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Stock Market & Financial Investment News

News For MNST;SCCO;GGP;ARE;CP;SBUX;SPG;FAST;AIV;CVX;EVER;OCN;BXP From The Last 14 Days
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March 18, 2015
07:44 EDTOCNJPMorgan to purchase $45B of mortage service rights from Ocwen, NY Post says
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07:43 EDTSPGMacerich could see increased takeout bid from Simon, says Cowen
Cowen noted Macerich (MAC) rejected Simon Property Group's (SPG) $91 per share offer, but believes Simon Property could increase its bid. The firm feels if that occurs Macerich would be more receptive to a buyout. Cowen reiterated its Outperform rating and $95 price target on Macerich shares.
06:07 EDTSPGMacerich downgraded to Sell from Neutral at UBS
UBS downgraded Macerich (MAC) to Sell citing reduced probability of a near-term sale after the company staggered its board and adopted a poison pill. The firm now assigns only a 20% probability of a takeout at $100 per share. It lowered its price target for the stock to $84 from $90. UBS says Simon Property's (SPG) $91 per share takeover was "not unreasonable" and that he company is unlikely to pay substantially more for Macerich. Shares of the real estate investment trust closed yesterday down $3.29 to $91.60.
March 17, 2015
16:26 EDTSPGOn The Fly: Closing Wrap
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14:21 EDTSPGBlackstone unlikely to lead bid for Macerich, Bloomberg says
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13:10 EDTOCNJPMorgan could acquire Ocwen's Fannie MSR portfolio, IMF reports
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12:01 EDTSPGSimon Property responds to Macerich's rejection of Simon proposal
Simon Property (SPG) responded to the rejection by Macerich (MAC) of Simon's proposal to acquire the outstanding shares of Macerich for $91.00 per share in cash and Simon shares, and Macerich's decision to classify its board without a shareholder vote and adopt a poison pill. Simon CEO David Simon commented, "The Macerich Board has sent shareholders a clear message that it will do everything in its power to block a value-creating transaction and prevent them from having a voice in matters critical to the value of their investment. It is truly disappointing Macerich would not even meet to discuss our proposal and remarkable that its view on value could have changed so drastically just four months after issuing 10.9% of its shares at the $71.00 level. Macerich's rejection is based on a rosy view of its future prospects. Shareholders should closely examine Macerich's history of delivering on its forecasts, which pales in comparison to Simon's long track record of delivering industry-leading results that have outpaced Macerich in virtually every operating and financial category. Based on Simon's long history of outperforming Macerich, we are confident Macerich shareholders will realize more value through a combination with Simon than they could on a standalone basis. Macerich's decision to stagger its board without shareholder approval would be poor corporate governance at any time, but it is particularly egregious given that we recently notified Macerich that, should the need arise, we would nominate a number of candidates that would constitute only a minority of their Board. Macerich clearly does not believe its shareholders can be trusted to decide the composition of its board when the value of their investment hangs in the balance. The strategic logic of our proposal has been widely recognized, the value is compelling, and it is not conditioned on financing or dispositions. In addition, we are comfortable there are no legal issues with our offer, as to General Growth or otherwise, and no other impediments aside from the Macerich Board to the completing the proposed transaction. Given this extreme, scorched-earth response, Macerich shareholders should scrutinize the actions and motives of the Macerich Board."
10:00 EDTAIVOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Aimco (AIV) initiated with an Outperform at RW Baird... Alnylam (ALNY) initiated with a Buy at Janney Capital... American Campus (ACC) initiated with a Neutral at RW Baird... AvalonBay (AVB) initiated with a Neutral at RW Baird... BE Aerospace (BEAV) initiated with a Buy at CRT Capital... BlackRock (BLK) initiated with a Buy at Argus... Camden Property (CPT) initiated with an Outperform at RW Baird... CarMax (KMX) initiated with a Buy at Evercore ISI... Central Pacific (CPF) initiated with a Neutral at Macquarie... Cognex (CGNX) initiated with a Buy at Northcoast... Education Realty (EDR) initiated with a Neutral at RW Baird... EnerSys (ENS) initiated with an Overweight at Stephens... Equity Lifestyle (ELS) initiated with an Outperform at RW Baird... Equity Residential (EQR) initiated with a Neutral at RW Baird... Essex Property Trust (ESS) initiated with a Neutral at RW Baird... Facebook (FB) initiated with a Buy at Brean Capital... Intercept (ICPT) initiated with a Hold at MLV & Co.... Isis Pharmaceuticals (ISIS) initiated with a Neutral at Janney Capital... LinkedIn (LNKD) initiated with a Sell at Brean Capital... Mid-America Apartment (MAA) initiated with an Outperform at RW Baird... NetSuite (N) initiated with a Hold at Brean Capital... Paycom (PAYC) initiated with a Buy at Brean Capital... Platform Specialty Products (PAH) initiated with a Buy at UBS... Post Properties (PPS) initiated with a Neutral at RW Baird... Salesforce.com (CRM) initiated with a Hold at Brean Capital... ServiceNow (NOW) initiated with a Buy at Brean Capital... Snap-On (SNA) initiated with a Buy at Northcoast... Sun Communities (SUI) initiated with a Neutral at RW Baird... Twitter (TWTR) initiated with a Buy at Brean Capital... UDR, Inc. (UDR) initiated with an Outperform at RW Baird... Workday (WDAY) initiated with a Hold at Brean Capital... Xplore Technologies (XPLR) initiated with a Buy at Roth Capital... Yahoo (YHOO) initiated with a Hold at Argus.
