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Stock Market & Financial Investment News

News Breaks
December 23, 2013
14:44 EDTDRI, EAT, DIN, BLMN, CAKE, RTDarden rises after activist investor takes 5.6% stake
Shares of Darden Restaurants (DRI), which owns several restaurant chains including Olive Garden, Red Lobster and Longhorn Steakhouse, are climbing after activist investor Starboard Value announced that it had obtained a 5.6% stake in the company. WHAT'S NEW: Saying that Darden's most recent turnaround plan "falls significantly short of the actions required to maximize shareholder value," Starboard wrote that Darden could "dramatically" improve its operating performance. The company can also realize substantial value from its real estate and explore other strategic options, according to Starboard. WHAT'S NOTABLE: On December 17, hedge fund Barington Capital - which represents a group of shareholders that owns over 2% of the shares of Darden - wrote that the stock could reach $71-$80 if the company follows its recommendations. On December 19, Darden announced its plan to enhance shareholder value, which includes separating the company's Red Lobster business. Although no final decision has been made on the form of the separation, the company expects to execute a tax-free spin-off of Red Lobster to its shareholders, but may also consider a sale of the Red Lobster business, Darden announced. The company also said it plans to reduce unit growth, lower capital expenditures and forgo acquisitions. PRICE ACTION: In mid-afternoon trading, Darden climbed $3.55, or 6.95%, to $54.64. OTHERS TO WATCH: Other casual dining restaurant operators include Brinker (EAT), DineEquity (DIN), Bloomin' Brands (BLMN), Cheesecake Factory (CAKE), and Ruby Tuesday (RT).
News For DRI;EAT;DIN;BLMN;CAKE;RT From The Last 14 Days
Check below for free stories on DRI;EAT;DIN;BLMN;CAKE;RT the last two weeks.
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April 14, 2014
10:02 EDTBLMNOn The Fly: Analyst Upgrade Summary
Acorda Therapeutics (ACOR) upgraded to Outperform from Market Perform at FBR Capital... Allegheny Technologies (ATI) upgraded to Neutral from Underperform at Sterne Agee... BP (BP) upgraded to Buy from Hold at Canaccord... Bloomin' Brands (BLMN) upgraded to Buy from Hold at Deutsche Bank... Boardwalk Pipeline (BWP) upgraded to Neutral from Underperform at BofA/Merrill... Boston Scientific (BSX) upgraded at BofA/Merrill... Charles Schwab (SCHW) upgraded to Buy from Neutral at UBS... Citigroup (C) upgraded to Hold from Sell at Rafferty Capital... Community Health (CYH) upgraded to Outperform from Perform at Oppenheimer... Eaton Vance (EV) upgraded to Neutral from Sell at Citigroup... Eli Lilly (LLY) upgraded to Hold from Underperform at Jefferies... F5 Networks (FFIV) upgraded to Buy from Hold at Stifel... HeartWare (HTWR) upgraded to Buy from Neutral at BTIG... Heartland Payment (HPY) upgraded to Hold from Sell at Stifel... Hyatt Hotels (H) upgraded to Outperform from Market Perform at FBR Capital... MasterCard (MA) upgraded to Outperform from Neutral at RW Baird... McDermott (MDR) upgraded to Neutral from Underweight at HSBC... Palo Alto (PANW) upgraded to Overweight at Stephens... PetroChina (PTR) upgraded to Neutral from Underperform at Credit Suisse... Seagate (STX) upgraded to Buy from Hold at Argus... Sensata (ST) upgraded to Buy from Neutral at Citigroup... Stryker (SYK) upgraded to Neutral from Reduce at SunTrust... TD Ameritrade (AMTD) upgraded to Buy from Neutral at UBS... TTM Technologies (TTMI) upgraded to Buy from Hold at Stifel... Transocean (RIG) upgraded to Hold from Sell at Deutsche Bank... VMware (VMW) upgraded to Outperform from Underperform at CLSA... Visa (V) upgraded to Outperform from Neutral at RW Baird... Yahoo (YHOO) upgraded to Buy from Neutral at SunTrust... Zimmer (ZMH) upgraded to Neutral from Reduce at SunTrust... bebe stores (BEBE) upgraded to Buy from Neutral at Janney Capital.
06:58 EDTBLMNBloomin' Brands added to short-term buy list at Deutsche Bank
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05:50 EDTBLMNBloomin' Brands upgraded to Buy from Hold at Deutsche Bank
Deutsche Bank upgraded Bloomin' Brands to Buy citing valuation and the company's above-average growth. The firm has a $27 price target for shares.
