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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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January 26, 2015
16:39 EDTRKTOn The Fly: Closing Wrap
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12:23 EDTRKTOn The Fly: Midday Wrap
Stocks on Wall Street opened lower and hit their session lows a short time after the opening bell rang. In addition to some jitters about a vote in Greece, investors were focused on the massive impending winter storm set to hit the Northeast. With weather pundits expecting the snowfall in feet rather than inches, a number of companies have already rescheduled their earnings announcements. The market was mixed at midday, with the Dow and Nasdaq a bit lower and the S&P up fractionally. ECONOMIC EVENTS: In the U.S., the Dallas Fed manufacturing index fell 8.5 points to -4.4 in January, versus the consensus forecast for a reading of 4.0. In Europe, Greece's far-left Syriza party swept to power, renewing concerns about the country's future as a member of the Eurozone. COMPANY NEWS: Today was a "merger Monday," with at least four deals worth more than $1B announced. Energy Transfer Partners (ETP) announced plans to acquire Regency Energy Partners (RGP) in an $18B unit-for-unit transaction that includes assuming $6.8B of net debt and other liabilities. Rock-Tenn (RKT) and MeadWestvaco (MWV) agreed to merge to create a consumer and corrugated packaging company with a combined equity value of $16B. Under the terms of the deal, the resulting ownership of the new company will be approximately 50.1% by MWV shareholders and 49.9% by RockTenn shareholders. AXIS Capital (AXS) and PartnerRe (PRE) announced a "merger of equals" that will create a specialty insurance and reinsurance company with total capital of more than $14B and cash and invested assets of more than $33B. Additionally, cereal maker Post Holdings (POST) agreed to pay $1.15B in cash and stock to buy privately-held MOM Brands, which makes Malt-O-Meal and other breakfast products. MAJOR MOVERS: Among the notable gainers was Universal Display (OLED), which gained 11% after the company announced the signing of a new OLED technology license agreement and material purchase pact with LG Display (LPL). Also higher was Ocwen Financial (OCN), which rose 17% after the California Department of Business Oversight announced a $2.5M settlement with Ocwen Loan Servicing on Friday evening over the firmís failure for more than a year to provide loan information needed by the DBO to assess compliance with state mortgage lending laws. Also of note, Ocwen denied any basis for default under trust agreements that had been alleged by certain hedge funds and other RMBS investors to trustees and master servicers in connection with 119 RMBS trusts, which are serviced by Ocwen. Among the noteworthy losers was Brookdale Senior Living (BKD), which dropped 8% after the company lowered its forecast for FY15 Cash From Facility Operations, citing a combination of lower than expected occupancy and certain higher-than-anticipated insurance reserve adjustments. Also lower following its earnings reports was hard disk-drive maker Seagate (STX), which fell about 9%. INDEXES: Near midday, the Dow was down 1.41, or 0.01%, to 17,671.19, the Nasdaq was down 4.02, or 0.08%, to 4,753.86, and the S&P 500 was up 2.34, or 0.11%, to 2,054.16.
09:19 EDTRKTOn The Fly: Pre-market Movers
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08:15 EDTRKTMeadWestvaco to hold a conference call
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06:03 EDTRKTRockTenn and MeadWestvaco agree to combination agreement
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06:01 EDTRKTRockTenn, MeadWestvaco to combine in transaction with combined equity of $16B
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05:56 EDTRKTRockTenn reports Q1 adjusted EPS 96c, consensus 90c
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January 23, 2015
08:19 EDTRKTBofA/Merrill paper/forest products analyst hold analyst/industry conference call
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January 13, 2015
10:00 EDTRKTOn The Fly: Analyst Downgrade Summary
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08:01 EDTRKTRockTenn downgraded to Neutral from Buy at DA Davidson
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