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Stock Market & Financial Investment News

News Breaks
August 18, 2014
16:52 EDTDG, FDO, ST, LCI, MNST, NXPIOn The Fly: Closing Wrap
Stocks opened in positive territory and continued to tack on gains throughout the session. The market opened higher due to optimism that Russia and the Ukraine were negotiating a ceasefire. The momentum was solidified by better than expected data from the NAHB Housing Market Index. The averages drifted higher into the afternoon, setting up August to be the best monthly performance since February. The market closed near session highs on one of the lightest volume days of the year. 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). COMPANY NEWS: Shares of discount retailer Dollar General (DG) were higher by about 11.6% 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 5.8% after after agreeing to buy privately held Schrader International for $1B. Also higher was Lannett (LCI), which gained 6.6% 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 5.4% 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 1% 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: The Dow gained 175.8, or 1.06%, to 16,838.74, the Nasdaq rose 43.39, or 0.97%, to 4,508.31, and the S&P 500 was higher by 16.68, or 0.85%, to 1,971.74.
News For DG;FDO;ST;LCI;MNST;NXPI From The Last 14 Days
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September 10, 2014
06:19 EDTFDO, DGDollar General commences tender offer to acquire Family Dollar for $80/share
Dollar General (DG) announced that it has commenced a tender offer to acquire all outstanding shares of Family Dollar Stores (FDO) for $80.00 per share in cash. The offer is scheduled to expire at 5:00 p.m., New York City time, on October 8, 2014, unless the offer is extended. The full terms, conditions and other details of the tender offer are set forth in the offering documents that Dollar General will file today with the SEC. Dollar General also will promptly file for clearance under the Hart-Scott-Rodino Act, which will allow the company to begin the antitrust approval process with the FTC. Dollar General’s all-cash offer of $80.00 per share provides Family Dollar shareholders with a "superior valuation" to the $74.50 per share cash / stock offer announced by Dollar Tree (DLTR) on July 28, 2014. Dollar General’s offer provides Family Dollar’s shareholders with approximately $640M of additional aggregate value over Dollar Tree’s offer. As part of a definitive merger agreement with Family Dollar, Dollar General would be willing to agree to divest up to 1,500 stores if required by the FTC and to pay Family Dollar a $500M reverse break-up fee if the transaction did not close for reasons related to antitrust approvals.
06:01 EDTDG, FDODollar General commences tender offer to acquire Family Dollar for $80/share
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September 9, 2014
13:50 EDTNXPINXP Semiconductors turns positive after Apple confirms NFC in new iPhone
Shares of On Track Innovations (OTIV) are still negative but moving higher.
13:47 EDTNXPINXP Semiconductors off lows as Apple unveils 'Apple Pay' service
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10:47 EDTNXPILeak points to no NFC or sapphire cover for smaller iPhone 6, BGR says
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10:18 EDTDGDollar General listed among 5 largest long positions by Jana Partners
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08:33 EDTFDODollar Tree, Family Dollar receive second request from FTC under HSR Act
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06:18 EDTNXPINXP Semiconductors volatility low into Apple event
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September 8, 2014
15:43 EDTMNSTMonster Beverage asks court to block NY probe subpoena, Bloomberg says
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13:26 EDTDGDollar General management to meet with Sterne Agee
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September 5, 2014
16:45 EDTFDO, DGMarket ends week little changed after mixed economic data
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13:01 EDTDG, FDODollar General 'remains committed' to acquiring Family Dollar
In response to the decision by the Board of Directors of Family Dollar Stores (FDO) to reject Dollar General’s (DG) enhanced all-cash proposal to acquire all outstanding shares of Family Dollar for $80.00 per share, Dollar General stated that it remains committed to acquiring Family Dollar and is currently evaluating its next steps.
09:28 EDTSTSensata 15.05M share Secondary priced at $47.50
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08:34 EDTDG, FDODollar Tree to divest as many stores as required for antitrust approval
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08:33 EDTFDO, DGFamily Dollar reaffirms support of transaction with Dollar Tree
08:32 EDTFDODollar Tree commits to divest as many stores as required for antitrust approval
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08:31 EDTFDO, DGFamily Dollar rejects revised Dollar General offer due to antitrust issues
Family Dollar Stores (FDO) that its Board of Directors has unanimously rejected the revised, non-binding proposal made by Dollar General Corporation (DG) on September 2 on the basis of antitrust regulatory considerations. Family Dollar’s merger agreement with Dollar Tree (DLTR) contains a customary provision that permits Family Dollar to enter into discussions and share information with any competing bidder, but only if the Board is able to determine that failure to do so would be inconsistent with its fiduciary duties and that the unsolicited, written proposal from the competing bidder would be reasonably expected to lead to a proposal that is not only financially superior, but also “reasonably likely to be completed on the terms proposed.” Howard R. Levine, Chairman and CEO of Family Dollar, said, “Our Board of Directors, with the assistance of outside advisors and consultants, reviewed all aspects of Dollar General’s revised proposal and unanimously concluded that it is not reasonably likely to be completed on the terms proposed. There is a very real and material risk that the transaction proposed by Dollar General would fail to close, after a lengthy and disruptive review process. Accordingly, our Board has rejected Dollar General’s revised proposal and reaffirmed its support of the transaction with Dollar Tree, which delivers attractive value in the form of immediate upfront cash and upside participation in a combined Dollar Tree-Family Dollar entity, as well as closing certainty.” Ed Garden, a Family Dollar director and co-founder and Chief Investment Officer at Trian Fund Management, L.P., a large shareholder of the Company, stated, “We are focused on delivering to Family Dollar shareholders the highest value with certainty, and the Dollar Tree transaction does just that. Dollar Tree has taken the antitrust risk off the table by committing to divest as many stores as necessary to obtain antitrust clearance. We remain fully committed to the Dollar Tree transaction.”
08:30 EDTDG, FDOFamily Dollar rejects revised Dollar General offer due to antitrust issues
07:35 EDTSTSensata files to sell 15.1M shares for selling shareholders
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06:27 EDTFDO, DGNew Dollar General offer might not woo Family Dollar, Reuters says
Dollar General's (DG) improved bid to purchase Family Dollar (FDO) for $9.1B might not be able to reduce its smaller competitors worries that U.S. antitrust regulators will hinder the agreement from transpiring, according to Reuters, citing two sources familiar with the matter. Family Dollar is already in the throes of an agreement to sell itself for $8.5B to Dollar Tree (DLTR). Reference Link
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