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Stock Market & Financial Investment News

News Breaks
January 2, 2013
10:34 EDTZIP, IDSY, CAR, HTZZipcar, Avis Budget both surge following agreement to merge
Shares of car sharing service operator Zipcar (ZIP) are soaring after it agreed to be acquired by car rental company Avis Budget (CAR) for $12.25 per share in cash, or approximately $500M. Avis Budget's shares also rose after it announced the deal, which it said would be accretive to EPS in the second year. On the companies' conference call related to the deal, Avis Budget said it now sees car sharing as complementary to its traditional business and Zipcar said it expects the deal will "dramatically" reduce its costs associated with buying cars. Avis said it expects the deal will help it reach its growth and profitability targets more quickly and confirmed its guidance for FY12 EPS of $2.35-$2.45 and FY12 revenue of $7.3B. In mid-morning trading, Zipcar surged 48.67% to $12.25, Avis Budget advanced 5.10% to $20.83, and shares of Hertz (HTZ), Avis' primary rival, rose 3.07% to $16.77. Meanwhile, shares of I.D. Systems (IDSY), which struck a partnership agreement with Avis Budget during early 2012 to deploy a new generation of wireless vehicle rental technology, slid 38c, or 6.44% to $5.45, though Avis did state during its conference call that its merger with Zipcar is not expected to impact its existing agreement with I.D. Systems.
News For CAR;ZIP;HTZ;IDSY From The Last 14 Days
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November 17, 2014
05:54 EDTHTZHertz downgraded to Market Perform from Outperform at Wells Fargo
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November 14, 2014
17:01 EDTHTZIcahn Associates gives quarterly update on stakes
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16:58 EDTHTZThird Point gives quarterly update on stakes
NEW STAKES: Alibaba (BABA), eBay (EBAY), Bed Bath & Beyond (BBBY), Shire (SHPG), and Parker Hannifin (PH). INCREASED STAKES: Actavis (ACT), Amgen (AMGN), EQT (EQT), Sensata (ST), Coca-Cola Enterprises (CCE). DECREASED STAKES: Williams Cos (WMB), Ally Financial (ALLY), Cheniere Energy (LNG), YPF (YPF), and FedEx (FDX). LIQUIDATED STAKES: AIG (AIG), T-Mobile (TMUS), Rackspace (RAX), Hertz (HTZ), and Citrix Systems (CTXS).
16:01 EDTHTZOptions Update; November 14, 2014
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10:05 EDTHTZHertz restatatement news worse than expected, says Deutsche Bank
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10:02 EDTHTZHertz restatements to last into next year, says Wells Fargo
After speaking with management, Wells Fargo says Hertz's restatement process is likely to last through most of the first half of 2015. On the plus side, Wells notes that it confirmed vehicle fleet depreciation was not cited as an issue with the company's 2011-2013 restatements. The firm has an Outperform rating on the stock.
09:56 EDTHTZHertz falls on restatements, levels to watch
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09:38 EDTHTZJANA Partners gives quarterly update on stakes
NEW STAKES: AMD (AMD), AECOM Technology (ACM), Alibaba (BABA), McDonald's (MCD), Amgen (AMGN), Gaming and Leisure Properties (GLPI), Iron Mountain (IRM), iRobot (IRBT), Seadrill Partners (SDLP), Valeant (VRX). INCREASED STAKES: eBay (EBAY), Charter (CHTR), Groupon (GRPN), HD Supply (HDS), Hertz (HTZ). DECREASED STAKES: Apache (APA). LIQUIDATED STAKES: CBS (CBS), Endo (ENDP), FMC Corporation (FMC), SeaWorld (SEAS), SunEdison (SUNE).
09:38 EDTHTZActive equity options trading
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08:20 EDTHTZHertz November volatility elevated into outlining new rental car strategy
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07:21 EDTHTZHertz: Lower revenue growth, higher directing expenses are transitionary
Interim CEO Brian MacDonald said, "We believe the lower revenue growth and higher direct operating expenses we are experiencing in 2014 are transitory, primarily associated with fleet and systems integration challenges related to the Dollar Thrifty acquisition as well as some execution issues. We are addressing the operational issues by strategically repositioning the fleet, hiring incremental sales and maintenance staff and migrating the Dollar and Thrifty financial and counter systems onto Hertz systems. Accordingly, 2015 will represent a transitional year with a more normal base performance becoming evident in 2016."
07:20 EDTHTZHertz sees FY14 corporate EBITDA $1.3B-$1.45B
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07:20 EDTHTZHertz reports Q3 revenue $3.12B, compared to $3.07B a year ago
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07:17 EDTHTZHertz to restate 2011, 2012, 2013 financial statements
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07:16 EDTHTZHertz to implement global cost reduction program
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07:16 EDTHTZHertz announces new U.S. rental car fleet strategy
Hertz announced a new fleet purchasing strategy to improve the U.S. rental car business's competitive position and customer experience. Hertz will purchase roughly 350,000 model year 2015 vehicles in the U.S., approximately 60% more than the model year 2014 vehicles. Approximately 25% of the model year 2015 fleet buy is being delivered in the fourth quarter of 2014. Approximately 70% of the U.S. operating fleet is expected to be risk vehicles in calendar year 2015 versus approximately 85% in 2014. As the company strategically transforms the U.S. fleet, the average U.S. risk-car holding period for 2014 and 2015 model year vehicles is expected to be substantially lower than the 2013 model year holding periods. To accelerate its fleet transformation, the company increased its fourth quarter U.S. risk vehicle dispositions by 45% versus plan, targeting its highest mileage vehicles. As of the end of October, approximately 40% of the sales planned for fourth quarter 2014 have been completed. For the full year 2014, U.S. car rental monthly depreciation per vehicle is expected to be approximately $280 - $300 per unit, which is higher than forecast primarily due to the accelerated disposition timeline and weaker residual values.
November 13, 2014
14:50 EDTHTZLonestar Capital to shut down by mid-2015, WSJ reports
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14:45 EDTHTZLonestar capital to shut down, DJ reports
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07:27 EDTCARAvis Budget management to meet with Deutsche Bank
Meeting to be held in Atlanta on November 13 hosted by Deutsche Bank.
November 10, 2014
17:27 EDTHTZHertz files to delay Form 10-Q
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