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March 19, 2014
07:24 EDTTMUS, FSL, MSCC, GS, DELL, FTR, ST, I, AMKR, WIN, LVLT, ENTGGoldman to hold a conference
Leveraged Finance Conference is being held in New York on March 19.
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November 25, 2015
06:17 EDTGSThree Goldman Sachs bankers leave for Uber, Reuters reports
Three bankers in Goldman Sach's technology investment banking group have left the company to take positions at Uber in recent months, reports Reuters, citing people familiar with the matter. Goldman does not disclose attrition figures, but has lost enough employees to startups and private equity firms that it announced earlier a series of changes designed to retain more junior employees. Reference Link
November 24, 2015
15:05 EDTGSFed to provide means for banks examiners to express divergent views
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12:08 EDTMSCCOn The Fly: Top stock stories at midday
Stocks began the session in negative territory and remained there for most of the morning. The weakness was attributed to the worldwide travel alert issued by the U.S. State Department on the eve of the Thanksgiving holiday as well as the shooting down of a Russian plane by Turkey, both of which heightened the tension of investors. The averages have shown improvement since the European markets closed and have moved to their session highs to turn mixed near noon. ECONOMIC EVENTS: In the U.S., the estimate of third quarter GDP growth was boosted to 2.1% from 1.5%, matching estimates. Personal consumption growth was estimated at 3.0% in the second look, versus expectations for an increase of 3.2%. The S&P/Case-Shiller 20-city composite home price index was up a seasonally adjusted 0.6% month over month in September, versus expectations for an increase of 0.3%. The Conference Board's consumer confidence reading for November came in at 90.4, missing the consensus forecast of 99.5. COMPANY NEWS: Bill Ackman has put more funds behind his big bet in Valeant Pharmaceuticals (VRX), as filings show that Pershing Square raised its stake in the embattled drugmaker to 9.9%. In other news from a high-profile activist investor, Carl Icahn revealed that he has taken a 7.13% stake in Xerox (XRXZ) and may seek positions on the board of the company. Research firm Piper Jaffray believes that Icahn's involvement in the company can amplify the company's review and boost the stock, but was not the case at midday, as Xerox shares slipped about 2% following last night's disclosure. MAJOR MOVERS: Among the notable gainers was Dollar Tree (DLTR), which rallied 6% after it reported upbeat quarterly earnings and backed its fiscal 2015 guidance. Also higher was Burlington Stores (BURL), which gained 8% after reporting quarterly results and approving a new $200M share repurchase program. In addition, Boulder Brands (BDBD) was up 8.5% after it agreed to be acquired by Pinnacle Foods (PF) for $11 per share. Pinnacle slipped 4% following the deal announcement. Another noteworthy losers was Brocade (BRCD), which fell 8% and was downgraded to Neutral from Overweight at JPMorgan following its Q4 earnings. Also lower was Microsemi (MSCC), which dropped 6% after it agreed to acquire PMC-Sierra (PMCS), which was also 6% lower, in a $2.5B transaction. INDEXES: Near midday, the Dow was up 15.57, or 0.09%, to 17,808.25, the Nasdaq was down 8.75, or 0.17%, to 5,093.73, and the S&P 500 was down 0.7, or 0.03%, to 2,085.89.
