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Stock Market & Financial Investment News

News Breaks
August 7, 2014
17:06 EDTSAAS, SSYS, COUP, TWX, THOR, FOXAOn The Fly: Closing Wrap
Stocks on Wall Street began the session in positive territory and appeared ready to build on yesterday’s gains. There was little to point to as a catalyst, but the early move was likely helped by better than expected initial jobless claims data and an agreement to an extended ceasefire by between Gaza and Israel. The market saw its highs shortly after the open and then began to drift lower. By noon each of the major equity indexes had crossed into negative ground and by mid-afternoon the sellers were in control and renewed the selling trend that has been prevalent in recent sessions. ECONOMIC EVENTS: In the U.S., initial jobless claims dropped 14K to 289K in the week ended August 2, versus expectations for 300K new claims. Consumer credit grew by $17.3B in June, versus expectations for it to have increased $18.3B for the month. In Europe, both the European Central Bank and the Bank of England decided to keep their main interest rates unchanged. COMPANY NEWS: 21st Century Fox (FOXA) advanced $1.63, or 5.04%, to $33.96 after the company reported higher than expected fourth quarter earnings and the stock was upgraded to Market Perform from Underperform at Cowen. Chairman and CEO Rupert Murdoch spoke on the company's earnings conference call, which is a bit outside of the recent norm, and said the company's decision to no longer pursue an acquisition of Time Warner (TWX) is "resolute." Chief Operating Officer Chase Carey echoed that the company is "done" as far as Time Warner and added that 21st Century Fox says will not pursue any other content company. MAJOR MOVERS: Among the notable gainers was inContact (SAAS), which gained $1.34, or 17.45%, to $9.02 and was upgraded at Oppenheimer and Benchmark Co. after reporting better than expected Q2 results. Also higher was Stratasys (SSYS), which rose $14.78, or 14.94%, to $113.69 after the company reported stronger than expected second quarter results and raised its guidance. Among the noteworthy losers was Thoratec (THOR), which fell $9.83, or 30.18%, to $22.74 and was downgraded by at least four Street firms following the company's Q2 miss and lowered guidance. Also lower after its earnings report were shares of Coupons.com (COUP), which fell $4.58, or 23.5%, to $14.91. INDEXES: The Dow fell 75.07, or 0.46%, to 16,368.27, the Nasdaq dropped 20.08, or 0.46%, to 4,334.97, and the S&P 500 slipped 10.67, or 0.56%, to 1,909.57.
News For FOXA;TWX;SSYS;THOR;COUP;SAAS From The Last 14 Days
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July 22, 2015
10:10 EDTTHORHigh option volume stocks
High option volume stocks: HNT THOR QRVO CYTR CBRL MAS CHKP TUP NXPI VEDL
09:07 EDTTHOROn The Fly: Pre-market Movers
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07:07 EDTTHORThoratec reports Q2 preliminary revenue $128M-$129M, consensus $115.48M
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07:02 EDTTHORSt. Jude Medical sees Thoratec deal accretive to adjusted EPS in 2016
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07:02 EDTTHORSt. Jude Medical to acquire Thoratec for $63.50 per share, deal valued at $3.4B
St. Jude Medical (STJ) and Thoratec (THOR) announced that the Boards of Directors of both companies have unanimously approved a definitive agreement under which St. Jude Medical will acquire all of the outstanding shares of Thoratec for $63.50 per share in a cash transaction valued at approximately $3.4B, net of cash acquired. The all-cash transaction represents a premium of 40.1 percent compared to $45.34, Thoratec's volume-weighted average trading price for the 30 trading day period ending July 17, 2015, and a 35.4 percent premium to the closing price on Thoratec's last unaffected trading date on July 17, 2015 of $46.89. The transaction is expected to be completed in the fourth quarter of 2015. Under the terms of the merger agreement, Thoratec shareholders will receive $63.50 in cash, without interest, for each share of Thoratec common stock they own. The transaction is conditioned upon, among other things, Thoratec shareholder approval, regulatory approvals and other customary closing conditions. The transaction is not conditioned on financing. St. Jude Medical intends to fund the transaction through proceeds from additional bank term loan debt and senior unsecured notes. St. Jude Medical is committed to maintaining a strong investment grade rating. The merger agreement includes a “go-shop” period, during which Thoratec will actively solicit alternative proposals from third parties for the next 30 days continuing through August 20, 2015. The merger agreement provides for Thoratec to pay a termination fee of approximately $30 million to St. Jude Medical if