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Stock Market & Financial Investment News

News Breaks
August 21, 2014
08:01 EDTDG, FDO, DLTRFamily Dollar board rejects Dollar General proposal based on antitrust issues
Family Dollar Stores (FDO) announced that its Board of Directors has unanimously rejected the non-binding proposal made by Dollar General Corporation (DG) on the basis of antitrust regulatory considerations. In addition, the Family Dollar Board unanimously reaffirmed its recommendation in support of the merger agreement with Dollar Tree (DLTR). In negotiating the merger agreement with Dollar Tree, the Family Dollar Board ensured that the agreement permits the Board, consistent with its fiduciary duties, to negotiate with, provide due diligence materials to, and even terminate the merger agreement to enter into a new agreement with, a competing bidder. However, as is customary, the Board may commence negotiations and due diligence access only if, among other factors, the Board determines that a proposal from a competing bidder is reasonably expected to lead to a superior proposal that “is reasonably likely to be completed on the terms proposed.” The Family Dollar Board, after consultation with its financial and legal advisors who have conducted an extensive antitrust analysis, determined that the Dollar General proposal fails to satisfy this requirement. The Board’s decision follows the unanimous recommendation of a committee of four non-management independent directors that has been overseeing the Company’s consideration and exploration of strategic alternatives since January 2014. Howard R. Levine, Chairman and CEO of Family Dollar, stated, “Our Board of Directors, with the assistance of outside advisors and consultants, has been carefully analyzing the antitrust issues in a potential combination with Dollar General since the beginning of this year, as detailed in the Company’s preliminary proxy statement that was filed by Dollar Tree with the SEC on August 11. Our Board reviewed, with our advisors, all aspects of Dollar General’s proposal and unanimously concluded that it is not reasonably likely to be completed on the terms proposed. Accordingly, our Board rejects Dollar General’s proposal and reaffirms its support for the pending merger with Dollar Tree.” Levine continued, “I would also like to note that Dollar General’s letter, sent late last night, contained blatant mischaracterizations and did nothing to address the antitrust issues in Dollar General’s proposal.”
News For FDO;DG;DLTR From The Last 14 Days
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May 26, 2015
09:58 EDTDGOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: L Brands (LB) upgraded to Conviction Buy from Buy at Goldman... Dollar General (DG) upgraded to Conviction Buy from Buy at Goldman... Accenture (ACN) upgraded to Outperform from Market Perform at Cowen... Expedia (EXPE) upgraded to Outperform from Market Perform at JMP Securities... The Fresh Market (TFM) upgraded to Neutral from Underperform at Longbow... Marvell (MRVL) upgraded to Overweight from Equal Weight at Morgan Stanley... Health Care REIT (HCN) upgraded to Buy from Neutral at Mizuho... Gold Fields (GFI) upgraded to Buy from Hold at HSBC... eBay (EBAY) upgraded to Buy from Hold at Axiom... CNOOC (CEO) upgraded to Neutral from Underweight at JPMorgan... Quintiles (Q) upgraded to Buy from Neutral at SunTrust... DCT Industrial (DCT) upgraded to Neutral from Underperform at Credit Suisse... Pebblebrook Hotel (PEB) upgraded to Outperform from Neutral at Credit Suisse... Fortinet (FTNT) upgraded to Buy from Hold at Needham... BB&T (BBT) upgraded to Buy from Neutral at Guggenheim... Hercules Technology (HTGC) upgraded to Outperform from Neutral at Macquarie... InterXion (INXN) upgraded to Buy from Hold at Stifel.
06:19 EDTDGDollar General upgraded to Conviction Buy from Buy at Goldman
Goldman added Dollar General to the Conviction Buy List and increased its price target to $87 from $85. The firm sees a positive inflection in fundamentals given favorable low-income consumer tailwinds and a reduced margin drag from tobacco, sustainable competitive advantages driving long-term growth, and attractive valuation.
