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Stock Market & Financial Investment News

News Breaks
July 28, 2014
16:32 EDTACRX, Z, FDO, CMI, DG, TRLA, DLTROn 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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July 2, 2015
16:53 EDTDLTR, FDODollar Tree says receives FTC clearance to complete Family Dollar merger
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14:42 EDTCMIClass 8 truck orders for June said to be 19,900 units
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07:03 EDTACRXAcelRx's Zalviso shows positive results for post-operative pain in Phase 3 trial
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July 1, 2015
16:53 EDTFDOFamily Dollar reports Q3 adjusted EPS 74c, consensus 82c
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10:00 EDTZOn The Fly: Analyst Initiation Summary
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June 30, 2015
17:10 EDTZZillow Group initiated with a Buy at Guggenheim
Target $120.
10:54 EDTCMICummins announces retirement of Chief Technical Officer John Wall
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07:28 EDTDLTR, FDODollar Tree shares poised to outperform, says Wells Fargo
Wells Fargo predicts that Dollar Tree will be re-ranked by quantitative investment models following its merger with Family Dollar (FDO), enabling Dollar Tree's stock to outperform. The firm predicts that Dollar Tree's P/E ratio will become much lower versus its peers after the merger closes. Wells keeps an Outperform rating on Dollar Tree.
June 25, 2015
09:21 EDTFDOFamily Dollar volatility low into Q1 and outlook
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08:01 EDTDGDollar General names John Garratt as interim CFO, effective July 1
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June 19, 2015
16:06 EDTZZillow Group announces sale of ActiveRain to Ben Kinney Companies
Zillow Group announced the pending sale of ActiveRain, a social networking, blogging, and training platform for the real estate industry, to the Ben Kinney family of companies. ActiveRain became part of Zillow Group through its acquisition of Trulia, which closed in February 2015. The sale is expected to close June 30.
15:27 EDTCMICummins voices supports for rulemaking to improve truck efficiency
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13:33 EDTZZillow Group calls active on renewed takeover speculation
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10:50 EDTCMIEPA proposes new rules for medium- and heavy-duty truck emissions
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