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News Breaks
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January 5, 2012
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| 08:40 EDT |  | MFG, ALBCF, DB, SFTBF, YHOO, CS |
| theflyonthewall.com: | Banks arranging $4B loan for Alibaba want Chinese lenders, Bloomberg reports | | Four banks preparing a nearly $4B loan for Alibaba Group Holding--Credit Suisse (CS), DBS Bank, Deutsche Bank (DB) and Mizuho Corporate Bank (MFG)--want to attract Chinese lenders into the lead group to help arrange and underwrite the facility, because the size of the loan is too large for them to underwrite among themselves, reports Bloomberg. Reference Link :theflyonthewall.com |
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News For SFTBF;ALBCF;CS;DB;MFG;YHOO From The Last 14 Days Check below for free stories on SFTBF;ALBCF;CS;DB;MFG;YHOO the last two weeks.
There are 119 items on the Fly with pertinent information.
Sign up for a free trial to see the rest of the stories you've been missing. |
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May 25, 2012
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| 16:27 EDT |  | YHOO |
| theflyonthewall.com: | Yahoo! discontinues Livestand | | Yahoo! has discontinued Livestand, its personalized digital newstand app for the iPad. Announced on the company's blog, the move is part of their plan to discontinue or consolidate a number of products across its technology platforms over the course of 2012. Reference Link :theflyonthewall.com |
| | 16:19 EDT |  | DB |
| theflyonthewall.com: | On The Fly: Closing Wrap | | Stock futures were quiet during the pre-market trading session, but weakened just prior to the open after the euro hit its lowest level in the past 22 months. Stocks opened lower and drifted in a narrow range for most of the morning. Around 1pm, S&P downgraded ratings on five Spanish banks which only added to the uncertainty over Europe. The selling momentum increased, pushing the averages to session lows. As the news flow slowed to a trickle ahead of the holiday weekend, the averages struggled to keep from undergoing a major sell-off. ECONOMIC EVENTS: In the U.S., the University of Michigan consumer confidence reading for May was 79.3, versus consensus of 77.8...COMPANY NEWS: VeriFone (PAY) was among the day's biggest decliners after reporting stronger than expected Q2 results, but providing disappointing Q3 guidance. VeriFone's rationale that its results would be hurt by the projected strength of the dollar against the euro contributed to Deutsche Bank (DB) reiterating its Sell rating on the stock. The firm noted that the company had previously indicated that its results were not significantly affected by foreign exchange issues. MAJOR MOVERS: Among the notable gainers were Tempur-Pedic (TPX) which jumped 3.9% to $48.95 and Select Comfort (SCSS), which rallied 5.5% to $28.04, after a trade group reported that mattress industry sales grew by double digits in April. Noteworthy losers included Talbots (TLB), which tumbled about 41% to $1.51, after the company said it had ended exclusive acquisition talks with Sycamore Partners, and VimpelCom (VIP), which dropped 16.4% to $7.30, after the company reported a Russian court issued a new injunction against it and it may defer the payment of a previously declared dividend. INDICES: The Dow fell 74.92 to 12,454.83, the S&P lost 2.86 to 1,317.82, and the Nasdaq shed 1.85 to 2,837.53. :theflyonthewall.com |
| | 07:29 EDT | | YHOO, ALBCF |
| theflyonthewall.com: | Alibaba.com shareholders vote in favor of Alibaba Group proposal, WSJ reports | | Alibaba.com's (ALBCF) minority shareholders have voted in favor of a proposal to be taken private by Alibaba Group, reports the Wall Street Journal. Alibaba Group will pay HK$13.50, or $1.74, a share for the 27% stake it doesn't already own. Reference Link :theflyonthewall.com |
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May 24, 2012
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| 07:26 EDT | | YHOO |
| | 07:08 EDT | | DB |
| theflyonthewall.com: | Manufacturers complain to SEC about JP Morgan copper ETF plan, FT says | | U.S. manufacturers sent a letter to the Securities and Exchange Commission stating that a planned exchange-traded fund backed by physical copper from JP Morgan (JPM) could “grossly and artificially inflate prices” and “wreak havoc on the US and global economy,” reported Financial Times. Reference Link :theflyonthewall.com |
