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Stock Market & Financial Investment News

News Breaks
March 17, 2014
10:08 EDTHTZ, BCS, BACHertz rises after FT says company close to unit spin-off
Shares of Hertz Global Holdings (HTZ) are higher this morning following a Financial Times report that said the company is close to a spin-off of its construction equipment rental business. Hertz operates in two segments: Rental and leasing of cars and trucks and equipment rental. WHAT'S NEW: The Financial Times reported on Friday evening that Hertz is getting ready to spin-off the construction equipment rental business in a deal that could value the unit at about $4.5B. The company has been exploring a spin-off to shareholders or a reverse Morris trust, which combines a spin-off with a merger, and was under pressure last year by activist investors like Carl Icahn and Corvex. The company has also been rumored to have been talking with potential merger targets. In December, Hertz announced a one-year shareholder rights plan following evaluation and consultation with its outside advisers. The company hired Bank of America Merrill Lynch (BAC) and Barclays (BCS) in January for advice on defending itself against an investor attack and improving investor returns. Details of the potential spin-off could be announced next week, the report said, citing sources familiar with the matter. WHAT'S NOTABLE: The construction equipment rental business, or HERC, accounted for $1.1B of Hertz's revenue in the first nine months of 2013, the FT noted. PRICE ACTION: Hertz shares are up $1.47, or 5.65%, to $27.45 in mid-morning trading.
News For HTZ;BAC;BCS From The Last 14 Days
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November 14, 2014
16:01 EDTHTZOptions Update; November 14, 2014
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10:05 EDTHTZHertz restatatement news worse than expected, says Deutsche Bank
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10:02 EDTHTZHertz restatements to last into next year, says Wells Fargo
After speaking with management, Wells Fargo says Hertz's restatement process is likely to last through most of the first half of 2015. On the plus side, Wells notes that it confirmed vehicle fleet depreciation was not cited as an issue with the company's 2011-2013 restatements. The firm has an Outperform rating on the stock.
09:56 EDTHTZHertz falls on restatements, levels to watch
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09:38 EDTHTZJANA Partners gives quarterly update on stakes
NEW STAKES: AMD (AMD), AECOM Technology (ACM), Alibaba (BABA), McDonald's (MCD), Amgen (AMGN), Gaming and Leisure Properties (GLPI), Iron Mountain (IRM), iRobot (IRBT), Seadrill Partners (SDLP), Valeant (VRX). INCREASED STAKES: eBay (EBAY), Charter (CHTR), Groupon (GRPN), HD Supply (HDS), Hertz (HTZ). DECREASED STAKES: Apache (APA). LIQUIDATED STAKES: CBS (CBS), Endo (ENDP), FMC Corporation (FMC), SeaWorld (SEAS), SunEdison (SUNE).
09:38 EDTHTZActive equity options trading
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08:20 EDTHTZHertz November volatility elevated into outlining new rental car strategy
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07:21 EDTHTZHertz: Lower revenue growth, higher directing expenses are transitionary
Interim CEO Brian MacDonald said, "We believe the lower revenue growth and higher direct operating expenses we are experiencing in 2014 are transitory, primarily associated with fleet and systems integration challenges related to the Dollar Thrifty acquisition as well as some execution issues. We are addressing the operational issues by strategically repositioning the fleet, hiring incremental sales and maintenance staff and migrating the Dollar and Thrifty financial and counter systems onto Hertz systems. Accordingly, 2015 will represent a transitional year with a more normal base performance becoming evident in 2016."
07:20 EDTHTZHertz sees FY14 corporate EBITDA $1.3B-$1.45B
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07:20 EDTHTZHertz reports Q3 revenue $3.12B, compared to $3.07B a year ago
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07:17 EDTHTZHertz to restate 2011, 2012, 2013 financial statements
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07:16 EDTHTZHertz to implement global cost reduction program
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07:16 EDTHTZHertz announces new U.S. rental car fleet strategy
Hertz announced a new fleet purchasing strategy to improve the U.S. rental car business's competitive position and customer experience. Hertz will purchase roughly 350,000 model year 2015 vehicles in the U.S., approximately 60% more than the model year 2014 vehicles. Approximately 25% of the model year 2015 fleet buy is being delivered in the fourth quarter of 2014. Approximately 70% of the U.S. operating fleet is expected to be risk vehicles in calendar year 2015 versus approximately 85% in 2014. As the company strategically transforms the U.S. fleet, the average U.S. risk-car holding period for 2014 and 2015 model year vehicles is expected to be substantially lower than the 2013 model year holding periods. To accelerate its fleet transformation, the company increased its fourth quarter U.S. risk vehicle dispositions by 45% versus plan, targeting its highest mileage vehicles. As of the end of October, approximately 40% of the sales planned for fourth quarter 2014 have been completed. For the full year 2014, U.S. car rental monthly depreciation per vehicle is expected to be approximately $280 - $300 per unit, which is higher than forecast primarily due to the accelerated disposition timeline and weaker residual values.
November 13, 2014
14:50 EDTHTZLonestar Capital to shut down by mid-2015, WSJ reports
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14:45 EDTHTZLonestar capital to shut down, DJ reports
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November 12, 2014
16:23 EDTBAC, BCSOn The Fly: Closing Wrap
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12:38 EDTBCS, BACOn The Fly: Midday Wrap
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10:14 EDTBACOCC fines Bank of America, Citigroup, JPMorgan $950M over FX trading
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08:57 EDTBCSBarclays excluded from forex settlement due to issues with NYDFS, Reuters says
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07:28 EDTBACBofA/Merrill to hold a conference
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