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December 4, 2012
09:12 EDTDTEGY, MTN, TEVA, BIG, S, PBY, GALE, PCS, ESIO, TOL, DRIOn The Fly: Pre-market Movers
HIGHER AFTER EARNINGS: Big Lots (BIG), up 7.3%... Toll Brothers (TOL), up 4.6%... ALSO HIGHER: Galena Biopharma (GALE), up 15% after signing NeuVax commercialization partnership with Teva (TEVA)... Electro Scientific (ESIO), up 12% after declaring $2/share special dividend... LOWER AFTER EARNINGS: Pep Boys (PBY), down 8.7%... Vail Resorts (MTN), down 7.3%... ALSO LOWER: Darden (DRI), down 8.9% after warning on Q2, FY13 EPS... MetroPCS (PCS), down 6.6% after Reuters says Sprint (S) unlikely to counter T-Mobile's (DTEGY) bid.
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November 16, 2015
08:32 EDTPBYBridgestone commences previously announced tender offer to acquire Pep Boys
Bridgestone PRDCY) announced that its wholly owned subsidiary TAJ Acquisition, a subsidiary of Bridgestone Retail Operations, LLC, is commencing a cash tender offer to purchase all outstanding shares of The Pep Boys (PBY). Bridgestone and Pep Boys previously announced on Monday, October 26, 2015, that they had entered into a definitive merger agreement under which BSRO will acquire Pep Boys. The tender offer is being made pursuant to an Offer to Purchase, dated November 16, 2015. Upon successful closing of the tender offer, shareholders of Pep Boys will receive $15.00 in cash for each share of Pep Boys common stock validly tendered and not validly withdrawn in the offer, without interest and less any applicable withholding tax. BSRO and Purchaser will file today with the SEC a tender offer statement on Schedule TO that includes the Offer to Purchase and related Letter of Transmittal that set forth the terms and conditions of the tender offer. Additionally, Pep Boys will file with the SEC a solicitation/recommendation statement on Schedule 14D-9 that includes the recommendation of the Pep Boys board of directors that Pep Boys shareholders tender their shares in the tender offer. The tender offer will expire at 5:00 p.m. on Monday, January 4, 2016, unless the offer period is extended in accordance with the definitive merger agreement and the applicable rules and regulations of the SEC. The completion of the tender offer will be conditioned on Pep Boys' shareholders tendering at least a majority of Pep Boys' outstanding shares, determined on a fully diluted basis, and other customary closing conditions, including expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.
November 13, 2015
18:09 EDTSSprint to restructure into four regional hubs, slash jobs, Bloomberg says
Sprint is creating four regional hubs and cutting some jobs to focus on service quality and customer retention in 19 major U.S. markets, part of CEO Marcelo Claure's restructuring efforts, Bloomberg reports. Reference Link
10:49 EDTTEVAMylan jumps, Perrigo plunges after hostile takeover bid fails
Shares of Mylan (MYL) jumped after the company's offer to acquire Perrigo (PRGO) failed. Perrigo shares fell after the news. WHAT'S NEW: Mylan's approximately $26B hostile takeover offer for Perrigo officially fell through Friday morning, ending a seven-month ordeal between the two companies. Mylan said that only about 40% of Perrigo's shares were tendered by the company's stockholders, falling short of the 50% required for an acquisition, forcing the offer to lapse after failing to meet its goal by the established deadline. In response to the news, Perrigo Chief Executive Officer Joseph Papa said he was "delighted" that his company's shareholders rejected the offer. "We have said all along that this offer from Mylan was a bad deal for our shareholders, as it significantly undervalued our durable business model and industry-leading future growth prospects," Papa said. Perrigo added that it will immediately commence its previously announced $2B share buyback and that it intends to complete $500M of the planned repurchase by the end of the year. WHAT'S NOTABLE: On July 27, Teva (TEVA) withdrew a takeover offer for Mylan amid Mylan's talks with Perrigo. The Israeli pharmaceutical company opted instead to purchase Allergan's (AGN) generics business. Commenting on its failure to buy Perrigo, Mylan Executive Chairman Robert Coury said in a statement that while the company viewed Perrigo as a "unique and exciting company," it was not required for the future success of the company. Coury said, "We are well-positioned to quickly execute on the next strategic, value-enhancing opportunities for our business, some of which we have already identified." STREET RESEARCH: Citi analyst Liav Abraham upgraded Mylan to Buy and raised her price target for shares to $59 from $52, saying that an overhang has been removed since the company's hostile attempt to buy Perrigo has fallen through. Abraham argued that a combination of the two companies would have been both destructive to both earnings and value for Mylan and that the failed bid will increase management's optionality to pursue other value-enhancing opportunities and enable investors to focus on the company's base business. In addition, RBC Capital Markets analyst Randall Stanicky confirmed a Sector Perform rating for both Mylan and Perrigo with price targets of $60 and $176, respectively. Stanicky said he expects Mylan's stock to gain 10%-15% towards $50 as a result of the news, while Perrigo will probably see a pull-back into the low $140s. The analyst added that the removal of the Mylan bid will drive initial weakness for Perrigo's shares but that the stock can settle close to its current levels. PRICE ACTION: In morning trading, Mylan rallied 12.5% to $48.60 and Perrigo fell 6.92% to $145.72. OTHERS TO WATCH: Teva shares trading in New York increased 0.26%, Allergan was up 0.66%, and Endo (ENDP), with which Reuters reported Perrigo held unsuccessful takeover talks, gained 5.56%.