| | 07:07 EDT | | DB, CS |
| | 06:13 EDT | | YHOO, ALBCF |
| | 06:06 EDT | | DB, CS |
| theflyonthewall.com: | Business activity in euro zone sharply declines, WSJ reports | | Euro zone business activity contracted at its steepest rate in almost three years in May, compounding fears a day after European leaders failed to agree on ways to increase growth and fight the debt crisis, reports the Wall Street Journal. Reference Link :theflyonthewall.com |
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May 23, 2012
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| 08:10 EDT | | YHOO |
| | 07:54 EDT | | DB, CS |
| theflyonthewall.com: | Consultant says new euro bailout fund may not have enough staff, Reuters reports |
 Subscribe for More Information :theflyonthewall.com |
| | 07:50 EDT | | ALBCF, YHOO |
| | 07:20 EDT | | CS, DB |
| theflyonthewall.com: | European shares fall as doubts rise over euro zone debt solution, Reuters says | | European shares declined and assets such as the dollar gained today as investors doubted any new measures to solve the euro zone debt crisis would emerge from a European leaders summit and on renewed talk of a Greek exit, reports Reuters. Reference Link :theflyonthewall.com |
| | 06:12 EDT | | YHOO |
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May 22, 2012
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| 16:00 EDT |  | YHOO |
| | 08:33 EDT | | ALBCF |
| | 07:47 EDT |  | CS |
| | 07:45 EDT | | DB |
| | 07:43 EDT | | DB |
| | 07:11 EDT | | CS, DB |
| theflyonthewall.com: | OECD cuts growth forecast for euro zone, WSJ reports | | The Organization for Economic Cooperation and Development today cut its forecasts for growth across the euro zone for this year and next, and warned that the area's debt crisis could pull it into a downward spiral without the right policy action, reports the Wall Street Journal. Reference Link :theflyonthewall.com |
| | 06:58 EDT | | CS, DB |
| | 06:46 EDT | | DB, CS |
| theflyonthewall.com: | IMF says U.K. needs more monetary easing, tax cuts, Bloomberg reports | | The International Monetary Fund says the U.K. needs further monetary easing to boost its economy and that Chancellor of the Exchequer Osborne should consider greater fiscal stimulus including temporary tax cuts, reports Bloomberg. Reference Link :theflyonthewall.com |
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May 21, 2012
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| 18:41 EDT | | YHOO |
| theflyonthewall.com: | Former Yahoo! executive Robert W. Kwok charged with insider trading | | The SEC charged Robert W. Kwok, a former executive at Yahoo! (YHOO) and a former mutual fund manager at a unit of Ameriprise Financial (AMP), with insider trading regarding a search engine partnership between Yahoo and Microsoft (MSFT). Reference Link :theflyonthewall.com |
| | 18:18 EDT | | YHOO |
| | 16:17 EDT | | DB |
| | 16:16 EDT | | YHOO |
| theflyonthewall.com: | On The Fly: Closing Wrap | | Stocks on Wall Street were higher in spite of Facebook (FB) breaking its IPO pricing. Stock futures were higher throughout the premarket trading session as the market got ready to bounce from its two week tailspin. There was little reaction to the better than expected Chicago Fed National Activity Index but the futures action led to a higher open for the broader market. The averages began the day slightly higher but moved firmly into the green shortly after midmorning. The market then moved in a narrow range for most of the session, but with an upward trend, as the market finally broke its losing streak... ECONOMIC EVENTS: Domestically, the Chicago Fed National Activity Index rose to +0.11 for the month of April from -0.29 in March... COMPANY NEWS: Facebook shares fell below their $38 issue price in premarket trading and continued to slide as much as 13.7% before finding a level near $33. In its second day of trading the stock closed down $4.20, or 10.99%, at $34.03... Yahoo! (YHOO) agreed to sell half of its 40% stake in Chinese e-commerce group Alibaba for about $7.1B and laid out a joint agreement for a plan to dispose of the remainder of its stake over time. Yahoo did not give exact plans for what it will do with the proceeds, expected to be about $4.2B after taxes, but did increase its share repurchase authorization by $5B concurrently with the transaction... JP Morgan (JPM) slid close to another 3% as the company's CEO Jamie Dimon announced