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Stock Market & Financial Investment News

News Breaks
May 9, 2012
16:59 EDTDIS, M, AVP, RBGPY, PCS, DF, CQB, MELI, DTEGYOn The Fly: Closing Wrap
Stocks on Wall Street were down for the day. Stock futures were lower in early trading leading to a sharply lower open for the broader market. The weakness was attributed to continuing concern over Europe's debt crisis and political events in Greece. The averages began the day down roughly 1% but began to reverse their course following a report that Europe’s bailout fund will pay the next installment of aid to Greece, which was later confirmed by the EFSF. The averages briefly turned mixed in the afternoon but were unable to make the trip all the way back into the green to break the market's losing streak… ECONOMIC EVENTS: In the U.S., wholesale inventories rose 0.3% in March, versus the expected increase of 0.6%. In Europe, Spanish 10-year bond yields rose above 6% and more reports indicated that efforts to form a new government in Greece were expected to fail, putting the country's bailout deal in doubt and renewing concerns about Greece intentionally exiting or being forced off the euro. However, the EFSF stated that it would approve the latest bailout payment due to Greece in spite of the ongoing political dealings... COMPANY NEWS: Disney (DIS) shares gained nearly 2% after its earnings beat expectations, while Macy's (M) slid almost 4% in spite of earnings that also came in above consensus... Meanwhile, Avon Products' (AVP) shares were up 9.26% after JAB Holdings, which owns Coty, sold a substantial portion of its stake in Reckitt Benckiser (RBGPY) in order "to raise cash for other investment opportunities, including Avon… MAJOR MOVERS: Among the notable gainers were MetroPCS (PCS), up $0.94, or 14.33%, to $7.50, after Bloomberg reported that Deutsche Telekom (DTEGY) was in talks with the company on a potential T-Mobile deal, and Dean Foods (DF), up $1.43, or 11.24%, to $14.15, after reporting a rise in Q1 profits of nearly 50% and raising both the company’s Q2 and FY12 EPS view. Noteworthy losers included Chiquita Brands (CQB), down $2.32, or 28.93% to $5.70, after its earnings fell short of consensus and it warned that it sees 2012 continuing to be "a challenging year," and Mercado Libre (MELI), down $10.91, or 12.40%, to $77.08, after reporting disappointing Q1 revenues... INDICES: The Dow lost $97.03, or 0.75%, to $12,835.06; the Nasdaq fell $11.56, or 0.39%, to $2,934.71; and the S&P 500 dropped $9.14, or 0.67%, to $1,354.58.
News For DIS;M;AVP;RBGPY;PCS;DF;CQB;MELI;DTEGY From The Last 14 Days
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October 16, 2014
10:01 EDTDISOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Akamai (AKAM) downgraded to Market Perform from Outperform at Wells Fargo... CGG SA (CGG) downgraded to Reduce from Neutral at Nomura... Central Valley Community (CVCY) downgraded to Hold from Buy at Sandler O'Neill... DSM (RDSMY) downgraded to Neutral from Buy at Nomura... Disney (DIS) downgraded at Guggenheim... Francesca's (FRAN) downgraded to Underperform from Outperform at Macquarie... Netflix (NFLX) downgraded to Fair Value from Buy at CRT Capital... Nordstrom (JWN) downgraded to Neutral from Outperform at Macquarie... Norfolk Southern (NSC) downgraded at Credit Suisse... Rio Tinto (RIO) downgraded to Market Perform at Cowen... Seadrill (SDRL) downgraded to Reduce from Neutral at Nomura... Ternium (TX) downgraded to Neutral from Overweight at JPMorgan... Urban Outfitters (URBN) downgraded to Neutral from Outperform at Macquarie... Viacom (VIAB) downgraded at BofA/Merrill... eBay (EBAY) downgraded to Underperform from Buy at CLSA... lululemon (LULU) downgraded to Underperform from Neutral at Macquarie.
09:39 EDTDISActive equity options trading on open
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07:45 EDTDISDisney downgraded at Guggenheim
As previously reported, Guggenheim downgraded Disney to Neutral from Buy. The firm downgraded shares based on relative valuation, risk to domestic pay-TV subscriber growth, challenging FY15 film comparisons, and potential for sports-network tiering. Price target lowered to $87 from $96.