10:00 EDTTOLOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: AB InBev (BUD) upgraded to Buy from Hold at Berenberg... Air Lease (AL) upgraded to Overweight from Neutral at JPMorgan... Aircastle (AYR) upgraded to Neutral from Underweight at JPMorgan... AmTrust (AFSI) upgraded to Buy from Neutral at Compass Point... Anadarko (APC) upgraded to Focus List from Outperform at Scotia Howard Weil... BAE Systems (BAESY) upgraded to Neutral from Underweight at JPMorgan... Bill Barrett (BBG) upgraded to Outperform from Sector Perform at Scotia Howard Weil... Extra Space Storage (EXR) upgraded to Strong Buy from Outperform at Raymond James... Medtronic (MDT) upgraded to Conviction Buy from Buy at Goldman... Mylan (MYL) upgraded to Buy from Neutral at Citi... Scripps Networks (SNI) upgraded to Outperform from Underperform at CLSA... Toll Brothers (TOL) upgraded to Overweight from Neutral at JPMorgan... Wal-Mart (WMT) upgraded to Buy from Neutral at Northcoast... Weir Group (WEIGY) upgraded to Buy from Hold at Deutsche Bank... Weyerhaeuser (WY) upgraded to Outperform from Underperform at CLSA... Yelp (YELP) upgraded to Outperform from Sector Perform at RBC Capital.
06:38 EDTTOLToll Brothers upgraded to Overweight from Neutral at JPMorgan
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November 12, 2015
16:31 EDTBIGBig Lots extends holiday hours
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11:55 EDTPBYAdvance Auto Parts sinks after missing Q3 estimates, cutting guidance
Shares of Advance Auto Parts (AAP) an automotive aftermarket parts supplier, are falling after the company reported lower than expected third quarter results and cut its fiscal 2015 profit outlook. The company also said its chief executive officer will step down in January. WHAT'S NEW: This morning, Advance Auto Parts reported Q3 comparable cash earnings per share of $1.95 and revenue of $2.3B, below analysts' consensus estimates of $2.09 and $2.33B, respectively. Same-store sales for the quarter increased 0.5%. GUIDANCE: Due to the Q3 earnings shortfall coupled with continuing integration headwinds and the soft start to its lowest volume quarter, Advance Auto Parts lowered its comparable cash EPS out look for fiscal year 2015 to $7.75-$7.90 from $8.10-$8.35, well below analysts' estimates of $8.28. Chief Financial Officer Mike Norona said that the revised outlook assumes flat to slightly negative fourth quarter SSS, roughly flat year over year Q4 gross margin rate and the achievement of its FY synergies target of $45M-$55M. Additionally, as part of its on-going process of store evaluations, the company said it is planning to close, an additional 30 stores in the latter part of 2015. The one-time expense impact of these closures is expected to be between $10M-$15M in 2015, which increases the FY15 outlook for one-time integration and restructuring expenses to $101M-$120M from $91M-$105M. WHAT'S NOTABLE: Advance Auto Parts also announced that CEO Darren Jackson plans to retire and step down from the Board on January 2, 2016, and the company named President George Sherman as interim CEO, effective January 3. Sherman will succeed Jackson as CEO, the company said. The company also announced that effective immediately, current Board Chairman John Brouillard will become Executive Chairman. SHAREHOLDER ACTIVISM: Advance Auto Parts announced that it has entered into an agreement with Starboard Value LP and its affiliates, which owns about 3.7% of Advance Auto Parts' shares, regarding the membership and composition of the company's Board of Directors. Under the terms of the agreement, the company named Starboard CEO and Chief Investment Officer Jeffrey Smith to its board of directors, effective immediately, expanding the board to 13 members. Additionally, Starboard will designate two independent directors to be added to the Advance Auto Parts Board as soon as practical. PRICE ACTION: In late morning trading, Advance Auto Parts fell $25.07, or 12.88%, to $169.68 on more than three times its average daily trading volume. Despite today's pull back, the shares have gained over 16% over the past 12 months. OTHERS TO WATCH: Other auto parts suppliers include Pep Boys (PBY), down 0.3%, O'Reilly Automotive (ORLY), down 0.9%, AutoZone (AZO), down 0.9%, and Genuine Parts Company (GPC), down 1.41%.
