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Stock Market & Financial Investment News

News Breaks
August 5, 2014
10:04 EDTSALE, OCN, QLTI, LRE, PIKE, LRN, ILIAF, FIVN, ESI, FRP, HCOMOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: FairPoint (FRP) downgraded to Hold from Buy at Drexel Hamilton... Five9 (FIVN) downgraded at Pacific Crest... Hawaiian Telcom (HCOM) downgraded to Equal Weight from Overweight at Stephens... ITT Educational (ESI) downgraded to Underperform from Neutral at BofA/Merrill... Iliad (ILIAF) downgraded to Neutral from Buy at UBS... K12 (LRN) downgraded to Hold from Buy at Stifel... LRR Energy (LRE) downgraded to Market Perform from Outperform at Wells Fargo... Ocwen Financial (OCN) downgraded at Oppenheimer... Pike Electric (PIKE) downgraded to Hold from Buy at BB&T... QLT Inc. (QLTI) downgraded to Neutral from Buy at Roth Capital... RetailMeNot (SALE) downgraded at RBC Capital.
News For FRP;FIVN;HCOM;ESI;ILIAF;LRN;LRE;OCN;PIKE;QLTI;SALE From The Last 14 Days
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August 27, 2015
08:37 EDTQLTIQLT Inc., InSite Vision agree on amended, restated merger agreement
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08:31 EDTQLTIInsite Vision, QLT amend merger agreement
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August 26, 2015
10:00 EDTOCNOn The Fly: Analyst Upgrade Summary
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08:26 EDTOCNOcwen upgraded to Neutral from Sell at Compass Point
Compass Point upgraded Ocwen to Neutral with a $6 price target citing the pullback in shares.
August 25, 2015
08:16 EDTESICalifornia drops attempt to suspend ITT Tech
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August 21, 2015
08:44 EDTQLTIQLT Inc. provides update on proposed acquisition of InSite Vision
QLT Inc. announces that it has been advised by InSite Vision that the board of InSite has determined in good faith after consultation with its independent financial and legal advisors that the previously announced unsolicited offer from a multi-national pharmaceutical company to acquire all of the issued and outstanding shares of InSite constitutes a "Company Superior Proposal" as defined in the Agreement and Plan of Merger, dated June 8, by and among Insite, QLT and Isotope Acquisition Corp., as amended and restated. InSite has further advised QLT that InSite intends, subject to QLT's right to match the Proposal, to terminate the Merger Agreement and enter into an agreement with the Bidder to implement the Proposal. Under the Merger Agreement, QLT has the option until 5:00 p.m. PDT on Wednesday, August 26, to negotiate a possible amendment to the terms of the Merger Agreement to match or exceed the Proposal. InSite has advised QLT that it intends to negotiate in good faith with QLT during the Negotiation Period. If at the end of the Negotiation Period such amended QLT proposal results in the Proposal not being a "Company Superior Proposal" under the Merger Agreement, InSite and QLT will enter into an agreement to reflect the amended terms of the transaction. In the event that QLT elects not to match or exceed the Proposal and if InSite terminates the Merger Agreement in order to enter into an agreement with the Bidder, then InSite is required to pay a termination fee to QLT in the amount of $1.17M. QLT is considering its position with respect to the Proposal and its matching right, and will keep the market apprised of further developments.
08:31 EDTQLTIInSite Vision says unsolicted offer a 'company superior proposal'
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August 18, 2015
16:46 EDTFRPFairPoint accepts $13.3M in CAF funding to expand broadband service in Maine
FairPoint Communications announced it has accepted $13.3M in annual support from the Federal Communications Commission's Phase II of the Connect America Fund for the state of Maine. By accepting these funds, the Company is committing to construct and operate network infrastructure and offer broadband service speeds of at least 10 Mbps download and 1 Mbps upload to approximately 35,500 locations in Maine. The support program and the FairPoint commitment run over six years.
16:43 EDTFRPFairPoint accepts $4.4M to expand broadband service in New Hampshire
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16:40 EDTFRPFairPoint settles with Vermont Department of Public Service
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16:29 EDTFRPFairPoint backs FY15 Unlevered Free Cash Flow guidance of $115M-$125M
For fiscal 2015, FairPoint expects that it will no longer be eligible to receive its current high cost voice support of $39.3M, subject to certain transition rules. The net impact of no longer receiving this revenue while accepting $37.4M in CAF II funding as well as $7.4M in transitional support will be offset by incremental spending associated with CAF Phase II in 2015. As a result, the company is maintaining its guidance for Unlevered Free Cash Flow of $115M-$125M for the year, adjusted for Estimated Avoided Costs in the first quarter, and, despite a higher capital plan following acceptance of CAF II funding, continues to expect its annual capital expenditures to be less than $120M in 2015. Unlevered Free Cash Flow refers to Adjusted EBITDA minus capital expenditures, pension contributions and cash payments for other post-employment benefits.
16:28 EDTFRPFairPoint accepts $37.4M in annual support from FCC
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August 17, 2015
16:12 EDTQLTIInSite Vision says FDA accepts BromSite NDA, says satisfies merger condition
InSite Vision (INSV) announced that the U.S. FDA, in a Day-74 letter, has accepted for review InSite's NDA for BromSite, or 0.075% bromfenac. The FDA has assigned a Prescription Drug User Fee Act action date of April 10, 2016. InSite is seeking FDA approval for BromSite in the treatment of inflammation and prevention of ocular pain in the post-cataract surgery setting. BromSite has a patent life extending to August 2029. "The FDA's notification letter is an important milestone for the BromSite NDA and, importantly, satisfies a condition of our merger agreement with QLT (QLTI)," said InSite CEO Timothy Ruane.
13:11 EDTSALEAlibaba unlikely to make competing offer for zulily, say Baird
zulily (ZU) shareholder Alibaba (BABA) is unlikely to make a competing takeover bid for the online retailer, Baird analyst Colin Sebastian tells investors in a research note. Alibaba, which upped its stake in zulily to 9% in May, likely views the company as an investment rather than a vehicle to enter the U.S. market, Sebastian argues. This morning, Liberty Interactive (QVCA) announced it had reached an agreement to acquire zulily for $18.75 per share or $2.4B. The analyst sees strategic benefits from the deal. Increased takeover activity in the small-cap internet space could support the valuations of the remaining independents, including ChannelAdvisor (ECOM), Yelp (YELP), Groupon (GRPN), Angie's List (ANGI) and RetailMeNot (SALE), Sebastian writes. Shares of zulily are soaring 47% to $18.50 following the takeover agreement.
08:06 EDTFIVNFive9 to hold customer experience session at CRM Evolution 2015
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