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Stock Market & Financial Investment News

News Breaks
March 26, 2013
07:05 EDTPNNT, PSEC, BKCC, GBDC, MCC, HRZN, AINV, NMFC, ARCC, TCRD, TICC, HTGC, ACASBDC sector downgraded to Market Weight at Wells Fargo
Wells Fargo downgraded the Business Development Companies sector to Market Weight from Overweight citing valuations and elevated risks in the credit markets. Along with the sector, Wells downgraded Apollo Investment (AINV), Prospect Capital (PSEC) and TICC Capital (TICC) to Underpeform from Market Perform, as well as Horizon Technology (HRZN), PennantPark (PNNT), THL Credit (TCRD) and Medley Capital (MCC) to Market Perform from Outperform. The firm has Outperform ratings on American Capital (ACAS), Ares Capital (ARCC), Golub Capital (GBDC), Hercules Technology (HTGC) and New Mountain Finance (NMFC), and keeps an Underperform rating on BlackRock Kelso (BKCC).
News For AINV;PSEC;TICC;HRZN;PNNT;TCRD;MCC;ACAS;ARCC;GBDC;HTGC;NMFC;BKCC From The Last 14 Days
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April 1, 2015
10:01 EDTMCCOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: AMC Networks (AMCX) downgraded at Evercore ISI... Altera (ALTR) downgraded to Hold from Buy at Argus... American Airlines (AAL) downgraded to Hold from Buy at Deutsche Bank... AxoGen (AXGN) downgraded to Neutral from Buy at Ladenburg... BB&T (BBT) downgraded to Neutral from Overweight at JPMorgan... CA Technologies (CA) downgraded to Equal Weight from Overweight at Barclays... Catamaran (CTRX) downgraded to Market Perform from Outperform at Leerink... Charter (CHTR) downgraded to Hold from Buy at Wunderlich... Delta Air Lines (DAL) downgraded to Hold from Buy at Deutsche Bank... Domtar (UFS) downgraded to Neutral from Buy at DA Davidson... Fifth Street Finance (FSC) downgraded to Neutral from Buy at UBS... Gold Fields (GFI) downgraded to Sell from Hold at Deutsche Bank... Medley Capital (MCC) downgraded to Neutral from Buy at UBS... Michael Kors (KORS) downgraded to Neutral from Overweight at Piper Jaffray... Norcraft (NCFT) downgraded to Equal Weight from Overweight at Stephens... Nucor (NUE) downgraded to Neutral from Buy at Nomura... ON Semiconductor (ONNN) downgraded to Sell from Neutral at Goldman... Pier 1 Imports (PIR) downgraded to Underweight from Equal Weight at Morgan Stanley... Pinnacle Financial (PNFP) downgraded to Hold from Buy at Sandler ONeill... Rolls-Royce (RYCEY) downgraded to Underperform from Market Perform at Bernstein... Sibanye Gold (SBGL) downgraded to Sell from Hold at Deutsche Bank... Steel Dynamics (STLD) downgraded to Neutral from Buy at Nomura... SunTrust (STI) downgraded to Hold from Buy at Sandler O'Neill... Telefonica Brasil (VIV) downgraded to Hold from Buy at HSBC... UTi Worldwide (UTIW) downgraded to Sector Perform from Outperform at RBC Capital... United Continental (UAL) downgraded to Hold from Buy at Deutsche Bank... Universal Health (UHS) downgraded at Sterne Agee.
06:05 EDTMCCMedley Capital downgraded to Neutral from Buy at UBS
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March 30, 2015
16:15 EDTMCCSierra Income announces joint venture
Sierra Income announced that it has formed a joint venture with a premier U.S. provider of property and casualty insurance, creating Sierra Senior Loan Strategy JV I LLC. The joint venture is expected to invest primarily in middle market and other corporate debt securities, a natural extension of Sierra’s leading origination and underwriting franchise. Sierra and the JV Partner have committed to provide an aggregate of $100M of equity to the joint venture, with Sierra providing $87.5M and the JV Partner providing $12.5M. In addition, SIC SLS JV is in discussions with third party financing providers to provide the joint venture with a credit facility. Sierra and the JV Partner anticipate beginning to fund the joint venture with new investments in May. SIC Advisors LLC is an affiliate of Medley Management.
16:13 EDTMCCMedley Capital announces JV
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10:22 EDTPSECOptions with decreasing implied volatility
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March 27, 2015
16:31 EDTBKCCBlackRock Capital Investment Corp. files $1.5B mixed securities shelf
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14:47 EDTPNNTPennantPark management to meet with JPMorgan
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March 26, 2015
08:30 EDTACASAmerican Capital management to meet with Deutsche Bank
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March 25, 2015
12:00 EDTACASAmerican Capital announces authorization of reinstatement of repurchases
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10:36 EDTPSECOptions with decreasing implied volatility
Options with decreasing implied volatility: FOLD WLL WBAI ASPS GES PSEC CTRP LNCO VRTX ARP
March 24, 2015
10:40 EDTPSECOptions with increasing implied volatility
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10:32 EDTPSECOptions with increasing implied volatility
Options with increasing implied volatility: MAC CMG HLSS PSEC ISRG AMZN CREE
07:28 EDTHTGCHercules Technology 6.6M share Spot Secondary priced at $13.64
Wells Fargo, Raymond James and Keefe Bruyette acted as joint book running managers for the offering.
March 23, 2015
19:13 EDTHTGCOn The Fly: After Hours Movers
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16:20 EDTHTGCHercules Technology files to sell 6.6M shares of common stock
Hercules expects to use the net proceeds from this offering to fund investments in debt and equity securities in accordance with its investment objective and for other general corporate purposes Wells Fargo Securities, Raymond James and Keefe, Bruyette & Woods, a Stifel Company, are acting as joint book-running managers in this offering.
March 19, 2015
09:20 EDTHRZNOn The Fly: Pre-market Movers
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08:49 EDTHRZNHorizon Technology 2.38M share Spot Secondary priced at $13.95
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March 18, 2015
16:06 EDTHRZNHorizon Technology files to sell 2M shares, 380K shares for holders
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08:10 EDTARCCAres Management names Michael McFerran as CFO
Ares Management, L.P. (ARES) announced that it has appointed Michael R. McFerran as Executive VP, CFO and Treasurer, effective March 23. McFerran will assume firm-wide CFO and Treasurer responsibilities. McFerran was previously a Managing Director at Kohlberg Kravis Roberts & Co. L.P. (KKR) where he served as the CFO of KKR’s credit business and was the COO and CFO of KKR Financial Holdings LLC (KFN). Daniel F. Nguyen, Ares Management’s current CFO and Treasurer, will remain with Ares as CFO of the Ares Private Equity and Tradable Credit Groups and will continue his involvement with firm M&A activities. The CFO roles for each of the other two Ares investment groups, Direct Lending and Real Estate, will continue to be filled by Penni Roll and Tae-Sik Yoon, respectively. In addition, Roll will continue as CFO of Ares Capital Corporation (ARCC) and Yoon will continue as CFO of Ares Commercial Real Estate Corporation (ACRE).

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