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News Breaks
March 13, 2013
19:00 EDTASI, SCMP, DCTH, BBRY, MW, CRA, CBK, ETFCOn The Fly: After Hours Movers
UP AFTER EARNINGS: Men's Wearhouse (MW), up 12.1% after earnings and saying it has hired Jefferies to evaluate strategic alternatives for its K&G operations... Sucampo (SCMP), up 6%... Christopher & Banks (CBK), up 3.5%... ALSO HIGHER: BlackBerry (BBRY), up 2.6% after the company made a late afternoon announcement that it had received a 1M unit order for BlackBerry 10 phones... American Safety Insurance (ASI), up 4.3% after announcing it is exploring strategic alternatives, including a possible sale... DOWN AFTER EARNINGS: Vera Bradley (VRA), down 5.8%... Delcath Systems (DCTH), down 7.2% after earnings and filing $50M at-the-market offering... ALSO LOWER: E-Trade (ETFC), down 4.8% after announcing plans to 27.39M shares of common stock for a holder.
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August 27, 2015
09:12 EDTSCMPSucampo price target raised to $36 from $31 at H.C. Wainwright
H.C. Wainwright said Sucampo's proposed acquisition of its supplier R-Tech Ueno is about "a lot more" than just lower costs and direct control over the supply chain, noting that Sucampo will also acquire several early pipeline assets via the deal. The firm, which contends that the market has "yet to fully comprehend the impact of this acquisition," raised its price target on Sucampo shares to $36 from $31.
August 26, 2015
07:47 EDTSCMPSucampo to host conference call
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06:19 EDTSCMPSucampo launches tender offer to acquire R-Tech Ueno for $278M
Sucampo Pharmaceuticals announced the launch of an all-cash tender offer in Japan by Sucampo's Japanese subsidiary and the execution of a separate share purchase agreement with certain shareholders of R-Tech Ueno to acquire all outstanding shares of R-Tech Ueno for a total consideration of JPY33 billion, or approximately $278M, inclusive of approximately $54M in cash and 2.5M Sucampo shares, held by R-Tech Ueno. The purchase price reflects a 16% premium over R-Tech Ueno's one-month volume weighted average price and a 16% premium over R-Tech Ueno's three-month volume weighted average price. Assuming a successful completion of the acquisition, for full year 2016, excluding amortization and debt costs related to the proposed transaction, Sucampo expects to achieve net income of $55M to $60M , earnings per share of $1.20 to $1.30, and adjusted EBITDA of $95M to $100M. In addition, Sucampo expects to achieve pre-tax operational synergies of approximately $5M on an annualized basis in 2016. Sucampo does not expect the acquisition to have a material impact on 2015 results given the expected timing of transaction close. R-Tech Ueno is a Japanese pharmaceutical company that manufactures AMITIZA for Sucampo and Sucampo's commercialization partners, Takeda Pharmaceuticals, Mylan N.V. and Harbin Gloria Pharmaceuticals. R-Tech Ueno also receives revenue from sales of RESCULA in Japan. In addition, the company has a diverse pipeline of drug candidates in various stages of development in gastroenterology, ophthalmology, autoimmune and inflammatory diseases, and oncology. In the tender offer, which has been unanimously approved by the Board of Directors of both companies, Sucampo's Japanese subsidiary Sucampo Pharma, LLC will offer JPY1,900 per share in cash for the shares of R-Tech Ueno. Sucampo is expecting to acquire 56% of the outstanding shares of R-Tech Ueno in the tender offer. Separately, Sucampo has entered into agreement with R-Tech Ueno's founders and a related entity to acquire the remaining 44% of R-Tech Ueno shares for JPY1,400 per share; the closing of this share purchase is conditioned on the closing of the tender offer. The tender offer period is expected to end on October 13, 2015, assuming the tender offer achieves the minimum acceptance threshold, regulatory approvals and other customary conditions, subject to our right to extend the offer. Following completion of the tender offer and the closing of the share purchase agreement with the founders, Sucampo will acquire all remaining outstanding shares of R-Tech Ueno not acquired through the tender offer through a squeeze-out process. The squeeze out process may take up to 13 weeks to complete. The aggregate acquisition price of R-Tech Ueno will be approximately $278 million. Sucampo expects to close the acquisition in the fourth quarter of 2015.
