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Stock Market & Financial Investment News

News Breaks
June 9, 2014
10:18 EDTFDO, DG, DLTRDollar stores rally after Icahn takes Family Dollar stake
Shares of Family Dollar (FDO) are climbing after well-known activist investor Carl Icahn disclosed that he had obtained a significant stake in the company and Fox Business reported that Icahn could push for a merger between Family Dollar and peer Dollar General (DG). WHAT'S NEW: Carl Icahn disclosed in an SEC filing late Friday that he had obtained a 9.39% stake in discount retailer Family Dollar. Icahn stated that he believes the company's stock is undervalued and added that he sees great long-term potential in the sector. Meanwhile, Icahn told Fox Business that he would consider trying to get Family Dollar to merge with another company in the sector, Dollar General. For its part, Family Dollar said that it was open to holding dialogues with all of its shareholders, but then adopted a one-year shareholder rights plan meant to prevent anyone from gaining control of the company without paying a premium. ANALYST REACTION: In a note to investors earlier today, Jefferies analyst Daniel Binder upgraded Family Dollar and Dollar General to Buy from Hold. The analyst upgraded the stocks based on his belief that the companies could merge. A merger could allow the companies to generate large cost savings, according to Binder. He set a $79 price target on Family Dollar and a $75 price target on Dollar General. Significantly less optimistic about the potential for a merger was FBR Capital analyst Dutch Fox. Dollar General doesn't want to merge with Family Dollar and such a deal won't happen anytime soon, the analyst contended. However, both companies could launch share repurchase plans, he believes. Fox kept a Market Perform rating on Family Dollar and an Outperform rating on Dollar General. He recommended that investors respond to the news by being long Dollar General in the short-term. PRICE ACTION: In early trading, Family Dollar jumped 15% to $69.50, Dollar General surged 11% to $64.25, and Dollar Tree (DLTR), another retailer in the space, rose 2% to $56.35.
News For FDO;DG;DLTR From The Last 14 Days
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October 28, 2014
17:36 EDTFDO, DLTRFamily Dollar mails proxy materials for December 11 Special Meeting
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October 24, 2014
17:17 EDTFDOHoward Levine reduces stake in Family Dollar to 7.78% from 8.17%
October 23, 2014
06:46 EDTDLTRDollar Tree removed from the short-term buy list at Deutsche Bank
Deutsche Bank removed Dollar Tree from the short-term buy list due to an automatic 6-month time demotion.
October 21, 2014
17:27 EDTFDO, DG, DLTRFamily Dollar certifies substantial compliance with FTC
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October 20, 2014
08:31 EDTFDO, DLTRFamily Dollar sets Oct. 30 as record date for special meeting of stockholders
Family Dollar Stores (FDO) announced that October 30, 2014 has been established as the record date for determining stockholders entitled to receive notice of, and to vote at, the Special Meeting of Stockholders, at which stockholders will be asked to adopt the previously announced merger agreement, as amended, with Dollar Tree (DLTR).
October 17, 2014
17:36 EDTFDOFamily Dollar says will review Elliot notice on directors in due course
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16:09 EDTDG, DLTR, FDOElliott Advisors expresses concerns over Family Dollar merger, nominates slate
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10:00 EDTDLTR, DGOn The Fly: Analyst Initiation Summary
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08:11 EDTDGDollar General initiated with a Buy at Stifel
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08:11 EDTDLTRDollar Tree initiated with a Buy at Stifel
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October 16, 2014
07:04 EDTDGDollar General to build new distribution center in San Antonio, TX
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06:27 EDTDLTRDollar Tree accumulates $866,000 in fines in last year, WSJ reports
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