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February 11, 2013
18:56 EDTCPST, FB, AMSC, DNB, UNIS, RXN, NCLH, BKD, MAS, MTGEOn The Fly: After Hours Movers
UP AFTER EARNINGS: Capstone Turbine (CPST), up 14.7%... Masco (MAS), up 6.5%... Brookdale Senior Living (BKD), up 3.5%... Norwegian Cruse Line (NCLH), up 3.7%... ALSO HIGHER: Rexnord (RXN), up 13.3% after retaining Goldman to explore a possible sale. Rexnord also reported Q3 results that were just below Street estimates... DOWN AFTER EARNINGS: Unilife (UNIS), down 7.8%... Dun & Bradstreet (DNB), down 5.5%... American Superconductor(AMSC), down 4.1%... ALSO LOWER: Facebook (FB), down 2.4% after shares were downgraded to Market Perform from Outperform at Bernstein... American Capital Mortgage (MTGE), down 2.9% after filing to offer 18M shares of common stock.
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September 4, 2014
08:48 EDTAMSCAMSC adjusts Q2 EPS view to less than (33c), consensus (16c)
As a result of the Arbitration Tribunal for the ICC International Court of Arbitration awarding Ghodawat $11M in damages, the company expects to record a charge of approximately $10.5M in Q2 ending September 30 for this award. As a result, AMSC is adjusting its GAAP net loss guidance for Q2 to be less than $26M, or (33c) per share.
08:45 EDTAMSCAMSC reports ICC Court awards Ghodawat $11M in damages
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08:40 EDTAMSCAMSC provides update on litigation with Ghodawat Energy
American Superconductor said in a regulatory filing that on September 1, the company received notification that the Arbitration Tribunal for the ICC International Court of Arbitration issued an award, dated August 29, in the arbitration proceedings between the company’s wholly-owned Austrian subsidiary, AMSC Austria GmbH and Ghodawat Energy Pvt. Ltd., a company registered in India and a former licensee of AMSC Austria’s wind turbine technology, relating to Ghodawat’s claim that AMSC Austria breached the license agreement between the parties. The ICC Court found that AMSC Austria breached the license agreement and awarded Ghodawat approximately $11M in damages and costs, including interest. The award bears interest at the Singapore judgment rate, which is currently 5.33%, from the date of the award until paid. The Company is exploring its options with respect to the award.The company’s insurer sought and received a ruling from the Massachusetts Superior Court that coverage does not apply to this award. The company is currently reviewing its options regarding the ruling. As a result, there can be no assurance that there will be insurance coverage available to offset any amounts paid out in conjunction with the award.
08:26 EDTAMSCAMSC trading halted, pending news
05:41 EDTNCLHNorwegian Cruise Line downgraded to Neutral from Buy at Goldman
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September 3, 2014
13:52 EDTFBSamsung collaborates with Oculus to introduce the Gear VR
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09:36 EDTFBActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL TSLA TWTR PBR C GILD NFLX FB BIDU
07:31 EDTDNBDun & Bradstreet names Curtis Brown as CIO
Dun & Bradstreet (DNB) announced the appointment of Curtis Brown to the role of Chief Information Officer, reporting to COO Josh Peirez, effective immediately. Brown, who most recently served as Global Chief Technology Officer at AOL (AOL), assumes global responsibility for Dun & Bradstreet's expanding portfolio of technology, proprietary data and related intellectual property.
