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May 12, 2014
10:02 EDTVTL, PAYC, MC, KKR, DKS, PLUS, TRIV, PEGI, NAVI, JMI, WB, SPWH, OPB, MEG, ELGX, CRDC, CIO, CSIIOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Cardica (CRDC) initiated with a Buy at Craig-Hallum... Cardiovascular Systems (CSII) initiated with a Buy at BofA/Merrill... City Office REIT (CIO) initiated with an Outperform at Oppenheimer... Dick's Sporting (DKS) coverage assumed with an Outperform at Credit Suisse... Endologix (ELGX) initiated with a Neutral at JPMorgan... JAVELIN Mortgage (JMI) assumed with a Perform at Oppenheimer... KKR (KKR) reinstated with a Buy at Goldman... Media General (MEG) initiated with an Outperform at Wells Fargo... Moelis (MC) initiated with a Buy at UBS... Navient (NAVI) initiated with a Buy at Buckingham... Opus Bank (OPB) initiated with an Outperform at Credit Suisse... Pattern Energy (PEGI) resumed with an Outperform at BMO Capital... Paycom Software (PAYC) initiated with a Buy at Canaccord... Sportsman's Warehouse (SPWH) initiated with a Neutral at RW Baird... TriVascular (TRIV) initiated with a Buy at Canaccord... Vital Therapies (VTL) initiated with an Outperform at Credit Suisse... Weibo (WB) initiated with an Overweight at Piper Jaffray... ePlus (PLUS) initiated with a Buy at Stifel.
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January 28, 2016
10:35 EDTMEGCox Communications: Nextar, Media General merger 'not in the public interest'
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07:25 EDTMEGMeredith likely to be range bound for a few quarters, says Wells Fargo
After Meredith (MDP) and Media General (MEG) terminated their merger, Wells Fargo expects Meredith's stock to be range bound for a few quarters, since it believes that no M&A deals in the broadcast sector will take place until the spectrum auction is over 6-9 months from now. Wells says that Meredith's magazines business continues to weaken its results, and it keeps a Market Perform rating on the shares.
05:28 EDTKKRKKR and Masan Group conclude partnership in Masan consumer
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January 27, 2016
13:40 EDTKKRKKR replaces Bain as suitor for Peroni, Grolsch brands, Reuters says
KKR (KKR) is replacing Bain Capital as a bidder for SABMiller's (SBMRY) Peroni and Grolsch brands, Reuters reporst, citing three sources familiar with the matter. KKR was not previously shortlisted as one of the final suitors for the brands being unloaded by AB InBev (BUD) to smooth its acquisition of SABMiller, the report says. Reference Link
11:20 EDTDKSBed Bath & Beyond slips after Citi, Keybanc both say sell
Home goods retailer Bed Bath & Beyond (BBBY) is declining in late morning trading after being downgraded to Sell-equivalent ratings at both Keybanc and Citi. WHAT'S NEW: KeyBanc analyst Bradley Thomas downgraded Bed Bath & Beyond to Underweight from Sector Weight after his firm's work on housing showed growth has slowed. The analyst noted that the home furnishings sector is growing increasingly competitive, and he took a more cautious view on Hardline retailers whose growth is predicated primarily on same-store sales. Thomas kept a $35 price target on shares of Bed Bath & Beyond. Citi analyst Kate McShane downgraded Bed Bath & Beyond to Sell from Neutral on expectations the retailer's earnings will continue to decline over the next two years. McShane also noted that competition in home furnishings remains intense, while Bed Bath's e-commerce operations continue to be unprofitable. McShane cut her price target for the shares to $37 from $51. OTHERS TO WATCH: The analysts, in their respective notes, also opined on Bed Bath & Beyond's peers. Keybanc's Thomas downgraded Haverty Furniture (HVT) and Pier 1 Imports (PIR) to Sector Weight from Overweight. Meanwhile, Citi's McShane recommended a pair trade of long Dick's Sporting Goods (DKS), which the firm is Overweight on due to valuation, and short Bed Bath & Beyond. PRICE ACTION: Shares of Bed Bath & Beyond are down 1.6% to $43.34, while Haverty Furniture and Pier 1 Imports are down 3.8% and 3.9%, respectively. Dick's Sporting Goods, meanwhile, is down 0.7% to $37.84.