May 22, 2015
07:09 EDTDLTRDollar Tree underlying business healthy, says Wells Fargo
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May 21, 2015
09:28 EDTDLTROn The Fly: Pre-market Movers
UP AFTER EARNINGS: Quality Systems (QSII), up 9.5%... Trina Solar (TSL), up 7.1%... Best Buy (BBY), up 7.5%... Kirkland's (KIRK), up 4.3% after reporting quarterly results, guidance, and announcing a $1.50 per share special dividend... Williams-Sonoma (WSM), up 3.8%... salesforce.com (CRM), up 4.8%... Youku Tudou (YOKU), up 1.2%. ALSO HIGHER: CTPartners (CTP), up 30.7% after agreeing to exclusive negotiations to be acquired by DHR International... Omnicare (OCR), up 1.3% after CVS Health (CVS) agrees to acquire the company for $98.00 per share, CVS Health is up 1%... Telenav (TNAV), up 3.3% after being initiated with an Outperform at Northland. DOWN AFTER EARNINGS: NetApp (NTAP), down 11.7%... Rexnord (RXN), down 9.9%... Dollar Tree (DLTR), down 2%. ALSO LOWER: Wave Systems (WAVX), down 22.9% after 7.3M share Spot Secondary priced at 65c... Lumber Liquidators (LL), down 16.5% after CEO resigns... Dicerna Pharmaceuticals (DRNA), down 5.8% after 2.75M share Secondary priced at $17.75.
07:44 EDTFDO, DLTRDollar Tree intends to close proposed Family Dollar merger in early July
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07:42 EDTDLTRDollar Tree narrows FY15 EPS ex-costs view to $3.32-$3.47 from $3.30-$3.50
Consensus $3.49. Narrows FY15 revenue view to $9.24B-$9.42B, compared to the company’s previous expected range of $9.21B-$9.45B. Estimate is based on a low to low-mid single-digit increase in same-store sales, and 7.3% square footage growth. Adjusted for Q1 results, outlook for the remainder of the year remains unchanged from the company’s original 2015 guidance, Dollar Tree said.
07:41 EDTDLTRDollar Tree sees Q2 EPS ex-acquisition costs 63c-68c, consensus 70c
Sees Q2 revenue $2.17B-$2.23B, consensus $2.23B. Sees Q2 low to low-mid single-digit increase in same-store sales and 8% square footage growth.
07:39 EDTDLTRDollar Tree reports Q1 EPS ex-acquisition costs 71c, consensus 75c
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May 20, 2015
15:00 EDTDLTRNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's open, with earnings consensus, include Dollar Tree (DLTR), consensus 75c... Best Buy (BBY), consensus 29c... Advance Auto Parts (AAP), consensus $2.48... Patterson Companies (PDCO), consensus 65c... Donaldson Company (DCI), consensus 35c... Booz Allen Hamilton Holding (BAH), consensus 33c... The Buckle (BKE), consensus 78c... Monro Muffler Brake (MNRO), consensus 39c... Brady Corp. (BRC), consensus 37c... Trina Solar (TSL), consensus 9c... Quality Systems (QSII), consensus 15c... Kirkland's (KIRK), consensus 11c... Bon-Ton Stores (BONT), consensus ($1.56).
May 18, 2015
08:46 EDTDLTRDollar Tree weakness an attractive buying opportunity, says UBS
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May 15, 2015
17:33 EDTDLTR, DGPoint72 Asset Management gives quarterly update on stakes
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17:07 EDTFDOTrian Fund gives quarterly update on stakes
NEW STAKES: None. INCREASED STAKES: PepsiCo (PEP), Mondelez (MDLZ), Bank of New York Mellon Group (BK), and Du Pont (DD). DECREASED STAKES: Family Dollar (FDO), and Ingersoll-Rand (IR). LIQUIDATED STAKES: Lazard (LAZ).
14:15 EDTDLTRDollar Tree volatility flat into Q1 and outlook
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