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May 6, 2013
20:25 EDTEMR, EMR, OAK, OAK, HFC, HFC, CHTR, CHTR, PRGO, PRGO, FE, FE, HCN, HCN, DTV, DTV, EOG, EOG, NRG, NRGNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Emerson Electric (EMR), consensus 78c; EOG Resources (EOG), consensus $1.17; DIRECTV (DTV), consensus $1.08; Health Care REIT (HCN), consensus 91c; FirstEnergy (FE), consensus 68c; Perrigo (PRGO), consensus $1.44; Charter Communications (CHTR), consensus (61c); HollyFrontier (HFC), consensus $1.73; Oaktree Capital Group (OAK), consensus $1.53; NRG Energy (NRG), consensus (28c).
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November 13, 2015
10:06 EDTPRGOHigh option volume stocks
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09:28 EDTPRGOPerrigo to immediately commence previously announced $2B repurchase of shares
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09:27 EDTPRGOOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Blue Buffalo (BUFF), up 8.2%... Applied Materials (AMAT), up 3.8%... Planet Fitness (PLNT), up 9.8%... Lipocine (LPCN), up 16.2% after reporting quarterly results and that the FDA has assigned a Prescription Drug User Fee Act goal date of June 28, 2016. ALSO HIGHER: Mylan (MYL), up 10.9% after Perrgo (PRGO) shareholders did not tender enough shares for the hostile takeover bid to succeed... Plug Power (PLUG), up 7.3% after entering into a strategic supply agreement with 3M (MMM)... Yum! Brands (YUM), up after reporting that October China Same-Store Sales are up 5%. DOWN AFTER EARNINGS: Fossil (FOSL), down 24.5%... Fossil (JWN), down 20.6%... El Pollo LoCo (LOCO), down 15.1%... Cisco (CSCO), down 4.1%.... Tyco (TYC), down 4.1%... J.C. Penney (JCP), down 6.8%. ALSO LOWER: Fitbit (FIT), down 8.4% after 17M share Secondary priced at $29.00... GameStop (GME), down 8% after being downgraded to Sector Weight from Overweight at Pacific Crest... Lions Gate (LGF), down 2.6% after 3.4M share Spot Secondary priced at $39.43... Perrigo is down 10.5% after shareholders did not tender enough shares for the hostile takeover bid to succeed.
09:23 EDTPRGOPerrigo responds to news that shareholders reject Mylan's tender offer
Perrigo (PRGO) responded to the news that holders of a majority of its shares rejected Mylan's hostile tender offer, thereby expressing confidence in Perrigo's long-term strategy, vision, and management plans for the future. Shareholders holding over 60% of Perrigo's outstanding shares refused to tender into Mylan's inadequate offer by today's 8 A.M. ET deadline. Perrigo CEO Joseph Papa commented, "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. Strong organic growth, a disciplined approach to M&A, and transparent, accessible corporate governance policies are the foundation of our successful business strategy. I am delighted that Perrigo shareholders voiced their clear support for this management team and our long-term strategy, highlighted by our 'Base Plus Plus Plus' growth model."
09:21 EDTPRGOMylan upgraded to Buy from Neutral at Citi
Citi analyst Liav Abraham upgraded Mylan (MYL) to Buy saying an overhang has been removed now that the company's hostile attempt to acquire Perrigo (PRGO) has failed. The deal would have been value destructive for Mylan, Abraham tells investors in a research note. He raised his price target for shares to $59 from $52. The stock is up $4.20 to $47.40 in pre-market trading.
08:55 EDTPRGOPerrigo to 'aggressively' buy back shares at open, CNBC reports
Perrigo (PRGO) will "aggressively" buy back its shares on the open, CNBC's David Faber reports, citing sources. With Mylan (MYL) saying it lost the shareholder vote to acquire the company, Irish takeover rules have lapsed, Faber added. Perrigo is trading down 9%, or $14.62, to $142.00 in the pre-market. Mylan is up 9%, or $3.90, to $47.10.
08:46 EDTPRGOMylan announecs results to acquire Perrigo and lapse of offer
Mylan (MYL) announced that its offer to acquire all of the issued and to be issued share capital of Perrigo (PRGO) has lapsed. As of 8:00 AM Eastern Time on November 13, 2015, 58,040,150 Perrigo ordinary shares, representing approximately 40% of outstanding Perrigo ordinary shares, were validly tendered in the offer. Accordingly, the acceptance condition to the offer, as outlined in the September 14, 2015 Offer to Exchange / Prospectus, has not been satisfied and the offer has lapsed in accordance with its terms. As the offer has lapsed, it is no longer capable of further acceptance and both Mylan and tendering Perrigo shareholders have ceased to be bound by prior acceptances. Any Perrigo ordinary shares which have been tendered by Perrigo shareholders have not been accepted for exchange and will be promptly returned to the relevant Perrigo shareholders.