09:43 EDTMEGNexstar & Media General to host joint conference call
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08:48 EDTMEGMeredith and Media General agree to terminate merger agreement
Meredith Corporation (MDP) and Media General (MEG) said they have agreed to terminate immediately the binding merger agreement they entered into on September 8, 2015. In exchange for terminating the merger agreement, Meredith will receive: $60M in cash payable immediately, and an opportunity to negotiate for the purchase of certain broadcast and digital assets currently owned by Media General. There is no assurance that Media General and Meredith will reach agreement with respect to a purchase of any broadcast and digital assets, any such transaction being subject to approval of Nexstar Broadcasting (NXST) under Media General's merger agreement with Nexstar. Meredith Chairman and CEO Stephen Lacy commented, "While we still believe in the strategic and financial benefits a merger with Media General would have created, we are pleased with the financial benefits of the termination agreement and the shareholder value created." Media General CEO Vincent Saduskey said, "We are pleased to have this matter behind us and look forward to working towards completion of our transaction with Nexstar, which we believe is in the best interest of Media General and delivers superior value to our shareholders."
08:48 EDTMEGNexstar enters into definitive agreement to acquire Media General for $4.6B
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08:46 EDTMEGMeredith and Media General agree to terminate merger agreement
08:46 EDTMEGNexstar to acquire Media General for $4.6B
06:53 EDTKKRKKR, Bain, Fujifilm to make offers for Toshiba Medical, Reuters reports
KKR (KKR), Bain Capital, and Fujifilm (FUJIY) are among possible bidders for a medical equipment unit of Toshiba (TOSBF) in a deal that could be valued as high as $3B, Reuters reports, citing people familiar with the process. Reference Link
06:46 EDTDKSBed Bath & Beyond downgraded to Sell from Neutral at Citi
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January 26, 2016
16:19 EDTNAVINavient reports Q4 diluted core EPS 49c, consensus 49c
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11:50 EDTMEGMeredith near deal to end Media General pact, allow Nexstar deal, Bloomberg says
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11:22 EDTMEGMeredith close to allowing Media General, Nexstar deal, Bloomberg reports
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07:36 EDTKKRKKR leads funding round in Jitterbit
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January 25, 2016
19:35 EDTMEGNexstar nearing $2.3B deal for Media General, NY Post says
Nexstar (NXST) is preparing to sign within days a $2.3B agreement to acquire Media General (MEG), reports the New York Post, citing sources. Following its announcement, the deal is expected to be placed on hold because Media General has already agreed to a merger with Meredith (MDP), but Media hopes the deal will pressure Meredith to settle the termination fee related to the agreement, sources told the publication. Reference Link
07:07 EDTOPBOpus Bank increases quarterly dividend 25% to 15c per share
Opus Bank said its board increased its quarterly cash dividend by 25% to 15c per share. Chairman and CEO Stephen H. Gordon said that the increase " reflects our strong capital position, asset quality, liquidity, increasing earnings power and return metrics, and confidence in our ability to execute our business strategy and growth plans."
07:06 EDTOPBOpus Bank reports Q4 EPS 50c, consensus 57c
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06:47 EDTOPBOpus Bank agrees to acquire PENSCO Trust Company
Opus Bank announced that it has entered into a definitive agreement to acquire PENSCO Trust Company,, a wholly-owned subsidiary of PENSCO Services. Under the terms of the agreement, PENSCO shareholders and members will receive aggregate consideration comprised of 1,698,529 shares of Opus Bank common stock and $47.25 million in cash, subject to certain adjustments set forth in the definitive agreement. The transaction is expected to close early in the second quarter of 2016, subject to certain regulatory approvals or non-objections and approvals by PENSCO's shareholders and members, after which PENSCO will operate as a subsidiary of Opus. PENSCO shareholders and members have entered into voting agreements which provide for the requisite approvals when special meetings are held to vote on the transaction. Kelly Rodriques, President and Chief Executive Officer of PENSCO, will continue in the role of President and Chief Executive Officer of PENSCO, and will join Opus as Executive Vice President-Wealth Services.
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