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Stock Market & Financial Investment News

News Breaks
June 24, 2014
10:00 EDTWWWW, GRC, TEG, ICE, MCRS, NNN, NFX, PPC, TSCDY, ITG, GTIV, COG, CP, CLS, COV, CTRP, DG, DPS, ENTA, AVOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Aviva (AV) downgraded to Neutral from Buy at UBS... Cabot Oil & Gas (COG) downgraded at Morgan Stanley... Canadian Pacific (CP) downgraded to Neutral from Buy at Buckingham... Celestica (CLS) downgraded to Market Perform from Outperform at Raymond James... Covidien (COV) downgraded to Market Perform from Outperform at Leerink... Ctrip.com (CTRP) downgraded to Hold from Buy at Stifel... Dollar General (DG) downgraded to Buy from Conviction Buy at Goldman... Dr Pepper Snapple (DPS) downgraded to Neutral from Buy at Citigroup... Enanta (ENTA) downgraded to Neutral from Outperform at RW Baird... Gentiva Health (GTIV) downgraded to Fair Value from Buy at CRT Capital... Gorman-Rupp (GRC) downgraded to Neutral from Buy at Sidoti... ITG (ITG) downgraded to Neutral from Overweight at JPMorgan... Integrys Energy (TEG) downgraded to Neutral from Outperform at RW Baird... IntercontinentalExchange (ICE) downgraded to Market Perform at Wells Fargo... MICROS (MCRS) downgraded to Neutral from Outperform at Wedbush... National Retail Properties (NNN) downgraded to Neutral from Buy at BofA/Merrill... Newfield Exploration (NFX) downgraded to Hold from Accumulate at KLR Group... Pilgrim's Pride (PPC) downgraded to Equal Weight from Overweight at Stephens... Tesco (TSCDY) downgraded to Neutral from Outperform at Exane BNP Paribas... Web.com (WWWW) downgraded to Neutral from Buy at B. Riley.
News For AV;COG;CP;CLS;COV;CTRP;DG;DPS;ENTA;GTIV;ITG;GRC;TEG;ICE;MCRS;NNN;NFX;PPC;TSCDY;WWWW From The Last 14 Days
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October 13, 2014
07:23 EDTCPCSX volatility up, approached by Canadian Pacific on possible merger, report
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October 12, 2014
16:04 EDTCPCSX approached by Canadian Pacific on possible merger, WSJ says
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October 10, 2014
16:22 EDTCTRPPriceline raises stake in Ctrip.com to 6.88% from 5.84%
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16:17 EDTDGDollar General receives second request from FTC
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08:11 EDTDGFamily Dollar Q4 bad enough to justify merger, says FBR Capital
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07:16 EDTCOVAmerican Society of Plastic Surgeons to hold annual meeting
Annual Meeting of ASPS is being held in Chicago on October 10-14.
07:04 EDTCOVMedtronic announces Omar Ishrak will remain CEO of new company
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05:30 EDTGTIVKindred Healthcare upgraded to Outperform from Market Perform at Wells Fargo
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October 9, 2014
16:37 EDTCOVCovidien receives FDA 510k clearance for Nellcor Portable SpO2 system
Covidien announced FDA 510k clearance for the Nellcor Portable SpO2 Patient Monitoring System. The system is the only commercially available portable oximeter that is equipped with home care and sleep study modes and complies with IEC 60601-1-11 standards for devices used in the home health care environment.
16:25 EDTGTIVOn The Fly: Closing Wrap
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12:30 EDTGTIVOn The Fly: Midday Wrap
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09:41 EDTDGBofA/Merrill retail analysts hold an analyst/industry conference call
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09:35 EDTGTIVKindred Healthcare sees Gentiva deal closing in 1Q15
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08:46 EDTGTIVKindred sees 'significant,' 'achievable' synergies from Gentiva deal
Kindred (KND) says it expects to issue in aggregate $620M-$720M of equity to maintain reasonable leverage. Says will issue Gentiva (GTIV) shareholders $200M in Kindred stock as part of purchase consideration, plans to raise $200M-$300M in equity and/or mandatory convertible securities between announcement and close. Says integration teams assembled, ready to be deployed immediately upon closing. Comments from slides that will be presented on Kindred's conference call discussing the proposed acquisition of Gentiva.