at an investor conference that the bank is suspending its share repurchase program for the time being as it works to strengthen its capitalization ahead of new regulations... MAJOR MOVERS: Among the notable gainers were Cooper Industries (CBE), up $14.04, or 25.14%, to $69.88, after agreeing to be acquired by Eaton Corporation (ETN) in a cash and stock deal valued at $72.00 per share, and Krispy Kreme (KKD), up 61c, or 10.15%, to $6.62, following its report of better than expected earnings. Also higher were shares of Westport Innovations (WPRT), up $2.83, or 11.93%, to $26.56, as Craig-Hallum said in a note to investors that the firm sees more catalysts heading into Westport's analyst day later this week and continues to recommend the stock as the shift towards natural gas in trucking is hitting a tipping point. Noteworthy losers included Lowe's (LOW), down $2.88, or 10.11%, to $25.60, after its sales and profits beat estimates but its yearly earnings guidance came in below consensus, and BlackRock (BLK), down $4.18, or 2.43%, to $167.73, as Barclays (BCS) announced plans to sell its entire 19.6% stake in the alternative investment manager... INDICES: The Dow gained 135.10, or 1.09%, to 12,504.48; the Nasdaq rose 68.42, or 2.46%, to 2,847.21; and the S&P 500 added 20.77, or 1.60%, to 1,315.99. :theflyonthewall.com |
| | 13:39 EDT | | DB, CS |
| | 13:25 EDT |  | YHOO |
| | 13:10 EDT | | YHOO |
| | 12:21 EDT | | YHOO |
| | 11:11 EDT |  | YHOO |
| | 09:33 EDT | | YHOO |
| | 09:32 EDT | | YHOO |
| | 09:28 EDT | | YHOO |
| theflyonthewall.com: | Yahoo sees closing of sale of first 20% of Alibaba stake closing within 6 months |
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| | 09:26 EDT | | YHOO |
| theflyonthewall.com: | Yahoo! CEO says deal more straightforward, quicker to close than PIPE deal | | Says both parties ultimately concluded that the complex and unprecedented nature of the contemplated transaction were not justified relative to the potential tax savings. :theflyonthewall.com |
| | 09:22 EDT | | YHOO |
| theflyonthewall.com: | Yahoo! CEO: Deal with Alibaba reaffirms relationship, set for more collaboration | | Comments made by interim CEO Ross Levinson on conference call to discuss agreement on comprehensive plan for Alibaba stake. :theflyonthewall.com |
| | 09:00 EDT |  | YHOO |
| | 08:56 EDT |  | YHOO |
| theflyonthewall.com: | Yahoo! asset sale could be viewed negatively longer term, says Piper Jaffray | | Piper Jaffray says the valuation of Yahoo!'s Alibaba assets in the deal announced overnight was essentially inline with its sum of the parts price target of $18 for Yahoo!. Piper believes that while the asset sale is likely to be viewed positively in the short-term, it could be viewed negatively longer term since Yahoo! is selling a large portion of the most important company in Chinese eCommerce which is likely to be worth more in five years than today. The firm keeps an Overweight rating on Yahoo! shares. :theflyonthewall.com |
| | 08:41 EDT | | YHOO |
| theflyonthewall.com: | Yahoo volatility increases on Alibaba stake sale and share buyback | | Yahoo overall option implied volatility of 39 is above its 26-week average of 37 according to Track Data, suggesting larger price movement into the company increasing its share buyback authorization by $5B after closing of the Alibaba 20% stake sale. :theflyonthewall.com |
| | 08:21 EDT | | DB, CS |
| theflyonthewall.com: | European banks fear run on deposits, WSJ reports | | Even though the European Central Bank put over $1.278T of inexpensive three-year loans into hundreds of banks, Europe's financial system remains vulnerable to the prospect that customers could pull their deposits from institutions perceived as shaky, reports the Wall Street Journal. Reference Link :theflyonthewall.com |
| | 07:56 EDT | | YHOO |
| | 07:54 EDT | | YHOO |
| | 07:52 EDT | | YHOO |
| | 07:51 EDT | | ALBCF, YHOO |
| theflyonthewall.com: | Yahoo! to host conference call | | Conference call to discuss agreement on comprehensive plan for Alibaba stake will be held on May 21 at 8:45 am. Webcast Link :theflyonthewall.com |
| | 07:22 EDT | | CS, DB |
| theflyonthewall.com: | Leftist Greek Leader Tsipras to visit Euopean capitals, Reuters reports | | The leftist Greek leader Alexis Tsipras, who could determine the fate of the euro, starts a tour of European capitals today with a single message: Time to talk, reports Reuters. He says he wants negotiations to keep Greece in the euro. Reference Link :theflyonthewall.com |
