New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
February 19, 2013
11:55 EDTRIGL, ODP, TMO, PPHM, FEHigh option volume stocks: FE TMO RIGL PPHM ODP
News For FE;TMO;RIGL;PPHM;ODP From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
June 25, 2015
14:05 EDTODPStaples, Office Depot shares head lower as analyst highlights merger pitfalls
Shares of Staples (SPLS) and Office Depot (ODP) are in negative territory following a Citi research note identifying significant downside potential if their proposed merger is blocked. The note follows news on June 23 that a U.S. District Court has approved the preliminary injunction of the US Foods-Sysco (SYY) merger. WHAT'S NEW: In the wake of the FTC's preliminary injunction of the US Foods-Sysco deal, Citi's Kate McShane issued a note on the proposed merger of Staples and Office Depot. The FTC is expected to release a public version of its Sysco ruling this Friday, and McShane said details of the injunction could shed light on whether the Staples-Office Depot merger is likely to follow a similar path. The analyst sees a 40% and 49% downside scenario for Staples and Office Depot, respectively, were the merger to fail, versus a 20% upside for Office Depot shares if a successful outcome is reached. WHAT'S NOTABLE: The FTC stated on June 23 that the Sysco-US Foods merger "would lead to higher prices and diminished service," and U.S. District Judge Amit Mehta cited the probability of "substantially" reduced competition. Building on those pieces of information, Kate McShane notes that a merged Staples-Office Depot may only capture 15%-25% of the addressable market, in contrast to the 75% market share of a Sysco and US Foods combination. McShane cautioned that if she limits her analysis to just Fortune 100 companies, the 15%-25% figure would likely be higher, but refrains from stronger speculation on the probability of the deal closing. On June 24, the New York Post cited sources calling the merger "unlikely" after the Sysco injunction. As noted by Citi, if regulator sentiment swings against the office supply companies, shares could head sharply lower. PRICE ACTION: Staples is down 0.4% in afternoon trading, while Office Depot is down 0.3%.
10:00 EDTODPOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: AT&T (T) upgraded to Buy from Neutral at BofA/Merrill... Eli Lilly (LLY) upgraded to Buy, added to US 1 List at BofA/Merrill... Finish Line (FINL) upgraded to Buy from Neutral at B. Riley... Gran Tierra (GTE) upgraded to Buy from Hold at Canaccord... Greenhill & Co. (GHL) upgraded to Buy from Sell at Goldman... Magnum Hunter (MHR) upgraded to Equalweight from Underweight at Capital One... Marathon Oil (MRO) upgraded to Buy from Neutral at UBS... Newpark Resources (NR) upgraded to Strong Buy from Outperform at Raymond James... Office Depot (ODP) upgraded to Outperform from Market Perform at Telsey Advisory... Quanex (NX) upgraded to Outperform from In-Line at Imperial Capital... Vestas Wind (VWDRY) upgraded to Outperform from Neutral at Exane BNP Paribas... Web.com (WWWW) upgraded to Buy from Neutral at B. Riley... NRG Yield upgraded to Outperform from Market Perform at Avondale.
09:28 EDTTMOThermo Fisher agrees to acquire Alfa Aesar for GBP256M
Subscribe for More Information
08:50 EDTODPStaples has 20% upside if Office Depot deal closes, says Citi
Subscribe for More Information
08:40 EDTPPHMPeregrine granted keu EU patent for bavituximab
Peregrine Pharmaceuticals announced that the European Patent Office, or EPO, has granted Patent Number 2,269,656, titled "Selected Antibodies Binding to Aminophospholipids and their Use in Treatment, Such as Cancer”. This important patent covers bavituximab as a composition of matter and for use in treating cancer including in combination with radiotherapy or chemotherapy, such as with docetaxel. The new patent covers bavituximab as a composition of matter, a range of related antibodies, including humanized and chain-shuffled antibodies and other sequence variations and their broad use in any diagnosis or therapy. The new patent also covers antibody drug conjugates, diagnostic and imaging constructs, liposomal and pharmaceutical combinations of bavituximab and related antibodies.
06:47 EDTODPStaples volatility low into expected closure of its merger with Office Depot
Staples (SPLS) July weekly call option implied volatility is at 23, July is a 22, September is at 28; compared to its 52-week range of 20 to 53, suggesting decreasing price movement into the expected closure of its proposed $6.3B merger with Office Depot (ODP).
06:35 EDTODPOffice Depot upgraded to Outperform from Market Perform at Telsey Advisory
June 24, 2015
09:10 EDTODPOn The Fly: Pre-market Movers
Subscribe for More Information
07:12 EDTODPStaples deal unlikely after Sysco-US Foods merger blocked, NY Post reports
Subscribe for More Information
June 22, 2015
19:56 EDTFEUtilities sector dips after EPA warns of 'significant risks' from climate change
Subscribe for More Information
June 19, 2015
08:20 EDTODPOffice Depot shareholders approve acquisition by Staples
Subscribe for More Information
June 17, 2015
08:45 EDTTMOBofA/Merrill life sciences analysts hold an analyst/industry conference call
Subscribe for More Information
07:51 EDTTMONIH draft FY16 funding budget better than expected at BofA/Merrill
Last night, the House Appropriations Labor/Health and Human Services Subcommittee released its draft FY16 funding budget. The bill proposed a FY16 funding increase of 3% for the National Institute of Health, versus BofA/Merrill's forecast for a 1% increase. The firm said the proposed boost in funding would be a positive for the Life Sciences & Tools sector, especially iIllumina (ILMN) and Thermo Fisher (TMO) which have the most exposure.

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use