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February 6, 2013
05:55 EDTCCE, CCE, TDC, TDC, HOT, HOT, SNA, SNA, SNI, SNI, PM, PM, NBL, NBL, FLIR, FLIR, CTSH, CTSH, S, S, IFF, IFF, EXC, EXC, CI, CI, XYL, XYLCompanies reporting Before the Market Open on Thursday, February 7th
Notable companies reporting before the opening bell include Cigna (CI), Coca-Cola Enterprises (CCE), Cognizant (CTSH), Exelon (EXC), Flir Systems (FLIR), International Flavors (IFF), Noble Energy (NBL), Philip Morris (PM), Scripps Networks (SNI), Snap-On (SNA), Sprint (S), Starwood Hotels (HOT), Teradata (TDC) and Xylem (XYL).
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November 16, 2015
11:31 EDTHOTMarriott announces plans to buy Starwood in $12.2B cash and stock deal
Shares of Marriott International (MAR) and Starwood Hotels & Resorts (HOT) fell after the two companies announced that Marriott will acquire Starwood in a cash and stock deal valued at $12.2B. WHAT'S NEW: Under the terms of the agreement, Starwood shareholders will receive 0.92 shares of Marriott Class A common stock and $2 in cash for each share of Starwood stock. When the deal closes, Starwood stakeholders will own roughly 37% of the combined entity's stock, the companies said. Marriott expects the deal to be earnings accretive by the second year after the merger, excluding the impact of transaction and transition costs. Marriott president and chief executive officer Arne Sorenson will remain in both positions following the merger. The transaction, which has been approved unanimously by the boards of both companies, is expected to close in mid-2016. In a statement announcing the deal, Marriott said it remains committed to its management and franchise strategy. Additionally, Marriott said it expects to deliver at least $200M in annual cost savings in the second full year after closing. Marriott expects to return at least $2.25B in dividends and share repurchases to investors, and believes it can reutrn "at least as much" in the first year following the closing. WHAT'S NOTABLE: On a conference call discussing the deal, Sorenson said that Starwood brands will "remain in place" and that he is focused on increasing appeal to younger travelers. Sorenson also said that the agreement includes a $400M break-up fee. Marriott chief financial officer Carl Berquist added that Starwood will continue its asset sale program. Starwood Chairman Bruce Duncan said that "all possible options" were considered and the company spoke to a "wide range" of interested parties. OTHER BIDDERS: On November 2, CNBC's David Faber reported that Starwood and rival Hyatt (H) were still in talks over a potential merger deal and that deal was about "a week away." In addition, The Wall Street Journal reported on October 27 that Shanghai Jin Jiang International Hotels, HNA Group and China Investment Corporation were vying for government clearance to submit an offer to acquire Starwood. On July 30, media reports emerged that Starwood had reached out to possible suitors about a buyout, including InterContinental (IHG), Wyndham Worldwide (WYN), and several sovereign wealth funds. Intercontinental denied it was involved in any such discussions with Starwood the day the story was reported. STREET RESEARCH: In response to the acquisition news, RBC Capital Markets analyst Wes Golladay said that Marriott may look to convert some of Starwood's hotels, likely older Sheratons, to its new Delta brand. PRICE ACTION: In morning trading, Marriott declined 0.14% to $72.64 and Starwood fell 6.25% to $70.24. OTHERS TO WATCH: Hyatt rallied 3.4%, InterContinental was down 1.77% and Wyndham Worldwide lost 2.07% following the deal announcement. American Express (AXP), which announced new benefits to the Starwood Preferred Guest credit card in early June, slipped 0.62% in morning trading.
09:59 EDTCIOmega bought Valeant in Q3, sold some SuneEdison
Leon Cooperman's Omega Advisors gave a quarterly update on its stakes in a filing this morning, disclosing its positions as of September 30. NEW STAKES: Pfizer (PFE), Valeant (VRX) Walgreens Boots Alliance (WBA), TerraForm Global (GLBL), Cigna (CI). INCREASED STAKES: Google Class A (GOOGL), Facebook (FB), Delta Air Lines (DAL). DECREASED STAKES: SunEdison (SUNE), Shire (SHPG), Citi (C), KAR Auction (KAR), LyondellBasell (LYB). LIQUIDATED STAKES: McKesson (MCK), 21st Century Fox (FOXA), General Motors (GM), QEP Resources (QEP), eBay (EBAY).
09:35 EDTHOTMarriott CEO says Starwood deal includes break-up fee of $400M
09:21 EDTHOTMarriott says Starwood to continue asset sale program
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09:19 EDTHOTOn The Fly: Pre-market Movers
HIGHER: Nexvet Biopharma (NVET), up 16.8% after NV-01 study meets primary endpoint... Protalix BioTherapeutics (PLX), up 4.8% after announcing that it will conduct a Phase III clinical trial for PRX-102... Array Biopharma (ARRY), up 4.3% after announcing a commercialization collaboration with Pierre Fabre... Perrigo (PRGO), up 2.1% after being upgraded to Buy from Neutral at UBS. DOWN AFTER EARNINGS: Dillard's (DDS), down 11.7% after reporting quarterly results. ALSO LOWER: Clovis Oncology (CLVS), down 71.3% after the FDA requested additional clinical data for rociletinib... KaloBios Pharmaceuticals (KBIO), down 48.9% after announcing that it will wind down its operations... Starwood Hotels (HOT), down 6.3% after announcing that Marriott (MAR) will acquire the company... Marriott is down 2.4%... Five Below (FIVE), down 3.1% after being downgraded to Hold from Buy at Deutsche Bank.
