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Stock Market & Financial Investment News

News Breaks
July 2, 2014
08:30 EDTDRIDarden's marketing spending reductions carry risk, says Credit Suisse
Credit Suisse said external data shows Darden is reducing FY15 ad spend. The firm believes the marketing reduction carries comp risk and notes previous reductions resulted in reduced top-line growth. Shares are Underperform rated with a $43 price target.
News For DRI From The Last 14 Days
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July 28, 2014
18:31 EDTDRIOn The Fly: After Hours Movers
UP AFTER EARNINGS: Cognex (CGNX), up 16.4% after reporting second quarter results and third quarter revenue guidance above analyst expectations... HealthSouth (HLS), up 7.4% after reporting second quarter results and increasing fiscal 2014 EPS and Adjusted EBITDA guidance... Amkor Technology (AMKR), up 6.4%... Integrated Device (IDTI), up 7.6% after reporting first quarter results... Masco (MAS), up 4.8%. ALSO HIGHER: Darden Restaurants (DRI), up 4.6% following the company's announcement that chairman and CEO Clarence Otis will step down and the board will separate the chairman and CEO roles, appointing lead independent director Charles Ledsinger, Jr., as independent non-executive chairman... Arrowhead Research (ARWR), up 16.5% following positive comments made by CEO Christopher Anzalone, Ph.D. in an interview on CNBC. DOWN AFTER EARNINGS: Herbalife (HLF), down 11.5% after reporting disappointing second quarter results and giving guidance for the third quarter and fiscal 2014... Alliance Fiber Optic (AFOP), down 9.7%... Plum Creek Timber (PCL), down 2.8%... Eastman Chemical (EMN), down fractionally after reporting quarterly results. ALSO LOWER: TCP Capital (TCPC), down 3.1% after filing to sell $5.4M shares of common stock.
16:55 EDTDRIDarden up 4.3% after announcing chairman, CEO Clarence Otis to step down
16:39 EDTDRIDarden to nominate 9 of 12 independent director candidates
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16:36 EDTDRIDarden chairman, CEO Otis to step down, board to separate roles
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10:47 EDTDRIDarden completes sale of Red Lobster to Golden Gate Capital
Darden Restaurants and Golden Gate Capital announced that Golden Gate has completed the acquisition of the Red Lobster business and certain other related assets and assumed liabilities for approximately $2.1B in cash. As previously announced, approximately $1.0B of the net cash proceeds are expected to be used to retire outstanding debt. The remaining net proceeds of approximately $500M-$600M are expected to be deployed for a new share repurchase program of up to $700M in fiscal 2015. "In addition to strengthening Darden's credit profile, with the lower debt levels and reduced outstanding share count, Darden expects to maintain its current quarterly dividend of 55c per share, or $2.20 annually...The completion of this transaction marks an important milestone in the actions we are taking to improve our operations, reduce costs, and focus on opportunities with the highest value-creating potential. While we still have work to do, we are making progress in our efforts to enhance performance and shareholder value," the company said.
July 24, 2014
13:45 EDTDRIStarboard files complaint to inspect Darden books
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July 23, 2014
11:38 EDTDRIBrinker retreats after analyst downgrades on industry concerns
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July 16, 2014
18:26 EDTDRIOn The Fly: After Hours Movers
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July 15, 2014
13:20 EDTDRIStarboard sends letter to Darden board seeking new leadership
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