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Stock Market & Financial Investment News

News Breaks
July 15, 2014
06:47 EDTIACIIAC acquires dating site HowAboutWe, NY Times reports
IAC/InterActiveCorp's Match Group has acquired HowAboutWe, a Brooklyn-based dating start-up, reports the New York Times. Representatives for both Match Group and HowAboutWe confirmed the deal but did not disclose the price. Reference Link
News For IACI From The Last 14 Days
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June 26, 2015
16:32 EDTIACIStocks end week lower with Greece still searching for deal
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10:00 EDTIACIOn The Fly: Analyst Upgrade Summary
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08:10 EDTIACIIAC upgraded to Equal Weight from Underweight at Morgan Stanley
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08:01 EDTIACIIAC upgraded to Equal Weight from Underweight at Morgan Stanley
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June 25, 2015
16:23 EDTIACIOn The Fly: Top stock stories for Thursday
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13:11 EDTIACIIAC price target raised to $96 from $86 at Benchmark Co.
Benchmark Co. raised its price target for IAC/InterActiveCorp to $96 after the company announced its intention to spin off the Match Group through an initial public offering. The firm says that while it would prefer a spinoff without Barry Diller maintaining control of Match, the move should ultimately unlock additional value. It keeps a Buy rating on IAC.
12:51 EDTIACIOn The Fly: Top stock stories at midday
Stocks on Wall Street opened higher but quickly gave up most of their gains as investors awaited news of a deal being reached between Greece and its creditors. The averages bounced back when the Supreme Court issued its ruling upholding ACA subsidies, sending a number of healthcare linked stocks higher. The market remained in positive ground near noon, but well off its best levels. ECONOMIC EVENTS: In the U.S., personal income rose 0.5% in May, matching the consensus expectation, while spending rose 0.9%, topping the expected 0.7% increase. Initial jobless claims were 271,000 in the week ended June 20, versus expectations for 273,000 first-time claims. Markit's services index fell to 54.8 for the flash June reading, versus expectations for a rise to 56.5 from the 56.2 May reading. The Kansas City Fed manufacturing survey for June came in at -9, as expected. COMPANY NEWS: Shares of hospital operators and health insurers rose after the Supreme Court upheld the legality of subsidies provided under the framework of the Affordable Care Act. The 6 to 3 decision in the Burwell versus King case means that the government can continue to offer subsidies to low income people who purchase health insurance plans on the federal exchange. The plaintiffs in the case had asked the court to strike down such subsidies, saying that the ACA had only allowed the government to subsidize insurance bought on exchanges created by states. In the wake of the ruling, which has been eagerly anticipated, Tenet Healthcare (THC) and Community Health (CYH) both rose more than 14%, while HCA Holdings (HCA) advanced nearly 9%. MAJOR MOVERS: Among the notable gainers was IAC/InterActiveCorp (IACI), which advanced 5% after announcing that its board has approved the pursuit of an initial public offering for The Match Group, which includes dating website Match.com and mobile dating app Tinder. IAC expects Match Group to issue less than 20% of its common stock in the IPO, which is seen being completed during the fourth quarter of this year. Also higher was Magnum Hunter (MHR), which gained 5% after disclosing that it has now determined to pursue the sale by the company of 100% of its current equity ownership interest in Eureka Hunter Holdings. Among the noteworthy losers was World Acceptance (WRLD), which dropped 19% after the company entered into an amendment with its lenders on its revolving credit agreement. FBR Capital downgraded the stock to Market Perform and cut its price target for shares to $73 from $98 afterward, saying restrictive covenants in the latest amendment means free cash flow will now be used to pay down debt rather than buy back stock. Also lower were shares of Cree (CREE), which fell about 11% after the company announced last night that it has decided to restructure its LED Products business to reduce excess capacity and overhead following recent market trends that have resulted in higher LED average selling price erosion than previously forecast. Cree also lowered its Q4 revenue view and issued FY16 revenue guidance that was below the consensus expectation. INDEXES: Near midday, the Dow was up 18.88, or 0.11%, to 17,984.95, the Nasdaq was up 5.87, or 0.11%, to 5,128.29, and the S&P 500 was up 2.18, or 0.1%, to 2,110.76.
09:08 EDTIACIOn The Fly: Pre-market Movers
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07:35 EDTIACIIAC announces intent to pursue IPO of The Match Group
IAC/InterActiveCorp announced that its board has approved the pursuit of an initial public offering of newly-issued shares of common stock of The Match Group. IAC also announced that Joey Levin, formerly CEO of its Search & Applications business, has been named CEO of IAC and joined its Board of Directors. Greg Blatt will remain Chairman, and Sam Yagan CEO, of The Match Group.
07:31 EDTIACIIAC to announce IPO of Match.com, CNBC reports
IAC will announce an IPO for Match.com, sources tell CNBC. Reference Link
07:18 EDTIACIIAC will announce IPO of Match.com, CNBC reports
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07:16 EDTIACIIAC will announce IPO of Match.com, CNBC reports
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