| | 07:18 EDT | | CS |
| | 05:21 EDT | | ALBCF, YHOO |
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May 20, 2012
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| 18:35 EDT | | ALBCF, YHOO |
| | 17:47 EDT | | CS, DB |
| theflyonthewall.com: | Barroso:Lenders won't give significant concessions on Greece austerity, WSJ says | | José Manuel Barroso, president of the European Commission, said that Greece should not expect any significant back-downs from its lenders on austerity and that the mutual euro-zone bonds are a work in progress, says the Wall Street Journal. Reference Link :theflyonthewall.com |
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May 19, 2012
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| 15:59 EDT | | CS, DB |
| theflyonthewall.com: | G-8 open to straddling debt reduction, growth promotion in Greece, Reuters says | | The Group of Eight leaders of the world's major economies meeting at the wooded Camp David vowed to back Greece; "We reaffirm our interest in Greece remaining in the euro zone while respecting its commitments." This is reported by Reuters. Reference Link :theflyonthewall.com |
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May 18, 2012
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| 16:14 EDT | | YHOO |
| | 14:37 EDT | | YHOO |
| theflyonthewall.com: | Market set to end week lower as European situation continues to rattle investors | | Stocks are poised to end the week much lower as investors continued to worry that Greece could leave the euro zone, sparking a worldwide financial crisis. MACRO NEWS: Greece officially announced that it would hold new elections on June 17. The country's second-largest party, SYRIZA, has said that it wouldn't adhere to the agreements that previous Greek governments made in order to obtain bailout funds. Meanwhile, Greeks pulled their money out of the country's banks in droves... Also unnerving investors was the situation in Spain, whose fourth largest bank was reportedly hit with more than EUR1B of withdrawals. In a related development, Moody's downgraded its ratings on 16 Spanish banks... U.S. economic data failed to boost stocks, as jobless claims were in-line with the consensus estimate, but the index of leading economic indicators for April came in significantly below the consensus estimate. COMPANY NEWS: Facebook (FB) launched its IPO. The stock opened at $38 and was trading at $40.15 at 2:20 PM ET... Yahoo's (YHOO) CEO resigned, and the company agreed to add three nominees made by hedge fund Third Point to its board. The company is reportedly in talks to sell a 20% stake in Chinese e-commerce company Alibaba back to the Chinese company for about $7B, according to All Things Digital... Groupon (GRPN) reported stronger than expected Q1 results, :theflyonthewall.com |
| | 12:44 EDT | | ALBCF, YHOO |
| theflyonthewall.com: | Yahoo! said in talks to sell 20% of Alibaba back to company, Bloomberg reports |
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| | 12:19 EDT | | YHOO |
| | 10:27 EDT | | ALBCF, YHOO |
| theflyonthewall.com: | Yahoo! said in talks to sell 20% of Alibaba back to company, Bloomberg reports |
Subscribe for More Information :theflyonthewall.com |
| | 09:00 EDT | | YHOO |
| | 08:42 EDT | | YHOO |
| theflyonthewall.com: | Yahoo! gaps up in early trading, resistance is at $15.96 | | :theflyonthewall.com |
| | 07:42 EDT | | CS, DB |
| theflyonthewall.com: | BOE's Fisher says U.K. unlikely to need fresh QE, WSJ reports | | Paul Fisher, the Bank of England's executive director for markets, says he doesn’t see the need for more quantitative easing and called the recent rise in the pound "uncomfortable," reports the Wall Street Journal. Fisher believes the GBP325B of QE that the central bank concluded earlier this month should be sufficient to underpin a recovery. Reference Link :theflyonthewall.com |
| | 07:15 EDT | | CS, DB |
| theflyonthewall.com: | German Finance Minister: Market turmoil could be 12-24 months, Reuters reports |
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| | 07:14 EDT | | YHOO |
| | 07:09 EDT | | DB, CS |
| | 06:29 EDT | | YHOO, ALBCF |
| theflyonthewall.com: | Yahoo! may finally strike Alibaba share deal, AllThingsD reports | | According to multiple sources, Yahoo (YHOO) is close to a deal to sell a large chunk of its stake in Alibaba (ALBCF) back to the company, AllThingsD reports. The deal could include a multi-billion-dollar share buyback to Yahoo investors and the eventual IPO of Alibaba. A deal, which has not been officially approved by the boards of both companies, could be announced as early as Monday. Reference Link :theflyonthewall.com |
