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December 13, 2012
10:12 EDTCPRT, DRC, BKD, FBHS, OIS, ACGL, SNTA, MCP, EAT, ADK, BEAV, NX, MDCA, AYR, AXS, GRA, BKW, BWLDOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: AXIS Capital (AXS) initiated with a Buy at Goldman... AdCare (ADK) initiated with an Outperform at Imperial Capital... Aircastle (AYR) initiated with a Buy at Deutsche Bank... Albermarle (ALB) initiated with an Outperform at RW Baird... Arch Capital (ACGL) initiated with a Neutral at Goldman... Brinker (EAT) initiated with a Buy at Citigroup... Buffalo Wild Wings (BWLD) initiated with a Neutral at Citigroup... Burger King (BKW) initiated with a Buy at Citigroup... MDC Partners (MDCA) initiated with a Buy at Capstone... Molycorp (MCP) initiated with a Neutral at RW Baird... Quanex (NX) initiated with an In-Line at Imperial Capital... Synta Pharmaceuticals (SNTA) initiated with a Buy at Brean Capital... W.R. Grace (GRA) initiated with an Outperform at RW Baird... BE Aerospace (BEAV)initiated with an Overweight at JPMorgan... Fortune Brands (FBHS) initiated with a Neutral at JPMorgan... Dresser-Rand (DRC) initiated with a Buy at Guggenheim... Oil States (OIS) initiated with a Buy at Guggenheim... Brookdale Senior Living (BKD) initiated with a Neutral at Macquarie... Copart (CPRT) initiated with a Buy at Northcoast.
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June 29, 2015
09:10 EDTAXSExor updates PartnerRe offer by expanding legally binding guarantee for the deal
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06:39 EDTDRCEuropean Commission approves acquisition of Dresser-Rand by Siemens
The European Commission has approved under the EU Merger Regulation the proposed acquisition of rotating equipment manufacturer Dresser-Rand (DRC) of the U.S. by Siemens (SIEGY) of Germany. The Commission had concerns that regarding ADGT drivers, turbo compressors and turbo compressor trains driven by ADGTs the transaction would reduce the number of significant suppliers from 3 to 2. The initial investigation also indicated that the parties' competitors for the supply of small steam turbines of less than 5 MW have a limited presence and do not pose a significant competitive constraint on the parties. These two concerns could lead to less product variety and ultimately higher prices.After an in-depth investigation launched in February, the Commission has concluded that the transaction would not significantly impede effective competition in the European Economic Area or any substantial part of it.
June 25, 2015
13:03 EDTMCPMolycorp common stock to move to OTC trading
Molycorp announced that its common stock will be quoted on over-the-counter markets immediately under the symbol MCPIQ. The company expects to be notified by the NYSE via delisting letter over the next several days.
10:00 EDTNXOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: AT&T (T) upgraded to Buy from Neutral at BofA/Merrill... Eli Lilly (LLY) upgraded to Buy, added to US 1 List at BofA/Merrill... Finish Line (FINL) upgraded to Buy from Neutral at B. Riley... Gran Tierra (GTE) upgraded to Buy from Hold at Canaccord... Greenhill & Co. (GHL) upgraded to Buy from Sell at Goldman... Magnum Hunter (MHR) upgraded to Equalweight from Underweight at Capital One... Marathon Oil (MRO) upgraded to Buy from Neutral at UBS... Newpark Resources (NR) upgraded to Strong Buy from Outperform at Raymond James... Office Depot (ODP) upgraded to Outperform from Market Perform at Telsey Advisory... Quanex (NX) upgraded to Outperform from In-Line at Imperial Capital... Vestas Wind (VWDRY) upgraded to Outperform from Neutral at Exane BNP Paribas... (WWWW) upgraded to Buy from Neutral at B. Riley... NRG Yield upgraded to Outperform from Market Perform at Avondale.
08:03 EDTEATBrinker acquires 103 franchised Chili's restaurants
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07:04 EDTADKAdCare receives HUD approval for five facilities
AdCare announced continued progress in its strategic transition to a property holding and leasing company. The company received approval from HUD with respect to four facilities in Ohio and one facility in Georgia and expects to complete the operations transfers of these facilities in the third quarter of 2015. The four Ohio facilities are subject to lease agreements previously executed with affiliates of Beacon Management and the Georgia facility is subject to a lease agreement previously executed with an affiliate of C-Ross Management. In the aggregate, the four Ohio facilities, plus an additional facility in Ohio which did not require HUD approval, and the Georgia facility, represent $4.1 million in initial year cash rent. As expected, the company completed the operations transfer of one skilled nursing facility in North Carolina, effective June 1, 2015, pursuant to a lease agreement previously signed with a wholly-owned subsidiary of Symmetry Healthcare Management, representing approximately $650,000 in initial year cash rent. Since the Board approved the strategic plan to transition the company's business from an owner and operator of healthcare facilities to a healthcare property holding and leasing company, the company has entered into agreements for 37 of its 40 healthcare facilities. The remaining two facilities in Georgia and one facility in Arkansas are pending final disposition.
