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News Breaks
March 27, 2013
10:05 EDTAOLAOL spikes up, levels to watch
The shares are up over 7.5% at time of writing, last at $38.95. At that price, next resistance is at $39.72, a prior pivot high. Support is at $38.02. Barclays upgraded the stock today to Overweight, with a $44 price target.
News For AOL From The Last 14 Days
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September 30, 2014
09:01 EDTAOLAOL to program MSN experience with premium video and news
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September 29, 2014
07:37 EDTAOLAOL, Publicis to expand global adveritising partnership
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07:24 EDTAOLAOL CEO says haven't focused on Starboard, Yahoo developments
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07:20 EDTAOLAOL CEO say no comment on Yahoo speculation
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September 26, 2014
16:55 EDTAOLMarket ends week lower after inversion crackdown, mixed data
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16:15 EDTAOLOn The Fly: Closing Wrap
Stocks on Wall Street were higher, regaining much of their losses from yesterday, after GDP data showed the U.S. economy grew at its fastest pace in more than 2 years during the second quarter. Also helping improve sentiment was the significant earnings beat from Dow member Nike (NKE). ECONOMIC EVENTS: In the U.S., second quarter real GDP growth was revised up to 4.6% in the government's third estimate. This was raised from the prior 4.2% growth estimate, though the upward revision had been expected by analysts. The final University of Michigan consumer sentiment index for September came in at 84.6, which was unchanged from the preliminary print but up from the final August reading of 82.5. COMPANY NEWS: Shares of Nike climbed $9.75, or 12.23%, to $89.50 after the company reported stronger than expected results and provided better than expected profit guidance. Following last night's report, a number of analysts reacted positively in notes this morning, including Janney Capital, which upgraded the stock to Buy from Neutral. Meanwhile, Deutsche Bank upgraded Under Armour (UA) to Buy, citing continued sector strength evidenced in Nike's results. Under Armour gained $2.27, or 3.36%, to $69.82 following the report from the industry leader and Deutsche's ratings action. MAJOR MOVERS: Among the notable gainers was Janus Capital (JNS), which surged $4.60, or 41.43%, to $15.72 after the company unexpectedly announced that "Bond King" Bill Gross, formerly of PIMCO, will join as a fund manager this Monday. Afterward, Citigroup upgraded Janus to Neutral from Sell, citing Gross' hiring. Also higher was Yahoo (YHOO), which jumped $1.71, or 4.39%, to $40.66 after activist investor Starboard Value announced it has acquired a significant ownership stake in the company and urged it to explore a strategic combination with AOL (AOL). Shares of AOL also rose $1.58, or 3.68%, to $44.55 following Starboard's public disclosure of its recommendation to Yahoo. Among the noteworthy losers was Finish Line (FINL), which was left out of the Nike-fueled rally in the sneaker sector and fell $4.30, or 14.62%, to $25.11 after the company reported second quarter earnings and revenue that missed expectations. Following Finish Line's Q2 report, the stock and peer Foot Locker (FL) were both downgraded to Neutral from Buy at Bank of America Merrill Lynch. Also lower were shares of AcelRx (ACRX), which fell $1.31, or 19.49%, to $5.41 and was downgraded to Neutral at Roth Capital after the company said it has to resubmit for FDA approval of its Zalviso drug. INDEXES: The Dow advanced 167.35, or 0.99%, to 17,113.15, the Nasdaq gained 45.45, or 1.02%, to 4,512.19, and the S&P 500 rose 16.86, or 0.86%, to 1,982.85.
