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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 13, 2015
16:40 EDTBACAppaloosa gives quarterly update on stakes
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16:26 EDTHTZStocks end week lower as retail gets routed
Stocks ended the week sharply lower after weak retail earnings reports, highlighted by Macy's (M), were followed by a worse than expected government report on retail sales performance in October. MACRO NEWS: In the U.S., retail sales rose 0.1% in the month of October, versus expectations for an increase of 0.3%. When autos and gas are removed, the core reading was up 0.3%, versus expectations for a rise of 0.4%. Producer prices fell 0.4%, versus expectations for them to be up 0.2%. When food and energy are removed, the core reading was down 0.3%, versus expectations for it to be up 0.1%. Business inventories grew 0.3% in September while sales were flat compared to August. Consumer sentiment, as measured by the preliminary print from the University of Michigan survey, improved 3.1 points to 93.1 in November, which was better than the 91.5 reading that was expected. In Europe, data showed that eurozone's economy grew by just 0.3% in the third quarter, which was a slowdown from the 0.4% GDP growth recorded three months earlier and weaker than the 0.4% consensus growth forecast. In China, exports declined for a fourth straight month in October, sliding 3.6%, while imports fell for a 12th straight month, declining 16% in yuan terms. China's foreign-exchange reserves rose in October for the first time in six months, increasing to $3.53T from $3.51T at the end of September, the People's Bank of China reported. Industrial output in China rose 5.6% in October, matching March's reading as the weakest since 2008. Retail sales climbed 11% last month, beating expectations. COMPANY NEWS: Shares of retailers broadly declined following disappointing earnings reports and commentary from a number of department store operators, including Macy's, Nordstrom (JWN) and J.C. Penney (JCP). Weather was cited by a number of them, and analysts also pointed to the continued rise in competition felt by brick-and-mortar retailers from e-commerce players, mainly (AMZN)... Among earnings reporters outside of the retail sector, Viacom (VIAB) and Rackspace (RAX) rose immediately following their reports, while Cisco (CSCO), Priceline (PCLN), Hertz (HTZ), and Advance Auto Parts (AAP) fell right after their own... During the company's investor meeting, McDonald's (MCD) raised its global refranchising target to 4,000 restaurants through 2018 with a new long-term goal to become 95% franchised, announced plans to increase its dividend by 5% and said that after "robust" debate it had decided to not pursue a REIT spin-off transaction for its real estate holdings... Anheuser-Busch InBev (BUD) and SABMiller (SBMRY) came to terms on a deal to combine the companies in a transaction worth $107B. In relation to their deal, Molson Coors (TAP) agreed to purchase SABMiller's 58% stake in MillerCoors, the joint venture formed in the United States in 2008, in a deal valued at $12B. Molson Coors was the biggest winner in terms of percentage stock gains immediately following the announcements, rising over 4% on Wednesday... Mylan (MYL) jumped after the company's offer to acquire Perrigo (PRGO) failed, ending a seven-month fight between the two drugmakers. Perrigo Chief Executive Officer Joseph Papa said he was "delighted" that his company's shareholders rejected the offer and the company added that it will immediately commence its previously announced $2B share buyback program, but its shares slid in the wake of the shareholder vote... PayPal (PYPL) shares saw three straight days of losses after the Wall Street Journal reported that Apple (AAPL) is working on a mobile payments service that could compete with the firm's Venmo platform... Angie's List (ANGI) advanced after IAC/InterActiveCorp (IACI), the parent company of HomeAdvisor, made public a $8.75 per share cash buyout offer. Yelp (YELP), which also connects people with local businesses via its web-based and mobile services, also rose following the revelation of the takeout bid for Angie's List... Alibaba Group (BABA) reported blockbuster sales for the 11.11 shopping festival, better known as "Singles' Day." By the end of Wednesday in China, gross merchandise volume on Alibaba's platforms hit $14.3B, far exceeding last year's 24-hour total of $9.3B and topping the company's $11B forecast. INDEXES: The Dow lost about 3.7% to close at 17,245.24, the S&P 500 fell about 4.25% to close at 2,023.04, and the Nasdaq declined about 3.6% to close at 4,927.88.
16:00 EDTBACOptions Update; November 13, 2015
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11:07 EDTBACMizuho Financial Group probably sold bulk of Bank of America shares, Reuters say
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09:35 EDTBACActive equity options trading on open
Active equity options trading on open: AAPL CSCO FB BAC BABA MSFT NFLX INTC JCP AMZN C
08:30 EDTBACBank of America 31.255M share Block Trade priced at $17.10
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November 12, 2015
18:40 EDTBCSLINN Energy to explore options for restructuring debt, Reuters says
Linn Energy (LINE) is exploring options for restructuring its debt with Barclays (BCS) as low oil and natural gas prices test its ability to service $10B of debt after next year, Reuters reports, citing people with knowledge of the matter. Reference Link
16:00 EDTBACOptions Update; November 12, 2015
iPath S&P 500 VIX Short-Term Futures up 1.28 to 20.18. Option volume leaders: GE AAPL MNKD XOM BAC FB SUNE CSCO NFLX SYF BABA MSFT
12:00 EDTBACBank of America names David Leitch as general counsel, effective January 1
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09:36 EDTBACActive equity options trading on open
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09:05 EDTHTZHertz Equipment Rental appoints new CFO and General Counsel
Hertz Global Holdings' Hertz Equipment Rental Corporation business has recently added two new members to its senior leadership team as the business continues with plans to become an independent company by mid-2016. Barbara Brasier has joined HERC as CFO, effective November 9. Most recently, Brasier was Senior Vice President, Tax and Treasury, for Mondelez International. Maryann Waryjas has joined HERC as General Counsel, effective November 11. Waryjas will oversee HERC's corporate governance and statutory reporting requirements leading up to and after HERC becoming a standalone public company. Waryjas joins HERC with more than 30 years of experience in the legal profession.
06:12 EDTBACMorgan Stanley to offer wealth management clients savings accounts, Reuters says
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November 11, 2015
16:00 EDTBACOptions Update; November 11, 2015
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09:38 EDTBACActive equity options trading on open
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06:44 EDTBACBank of America CEO: U.S. consumer spending robust in October, Bloomberg says
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06:41 EDTHTZHertz ranks below average in J.D. customer satisfaction survey, Bloomberg says
Hertz ranked below industry average in J.D. Power's annual survey of customer satisfaction, Bloomberg reports. The company's main brand fell two steps below the average from one step above a year ago, the report says. Reference Link
November 10, 2015
16:00 EDTBACOptions Update; November 10, 2015
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12:00 EDTBCSAb InBev, HSBC, Google, among firms to testify at EU tax hearing, Reuters says
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09:37 EDTBACActive equity options trading on open
Active equity options trading on open: AAPL TGT VLO BAC FB W RAX V PHM
06:36 EDTBACBank of America cuts info flow from data to certain financial sites, WSJ reports
Bank of America (BAC) is on a list of banks that will temporarily cut off the flow of information to certain websites and mobile applications that collect consumer financial data, the Wall Street Journal reports, citing people familiar with the matter. The Journal previously reported that JP Morgan (JPM) and Wells Fargo (WFC) have engaged in similar practices. The move reflects the tension between big banks and tech firms over these services, the report says. Reference Link
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