10:56 EDTMSCCSkyworks may look for new targets after losing out on PMC-Sierra
Shares of Skyworks Solutions (SWKS) rose, and those of PMC-Sierra (PMCS) fell, after the former gave up on its pursuit of the latter, which has agreed to be acquired by Microsemi (MSCC). An analyst from CLSA suggested that the failure to reach a deal is good news for Skyworks, which may now seek out other merger and acquisition opportunities that are a better strategic fit. WHAT'S NEW: Skyworks announced that it terminated its merger proposal with PMC-Sierra, which subsequently agreed to be acquired by Microsemi in a deal valued at approximately $2.5B. Skyworks said that it takes a "highly disciplined" approach to identifying takeover candidates and that PMC no longer meets its financial criteria at an increased valuation. Skyworks initially made its offer of $11.60 per share on October 29, and Microsemi followed suit a day later with an increased bid of $11.88 per share. Things escalated from there, with Microsemi finally agreeing to acquire PMC for $9.22 in cash and 0.0771 of a share of Microsemi common stock for each share of PMC in a transaction valued at approximately $2.5B and representing about a 77% percent premium to the closing price of PMC shares as of Sept. 30. STREET RESEARCH: Following the news, CLSA analyst Srini Pajjuri said that it "didn't make much strategic sense" for Skyworks to acquire PMC in the first place due to the PMC's lagging growth over the past three years. Pajjuri argued that abandoning a proposal for PMC was a positive development for Skyworks, which can sustain double-digit organic growth for the next two to three years without a major merger or acquisition. The analyst added that analog/MCU firm acquisitions offer a better strategic fit for Skyworks and named Silicon Labs (SLAB), Monolithic Power (MPWR), Semtech (SMTC), MaxLinear (MXL), and Inphi (IPHI) as possible targets. Pajjuri kept an Outperform rating and $92 price target on Skyworks' stock. PRICE ACTION: In morning trading, Skyworks rose 1% to $78.52, PMC-Sierra slid 2% to $11.61 and Microsemi fell 7.9% to $33.36. Meanwhile, Silicon Labs gained 2.2%, MaxLinear rose 2.4%, Monolithic Power was flat, and Semtech and Inphi were marginally lower.
07:45 EDTGSSunEdison places 400MW of solar capacity on sale, Economic Times says
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07:04 EDTMSCCMicrosemi enters definitive agreement to acquire PMC-Sierra in $2.5B deal
Microsemi Corporation (MSCC and PMC-Sierra (PMCS) announced that they have entered into a definitive agreement under which Microsemi will acquire PMC for $9.22 in cash and 0.0771 of a share of Microsemi common stock for each share of PMC common stock through an exchange offer. The transaction is valued at approximately $2.5B and represents a 77.4% percent premium to the closing price of PMC's stock as of Sept. 30. The transaction is expected to be immediately accretive to Microsemi's non-GAAP EPS and free cash flow. Microsemi anticipates achieving more than $100M in annual cost synergies with greater than $75M of those expected to be realized in the first full quarter of combined operations. Microsemi currently estimates approximately 60c of non-GAAP EPS accretion in the first full year after closing the transaction. Microsemi intends to fund the transaction and repay its existing credit facility with existing cash, $2.7B in new transaction debt and $0.6B in Microsemi common stock. Shareholders of Microsemi and PMC will own approximately 85% and 15%, respectively, of the combined entity post completion of the transaction. Under the terms of the definitive acquisition agreement, a wholly-owned subsidiary of Microsemi will commence an exchange offer to acquire all of the outstanding shares of PMC common stock for $9.22 in cash and 0.0771 of a share of Microsemi common stock for each share of PMC common stock tendered. The exchange offer is subject to customary conditions, including the tender of at least a majority of the outstanding shares of PMC's common stock and certain regulatory approvals, including the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, and is expected to close in the first quarter of calendar 2016. No approval of the stockholders of Microsemi is required in connection with the proposed transaction. Terms of the agreement were approved by the boards of directors of both Microsemi and PMC.
07:01 EDTMSCCMicrosemi enters definitive agreement to acquire PMC-Sierra in $2.5B deal
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November 20, 2015
10:17 EDTTMUSHigh option volume stocks
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November 19, 2015
19:02 EDTIIntelsat enters multi-year agreement with Next Step in Thailand
Intelsat announced that Next Step, a multi-channel operator and distributor, is leveraging Intelsat's satellite solutions on Horizons 2 at 85degrees E to launch a new Free-to-Air DTH platform in Thailand. Under its multi-year agreement with Intelsat, Next Step is utilizing Ku-band capacity on Horizons 2 to diversify its business offerings.
