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February 4, 2013
17:01 EDTLXKLexmark repurchased $21M in shares under accelerated repurchase agreement
Lexmark (LXK) disclosed in a regulatory filing that after the close of the markets on January 29, Lexmark entered into an accelerated share repurchase agreement with JPMorgan (JPM). Pursuant to the terms of the agreement, the company will purchase $21M of the outstanding shares of its class A common stock from JPMorgan. After entering into the transaction described above, the company now has approximately $230M of share repurchase authority remaining.
News For LXK From The Last 14 Days
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March 25, 2015
16:21 EDTLXKOn The Fly: Closing Wrap
Stocks opened in quiet fashion and trading remained that way throughout most of the morning. The averages broke to the downside a bit before noon and once the sellers gained control the move became broad based. Each of the major equity averages dropped by about 1.5% or more, with the Nasdaq losing more than 2% of its value during the session. ECONOMIC EVENTS: In the U.S., durable goods orders dropped 1.4% in February, falling well below the consensus call for a 0.2% rise for the month. Transportation orders fell 3.5%, with orders excluding transportation down 0.4% against expectations of a 0.2% positive movement. In Europe, Germany's Ifo institute business climate index rose to 107.9 from 106.8 in March, topping expectations. COMPANY NEWS: Kraft Foods (KRFT) surged $21.84, or 35.62%, to $83.17 after announcing it has entered a definitive merger agreement with H.J. Heinz to create the Kraft Heinz Company. Under the terms of the deal, Heinz-owners Berkshire Hathaway (BRK.A) and 3G Capital will fund a special $10B cash dividend of $16.50 per share for Kraft shareholders. The new company, which will be publicly traded and 49% owned by current Kraft shareholders 51% owned by current Heinz shareholders, will become the third-largest food and beverage company in North America and fifth largest food and beverage company in the world. MAJOR MOVERS: Among the notable gainers was Kofax (KFX), which jumped $3.45, or 46%, to $10.95 after agreeing be acquired by Lexmark (LXK) for $11.00 per share in cash for a total enterprise value of approximately $1B, net of cash acquired. Lexmark, which stated the deal will "nearly double" its enterprise software business to roughly $700M, also gained $2.48, or 6.08%, to $43.27. Among the noteworthy losers was Apollo Education Group (APOL), which fell $7.95, or 28.4%, to $20.04 after reporting Q2 earnings and University of Phoenix enrollment information. Also lower were shares of Nationstar Mortgage (NSM), which declined $5.15, or 16.54%, to $25.99 after its 17.5M share spot secondary offering of stock priced at $28.95 per share. INDEXES: The Dow declined 292.60, or 1.62%, to 17,718.54, the Nasdaq fell 118.21, or 2.37%, to 4,876.52, and the S&P 500 dropped 30.45, or 1.46%, to 2,061.05.
13:08 EDTLXKLexmark acquisition could put floor in shares, says Brean Capital
Brean Capital believes Lexmark's (LXK) acquisition of Kofax (KFX) could put a floor in the stock. It estimates the deal could add at least $1.20 to normalized earnings per share. Brean keeps a Hold rating on Lexmark.
12:52 EDTLXKOn The Fly: Midday Wrap
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10:03 EDTLXKHigh option volume stocks
High option volume stocks: NVO SXC SONC EXH KRFT WLB ETR LXK APOL EWH
09:24 EDTLXKOn The Fly: Pre-market Movers
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March 24, 2015
19:40 EDTLXKOn The Fly: After Hours Movers
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19:30 EDTLXKKofax, Lexmark shares both up after Lexmark agrees to acquire Kofax
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17:37 EDTLXKKofax shares up 45% after being acquired by Lexmark
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16:37 EDTLXKLexmark to acquire Kofax for $11 per share in cash
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16:32 EDTLXKLexmark to acquire Kofax for $11 per share in cash
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