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Stock Market & Financial Investment News

News Breaks
June 27, 2014
10:35 EDTDLTR, FDO, DGDollar General plunges after CEO announces retirement plans
Shares of discount retailer Dollar General (DG) are lower this morning after Chief Executive Officer Rick Dreiling announced plans to retire. WHAT'S NEW: The company's chairman and CEO announced he would retire effective May 30, 2015, or upon the appointment of a successor. Dreiling has been the company's CEO since January 2008 and was named chairman in December of that year. Dreiling will continue as chairman during a transition period following the appointment of a new CEO, the company said. The board of directors is currently conducting an internal and external search for a new CEO. Dreiling commented that "after considerable reflection, I am at a point where it is appropriate to begin to plan for my retirement. I plan to work with the Board of Directors on recruiting and mentoring a new CEO." Dreiling believes Dollar General is in a strong position and has "excellent" prospects for the future. WHAT'S NOTABLE: Activist investor Carl Icahn has made public that he holds a significant stake in another company in the sector, Family Dollar (FDO). Carl Icahn disclosed in an SEC filing on June 6 that he had obtained a 9.39% stake in Family Dollar. More recently, on June 20, Icahn sent a letter to Family Dollar CEO Howard Levine urging an immediate sale, stating that he believes there would be significant interest from strategic and financial buyers. PRICE ACTION: In mid-morning trading, Dollar General fell $4.03, or 6.63%, to $57.55, while peer Family Dollar slid $2.54, or 3.7%, to $65.46. Dollar Tree (DLTR), another peer, is down 51c, or 0.95%, to $53.15.
News For DG;FDO;DLTR From The Last 14 Days
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April 19, 2015
12:41 EDTDGKroger, Dollar General, others can be bought and held for 3 years, Barron's says
Shares of PACCAR (PCAR), Lam Research (LRCX), Kroger (KR), Autoliv (ALV), Archer Daniels (ADM), and Dollar General (DG) should be bought and held for the next three years due to high return on invested capital, Barron's contends in a feature article. Reference Link
April 9, 2015
09:18 EDTFDO, DGBofA/Merrill retail analysts hold an analyst/industry conference call
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April 8, 2015
08:09 EDTFDO, DLTRFamily Dollar says sales trends in March 'rebounded nicely'
"We continue to see tangible benefits from the investments we have made to strengthen our value proposition for customers. Our comparable store sales and customer traffic trends are improving, and we are beginning to see stabilization in key categories. While our trends in late-February were adversely impacted by severe winter weather, our sales trends in March rebounded nicely, reflecting both improved traffic trends and the benefit of an earlier Easter,” said Howard R. Levine, Chairman and CEO. “We are excited about the pending merger with Dollar Tree, and our teams are working to ensure a successful integration.”
08:05 EDTDLTR, FDOFamily Dollar says not providing guidance
On January 22, Family Dollar (FDO) stockholders adopted the merger agreement with Dollar Tree (DLTR). The completion of the merger remains subject to Federal Trade Commission clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and other closing conditions. Dollar Tree, with support from Family Dollar, is continuing to work with the FTC to obtain clearance under the HSR Act, including in connection with arranging for divestitures. Dollar Tree has informed Family Dollar that Dollar Tree intends to close the merger by the end of May 2015. In light of the pending transaction, the company has not provided earnings guidance for fiscal 2015 and will not hold a conference call to discuss its second quarter results.
08:05 EDTFDOFamily Dollar reports March SSS up 3.7%
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08:04 EDTFDOFamily Dollar reports Q2 adjusted EPS 74c, consensus 73c
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05:49 EDTDGDollar General price target raised to $85 from $80 at Deutsche Bank
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April 7, 2015
16:38 EDTFDO, DLTRDollar Tree discloses update on FTC review process of Family Dollar acquisition
Dollar Tree (DLTR) disclosed in a regulatory filing, the following update on the Federal Trade Commission’s review process of the company’s pending acquisition of Family Dollar Stores (FDO). As of April 1, the FTC’s staff has substantially completed its review and identified approximately 340 stores for divestiture, representing approximately $47.4M of operating income. The company expects that all or almost all of the stores that will be divested will be Family Dollar stores. The company continues to make progress with divestiture buyers and has received multiple indications of interest from buyers, each of whom intend to operate these divested locations as dollar stores to address the FTC's concerns. The company is working to finalize divestiture agreements with the selected bidders in April 2015 and in parallel to secure FTC approval. The company intends to close the proposed merger in May, but this timing is subject to certain factors beyond the company’s control, including FTC approval.
15:30 EDTFDONotable companies reporting before tomorrow's open
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