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Stock Market & Financial Investment News

News Breaks
January 25, 2013
07:04 EDTPGProcter & Gamble sees FY13 share repurchases $5B-$6B
Previous outlook was $4B-$6B.
News For PG From The Last 14 Days
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June 23, 2015
06:33 EDTPGOnline market for razors growing quickly, WSJ reports
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June 17, 2015
06:39 EDTPGCoty downgraded to Neutral from Buy at Citi
Citi downgraded Coty (COTY) to Neutral after shares rallied on a New York Post report saying the company is in talks to acquire Procter & Gamble's (PG) beauty business for $12B. Citi sees potential challenges with the deal and notes the stock is up 65% since its upgrade in January. The firm raised its price target for shares to $32 from $29.
June 16, 2015
16:24 EDTPGOn The Fly: Top stock stories for Tuesday
Stocks began the day slightly lower but began to move higher shortly after the open. The market began to drift higher before the noon hour as European markets closed in positive territory. Investors are now looking toward and positioning ahead of the week's big event, namely tomorrow's scheduled policy announcement from the Federal Reserve and the associated press conference by Chairwoman Janet Yellen. ECONOMIC EVENTS: In the U.S., housing starts were down 11.1% to a 1.036M rate in May, versus expectations for a decline of 4%. Building permits were up 11.8% to a 1.275M rate, versus expectations for a decline of 3.5% in May. In Europe, the ZEW index of economic sentiment in Germany plunged to 31.5 this month from a reading of 41.9 in May. COMPANY NEWS: Gap (GPS) held its annual investor meeting today, but made its big news last night prior to the meeting by announcing that it will close about 175 of its namesake brand's stores in North America over the next few years. Gap estimated an annualized sales loss of approximately $300M associated with the closures and sees one-time costs primarily associated with these actions to be in the range of approximately $140M-$160M, the company noted. Gap shares advanced 55c, or 1.44%, to $38.75 following the announcement and meeting... Kirk Kerkorian, the founder of MGM Resorts (MGM) and one of the company's largest shareholders, died Monday night, the company confirmed. Kerkorian owned Tracinda Corporation, a private investment firm that disclosed a 16.19% stake in MGM Resorts and stated that its position in the common stock became subject to the terms of Kerkorian's will upon his death. The will instructs the executor of Kerkorianís estate, Anthony Mandekic, to execute an orderly disposition of Tracindaís position in the common stock, the firm stated. MAJOR MOVERS: Among the notable gainers was Coty (COTY), which advanced $5.04, or 19.35%, to $31.09 after The New York Post and Reuters reported that the company had won an auction to buy three Procter & Gamble (PG) beauty businesses valued at $12B. Shares of P&G, meanwhile, added 98c, or 1.25%, to $79.10 following the reports. Also higher were shares of NCR Corp. (NCR), which rose $3.36, or 10.71%, to $34.73 after Reuters reported that private equity firms Blackstone (BX) and Carlyle Group (CG) are planning to jointly bid for the company in a deal that could be worth over $10B, including debt. Among the noteworthy losers was Avalanche Biotechnologies (AAVL), which dropped $21.83, or 56.15%, to $17.05 after the company reported the results of a study of its AVA-101 drug for wet age-related macular degeneration, or wet AMD. Also lower were shares of Oshkosh (OSK), which fell $3.59, or 7.14%, to $46.71 after cutting its FY15 adjusted EPS view to $3.75-$4.00 from $4.00-$4.25, noting that sales and earnings for its third quarter, principally in its access equipment segment, have been hurt by several factors including severe weather conditions, potential rental industry consolidation and, to a lesser extent, new product launch delays. INDEXES: The Dow rose 113.31, or 0.64%, to 17,904.48, the Nasdaq added 25.58, or 0.51%, to 5,055.55, and the S&P 500 gained 11.86, or 0.57%, to 2,096.29.
12:09 EDTPGOn The Fly: Top stock stories at midday
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09:09 EDTPGOn The Fly: Pre-market Movers
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08:19 EDTPGCoty $12B deal for P&G brands could take two weeks to finalize, Reuters says
Coty (COTY), which won an auction to purchase beauty and hair care businesses valued at close to $12B from Procter & Gamble (PG), could need at least two weeks to finalize the transaction details, reported Reuters, citing sources close to the matter. The deal will be completed through a "Reverse Morris Trust" for tax purposes, meaning P&G will spin off its beauty assets into a separate company that will then absorb Coty in an all-share deal, then the newly combined company will redistribute shares to P&G shareholders, the report added. Coty shares are up 16% in pre-market trading to $30.25 following a related report from the New York Post last night. Reference Link
08:07 EDTPGCoty would be worth $34-$35 per share if deal carried out, says Stifel
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07:58 EDTPGCoty June volatility elevated into reports company buys P&G beauty product lines
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07:39 EDTPGCoty shares could rally on deal, says Wells Fargo
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