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News Breaks
July 2, 2014
09:16 EDTKR, TRN, SFLY, GLPI, GBX, VITC, VE, STZ, ISLE, RAX, COCOOn The Fly: Pre-market Movers
HIGHER: (VITC), up 27% after agreeing to be acquired by Kroger (KR) for $8.00 per share cash. Shares of Kroger are up/down xx% after confirming the news, which had been reported by The Wall Street Journal... Shutterfly (SFLY), up 14% after Bloomberg reported that the company has hired investment bank Qatalyst Partners to find a potential buyer... Rackspace (RAX), up 7% after TechCrunch reported that the company has been negotiating with a private equity firm to borrow capital for a deal that would take the company private... Isle of Capri (ISLE), up 13.7% after Deutsche Bank believes Gaming and Leisure Properties (GLPI) could pay $15.80 per share to acquire the casino company. Note that Reuters reported Monday that both companies have renewed merger talks... CASI Pharmaceuticals (CASI), up 7.7% after its hepatocellular carcinoma treatment was granted orphan drug status by the FDA... Greenbrier (GBX), up 8% after its earnings beat expectations and it boosted its full-year view. Shares of its peers Trinity Industries (TRN) are 3.4% higher as well... Constellation Brands (STZ), up 5.8% after being quarterly expectations and raising its FY15 comparable EPS view. LOWER: CalAmp (CAMP), down 13% after reporting quarterly results and second quarter guidance below analyst estimates... Corinthian Colleges (COCO), down 3.7% after saying it has not yet reached an agreement with the Department of Education, but adding that the parties continue to negotiate... Veolia Environment (VE), down 3% after the stock was downgraded to Equal Weight from Overweight at Morgan Stanley.
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May 27, 2015
07:36 EDTSFLYShutterfly establishes new guidelines for 2015, 2016 executive compensation
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May 26, 2015
20:46 EDTRAXCowen to hold a conference
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15:10 EDTSFLYMarathon urges Shutterfly not to manipulate voting mechanics at 2015 meeting
On May 26, Andrew Freedman of Olshan Frome Wolosky, on behalf of Marathon Partners, delivered a letter to Shutterflys' counsel, Gordon K. Davidson of Fenwick & West LLP. The letter said in part : "I am writing as counsel to Marathon Partners Equity Management in response to the open letter to stockholders that was issued by your client, Shutterfly, on May 22, in which Shutterfly requested permission from Marathon Partners and its three director candidates for the use of a universal proxy card in connection with the voting at the upcoming 2015 Annual Meeting of Stockholders scheduled to be held on June 12...If the Board was truly interested in the good governance aspects of using a universal proxy card and not furthering its own self-serving agenda, then why did the Board not propose this type of voting mechanism months ago? It would have been much more appropriate for you or your client to have suggested the use of a universal proxy card before both sides spent significant time and resources to print and mail definitive proxy materials and solicit votes on their respective proxy cards...To be clear, we fully understand the potential benefits and virtues of a universal proxy card in a proxy contest where the parties have worked out the logistics well in advance of delivering their respective proxy materials to stockholders. In such a scenario, a universal proxy card could undoubtedly facilitate the stockholder franchise by allowing stockholders to select from all nominated director candidates on a single proxy card. Marathon Partners has received, and continues to receive, significant stockholder support to date for its platform and its nominees on the blue proxy card. We urge the Board not to take any actions to manipulate the timing or voting mechanics at the 2015 Annual Meeting, and we reserve all rights on behalf of Marathon Partners to take whatever actions it deems necessary to protect the stockholder franchise and ensure that the 2015 Annual Meeting is held in a manner that is fair and in the best interests of all stockholders."
May 20, 2015
10:44 EDTKRKroger CEO says economics of delivery to home 'difficult'
Kroger CEO W. Rodney McMullen says he believes it will always be an "and," not an "or," choice for customers regarding grocery store visits and online purchases. McMullen spoke on CNBC.
10:42 EDTKRKroger CEO says consumer spending still 'fragile'
Kroger (KR) CEO W. Rodney McMullen says the company will continue to spend on stores. McMullen said it will be "fascinating" to see how Whole Foods (WFM) customers react to its plans for a smaller, lower-cost format. Kroger's CEO says food inflation has been tracking a 1%-2% and the company expects it to continue at that level. McMullen says Kroger looks at "just about anything that is available" in terms of M&A, but doesn't bid on many things. McMullen is speaking on CNBC.
09:03 EDTRAXRackspace extends contributor agreement with CERN openlab
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07:07 EDTKRBMO Capital to hold a conference
10th Annual Farm to Market Conference is being held in New York on May 20-21 with webcasted company presentations to begin on May 20 at 8 am; not all company presentations may be webcasted. Webcast Link
May 19, 2015
16:53 EDTSFLYGoogle near to launching new web photo service, Bloomberg says
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07:53 EDTRAXRackspace should be bought on weakness, says Oppenheimer
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May 18, 2015
18:03 EDTTRNThe Federal Highway Administration updates highway guardrail review criteria
The Federal Highway Administration, FWHA, posted the following on its website: "In remarks made at the American Association of State Highway and Transportation Officials 2015 Spring Meeting in Cheyenne, Wyoming, on Friday, Federal Highway Administration Acting Administrator Gregory Nadeau announced a series of actions that will apply to the reimbursement eligibility process for states purchasing and installing guardrails, their components and other devices. FHWA is accelerating the transition to the latest crash test criteria for road safety hardware. Specifically, beginning on January 1, 2016, any proposed modification to a roadside safety device will require meeting full-scale crash test criteria outlined under AASHTO’s Manual for Assessing Safety Hardware, even if the device was previously tested and met National Cooperative Highway Research Program Report 350 criteria. “Our goal is to make our roads, bridges and highways as safe as possible, in part by accelerating the move to the newer crash test criteria,” Nadeau said. FHWA is also increasing transparency in its process for determining whether a specific device is eligible for federal reimbursement. In a letter to industry and other stakeholders, FHWA announced that it will require manufacturers and test labs to disclose all financial interests. FHWA has also recently commissioned an independent end-to-end review of the entire roadside safety hardware process from development and testing through field performance." The Fly notes that there is an ongoing probe of the safety of guardrails manufactured by Trinity Industries (TRN). Reference Link
09:06 EDTSFLYMarathon Partners comments on Shutterfly compensation plan
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May 15, 2015
17:33 EDTRAXPoint72 Asset Management gives quarterly update on stakes
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10:55 EDTRAXJANA Partners gives quarterly update on stakes
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10:20 EDTRAXOptions with decreasing implied volatility
Options with decreasing implied volatility: NLNK ARWR CTRP RAX KING AOL WPZ RL Z MBI
May 14, 2015
12:54 EDTSFLYShutterfly says open to considering transactions that provide 'compelling' value
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