| | 06:21 EDT | | DB, CS |
| | 06:16 EDT | | DB, CS |
| theflyonthewall.com: | EU, ECB map out options if Greece leaves euro zone, Reuters reports | | The European Commission and the European Central Bank are working on scenarios in case Greece leaves the euro zone, according to EU trade commissioner Karel De Gucht, reports Reuters. Reference Link :theflyonthewall.com |
| | 06:13 EDT | | DB, CS |
| theflyonthewall.com: | On the Fly: Periodicals Wrap-Up | | WALL STREET JOURNAL: Alexis Tsipras, head of Greece's radical left party known as Syriza, says he sees little chance Europe will cut off funding to the country but that if it does, Athens will stop paying its debts, the Wall Street Journal reports...Bad debts held by Spanish banks jumped to a 17-year high in March, according to the country's central bank, as 8.37% of the loans held by banks, or EUR147.97B, were over three months overdue for repayment in March, the Wall Street Journal reports...REUTERS: Market turmoil over the euro zone crisis could last another 12-24 months, says German Finance Minister Schaeuble, adding that it was up to the Greeks to decide if they wanted to stay in the single currency, Reuters reports...BLOOMBERG: Federal policy makers may prefer another round of Operation Twist to an outright asset-purchase program should the economy show further signs of weakness or if risks increase, Bloomberg reports...The U.S. yesterday imposed tariffs of as much as 250% on Chinese-made solar cells to aid domestic manufacturers, but critics say the decision may end up raising prices and hurting the U.S. renewable energy industry, Bloomberg reports...Chinese auto dealerships, including Honda (HMC), Chery, BYD and Geely, are struggling with the rising number of unsold cars that’s threatening to deepen price cuts, according to the state-backed China Automobile Dealers Association, Bloomberg reports. :theflyonthewall.com |
| | 06:12 EDT | | DB, CS |
| | 05:57 EDT | | YHOO |
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May 17, 2012
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| 17:34 EDT | | YHOO |
| theflyonthewall.com: | Yahoo! names Mollie Spilman new chief marketing officer, Bloomberg says | | :theflyonthewall.com |
| | 17:33 EDT | | YHOO |
| | 11:43 EDT | | DB |
| theflyonthewall.com: | Allstate, AIG, Deutsche Bank named to ResCap creditors committee, WSJ says | | Allstate (ALL), AIG (AIG), and Deutsche Bank (DB) are among firms that will represent creditors in the bankruptcy of Residential Capital, reports the Wall Street Journal. According to a court filing, U.S. trustee Tracy Hope Davis named the companies to the creditors committee to ensure the interests of creditors and other stakeholders. Reference Link :theflyonthewall.com |
| | 07:00 EDT | | DB, CS |
| theflyonthewall.com: | Fitch: World's largest banks must raise $566B, NY Times says | | The world's 29 systemically important banks must raise a combined $566B in order to meet new capital requirements, Fitch Ratings said today, according to The New York Times. The figure represents a 23% increase over what the banks currently hold in reserve, the newspaper added. Reference Link :theflyonthewall.com |
| | 06:23 EDT | | CS |
| | 06:23 EDT | | CS |
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May 16, 2012
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| 11:36 EDT | | DB, CS |
| | 07:42 EDT | | DB, CS |
| theflyonthewall.com: | Spanish 10-year bond yields touch 6.5% for first time since November, FT says |
Subscribe for More Information :theflyonthewall.com |
| | 07:20 EDT | | CS, DB |
| | 07:09 EDT | | CS, DB |
| | 06:23 EDT | | CS |
| | 04:45 EDT | | YHOO |
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May 15, 2012
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| 17:50 EDT | | CS, DB |
| theflyonthewall.com: | Merkel and Hollande consider measures for Greek growth, Bloomberg says | | German Chancellor Angela Merkel and French President Francois Hollande are considering measures to help spur economic growth in Greece as long as austerity commitment is evident, Bloomberg says. Reference Link :theflyonthewall.com |
| | 16:42 EDT | | YHOO |
| theflyonthewall.com: | Third Point reports increased stake in Yahoo! | | :theflyonthewall.com |
