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Stock Market & Financial Investment News

News Breaks
April 3, 2014
11:13 EDTLQDT, ACTG, ADI, PGR, URSHigh option volume stocks: LQDT ACTG ADI PGR URS
News For LQDT;ACTG;ADI;PGR;URS From The Last 14 Days
Check below for free stories on LQDT;ACTG;ADI;PGR;URS the last two weeks.
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July 14, 2014
08:33 EDTURSAECOM Technology expects to return to lower debt levels by 2017
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08:19 EDTURSURS Corporation downgraded to Neutral from Buy at DA Davidson
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08:01 EDTURSAECOM Technology to host conference call
Conference call to discuss the acquisition of URS Corporation will be held on July 14 at 8 am. Webcast Link
07:38 EDTURSURS volatility expected to move on AECOM Technology acquiring for $4B
URS (URS) option implied volatility is expected to move on AECOM Technology (ACM) acquiring all outstanding shares of URS for a combination of cash and stock valued at approximately $4B or $56.31 per URS share. Overall option implied volatility of 49 is above its 26-week average of 29 according to Track Data, suggesting large near term price movement.
July 13, 2014
14:06 EDTURSAECOM sees URS deal accretive to GAAP EPS in FY15
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14:02 EDTURSAECOM backs FY14 EPS view in lower range of $2.50-$2.60, consensus $2.49
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13:54 EDTURSAECOM Technology to acquire URS for $56.31 per share
AECOM Technology (ACM) and URS (URS) announced the execution of a definitive agreement under which AECOM will acquire all outstanding shares of URS for a combination of cash and stock valued at approximately $4B or $56.31 per URS share, based on the AECOM closing share price as of July 11. Including the assumption of URS debt, the total enterprise value of the transaction is approximately $6B. The combined company will be a leading, fully integrated infrastructure and federal services provider with more than 95,000 employees in 150 countries. It would have calendar year 2013 pro forma revenues of more than $19B and EBITDA of approximately $1.3B. AECOM will pay $56.31 per URS share, based on AECOM’s closing price on July 11, representing a premium of 19% over the trailing 30-day average closing price of URS shares ending July 11. URS stockholders will receive per share consideration equal to $33 in cash and 0.734 shares of AECOM common stock for each URS share. URS stockholders may elect to receive all cash or all stock consideration, subject to proration in the event of oversubscription. The election will be subject to a customary proration mechanism to achieve an aggregate consideration mix of approximately 59% cash and 41% AECOM common shares. The stock portion of the consideration is expected to be tax-free to URS stockholders. AECOM expects the combination to be accretive to its GAAP earnings per share and more than 25% accretive to its cash earnings per share in fiscal year 2015, excluding transaction-related costs. AECOM also expects annual cost synergies of $250M, nearly all of which it expects to achieve by the end of fiscal year 2016. These synergy expectations are based on the due diligence and planning that have already been conducted. Including the realization of expected synergies, the approximately $6B enterprise value of the transaction is less than 7x pro forma 2015 URS EBITDA. The terms of the definitive agreement have been unanimously approved by the Boards of Directors of both companies. The transaction is subject to customary closing conditions, including regulatory approvals, approval by URS stockholders of the merger agreement, and the approval by AECOM stockholders of the issuance of shares in the transaction. The transaction is expected to close in October 2014. AECOM also announced that it continues to target diluted earnings per share in the lower end of its range of $2.50 to $2.60 for fiscal year 2014, excluding transaction-related costs. It also still anticipates that its third-quarter EPS will be approximately 25% of its full-year results. The company’s backlog continues to grow sequentially and year over year, and remains at record levels.
July 11, 2014
10:28 EDTURSURS Corporation working with banks on potential sale, Reuters reports
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10:27 EDTURSURS Corporation calls active on recently held talks with potential buyers report
URS Corporation July 55 calls are active on total call volume of 170 contracts (63 puts) on the company recently held talks with potential buyers, Reuter’s reports. July call option implied volatility is at 50, August is at 45, October is at 29; compared to its 26-week average of 28 according to Track Data. Active call volume suggests traders taking positions for large price movement.