08:45 EDTGTIVGentiva volatility low into being acquired by Kindred for $1.8B
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08:38 EDTGTIVKindred volatility flat into acquiring Gentiva for $1.8B
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08:27 EDTGTIVKindred sees Gentiva deal immediately and significantly accretive
Kindred (KND) expects the acquisition of Gentiva (GTIV) will be immediately and significantly accretive to earnings and operating cash flows, exclusive of transaction and integration costs. Kindred expects the acquisition to be approximately 40c-60c accretive to pro forma earnings, and pro forma operating cash flows of $350 million to $400 million, both on a run rate basis, once Gentiva is fully integrated and expected synergies are fully realized in the second full year following the closing. On this same basis, following the combined company’s expected annual maintenance capital expenditures of $120 million to $130 million, Kindred expects pro forma cash flows of $230 million to $270 million. Kindred has identified approximately $70 million of annual cost and operating synergies and expects to achieve the full run rate within two years of closing, of which approximately $35 million is expected to be achieved in the first year following the closing. Kindred expects the majority of cost synergies to be achieved through combining information technology functions, merging supply chains and eliminating redundant public company expenses. In addition, Kindred expects to realize revenue synergies that will improve patient care transitions and choice, and drive volume growth as a result of cross-selling across the combined service platform. Kindred expects annual run rate revenue synergies of more than $60 million over time, with approximately $20 million to $30 million achievable in the first full year following the closing.
08:26 EDTGTIVKindred Healthcare says combined company to operate in 47 states
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08:25 EDTGTIVKindred to acquire Gentiva for $19.50 per share in cash and stock, or $1.8B
Kindred Healthcare (KND) and Gentiva Health Services (GTIV) announced that the companies have entered into a definitive merger agreement under which Kindred will acquire all of the outstanding shares of Gentiva common stock for $19.50 per share in a combination of cash and stock. The agreement was unanimously approved by the boards of directors of both companies. Under the terms of the agreement, Gentiva shareholders will receive $14.50 per share in cash and $5.00 of Kindred common stock. The transaction is valued at $1.8 billion, including the assumption of net debt. The companies expect the closing of the transaction to occur in the first quarter of 2015. The combined company will: Employ approximately 109,000 individuals, making it the 78th largest private employer and the 4th largest healthcare employer in the United States; Deliver pro forma annual revenues of approximately $7.1 billion; and Generate pro forma operating income, including expected cost synergies, of $1.0 billion. Paul J. Diaz, CEO of Kindred, said, “Over the last eight weeks, we undertook a robust due diligence process and worked closely and constructively with our counterparts at Gentiva to better understand their operations, financial results and outlook. This process confirmed the compelling strategic rationale and industrial logic of this combination, as well as our belief that this transaction is in the best interests of both companies and our respective shareholders, patients, employees and business partners." Kindred has obtained committed financing from Citi and J.P. Morgan in connection with the pending transaction. Subject to market and other conditions, the Company expects to finance the acquisition of Gentiva and associated costs through the issuance of $200 million to $300 million of common stock and mandatory convertible equity securities and $1.3 billion to $1.4 billion of unsecured notes prior to the closing of the acquisition. The Company expects to fund the remaining amounts through its existing line of credit. Following completion of the transaction, Kindred expects to have approximately 85 million fully diluted shares outstanding, comprised primarily of approximately 64 million shares outstanding today, approximately 10 million shares to be issued to Gentiva as part of the transaction consideration, and approximately nine million to 12 million shares associated with the expected offering of common stock and mandatory convertible equity securities. The Gentiva acquisition is subject to certain conditions, including the approval by the stockholders of Gentiva. Kindred and Gentiva have already received clearance for the transaction under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
08:23 EDTGTIVKindred to acquire Gentiva for $19.50 per share in cash and stock
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