08:15 EDTGGP, SPGMacerich adopts classified board structure, stockholder rights plan
Macerich (MAC) announced that its board unanimously approved two governance changes to ensure that all stockholders have the opportunity to realize the long-term value of their investment in the company and are protected from coercive takeover attempts. As permitted by the Maryland General Corporation Law, the board has adopted a classified board structure pursuant to which directors will be assigned to one of three classes, each serving three-year terms. In order to emphasize that the classified board is solely intended to protect stockholder value and not intended to be a permanent feature of the company's corporate governance, the company has committed to review the continued need for the classified board structure in 2016. In addition, the board has adopted a limited duration stockholder rights plan, effective March 17, and authorized a dividend distribution of one preferred share purchase right on each outstanding share of Macerich's common stock. If not redeemed or otherwise exchanged, the Rights Plan is limited in duration and will expire on the date of the company's 2016 Annual Meeting of Stockholders. Macerich's Board of Directors elected to implement these governance changes in response to the unsolicited takeover proposal announced by Simon Property Group (SPG) on March 9. In its proposal, Simon Property Group announced that it has entered into an agreement to sell selected Macerich assets to General Growth Properties (GGP). In addition, on March 12, James Barkley, General Counsel of Simon Property, sent a letter to Macerich indicating that Simon was contemplating the nomination of five dissident candidates to stand for election at Macerich's 2015 Annual Meeting of Stockholders. The Macerich Board believes this partnership raises serious antitrust concerns as it is a concerted effort by the two largest companies in the industry to acquire the number three company. As a result, the Board believes it is vital that it take proactive measures to protect stockholder value and prevent the accumulation of stock by any group that might seek to force the sale of the company.
08:12 EDTSPG, GGPMacerich rejects $91 per share proposal from Simon Property Group
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08:10 EDTSPGMacerich rejects $91 per share proposal from Simon Property
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06:08 EDTAIVAimco initiated with an Outperform at RW Baird
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March 16, 2015
11:11 EDTCVXOPEC sees oil prices to hit U.S. oil output by late 2015, Reuters says
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09:26 EDTCVXAtwood Oceanics Atwood Osprey to be out of service for 30 days due to cyclone
Atwood Oceanics (ATW) announced that its semisubmersible drilling unit, the Atwood Osprey, parted several mooring lines and drifted approximately three nautical miles from its original position during Cyclone Olwyn, which impacted the northwest coast of Australia on March 12. The rig is currently stable with a support vessel in position, and preliminary results indicate minimal damage with an estimated maximum of 30 days out of service time for repairs. No rig personnel were injured in the event. The Atwood Osprey is contracted to Chevron Australia (CVX) and was on location at the Iago 1B well. The well had been shut down and secured in accordance with Chevron's cyclone demobilization procedures and the rig had ballasted down and evacuated all its rig personnel in advance of the cyclone. Atwood Oceanics is coordinating its efforts with Chevron, the Australian offshore regulator and other affected parties.
09:01 EDTCPCanadian Pacific renews share repurchase program
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08:06 EDTCVXCB&I awarded technology and FEED contracts for coker unit
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March 13, 2015
11:59 EDTSPGREIT Zone says Macerich may see rival bid, Bloomberg reports
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09:12 EDTEVEREverBank 2.911M share Spot Secondary priced at $17.95
Barclays acted as sole book running manager for the offering.
06:32 EDTCVXIEA says oil price pressure likely to resume, Reuters reports
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06:29 EDTCVXOil companies reach tentative agreement with union, WSJ says
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