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Stock Market & Financial Investment News

News Breaks
June 10, 2014
04:55 EDTFTR, FTR, FTR, CCOI, CCOI, CCOI, FRP, FRP, FRP, RRD, RRD, RRD, CBB, CBB, CBB, CNSL, CNSL, CNSL, GTIV, GTIV, GTIV, STX, STX, STX, BIOS, BIOS, BIOS, MSCC, MSCC, MSCCMorgan Stanley to hold a conference
Morgan Stanley Finance Leveraged Conference to be held New Orleans on June 10-12.
News For FTR;BIOS;STX;GTIV;CNSL;CBB;RRD;FRP;CCOI;MSCC From The Last 14 Days
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October 17, 2014
07:59 EDTFRPFairPoint to continue operations despite strike in New England
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October 16, 2014
17:23 EDTGTIVKindred Healthcare reports 14.6% stake in Gentiva Health
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13:27 EDTCNSLConsolidated Communications completes acquisition of Enventis
Consolidated Communications (CNSL) announced that it has completed the previously announced acquisition of Enventis (ENVE). At the effective time of the merger, shares of Enventis common stock will be converted into the right to receive 0.7402 shares of common stock of Consolidated.
07:07 EDTMSCCMicrosemi reaches milestone of 1B voice line circuits shipped
Microsemi has reached a milestone by shipping over 1B voice line circuits. The company has a market share of over 65% in voice line circuit solutions for VoIP enabled broadband gateways.
October 15, 2014
10:11 EDTFTRFrontier granted PURA approval for AT&T wireless ops. in Connecticut
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October 10, 2014
10:01 EDTSTXOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: 2U (TWOU) initiated with an Outperform at Pacific Crest... Bloomin' Brands (BLMN) initiated with an Outperform at BMO Capital... Brinker (EAT) initiated with a Market Perform at BMO Capital... Buffalo Wild Wings (BWLD) initiated with an Outperform at BMO Capital... Chipotle (CMG) initiated with a Market Perform at BMO Capital... Chuy's (CHUY) initiated with a Market Perform at BMO Capital... Darden (DRI) initiated with a Market Perform at BMO Capital... EMC (EMC) initiated with a Buy at Jefferies... EPR Properties (EPR) initiated with a Buy at BofA/Merrill... HP (HPQ) initiated with a Hold at Jefferies... IBM (IBM) initiated with an Underperform at Jefferies... McDermott (MDR) initiated with an In-Line at Imperial Capital... NetApp (NTAP) initiated with a Hold at Jefferies... New Residential (NRZ) initiated with a Neutral at Piper Jaffray... Nimble Storage (NMBL) initiated with a Buy at Jefferies... Noodles & Company (NDLS) initiated with an Outperform at BMO Capital... PDC Energy (PDCE) initiated with an Overweight at Stephens... Panera Bread (PNRA) initiated with a Market Perform at BMO Capital... Pioneer Natural (PXD) initiated with an Outperform at Imperial Capital... Resource America (REXI) initiated with a Buy at MLV & Co.... Rex Energy (REXX) initiated with an Overweight at Stephens... Seagate (STX) initiated with a Buy at Jefferies... Silicon Motion (SIMO) initiated with a Buy at Brean Capital... Texas Roadhouse (TXRH) initiated with a Market Perform at BMO Capital... W.P. Carey (WPC) initiated with a Neutral at BofA/Merrill... Wayfair (W) initiated with a Buy at Janney Capital...Western Digital (WDC) initiated with a Buy at Jefferies... Yelp (YELP) initiated with a Buy at Sterne Agee.
05:30 EDTGTIVKindred Healthcare upgraded to Outperform from Market Perform at Wells Fargo
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October 9, 2014
16:59 EDTSTXJefferies initiates IT Hardware space, names Western Digital top pick
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16:25 EDTGTIVOn The Fly: Closing Wrap
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16:23 EDTSTXSeagate initiated with a Buy at Jefferies
Target $70.
12:30 EDTGTIVOn The Fly: Midday Wrap
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11:05 EDTSTXSeagate court win net-neutral to Western Digital, says Brean Capital
Brean Capital believes Seagate's (STX) $800M arbitration appeal victory over Western Digital (WDC) was not entirely unexpected. The firm sees the ruling as an incremental positive for Seagate and believes it will have no impact to Western Digital's operations or capital allocation, noting that the company had already accrued liability of $758M and that its intends to make payment using foreign-based cash. Brean reiterates its Buy ratings on both stocks.
