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November 2, 2012
09:51 EDTWPX, SMA, ROK, ICON, AWC, PCLN, USM, SBUX, MNKD, ICLR, WPI, SKT, SPG, MD, CBOEOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Alumina (AWC) upgraded to Buy from Neutral at BofA/Merrill... CBOE Holdings (CBOE) upgraded to Market Perform from Underperform at Keefe Bruyette... ICON plc (ICLR) upgraded to Outperform from Neutral at RW Baird... Iconix Brand (ICON) upgraded to Buy from Hold at Benchmark Co.... MEDNAX (MD) upgraded to Hold from Sell at Deutsche Bank... MannKind (MNKD) upgraded to Neutral from Underweight at JPMorgan... Rockwell Automation (ROK) upgraded to Overweight from Neutral at JPMorgan... Simon Property (SPG) upgraded to Buy from Hold at Stifel Nicolaus... Starbucks (SBUX) upgraded to Buy from Outperform at CLSA... Symmetry Medical (SMA) upgraded to Buy from Hold at Benchmark Co... Tanger Factory (SKT) upgraded to Buy from Hold at Jefferies... U.S. Cellular (USM) upgraded to Market Perform from Underperform at Raymond James... WPX Energy (WPX) upgraded to Neutral from Negative at Susquehanna... Watson Pharmaceuticals (WPI) upgraded to Overweight from Neutral at Piper Jaffray... (PCLN) upgraded to Buy from Hold at Stifel Nicolaus
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March 18, 2015
13:19 EDTSBUXStarbucks to begin trading on split adjusted basis on April 9
Comment from Starbucks Annual Meeting of Shareholders.
13:18 EDTSBUXStarbucks reports 2-for1 stock split
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13:06 EDTSBUXStarbucks to open next Roastery location in Asia in 2016
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13:05 EDTSBUXStarbucks to unveil two complementary delivery models
In an effort to integrate service solutions that meet the “on demand” customer, Starbucks will unveil two complementary delivery models including: A strategic collaboration with Postmates, a leading on-demand delivery service, which will allow customers to order their food and beverage items via the Starbucks mobile app and receive on-demand delivery within defined areas. This rapidly growing organization – operating in 22 markets with more than 1.5M deliveries to date – brings robust logistics technology, courier-enabled delivery and quality of service expertise. This Starbucks delivery pilot will begin in Seattle in the second half of 2015; A “Green Apron” barista delivery option enabling customers within specified office-buildings to order food and beverages for convenient delivery by Starbucks baristas. Supported by its world class real-estate capabilities, this model allows Starbucks to identify targeted solutions for environments that can benefit from an integrated service model. This Starbucks delivery test will begin in New York the second half of 2015.
13:04 EDTSBUXStarbucks reaffirms goal to grow market cap to $100B
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12:58 EDTSBUXStarbucks to begin delivery services in NY, Seattle this year, WSJ reports
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09:32 EDTMNKDMannKind faces cash shortfall if $100M debt not settled, TheStreet 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.
07:30 EDTMDDeutsche Bank to hold a conference
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07:18 EDTCBOEWells Fargo to hold a forum
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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.
06:02 EDTPCLNPriceline shares inexpensive 'by many measures,' says Piper Jaffray
Piper Jaffray says its conclusion from several valuation analyses is that shares of Priceline are inexpensive "by many measures." When compared to a comp group of hotel companies, the stock trades at a "material discount," Piper states. It believes shares are worth in excess of its $1,375 price target. The firm reiterates an Overweight rating on the name.
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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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."
08:15 EDTSPGMacerich 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 EDTSPGMacerich 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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March 16, 2015
11:20 EDTMNKDStocks with call strike movement; MNKD BBRY
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08:08 EDTICONIconix Brand acquires full ownership of Iconix China
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