August 24, 2015
09:45 EDTSCMPOn The Fly: Analyst Initiation Summary
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07:29 EDTSCMPSucampo initiated with a Buy at H.C. Wainwright
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August 20, 2015
09:00 EDTMWMen's Wearhouse selloff a buying opportunity, says Jefferies
Jefferies analyst Edward Plank views the recent selloff in shares of Men's Wearhouse as a buying opportunity. Much of the back-end integration risk from Jos. A. Bank has now passed, and margin improvement should follow, Plank tells investors in a research note. The analyst's FY18 bull case suggests a price target of $100, or 75% upside from current levels, versus a bear case of $47, or 20% downside. He keeps a Buy rating on Men's Wearhouse with a $67 price target.
August 19, 2015
13:09 EDTBBRYLeaked photo shows BlackBerry's Android phone with keyboard, BGR reports
A leaked photo shows BlackBerry's upcoming phone based on the Android operating system will have a keyboard that slides out of the bottom, BGR reports. Reference Link
August 17, 2015
07:39 EDTBBRYTMC to hold a conference
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August 14, 2015
10:02 EDTCBKOn The Fly: Analyst Downgrade Summary
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09:22 EDTCBKChristopher & Banks downgraded to Neutral from Buy at Dougherty
08:08 EDTETFCE-Trade reports July DARTs down 3% from a year ago
E*TRADE Financial Corporation released its Monthly Activity Report for July. Daily Average Revenue Trades for July were 149,283, a 7% increase from June and a 3% decrease from the year-ago period. The company added 29,623 gross new brokerage accounts in July, and ended the month with approximately 3.2 million brokerage accounts. Excluding closed accounts from the shutdown of the company's global trading platform, net new brokerage accounts were 2,727. Net new brokerage assets were $0.2B in the month. During the month, customer security holdings increased by 0.2%, or $0.5B, and brokerage-related cash decreased by $0.8B to $41.2B. Bank-related cash and deposits ended the month unchanged at $5.5B. Customers were net buyers of approximately $1.1B in securities during the month.
06:05 EDTCBKChristopher & Banks downgraded to Hold from Buy at Brean Capital
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August 13, 2015
16:35 EDTCBKChristopher & Banks no longer sees meeting its prior full year guidance
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16:34 EDTCBKChristopher & Banks reports preliminary Q2 revenue $94M, consensus $102.24M
Comparable stores sales declined approximately 12.4%, with 56% of total stores on average included in the comparable store base, reflecting the repositioning of the store base as part of the MPW strategy. The Company currently expects gross margin to decline approximately 250 basis points versus last year's second quarter due to deleveraging as a result of lower sales. This compares to its previous guidance of flat to an increase of 50 basis points as compared to the prior year period. The Company currently anticipates SG&A for the second quarter will be approximately $30 million, which reflects both cost savings and a reduction in forecasted accrued incentives in the amount of approximately $1.6 million during the quarter. This compares to the previous SG&A outlook of between $32.5 million and $33.0 million. Inventory per square foot at the end of the quarter was up approximately 3% as compared to the level at the end of last year's second quarter. This is slightly above the Company's earlier guidance of approximately flat. LuAnn Via, President and Chief Executive Officer, stated, "We are disappointed by our financial results for the second quarter as we saw sales weaken significantly in late June and in July across all product categories. While sales were lower in all of our channels during the latter part of the quarter, our eCommerce business achieved plan for the quarter with strong double digit growth as compared to last year's second quarter. Overall, we believe that our business continued to be impacted by unfavorable macro challenges and the weakness in mall traffic. In addition, reduced levels of clearance merchandise and a more aggressive promotional environment were also contributing factors to the sales shortfall.

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