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Stock Market & Financial Investment News

News Breaks
July 28, 2014
08:19 EDTRKTRockTenn announces two-for-one stock split
RockTenn announced that its board has authorized a two-for-one stock split of its Class A common stock, par value 1c per share, to be effected through a 100% stock dividend. Shareholders of record as of August 12, will receive one additional share of Common Stock for each share they hold on that date. The distribution date for the stock split, or the date new shares will be distributed from the company's transfer agent, Computershare Trust Company, N.A., will be August 27. This stock split will not change the proportionate interest that a shareholder maintains in the company. Following the stock split, RockTenn's outstanding common shares will increase to approximately 143M shares.
News For RKT From The Last 14 Days
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October 30, 2014
11:20 EDTRKTKapStone jumps after saying MLP being studied
Shares of KapStone Paper (KS) are rising after the company said on its third quarter earnings conference call that it is studying a potential master limited partnership, or MLP. WHAT'S NEW: KapStone management stated that the company has filed a request for a PLR, or private letter ruling, with the IRS regarding a potential MLP, though added that the move "does not indicate a decision" on its future direction. "We're only just trying to get in line. We are working with a good group of outside advisers and we remain intrigued by the concept and are studying our options," KapStone management stated. KapStone cautioned that the company still has not reached a designation and an MLP plan has not been submitted to its board for approval. Last night, KapStone reported third quarter adjusted earnings per share of 60c and revenue of $598.1M, which missed consensus forecasts of 67c and $604.18M, respectively. WHAT'S NOTABLE: On July 24, Bloomberg reported that Richard Perry's Perry Capital took positions or increased holdings in containerboard names KapStone, International Paper (IP), RockTenn (RKT) and Packaging Corp. (PKG). Perry stated in the fundís Q2 letter the he believes the companies can create master limited partnerships for their paper mills, driving share upside potential of 50%-100%, according to Bloomberg. PRICE ACTION: In morning trading, shares of KapStone are up more than 6% to $31 following the MLP comments made on the call.
October 24, 2014
14:07 EDTRKTRockTenn increases annual dividend 7% to 75c
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October 20, 2014
13:07 EDTRKTRockTenn initiated with a Buy at Dundee (pre-open)
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