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Stock Market & Financial Investment News

News Breaks
July 3, 2014
13:32 EDTSNX, NQ, LO, PETM, RAI, PCAROn The Fly: Closing Wrap
Major stock indexes hit record highs for a third day in a row to close out the holiday shortened week, with the Dow Jones Industrial Average managing to rise above 17,000 for the first time. Like the Dow, the S&P 500 opened at a new all-time high and managed to close at one as well following the better than expected non-farm payrolls data. The volume was light, as was to be expected with investors preparing to head out for the Independence Day weekend. ECONOMIC EVENTS: The U.S. economy added 288,000 jobs in June, easily topping economists' expectations of 215,000. The unemployment rate fell to 6.1% from last monthís 6.3% level. The weekly jobless claims data showed initial claims were 315K, versus the expected 313K. The trade balance report showed a deficit of $44.4B, which was below the consensus forecast for a deficit of $45B. Markit's services PMI rose to 61.0 in June from May's 58.1 reading, though it was revised down from the June flash reading of 61.2. ISM services index dipped to 56.0 in June from 56.3 in May, though that matched expectations. In Europe, the ECB kept the interest rates on its main refinancing operations, the marginal lending facility and the deposit facility unchanged. COMPANY NEWS: Shares of PetSmart (PETM) surged $7.48, or 12.5%, to $67.28 after activist investor Jana Partners disclosed that it has acquired a 9.9% stake in the company and intends to have talks with its board of directors and management regarding a review of strategic alternatives, including exploring a sale. Afterward, research firm Oppenheimer said it views a sale of the company as unlikely in the near-term, adding that it does not expect a "quick fix" for PetSmart. Oppenheimer maintained its Perform rating on the stock. MAJOR MOVERS: Among the notable gainers was PACCAR (PCAR), which rose $3.47, or 5.44%, to $67.25 after research reports said Daimler's (DDAIY) truck chief claimed to have been told that Volkswagen (VLKAY) wants to take over the truck maker, even though a spokesman for Volkswagen told Dow Jones that there is "no truth" to the reports that it is planning an acquisition bid. Also higher was Lorillard (LO), which advanced $3.26, or 5.33%, to $64.41 after CNBC's David Faber reported, citing sources, that Reynolds (RAI) is on track to acquire Lorillard "within weeks." Shares of Reynolds also gained $1.40, or 2.33%, to $61.56 following Faber's report and similar headlines from Bloomberg. Among the noteworthy losers was China's NQ Mobile (NQ), which plunged $2.18, or 32.25%, to $4.58 after the company reported that the chair of its audit committee is stepping down and that its independent auditors, PricewaterhouseCoopers, communicated to the company that it would need to perform additional procedures and expand the scope of its audit work. Also lower were shares of SYNNEX (SNX), which fell $3.56, or 4.82%, to $70.37 following the company's Q2 earnings report. Citi attributed the post-earnings sell-off to the company's conservative outlook and the firm said SYNNEX remains its top small cap pick. INDEXES: The Dow rose 92.02, or 0.54%, to 17,068.26, the Nasdaq gained 28.19, or 0.63%, to 4,485.92, and the S&P 500 advanced 10.82, or 0.55%, to 1,985.44.
News For PETM;NQ;PCAR;LO;SNX;RAI From The Last 14 Days
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December 15, 2014
07:40 EDTPETMPetSmart volatility up into acquisition by BC Partners consortium for $8.7B
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06:27 EDTLO, RAILorillard, Reynolds investors to vote on merger on January 28, WSJ reports
Reynolds American (RAI) and Lorillard (LO) shareholders will vote on the proposed $25B merger on January 28, The Wall Street Journal reports. The FTC is continuing its antitrust review on the deal, and a ruling is expected in 1H15. Reference Link
05:49 EDTPETMPetSmart unlikely to receive higher takeover bid, says RW Baird
RW Baird analyst Peter Benedict says PetSmart is unlikely to receive a higher takeover bid compared to the $83 per share that BC Partners is paying to take the company private. Benedict notes that PetSmart had been in a process of reviewing multiple bids before last night's merger announcement. He raised his price target for the stock to $83 from $78 and keeps a Neutral rating on the pet store owner.
December 14, 2014
17:31 EDTPETMPetSmart to be acquired by BC Partners led consortium for $83 per share
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15:23 EDTPETMApollo close to $8B leveraged buyout of PetSmart, Bloomberg says
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December 11, 2014
14:23 EDTNQChinese report casts doubt on NQ Mobile co-CEO departure, Muddy Waters says
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10:13 EDTPCAROn The Fly: Analyst Initiation Summary
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06:52 EDTPCARPACCAR initiated with a Buy at Global Hunter
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December 10, 2014
08:58 EDTNQNQ Mobile holder RPL agrees to additional two-year voluntary lock-up
NQ Mobile stated that, as a sign of confidence in the future of the company, RPL Limited, a substantial shareholder of NQ Mobile which is owned and controlled by the founders of NQ, has agreed to an additional two-year voluntary lock-up that will expire in December 2016. RPL is a limited liability company organized under the laws of the British Virgin Islands. As of October 15, , RPL held 50,352,941 Class B common shares, equivalent to approximately 10.07M ADSs, of NQ Mobile, representing approximately 11.3% of NQ Mobile's outstanding shares. RPL agreed it will not sell any of its shares until December 2016. In addition to the lock-up by RPL, the founders and NQ Mobile's senior management reiterate their intention to purchase additional shares in accordance with all applicable rules and regulations.
08:56 EDTNQNQ Mobile Co-CEO and Chairman Lin steps down
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08:37 EDTNQNQ Mobile Co-CEO and Chairman Lin steps down
December 9, 2014
14:10 EDTPCARPACCAR near highs of session, up over 1.6%
14:07 EDTPCARPACCAR says Class 8 truck orders through November up 46% YoY
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14:00 EDTPCARPACCAR declares extra cash dividend of $1.00 per share
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December 8, 2014
08:25 EDTRAIReynolds American CFO change not related to negative event, says RBC Capital
After Reynolds' CFO retired, RBC Capital says that the CFO's retirement appears to have been planned ahead of time and does not indicate any problems at the company. The firm keeps a Top Pick rating on the shares.
07:32 EDTSNXRaymond James to hold a conference
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06:21 EDTPETMDeadline for Petsmart bidders extended as lenders put on leash, NY Post reports
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December 5, 2014
06:18 EDTNQStocks with implied volatility above IV index mean; NQ EBAY
Stocks with implied volatility above IV index mean; NQ Mobile (NQ) 144, eBay (EBAY) 20 according to iVolatility.
December 4, 2014
16:36 EDTRAIReynolds American announces CFO transition plan
Andrew Gilchrist to become CFO effective March 1, 2015. Thomas Adams, current CFO, will begin transitioning the CFO role to Gilchrist in January. Adams plans to retire after the transition in March.
15:36 EDTPETMPetSmart deal may be pressured by leveraged loan guidelines, Reuters says
Regulators took a hard line at a recent meeting with bankers about the implementation of leveraged lending guidelines, which has raised questions about whether the auction for PetSmart could be derailed by an absence of financing, according to Reuters. Reference Link
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