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Stock Market & Financial Investment News

News Breaks
January 3, 2013
06:40 EDTGGP, BAM, SPGPershing Square no longer thinks General Growth should consider sale
Pershing Square disclosed an 8.0% stake in General Growth (GGP) and said that when it filed its original stake in the company on October 24, 2011, its intent was to have conversations with Simon Property Group (SPG) in respect of SPG's interest in acquiring General Growth. Since SPG has chosen not to go forward with that or any other potential transaction with the General Growth, and Brookfield Asset Management (BAM) has subsequently agreed to modify Brookfield’s governance arrangements with the company, Pershing Square said it no longer believes that the General Growth should consider a sale and should therefore remain an independent publicly traded corporation. Furthermore, Pershing Square said it is satisfied with the board’s oversight of the company and therefore intend to return to their status as passive shareholders of the company. Consequently, Pershing Square terminated its activist investor filing and filed a Schedule 13G, reflecting a passive stake.
News For GGP;SPG;BAM From The Last 14 Days
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February 7, 2016
20:20 EDTBAMQube says Asciano determines offer to be superior to Brookfield bid
Qube Holdings and various entities under its consortium announced that the board of Asciano has determined that the consortium's revised proposal is superior to the proposal from Brookfield Infrastructure Partners. The consortium submitted a revised conditional proposal to Asciano, consisting of A$7.04 cash and 1 Qube share per Asciano share, with an implied value of A$9.24 per Asciano share based on Qube's closing price on February 5. The Asciano board "has agreed the form of a bid implementation deed and sale agreements in relation to the sale of the Ports businesses and BAPS businesses. Entry into these documents remains subject to the matching right process under the Brookfield bid implementation deed," said Qube, noting that the matching right period will conclude at the end of February 15. Reference Link
February 5, 2016
12:55 EDTGGPBrookfield Property CEO denies interest in General Growth buyout, Real Deal says
Brookfield Property Partners (BPY) CEO Brian Kingston said on the company's fourth quarter earnings call that the company is happy with its investments in General Growth Properties (GGP) in their current form, which is in contrast to a Reuters report last week that said Brookfield would look to buyout and privatize the REIT, reported The Real Deal. "I'm not surprised this has come out, but there's nothing imminent and there's nothing to report on at this point," the report quoted Kingston as having said. Reference Link
12:51 EDTGGPBrookfield Property CEO denies interest in General Growth, Real Deal says
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February 3, 2016
16:40 EDTGGPOn The Fly: Top stock stories for Wednesday
Stocks began the session in positive territory but were unable to hold their early gains. Following larger than expected builds in energy inventories, oil moved lower, taking equities with it. By the noon hour oil prices recovered and moved higher once again, helping to lift equities. While oil prices continued their advance and moved up more than 7%, stocks lagged, especially the Nasdaq, which was down as much as 1.5% this afternoon. That changed in the last hours of trading, which saw the Dow spurt higher and the Nasdaq recover most of its losses heading into another heavy dose of corporate earnings reports after the close. ECONOMIC EVENTS: In the U.S., ADP estimated that private payrolls grew by 205,000 jobs in January, topping the consensus forecast for 190,000 job additions. Markit's services PMI came in at 53.2, versus the consensus 53.7 forecast. The Institute for Supply Management's non-manufacturing index came in at 53.5 for January, down from 55.3 in the previous month and below the 55.1 reading forecast by analysts. In Asia, the Caixin services PMI for China climbed to 52.4 in January from 50.2 in December, while Japan's services PMI rose to 52.4 from 51.5 in the prior month. Additionally, China's National Development and Reform Commission set its economic growth projection range for this year at 6.5%-7%, noting that attempts to curb overcapacity will increase unemployment in provinces with high output of steel and coal. In Europe, Markit's composite purchasing managers index for January declined to 53.6 from 54.3 in December. COMPANY NEWS: Shares of Yahoo (YHOO) declined 4.75% to $27.68 after the embattled Internet company reported fourth quarter results and announced plans to simplify its product portfolio and reduce its workforce by roughly 15%. Maynard Webb, Yahoo's chairman, said the board is committed to its turnaround efforts and supportive of management's plan, but also believes that exploring additional strategic alternatives is in the best interest of its shareholders... Chipotle Mexican Grill (CMG) fell 2.89% to $461.92 after reporting lower than expected revenue and a 14% plunge in same-store sales for the quarter. Adding to the negative headlines, the restaurant operator also disclosed a subpoena broadening the scope of a criminal investigation that was previously limited to a single Chipotle location in California. Also punished by food safety worries were shares of Buffalo Wild Wings (BWLD), which slid 4.24% to $143.64 after one of its restaurants was named a suspected source of new norovirus-like cases in suburban Kansas City, though the company disputed a link between its location and the illnesses. The stock continued to move lower in after-hours trading following the company's earnings report and lower than expected guidance... Merck (MRK) was one of the worst performers on the Dow, dipping to as low as $48.58 before ending the day down 0.7% at $50.04 after its earnings narrowly topped estimates but guidance for the new year fell short of expectations. Among other large cap names reporting earnings this morning, Comcast (CMCSA) rose 5.95% following its report, while General Motors (GM) slid 2.43%. MAJOR MOVERS: Among the notable gainers was Autodesk (ADSK), which rallied 8% to $49.56 after announcing a restructuring plan that will see its workforce cut by roughly 10%. Also higher was Angie's List (ANGI), which jumped 13.53% to $9.48 after the New York Post reported that InterActiveCorp (IAC) is preparing a "big run" to acquire the company. In addition, Syngenta (SYT) rose 2% to $80.21 after receiving a $43B-plus takeover offer from ChemChina. Among the noteworthy losers was Lowe's (LOW), which fell 6.2% to $67.42 after agreeing to acquire Canada's RONA in a deal valued at $2.3B. Also lower was Barnes & Noble (BKS), which declined 9.6% to $7.32 after mall operator General Growth (GGP) said during a conference call that Amazon (AMZN) plans to open 300-400 physical bookstores. After the closing bell, General Growth CEO Sandeep Mathrani indicated that his previous statement "was not intended to represent Amazon's plans." Meanwhile, Marathon Petroleum (MPC), Mondelez (MDLZ) and Match Group (MTCH) lost 7.6%, 6.5% and 12.6%, respectively, following their quarterly reports. INDEXES: The Dow rose 183.12, or 1.13%, to 16,336.66, the Nasdaq fell 12.71, or 0.28%, to 4,504.24, and the S&P 500 advanced 9.50, or 0.5%, to 1,912.53.