08:10 EDTPRGOMylan about 10M shares short of needed votes for Perrigo bid approval, CNBC says
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06:12 EDTPRGOMylan's hostile bid for Perrigo unlikely to succeed, Reuters reports
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November 12, 2015
19:41 EDTCHTRAT&T, Verizon ask FCC to limit Charter/Time Warner Cable merger, Bloomberg says
A trade group for AT&T (T) and Verizon (VZ) petitioned the FCC to limit Charter's (CHTR) coordination with other cable companies if the merger with Time Warner Cable (TWC) is allowed to proceed, reports Bloomberg. USTelecom also asked the FCC for restrictions on John Malone, Charter's largest shareholder. Reference Link
19:29 EDTCHTRDISH files reply with FCC on proposed Charter/Time Warner Cable merger
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12:54 EDTPRGOMylan volatility elevated into completion of tender offer for Perrigo
Mylan (MYL) November weekly call option implied volatility is at 140, November is at 72, December is at 50; compared to its 52-week range of 26 to 60; suggesting large price movement into the completion of tender offer for Perrigo (PGRO) deadline of November 13.
12:42 EDTPRGOPerrigo held unsuccessful talks to acquire Endo, Reuters reports
Perrigo (PRGO) has held unsuccessful talks to acquire Endo (ENDP) in all-stock deal, reports Reuters. According to people familiar with the matter, the talks were advanced enough for major issues such as the role of the Endo's CEO and how the companies could be integrated to have been addressed. Perrigo ended the talks when Endo asked for too much stock for its shareholders. Reference Link
10:08 EDTCHTRCharter CEO says confident in getting approval for Time Warner Cable deal
Charter CEO Tom Rutledge is speaking on CNBC.
November 11, 2015
10:00 EDTCHTROn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Albemarle (ALB) initiated with a Neutral at UBS... Ares Management (ARES) reinstated with an Overweight at JPMorgan... Cablevision (CVC) initiated with a Neutral at SunTrust... Canadian Solar (CSIQ) initiated with an Overweight at Morgan Stanley... Carriage Services (CSV) initiated with an Outperform at Oppenheimer... Charter (CHTR) initiated with a Buy at SunTrust... Cognex (CGNX) initiated with a Market Perform at FBR Capital... Comcast (CMCSA) initiated with a Neutral at SunTrust... CubeSmart (CUBE) initiated with a Buy at BB&T... Extra Space Storage (EXR) initiated with an Underweight at BB&T... FARO Technologies (FARO) initiated with a Market Perform at FBR Capital... IPG Photonics (IPGP) initiated with an Outperform at FBR Capital... NeuroDerm (NDRM) initiated with an Outperform at Raymond James... Perceptron (PRCP) initiated with an Outperform at FBR Capital... Proteon Therapeutics (PRTO) initiated with an Outperform at Raymond James... Public Storage (PSA) initiated with an Underweight at BB&T... Pure Storage (PSTG) initiated with a Neutral at Sterne Agee CRT... Service Corp. (SCI) initiated with an Outperform at Oppenheimer... Sovran Self Storage (SSS) initiated with a Buy at BB&T... Time Warner Cable (TWC) initiated with a Neutral at SunTrust.
November 10, 2015
16:40 EDTCHTRCharter initiated with a Buy at SunTrust
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09:58 EDTPRGOPerrigo reaffirms views on Mylan's proposed offer
In response to Mylan's (MYL) press release, Perrigo commented, "Mylan is resorting to desperate tactics on the eve of its tender offer deadline, having failed to persuade our long-term shareholders of the merits of its inadequate offer. First, as much as Mylan would like to highlight made-up numbers, the actual premium it has offered is one of the lowest on record. It is simply not an acceptable change of control premium, and the grossly inadequate offer does not even remotely reflect the value of the terrific growth company Perrigo shareholders own; Perrigo has outperformed Mylan significantly and has returned a Total Shareholder Return of 971% since 2007.i Over the past three years, Perrigo shares have traded at an average P/E multiple of 20.2x while Mylan has underperformed its peers at an average P/E multiple of 10.6x,ii highlighting the fundamental difference in performance and growth prospects between our companies. Applying Perrigo's proven multiple to its 2016 expected earnings of $9.45 shows the tremendous value, in excess of Mylan's offer, that lies ahead for Perrigo shares. Perrigo shareholders deserve much better than the inadequate offer Mylan is presenting. Second, Mylan has again resorted to inappropriate tactics to push its inadequate offer. Its last minute threat, prematurely and self-servingly interpreting S&P index inclusion criteria, is a desperate ploy to scare shareholders into tendering into a bad deal. As with recent events in Israel, misleading statements on index inclusion will not transform a bad deal into a good deal. Importantly, shareholders should never tender out of fear of being left behind without options. In the unlikely event that Mylan obtains more than 50% of shares tendered, every shareholder can, if it chooses, tender during the mandatory 14-day subsequent offering period and receive the same exact price and terms, and be paid on the same exact payment timeline as those tendering prior to November 13."
08:27 EDTPRGOPerrigo receives FDA approval for generic version of KlorCon tablets
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07:12 EDTPRGOMylan 'confident' in successful completion of tender offer for Perrigo
Mylan (MYL) reminds Perrigo (PRGO) shareholders that if the greater than 50% acceptance condition is not satisfied by November 13, 2015 at 8:00 AM ET, its offer will lapse and there will be no subsequent offer period. Mylan encourages Perrigo shareholders to tender by the close of business on Thursday, November 12, 2015 to avoid losing the opportunity to realize the benefits of its compelling offer. If the tender is successful, Perrigo shareholders whose tenders are received by 8:00 AM ET Friday are expected to receive their consideration by Wednesday, November 18, 2015.
06:05 EDTPRGOPerrigo CFO: Mylan's proposed deal 'a bad deal,' WSJ reports
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