September 2, 2014
16:40 EDTNCLHNorwegian Cruise CEO says Prestige acquisition very complimentary to business
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14:45 EDTNCLHNorwegian Cruise Line acquisition positive, says Wells Fargo
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12:09 EDTNCLHOn The Fly: Midday Wrap
Stocks on Wall Street were mixed at midday, with the Nasdaq clinging to narrow gains and the Dow and S&P both down about 0.25%. Stocks began the session basically unchanged but turned mixed within minutes of the open. The volume has been light and the market has moved in a narrow range, continuing the type of pattern that was seen all of last week ahead of the holiday. ECONOMIC EVENTS: In the U.S., Markit's final manufacturing PMI for August dipped slightly from the flash print of 58.0 to 57.9, but that was up from July's 55.8 reading. ISM's manufacturing index for August climbed to 59.0 from 57.1 in July, beating expectations. Construction spending bounced back 1.8% in July, beating expectations for it to have risen 1.0% after declining in the prior month. In Asia, HSBC's final manufacturing PMI for China edged down to 50.2 from the preliminary 50.3 August reading, which was already down from the 51.7 report in July. The Chinese government's official purchasing managers index came in at 51.1 for August, which was down from its 51.7 reading in July. In Europe, the Eurozone's final manufacturing PMI for August was revised down to 50.7 from 51.8 in the preliminary reading. COMPANY NEWS: Apple (AAPL) was in the headlines following a celebrity photo hack involving several of its iCloud accounts. Despite the negative publicity from those events, the stock gained nearly 1% after noted Piper Jaffray analyst Gene Munster raised his price target on the tech giant's shares to $120 from $105, citing the upcoming launch of new products and services. Another firm, Cantor, said in its own note to investors that it believes that Apple will have its most exciting product launches "in many years" over the next few months... In M&A news, Dollar General (DG) rose almost 1% after increasing its all-cash proposal to buy Family Dollar (FDO) to $80.00 per share and also increasing the number of stores that it would be willing to agree to divest to 1,500 if ordered by the FTC. Shares of Family Dollar, which previously rejected Dollar General's prior proposal on the basis of antitrust regulatory concerns, traded above the new offer price, while Dollar Tree (DLTR), which currently has a merger agreement deal in place with Family Dollar, also gained 1.5%. MAJOR MOVERS: Among the notable gainers were two other companies involved in M&A, one which was a buyer and one which was bought. Norwegian Cruise Line (NCLH) advanced 12% after agreeing to acquire upscale peer Prestige Cruises for $3.03B, while Compuware (CPWR) rose over 12% after the company confirmed it agreed to be acquired by private equity investment firm Thoma Bravo in a transaction valued at approximately $2.5B. Among the noteworthy losers was Exelixis (EXEL), which plunged 53% after its phase 3 pivotal trial of cabozantinib in certain men with metastatic castration-resistant prostate cancer did not meet its primary endpoint and the stock was downgraded by at least three Street research firms. Also lower was lease-to-own retailer CONN'S (CONN), which dropped 30% and was downgraded at Piper Jaffray after weakness in its credit operations prompted a Q2 earnings miss and caused the company to cut its fiscal year guidance. INDEXES: Near midday, the Dow was down 43.58, or 0.25%, to 17,054.87, the Nasdaq was up 2.97, or 0.06%, to 4,583.24, and the S&P 500 was down 4.83, or 0.24%, to 1,998.54.
10:30 EDTNCLHNorwegian Cruise Line jumps as acquires Prestige for $3.03B
Shares of cruise line operator Norwegian Cruise Line (NCLH) are up over 11% this morning after the company announced a definitive agreement to acquire Prestige Cruises International for $3.03B. WHAT'S NEW: Norwegian Cruise Line said it will acquire Prestige Cruises International, the parent company of Oceania Cruises and Regent Seven Seas Cruises, in a cash and stock deal for a total transaction consideration of $3.03B, including the assumption of debt. Additionally, a contingent cash consideration of up to $50M to Prestige shareholders would be payable upon achievement of certain 2015 performance metrics. The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close in Q4. Norweigian is expected to finance the deal with existing cash, debt facilities and the issuance of about 20.3M shares of its stock. Prestige operates eight ships and approximately 6,500 berths under two segment-leading brands. Under the terms of the deal, Frank Del Rio will remain Chief Executive Officer of Prestige. The acquisition is expected to be immediately accretive to earnings without synergies, and the inital $25M of synergies are expected to result in high single-digit percentage adjusted earnings per share accretion. WHAT'S NOTABLE: During the company's conference call discussing the acquisition, Norwegian said it expects measured growth through 2019, and expects leverage to return to four times within 18 months of the transaction. ANALYST REACTION: Prior to the official announcement, Stifel analysts said the deal makes sense for Norwegian from a high level perspective given the stability of the luxury segment, and as luxury brands appear to be resonating well in international markets likely to see growth like China and India. From a valuation standpoint, Stifel said the deal seems fair and the stock remains undervalued given the attractive growth profile. PRICE ACTION: During morning trading, Norwegian Cruise Line jumped $3.81 or 11.44%, to $37.12. OTHERS TO WATCH: Norwegian peer Carnival (CCL) is down almost 0.5% this morning, while Royal Carribean (RCL) is nearly flat.
09:41 EDTFBActive equity options trading on open
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09:20 EDTNCLHNorwegian sees acquisition immediately accretive to earnings without synergies
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09:20 EDTNCLHNorwegian Cruise Line sees measured capacity growth through 2019
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08:08 EDTBKDHCP, Brookdale complete creation of $1.2B CCRC JV
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08:02 EDTNCLHNorwegian Cruise Line to acquire Prestige Cruises for $3.03B
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07:59 EDTNCLHNorwegian Cruise Line to acquire Prestige Cruises for $3.03B
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07:04 EDTNCLHNorwegian Cruise Line trading halted, pending news
06:34 EDTFBEU sends questionnaire to rivals over Facebook-Whatsapp deal, WSJ says
European Union officials have sent a second wave of questions to competitors and customers of Facebook and Whatsapp, reports the Wall Street Journal. According to a questionnaire, EU officials are trying to understand what separates a social network from the messaging application and get to the heart of the competitive landscape. Reference Link
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