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Stock Market & Financial Investment News

News Breaks
November 19, 2012
10:43 EDTFLT, FLL, GCAP, IPCM, MAR, MRCC, WAVE, HOT, WXSOn The Fly: Analyst Initiation Summary
Today's notable initiations include: FleetCor (FLT) initiated with an Overweight at Evercore...Full House Resorts (FLL) initiated with an Outperform at Macquarie...GAIN Capital (GCAP) initiated with a Hold at BGB Securities...IPC The Hospitalist Co. (IPCM) initiated with a Buy at WallachBeth...Marriott (MAR) initiated with a Hold at Jefferies...Monroe Capital (MRCC) initiated with an Overweight at Stephens...NextWave Wireless (WAVE) initiated with a Neutral at Goldman...Starwood Hotels (HOT) initiated with a Buy at Jefferies...WEX Inc. (WXS) initiated with an Equal Weight at Evercore.
Check below for free stories on FLT;FLL;GCAP;IPCM;MAR;MRCC;WAVE;HOT;WXS the last two weeks.
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August 15, 2014
10:01 EDTHOTOn The Fly: Analyst Upgrade Summary
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05:31 EDTHOT, MARStarwood upgraded to Overweight from Equal Weight at Barclays
Barclays upgraded Starwood (HOT) to Overweight citing expectations for increased capital returns and catalysts from asset sales. The firm expects Starwood to close the valuation gap with Marriott (MAR) and raised its price target for shares to $89 from $84.
August 13, 2014
12:07 EDTFLTOn The Fly: Midday Wrap
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August 12, 2014
19:02 EDTFLTOn The Fly: After Hours Movers
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16:12 EDTFLTFidelity National announces sale of Ceridian to FleetCor to $3.45B
Fidelity National Financial Ventures (FNFV), a tracking stock established to highlight the inherent value of the portfolio company investments of Fidelity National Financial (FNF), announced that Ceridian LLC has reached an agreement to sell Comdata Into FleetCor (FLT) for total consideration of approximately $3.45B. After repayment of existing Comdata indebtedness and transaction related expenses, total consideration received by Ceridian LLC will be approximately $950M, which will be paid in shares of FleetCor common stock. FNFV owns approximately 32% of Ceridian LLC. Approximately $250M of the common stock of FleetCor will be placed in an escrow account to cover potential indemnity claims as set forth in the merger agreement. The escrowed shares will be released over a three-year period. FNFV will indirectly own approximately 2.3M shares of FleetCor common stock valued at approximately $300M based on FleetCor's closing stock price of $131.54 on August 11. The transaction is subject to customary closing conditions, including receipt of HSR approval and other governmental approvals with respect to Comdata's money transmitter license business. Closing is expected in December 2014.
16:06 EDTFLTFleetCor sees Comdata acquisition adding 50c-60c to 2015 EPS
Based on FleetCor’s preliminary estimates for the core business in 2015, current expectations for accretion from the Comdata acquisition, and anticipated financing terms to fund the acquisition, the company is making the following 2015 projections: Comdata contributing 50c-60c adjusted net income per diluted share; FleetCor consolidated adjusted net income per diluted share of $6.25-$6.45. FleetCor’s FY15 guidance assumptions are as follows: Comdata closing by the end of December 2014; Full year tax rate of 31.4%; Fully diluted shares outstanding of 95 million shares; No impact related to acquisitions or material new partnership agreements not already disclosed; Excludes impact of SVS as we continue to evaluate the business fit with FleetCor.
16:04 EDTFLTFleetCor acquires Comdata from Ceridian for $3.45B
FleetCor Technologies (FLT) announced that it has signed a definitive agreement to acquire Comdata from Ceridian LLC, a portfolio company of funds affiliated with Thomas H. Lee Partners and Fidelity National Financial (FNF), for $3.45B. Concurrent with the closing of the acquisition, a representative from THL will be appointed to the FleetCor board of directors. Comdata is a business-to-business provider of innovative electronic payment solutions. FleetCor will finance the $3.45B acquisition with approximately $2.4B of new debt and the issuance of approximately 7.3M shares of FleetCor common stock to Ceridian LLC. The cash payments will be used to pay off Comdata’s outstanding indebtedness. "We expect the acquisition to be meaningfully accretive to earnings in fiscal year 2015. While our financial leverage will increase, we expect to de-lever quickly from the combined cash flow of the businesses,” said Eric Dey, CFO of FleetCor. "The new credit facility will also provide additional liquidity for future business development activity."
16:02 EDTFLTFleetCor acquires Comdata for $3.45B
August 11, 2014
16:39 EDTGCAPGAIN Capital says M&A pipeline robust, may execute deals in near-term
"Looking forward, we remain focused on growing our core operating metrics and executing on our M&A strategy, while also continuing to reduce our fixed cost base. We are excited by several opportunities to expand our customer base through various organic growth initiatives. Our M&A pipeline remains robust and we believe there are several attractive transactions that may be executed in the near-term. And continuing with our long-term focus on expense management, apart from synergy-related expense cuts following the 2013 acquisition of GFT, we are implementing additional cost reduction measures to further rationalize our expense base in light of challenging market conditions," said Glenn Stevens, CEO of GAIN Capital.
16:38 EDTGCAPGAIN Capital reports Q2 EPS (13c), consensus 7c
Reports Q2 revenue $69.7M, consensus $66.52M. Reports Q2 retail OTC trading volume of $522.2B, up 13% from the second quarter of 2013. Reports Institutional trading volume of $1.3T, up 27%, and average daily futures contracts of 26,322, up 19%. The company said, "Currency volatility fell to its lowest level in more than 10-years in the second quarter, which resulted in retail OTC revenue capture that was 30% below our trailing twelve month average. The severe downturn in revenue capture significantly impacted the performance of our retail OTC business and offset substantial growth in our institutional and futures businesses. Despite the poor market conditions, our core operating metrics remained stable across the board, demonstrating our ability to attract and maintain customers and positioning us to benefit when market conditions revert to historical norms."
07:36 EDTMRCCMonroe Capital reports Q2 adjusted NII 35c, consensus 33c
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