Thoratec terminates the merger agreement in connection with a superior proposal that arose during the go-shop period and a termination fee of approximately $111 million if Thoratec terminates the merger agreement in connection with a superior proposal that arose following the go-shop period. There can be no assurance that this process will result in a superior proposal. Thoratec does not intend to disclose developments with respect to the solicitation process unless and until its Board of Directors has made a decision with respect to any potential superior proposal. This transaction is expected to be accretive to adjusted earnings per share in 2016. St. Jude Medical also expects the combined company to capture revenue and technology synergies following the completion of this transaction. This acquisition positions St. Jude Medical to enter new markets totaling more than $1 billion that are expected to grow approximately 10 percent annually, benefitting St. Jude Medical’s sales growth profile beginning in 2016. Bank of America Merrill Lynch is acting as financial advisor to St. Jude Medical and has also provided fully committed financing. Gibson, Dunn & Crutcher LLP is serving as legal counsel to St. Jude Medical. Guggenheim Securities is acting as financial advisor to Thoratec, and Latham & Watkins LLP is serving as legal counsel. Centerview Partners provided a fairness opinion to the Board of Directors of Thoratec in connection with the transaction.
07:00 EDTTHORSt. Jude Medical to acquire Thoratec for $63.50 per share, deal valued at $3.4B
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July 21, 2015
16:28 EDTTHOROn The Fly: Top stock stories for Tuesday
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15:08 EDTTHORThoratec reaches all-time high after report of St. Jude takeover
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14:52 EDTTHORThoratec could possibly get $65-$70 per share in takeover, says Northland
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13:56 EDTTHORSt. Jude Medical bid for Thoratec makes strategic sense, says JPMorgan
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12:40 EDTTHORSt. Jude in talks to acquire Thoratec, Bloomberg reports
St. Jude Medical (STJ) is in talks to acquire Thoratec (THOR), Bloomberg reports, citing people familiar with the situation. Talks are ongoing and could still fall apart as no deal has been reached, Bloomberg adds. Thoratec shares spiked early in today's session, but a catalyst for the move was unclear before the Bloomberg report. Shares of the medical device maker focused on advanced heart failure patients are up $9.52 to $58.33 in midday trading. Its close competitor HeartWare (HTWR) is now up $5.53 to $84.70. Shares of St. Jude are up 4 to $76.61. Reference Link
12:33 EDTTHORThoratec jumps after Bloomberg report of St. Jude buyout talks
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12:29 EDTTHORSt. Jude Medical in talks to acquire Thoratec, Bloomberg reports
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12:21 EDTTHOROn The Fly: Top stock stories at midday
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10:20 EDTTHORCatalyst behind Thoratec spike higher unclear
The catalyst behind the spike higher in shares of Thoratec (THOR) is unclear to traders and investors. The medical device maker focused on advanced heart failure patients rose as high $62.05 in early trading and its shares remain up 11%, or $5.48, to $54.29. Some vague takeover chatter surfaced, with St. Jude Medical (STJ) as the speculated buyer, but buyout rumors are often the "go-to" reason when stocks spike. Often the moves on rumors are less substantial than Thoratec's spike today. The company's close competitor HeartWare (HTWR) is not seeing any unusual trading thus far today, falling 36c to $78.81 in early trading.
10:14 EDTTHORHigh option volume stocks:
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10:12 EDTTHORThoratec calls active on sharp rally
Thoratec August 55 and 65 calls are active on 260 contracts (50 puts). August call option implied volatility is at 55, September is at 50; compared to its 52-week range of 24 to 51. Active calls suggests traders taking positions for price movement.
09:58 EDTTHORThoratec jumps 14% to $55.82 in early trading
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July 20, 2015
10:00 EDTFOXAOn The Fly: Analyst Downgrade Summary
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06:25 EDTFOXA21st Century Fox downgraded to Neutral from Outperform at Macquarie
Macquarie downgraded 21st Century Fox to Neutral and lowered its price target to $34 from $40. The firm sees uncertainty around FY16 earnings given increasing programming costs, further investments, and potential acquisitions, and has a mixed views on the company's OTT streaming position.
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