09:35 EDTGTIVKindred Healthcare sees Gentiva deal closing in 1Q15
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08:46 EDTGTIVKindred sees 'significant,' 'achievable' synergies from Gentiva deal
Kindred (KND) says it expects to issue in aggregate $620M-$720M of equity to maintain reasonable leverage. Says will issue Gentiva (GTIV) shareholders $200M in Kindred stock as part of purchase consideration, plans to raise $200M-$300M in equity and/or mandatory convertible securities between announcement and close. Says integration teams assembled, ready to be deployed immediately upon closing. Comments from slides that will be presented on Kindred's conference call discussing the proposed acquisition of Gentiva.
08:45 EDTGTIVGentiva volatility low into being acquired by Kindred for $1.8B
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08:38 EDTGTIVKindred volatility flat into acquiring Gentiva for $1.8B
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08:27 EDTGTIVKindred sees Gentiva deal immediately and significantly accretive
Kindred (KND) expects the acquisition of Gentiva (GTIV) will be immediately and significantly accretive to earnings and operating cash flows, exclusive of transaction and integration costs. Kindred expects the acquisition to be approximately 40c-60c accretive to pro forma earnings, and pro forma operating cash flows of $350 million to $400 million, both on a run rate basis, once Gentiva is fully integrated and expected synergies are fully realized in the second full year following the closing. On this same basis, following the combined company’s expected annual maintenance capital expenditures of $120 million to $130 million, Kindred expects pro forma cash flows of $230 million to $270 million. Kindred has identified approximately $70 million of annual cost and operating synergies and expects to achieve the full run rate within two years of closing, of which approximately $35 million is expected to be achieved in the first year following the closing. Kindred expects the majority of cost synergies to be achieved through combining information technology functions, merging supply chains and eliminating redundant public company expenses. In addition, Kindred expects to realize revenue synergies that will improve patient care transitions and choice, and drive volume growth as a result of cross-selling across the combined service platform. Kindred expects annual run rate revenue synergies of more than $60 million over time, with approximately $20 million to $30 million achievable in the first full year following the closing.
08:26 EDTGTIVKindred Healthcare says combined company to operate in 47 states
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08:25 EDTGTIVKindred to acquire Gentiva for $19.50 per share in cash and stock, or $1.8B
Kindred Healthcare (KND) and Gentiva Health Services (GTIV) announced that the companies have entered into a definitive merger agreement under which Kindred will acquire all of the outstanding shares of Gentiva common stock for $19.50 per share in a combination of cash and stock. The agreement was unanimously approved by the boards of directors of both companies. Under the terms of the agreement, Gentiva shareholders will receive $14.50 per share in cash and $5.00 of Kindred common stock. The transaction is valued at $1.8 billion, including the assumption of net debt. The companies expect the closing of the transaction to occur in the first quarter of 2015. The combined company will: Employ approximately 109,000 individuals, making it the 78th largest private employer and the 4th largest healthcare employer in the United States; Deliver pro forma annual revenues of approximately $7.1 billion; and Generate pro forma operating income, including expected cost synergies, of $1.0 billion. Paul J. Diaz, CEO of Kindred, said, “Over the last eight weeks, we undertook a robust due diligence process and worked closely and constructively with our counterparts at Gentiva to better understand their operations, financial results and outlook. This process confirmed the compelling strategic rationale and industrial logic of this combination, as well as our belief that this transaction is in the best interests of both companies and our respective shareholders, patients, employees and business partners." Kindred has obtained committed financing from Citi and J.P. Morgan in connection with the pending transaction. Subject to market and other conditions, the Company expects to finance the acquisition of Gentiva and associated costs through the issuance of $200 million to $300 million of common stock and mandatory convertible equity securities and $1.3 billion to $1.4 billion of unsecured notes prior to the closing of the acquisition. The Company expects to fund the remaining amounts through its existing line of credit. Following completion of the transaction, Kindred expects to have approximately 85 million fully diluted shares outstanding, comprised primarily of approximately 64 million shares outstanding today, approximately 10 million shares to be issued to Gentiva as part of the transaction consideration, and approximately nine million to 12 million shares associated with the expected offering of common stock and mandatory convertible equity securities. The Gentiva acquisition is subject to certain conditions, including the approval by the stockholders of Gentiva. Kindred and Gentiva have already received clearance for the transaction under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
08:23 EDTGTIVKindred to acquire Gentiva for $19.50 per share in cash and stock
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