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Stock Market & Financial Investment News

News Breaks
June 26, 2014
13:37 EDTAPPAmerican Apparel lender demands loan repayment, NY Post reports
Lion Capital has demanded immediate repayment of a $10M loan to American Apparel, forcing the retailer to raise funds to pay it off, New York Post reports. Reference Link
News For APP From The Last 14 Days
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December 22, 2014
10:42 EDTAPPAmerican Apparel continues rally after confirming indication of buyout interest
Shares of American Apparel (APP) are rallying this morning after the company confirmed an indication of interest to acquire the company was made. The clothing retailer also announced the appointment of a new chairperson of the board and adopted a "poison pill" provision to its stockholder rights plan. WHAT'S NEW: American Apparel said that it has received an indication of interest to acquire the company for $1.30-$1.40 a share. In a statement, the struggling retailer said that its board of directors "takes these matters seriously," and said it will evaluate this proposal "in the ordinary course of business," adding that the company remains focused on "positioning American Apparel for a successful turnaround." The Wall Street Journal reported last week that private equity firm Irving Place Capital was interested in making a bid for American Apparel at $1.30-$1.40 per share after The New York Post previously reported a similar story. American Apparel also said Allan Mayer and David Danziger have stepped down as co-chairmen of the board and that they will be replaced by Colleen Brown as the new chairperson. Mayer and Danziger will still serve as members of the board. The LA Times had speculated that, after terminating former president and Chief Executive Officer Dov Charney for cause, American Apparel could become a takeover candidate. New CEO Paula Schneider had said she would "soon" decide on a turnaround strategy for the company. WHAT'S NOTABLE: American Apparel announced on Sunday it had adopted a new, one-year shareholder rights plan "as an additional means to ensure that all American Apparel stockholders are treated fairly." The rights plan will go into effect if an investor acquires 10% or more of the company. The board adopted the rights plan following evaluation and consultation with outside experts and said the plan is not intended to deter takeover bids "that offer fair treatment and value to all." PRICE ACTION: American Apparel shares are up 6c, or 5.6%, to $1.13 in morning trading. The stock has nearly doubled over the last five trading sessions.
08:37 EDTAPPAmerican Apparel confirm interest to acquire company for $1.30-$1.40
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08:33 EDTAPPAmerican Apparel appoints Colleen Brown as Chairperson of the board
The board of American Apparel announced that Allan Mayer and David Danziger have stepped down as Co-Chairmen of the board and will be replaced by board member Colleen Brown as Chairperson. Mayer and Danziger will continue to serve as members of the board and will retain their positions as Chairs of the Compensation and Audit committees, respectively.
05:14 EDTAPPAmerican Apparel adopts new stockholder rights plan
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December 19, 2014
09:28 EDTAPPOn The Fly: Pre-market Movers
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09:14 EDTAPPIrving Place offers $1.30-$1.40 per share for American Apparel, WSJ says
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December 18, 2014
18:22 EDTAPPOn The Fly: After Hours Movers
UP AFTER EARNINGS: Red Hat (RHT), up 9.3%... Pier 1 Imports (PIR), up 8%... NQ Mobile (NQ), up 9.3%... Cintas (CTAS), up 6.3%. ALSO HIGHER: Aratana Therapeutics (PETX), up 25.9% after candidate for dog osteoarthritis shows positive results... Ally Financial (ALLY), up 5% after announcing that it will exit the Troubled Asset Relief Program. DOWN AFTER EARNINGS: Nike (NKE), down 2.7%. ALSO LOWER: American Apparel (APP), down 2.8% after New York Post reports on takeover bid.
15:55 EDTAPPAmerican Apparel jumps 47% after NY Post reports on takeover bid
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15:54 EDTAPPAmerican Apparel gets takeover bid valuing it at $1.30-$1.40/share, NY Post says
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06:04 EDTAPPAmerican Apparel could become takeover candidate, LA Times reports
American Apparel recently terminated former president and CEO Dov Charney for cause, and now rumors are swirling that the apparel company could become a takeover candidate, The LA Times reports, adding that new CEO Paula Schneider could "lift the retailer out of doldrums," or a buyer could make an offer. Schneider says she will soon decide on a strategy to turn around the company. Reference Link
December 17, 2014
09:22 EDTAPPOn The Fly: Pre-market Movers
HIGHER: Auspex Pharmaceuticals (ASPX), up 83.1% after Phase 3 trial of SD-809 met primary efficacy endpoint... Volcano (VOLC), up 55.3% after Philips (PHG) announced it will acquire the company for $18.00 per share... Paramount Gold and Silver (PZG), up 35.9% after announcing a merger agreement with Coeur Mining... Cerus (CERS), up 17.8% after FDA approves Intercept Blood System... American Apparel (APP), up 15.5% after terminating Dov Charney for cause... TASER (TASR), up 6.1% after LAPD purchases 860 AXON body-worn video cameras... Idera Pharmaceuticals (IDRA), up 5.9% after being called a top 2015 small cap pick at Piper Jaffray... Kandi Technologies (KNDI), up 7.5% after selling 1,000 electric vehicles to Chengdu City... Stillwater Mining (SWC), up 2.7% after being upgraded to Buy from Neutral at Goldman. DOWN AFTER EARNINGS: FedEx (FDX), down 3.5%... Joy Global (JOY), down 1.7%. ALSO LOWER: POZEN (POZN), down 13.1% after receiving a second complete response letter from the FDA for Yosprala... Cliffs Natural (CLF), down 13.1% after price target cut to $1 from $10 at Credit Suisse... Coeur Mining (CDE), down 2.8% following merger agreement with Paramount Gold and Silver.
December 16, 2014
18:19 EDTAPPOn The Fly: After Hours Movers
UP AFTER EARNINGS: Dave & Buster's (PLAY), up 7.3%... Darden Restaurants (DRI), up 1.6%. ALSO HIGHER: Auspex Pharmaceuticals (ASPX), up 66.5% after Phase 3 trial of SD-809 met primary efficacy endpoint... Cerus (CERS), up 26.6% after FDA approves Intercept Blood System... American Apparel (APP), up 8.6% after terminating Dov Charney for cause. DOWN AFTER EARNINGS: Heico (HEI), down 1%. ALSO LOWER: Cliffs Natural (CLF), down 10% after price target cut to $1 from $10 at Credit Suisse... Linn Energy (LINE), down 3% after being downgraded to Neutral from Outperform at RW Baird.
16:13 EDTAPPAmerican Apparel terminates Charney for cause, names Schneider as CEO
The board of directors of American Apparel announced that it has appointed Paula Schneider as CEO, effective January 5. This appointment follows the termination of Dov Charney, former President and CEO, for cause in accordance with the terms of his employment agreement. Scott Brubaker, who has been serving as Interim CEO, will continue in the post until Schneider joins the company, after which he will remain as a consultant to ensure an orderly transition. Charney was suspended as president and CEO by the Board on June 18 for alleged misconduct and violations of company policy. Under terms of an agreement signed by Charney on July 9, a special committee of the board oversaw an internal investigation conducted by FTI Consulting into the allegations against Charney. Based on this investigation, the special committee determined that it would not be appropriate for Charney to be reinstated as CEO or an officer or employee of the company. While under suspension as CEO, Charney had been serving as a consultant to the Company. This relationship has now been terminated.
16:12 EDTAPPAmerican Apparel terminates Dov Charney for cause
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