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Stock Market & Financial Investment News

News Breaks
September 10, 2013
07:51 EDTWPC, PENN, CSG, SIR, COLE, LXP, EPR, STAG, O, NNNWells Fargo to host a forum
2nd Annual Net Lease REIT Forum is being held in New York on September 10.
News For NNN;LXP;CSG;O;COLE;PENN;STAG;SIR;WPC;EPR From The Last 14 Days
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July 2, 2015
08:57 EDTPENNPenn National Plainridge casino expectations too high, says Morgan Stanley
Morgan Stanley believes Penn National Plainridge Park casino consensus expectations for $250M revenue and $60M EBITDA in 2016 are too high. The firm said other city property openings within proximity suggest lower win, unit and spend, and will likely face capacity issues. Morgan Stanley rates Penn National an Underweight with a $15 price target and says risk/reward is unfavorable.
07:32 EDTWPCW.P. Carey acquires $26M logistics facility leased to Scania
W. P. Carey has acquired a logistics facility in Oskarshamn, Sweden for approximately $26M. The facility was purchased from the developer and is net leased to Scania AB, the Swedish manufacturer of commercial vehicles. The facility is net leased with approximately 15 years remaining and includes annual CPI-based rent escalations.
05:34 EDTCSGChambers Street Properties downgraded to Market Perform at Wells Fargo
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July 1, 2015
16:05 EDTSTAGSTAG Industrial receives $60.8M from Q2 ATM stock offering
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13:05 EDTCSGOn The Fly: Top stock stories at midday
Stocks on Wall Street remain higher at midday but off their best levels, which were achieved shortly after the open. The strength is being largely attributed to hopes for a resolution to the Greek crisis, but the move was also supported by better than expected domestic data on employment, construction and manufacturing. ECONOMIC EVENTS: In the U.S., ADP reported the addition of 237,000 private sector jobs in June, versus expectations for 218,000 job additions. Markit's manufacturing purchasing managers' index for June came in at 53.6, narrowly topping the 53.4 forecast. ISM's manufacturing index rose to 53.5 in June, topping May's 52.8 reading and the 53.2 consensus forecast. Construction spending rose 0.8% in May, versus the expected growth of 0.5%. In China, manufacturing PMI's came in short of expectations. The HSBC/Markit PMI slipped to a final 49.4 in June from the flash reading of 49.6 reading, while the official manufacturing PMI fell to 50.1 in June from 50.9 in May. In Europe, Greece officially missed its $1.7B payment to the International Monetary Fund, becoming the first developed country to do so. The Financial Times then reported the Greek government was indicating it was willing to make concessions that get it much closer to creditor demands. The new proposal for budget cuts and policy overhauls from Prime Minister Alexis Tsipras was dismissed by European officials, however, and uncertainty remains high surrounding the next steps in Europe. COMPANY NEWS: In a blockbuster deal in the insurance industry, ACE Limited (ACE) agreed to acquire Chubb (CB) in a transaction valued in excess of $28B in cash and stock. ACE said it expects that the deal will be immediately accretive to EPS and book value, and by year three, the transaction will be accretive to EPS on a double-digit basis and will be accretive to ROE. The combined company is expected to be the number one global Property and Casualty insurance company by P&C underwriting income and the number two U.S. public P&C insurer by market cap. ACE shares advance 2% following the deal announcement, while Chubb surged 29%... General Motors (GM) reported its U.S. sales fell 3% in June compared to the same month of last year, while Ford (F) said its sales grew 1.6% last month compared to last year. FCA US, the parent of the Chrysler and Jeep brands, reported U.S. sales increased 8% compared with sales in June 2014. MAJOR MOVERS: Among the notable gainers was Schnitzer Steel (SCHN), which rose 14% after BofA Merrill Lynch upgraded the shares two notches to Buy from Underperform and raised its price target to $21, saying it believes scrap pricing should be nearing a trough with stability expected ahead. Also higher were shares of Dycom (DY), which gained 7% after the company raised its fourth quarter guidance for both earnings and revenue and announced a $40M stock repurchase program. Among the noteworthy losers was Chambers Street Properties (CSG), which fell 8% after announcing a merger agreement with Gramercy Property Trust (GPT), whose shares also slipped 3% following the announcement of the stock-for-stock transaction. Also lower were shares of Peabody Energy (BTU), which dropped 24% after cutting its second quarter guidance on Tuesday night. The company sees its adjusted EPS below its original target due to multiple factors, including flash flood events in June and price drops in Australian metallurgical coal. INDEXES: Near midday, the Dow was up 88.42, or 0.5%, to 17,707.93, the Nasdaq was up 13.01, or 0.26%, to 4,999.88, and the S&P 500 was up 8.62, or 0.42%, to 2,071.73.
07:55 EDTCSGChambers Street Properties & Gramercy Property Trust host joint conference call
Conference call to discuss merger agreement will be held on July 1 at 8:30am. Webcast Link
07:34 EDTWPCW.P. Carey JV purchases the Ritz-Carlton, Fort Lauderdale Property
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07:09 EDTCSGChambers Street, Gramercy Property to continue dividend policy until deal close
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07:08 EDTCSGChambers Street, Gramercy Property merger has enterprise value of approx. $5.7B
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07:08 EDTCSGChambers Street Properties, Grammercy Property Trust announce merger agreement
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07:06 EDTCSGChambers Street, Gramercy Property Trust announce merger agreement
June 29, 2015
07:00 EDTWPCBon-Ton Stores announces sale-leaseback agreement
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June 26, 2015
09:32 EDTPENNNevada reports May Statewide gaming win up 3.33% to $1.0B
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June 25, 2015
10:00 EDTWPC, LXP, STAGOn The Fly: Analyst Downgrade Summary
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09:10 EDTLXPLexington Realty downgraded to Neutral from Buy at BofA/Merrill
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09:10 EDTSTAGSTAG Industrial downgraded to Neutral from Buy at BofA/Merrill
BofA/Merrill downgraded STAG Industrial to Neutral and lowered its price target to $22.50 from $24 due to valuation and increasing cost of capital from higher interest rates.
09:09 EDTWPCW.P. Carey downgraded to Underperform from Neutral at BofA/Merrill
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June 24, 2015
09:13 EDTPENNPenn National’s Plainridge Park Casino debuts as Massachusetts’ first casino
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June 23, 2015
08:03 EDTWPCW.P. Carey names Jason Fox President, Hisham Kader CFO
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June 19, 2015
07:38 EDTPENNMacau official says monthly revenue could hit four year low, says Wells Fargo
Wells Fargo reports that a Macau official said that the region's gaming revenue may hit the lowest level in over four years this month. The official said that the region's June gambling revenue could be more than 20% below the average for the first five months of this year, the firm added. Wells says that Macau's gaming industry remains challenged, and it remains neutral on the sector. Publicly traded companies in the space include Las Vegas Sands (LVS), MGM Resorts (MGM), Wynn Resorts (WYNN), and Melco Crown (MPEL).
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