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Stock Market & Financial Investment News

News Breaks
August 30, 2012
16:24 EDTCIEN, FSR, ZLC, CG, FSLR, VR, DDOn The Fly: Closing Wrap
Stocks on Wall Street were lower in another day of sluggish trading prior to the holiday weekend. Stock futures were negative in early trading, leading to a lower open for the broader market. The market generally ignored the flat economic reports, including the personal spending and income reports and the jobless claims data. The averages remained in a narrow range for the first hour of trading but then moved another leg lower, where they remained for most of the session, before another downdraft into the close. The news flow was light, as was the volume, as investors have not traded with great conviction this week ahead of Labor Day... ECONOMIC EVENTS: Domestically, 374,000 initial jobless claims were reported, versus the expected 370,000. Personal income rose 0.3% during the month of July, which matched expectations, while personal spending was up 0.4%, versus expectations for an increase of 0.5%... COMPANY NEWS: DuPont (DD) agreed to sell its Performance Coatings business to Carlyle Group (CG) for $4.9B... MAJOR MOVERS: Among the notable gainers were Flagstone Reinsurance (FSR), up $1.54, or 21.81%, to $8.60, after agreeing to be acquired by Validus (VR) in a cash and stock deal, and Zale (ZLC), up 70c, or 16.17%, to $5.03, as it was upgraded to a Buy rating at Northcoast and continued yesterday's move higher after earnings. Noteworthy losers included Ciena (CIEN), down $3.26, or 19.50%, to $13.46, following its disappointing Q3 results and Q4 guidance, and First Solar (FSLR), down $4.50, or 18.60%, to $19.70, though Avian said the sell-off in shares related to a Bloomberg story about a halt of panel deliveries at the Agua Caliente project was overdone since the information was not new... INDICES: The Dow lost 106.77, or 0.81%, to 13,000.71; the Nasdaq fell 32.48, or 1.05%, to 3,048.71; and the S&P 500 dropped 11.01, or 0.78%, to 1,399.48.
News For DD;CG;FSR;VR;ZLC;CIEN;FSLR From The Last 14 Days
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August 31, 2015
07:04 EDTCGCarlyle Group agrees to acquire Blyth for $98M
Carlyle Group (CG) and Blyth (BTH) announced they have entered into a definitive agreement under which Carlyle Group will acquire all of Blyth's outstanding shares of common stock in a transaction valuing Blyth at $98M, equating to $6.00 per share, which represents a premium of approximately 105% over the closing price of Blyth common stock on Friday, August 28 and a premium of 65% over Blyth's 30-day average share price as of such date. The transaction has been unanimously approved by Blyth's board and will be completed by means of a tender offer followed by a merger. Under the terms of the definitive agreement, an affiliate of Carlyle Group will commence a tender offer for all of Blyth's outstanding shares of common stock at $6.00 per share in cash. The tender offer is conditioned on Blyth's stockholders tendering at least a majority of Blyth's outstanding shares in the tender offer, early termination or expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions. The acquisition is expected to close in Q4. The financing for the transaction will come from Carlyle Equity Opportunity Fund, a $1.1B U.S. middle-market buyout fund. Robert B. Goergen, Blyth's chairman of the board, and Robert Goergen, Jr., Blyth's president and CEO, who beneficially own approximately 38% of Blyth's outstanding shares of common stock, have committed to support the tender offer.
07:02 EDTCGCarlyle Group agrees to acquire Blyth for $98M
August 30, 2015
21:43 EDTCGCarlyle Group explores sale of Landmark Aviation for $1.7B, Reuters says
Carlyle Group has been exploring a sale of Landmark Aviation in a deal that could be valued as high as $1.7B, Reuters reported Friday, citing people familiar with the matter. Sources said Carlyle initially considered a public listing, but began considering an outright sale over the last few months. Reference Link
12:33 EDTDDDividend-rich blue chips look attractive amid market volatility, Barron's says
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August 28, 2015
07:31 EDTCGCarlyle in takeover talks with Innovation Group, Sky News reports
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07:17 EDTCIENCoomunication tech stock drop likely a buying opportunity, says Wells Fargo
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06:56 EDTCGCarlyle has little luck with hedge funds, WSJ reports
Carlyle Group has often seen the hazards of running hedge funds, with its Carlyle Capital fund becoming a harbinger for the 2008 financial crisis and its Blue Wave Partners hedge fund ending abruptly a few months later, the New York Times says. As recently as last week, the company announced that its credit-focused hedge fund Claren Road Asset Management faced roughly $2B in investor redemption requests, the report says. Though the company makes money in its core buyout business as well as in other areas, its track record with hedge funds has been murky at best, the report says. Reference Link
August 26, 2015
17:16 EDTCIENEXFO Inc. names Philippe Morin as COO
EXFO Inc. (EXFO) announced that Philippe Morin will be joining the company as COO in early November. Morin, who has more than 25 years of experience in the telecommunications industry, will leave Ciena (CIEN) as Senior Vice-President of Worldwide Sales and Field Operations on October 31. Previously, he was Ciena's Senior Vice-President of the Global Products Group and held a number of leadership roles at Nortel Networks including President of Metro Ethernet Networks, Vice-President and General Manager of Optical Networks, as well as having held positions in sales, marketing and product management in North America and Europe.