05:50 EDTMCPMolycorp files for Chapter 11 bankruptcy protection
Molycorp announced that it has executed a restructuring support agreement with creditors that hold over 70% of the aggregate principal amount of the company's 10% senior secured notes. The agreement provides for a financial restructuring of the company's $1.7B in debt and provides up to $225M in gross proceeds in new financing to support operations while the company completes negotiations with creditors. To facilitate its financial restructuring, Molycorp and its North American subsidiaries filed voluntary petitions under Chapter 11 of the Bankruptcy Code in U.S. Bankruptcy Court for the District of Delaware. The company’s operations outside of North America, with the exception of non-operating companies in Luxembourg and Barbados, are excluded from the filings. Molycorp Rare Metals, with operations in Quapaw, Oklahoma, also is excluded from the filings as it is not 100% owned by the company. Molycorp has obtained commitments from a group of its 10% senior secured noteholders, led by JHL Capital Group, JMB Capital Partners and QVT Financial, for up to $225M in gross proceeds of debtor-in-possession financing, subject to court approval, which will be used to support operations during the Chapter 11 period. Approximately $40M of this amount is expected to be made available to the company immediately after an initial court hearing, with approximately another $90M available subject to court approval at a further hearing at the end of the first month of the case. The remainder is available on a delayed basis and subject to lender conditions. "Employees are working their usual schedules. Purchasing of goods and services will continue, with all purchases made after today's filings granted a special administrative priority under the law," Molycorp said. It expects to receive notice from the New York Stock Exchange that its shares will be delisted from the NYSE within nine calendar days of notification. It expects that its shares will be traded on the OTC Pink Sheets exchange.
05:33 EDTNXQuanex upgraded to Outperform from In-Line at Imperial Capital
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June 24, 2015
10:11 EDTAXSPartnerRe comments on 'continued misleading statements' by EXOR
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June 23, 2015
16:05 EDTMCPMolycorp, MCP Exchangeco report postponement of FY15 annual meetings of holders
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10:15 EDTBWLDBuffalo Wild Wings management to meet with Sterne Agee CRT
Meeting to be held in Kansas City, MO on June 26 hosted by Sterne Agee CRT.
10:03 EDTEATHigh option volume stocks
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08:28 EDTAXSEXOR says offer for PartnerRe 'superior by all significant measures'
EXOR S.p.A., the largest shareholder of PartnerRe Ltd. (PRE), is entering the second week of meetings with PartnerRe analysts and investors to ensure the maximum clarity regarding its offer for PartnerRe shareholders. EXOR says it "has received a positive response for its offer and for the presentation of the merits, certainty and superiority of its $137.50 per share, all-cash binding offer. In the face of the compelling facts presented by EXOR, after having already disseminated false statements on the EXOR transaction not endorsed by Standard & Poor’s PartnerRe continues its irresponsible campaign of intentionally and inappropriately misleading its shareholders. The more the PartnerRe board misleads its shareholders on the merits of the EXOR offer the clearer it is that the inferior AXIS (AXS) transaction is short on substance and long on execution and integration risks for its shareholders, employees and clients. EXOR is soliciting common and preferred shareholders to vote AGAINST the proposed AXIS transaction at the upcoming Special General Meeting of PartnerRe shareholders to be held on July 24. This will enable PartnerRe to accept EXOR’s superior offer for the company."
08:09 EDTSNTASynta says Hsp90 cancer treatment 'therapeutically advantageous'
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June 22, 2015
10:00 EDTAXSOn The Fly: Analyst Downgrade Summary
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09:09 EDTBKDBrookdale Senior Living announces announces leadership changes to COO and CFO
Brookdale Senior Living announced that Mark Ohlendorf, the company's President and CFO, will transition from his current dual roles to focus on an enhanced role as President. The company also announced that Gregory Richard, the company's COO, will step down effective September 30, 2015. President, Mr. Ohlendorf will immediately assume an active role in the company's operations leadership and will direct Brookdale's innovation initiatives. The ompany has initiated a search process to identify a new CFO and a new COO, and has retained Heidrick & Struggles, an executive search firm, to assist in this process. The company will consider both external and internal candidates. Ohlendorf will continue to serve as the company's CFO until a successor is appointed.
07:59 EDTAXSAXIS Capital downgraded to Neutral from Buy at MKM Partners
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07:03 EDTAXSPartnerRe files presentation detailing risks posed by EXOR's offer
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06:26 EDTAXSAXIS Capital downgraded to Neutral from Buy at MKM Partners
05:53 EDTMCPStocks with implied volatility movement; MCP NCR
Stocks with implied volatility movement; Molycorp (MCP) 536, NCR Corp. (NCR) 41 according to iVolatility.
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