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August 13, 2014
08:52 EDTCVEOCiveo Corp. probability of REIT conversion high, says Susquehanna
Susquehanna believes the probability of Civeo Corp. converting to REIT status is high and expects the company's analysis to be completed by the end of Q3. The firm also noted Civeo's better than expected Q2 results including a lower tax rate and higher adjusted EBITDA, both of which will contribute to upside forecasts of AFFO, a key metric for REITs. Susquehanna has a Positive rating with a $31 price target on shares of Civeo Corp.
News For CVEO From The Last 14 Days
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October 10, 2014
09:00 EDTCVEOOn The Fly: Pre-market Movers
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October 9, 2014
18:47 EDTCVEOOn The Fly: After Hours Movers
UP AFTER EARNINGS: Helen of Troy (HELE), up 3%... Barracuda Networks (CUDA), up marginally after reporting second quarter results. ALSO HIGHER: Sucampo Pharmaceuticals (SCMP), up 19.2% after announcing settlement agreement resolving patent litigation on AMITIZA... Civeo (CVEO), up 15% after Greenlight Capital reported a 9.99% stake in the company... EXCO Resources (XCO), up 10.6% after T. Boone Pickens says that company approached by buyers, reported by Bloomberg... EXACT Sciences (EXAS), up 3.7% after announcing final national coverage determination for Cologuard... US Ecology (ECOL), up 2.5% following announcement that it will replace Measurement Specialties (MEAS) in S&P 600. DOWN AFTER EARNINGS: Procera Networks (PKT), down 19.3%... Sizmek (SZMK), down 13.9% following third quarter revenue guidance... VOXX International (VOXX), down 12.5%... Knowles (KN), down 8.1% after lowering third quarter guidance... Microchip (MCHP), down 8.2% after lowering second quarter guidance... Juniper Networks (JNPR), down 3.6% after lowering third quarter outlook. ALSO LOWER: GT Advanced Technologies (GTAT), down 23.3% following a Bloomberg report that it will as to wind down sapphire operations.
17:13 EDTCVEOCiveo Corp. up 10% following 9.99% stake by Greenlight Capital
17:01 EDTCVEOGreenlight Capital reports 9.99% stake in Civeo Corp., urges CEO change
On September 29, the company announced that following an assessment by its board of directors of structural alternatives for the company, the board concluded that it would continue as a corporation and redomicile to Canada. The company stated that the board considered, among other alternatives, a potential conversion to a real estate investment trust. Since the announcement, Greenlight Capital has had conversations with the board and management of the company, and expect to continue having such conversations. During these constructive conversations with the board, Greenlight Capital made the following suggestions as to what the company should do: 1) the company should take on leverage to make its capital structure more appropriate for a real estate company; 2) the company should implement an aggressive program of returning capital to shareholders through a well-communicated dividend policy; and 3) the company should replace the CEO, Bradley Dodson, who Greenlight Capital believes has lost the support and confidence of the companyís shareholders. Greenlight Capital expects to continue to discuss the companyís structural alternatives and other matters related to it with directors and officers of the company, other shareholders and third parties. These may include discussions regarding Greenlight Capitalís views on issues relating to the strategic direction undertaken by the company and other matters of interest to stockholders generally.
October 6, 2014
11:00 EDTCVEOOptions with decreasing implied volatilit
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