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Stock Market & Financial Investment News

News Breaks
July 28, 2014
16:32 EDTTRLA, DLTR, ACRX, Z, FDO, CMI, DGOn The Fly: Closing Wrap
Stocks on Wall Street were little changed following a session marked by two headline making M&A deals. A worse than expected pending home sales report pushed the averages to session lows about a half hour into trading, but they soon reversed and began to drift toward positive ground. By early afternoon all three of the major equity averages were in positive territory but they were unable to hold their position and finished the session mixed, with the Dow slightly higher and the Nasdaq slightly lower. ECONOMIC EVENTS: In the U.S., the pending home sales index dropped 1.1% from the prior month to 102.7 in June, compared to expectations for it to have risen 0.5%. Markit's services PMI for July came in at 61.0 in the flash reading, which was flat with the prior reading and above the 59.8 consensus forecast. COMPANY NEWS: Dollar Tree (DLTR) agreed to acquire Family Dollar (FDO) in a cash and stock transaction worth $74.50 per Family Dollar share. The transaction was called the "best path forward" for Family Dollar by Nelson Peltz's Trian Fund, which disclosed that it will vote its over 7% Family Dollar stake in favor of the buyout. Another noted investor and Family Dollar shareholder, Carl Icahn, said he was "extremely pleased" with Dollar Tree’s intention to acquire the company, but added that he continues to believe there are "a handful of potential buyers who could realize greater synergies through a combination with Family Dollar and are hopeful that one or more of them will surface." Icahn's hopes for an alternate bid may be shared by others, as evidenced by Family Dollar ending the day up $15.08, or 24.86%, at $75.74, which was above the agreed upon deal price. Dollar General (DG), which has been speculated as a logical bidder for Family Dollar, initially sunk after the deal was announced, then recovered and was higher for much of the afternoon, though the stock ended the session down 5c, or 0.09%, at $55.56. The current planned buyer, Dollar Tree, rose 65, or 1.2%, to $54.87. MAJOR MOVERS: Among the notable gainers was another company that agreed to be acquired by a peer. Trulia (TRLA) rose $8.69, or 15.42%, to $65.04 after agreeing to merge with Zillow (Z) in a $3.5B stock-for-stock transaction. Buyer Zillow, which will own about two-thirds of the newly created company upon closing, gained $1.46, or 0.92%, to $160.32 after confirming the deal that it was reported to be nearing late last week. Among the notable losers following its earnings report was Cummins (CMI), which fell $4.80, or 3.2%, to $145.35 despite reporting earnings that beat the consensus forecast and raising its FY14 revenue guidance. Also lower were shares of AcelRx (ACRX), which plunged $4.44, or 41.0%, to $6.39 and was downgraded at Canaccord after the FDA issued a Complete Response Letter for the company's Zalviso drug. INDEXES: The Dow gained 22.02, or 0.13%, to 16,982.59, the Nasdaq slipped 4.65, or 0.1%, to 4,444.91, and the S&P 500 edged up 0.57, or 0.03%, to 1,978.91.
News For FDO;DLTR;DG;Z;TRLA;CMI;ACRX From The Last 14 Days
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April 1, 2015
08:34 EDTFDOFamily Dollar April volatility elevated into Q2 and outlook
Family Dollar April call option implied volatility is at 31, May is at 14; compared to its 26-week average of 15 according to Track Data, suggesting large near term price movement into the expected release of Q2 results on April 8.
March 31, 2015
08:22 EDTZZillow Group losing ListHub syndication manageable, says Cowen
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March 26, 2015
07:23 EDTCMIUBS to hold a field trip
Field Trip: 2015 Mid-America Trucking Show is being held in Louisville, KY on March 26.
March 25, 2015
11:08 EDTCMICummins management to meet with Jefferies
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March 24, 2015
10:01 EDTCMIOn The Fly: Analyst Upgrade Summary
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07:02 EDTCMICummins upgraded at RW Baird
Baird upgraded Cummins to Outperform from Neutral and raised its price target to $166 from $155. The firm said expectations have been reset and the company is poised to deliver steady earnings growth and shareholder returns. Baird believes the North American truck cycle can last longer and at higher levels than consensus expectations and thinks Cummins' stable cash flow will likely continue to enhance shareholder value.
06:09 EDTCMICummins upgraded to Outperform from Neutral at RW Baird
March 20, 2015
15:28 EDTDGDollar General management to meet with Sterne Agee
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15:04 EDTACRXAcelRx to reduce workforce by approximately 36%
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15:02 EDTACRXAcelRx names Howard Rosen as interim CEO
AcelRx Pharmaceuticals (ACRX) announced the appointment of Howard Rosen as interim CEO of AcelRx, effective April 1. Rosen is a technically trained executive with over 25 years of success growing start-up and mid-size biopharmaceutical companies. Rosen previously held senior-level general management positions and functional roles in strategy, marketing, finance, business development, and research and development at Gilead Sciences (GILD) and ALZA Corporation. Rosen has served on the Board of Directors of AcelRx since 2008 and currently serves on the Board of Directors of Alcobra and several private biopharmaceutical companies.
March 19, 2015
11:38 EDTCMIGE Marine announces Reinauer purchases two diesel engines, gearboxes
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