New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
August 11, 2014
16:50 EDTKMR, INO, KMP, MFRM, EPB, WAC, KMI, CQBOn The Fly: Closing Wrap
Stocks on Wall Street opened in positive territory but were never able to gain any upside momentum. There was little to account for the initial move other than no change to the status quo for Israel and Russia. The averages moved in a narrow range but managed to stay on the plus side into the close, though in lackluster fashion. ECONOMIC EVENTS: In the U.S., no significant economic data was released. In prepared comments for a conference, Federal Reserve Vice Chairman Stanley Fischer said rebounds across advanced economies have been disappointing, leading the Fed and other observers to lower their long-term expectations for growth potential in the U.S. COMPANY NEWS: Shares of Kinder Morgan (KMI) advanced $3.25, or 9.0%, to $39.37 after announcing it will consolidate its oil-and-gas holdings into one company by acquiring all of the outstanding shares of a number of its subsidiaries, including Kinder Morgan Energy Partners (KMP), Kinder Morgan Management (KMR) and El Paso Pipeline Partners (EPB). The total transaction has a value of about $70B and the combined entity will be the largest energy infrastructure company in North America and the third largest energy company overall with an estimated enterprise value of approximately $140B, the company said. Afterward, Kinder Morgan was upgraded to Buy from Neutral at BofA Merrill Lynch, though Wells Fargo viewed the plans as mixed near-term. Wells believes the deal helps address some of the structural issues that have been pressuring Kinderís valuation in recent quarters, but it believes itís unclear how the market will ultimately value the new structure and the firm kept its Market Perform rating on all four stocks involved. MAJOR MOVERS: Among the notable gainers was salad and banana distributor Chiquita Brands (CQB), which jumped $3.04, or 30.22%, to $13.10 to close above the $13 per share takeover offer announced by Cutrale Group and the Safra Group. Note that Chiquita previously agreed to combine with Fyffes plc in a stock-for-stock transaction. Also higher was Mattress Firm (MFRM), which advanced $6.52, or 13.58%, to $54.53 after reporting preliminary second quarter results that beat expectations and raising it fiscal year outlook. Among the noteworthy losers following their earnings reports were Walter Investment (WAC), which fell $3.52, or 12.45%, to $24.75, and Inovio (INO), which dropped 99c, or 9.94%, to $8.97. INDEXES: The Dow edged up 16.05, or 0.1%, to 16,569.98, the Nasdaq gained 30.43, or 0.7%, to 4,401.33, and the S&P 500 rose 5.33, or 0.28%, to 1,936.92.
News For KMI;CQB;MFRM;INO;WAC;KMP;KMR;EPB From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
June 29, 2015
08:34 EDTWACWalter Investment adopts one-year shareholder rights plan
Walter Investment announced that its board has adopted a one year shareholder rights plan. Walter Investment's board adopted the rights plan in response to accumulations of the company's shares in the market. The rights plan is intended to enable all Walter Investment shareholders to realize the full value of their investment in the company and to reduce the potential that any person or group could gain control of the company by open market accumulation or other tactics without paying a control premium. The rights plan applies equally to all current and future stockholders and is not intended to deter offers that are fair and otherwise in the best interests of the company's shareholders. The rights plan, which has a 20% beneficial ownership threshold, may be amended, redeemed or terminated by the board at any time prior to being triggered or its expiration on June 29, 2016. The rights plan exempts any person or group currently owning 20 percent or more of the company's common stock. However, the rights will be exercisable if a person or group that already owns 20 percent or more of the company's common stock acquires any additional shares after the time of announcement of the rights plan.
June 24, 2015
15:47 EDTKMIBankers see Energy Transfer having upper hand for Williams, dealReporter says
Energy industry bankers believe Energy Transfer Equity (ETE) has a good chance of winning its hostile bid for Williams (WMB), with one guessing Williams is likely to sell at a higher offer, but still to Energy Transfer, and another believing Energy Transfer will likely have to tweak the offer terms to change Williamsí mind, said dealReporter, according to contacts. Both bankers referenced in the report said other suitors are likely to emerge, with Kinder Morgan (KMI) and Enterprise Products Partners (EPD) named as being "equally capable" of pursuing a deal.
June 22, 2015
17:04 EDTKMIOn The Fly: Top stock stories for Monday
Subscribe for More Information
16:41 EDTWACBaker Street Capital reports 22.3% stake in Walter Investment
Subscribe for More Information
08:47 EDTKMIKinder Morgan not likley to bid Williams, says Credit Suisse
Subscribe for More Information

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use