10:19 EDTURSURS jumps 6% after Reuters says working with banks on potential sale
10:15 EDTURSURS Corporation recently held talks with potential buyers, Reuters reports
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July 10, 2014
15:51 EDTLQDTLiquidity Services may have chance to rebid on DoD contract, says RW Baird
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11:58 EDTLQDTLiquidity Services tumbles after guidance cut for defense agency change
Shares of surplus and salvage asset auction marketplace Liquidity Services (LQDT) are tumbling after the company lowered its third quarter adjusted earnings per share and EBITDA guidance. WHAT'S NEW: Liquidity Services now sees its Q3 adjusted EPS to be below 28c-34c and sees its Q3 adjusted EBITDA to be below its guidance range of $18M-$21M. Liquidity Services announced that its sales of selected rolling stock and other assets under its Surplus Contract with the U.S. Defense Logistics Agency have ceased at the request of DLA pending further review of the impact of regulatory rules. This action has resulted in the cancellation of selected sales during the June quarter as well as future sales of selected assets. The company noted that the DLA action was unrelated to the company’s performance or conduct and that it expects its Q3 total gross merchandise volume to be within its guidance range of $225M-$250M. WHAT'S NOTABLE: During the company's conference call explaining the DLA surplus property items and its preliminary Q3 results, the company said that the DLA's recent decision to cease the sale of a majority of the rolling stock items is unexpected as it has sold these items for many years. Liquidity Services currently handle the affected rolling stock items under the terms of its DoD surplus contract, which extends through February 2015 including all renewal options. In April, Liquidity Services announced that it withdrew from the live auction bidding for the new DLA rolling stock contract. The company said that bidding reached a level that it determined would be economically unsustainable under the terms of the new contract jeopardizing the high level of service it had historically provided the DLA. Liquidity Services said that it feels the material reduction to the rolling stock property flow caused by DLA's recent actions will require further analysis regarding the viability of a standalone rolling stock program beyond February 2015. At this time, the DLA has not announced the details of a final policy regarding cessation of rolling stock sales covered under its existing DoD surplus contract, or the impact on the future of the rolling stock program. The company said it will continue to work closely with DLA. PRICE ACTION: During late morning trading, shares of Liquidity Services fell $2.18, or 14.8%, to $12.51.
11:04 EDTPGRProgressive June results miss expectations, says Wells Fargo
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10:58 EDTPGRProgressive reports Q2 EPS with gains 49c, consensus 48c
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09:15 EDTLQDTOn The Fly: Pre-market Movers
HIGHER: Zumiez (ZUMZ), up 5.7% after raising Q2 outlook... DragonWave (DRWI), up 5% after reporting better than expected Q1 results... International Game (IGT), up 3.6% after Italian press report says the company will soon get a $4B offer from GTECH... United Continental (UAL), up 2.9% after reporting June traffic. LOWER: Lumber Liquidators (LL), down 23% after downgraded at Jefferies and Credit Suisse following the company's reduced full-year outlook. Tile Shop (TTS), which also serves flooring customers, down 5.5% following Lumber Liqudators' profit warning... Family Dollar (FDO), down 1.9% after reporting Q3 earnings that missed expectations... Tractor Supply (TSCO), down 5.9% after reporting Q2 preliminary results, saying it now sees FY14 results at low end of guidance range... Liquidity Services (LQDT), down 8% after revising Q3 guidance after its sales of selected rolling stock and other assets under its Surplus Contract with the U.S. Defense Logistics Agency have ceased at the request of DLA... Potbelly (PBPB), down 18% after lowering its Q2 and FY14 outlook... Memorial Production Partners (MEMP), down 7.4% after filing to sell 8.6M shares of common units for partners... Kosmos (KOS), down 3.3% after filing to sell 17M shares of common stock.
08:18 EDTPGRProgressive reports June net premiums written up 4% to $1.38B
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07:06 EDTLQDTLiquidity Services ceases sale of selected U.S. Defense Logistics Agency assets
Liquidity Services announced that its sales of selected rolling stock and other assets under its Surplus Contract with the U.S. Defense Logistics Agency have ceased at the request of DLA pending further review of the impact of regulatory rules, unrelated to the company’s performance or conduct, on the DLA rolling stock property stream. This action has resulted in the cancellation of selected sales during the June quarter as well as future sales of selected assets. Liquidity Services anticipates these developments will adversely impact its financial results for its Q3 ended June 30, 2014 and for its FY14.
07:00 EDTLQDTLiquidity Services sees Q3 adjusted EPS to be below 28c-34c, consensus 30c
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July 9, 2014
06:04 EDTACTGAcacia Research enters into settlement and license agreement with Mitac Digital
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