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Stock Market & Financial Investment News

News Breaks
June 20, 2014
10:54 EDTFDO, DLTR, DGFamily Dollar rises as Icahn urges immediate sale of company
Shares of discount retailer Family Dollar Stores (FDO) are higher this morning after Carl Icahn sent a letter to the company's Chief Executive Officer urging an immediate sale. WHAT'S NEW: Citing consistent underperformance of the company, activist investor Carl Icahn said in a letter to Family Dollar CEO Howard Levine on Thursday that "it is imperative that Family Dollar be put up for sale immediately." Icahn believes there would also be significant interest from strategic and financial buyers, adding that "it is clear that now is a perfect time to sell," given the current interest rate environment and stock market. Icahn also said he believes that "an overwhelming majority of the company's shareholders would be in favor of a sale," and that three of his representatives should be added to the company's board of directors immediately. The activist investor claims that Family Dollar has been "in limbo" for too long and that consolidation in the discount retail space is "inevitable." Icahn warned that if he and the company cannot work on this collaboratively, he will take the matter directly to shareholders and commence a written consent solicitation within the next few weeks to replace Family Dollar's entire board of directors with "individuals that will have a shareholder mandate to sell the company." The letter comes after a conversation between Icahn and Levine the evening before. WHAT'S NOTABLE: Family Dollar responded to Icahn's letter, explaining that the company's management and board of directors are committed to acting in the best interests of the company and its shareholders. Family Dollar noted that the company is currently undertaking an in-depth business review, and will continue to take immediate, strategic actions to improve its performance "as appropriate." Family Dollar said it is open to communicating constructively with its investors to enhance value. PRICE ACTION: Family Dollar is up $1.06, or 1.6%, to $69.20 in mid-morning trading. OTHERS TO WATCH: Shares of Family Dollar peer Dollar General (DG) are up over 1% to $62.18, while another peer, Dollar Tree (DLTR), is fractionally lower at $53.61.
News For FDO;DG;DLTR From The Last 14 Days
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April 20, 2015
16:16 EDTDLTRDollar Tree initiated with a Buy at Cantor
Target $96.
April 19, 2015
12:41 EDTDGKroger, Dollar General, others can be bought and held for 3 years, Barron's says
Shares of PACCAR (PCAR), Lam Research (LRCX), Kroger (KR), Autoliv (ALV), Archer Daniels (ADM), and Dollar General (DG) should be bought and held for the next three years due to high return on invested capital, Barron's contends in a feature article. Reference Link
April 9, 2015
09:18 EDTFDO, DGBofA/Merrill retail analysts hold an analyst/industry conference call
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April 8, 2015
08:09 EDTDLTR, FDOFamily Dollar says sales trends in March 'rebounded nicely'
"We continue to see tangible benefits from the investments we have made to strengthen our value proposition for customers. Our comparable store sales and customer traffic trends are improving, and we are beginning to see stabilization in key categories. While our trends in late-February were adversely impacted by severe winter weather, our sales trends in March rebounded nicely, reflecting both improved traffic trends and the benefit of an earlier Easter,” said Howard R. Levine, Chairman and CEO. “We are excited about the pending merger with Dollar Tree, and our teams are working to ensure a successful integration.”
08:05 EDTDLTR, FDOFamily Dollar says not providing guidance
On January 22, Family Dollar (FDO) stockholders adopted the merger agreement with Dollar Tree (DLTR). The completion of the merger remains subject to Federal Trade Commission clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and other closing conditions. Dollar Tree, with support from Family Dollar, is continuing to work with the FTC to obtain clearance under the HSR Act, including in connection with arranging for divestitures. Dollar Tree has informed Family Dollar that Dollar Tree intends to close the merger by the end of May 2015. In light of the pending transaction, the company has not provided earnings guidance for fiscal 2015 and will not hold a conference call to discuss its second quarter results.
08:05 EDTFDOFamily Dollar reports March SSS up 3.7%
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08:04 EDTFDOFamily Dollar reports Q2 adjusted EPS 74c, consensus 73c
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05:49 EDTDGDollar General price target raised to $85 from $80 at Deutsche Bank
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April 7, 2015
16:38 EDTFDO, DLTRDollar Tree discloses update on FTC review process of Family Dollar acquisition
Dollar Tree (DLTR) disclosed in a regulatory filing, the following update on the Federal Trade Commission’s review process of the company’s pending acquisition of Family Dollar Stores (FDO). As of April 1, the FTC’s staff has substantially completed its review and identified approximately 340 stores for divestiture, representing approximately $47.4M of operating income. The company expects that all or almost all of the stores that will be divested will be Family Dollar stores. The company continues to make progress with divestiture buyers and has received multiple indications of interest from buyers, each of whom intend to operate these divested locations as dollar stores to address the FTC's concerns. The company is working to finalize divestiture agreements with the selected bidders in April 2015 and in parallel to secure FTC approval. The company intends to close the proposed merger in May, but this timing is subject to certain factors beyond the company’s control, including FTC approval.
15:30 EDTFDONotable companies reporting before tomorrow's open
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