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July 10, 2014
11:21 EDTMGAM, CG, SGMS, APO, BYI, IGTInternational Game Technology rises as GTECH reportedly prepares bid
Shares of International Game Technology (IGT) are higher this morning after a press report said the company will soon get an acquisition offer from GTECH. IGT is a global gaming company specializing in the design, development, manufacture, and marketing of casino-style gaming equipment, systems technology, and game content across multiple platforms. WHAT'S NEW: Citing La Repubblica, Bloomberg reported that IGT is on the verge of receiving an offer from GTECH, an Italian lottery operator. The offer is said to be worth about $4B in cash and stock. WHAT'S NOTABLE: IGT hired Morgan Stanley to explore a sale of the company on June 9, Reuters reported, citing sources familiar with the matter. In addition to GTECH, the company has reportedly attracted interest from Apollo Global (APO), Carlyle Group (CG) and MacAndrews & Forbes. On June 16, GTECH confirmed exploratory talks with IGT and said it had engaged advisors to assist it in exploring a potential transaction with IGT. PRICE ACTION: International Game Technology is trading up 39c, or 2.6%, to $15.50 in late-morning trading, after being up nearly 6% earlier. OTHERS TO WATCH: Shares of peer IGT Bally Technologies (BYI) are down fractionally, while Scientific Games (SGMS) is down about 0.4% to $10.08. Shares of Multimedia Games (MGAM), which also designs and manufactures gaming machines, are down about 1.8% to $28.18.
News For IGT;APO;CG;BYI;SGMS;MGAM From The Last 14 Days
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October 9, 2015
07:37 EDTCGPrivate equity asset managers attractive, says Oppenheimer
Oppenheimer expects the private equity-based asset managers to report Q3 negative economic net income. However, Oppenheimer believes that such losses are "a fiction" created by accounting. Oppenheimer's analyst continues to believe that these companies have the best business mode he has sen in 30 years of covering financial stocks, and views the group as significantly undervalued. He expects the group's cash earnings to continue on an upward path, and says that Blackstone (BX), Carlyle Group (CG), and KKR (KKR) all had "significant realizations" in Q3 and have strong backlogs.
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
12:18 EDTCGCarlyle eyes small acquisitions with Japan buyout fund, Bloomberg says
Carlyle Group plans to use the nearly $1B in its third Japan buyout fund to buy family-owned firms and other mid-cap companies, Bloomberg reports, citing Tamotsu Adachi, the company's managing director and co-representative for Japan. In Tokyo, Carlyle often seeks family-owned companies with enterprise values of below $300M, the report says. Reference Link
October 5, 2015
10:00 EDTIGTOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: ADT Corp. (ADT) upgraded to Equal Weight from Underweight at Barclays... Allegheny Technologies (ATI) upgraded to Buy from Hold at Deutsche Bank... Amicus (FOLD) upgraded to Buy from Neutral at Chardan... ArcelorMittal (MT) upgraded to Buy from Sell at Citi... AutoZone (AZO) upgraded at Oppenheimer... BE Aerospace (BEAV) upgraded to Buy from Hold at Gabelli... Boston Scientific (BSX) upgraded to Strong Buy from Outperform at Raymond James... C1 Financial (BNK) upgraded to Buy from Hold at Sandler O'Neill... CONSOL (CNX) upgraded to Hold from Sell at Deutsche Bank... Discover (DFS) upgraded to Outperform from Market Perform at Bernstein... Dr Pepper Snapple (DPS) upgraded to Buy from Hold at Evercore ISI... International Game (IGT) upgraded on valuation at Sterne Agee CRT... Juniper (JNPR) upgraded to Buy from Hold at Stifel... Keryx (KERX) upgraded to Equal Weight from Underweight at Morgan Stanley... Knowles (KN) upgraded to Overweight from Equal Weight at Stephens... LaSalle Hotel (LHO) upgraded to Buy from Hold at Evercore ISI... Lazard (LAZ) upgraded to Positive from Neutral at Susquehanna... Nucor (NUE) upgraded to Buy from Hold at Deutsche Bank... OUTFRONT Media (OUT) upgraded to Buy from Neutral at Goldman... Park Sterling Bank (PSTB) upgraded to Buy from Hold at Sandler O'Neill... Phoenix Companies (PNX) upgraded to Neutral from Underweight at JPMorgan... SBA Communications (SBAC) upgraded to Outperform from Neutral at Macquarie... Snap-On (SNA) upgraded to Buy from Neutral at Longbow... Swift Transport (SWFT) upgraded to Buy from Hold at Evercore ISI... Team (TISI) upgraded to Buy from Hold at Johnson Rice... Teck Resources (TCK) upgraded to Outperformer from Sector Performer at CIBC... Toll Brothers (TOL) upgraded to Positive from Neutral at Susquehanna... Twitter (TWTR) upgraded to Buy from Neutral at Axiom... UniCredit (UNCFF) upgraded to Sector Perform from Underperform at RBC Capital... Wynn Resorts (WYNN) upgraded to Market Perform from Underperform at Telsey Advisory... bluebird bio (BLUE) upgraded to Overweight from Equal Weight at Morgan Stanley.
09:28 EDTIGTInternational Game upgraded on valuation at Sterne Agee CRT
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07:14 EDTIGTInternational Game upgraded to Neutral from Underperform at Sterne Agee CRT
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07:03 EDTSGMSScientific Games awarded eight-year lottery retail tech contract in Germany
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October 4, 2015
16:02 EDTAPOXchanging says received acquisition proposals from Apollo Global, Capita
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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 29, 2015
07:02 EDTSGMSScientific Games and 21st Century Fox to launch Simpsons slot machine
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06:07 EDTIGTInternational Game applications to be installed at Wynn Las Vegas
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September 28, 2015
13:07 EDTCGCarlyle to acquire controlling stake in PA Consulting, FT reports
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07:50 EDTSGMSUBS and Deutsche Bank to co-host a forum
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07:04 EDTSGMSScientific Games announces Cirque du Soleil partnersihp at Global Gaming Expo
Scientific Games announced a new partnership with Cirque du Soleil at the Global Gaming Expo in booth #1126, September 29 to October 1, with the first featured production: KOOZA. The experience is an eye-catching, bonus-rich slot game that combines Scientific Games' Pro Wave 360O slot configuration with the acrobatic adrenaline rush of KOOZA.

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