller "The Perfect Guy" fell to fourth place with $9.7M. Rounding out this weekend's Top 5, Universal's disaster film "Everest" grossed $7.6M despite opening in just 545 theaters ahead of its wider release.
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