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Stock Market & Financial Investment News

News Breaks
March 10, 2014
05:25 EDTCQBChiquita Brands to combine with Fyffes plc in stock-for-stock transaction
News For CQB From The Last 14 Days
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August 17, 2014
18:43 EDTCQBInvestors should take profits in Chiquita Brands, Barron's says
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August 15, 2014
17:48 EDTCQBSafra-Cutrale file proxy to solicit against Chiquita transaction with Fyffes
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August 14, 2014
16:14 EDTCQBChiquita says board determines Cutrale/Safra offer not in best interests
Chiquita Brands announced that its board of directors unanimously determined that the unsolicited offer from the Cutrale Group and the Safra Group announced on August 11, to acquire all of the outstanding stock of Chiquita for $13.00 per share in cash, is inadequate and not in the best interests of Chiquita shareholders. Having made such a determination, Chiquita has determined not to furnish information to, and have discussions and negotiations with, the Cutrale Group and the Safra Group at this time. The Chiquita board has also unanimously reaffirmed its recommendation that Chiquita shareholders vote to approve the definitive merger agreement between Chiquita and Fyffes. Chiquita remains committed to completing its transaction with Fyffes, which it believes will create a combined company that is better positioned to succeed in a highly competitive marketplace, while driving strong performance and value for shareholders.
August 11, 2014
16:50 EDTCQBOn The Fly: Closing Wrap
Stocks on Wall Street opened in positive territory but were never able to gain any upside momentum. There was little to account for the initial move other than no change to the status quo for Israel and Russia. The averages moved in a narrow range but managed to stay on the plus side into the close, though in lackluster fashion. ECONOMIC EVENTS: In the U.S., no significant economic data was released. In prepared comments for a conference, Federal Reserve Vice Chairman Stanley Fischer said rebounds across advanced economies have been disappointing, leading the Fed and other observers to lower their long-term expectations for growth potential in the U.S. COMPANY NEWS: Shares of Kinder Morgan (KMI) advanced $3.25, or 9.0%, to $39.37 after announcing it will consolidate its oil-and-gas holdings into one company by acquiring all of the outstanding shares of a number of its subsidiaries, including Kinder Morgan Energy Partners (KMP), Kinder Morgan Management (KMR) and El Paso Pipeline Partners (EPB). The total transaction has a value of about $70B and the combined entity will be the largest energy infrastructure company in North America and the third largest energy company overall with an estimated enterprise value of approximately $140B, the company said. Afterward, Kinder Morgan was upgraded to Buy from Neutral at BofA Merrill Lynch, though Wells Fargo viewed the plans as mixed near-term. Wells believes the deal helps address some of the structural issues that have been pressuring Kinderís valuation in recent quarters, but it believes itís unclear how the market will ultimately value the new structure and the firm kept its Market Perform rating on all four stocks involved. MAJOR MOVERS: Among the notable gainers was salad and banana distributor Chiquita Brands (CQB), which jumped $3.04, or 30.22%, to $13.10 to close above the $13 per share takeover offer announced by Cutrale Group and the Safra Group. Note that Chiquita previously agreed to combine with Fyffes plc in a stock-for-stock transaction. Also higher was Mattress Firm (MFRM), which advanced $6.52, or 13.58%, to $54.53 after reporting preliminary second quarter results that beat expectations and raising it fiscal year outlook. Among the noteworthy losers following their earnings reports were Walter Investment (WAC), which fell $3.52, or 12.45%, to $24.75, and Inovio (INO), which dropped 99c, or 9.94%, to $8.97. INDEXES: The Dow edged up 16.05, or 0.1%, to 16,569.98, the Nasdaq gained 30.43, or 0.7%, to 4,401.33, and the S&P 500 rose 5.33, or 0.28%, to 1,936.92.
15:00 EDTCQBChiquita Brands confirms $13 per share offer, says 'will review carefully'
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12:25 EDTCQBOn The Fly: Midday Wrap
Stocks on Wall Street opened in positive territory and have remained there throughout the morning. There was little in the way of a catalyst, as the economic calendar was empty, though investors may have been encouraged that there was no breakdown in the ceasefire agreement between Israel and Gaza and no big headlines from the Russia/Ukraine border. Additionally, some may have viewed comments from Fed Vice Chair Fischer as dovish and in support of continued easing. ECONOMIC EVENTS: In the U.S., no significant economic data was released. In prepared comments for a conference, Federal Reserve Vice Chairman Stanley Fischer said rebounds across advanced economies have been disappointing, leading the Fed and other observers to lower their long-term expectations for growth potential in the U.S. COMPANY NEWS: Shares of Kinder Morgan (KMI) advanced 10% after announcing it will consolidate its oil-and-gas holdings into one company by acquiring all of the outstanding shares of a number of its subsidiaries, including Kinder Morgan Energy Partners (KMP), Kinder Morgan Management (KMR) and El Paso Pipeline Partners (EPB). In addition to the rise in the shares of the parent, Kinder Morgan Energy shares rose 19%, Kinder Morgan Management gained 25% and El Paso Pipeline moved up 22%. MAJOR MOVERS: Among the notable gainers was salad and banana producer Chiquita Brands (CQB), which jumped 31% to trade above $13 per share after Cutrale Group and the Safra Group proposed to acquire 100% of the company's outstanding stock for $13 in cash each. Also higher was electric car maker Tesla (TSLA), which rose 5% after Deutsche Bank upgraded the stock to Buy from Hold and raised its price target on the shares to $310 from $220. Among the noteworthy losers was social game maker King Digital (KING), which slid 3% after the stock was downgraded at Pacific Crest to Sector Perform from Outperform. Also lower following their earnings reports were Inovio (INO), which fell over 8%, and Gogo (GOGO), which dropped nearly 6%. INDEXES: Near midday, the Dow was up 51.25, or 0.31%, to 16,605.18, the Nasdaq was up 38.19, or 0.87%, to 4,409.08, and the S&P 500 was up 10.12, or 0.52%, to 1,941.71.
09:20 EDTCQBCutrale Group and Safra Group propose to acquire Chiquita for $13 per share
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August 7, 2014
08:23 EDTCQBChiquita Brands reports Q2 EPS 37c, may not compare to consensus 65c
Reports Q2 revenue $826M, consensus $823.25M.
August 6, 2014
18:27 EDTCQBChiquita Brands announces executive purchases of company stock
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