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March 14, 2012
10:46 EDTAPO, KKR, BHP, HWDHarry Winston, KKR, Apollo may bid for BHP diamond mine, Bloomberg says
Harry Winston Diamond (HWD), a KKR (KKR) led group, and a group headed by Apollo Global Management (APO) are discussing the acquisition of the Ekati diamond mine from BHP Billiton (BHP), in a sale that may total $500M-$750M, reported Bloomberg, citing sources. Reference Link
News For HWD;KKR;APO;BHP From The Last 14 Days
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October 8, 2015
16:41 EDTAPOOn The Fly: Top stock stories for Thursday
Stocks began the session in negative territory but eventually pared their opening losses and turned mixed. The averages moved in a fairly narrow range from there as investors waited for the release of the minutes from last month's FOMC meeting. The minutes showed that the central bank believed labor market conditions improved since the beginning of the year, but concerns about low inflation, market declines, global growth and the value of the dollar kept the Fed from raising rates. The majority felt it was prudent to wait for additional information on the economy before raising rates. As the market digested the minutes, the averages moved to the upside, with the Dow leading the way. ECONOMIC EVENTS: In the U.S., initial jobless claims dropped to 263,000 in the week ended October 3, versus expectations for 273,00 first-time claims. The FOMC minutes for the September 16-17 policy meeting didn't read very hawkish, as some may have feared would be the case. The minutes showed "many members" thought rate hike conditions had been met or would be met soon. However, "several members" were worried that the downside risks to growth and inflation had increased, leading the committee to feel it was "prudent to wait" for additional information confirming that the economic outlook had not deteriorated and bolstering members' confidence that inflation would gradually move up. In Asia, markets were mixed, with Japan, India and other markets seeing some profit taking following days of strong gains, though mainland China re-opened for the first time after a week long holiday and saw a catch-up rally that pushed the Shanghai composite up about 3%. COMPANY NEWS: EMC (EMC) rose $1.22, or 4.7%, to $27.18 following media reports regarding M&A talks between the IT services and software company and Dell, which is privately owned by founder Michael Dell and private-equity partner Silver Lake. The Wall Street Journal reported that Dell and Silver Lake are in "advanced talks" to buy EMC, noting that one source indicated the deal being discussed calls for the buyers to spin off EMC's VMware (VMW) unit. Then, CNBC's David Faber said, in keeping with the Journal, that Dell is in talks to acquire all of EMC for "above $27 per share," adding that a deal could be announced as soon as a week from now. MAJOR MOVERS: Among the notable gainers were Polycom (PLCM) and Mitel (MITL), which gained 16.7% and 16.5%, respectively, after Elliott Management disclosed stakes in both companies and urged the two to consider a combination. Also higher was Tronox (TROX), which rose 15.9% to $7.66 after Bloomberg reported that Apollo Global (APO) was mulling a takeover of Chemours (CC) as a potential first step in then consolidating titanium-dioxide makers. Shares of Chemours gained 7.12% to $8.43 following the report. Among the noteworthy losers was eBay (EBAY), which was the worst performer on the S&P 500, sliding $1.53, or 5.96%, to $24.15 after ChannelAdvisor (ECOM) estimated that eBay's same-store sales growth decelerated to 1.1% in September from August's 3.4% rate. Also lower were shares of Cardiovascular Systems (CSII), which sunk 18.1% to $13.62 after the company warned of weaker than expected preliminary Q1 results. Spectranetics (SPNC) fell following the news, as the company, which also markets catheters that remedy blockages in arteries, dropped 7.9% to $10.91 in sympathy with its peer. INDEXES: The Dow rose 138.46, or 0.82%, to 17,050.75, the Nasdaq gained 19.64, or 0.41%, to 4,810.79, and the S&P 500 advanced 17.60, or 0.88%, to 2,013.43.
