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Stock Market & Financial Investment News

News Breaks
July 14, 2014
11:14 EDTFOXA21st Century Fox unites FBC, and Fox Television in new unit
21st Century Fox announced that Dana Walden and Gary Newman will oversee a new business unit within Fox Networks Group, Fox Television Group, which will combine Fox Broadcasting Company, FBC, and 20th Century Fox Television, TCFTV. The announcement was made by Peter Rice, Chairman of Fox Networks Group, to whom both Mr. Newman and Ms. Walden will now report. Their respective appointments are effective later this month. In their new roles as Chairmen and CEOs of Fox Television Group, Mr. Newman and Ms. Walden will be responsible for all facets of the FOX broadcast network, including programming, digital, marketing and other functions. The new roles also call for the duo to continue oversight of 20th Century Fox Television, which they have led for the past 15 years. 20th Century Fox Television is comprised of the parent studio, cable production arms Fox 21 and Fox Television Studios, the licensing division Fox Consumer Products and the syndication division Twentieth Television. While both companies will be housed within Fox Television Group, FBC and TCFTV will continue to operate as independent entities, but will share financial and creative goals, and be led jointly by Ms. Walden and Mr. Newman.
News For FOXA From The Last 14 Days
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August 14, 2014
09:07 EDTFOXAMorgan Stanley to hold a conference
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August 11, 2014
09:52 EDTFOXAValueAct owns $1B stake in 21st Century Fox, CNBC reports
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09:48 EDTFOXAValueAct likes 21st Century Fox standalone plan, CNBC reports
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09:47 EDTFOXAValueAct has $1B stake in 21st Century Fox, CNBC's Faber reports
August 8, 2014
17:10 EDTFOXAMarket finishes week up slightly as earnings offset by political events
Stocks finished the week fractionally higher than where they started as strong corporate earnings reports and better than expected economic data was weighed against concerns about geopolitical issues and negative M&A news. MACRO NEWS: A few ongoing geopolitical conflicts worried investors and weighed on shares. Russia unveiled sanctions against Western countries, banning the import of a wide range of food items from the U.S, the EU and a few allied countries in response to sanctions recently enacted against it from G7 nations... President Obama authorized the bombing of rebels in Iraq and Hamas and Israel failed to reach a permanent truce... An ISM services index, the U.S. trade deficit for June, and weekly jobless claims were all better than expected. Meanwhile, the increase in unit labor costs last quarter came in below the consensus outlook, perhaps easing fears that the Fed will need to raise interest rates sooner than expected. COMPANY NEWS: On the M&A front, two huge potential deals fell through as 21st Century Fox (FOX, FOXA) withdrew its offer to acquire Time Warner (TWX) and Sprint (S) reportedly decided to end its pursuit of a merger with peer T-Mobile (TMUS)... President Obama indicated that his administration would take unilateral steps in an effort to prevent companies from carrying out tax inversion acquisitions. Among the deals or possible transactions that involve inversion are Medtronic's (MDT) acquisition of Covidien (COV), Valeant's (VRX) proposed takeover of Allergan (AGN) and Mylan's (MYL) acquisition of Abbott's (ABT) developed markets branded generics pharmaceuticals business. Meanwhile, Walgreen's (WAG) stock tumbled after the U.S. company said it would not structure its takeover of European drugstore chain Alliance Boots as a tax inversion deal... 21st Century Fox, 3D printer maker Stratasys (SSYS), chip maker NVIDIA (NVDA), brewer Molson Coors (TAP), and luxury accessories maker Coach (COH) all rose following their earnings reports. Conversely, Target (TGT), luxury accessories maker Michael Kors (KORS) and Internet coupon provider Groupon (GRPN) fell following their results or guidance... Gannett (GCI) struck a deal to acquire the remaining 73% interest in Classified Ventures, whose primary asset is the online car shopping website Cars.com, for $1.8B from the other partners in the venture, which include McClatchy (MNI), Tribune Media (TRBAA), Graham Holdings (GHC) and A. H. Belo (AHC). Gannett also announced plans to spin-off its Publishing business, which includes USA Today, through a tax-free distribution to shareholders... McDonald's (MCD) stock was little changed after the company reported that its comparable store sales fell 2.5% in July, which was significantly worse than expected. Food quality issues weighed on the fast food company's sales in Asia and as a result of the China supplier issue, the company warned its previously issued global comparable sales forecast for 2014 is now at risk. INDEXES: The Dow finished the week up 0.35% to 16,553.93, the S&P 500 rose 0.32% to 1,931.59, and the Nasdaq gained 0.41% to 4,370.90.

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