16:04 EDTGGPGeneral Growth CEO says that statement not intended to represent Amazon plans
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February 2, 2016
16:56 EDTGGPAmazon plans to open 300-400 bookstores, mall operator says
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February 1, 2016
18:22 EDTBAMBrookfield pulls bid for Invepar stake, Reuters says
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16:04 EDTGGPGeneral Growth sees FY16 company FFO $1.52-$1.56, consensus $1.55
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16:03 EDTGGPGeneral Growth sees Q1 company FFO 34c-36c, consensus 35c
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16:03 EDTGGPGeneral Growth reports Q4 company FFO 43c, consensus 42c
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January 29, 2016
07:03 EDTSPGSimon Property sees FY16 FFO $10.70-$10.80, consensus $10.87
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07:02 EDTSPGSimon Property reports Q4 FFO $2.40, consensus $2.40
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January 28, 2016
15:50 EDTGGP, BAMBrookfield considering 'go-private' bid for General Growth, Reuters reports
Brookfield Asset Management (BAM), which already owns around 34% of General Growth Properties (GGP), has approached potential investment partners to discuss possibly taking the mall operator private, Reuters reported, citing people familiar with the matter. General Growth spiked as high as $29 per share immediately following the initial release of Reuters' report, but the stock has given up much of those gains to be up fractionally to $27.29 in late afternoon trading. Reference Link
15:28 EDTGGP, BAMGeneral Growth calls active on Brookfield said to explore acquisition
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15:22 EDTGGP, BAMGeneral Growth halted after 4.3% jump as Brookfield said to consider acquisition
15:20 EDTBAM, GGPBrookfield exploring acquisition of General Growth Properties, Reuters reports
January 26, 2016
10:00 EDTGGPOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Amec Foster Wheeler (AMFW) downgraded to Hold from Buy at HSBC... CVR Refining (CVRR) downgraded to Sell from Neutral at Goldman... Cenovus Energy (CVE) downgraded to Neutral from Buy at UBS... Clean Harbors (CLH) downgraded to Underperform from Market Perform at Raymond James... Core Laboratories (CLB) downgraded to Reduce from Hold at HSBC... Delek US (DK) downgraded to Neutral from Buy at Goldman... Deutsche Post (DPSGY) downgraded to Underperform from Outperform at Credit Suisse... Disney (DIS) downgraded to Neutral on reduced ESPN forecasts at Atlantic Equities... Dorian LPG (LPG) downgraded to Market Perform from Outperform at Wells Fargo... Encana (ECA) downgraded to Neutral from Buy at UBS... Fortinet (FTNT) downgraded to Hold from Buy at Deutsche Bank... Fortune Brands (FBHS) downgraded to Neutral from Outperform at Credit Suisse... General Growth (GGP) downgraded to Equal Weight from Overweight at Barclays... Golden Ocean (GOGL) downgraded to Underweight from Neutral at JPMorgan... Grupo Mexico (GMBXF) downgraded to Neutral from Overweight at JPMorgan... Halliburton (HAL) downgraded to Hold from Buy at HSBC... Marketo (MKTO) downgraded to Underperform at BofA/Merrill... Navios Maritime (NM) downgraded to Neutral from Overweight at JPMorgan... NetSuite (N) downgraded to Underperform at BofA/Merrill... OM Asset Management (OMAM) downgraded to Equal Weight at Morgan Stanley... Paylocity (PCTY) downgraded to Underperform from Neutral at BofA/Merrill... Pennsylvania REIT (PEI) downgraded to Underweight from Equal Weight at Barclays... Pinnacle West (PNW) downgraded to Hold from Buy at Evercore ISI... Public Storage (PSA) downgraded to Equal Weight from Overweight at Barclays... Red Hat (RHT) downgraded to Neutral from Buy at BofA/Merrill... Regal Entertainment (RGC) downgraded on valuation at RBC Capital... Rouse Properties (RSE) downgraded to Equal Weight from Overweight at Barclays... Star Bulk Carriers (SBLK) downgraded to Neutral from Overweight at JPMorgan... Stratasys (SSYS) downgraded to Neutral from Overweight at JPMorgan... Subsea 7 (SUBCY) downgraded to Reduce from Hold at HSBC... US Ecology (ECOL) downgraded to Market Perform from Outperform at Raymond James... USG (USG) downgraded to Underperform from Neutral at Credit Suisse... Vornado (VNO) downgraded to Equal Weight from Overweight at Barclays... Weir Group (WEIGY) downgraded to Underperform from Hold at Jefferies.
05:44 EDTGGPGeneral Growth downgraded to Equal Weight from Overweight at Barclays
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