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Stock Market & Financial Investment News

News Breaks
June 15, 2014
14:55 EDTLADLithia Motors to acquire DCH Auto Group
Lithia Motors and DCH Auto Group Limited have entered into a definitive agreement to combine their companies. In the transaction, Lithia will acquire 100% of the outstanding shares of DCH Auto Group , one of the 10 largest dealer groups in the country, for an estimated price of approximately $340M in cash and $22.5M, or approximately 300,000 shares of Lithia common stock. Upon closing, DCH's 27 stores, located in Southern California, New Jersey and New York, will be combined with Lithia's 101 stores in the Western United States. The DCH stores are estimated to generate approximately $2.3B in annualized revenue, and are expected to increase 2014 earnings per share by approximately 12c to 14c, excluding acquisition costs. On an annualized basis, the DCH stores are expected to increase earnings per share by 65c to 75c. The transaction is expected to be funded through the expansion of Lithia's existing credit facility by $600M, mortgage financing of $200M, and available cash flows from operations. It is targeted to close in Q414, and is subject to customary approval conditions. Lithia expects to incur pre-tax costs associated with the transaction of approximately 4c to 6c per share in 2014.
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August 15, 2014
10:01 EDTLADOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Apollo Global (APO) downgraded to Market Perform from Outperform at Wells Fargo... Calavo Growers (CVGW) downgraded to Neutral from Outperform at Wedbush... DaVita (DVA) downgraded to Hold from Buy at Deutsche Bank... Dangdang (DANG) downgraded to Neutral from Outperform at Credit Suisse... Ducommun (DCO) downgraded to Neutral from Buy at DA Davidson... Energy XXI (EXXI) downgraded to Sector Perform from Outperform at Howard Weil... Fifth Street Finance (FSC) downgraded to Neutral from Buy at Gilford Securities... Genetic Technologies (GENE) downgraded to Neutral from Buy at Ladenburg... Harmony Gold (HMY) downgraded to Underweight from Neutral at HSBC... Ignite Restaurant (IRG) downgraded to Neutral from Overweight at Piper Jaffray... JDSU (JDSU) downgraded to Hold from Buy at Argus... K12 (LRN) downgraded to Market Perform from Outperform at Wells Fargo... KKR (KKR) downgraded to Market Perform from Outperform at Wells Fargo... Lexington Realty (LXP) downgraded to Neutral from Buy at Ladenburg... Lithia Motors (LAD) downgraded to Underweight from Equal Weight at Morgan Stanley... New York & Co. (NWY) downgraded to Neutral from Buy at Janney Capital... OCI Partners (OCIP) downgraded to Underweight from Equal Weight at Barclays... OmniVision (OVTI) downgraded to Neutral from Outperform at RW Baird... Smith & Nephew (SNN) downgraded to Equal Weight from Overweight at Morgan Stanley... Subsea 7 (SUBCY) downgraded to Neutral from Buy at Goldman... Tencent (TCEHY) downgraded to Neutral from Overweight at JPMorgan... ViaSat (VSAT) downgraded to Equal Weight from Overweight at Stephens... bebe stores (BEBE) downgraded to Neutral from Buy at Janney Capital.
08:21 EDTLADLithia Motors downgraded to Underweight from Overweight at Morgan Stanley
Morgan Stanley downgraded Lithia Motors two notches to Underweight from Overweight due to rich valuation, execution risk, tougher comps, and macro headwinds. price target is $80.
06:02 EDTLADLithia Motors downgraded to Underweight from Equal Weight at Morgan Stanley
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