09:13 EDTHOTMarriott CEO Sorenson says Starwood brands to 'remain in place'
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08:58 EDTHOTAmerican Express slips following Marriott, Starwood deal announcement
Shares of American Express (AXP) are slipping in pre-market trading following the news that Marriott (MAR) and Starwood Hotels & Resorts (HOT) have agreed to merge. In early June, American Express and Starwood announced new benefits to the Starwood Preferred Guest credit card. Marriott, however, has its co-brand program with JPMorgan Chase (JPM) and the early weakness in American Express shares could reflect concern over a potential change in the merged hotels' co-brand relationships. In pre-market trading, AxEx shares are down about 0.5% to $70.88.
08:57 EDTHOTMarriott says 'committed' to management and franchise strategy
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07:18 EDTHOTDeutsche Bank to hold a conference
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07:04 EDTEXCExelon extends deadline for total exchange consideration for tendered notes
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06:19 EDTHOTMarriott & Starwood to host joint conference call
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06:12 EDTHOTMarriott volatility flat into acquiring Starwood for $12.2B
Marriott (MAR) November call option implied volatility is at 31, December is at 28; compared to its 52-week range of 19 to 41, suggesting non-directional price movement into acquiring Starwood (HOT) for $12.2B in cash, stock.
06:09 EDTHOTMarriott to acquire Starwood for $12.2B in cash, stock
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06:09 EDTHOTStarwood November volatility up into Marriott acquiring for $12.2B
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06:05 EDTHOTMarriott to acquire Starwood for $12.2B in cash, stock
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06:02 EDTCIAnthem announces ISS recommends shareholders vote "For" Cigna acquisition
Anthem (ANTM) announced that Institutional Shareholder Services has issued a report recommending that Anthem shareholders vote to approve the issuance of Anthem stock in the proposed acquisition of Cigna (CI) at the company's special meeting of shareholders to be held on Thursday, December 3, 2015. Anthem's board unanimously recommends that Anthem shareholders vote "FOR" the proposal to issue Anthem common stock to acquire Cigna, which is necessary to complete the transaction.
November 13, 2015
18:09 EDTSSprint to restructure into four regional hubs, slash jobs, Bloomberg says
Sprint is creating four regional hubs and cutting some jobs to focus on service quality and customer retention in 19 major U.S. markets, part of CEO Marcelo Claure's restructuring efforts, Bloomberg reports. Reference Link
10:00 EDTSNIOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: AB InBev (BUD) upgraded to Buy from Hold at Berenberg... Air Lease (AL) upgraded to Overweight from Neutral at JPMorgan... Aircastle (AYR) upgraded to Neutral from Underweight at JPMorgan... AmTrust (AFSI) upgraded to Buy from Neutral at Compass Point... Anadarko (APC) upgraded to Focus List from Outperform at Scotia Howard Weil... BAE Systems (BAESY) upgraded to Neutral from Underweight at JPMorgan... Bill Barrett (BBG) upgraded to Outperform from Sector Perform at Scotia Howard Weil... Extra Space Storage (EXR) upgraded to Strong Buy from Outperform at Raymond James... Medtronic (MDT) upgraded to Conviction Buy from Buy at Goldman... Mylan (MYL) upgraded to Buy from Neutral at Citi... Scripps Networks (SNI) upgraded to Outperform from Underperform at CLSA... Toll Brothers (TOL) upgraded to Overweight from Neutral at JPMorgan... Wal-Mart (WMT) upgraded to Buy from Neutral at Northcoast... Weir Group (WEIGY) upgraded to Buy from Hold at Deutsche Bank... Weyerhaeuser (WY) upgraded to Outperform from Underperform at CLSA... Yelp (YELP) upgraded to Outperform from Sector Perform at RBC Capital.
08:23 EDTXYL, SNASeaport Global to hold a conference
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07:34 EDTSNI, SNIScripps Networks upgraded to Outperform from Underperform at CLSA
CLSA upgraded Scripps Networks to Outperform and raised its price target on shares to $66 from $60. Analyst Vasily Karasyov said strength in Q3 supports the FY16 outlook and the current valuation already reflects negative sentiment and concerns over difficult ratings comps overlook seasonality sensitivity. Karasyov expects upside to be driven by improving US advertising and affiliate revenue trends, de-leveraging, and lack of exposure to headwinds such as time-shifting viewing, audience measurement, and video bundle maturation, which impact peers more.
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