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Stock Market & Financial Investment News

News Breaks
June 27, 2014
10:35 EDTDG, FDO, DLTRDollar 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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August 18, 2014
13:11 EDTDLTRDollar Tree upgraded to Buy from Neutral at BofA/Merrill
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12:47 EDTDGDollar General upgraded to Overweight from Equal Weight at Johnson Rice
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12:18 EDTFDO, DGThe Fly: Midday Wrap
The market opened in positive territory following news that Russia and Ukraine were working on a potential ceasefire. The market had faltered on Friday following reports that the Ukraine army had attacked a Russian military vehicle after it crossed into Ukraine territory. The market opened sharply higher and then received an additional boost when the NAHB Housing market Index came in above expectations. The averages quickly moved to session highs, lifting the S&P to its highest level ever and putting August on track for the best monthly performance since February. ECONOMIC EVENTS: The NAHB homebuilder sentiment index rose 2 points to 55 in August. The index had climbed 4 points to 53 in July. This is the highest level since January's 56. The single family sales index edged up to 58 from 56 (revised from 57). The future index was 65 from 63 (revised from 64). The index of prospective buyer traffic improved to 42 from 39 (revised from 39). Data was better than expected. COMPANY NEWS: Shares of discount retailer Dollar General (DG) were higher by about 10% after the company announced a proposal to acquire rival Family Dollar (FDO) for $78.50 per share in cash, in a transaction valued at $9.7B. Shares of Family Dollar rose approximately 5% on the news. MAJOR MOVERS: Among the notable gainers was Sensata Technologies (ST), which rose 5.6% after after agreeing to buy privately held Schrader International for $1B. Also higher was Lannett (LCI), which gained 9.3% after the company said fourth quarter and full-year 2014 earnings per share and revenue would exceed analysts' consensus estimates. Among the noteworthy losers was Monster Beverage (MNST), which fell about 4% after research firm Jefferies downgraded the shares to Hold from Buy saying the valuation looks full following its recent rally. Also lower was NXP Semiconductors (NXPI), which dropped 2.3% after Goldman Sachs downgraded the company to Sell from Neutral, and downgraded the semiconductor sector to Cautious from Neutral. The firm expects consensus estimates to move lower due to cyclical headwinds, increased Q4 and Q1 seasonality, and a RF correction. Goldman lowered their price target on the shares to $54 from $58. INDEXES: Near midday, the Dow was up 168.13, or 1.01%, to 16,831.04, the Nasdaq rose 44.11, or 0.99%, to 4,508.87, and the S&P 500 was higher by 16.79, or 0.86%, to 1,971.88.
11:53 EDTDLTR, FDO, DGFamily Dollar likely to favor a Dollar Tree bid, says Wells Fargo
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10:01 EDTDGOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Achillion (ACHN) upgraded to Buy from Hold at Deutsche Bank... CNOOC (CEO) upgraded to Neutral from Underperform at Credit Suisse... Dollar General (DG) upgraded to Buy from Neutral at Sterne Agee... Equity Residential (EQR) upgraded to Hold from Underperform at Jefferies... HMS Holdings (HMSY) upgraded to Overweight from Equal Weight at First Analysis... HP (HPQ) upgraded to Buy from Neutral at Monness Crespi... Halcon Resources (HK) upgraded to Buy from Hold at MLV & Co.... KapStone (KS) upgraded to Buy from Hold at Deutsche Bank... Sportsman's Warehouse (SPWH) upgraded at RW Baird... Westlake Chemical (WLK) upgraded to Neutral from Reduce at SunTrust... WisdomTree (WETF) upgraded to Neutral from Sell at Citigroup... Zimmer (ZMH) upgraded to Outperform from Market Perform at William Blair.
09:56 EDTDGDollar General upgraded to Outperform from Neutral at Credit Suisse
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09:47 EDTDGDollar General upgraded to Buy from Hold at Deutsche Bank
Price target is $69.
09:35 EDTDGActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL AMZN DG TSLA GILD FB ABX WFC C
09:23 EDTDGDollar General upgraded to Buy from Neutral at Sterne Agee
09:03 EDTFDO, DGOn The Fly: Pre-market Movers
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08:47 EDTDG, FDODollar General says would slow store opening growth in Family Dollar deal
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08:35 EDTFDO, DGDollar General says emphasis is getting deal 'put to bed'
Says when deal gets done, "Family Dollar (FDO) will look exactly like Dollar General inside." Says is a "huge fan" of Todd Vasos, who would lead the integration, but does not comment on whether Vasos will succeed Dollar General (DG) CEO Rick Dreiling, who will retire in May 2016. Doesn't see antitrust issues as "insurmountable."
08:23 EDTDG, FDO, DLTRDollar General says has expressed interest in Family Dollar 'multiple times'
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08:18 EDTDG, FDODollar General says can mange Family Dollar 'more efficiently and effectively'
Dollar General (DG) says it believes its proposal "far superior" for Family Dollar (FDO) shareholders. Believes company can manage Family Dollar "more efficiently and effectively." Sees approximately $300M-$400M in one-time costs to capture synergies. Sees investment of $400M in CapEx. Says proposed deal would be low double digit percentage accretive in year one, ex-integration and transformation costs. Dollar General notes commitment to return to investment grade credit profile, anticipated three years post closing. Says positioned for long term revenue and earnings growth. Says ready to move to complete due diligence on Family Dollar deal. Says synergies expected to ramp up throughout three-year period. Comments made on Dollar General's conference call discussing its acquisition proposal of Family Dollar for $78.50 per share.
06:27 EDTFDO, DGDollar General to host conference call
Conference call to discuss acquisition proposal of Family Dollar will be held on August 18 at 8 am. Webcast Link
06:24 EDTDLTR, DG, FDOOptions expected to be active
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06:13 EDTDG, DLTR, FDODollar General makes proposal to acquire Family Dollar for $78.50 per share
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06:10 EDTFDO, DGDollar General makes proposal to acquire Family Dollar for $78.50 per share
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06:03 EDTDLTR, DG, FDODollar General makes $78.50/share offer for Family Dollar, CNBC reports
Dollar General (DG) will announce today a $78.50 per share in cash offer to acquire Family Dollar (FDO), CNBC's Andrew Ross Sorkin reports. Dollar Tree (DLTR) is seeking to buy Family Dollar for $74.50 per share.
06:00 EDTDG, FDODollar General offers to buy Family Dollar for $78.50/share, CNBC reports
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