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Stock Market & Financial Investment News

News Breaks
June 27, 2014
12:56 EDTNKE, DD, FINL, MTW, DG, LITB, ROCKOn The Fly: Midday Wrap
Stocks on Wall Street were mixed at midday with DuPont's (DD) slide weighing down the blue-chip Dow more than Nike's (NKE) advance is helping it. Stocks began the session in negative territory but soon turned mixed, where they have remained, with the Nasdaq the leader and the Dow the laggard. The averages have stalled, but they still remain on track to be positive for the month of June, though the month does not end until after Monday's session. ECONOMIC EVENTS: In the U.S., the final University of Michigan consumer sentiment index for June rose to 82.5, which beat the consensus expectation for a reading of 81.9. COMPANY NEWS: Shares of athletic apparel and footwear giant Nike and sports shoe retailer Finish Line (FINL) climbed after both companies reported better than expected quarterly sales and profits. Near midday, Dow member Nike rose 1.6%, while Finish Line advanced 1.4%... Another member of the Dow Jones Industrial Average, DuPont, moved in the opposite direction, falling over 4.5% after the chemical company cut its earnings outlook for its second quarter and its current fiscal year. MAJOR MOVERS: Among the notable gainers was LightInTheBox (LITB), which jumped 20% after the company raised its Q2 revenue outlook. Also higher was Manitowoc (MTW), which gained 9% and was upgraded to Hold at Jefferies after activist Relational Investors took an 8.5% stake in the company and urged for a spin-off of its food business. Among the noteworthy losers was Gibraltar Industries (ROCK), which dropped nearly 10% after cutting its Q2 outlook, stating that end market demand in the quarter did not rebound as expected. Also lower were shares of discount retailer Dollar General (DG), which fell over 7% after Chief Executive Officer Rick Dreiling announced plans to retire. INDEXES: Near midday, the Dow was down 36.58, or 0.22%, to 16,809.55, the Nasdaq was up 7.41, or 0.17%, to 4,386.45, and the S&P 500 was down 1.60, or 0.08%, to 1,955.62.
News For NKE;DD;FINL;MTW;DG;LITB;ROCK From The Last 14 Days
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August 18, 2014
09:03 EDTDGOn The Fly: Pre-market Movers
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08:47 EDTDGDollar General says would slow store opening growth in Family Dollar deal
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08:35 EDTDGDollar General says emphasis is getting deal 'put to bed'
Says when deal gets done, "Family Dollar (FDO) will look exactly like Dollar General inside." Says is a "huge fan" of Todd Vasos, who would lead the integration, but does not comment on whether Vasos will succeed Dollar General (DG) CEO Rick Dreiling, who will retire in May 2016. Doesn't see antitrust issues as "insurmountable."
08:23 EDTDGDollar General says has expressed interest in Family Dollar 'multiple times'
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08:18 EDTDGDollar General says can mange Family Dollar 'more efficiently and effectively'
Dollar General (DG) says it believes its proposal "far superior" for Family Dollar (FDO) shareholders. Believes company can manage Family Dollar "more efficiently and effectively." Sees approximately $300M-$400M in one-time costs to capture synergies. Sees investment of $400M in CapEx. Says proposed deal would be low double digit percentage accretive in year one, ex-integration and transformation costs. Dollar General notes commitment to return to investment grade credit profile, anticipated three years post closing. Says positioned for long term revenue and earnings growth. Says ready to move to complete due diligence on Family Dollar deal. Says synergies expected to ramp up throughout three-year period. Comments made on Dollar General's conference call discussing its acquisition proposal of Family Dollar for $78.50 per share.
06:27 EDTDGDollar General to host conference call
Conference call to discuss acquisition proposal of Family Dollar will be held on August 18 at 8 am. Webcast Link
06:24 EDTDGOptions expected to be active
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06:13 EDTDGDollar General makes proposal to acquire Family Dollar for $78.50 per share
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06:10 EDTDGDollar General makes proposal to acquire Family Dollar for $78.50 per share
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06:03 EDTDGDollar General makes $78.50/share offer for Family Dollar, CNBC reports
Dollar General (DG) will announce today a $78.50 per share in cash offer to acquire Family Dollar (FDO), CNBC's Andrew Ross Sorkin reports. Dollar Tree (DLTR) is seeking to buy Family Dollar for $74.50 per share.
