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Stock Market & Financial Investment News

News Breaks
May 15, 2014
12:42 EDTGTIV, KND, AMED, HLSGentiva Health jumps after Kindred makes takeover offer public
Shares of home health services provider Gentiva Health (GTIV) are soaring after Kindred Healthcare (KND) made public its offer to buy Gentiva for $14 per share. Kindred operates hospitals and rehabilitation centers and also has a hospice and home healthcare business. WHAT'S NEW: Kindred earlier today announced that it has offered to buy Gentiva for $7 per share in cash and $7 per share of Kindred's stock. The proposed price for Gentiva implies a total equity value of approximately $533M, Kindred stated. With the assumption of Gentiva’s debt, the transaction would be valued at approximately $1.6B, it added. Gentiva is not willing to talk about the proposed transaction at this time, Kindred noted. ANALYST REACTION: In a note to investors, research firm CRT Capital wrote that Kindred's offer is "a bit high but not unreasonable." Gentiva should accept Kindred's takeover offer, as historically companies have difficulty getting their stock price up to the takeout price after rejecting bids, CRT stated. The firm added that it believes the only other potential bidder, HealthSouth (HLS), is unlikely to make an offer. Kindred's bid is likely to become hostile, added CRT, which kept a Buy rating on Gentiva. Discussing another company in the sector, CRT recommended that investors short the shares of Amedisys (AMED) if the stock rises because the market views it as the next potential takeover target. The firm doesn't expect a bidder for Amedisys to emerge and it kept a Sell rating on that stock. Research firm Raymond James responded to Kindred's offer by upgrading its rating on Gentiva to Market Perform from Underperform. PRICE ACTION: In early afternoon trading, Gentiva soared 61% to $13.75, Kindred rose 6.5% to $23.35, and Amedisys rose 7.1% to $15.
News For GTIV;KND;AMED;HLS From The Last 14 Days
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July 24, 2014
17:10 EDTKND, GTIVGentiva Health announces entry into nondisclosure agreement
Gentiva Health Services (GTIV) announced that it has entered into a nondisclosure agreement with the recognized owner, operator and investor who, as disclosed previously, delivered on July 17 a proposal to Gentiva’s board to acquire all outstanding shares of Gentiva common stock for $17.25 per share in cash, subject to certain conditions. As previously disclosed, the board also has received a conditional proposal from Kindred Healthcare (KND). The board intends to provide to Kindred a nondisclosure agreement substantially similar in all material respects to the agreement it entered into with the other party. If and when Kindred executes such nondisclosure agreement, the board will provide Kindred with the same level of due diligence that will be made available to the other party. Kindred’s access to due diligence will be further conditioned on the termination of its partial tender offer for 14.9% of Gentiva’s shares. The board will carefully review the two proposals and any other proposals it might receive, including any revised proposals.
15:38 EDTGTIVGabelli lowers stake in Gentiva Health to 4.19% from 5.19%
July 23, 2014
10:25 EDTGTIV, KNDGentiva Health not in talks with Kindred Healthcare, says dealReporter
According to contacts, dealReporter said Gentiva Health (GTIV) and Kindred Healthcare (KND) have not had any discussions, contradicting recent rumors.
