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Stock Market & Financial Investment News

News Breaks
August 22, 2014
16:42 EDTHPQ, GME, LB, FL, AEO, CRM, HTZ, RAX, EBAY, PETM, DLTR, FDO, DG, ONNN, FCS, ISIL, SMTC, IRF, IFNNYMarket finishes week higher on economic data, earnings
Stocks ended the week higher after several pieces of economic data beat expectations and investors cheered results from a number of companies, offsetting weak overseas economic data and somewhat hawkish statements from the Fed. MACRO NEWS: Weekly jobless claims, housing starts for July, a manufacturing index for July, existing home sales for July, and leading economic indicators for July all beat expectations... Overseas economic data was less upbeat, however, as purchasing managers' indexes for the euro zone and China came in below expectations... Minutes of the Fed's last meeting stated that some FOMC members believe that interest rates may have to be raised sooner than expected. Meanwhile, Fed Chairman Yellen reiterated in a speech today that the Fed's policy changes would be based on upcoming economic data. However, she did say that the FOMC s questioning the degree of slack in the economy. COMPANY NEWS: M&A news flow was strong against this week. German semiconductor company Infineon (IFNNY) agreed to buy its smaller peer, International Rectifier (IRF). Other names in the space, including Semtech (SMTC), Intersil (ISIL), Fairchild Semiconductor (FCS) and ON Semiconductor (ONNN), rose in sympathy... Dollar General (DG) made a $78.50 per share bid for Family Dollar (FDO), in an effort to trump a previous $74.50 per share bid for Family Dollar by Dollar Tree (DLTR). Family Dollar rejected Dollar General's offer based on antitrust concerns... PetSmart (PETM) announced that it would pursue strategic alternatives, including a potential sale of the company... The website The Information reported that eBay (EBAY) is considering spinning off its PayPal digital payments unit... Hedge fund Blue Harbour Group announced that it had obtained a 6.4% stake in cloud computing company Rackspace (RAX)... Carl Icahn disclosed an 8.5% stake in Hertz (HTZ), but the car rental company withdrew its fiscal 2014 guidance, saying that it expects its full-year results to be well below its previous guidance range... In earnings news, cloud computing company Salesforce.com (CRM), apparel retailers American Eage (AEO) Foot Locker (FL) and L Brands (LB), and video game retailer Gamestop (GME), were among the companies that rose after reporting their results. HP (HPQ) and PetSmart dropped slightly after reporting their results.
News For IFNNY;IRF;SMTC;ISIL;FCS;ONNN;DG;FDO;DLTR;PETM;EBAY;RAX;HTZ;CRM;AEO;FL;LB;GME;HPQ From The Last 14 Days
Check below for free stories on IFNNY;IRF;SMTC;ISIL;FCS;ONNN;DG;FDO;DLTR;PETM;EBAY;RAX;HTZ;CRM;AEO;FL;LB;GME;HPQ the last two weeks.
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September 7, 2014
16:22 EDTRAXCenturyLink said to seek Rackspace acquisition, Bloomberg says
Louisiana-based landline phone service provider CenturyLink (CTL), is looking to acquire cloud computing company Rackspace Hosting (RAX), says Bloomberg, citing sources. Sources say a deal may not be reached for Rackspace Hosting, which currently has a stock market valuation of $5.33B, added Bloomberg. Reference Link
September 5, 2014
16:45 EDTDLTR, FDO, DGMarket ends week little changed after mixed economic data
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15:18 EDTEBAYeBay held talks about acquisition of start-up The Fancy, Bloomberg says
Start-up The Fancy, a curated e-retailer, has been holding discussions to sell itself for about $1B and has talked with eBay, said Bloomberg, citing people familiar with the matter. Reference Link
13:01 EDTDG, FDODollar General 'remains committed' to acquiring Family Dollar
In response to the decision by the Board of Directors of Family Dollar Stores (FDO) to reject Dollar General’s (DG) enhanced all-cash proposal to acquire all outstanding shares of Family Dollar for $80.00 per share, Dollar General stated that it remains committed to acquiring Family Dollar and is currently evaluating its next steps.