06:00 EDTDGDollar General offers to buy Family Dollar for $78.50/share, CNBC reports
August 14, 2014
17:46 EDTMTWRelational Investors gives quarterly update on stakes
NEW STAKES: Whole Foods Market (WFM). INCREASED STAKES: Clean Harbors (CLH), Magnum Hunter Resources (MHR), Manitowoc (MTW), Esterline Technologies (ESL), and Yum! Brands (YUM). DECREASED STAKES: Bunge (BG), and Hologic (HOLX). LIQUIDATED STAKES: W.R. Grace & Co (GRA), and First American Financial (FAF).
17:27 EDTDDAppaloosa gives quarterly update on stakes
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17:16 EDTDGPaulson & Co gives quarterly update on stakes
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14:13 EDTDGOmega Advisors gives quarterly update on stakes
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12:01 EDTDGThird Point gives quarterly update on stakes
NEW STAKES: Rackspace (RAX), Finisar (FNSR), Amgen (AMGN), Ally Financial (ALLY), and AstraZeneca (AZN). INCREASED STAKES: Dollar General (DG) and Dow Chemical (DOW). DECREASED STAKES: FedEx (FDX), Hertz (HTZ), T-Mobile (TMUS) and Intrexon (XON). LIQUIDATED STAKES: Google Class A (GOOGL), Verizon (VZ) and Mondelez (MDLZ).
06:40 EDTDDCarlyle hires firms for Axalta IPO, Reuters says
Carlyle Group (CG) gave Citigroup (C) and Goldman Sachs (GS) leading positions in the possible IPO of Axalta Coating Systems just eighteen months after it acquired the firm from DuPont (DD) for $4.9B, according to Reuters, citing people familiar with the matter. One of the sources said that the IPO could bring in nearly $1B. Reference Link
August 12, 2014
07:36 EDTDGDollar Tree filing shows Family Dollar talks underway before Icahn involvement
A regulatory filing explaining the history of the merger agreement between Dollar Tree (DLTR) and Family Dollar (FDO) showed that, on February 24, a representative of Dollar Tree's financial advisor, JPMorgan, made a telephone call to a representative of Morgan Stanley to express Dollar Tree's interest in discussing a potential business combination transaction with Family Dollar. The filing also states that on June 6 Carl Icahn and certain of his affiliates filed a Schedule 13D disclosing that together they beneficially owned approximately 9.39% of the then-outstanding shares of Family Dollar common stock and that they wished to discuss with Family Dollar its business and strategies to enhance stockholder value. That day, Icahn telephoned Howard Levine, Chairman and CEO of Family Dollar, to discuss the Schedule 13D filing and to express an interest in additional communications with Family Dollar's management regarding the company's current operations and future plans, including potential strategic opportunities and potential business combination transactions. Levine asked Icahn whether he would be willing to sign a non-disclosure agreement and Icahn declined, the filing stated. Additionally on June 6, a member of the board of directors of "Company A" emailed Levine to suggest that they speak. On June 7, Levine and the member of the board of directors of Company A had a telephone conversation, during which the representative of Company A "indicated that Company A would be reluctant to participate in the negotiation of a transaction with Family Dollar if Mr. Icahn were to have a role in or control over the process," the filing states, without identifying Company A. Many, including the Wall Street Journal, have surmised that "Company A" in the filing may refer to Dollar General (DG).
August 11, 2014
07:23 EDTFINLFinish Line management to meet with UBS
Meeting to be held in Minneapolis on August 11 hosted by UBS.
August 6, 2014
09:51 EDTDGDollar General bid for Family Dollar a low probability, says FBR Capital
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