July 21, 2014
19:12 EDTGTIV, KNDGentiva Health announces receipt of acquisition proposal from Kindred Healthcare
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17:40 EDTKND, GTIVKindred Healthcare offers to acquire Gentiva Health for $17.25 per share
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17:32 EDTKND, GTIVKindred Healthcare offers to acquire Gentiva Health for $17.25 per share
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July 18, 2014
16:20 EDTKND, GTIVOn The Fly: Closing Wrap
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12:42 EDTGTIV, KNDOn The Fly: Midday Wrap
Stocks on Wall Street began the session in positive territory and have remained there throughout the morning. The averages moved in a narrow range for most of the opening hour of the session but spurted to higher levels during the second hour. Investors appear to be using yesterday’s sell-off as a buying opportunity, despite the ongoing events in Russia and Israel that largely contributed to yesterday’s action. ECONOMIC EVENTS: The first release of the University of Michigan consumer sentiment index for July fell to 81.3 after ending June with an 82.5 reading. The leading economic indicator index rose 0.3% to 102.2, which was a bit below the forecast for an increase of 0.5%. COMPANY NEWS: Class A shares of Google (GOOGL) advanced over 3% after the search giant reported quarterly revenue that beat expectations last night. Following its report, at least three Wall Street research firms raised their price targets on the stock, while noted tech analyst Collin Gillis of BGC Financial upgraded the stock to Buy from Hold... Dow component General Electric (GE) reported second quarter EPS of 39c, matching the consensus forecast, and revenue that just missed the consensus view of analysts. The company also reported that it is targeting the initial public offering of IPO of Synchrony Financial (SYF), its North American Retail Finance business, for July. In the IPO, Synchrony is offering 125M shares of its common stock, which will be listed on the New York Stock Exchange under the symbol “SYF,” and anticipates that the IPO price of the shares will be between $23.00 and $26.00 per share... Another Dow member, IBM (IBM), fell 0.4% after reporting adjusted Q2 earnings per share and revenue that beat expectations. Afterward, Cantor said it thinks the worst is over for the company and reiterated its Buy rating on the shares, though Societe Generale downgraded IBM to Sell from Hold and Credit Suisse said IBM continues to be driven by less revenue growth and kept its Underperform rating and $160 price target on Big Blue's stock. MAJOR MOVERS: Among the notable gainers was Skyworks (SWKS), which gained 14% after reporting third quarter results and fourth quarter guidance above analyst estimates and seeing no less than five analyst firms raise their price targets on its stock. Also higher was Gentiva Health (GTIV), which rose 14% after it announced that its board unanimously determined to reject the partial tender offer from Kindred Healthcare (KND) to acquire 14.9% of the outstanding shares of Gentiva for a price of $16.00 per share in cash and disclosed that it has received a $17.25 per share, all-cash takeover proposal from a "recognized owner, operator and investor in the sector." After the announcement, shares of Kindred fell 2%. Also lower following their earnings reports were RealPage (RP), which fell over 21%, and Advanced Micro Devices (AMD), which dropped nearly 18%. INDEXES: Near midday, the Dow was up 107.05, or 0.63%, to 17,083.86, the Nasdaq was up 57.98, or 1.33%, to 4,421.43, and the S&P 500 was up 17.04, or 0.87%, to 1,975.16.
July 17, 2014
18:31 EDTGTIVOn The Fly: After Hours Movers
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16:43 EDTGTIVGentiva Health up 11.5% after disclosing receipt of $17.25 takeover offer
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16:42 EDTKND, GTIVGentiva says received $17.25 all-cash takeover bid, rejected Kindred $16 offer
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16:36 EDTGTIV, KNDGentiva Health rejects prior Kindred Healthcare proposal, receives alternate bid
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09:27 EDTHLSHealthSouth increases dividend 16.7%
HealthSouth has approved an increase in the company's quarterly dividend of 16.7% and has declared a quarterly cash dividend on its common stock of 21c per share and a quarterly cash dividend of $16.25 per share on its 6.5% Series A Convertible Perpetual Preferred Stock, each payable on October 15, to holders of record on October 1.
July 14, 2014
12:06 EDTKND, GTIVGentiva Health urges holders to take no action in response to Kindred offer
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09:55 EDTGTIVHigh option volume stocks: PTEN MFRM GTIV SHPG IMMR
07:32 EDTKND, GTIVKindred Healthcare increases all-cash tender offer for Gentiva to $16 per share
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07:32 EDTKND, GTIVKindred Healthcare increases all-cash tender offer for Gentiva to $16 per share
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