New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
February 20, 2013
16:52 EDTHNR, CHTP, OMX, TSS, CAT, ODP, NTSP, TRIOn The Fly: Closing Wrap
Stocks on Wall Street were lower as each of the major averages dropped after the minutes from the last FOMC meeting indicated several Fed members are ready to vary the pace of bond buying... ECONOMIC EVENTS: In the U.S., housing starts dropped 8.5% to a 890K rate in January, which was less than forecast. However, building permits were up 1.8% in the month, versus expectations for an increase of 1.2%. Producer prices in January rose 0.2%, versus expectations for an increase of 0.3%. The core producer price inflation figure, which excludes volatile food and energy components, rose 0.2%, which was in line with expectations. The minutes from the FOMC's Jan 29-30 meeting, released at 2 pm ET, said that several Fed members are concerned about the costs and risks of additional asset purchases. Several members of the committee said the Fed should be prepared to vary the pace of asset purchases, as the committee members continued to see moderate economic growth and gradually declining unemployment... COMPANY NEWS: The Office Depot (ODP) and OfficeMax (OMX) merger, reported over the long holiday weekend by the Wall Street Journal, was formally announced by the companies. However, the confirmation was inadvertently released on Office Depot's website ahead of the joint announcement, an error for which Thomson Reuters (TRI) later took responsibility. Shares of both companies, which had run-up after the WSJ story, declined following the confirmation, with Office Depot losing 84c, or 16.73%, to $4.18 and OfficeMax falling $91c, or 7%, to $12.09... Dow member Caterpillar (CAT) dropped $2.38, or 2.49%, to $93.22 after disclosing that global retail machine sales were down 4% in the three month rolling period ending January 31... MAJOR MOVERS: Among the notable gainers were shares of Chelsea Therapeutics (CHTP), up $1.14, or 149.51%, to $1.91 after the company received FDA guidance for a Northera new drug application resubmission and the stock was upgraded to Buy at Ladenburg. Also higher was NetSpend (NTSP), up $3.52, or 28.64%, to $15.81 after agreeing to be acquired by Total Systems (TSS) for $16 per share. Shares of buyer Total Systems lost $1.51, or 6.43%, to $21.97 following the acquisition. Also lower were shares of Harvest Natural Resources (HNR), down $3.71, or 40.5%, to $5.45 after its agreement to sell interests in Venezuela was terminated since the government of Indonesia voted against the transaction... INDICES: The Dow was down 108.13, or 0.77%, to 13,927.54; the Nasdaq was down 49.18, or 1.53%, to 3,164.41; and the S&P 500 was down 18.99, or 1.24%, to 1,511.95.
News For ODP;OMX;TRI;CAT;CHTP;NTSP;TSS;HNR From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
January 26, 2015
15:50 EDTCATCaterpillar January weekly 85 straddle priced for 4.4% movement into Q4
Subscribe for More Information
15:40 EDTCATNotable companies reporting before tomorrow's open
Subscribe for More Information
14:59 EDTCATCaterpillar technical comments ahead of earnings
Subscribe for More Information
13:15 EDTCATEarnings Preview: Caterpillar sees Q4 profitability down slightly
Subscribe for More Information
11:08 EDTCATCaterpillar reports retail machines sales down 12% in three months end December
Caterpillar reported earlier its total retail machines sales down 12% on a three month rolling basis in December. Sales were down 10% in the period ending in November and were down 9% in the period ending in October. The company reported world Resources Industries sales down 22% in the December period, which was a bit improved from the 23% drop in the November end period. Construction Industries world sales were down 9%, worse than the 6% drop in the November period. Caterpillar retail sales of machines by geographic region for the 3-month rolling period ended December were reported in a regulatory filing earlier. Caterpillar shares are up 0.4% to $85.96 in morning trading.
09:57 EDTCATCaterpillar January weekly volatility elevated into Q4 and outlook
Subscribe for More Information
January 21, 2015
10:01 EDTTRIOn The Fly: Analyst Downgrade Summary
Subscribe for More Information
09:20 EDTTRIThomson Reuters downgraded to Hold from Buy at TD Securities
Subscribe for More Information
07:43 EDTCATCaterpillar guidance expected to disappoint, says UBS
UBS sees many headwinds for Caterpillar, including lower oil prices, slowing construction activity, and foreign currency headwinds. Although the firm feels the risks are already priced into the stock, they lowered estimates and expect forward guidance to be disappointing. UBS reiterated its Neutral rating but lowered its price target to $84 from $104 on Caterpillar shares.
January 20, 2015
13:09 EDTODPSources: Staples to spurn Starboard's call to merge with Office Depot, FT says
Subscribe for More Information
10:47 EDTODPStaples says will consider 'all actions' that would create shareholder value
Subscribe for More Information
10:23 EDTODPStarboard says Staples should explore merger with Office Depot
Starboard Value, one of the largest shareholders of Staples (SPLS), confirmed, as previously reported, that it has delivered a letter to Ronald Sargent, Chairman and CEO of Staples, and the board of directors of Staples. In the letter, Starboard states in part: "As we discussed in our recent meeting, we believe that the best way to maximize value for Staples' shareholders is through exploring and completing a business combination with Office Depot (ODP). For a variety of reasons, we believe that now is the right time to pursue such a transaction, and we urge you to immediately retain a reputable investment bank and legal advisors to assist the Board in evaluating, structuring and executing a transaction with Office Depot. We believe that a strategic combination of Staples and Office Depot would result in synergies that would more than double the operating profits of the combined company and would create an industry-leading office supply retailer that could more effectively compete against larger retailers and online competitors. The magnitude of value creation from such a business combination far exceeds anything that either company could achieve on a standalone basis. We believe that the evidence is clear that shareholders are broadly supportive of a transaction between Staples and Office Depot. As shown in the chart below, since the merger speculation began last September, Staples' share price has risen over 50%, strongly outperforming the S&P 500...After the recent increase in Staples' share price, we believe the stock now trades at a substantial premium to the intrinsic value of the standalone company. This results in a lower cost of capital for Staples and a stronger currency which could be used to acquire Office Depot. If Staples fails to fully explore and consummate a transaction with Office Depot, shareholders will undoubtedly be extremely disappointed...We understand that this will require cooperation from Office Depot, and we have already expressed to them our strong support for a transaction...Our sincere hope is that we can continue to have a constructive dialogue. However, if it becomes clear to us that you have no intention of seriously pursuing this unique and highly attractive opportunity, it would be a clear sign that significant leadership change is needed at Staples."
09:31 EDTODPActivist Starboard urging Staples, Office Depot to merge, WSJ reports
Subscribe for More Information
08:59 EDTODPStarboard urged Staples to explore Office Depot merger, Bloomberg says
Subscribe for More Information
January 16, 2015
07:23 EDTCATJim Chanos says long shares of Apple
Subscribe for More Information
07:16 EDTCATCaterpillar January weekly volatility elevated into Q4 and outlook
Subscribe for More Information
07:12 EDTCATChanos says two of three Caterpillar areas 'highly troubled'
Subscribe for More Information
06:55 EDTHNRHarvest Natural to host conference call
Subscribe for More Information
06:18 EDTHNRHarvest Natural files request for international arbitration against Venezuela
Subscribe for More Information

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use