07:05 EDTMSCCMicrosemi announces revised proposal to acquire PMC-Sierra deemed 'superior'
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November 18, 2015
11:33 EDTTMUSSprint announces launch of LTE Plus network
In celebration of the launch of its new LTE Plus network, Sprint (S) is introducing the biggest wireless offer in U.S. history - 50% off the price of most Verizon (VZ), AT&T (T) and T-Mobile (TMUS) rate plans, the company says. New customers can sign up for this offer nationwide Nov. 20 through Jan. 7, 2016. LTE Plus, available today in 77 major markets, takes advantage of Sprint's rich triband spectrum portfolio, and it uses some of the world's most advanced technologies in wireless, such as carrier aggregation and antenna beamforming. Customers who switch get 50 percent off most current rate plan prices from their current carrier. AT&T, T-Mobile and Verizon customers switching to Sprint also can take advantage of iPhone Forever, where they are eligible to upgrade every time a new iPhone launches. Customers must port one line, and can add up to 9 additional lines on the account. Customers must choose from the 50 percent off rate plans available from their current carrier. Cricket and MetroPCS customers also can switch and save 50 percent off their parent company's postpaid rates. 50 percent off pricing remains valid until Jan. 8, 2018, for activations between Nov. 20, 2015, and Jan. 7, 2016.
08:55 EDTGSMorgan Stanley exec sees Q4 not much better than Q3 for banks, DJ reports
Morgan Stanley (MS) Institutional Securities President Colm Kelleher cautioned that fixed-income markets "still seem subdued," according to Dow Jones, citing his comments at an investment conference. Morgan Stanley was among the banks that reported lower revenue from fixed-income, currency and commodities trading during the third quarter and Kelleher said he doesn't think "the fourth quarter is going to be much better," the report noted. Large bank peers to Morgan Stanley include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
07:02 EDTMSCCMicrosemi announces revised proposal to acquire PMC-Sierra for $12.05 per share
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November 17, 2015
09:20 EDTTMUST-Mobile shares attractive, likley to be acquired, says Cowen
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November 16, 2015
11:31 EDTGSBlackstone to sell GCA Services Group to Thomas H. Lee Partners and Goldman Sach
Blackstone (BX) announced that private equity funds it manages have agreed to sell GCA Services Group to a consortium of the Merchant Banking Division of Goldman Sachs (GS) and Thomas H. Lee Partners. The transaction is subject to customary closing conditions and is expected to close in the first quarter of 2016.
09:03 EDTTMUSGabelli to hold a symposium
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08:02 EDTMSCCPMC-Sierra reiterates commitment to Skyworks transaction
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07:40 EDTGSBuffett says lower stakes in Goldman, Wal-Mart doesn't reflect lower confidence
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07:36 EDTGSBerkshire Hathaway discloses new AT&T stake in quarterly update
Berkshire Hathaway gave a quarterly update on its stakes in a filing this morning. NEW STAKES: AT&T (T), Kraft Heinz (KHC), Liberty Lilac Group (LILA). INCREASED STAKES: Phillips 66 (PSX), Charter (CHTR), Liberty Media (LMCK), Suncor (SU), General Motors (GM). DECREASED STAKES: Goldman Sachs (GS), Wal-Mart (WMT), Deere (DE), Chicago Bridge & Iron (CBI), WABCO (WBC). LIQUIDATED STAKES: Viacom (VIAB).
06:48 EDTGSGoldman, Thomas H. Lee agree to buy GCA Services from Blackstone, Reuters says
According to sources, Reuters reports that the private equity unit of Goldman Sachs (GS) and Thomas H. Lee Partners have agreed to buy GCA Services Group, a facility management company, from Blackstone (BX) for about $1B, including debt. Goldman and Thomas H. Lee will have equal participation in the consortium that will buy GCA. Reference Link
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