11:14 EDTAPOTronox surges following report of Apollo interest in Chemours
Shares of Tronox (TROX), a manufacturer of titanium-dioxide, jumped in morning trading after Bloomberg reported that Apollo Global Management (APO) was considering a takeover bid for Chemours (CC) in a possible attempt to consolidate other makers of titanium-dioxide, or TiO2. WHAT'S NEW: Apollo Global is mulling the potential of making an offer for Chemours, the former chemical-manufacturing unit of DuPont (DD), and using it as a base to consolidate TiO2 makers, Bloomberg reported, citing people with knowledge of the matter. The private equity firm has held preliminary talks with lenders over a buyout of Chemours, whose market value is roughly $1.4B, the report said. Apollo would then approach other companies, including Tronox, about a tie-up to generate scale and cost efficiencies, the report added. OBSTACLES: Bloomberg noted that several hindrances stand in the way of a possible Apollo Global-Chemours tie-up, including a tax bill for DuPont should Chemours be taken private too soon after the July spinoff. In addition, debt will play a major role if a proposal should happen, since Chemours still owes $4B to DuPont as a result of a payment made to DuPont prior to the spinoff, the report says. WHAT'S NOTABLE: On September 25, Huntsman Corporation (HUN), which also manufactures TiO2, said that it anticipates lower titanium-dioxide selling prices, especially in North America, to affect its third quarter earnings, which the company is scheduled to report on October 27. The company also noted at the time that it sees soft demand in the Asia Pacific region having an impact on its Q3 results as well. PRICE ACTION: In morning trading, Tronox shares rallied nearly 20% to $7.92, Chemours rose 1.4%, DuPont gained 1.5%, Huntsman advanced 8.2% and Apollo Global slid 0.7%.
October 7, 2015
18:55 EDTAPOApollo Global may explore buyout of Chemours, Bloomberg says
10:01 EDTBHPOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Abbott (ABT) upgraded to Overweight from Equal Weight at Barclays... Anglo American (AAUKY) upgraded to Equal Weight from Underweight at Morgan Stanley... Autohome (ATHM) upgraded to Buy from Neutral at UBS... BHP Billiton (BHP) upgraded to Overweight from Equal Weight at Morgan Stanley... CME Group (CME) upgraded to Buy from Neutral at BofA/Merrill... (CTRP) upgraded to Buy from Neutral at BofA/Merrill... Delek US (DK) upgraded to Outperform from Market Perform at Wells Fargo... E.W. Scripps (SSP) upgraded to Buy from Hold at Evercore ISI... HollyFrontier (HFC) upgraded to Buy from Hold at Deutsche Bank... Kimberly-Clark de Mexico (KCDMY) upgraded to Overweight from Neutral at JPMorgan... Lazard (LAZ) upgraded to Buy from Hold at Sandler ONeill... Lexmark (LXK) upgraded to Neutral from Sell at Citi... Lundbeck (HLUYY) upgraded to Neutral from Sell at Goldman... Marathon Petroleum (MPC) upgraded to Outperform from Market Perform at Wells Fargo... Mead Johnson (MJN) upgraded to Buy from Neutral at Nomura... Morgan Stanley (MS) upgraded at RBC Capital... RELX (RELX) upgraded to Buy from Hold at Deutsche Bank... Rio Tinto (RIO) upgraded to Overweight from Equal Weight at Morgan Stanley... Suez Environnement (SZEVY) upgraded to Buy from Hold at Societe Generale... Trustco Bank (TRST) upgraded to Market Perform from Underperform at Keefe Bruyette.
08:47 EDTBHPOptions expected to be active
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06:15 EDTBHPFranco-Nevada to acquire silver stream on Antamina Mine from Teck Resources
Franco-Nevada (FNV) has agreed to acquire a silver stream on production from the Antamina mine in Peru from Teck Resources (TCK). Teck owns a 22.50% interest in Compania Minera Antamina S.A., the Antamina joint venture company, along with partners BHP Billiton (BHP) - 33.75% -, Glencore Plc - 33.75% - and Mitsubishi Corporation - 10.00% -. Antamina is an established mine that commenced operations in 2001. It is the 8th largest copper mine in the world and is one of the lowest cost copper operations globally. The effective date for the transaction is July 1 and Franco-Nevada is expected to receive 900K-1.1M ounces of silver in Q4. Annual silver stream contributions are expected to average 2.8M-3.2M ounces going forward , with 2016 and 2017 silver deliveries expected to be above average. Antamina would increase Franco-Nevada's GEOs and operating cash flow by approximately 13% and 18% respectively. The mine contains total Measured and Indicated resources of 1.1B tonnes of ore and Inferred resources of 1.3B tonnes of ore. Within the resource envelope, total reserves are 647M tonnes of ore, which are currently constrained by tailings disposal capacity. Current M&I resources are sufficient to support over 20 years of open pit mining. With continued conversion and upgrading of resources, the project could support mining for 30 - 40 years. Franco-Nevada will make a one-time $610M advance payment to Teck upon closing of the transaction. Funding is expected to occur in early-October with first silver delivery to Franco-Nevada in Q4. The stream will be based on all recovered silver from Teck's attributable 22.50% interest in the Antamina mine, subject to a fixed silver payability of 90%. Silver deliveries are scheduled for the 45th day after each calendar quarter end based on the previous quarter's concentrate shipments. Franco-Nevada will pay 5% of the spot silver price for each ounce of silver delivered under the stream. The stream will reduce by one-third after 86M ounces have been delivered under the stream agreement, estimated at current throughput to be approximately 30 years. Silver deliveries under the stream will be an absolute obligation of the joint sellers and are not contingent on the availability of cash flow from the project.