10:18 EDTDTEGYWarburg Pincus looks to bid for T-Mobile Netherlands, Reuters reports
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10:00 EDTGALEOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Angie's List (ANGI) upgraded to Market Perform from Underperform at Raymond James... CGI Group (GIB) upgraded to Buy from Hold at Societe Generale... Devon Energy (DVN) upgraded to Buy from Neutral at Guggenheim... EP Energy (EPE) upgraded to Neutral from Sell at Citi... Franco-Nevada (FNV) upgraded to Buy from Hold at Canaccord... Galena (GALE) upgraded on commercial business divestment at Oppenheimer... KPN (KKPNY) upgraded to Buy from Hold at HSBC... Macy's (M) upgraded to Buy from Neutral at Northcoast... Magic Software (MGIC) upgraded to Overweight from Equal Weight at Barclays... Range Resources (RRC) upgraded on valuation, 2016 outlook at RBC Capital... Raytheon (RTN) upgraded to Buy from Hold at Argus... Trend Micro (TMICY) upgraded to Buy from Neutral at Nomura.
09:21 EDTGALEOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Kohl's (KSS), up 5.4%... NetEase (NTES), up 6.3%... SunPower (SPWR), up 3.4%. ALSO HIGHER: Angie's List (ANGI), up 12.1% after after IAC (IAC) proposes to acquire the company... OHR Pharmaceutical (OHRP), up 7.4% after submitting a Special Protocol Assessment request to the FDA for OHR-102... Galena Biopharma (GALE) up 6.2% after being upgraded to Outperform from Perform at Oppenheimer... MannKind (MNKD), up 5.4% after confirming a planned stock sale. DOWN AFTER EARNINGS: Freshpet (FRPT), down 25%... Advance Auto Parts (AAP), down 11.1%... Viacom (VIAB), down marginally. ALSO LOWER: Derma Sciences (DSCI), down 30.4% after ending its Phase 3 clinical trials with aclerastide, DSC127, for diabetic foot ulcer healing... Sunedison (SUNE), down 11.2% after being downgraded to Sell from Neutral at Axiom.
07:19 EDTGALEGalena upgraded on commercial business divestment at Oppenheimer
As noted earlier, Oppenheimer upgraded Galena to Outperform from Perform. The firm thinks the company's decision to divest its commercial business will help it unlock value by enabling it to focus exclusive on its cancer immunotherapy pipeline. Target $4.
07:14 EDTDRIDarden sales trends outperforming, says Oppenheimer
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06:39 EDTDTEGYMicrosoft unveils plan to protect European data from U.S. overreach, FT says
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06:11 EDTGALEGalena upgraded to Outperform from Perform at Oppenheimer
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November 11, 2015
16:34 EDTDTEGYDeutsche Telekom unit draws private equity bids, Reuters says
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14:35 EDTDTEGYBT CEO says looking for collaborations with Deutsche Telekom, Bloomberg reports
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12:14 EDTDTEGYDeutsche Telekom's Dutch unit draws interest from Apax, CVC, Reuters reports
Deutsche Telekom's T-Mobile Netherlands division has drawn interest from Apax and CVC, reports Reuters. According to sources familiar with the matter, the private equity groups are putting the finishing touches to their rival bids. The Dutch unit could be valued at up to EUR 3B. Reference Link
07:41 EDTTOLUBS to hold a conference
Building & Building Products Annual CEO Conference is being held in New York on November 11 with webcasted company presentations to begin at 9:30 am; not all company presentations may be webcasted. Webcast Link
07:40 EDTSWells Fargo to hold a conference
6th Annual Media & Telecom Conference is being held in New York on November 10-11 with webcasted company presentations to begin on November 11 at 8 am; not all company presentations may be webcasted. Webcast Link
07:02 EDTTEVAEagle expects to report RYANODEX study results over next few weeks
"We are preparing for three important events at Eagle over the next several weeks, including reporting the results of our clinical study for RYANODEX in Exertional Heat Stroke shortly," said Scott Tarriff, president and CEO of Eagle Pharmaceuticals (EGRX). "Thereafter, we are awaiting approval of two products with December PDUFA dates: our rapidly infused bendamustine product, and our recently licensed Docetaxel Injection Concentrate, Non-Alcohol Formula, which has the potential to be the first alcohol-free docetaxel formulation approved in the US. Looking further ahead, we may receive approval of RTU bivalirudin in March 2016 and our tentatively approved liquid bendamustine in the 500ml bag on May 1st, 2016. Regarding rapidly infused bendamustine, we believe our commercial partner, Teva (TEVA), will convert most or all of the market quickly in what we expect will be a promising launch in 2016. Regarding our other products, with a highly-talented commercial team now in place, we are able to capitalize on the exciting opportunities that lie ahead in order to deliver long term value to shareholders."
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