07:17 EDTDISDisney downgraded to Neutral from Buy at Guggenheim
October 15, 2014
10:54 EDTCQBChiquita confirms receipt of revised offer from Cutrale-Safra
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10:53 EDTCQBChiquita confirms receipt of revised offer from Cutrale-Safra
09:57 EDTCQBCutrale-Safra submits offer to acquire Chiquita for $14 per share in cash
Cutrale-Safra announced its definitive offer to acquire all the outstanding stock of Chiquita Brands for $14 per share in cash. Having completed its due diligence, Cutrale-Safra has submitted its offer to the Chiquita Board of Directors, together with a form of merger agreement that Cutrale-Safra would be prepared to execute and deliver concurrently with Chiquita entering into such merger agreement and associated disclosure letters. Cutrale-Safra is also delivering to Chiquita equity and debt commitment letters for the transaction. The offer reflects Cutrale-Safra's assessment and analysis of Chiquita's current condition and prospects. Unlike the proposed combination with Fyffes, the superior Cutrale-Safra offer provides Chiquita shareholders complete certainty with respect to the value of their Chiquita investment. This offer represents a premium of approximately 40% to the market's valuation of the original proposed transaction with Fyffes based on Chiquita's undisturbed closing share price of $10.06 as of August 8, and an approximately 19% premium to the adjusted stock price of $11.80, based upon the revised Fyffes transaction. Moreover, the proposed cash consideration of the Cutrale-Safra offer, including the assumption of Chiquita net debt, represents a multiple of approximately 12.4x EBITDA for the twelve months ended June 30. Cutrale-Safra expects to be able to close its offer promptly following entry into the merger agreement. The Cutrale-Safra offer is not subject to any financing conditions. It will be financed with equity provided by affiliates of the Cutrale Group and Safra Group. Cutrale-Safra has received a commitment letter for facilities to refinance Chiquita's existing credit facilities and a letter agreement pursuant to which Bank Safra Sarasin is obligated to make an offer to purchase Chiquita's 7.875% Senior Secured Notes due 2021 as required by the relevant indenture in connection with the transactions contemplated by the merger agreement. The form of merger agreement is on substantially similar terms to the Fyffes transaction agreement. Cavendish Acquisition will file a copy of the form of merger agreement with the Securities and Exchange Commission by close of business. Cutrale–Safra does not believe there are any regulatory obstacles that would prevent it from closing promptly following entry into the merger agreement.
09:26 EDTCQBCutrale-Safra submits offer to acquire Chiquita for $14/share in cash
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09:12 EDTCQBCutrale-Safra raises offer for Chiquita to $14 per share, Bloomberg reports
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07:18 EDTDTEGYDeutsche Telekom, Slovak Telecom fined by European Commission
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October 14, 2014
16:42 EDTCQBChiquita Brands sees Q3 comparable operating income $10-$12M, conensus (13c)
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14:17 EDTMMacy's to open 2 hours earlier for Thanksgiving this year, CNN reports
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07:23 EDTDISCBS more attractive than Disney, says Wells Fargo
Among media and cable stocks, Wells Fargo sees the least risk and most reward potential in CBS (CBS). The firm sees the least reward potential and most risk in Disney (DIS). The firm believes that the market is overestimating the ad declines for CBS, and it thinks that CBS' stock may have finally bottomed. Disney has a relatively expensive valuation and tough comps, added Wells Fargo, which keeps Outperform ratings on both stocks.
October 13, 2014
13:26 EDTDTEGYIliad ends plan to buy T-Mobile after "significantly" improved offer
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11:32 EDTMELIMercadoLibre to host investor day
Investor Day to be held in New York on October 15 at 9 am. Webcast Link
10:06 EDTMJ.C. Penney rises after selecting Home Depot executive as next CEO
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07:15 EDTAVPNational Association of Corporate Directors to hold a conference
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06:15 EDTMJ.C. Penney downgraded to Sell from Neutral at UBS
UBS downgraded its rating on J.C. Penney (JCP) shares to Sell saying the company's 2017 EBITDA target of $1.2B is overly optimistic as it assumes years of market share gains against strong competitors like Macy's (M) and Kohl's (KSS). UBS halved its price target for Penney shares to $5 from $10. The retailer's stock closed Friday down 52c to $7.12.
06:07 EDTAVPStocks with implied volatility above IV index mean; AVP ACHN
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October 12, 2014
15:10 EDTDISDisney's Maker Studios to create programming for parent company, Bloomberg says
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