12:19 EDTAEOGap falls after reporting August same-store sales decline
Shares of apparel retailer Gap (GPS) are falling after the company reported disappointing August same-store sales results and Buckingham analysts downgraded the company's stock. WHAT'S NEW: Gap reported last night that its August comparable sales declined 2%, compared to a 2% increase a year ago in the same month. Gap Global SSS fell 9%, Banana Republic Global SSS fell 2% and Old Navy Global SSS rose 2%. Gap also reported its August net sales were flat compared to last year's $1.23B. WHAT'S NOTABLE: Looking ahead, the company said Gap's August sales performance will likely put pressure on the brand's gross margins in September. ANALYST REACTION: Gap was downgraded to Neutral from Buy at Buckingham this morning following the August comparable sales numbers. Buckingham analysts say they question the previously anticipated 2H14 comp recovery at the core brand and do not see upside to the stock if the flagship brand does not turn positive in the second half. Buckingham expects the stock's multiple to contract back to its historical average until sales improve. The firm still expects full-year 2014 guidance to be achievable as Gap manages expenses and it continues to like operational improvements the company is making in its supply chain and omni-channel initiatives. Until sales improve, Buckingham expects shares to remain range bound near $44 to $46. UBS analysts, on the other hand, say Gap's share weakness presents a buying opportunity. The firm said the miss does not derail the company's ability to show improvement over the second half and does not impact their long-term thesis tied to margin improvement opportunities. PRICE ACTION: Near noon, Gap fell $2.20, or about 5%, to $44.39. OTHERS TO WATCH: Competitors to Gap include American Apparel (APP), American Eagle (AEO), Urban Outfitters (URBN), Express (EXPR), and Abercrombie and Fitch (ANF).
11:47 EDTEBAYOptions with increasing implied volatility
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11:43 EDTAEOZumiez sinks as company provides 'disappointing' Q3 outlook
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11:39 EDTHPQIntel launches Core M processor, available Holiday 2014
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10:33 EDTEBAYeBay moves lower, levels to watch
The shares are down 1.6% at time of writing to $53.55, just off the low of the session at $55.30. Support below is at $52.64, a prior pivot low on a closing basis. Resistance is at $54.09.
09:18 EDTFCSFairchild price target raised to $20 from $18 at RW Baird
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08:34 EDTDG, DLTR, FDODollar Tree to divest as many stores as required for antitrust approval
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08:33 EDTDLTR, DG, FDOFamily Dollar reaffirms support of transaction with Dollar Tree
08:32 EDTFDO, DLTRDollar Tree commits to divest as many stores as required for antitrust approval
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08:31 EDTDLTR, FDO, DGFamily Dollar rejects revised Dollar General offer due to antitrust issues
Family Dollar Stores (FDO) that its Board of Directors has unanimously rejected the revised, non-binding proposal made by Dollar General Corporation (DG) on September 2 on the basis of antitrust regulatory considerations. Family Dollar’s merger agreement with Dollar Tree (DLTR) contains a customary provision that permits Family Dollar to enter into discussions and share information with any competing bidder, but only if the Board is able to determine that failure to do so would be inconsistent with its fiduciary duties and that the unsolicited, written proposal from the competing bidder would be reasonably expected to lead to a proposal that is not only financially superior, but also “reasonably likely to be completed on the terms proposed.” Howard R. Levine, Chairman and CEO of Family Dollar, said, “Our Board of Directors, with the assistance of outside advisors and consultants, reviewed all aspects of Dollar General’s revised proposal and unanimously concluded that it is not reasonably likely to be completed on the terms proposed. There is a very real and material risk that the transaction proposed by Dollar General would fail to close, after a lengthy and disruptive review process. Accordingly, our Board has rejected Dollar General’s revised proposal and reaffirmed its support of the transaction with Dollar Tree, which delivers attractive value in the form of immediate upfront cash and upside participation in a combined Dollar Tree-Family Dollar entity, as well as closing certainty.” Ed Garden, a Family Dollar director and co-founder and Chief Investment Officer at Trian Fund Management, L.P., a large shareholder of the Company, stated, “We are focused on delivering to Family Dollar shareholders the highest value with certainty, and the Dollar Tree transaction does just that. Dollar Tree has taken the antitrust risk off the table by committing to divest as many stores as necessary to obtain antitrust clearance. We remain fully committed to the Dollar Tree transaction.”
08:30 EDTDG, FDOFamily Dollar rejects revised Dollar General offer due to antitrust issues
07:59 EDTFCSMorgan Stanley remains a buyer of Fairchild
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07:30 EDTEBAYApple iWallet would be positive for payment networks, says JPMorgan
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07:17 EDTCRMSalesforce.com management to meet with UBS
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06:43 EDTHPQHP considered pulling out of Autonomy deal, FT reports
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06:27 EDTDLTR, DG, FDONew Dollar General offer might not woo Family Dollar, Reuters says
Dollar General's (DG) improved bid to purchase Family Dollar (FDO) for $9.1B might not be able to reduce its smaller competitors worries that U.S. antitrust regulators will hinder the agreement from transpiring, according to Reuters, citing two sources familiar with the matter. Family Dollar is already in the throes of an agreement to sell itself for $8.5B to Dollar Tree (DLTR). Reference Link
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