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News For FIG From The Last 14 Days
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October 13, 2015
16:23 EDTFIGOn The Fly: Top stock stories for Tuesday
Stocks on Wall Street were lower following new data that showed Chinese imports and exports both declined last month. The price of WTI crude oil, which had been moving in tandem with the equity market recently, settled down 0.9% to $46.66 per barrel on the New York Mercantile Exchange. Investors appeared content to sit on the sidelines and await the earnings report from banking bellwether J.P. Morgan (JPM), which could help set the tone for the earnings season. ECONOMIC EVENTS: In the U.S., NFIB's small business optimism index rose slightly to 96.1 in September, versus an expected downtick to a forecasted reading of 95.5. In China, imports dropped for the eleventh straight month, sliding 17.7% in yuan terms in September. Exports from the Asian giant, meanwhile, fell 1.1% last month. In Europe, the ZEW Center's index of German investor and analyst expectations fell to 1.9 in October, which was worse than the decline to 6.5 expected by economists. COMPANY NEWS: Molson Coors (TAP) was the best performer on the S&P 500, rising $7.83, or 9.94%, to $86.58 after Anheuser-Busch InBev (BUD) said it is willing to pay 44 pounds per share in a proposed takeover of SABMiller (SBMRY). Such a deal, which would be valued near $106B, would create a brewer accounting for a third of global beer sales, but could benefit Molson Coors, which is seen as the most likely buyer of the MillerCoors joint venture it shares with SABMiller... Johnson & Johnson (JNJ) slid 54c, or 0.56%, to $95.45 after reporting better than expected third quarter earnings but lower than expected revenues. The Dow member also announced that its board has approved the repurchase of up to $10B of the company's common stock... Twitter (TWTR) reported that its board of directors approved a restructuring, including a reduction of approximately 8% of the company's global workforce. In addition to its restructuring announcement this morning, Twitter also raised its Q3 guidance for revenue and EBITDA to be at or above the high end of its prior forecast ranges. Shares of the microblog operator rose 31c, or 1.08%, to $29.06 following the announcements. MAJOR MOVERS: Among the notable gainers was Fortress Investment Group (FIG), which advanced 41c, or 7.54%, to $5.85 after closing its macro hedge fund, announcing the coming departure of Fortress principal Michael Novogratz and saying it will repurchase Novogratz' ownership interests at a price of $4.50 per unit. Also higher was Wausau Paper (WPP), which gained $2.92, or 40.05%, to $10.21 after agreeing to be acquired by SCA for $513M in cash. Among the noteworthy losers was HeartWare (HTWR), which declined $8.82, or 20.03%, to $35.21 after disclosing that its MVAD trial might not be restarting in November due to certain adverse events reports. Also lower was Ryder (R), which fell $7.02, or 9.28%, to $68.63 after cutting both quarterly and fiscal year earnings guidance due to lower than expected growth in its Fleet Management segment. Also lower were shares of Zafgen (ZFGN), which fell more than 35% yesterday and slid another 29% today without the biopharma company offering any explanation to the market. RBC Capital analyst Simos Simeonidis believes the reason Zafgen management has not communicated with investors yet is because they're in possession of material information and getting ready to announce the news. Simeonidis puts the potential material information into two buckets, namely data or "something else," though he views a "something else" announcement as the more likely scenario. INDEXES: The Dow fell 49.97, or 0.29%, to 17,081.89, the Nasdaq lost 42.03, or 0.87%, to 4,796.61, and the S&P 500 declined 13.77, or 0.68%, to 2,003.69.
11:37 EDTFIGFortress announces closing of Fortress Macro Fund
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11:03 EDTFIGFortress trading halted, news pending
October 12, 2015
19:00 EDTFIGOn The Fly: After Hours Movers
HIGHER: Amgen (AMGN), up moderately after reporting results from its seven-year Phase 3 Evaluation of Denosumab. DOWN AFTER EARNINGS: Ryder (R), down 7.5%. ALSO LOWER: FMC Corporation (FMC), down 8.8% after cutting its fiscal 2015 EPS view... Collegium Pharmaceutical (COLL), down 5.4% after announcing that the FDA will not complete its review of its New Drug Application for Xtampza ER... Fortress (FIG), down 4.4% following reports that the company will close its macro hedge fund... JetBlue (JBLU), down 2.1% after reporting September traffic.
16:28 EDTFIGFortress plans to shutter macro hedge fund run by Novogratz, Bloomberg says
After two years of losses, Fortress Investment Group plans to shutter its macro hedge fund run by Michael Novogratz, says Bloomberg. Fortress plans to inform investors in the fund in the coming days, added Bloomberg, citing sources. Reference Link
16:12 EDTFIGFortress to close macro hedge fund, Dow Jones says
Fortress principal Michael Novogratz -- who previously ran the fund -- will depart, added Dow Jones. The move comes after declines of 17.5% through September.
15:49 EDTFIGFortress plans to close macro hedge fund soon, Bloomberg says
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