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Stock Market & Financial Investment News

News Breaks
June 19, 2014
14:26 EDTPF, HSHPinnacle Foods announces early termination of HSR waiting period
On June 17, the U.S. Federal Trade Commission granted early termination of the 30-day waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, with respect to the previously announced proposed acquisition by The Hillshire Brands Company (HSH), of Pinnacle Foods (PF), pursuant to an Agreement and Plan of Merger, dated as of May 12, by and among Pinnacle Foods, Hillshire Brands, Helix Merger Sub Corporation, a Delaware corporation and a wholly owned subsidiary of Hillshire Brands, and Helix Merger Sub LLC, a Delaware limited liability company and a wholly owned subsidiary of Hillshire Brands. The grant of early termination is effective as of June 17 and has the effect of ending the HSR Act waiting period under the Merger Agreement. The proposed acquisition remains subject to other customary closing conditions and there can be no assurance that the proposed transaction will be consummated.
News For PF;HSH From The Last 14 Days
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September 9, 2014
09:16 EDTPFPinnacle Foods 15M share Spot Secondary priced at $32.30
The deal range was $32.20-$32.40. Credit Suisse and Morgan Stanley acted as joint book running managers for the offering.
09:12 EDTPFOn The Fly: Pre-market Movers
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September 8, 2014
18:31 EDTPFOn The Fly: After Hours Movers
UP AFTER EARNINGS: Casey's General Stores (CASY), up 3.6%... Korn/Ferry (KFY), up 2.8%. ALSO HIGHER: Annies (BNNY), up 37.3% after General Mills (GIS) announced it will acquire the company for $46 per share... General Mills is trading just under 1% higher... Following the Annies/General Mills announcement, Hain Celestial Group (HAIN) is 3.6% higher, WhiteWave Foods (WWAV) is up 6.3%, and Boulder Brands (BDBD) is up 8.7%... iPass (IPAS), up 35.1% after announcing that it is exploring strategic alternatives... CTI BioPharma (CTIC), up 8.1% after being initiated with an Overweight at Piper Jaffray... Threshold Pharmaceuticals (THLD), up 5% after being initiated with a Buy at Cantor. DOWN AFTER EARNINGS: Pep Boys (PBY), down 6.7% following second quarter miss. ALSO LOWER: Pinnacle Foods (PF), down 3.7% after filing an automatic common stock shelf and announcing the sale of 15M shares of common stock for holders... Physicians Realty Trust (DOC), down 4.9% after offering 9M common shares.
16:53 EDTPFPinnacle Foods files to sell 15M shares of common stock for holders
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16:40 EDTPFPinnacle Foods files automatic common stock shelf
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September 4, 2014
11:34 EDTPFPinnacle Foods says pricing remains 'difficult'
Says weak consumer, demand environment pressuring volume. Says promotion intensity and reduce efficiency is driving higher trade spending and lower gross margins. Says pricing remains difficult, while near-term inflation expectations have increased. The company feels that future accretive acquisitions would accelerate growth. For its foundation brands, Pinnacle is focused on maintaining stable sales, market position and cash flow. For its leadership brands, the company aims to invest in marketing to drive growth and share expansion. In regards to its Wish-Bone acquisition, the company says that it is immediately accretive and is anticipating a run rate EBITDAS of $65M, including synergies due to the purchase. Says In-house production on track for 1Q15. Says NOLs is expected to significantly reduce cash taxes through FY15, with additional benefits in FY15 and beyond. Expects $14M of Wish-Bone amortization in FY16. Expects NOL tax benefit of $6M in FY16. Expects total cash tax benefit $28M in FY16.
11:33 EDTPFPinnacle Foods reaffirms FY14 EPS $1.70-$1.75, consensus $1.74
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