April 13, 2014
16:04 EDTDRIDarden sued by investors on corporate bylaws, WSJ says
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April 11, 2014
13:45 EDTDRIDarden responds to ISS, Glass, Lewis reports
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April 10, 2014
16:39 EDTRTOn The Fly: Closing Wrap
Stocks on Wall Street were sharply lower as selling pressure took hold early in the session and did not relent. The averages closed near their worst levels, with the tech-heavy Nasdaq down more than 3%. With today's close, each of the major indexes is now lower for the year. ECONOMIC EVENTS: In the U.S., initial claims for unemployment benefits fell to 300K last week, hitting their lowest weekly level since May 2007. The the timing of Easter and Passover, as well as other seasonal factors, however, may have lead many to discount the figure. Export prices rose 0.8% in March, while import prices grew 0.6%, both of which were greater than expected advances. In China, exports fell 6.6% from a year earlier in March, while imports plunged 11.3%. Economists had predicted year-over-year gains for both. COMPANY NEWS: eBay (EBAY) and activist investor Carl Icahn settled their proxy contest, with Icahn withdrawing both his two board nominees and his proposal for eBay to spin off its PayPal unit. As part of its agreement with Icahn, eBay will expand the number of independent directors on its board to 10 and add David Dorman to serve in that capacity. The online retail marketplace was among the many tech names suffering losses, closing the session down $1.81, or 3.24%, at $54.08... Ally Financial (ALLY), formerly the auto finance and financial services arm of General Motors (GM), lost $1.02, or 4.08%, to close at $23.98 in its first day of trade following its return to the public markets after having price its return offering at $25.00 per share... General Motors made news again as well by confirming that two of its engineers have been placed on paid leave as part of the company's ongoing ignition switch recall probe. The company also added ignition lock cylinders to its safety recall of 2.2 million vehicles in the U.S. and said it expects to take a $1.3B charge in the first quarter due to recall-related repairs... MAJOR MOVERS: Among the notable gainers was drugstore operator Rite Aid (RAD), which rose 54c, or 8.44%, to $6.94 after reporting earnings and revenue and that beat expectations and giving a revenue outlook for its fiscal 2015 that came in above estimates. Also higher following a better than expected earnings report was casual restaurant owner Ruby Tuesday (RT), which advanced 72c, or 12.08%, to $6.68. Among the noteworthy losers was data security solutions provider Imperva (IMPV), down $21.73, or 43.7%, to $28.00 which plunged 41% after the company slashed its first quarter profit and sales outlook. Another name in computer security, FireEye (FEYE), was among a a number of so-called "momentum" stocks that fell during the session, sliding $6.64, or 11.77%, to $49.75. Other momentum stocks that fell included 3D Systems (DDD), down $5.90, or 10.79%, to $48.78, and Yelp (YELP), down $7.78, or 10.92%, to $63.47. INDEXES: The Dow was down 266.96, or 1.62%, to 16,170.22, the Nasdaq was down 129.79, or 3.1%, to 4,054.11, and the S&P 500 was down 39.10, or 2.09%, to 1,833.08.
12:25 EDTRTOn The Fly: Midday Wrap
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12:00 EDTRTRuby Tuesday rises 12.4%
Ruby Tuesday is up 12.4%, or 74c, to $6.70
10:32 EDTRTRuby Tuesday upgraded to Neutral from Sell at Tigress Financial
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10:30 EDTCAKECheesecake Factory upgraded to Buy from Neutral at Tigress Financial
Tigress Financial upgraded Cheesecake Factory to Buy citing the company's consistent comparative store sales growth.
10:28 EDTBLMNBloomin' Brands initiated with a Buy at Tigress Financial
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10:00 EDTRTRuby Tuesday rises 10.2%
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09:21 EDTRTOn The Fly: Pre-market Movers
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07:18 EDTRTRuby Tuesday shares fully valued, says Raymond James
Raymond James believes downside risk in Ruby Tuesday remains following the 10% upside move in shares after hours following Q3 results. The firm sees limited sales visibility and believes the market is overvaluing the company's real estate assets. Shares are Underperform rated.
April 9, 2014
19:01 EDTRTOn The Fly: After Hours Movers
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16:17 EDTRTRuby Tuesday up over 10% to $6.60 following Q3 results
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16:11 EDTRTRuby Tuesday sees Q4 SSS down 1% to up 1%
Plans to close 6 to 9 restaurants in Q4, bringing FY14 total to 30 to 33. Sees Q4 capex $7M-$10M.
16:10 EDTRTRuby Tuesday reports Q3 EPS ex-items (7c), consensus (8c)
Reports Q3 revenue $295.6M, consensus $284.22M. Reports Q3 SSS down 1.9% at company-owned restaurants.
15:19 EDTRTNotable companies reporting after market close
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April 4, 2014
06:39 EDTDINDineEquity initiated with a Neutral at Longbow
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