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Stock Market & Financial Investment News

News Breaks
May 30, 2014
10:55 EDTBIG, DLTR, FDOBig Lots advances after results top estimates, guidance raised
Shares of closeout retailer Big Lots (BIG) are sharply higher this morning after the company reported first quarter results that exceeded expectations. WHAT'S NEW: Big Lots reported Q1 earnings per share from continuing operations of 50c and revenue of $1.28B, which topped analysts’ consensus estimates of 44c and $1.26B, respectively, and beat the company's EPS guidance of 40c-45c per share. Same store sales for the quarter increased 0.9%. Inventory at the end of the quarter was $835M compared to $885M a year ago. Looking ahead, the company forecast second quarter EPS of 24c-30c and SSS to rise 1%-3%. The consensus forecast of analysts for Q2 EPS prior to the report was 28c. The company also raised fiscal year 2014 EPS guidance to $2.35-$2.50 from $2.25-$2.45, on revenue of flat to slightly up and SSS up 1%-2%. The consensus forecast of analysts for FY EPS prior to the report was $2.38. The company sees FY14 cash flow of approximately $170M from continuing U.S. operations and consolidated cash flow of approximately $145M after the impact of the wind down of our discontinued Canadian operations. WHAT'S NOTABLE: On its earnings conference call, Big Lots admitted that its Q1 results "could have been better," but believes the issue was weather. The company noted that some of the early groundwork is being established int he social advertising space. The company said "nothing has changed" regarding its gross margin rate forecast. PRICE ACTION: Big Lots is trading up $4.62, or 12.3%, to $42.14 in mid-morning trading. OTHERS TO WATCH: Shares of Big Lots peer Dollar Tree (DLTR) are down modestly to $52.88, while another retailer in the space, Family Dollar (FDO), is virtually unchanged at $58.16.
News For BIG;DLTR;FDO From The Last 14 Days
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October 1, 2014
06:06 EDTFDO, DLTRFamily Dollar says proceeding with plans to be acquired by Dollar Tree
Family Dollar (FDO) said in a memo to its employees yesterday that it is proceeding with its plan to be acquired by Dollar Tree (DLTR), even as Dollar General (DG) seeks to break up the deal and acquire Family Dollar. Family Dollar said it is not planning any changes to its health care, 401(k) and compensation plans. Family Dollar comments, "The immediate focus of our work is to prepare for ‘Day 1,’ (the first day after closing), while simultaneously beginning to build a more detailed plan for the integration. We’re now in the ‘integration planning phase,’ which involves planning for the complex blending of our two organizations."
September 30, 2014
07:36 EDTBIGTelsey Advisory to hold a conference
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September 29, 2014
16:10 EDTBIGBig Lots backs Q3 EPS (10c)-(4c), consensus (6c)
Big Lots announced that it is participating at the Telsey Advisory Group 5th Annual Fall Consumer Conference. In advance of the conference, comparable store sales results quarter-to-date (August / September) are within the company's stated guidance range of positive low single digits, therefore the company remains comfortable and is affirming Q3 comps and loss per share expectations of (4c)-(10c).
08:14 EDTFDO, DLTRDollar General buying Dollar Tree 'not impossible,' says FBR Capital
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September 26, 2014
18:01 EDTFDOAttorneys general investigating effects of proposed Family Dollar merger
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15:22 EDTBIGBig Lots management to meet with FBR Capital
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September 25, 2014
09:57 EDTBIGBig Lots management to meet with Piper Jaffray
Meeting to be held in Boston on October 1 hosted by Piper Jaffray.
September 17, 2014
17:32 EDTFDODollar General remains committed to acquisition of Family Dollar
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08:28 EDTFDO, DLTRFamily Dollar board rejects Dollar General's 'illusory' tender offer
Family Dollar Stores (FDO) announced that its Board of Directors unanimously recommends that Family Dollar’s shareholders reject the unsolicited conditional tender offer made by Dollar General Corporation (DG) and not tender their shares. In conjunction with its rejection of Dollar General’s offer, Family Dollar’s Board unanimously reaffirms its recommendation in support of the transaction with Dollar Tree (DLTR). The terms of the tender offer are the same as those in the proposal made by Dollar General on September 2, 2014, which the Board of Directors of Family Dollar unanimously rejected on September 5, 2014, on the basis of antitrust regulatory considerations. Howard R. Levine, Chairman and CEO of Family Dollar, said, “Our Board of Directors, with the assistance of outside advisors and consultants, reviewed all aspects of Dollar General’s tender offer and concluded unanimously that this highly conditional Offer is illusory because, as Dollar General is well aware, the Offer cannot close on the terms proposed. Tenders into the Dollar General Offer will be meaningless since there is no way that Dollar General can purchase shares that are tendered.” Levine added, “The terms of the Dollar General Offer are no different from those in its most recent unsolicited proposal, which was previously and unanimously rejected by our Board of Directors based on antitrust regulatory considerations. There is a very real and material risk that the transaction proposed by Dollar General would fail to close, after a lengthy and disruptive review process. Accordingly, our Board has rejected Dollar General’s tender offer and reaffirmed its support of the transaction with Dollar Tree, which delivers attractive value in the form of immediate upfront cash and upside participation in a combined Dollar Tree-Family Dollar entity, as well as closing certainty.” Ed Garden, a Family Dollar director and co-founder and Chief Investment Officer at Trian Fund Management, L.P., a large shareholder of the Company, stated, “We are focused on delivering to Family Dollar shareholders the highest value with certainty, and the Dollar Tree transaction does just that. Dollar Tree has taken the antitrust risk off the table by committing to divest as many stores as necessary to obtain antitrust clearance. We remain fully committed to the Dollar Tree transaction.”
08:27 EDTDLTR, FDOFamily Dollar board rejects Dollar General's 'illusory' tender offer
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