05:20 EDTBHPBHP Billiton upgraded to Overweight from Equal Weight at Morgan Stanley
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October 6, 2015
10:22 EDTBHPBoard cut, unit review push Freeport shares higher
Shares of copper producer Freeport-McMoRan (FCX) are rallying in morning trading after the company announced plans to review strategic alternatives for its oil and gas business. The company also said it would shrink its board to nine members. WHAT'S NEW: Freeport-McMoRan said this morning that it is reviewing strategic alternatives for its oil and gas business, FM O&G, amid a tumble in commodity prices. In a statement, Freeport said it is studying options for achieving self-funding of the oil and gas unit. FM O&G's "high quality asset base, substantial underutilized Deepwater Gulf of Mexico infrastructure, large inventory of low risk development opportunities and talented and experienced personnel and management team provide alternatives to generate value," it wrote. A previously disclosed potential initial public offering of a minority interest in the oil and gas business remains an alternative for future consideration, the company said. The copper producer said that other alternatives under consideration include a spinoff of the company's oil and gas business to shareholders, joint venture arrangements and further spending reductions. In addition to the FM O&G news, Freeport-McMoRan also announced this morning that it reduced the size of its board of directors from 16 to nine members. These actions, the company said, follow "constructive discussions with many of its largest shareholders." The company said five directors have left the FCX board and have been appointed to the FM O&G board, with James Flores named FM O&G Chairman; Flores remains FM O&G's chief executive officer. WHAT'S NOTABLE: Freeport-McMoRan said earlier this year it would consider selling as much as 20% of its oil and gas unit in an IPO. In June, Chief Financial Officer Kathleen Quirk said the company would likely sell less than 20%, since keeping 80% of the unit would provide the company with some tax advantages. Activist investor Carl Icahn raised his stake in Freeport-McMoRan to 8.8% from 8.46% on September 18. Icahn told CNBC on September 30 that it was "right to expect" that he would get involved with the copper producer. Icahn said that too much copper is being produced now, depressing its price, but believes copper will turn in the future. PRICE ACTION: Freeport-McMoRan rose 6.26% to $11.88 in morning trading. Shares are down over 49% year to date. OTHERS TO WATCH: Other major integrated mining companies include Rio Tinto (RIO), BHP Billiton (BHP) and Vale S.A. (VALE).
07:24 EDTKKRbloomberg to hold a summit
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October 4, 2015
16:11 EDTBHPBHP Billiton may postpone fundraising plans, Sunday Times says
BHP Billiton may postpone its hybrid bond fundraising efforts amid unfavorable market volatility, reports the Sunday Times, citing market sources. The company had hoped to price the bond this week, but could announce as early as Monday that it will delay its plans, sources told the Times. Reference Link
16:02 EDTAPOXchanging says received acquisition proposals from Apollo Global, Capita
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October 2, 2015
12:19 EDTBHPBHP Billiton downgraded to Hold from Buy at Societe Generale
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07:16 EDTBHPBHP Billiton volatility flat, shares near seven-year low
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October 1, 2015
10:52 EDTAPOLand and Buildings says more changes needed to enchance New York REIT value
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September 30, 2015
18:25 EDTAPOMidCap to acquire Mubadala GE Capital loan portfolio
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September 28, 2015
07:01 EDTBHPBHP Billiton volatility flat as shares near seven-year low
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September 25, 2015
16:43 EDTKKRKKR no longer holds stake in Smucker, lost right to designate board observer
On September 21, The J. M. Smucker Company (SJM) entered into an underwriting agreement, dated as of September 21, with Blue Holdings and Morgan Stanley with respect to a registered underwritten public offering of 8.28M shares of the company's common shares, to be sold by the selling shareholder. The common shares sold by the selling shareholder represent 100% of the ownership interests attributable to affiliates of Kohlberg Kravis Roberts (KKR). The secondary offering was completed on September 25. Upon completion of the secondary offering, KKR ceased to be the beneficial owner of any of the common shares and lost its right to designate a board observer.

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