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News Breaks
January 24, 2014
07:35 EDTEBAY, IEPIcahn: 'If we have to, we will' have a proxy fight with eBay, WSJ reports
Carl Icahn (IEP) doesn't want to have a proxy fight with eBay (EBAY) but is prepared to win two seats on eBay's board, and then force it to split off its PayPal unit, reports the Wall Street Journal. He says he expects eBay to resist the proposal: "The company seems to be sort of dug in on the fact they don't want to do the PayPal spinoff," he says. Icahn has about a 2% stake in the company. Reference Link
News For IEP;EBAY From The Last 14 Days
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October 6, 2015
10:22 EDTIEPBoard 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).
September 28, 2015
08:53 EDTEBAYMercadoLibre downgraded to Sell from Neutral at Citi
Citi downgraded MercadoLibre (MELI) to Sell with an $80 price target citing unfavorable currency moves and slower growth assumptions for Brazil. The stock is three times more expensive than eBay (EBAY), Citi tell investors.
07:38 EDTEBAYBox to hold a user conference
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September 24, 2015
17:27 EDTIEPIcahn Enterprises announces launch of new Icahn website
Icahn Enterprises issued the following statement: "On April 2, 2013, the SEC issued a report in which it provided guidance to issuers regarding the use of social media to disclose material nonpublic information. Our Chairman, Carl C. Icahn, intends to use the web site as well as Tumblr, Facebook, Twitter and the web site from time to time to communicate with the public about our company and other issues. It is possible that the information that Icahn posts through the website and to its members, and on Tumblr, Facebook and Twitter, and through the shareholders' Square Table website and to its members, could be deemed to be material information. Therefore, in light of the SEC's guidance, we encourage investors, the media, and others interested in our company to review the information that Icahn provides on the website and to members of, and that he posts on Tumblr, Facebook and Twitter, and that he provides on the shareholders' Square Table website and to its members, in addition to the information that we disclose using our investor relations website... SEC filings, press releases, public conference calls and webcasts."
08:51 EDTEBAYCiti cuts Twitter estimates below consensus, drops target to $30
Citi analyst Mark May says his analysis indicates the consensus estimates for Twitter (TWTR) may be too high as they assume "meaningful increases" in monetization which he believes may prove difficult to realize. May cut his 2015, 2016 and 2017 earnings per share estimates for Twitter to 30c, 34c and 58c, respectively, well below the consensus estimates of 34c, 63c, and $1.03. He also cut his 2016 revenue estimate to 3% below the consensus. It will be difficult for the stock to achieve sustained multiple expansion until user growth accelerates and/or revenue growth stabilizes, May tells investors in a research note. He moved the stock to Citi's "High Risk" designation given Twitter's recent user trends and his belief that his estimates are unlikely to move up in the near-term. He keeps a Neutral rating on the name. May's top picks among U.S. Internet stocks remain Facebook (FB), (AMZN) and eBay (EBAY).
06:39 EDTEBAYJPMorgan sees 'choppy' near-term outlook for eBay, cuts target to $32
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