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News Breaks
February 25, 2014
06:37 EDTRCL, CCL, NCLHRecent cruise trends have improved, says Citigroup
Citigroup believes bookings for the publicly traded cruiselines are up mid double digits with pricing down 7%-9% over the past seven days, compared to year-to-date bookings and pricing down mid-single digit. Citi attributes the recent booking strength to discounts on close-in Caribbean bookings and easy comparisons. The firm believes believe Royal Caribbean (RCL) is likely to achieve or exceed the upper end of its 2014 guidance and views the stock as the most compelling long idea in the space. Citi also thinks Carnival (CCL) and Norwegian Cruise Line (NCL) are likely to achieve their 2014 net yield guidance.
News For RCL;CCL;NCLH From The Last 14 Days
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September 9, 2014
16:40 EDTRCLRoyal Caribbean raises quarterly dividend 20% to 30c
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September 5, 2014
05:13 EDTCCLPrincess Cruises to become sponsor of Seattle Seahawks
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September 4, 2014
10:29 EDTNCLHOn The Fly: Analyst Downgrade Summary
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05:41 EDTNCLHNorwegian Cruise Line downgraded to Neutral from Buy at Goldman
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September 3, 2014
07:40 EDTRCL, CCLRoyal Caribbean price target raised to $73 from $58 at Jefferies
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September 2, 2014
18:25 EDTRCLRoyal Caribbean to sell Celebrity Century to
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18:03 affiliate Exquisite Marin to acquire cruise ship from Royal Caribbean
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16:40 EDTNCLHNorwegian Cruise CEO says Prestige acquisition very complimentary to business
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14:45 EDTNCLHNorwegian Cruise Line acquisition positive, says Wells Fargo
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12:09 EDTNCLHOn The Fly: Midday Wrap
Stocks on Wall Street were mixed at midday, with the Nasdaq clinging to narrow gains and the Dow and S&P both down about 0.25%. Stocks began the session basically unchanged but turned mixed within minutes of the open. The volume has been light and the market has moved in a narrow range, continuing the type of pattern that was seen all of last week ahead of the holiday. ECONOMIC EVENTS: In the U.S., Markit's final manufacturing PMI for August dipped slightly from the flash print of 58.0 to 57.9, but that was up from July's 55.8 reading. ISM's manufacturing index for August climbed to 59.0 from 57.1 in July, beating expectations. Construction spending bounced back 1.8% in July, beating expectations for it to have risen 1.0% after declining in the prior month. In Asia, HSBC's final manufacturing PMI for China edged down to 50.2 from the preliminary 50.3 August reading, which was already down from the 51.7 report in July. The Chinese government's official purchasing managers index came in at 51.1 for August, which was down from its 51.7 reading in July. In Europe, the Eurozone's final manufacturing PMI for August was revised down to 50.7 from 51.8 in the preliminary reading. COMPANY NEWS: Apple (AAPL) was in the headlines following a celebrity photo hack involving several of its iCloud accounts. Despite the negative publicity from those events, the stock gained nearly 1% after noted Piper Jaffray analyst Gene Munster raised his price target on the tech giant's shares to $120 from $105, citing the upcoming launch of new products and services. Another firm, Cantor, said in its own note to investors that it believes that Apple will have its most exciting product launches "in many years" over the next few months... In M&A news, Dollar General (DG) rose almost 1% after increasing its all-cash proposal to buy Family Dollar (FDO) to $80.00 per share and also increasing the number of stores that it would be willing to agree to divest to 1,500 if ordered by the FTC. Shares of Family Dollar, which previously rejected Dollar General's prior proposal on the basis of antitrust regulatory concerns, traded above the new offer price, while Dollar Tree (DLTR), which currently has a merger agreement deal in place with Family Dollar, also gained 1.5%. MAJOR MOVERS: Among the notable gainers were two other companies involved in M&A, one which was a buyer and one which was bought. Norwegian Cruise Line (NCLH) advanced 12% after agreeing to acquire upscale peer Prestige Cruises for $3.03B, while Compuware (CPWR) rose over 12% after the company confirmed it agreed to be acquired by private equity investment firm Thoma Bravo in a transaction valued at approximately $2.5B. Among the noteworthy losers was Exelixis (EXEL), which plunged 53% after its phase 3 pivotal trial of cabozantinib in certain men with metastatic castration-resistant prostate cancer did not meet its primary endpoint and the stock was downgraded by at least three Street research firms. Also lower was lease-to-own retailer CONN'S (CONN), which dropped 30% and was downgraded at Piper Jaffray after weakness in its credit operations prompted a Q2 earnings miss and caused the company to cut its fiscal year guidance. INDEXES: Near midday, the Dow was down 43.58, or 0.25%, to 17,054.87, the Nasdaq was up 2.97, or 0.06%, to 4,583.24, and the S&P 500 was down 4.83, or 0.24%, to 1,998.54.
10:30 EDTNCLHNorwegian Cruise Line jumps as acquires Prestige for $3.03B
Shares of cruise line operator Norwegian Cruise Line (NCLH) are up over 11% this morning after the company announced a definitive agreement to acquire Prestige Cruises International for $3.03B. WHAT'S NEW: Norwegian Cruise Line said it will acquire Prestige Cruises International, the parent company of Oceania Cruises and Regent Seven Seas Cruises, in a cash and stock deal for a total transaction consideration of $3.03B, including the assumption of debt. Additionally, a contingent cash consideration of up to $50M to Prestige shareholders would be payable upon achievement of certain 2015 performance metrics. The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close in Q4. Norweigian is expected to finance the deal with existing cash, debt facilities and the issuance of about 20.3M shares of its stock. Prestige operates eight ships and approximately 6,500 berths under two segment-leading brands. Under the terms of the deal, Frank Del Rio will remain Chief Executive Officer of Prestige. The acquisition is expected to be immediately accretive to earnings without synergies, and the inital $25M of synergies are expected to result in high single-digit percentage adjusted earnings per share accretion. WHAT'S NOTABLE: During the company's conference call discussing the acquisition, Norwegian said it expects measured growth through 2019, and expects leverage to return to four times within 18 months of the transaction. ANALYST REACTION: Prior to the official announcement, Stifel analysts said the deal makes sense for Norwegian from a high level perspective given the stability of the luxury segment, and as luxury brands appear to be resonating well in international markets likely to see growth like China and India. From a valuation standpoint, Stifel said the deal seems fair and the stock remains undervalued given the attractive growth profile. PRICE ACTION: During morning trading, Norwegian Cruise Line jumped $3.81 or 11.44%, to $37.12. OTHERS TO WATCH: Norwegian peer Carnival (CCL) is down almost 0.5% this morning, while Royal Carribean (RCL) is nearly flat.
09:20 EDTNCLHNorwegian sees acquisition immediately accretive to earnings without synergies
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09:20 EDTNCLHNorwegian Cruise Line sees measured capacity growth through 2019
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08:02 EDTNCLHNorwegian Cruise Line to acquire Prestige Cruises for $3.03B
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07:59 EDTNCLHNorwegian Cruise Line to acquire Prestige Cruises for $3.03B
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07:04 EDTNCLHNorwegian Cruise Line trading halted, pending news

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