12:49 EDTAOLAOL climbs after activist says Yahoo should pursue merger
Shares of AOL (AOL) are rising after activist investor Starboard Value urged Yahoo (YHOO) to consider a takeover of the company. WHAT'S NEW: Starboard said in a press release that Yahoo should "explore a strategic combination" with AOL. Merging with AOL could improve Yahoo's competitive position and deliver cost synergies of up to $1B, stated Starboard, which said that it had obtained a "significant stake" in Yahoo. Combining with AOL could also help Yahoo reduce the taxes it would owe after monetizing its stakes in Alibaba (BABA) and Yahoo Japan, Starboard stated. WHAT'S NOTABLE: Other steps that Yahoo should take include reducing its costs, curtailing its "aggressive acquisition strategy," and unlocking the value from its stakes in Alibaba and Yahoo Japan, the activist investor added. If all the steps recommended by Starboard are carried out, "tremendous value" for Yahoo shareholders will be unlocked, the hedge fund stated. PRICE ACTION: In early afternoon trading, AOL rose 3.5% to $44.50, while Yahoo gained 3% to $40.
12:31 EDTAOLReuters corrects tweet on Yahoo to attribute to Starboard, not company
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12:22 EDTAOLAOL calls active, activist believes combination with Yahoo could offer synergies
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12:20 EDTAOLAOL spikes higher after Starboard encourages combination with Yahoo
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12:17 EDTAOLAOL up 8.45%, Yahoo up 4% after talk of Yahoo-AOL combination
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12:15 EDTAOLStarboard believes Yahoo-AOL combination could offer synergies of up to $1B
In a letter to Yahoo, Starboard said, "Based on our analysis, we believe that a combination of Yahoo and AOL could offer synergies of up to $1 billion by significantly reducing the cost overlaps in their Display advertising businesses as well as synergies in corporate overhead. Importantly, we believe the combined entity would be able to more successfully navigate the ongoing industry changes, such as the growth of programmatic advertising and migration to mobile. In addition, we believe a combination could also lead to revenue growth opportunities given the broader user base, higher quality content, better technology assets, and enhanced relationships with advertising agencies. Interestingly, based on our research and the legal advice we have received on how to unlock the value of Yahoo's equity holdings, we believe a merger of AOL and Yahoo's core business may be one of the best ways to both fully seize the cost reduction opportunity and also to tax efficiently monetize Yahoo's non-core equity holdings. We trust the Board and management will do the right thing for shareholders, even if this may mean accepting AOL as the surviving entity in a combination, should that be the best and most tax efficient structure."
12:14 EDTAOLYahoo says exploring strategic combination with AOL, Reuters says
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12:13 EDTAOLStarboard urges Yahoo to explore combination with AOL
Starboard Value LP announced it has acquired a significant ownership stake in Yahoo!, and that it has delivered a letter to Marissa Mayer, President and CEO of Yahoo, and to Yahoo's Board of Directors. In the letter, Starboard said, "The purpose of this letter is to highlight several opportunities to unlock tremendous value for the benefit of all Yahoo shareholders. These opportunities include: 1) Unlocking the substantial value from Yahoo's non-core minority equity stakes in Alibaba (BABA) and Yahoo Japan in a structure that delivers value directly to Yahoo shareholders in a tax-efficient manner; 2) Realizing substantial cost efficiencies by reducing expenses throughout the Company, specifically with a goal of reducing losses in the Display business by between $250M-$500M; 3) Halting Yahoo's aggressive acquisition strategy which has resulted in $1.3 billion of capital spent since Q2 2012 while consolidated revenues have remained stagnant and EBITDA has materially decreased; and 4) Exploring a strategic combination with AOL (AOL) a company we know well which could improve Yahoo's competitive position, deliver cost synergies of up to $1B, and potentially facilitate the realization of value from Yahoo's non-core equity stakes with minimal tax leakage. We believe that the execution of these initiatives would produce tremendous value for shareholders, and are squarely within the control of the Company's management and board of directors. We look forward to engaging directly with you to discuss the details of how these actions can be implemented in a timely manner.
12:12 EDTAOLYahoo, AOL jump after Starboard recommends exploration of tie-up
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12:10 EDTAOLYahoo urged by Starboard Value to explore strategic combination with AOL
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September 23, 2014
07:23 EDTAOLYahoo could be buyer or target after Alibaba IPO, Re/code says
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September 18, 2014
15:10 EDTAOLAOL spikes higher in late session trading, levels to watch
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14:16 EDTAOLRumor: AOL moves up on renewed takeover chatter
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