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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 analystsí 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.
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August 18, 2014
14:23 EDTDLTR, FDOFamily Dollar says board has not changed support of Dollar Tree merger
Family Dollar (FDO) said it remains subject to the merger agreement with Dollar Tree (DLTR), and the company's board has not changed its recommendation in support of the merger with Dollar Tree. Family Dollar added it will have no further comment on Dollar Generalís (DG) proposal until the board has completed its review.
14:21 EDTFDO, DLTRFamily Dollar to 'review and consider' Dollar General proposal
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14:18 EDTFDOFamily Dollar says will 'carefully review and consider' Dollar General proposal
13:11 EDTDLTRDollar Tree upgraded to Buy from Neutral at BofA/Merrill
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12:18 EDTFDOThe Fly: Midday Wrap
The market opened in positive territory following news that Russia and Ukraine were working on a potential ceasefire. The market had faltered on Friday following reports that the Ukraine army had attacked a Russian military vehicle after it crossed into Ukraine territory. The market opened sharply higher and then received an additional boost when the NAHB Housing market Index came in above expectations. The averages quickly moved to session highs, lifting the S&P to its highest level ever and putting August on track for the best monthly performance since February. ECONOMIC EVENTS: The NAHB homebuilder sentiment index rose 2 points to 55 in August. The index had climbed 4 points to 53 in July. This is the highest level since January's 56. The single family sales index edged up to 58 from 56 (revised from 57). The future index was 65 from 63 (revised from 64). The index of prospective buyer traffic improved to 42 from 39 (revised from 39). Data was better than expected. COMPANY NEWS: Shares of discount retailer Dollar General (DG) were higher by about 10% after the company announced a proposal to acquire rival Family Dollar (FDO) for $78.50 per share in cash, in a transaction valued at $9.7B. Shares of Family Dollar rose approximately 5% on the news. MAJOR MOVERS: Among the notable gainers was Sensata Technologies (ST), which rose 5.6% after after agreeing to buy privately held Schrader International for $1B. Also higher was Lannett (LCI), which gained 9.3% after the company said fourth quarter and full-year 2014 earnings per share and revenue would exceed analysts' consensus estimates. Among the noteworthy losers was Monster Beverage (MNST), which fell about 4% after research firm Jefferies downgraded the shares to Hold from Buy saying the valuation looks full following its recent rally. Also lower was NXP Semiconductors (NXPI), which dropped 2.3% after Goldman Sachs downgraded the company to Sell from Neutral, and downgraded the semiconductor sector to Cautious from Neutral. The firm expects consensus estimates to move lower due to cyclical headwinds, increased Q4 and Q1 seasonality, and a RF correction. Goldman lowered their price target on the shares to $54 from $58. INDEXES: Near midday, the Dow was up 168.13, or 1.01%, to 16,831.04, the Nasdaq rose 44.11, or 0.99%, to 4,508.87, and the S&P 500 was higher by 16.79, or 0.86%, to 1,971.88.
11:53 EDTFDO, DLTRFamily Dollar likely to favor a Dollar Tree bid, says Wells Fargo
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09:03 EDTFDOOn The Fly: Pre-market Movers
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08:47 EDTFDODollar General says would slow store opening growth in Family Dollar deal
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08:35 EDTFDODollar General says emphasis is getting deal 'put to bed'
Says when deal gets done, "Family Dollar (FDO) will look exactly like Dollar General inside." Says is a "huge fan" of Todd Vasos, who would lead the integration, but does not comment on whether Vasos will succeed Dollar General (DG) CEO Rick Dreiling, who will retire in May 2016. Doesn't see antitrust issues as "insurmountable."
08:23 EDTFDO, DLTRDollar General says has expressed interest in Family Dollar 'multiple times'
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08:18 EDTFDODollar General says can mange Family Dollar 'more efficiently and effectively'
Dollar General (DG) says it believes its proposal "far superior" for Family Dollar (FDO) shareholders. Believes company can manage Family Dollar "more efficiently and effectively." Sees approximately $300M-$400M in one-time costs to capture synergies. Sees investment of $400M in CapEx. Says proposed deal would be low double digit percentage accretive in year one, ex-integration and transformation costs. Dollar General notes commitment to return to investment grade credit profile, anticipated three years post closing. Says positioned for long term revenue and earnings growth. Says ready to move to complete due diligence on Family Dollar deal. Says synergies expected to ramp up throughout three-year period. Comments made on Dollar General's conference call discussing its acquisition proposal of Family Dollar for $78.50 per share.
06:27 EDTFDODollar General to host conference call
Conference call to discuss acquisition proposal of Family Dollar will be held on August 18 at 8 am. Webcast Link
06:24 EDTDLTR, FDOOptions expected to be active
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06:13 EDTDLTR, FDODollar General makes proposal to acquire Family Dollar for $78.50 per share
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06:10 EDTFDODollar General makes proposal to acquire Family Dollar for $78.50 per share
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06:03 EDTFDO, DLTRDollar General makes $78.50/share offer for Family Dollar, CNBC reports
Dollar General (DG) will announce today a $78.50 per share in cash offer to acquire Family Dollar (FDO), CNBC's Andrew Ross Sorkin reports. Dollar Tree (DLTR) is seeking to buy Family Dollar for $74.50 per share.
06:00 EDTFDODollar General offers to buy Family Dollar for $78.50/share, CNBC reports
August 14, 2014
17:16 EDTFDOPaulson & Co gives quarterly update on stakes
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August 12, 2014
07:36 EDTFDO, DLTRDollar Tree filing shows Family Dollar talks underway before Icahn involvement
A regulatory filing explaining the history of the merger agreement between Dollar Tree (DLTR) and Family Dollar (FDO) showed that, on February 24, a representative of Dollar Tree's financial advisor, JPMorgan, made a telephone call to a representative of Morgan Stanley to express Dollar Tree's interest in discussing a potential business combination transaction with Family Dollar. The filing also states that on June 6 Carl Icahn and certain of his affiliates filed a Schedule 13D disclosing that together they beneficially owned approximately 9.39% of the then-outstanding shares of Family Dollar common stock and that they wished to discuss with Family Dollar its business and strategies to enhance stockholder value. That day, Icahn telephoned Howard Levine, Chairman and CEO of Family Dollar, to discuss the Schedule 13D filing and to express an interest in additional communications with Family Dollar's management regarding the company's current operations and future plans, including potential strategic opportunities and potential business combination transactions. Levine asked Icahn whether he would be willing to sign a non-disclosure agreement and Icahn declined, the filing stated. Additionally on June 6, a member of the board of directors of "Company A" emailed Levine to suggest that they speak. On June 7, Levine and the member of the board of directors of Company A had a telephone conversation, during which the representative of Company A "indicated that Company A would be reluctant to participate in the negotiation of a transaction with Family Dollar if Mr. Icahn were to have a role in or control over the process," the filing states, without identifying Company A. Many, including the Wall Street Journal, have surmised that "Company A" in the filing may refer to Dollar General (DG).
August 8, 2014
10:36 EDTFDOOptions with increasing implied volatility
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