10:00 EDTCIENOn The Fly: Analyst Upgrade Summary
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09:02 EDTCIENCiena says 5430 Packet Optical Platform being deployed by SK Telecom
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06:47 EDTCIENCiena upgraded to Outperform from Market Perform at Raymond James
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August 25, 2015
13:39 EDTDDDuPont names John Chrosniak as president, DuPont Sustainable Solutions
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11:41 EDTFSLRSolarCity rises again after Chairman Musk buys shares
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06:16 EDTCGKKR, Carlyle bid for Tesco's South Korean unit, Reuters reports
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August 24, 2015
16:46 EDTFSLRPresident Obama announces new renewable energy commitments
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11:09 EDTFSLRGoldman says SolarCity attractive after sharp pullback
SolarCity (SCTY) shares are climbing in the down market after Goldman Sachs contended in a note to investors today that the stock is attractive following its recent sharp retreat, The company probably won't be affected by issues that are causing investors to worry about the solar sector, the firm believes. WHAT'S NEW: Noting that SolarCity's stock had tumbled 27% in the last month before today's open, Goldman Sachs analyst Brian Lee wrote that the shares are being dragged down by worries about financing and cost of capital that are affecting the entire solar sector. However, he contended that these issues are having only a "limited" impact on SolarCity. On August 13, the company successfully sold asset-backed securities and it said that more such sales are likely to occur in the near-term, Lee noted. Meanwhile, SolarCity isn't being affected by the cost of capital increases that other solar companies are experiencing, the analyst reported. Before today's open, the stock was near a two year low, even though SolarCity's fundamentals are still "strong," Lee believes. Additionally, the largest U.S. solar trade show, which is expected to begin on September 14, could boost solar stocks, as it has historically been a catalyst for the sector, the analyst stated. SolarCity may provide guidance about the outlook for its Silevo solar panel manufacturing subsidiary in the second half of 2015, and the guidance could boost the stock, Lee believes. The risk/reward ratio of SolarCity's stock is positive, according to the analyst, who has a Conviction List Buy and $85 price target on the shares. OTHERS TO WATCH: Other publicly traded companies in the solar space include Canadian Solar (CSIQ), First Solar (FSLR), JA Solar (JASO), SunEdison (SUNE), SunPower (SPWR), Trina Solar (TSL) and Yingli Green Energy (YGE). PRICE ACTION: In late morning trading, SolarCity advanced 5.3% to $43.18.
09:23 EDTDDGevo, Butamax enter global patent cross-license, settlement agreements
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August 21, 2015
12:17 EDTDDDeere slides after Q3 results and outlook impacted by deteriorating farm economy
Despite reporting third quarter results that surpassed analyst expectations, shares of farm equipment maker Deere (DE) are falling after the company said it sees farm equipment sales for the year lower than previously thought, as the downturn in the agricultural economy continues. WHAT'S NEW: Deere reported Q3 EPS of $1.53, down from $2.33 in the year-ago quarter, and revenue of $7.6B, down 20% from last year's Q3. Analysts' consensus estimates for Q3 were for EPS of $1.44 on revenue of $7.17B. John Deere's Chief Executive Officer Samuel Allen said, "John Deere's third quarter results reflected the continuing impact of the downturn in the farm economy as well as lower demand for construction equipment." WHAT'S NOTABLE: Looking ahead, the farm equipment maker forecast full year 2015 world-wide sales of its farm equipment to be lower by about 25% for the year compared to the 24% it forecast in May with its Q2 report. On its Q3 earnings conference call, the company said crop prices are stabilizing near the long-term average and the dairy sector remains under pressure. Beef prices remain solid while pork prices remain at low levels, Deere added. In China, the company sees continued slowdown in economic growth, lower commodity prices impacting agricultural economy, and mechanizing trends and ongoing subsidies supportive of agriculture. In India, the company sees positive consumer and investor sentiment supporting economic growth, and two consecutive below normal monsoon seasons impacting farm incomes. In the Commonwealth of Independent States, the company sees a continued deterioration of economic growth and credit conditions remaining challenged. Deere sees crop value of agricultural production in Brazil to decrease 11% in 2015. PRICE ACTION: Shares of Deere are down $6.04, or 6.6%, to $84.61 in midday trading. OTHERS TO WATCH: Other companies that are leveraged to agriculture include AGCO (AGCO),Potash (POT), Mosaic(MOS), Agrium (AGU), Syngenta (SYT), CF Industries (CF), and DuPont (DD).
07:36 EDTCGKKR, Affinity teaming up to bid for Tesco's South Korean unit, Reuters reports
KKR (KKR) is teaming up with Affinity Equity Partners to bid for Tesco's (TSCDY) South Korean unit, Reuters reports, citing sources. Another bidder, Carlyle (CG), is teaming up with Singapore's GIC, the sources say. The Tesco unit is valued at about $6B. Reference Link
06:56 EDTFSLRSolar companies spending $1B in Texas projects, WSJ says
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