| | 16:34 EDT | | YHOO |
| | 08:12 EDT | | YHOO |
| | 07:50 EDT | | CS, DB |
| | 07:45 EDT | | CS, DB |
| | 07:21 EDT | | YHOO |
| | 06:22 EDT | | CS, DB |
| theflyonthewall.com: | EU bank-liquidity bill to proceed, WSJ reports | | The European Parliament has voted through its version of legislation transposing Basel III banking capital and liquidity requirements into law, paving the way for negotiations to begin with the European Commission and Council on the final wording, reports the Wall Street Journal. Reference Link :theflyonthewall.com |
| | 06:14 EDT | | DB, CS |
| theflyonthewall.com: | Greece's president wants technocrat government, leftists say no, Reuters reports |
Subscribe for More Information :theflyonthewall.com |
| | 05:03 EDT | | YHOO |
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May 14, 2012
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| 17:52 EDT | | YHOO |
| theflyonthewall.com: | Yahoo! to reimburse Third Point up to $4M for board replacement efforts | | Yahoo! has agreed to reimburse the Third Point Group for its documented expenses, fees and costs incurred in connection with, relating to or resulting from Third Point’s efforts to replace certain members of the Board, up to a maximum amount of $4M to be paid by Yahoo!. :theflyonthewall.com |
| | 17:49 EDT | | YHOO |
| | 17:34 EDT | | DB, CS |
| | 16:51 EDT | | YHOO |
| | 16:47 EDT | | YHOO |
| theflyonthewall.com: | Yahoo: Thompson will not get severance compensation | | The following is from a company 8-K filing: Yahoo! and Mr. Thompson agreed to terminate all other agreements between them, including Mr. Thompson’s offer letter, all outstanding but not fully vested equity awards and Yahoo!’s other plans and arrangements for the benefit of employees, with no severance compensation. However, in accordance with the terms of his offer letter, Mr. Thompson retained the make-whole cash bonus previously paid to him under his offer letter and the make-whole restricted stock units that had been granted to him pursuant to his offer letter and that had already vested. :theflyonthewall.com |
| | 16:45 EDT | | YHOO |
| | 16:37 EDT | | DB, CS |
| theflyonthewall.com: | Moody's cuts 26 Italian bank's ratings, outlooks remain negative, Bloomberg says |
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| | 16:22 EDT | | YHOO |
| theflyonthewall.com: | On The Fly: Closing Wrap | | Stocks on Wall Street were lower as fears mounted of a possible disorderly Greek exit from the euro currency. Stock futures were lower to begin the week as the market took its cue from the European markets, which were sharply lower. The weakness was attributed to Greece’s inability to form a coalition government and the prospect that the euro zone’s firewall will prove insufficient to shield Spain and other embattled countries against the effect of a Greek catastrophe. Weaker demand data out of China, highlighted by that country's policy response, certainly did not help either. The U.S. market opened sharply lower and continued its drop until finally finding a level about an hour into trading. With the financial sector still reeling from JP Morgan's (JPM) trading loss and the associated fallout, the averages tried in vain to recapture their losses before faltering again in the afternoon... ECONOMIC EVENTS: Domestically, there was little on the economic calendar. In Europe, stock markets plunged and the yields on benchmark sovereign debt in Greece, Spain and Italy spiked as Greece continues to be unable to form a new government. In China, the central bank announced plans over the weekend to cut its bank reserve requirement by 0.5 percentage points after economic readings showed industrial production growth had slowed... COMPANY NEWS: Yahoo! (YHOO) shares gained 2% after activist investor Dan Loeb won a spot on the company's board, along with two of his other nominees, and the company's CEO Scott Thompson quit over the resume inaccuracy that Loeb brought to light... Chesapeake Energy (CHK) also jumped as it was linked to a prominent activist investor, as shares rose 4.79% after the Wall Street Journal reported that Carl Icahn will likely reveal he once again has increased his stake in the company. The company also said after the close on Friday that it had arranged for a $3B unsecured loan to aid its financial flexibility as it continues to sell off assets and said on its call today to discuss the financing that it "wouldn't be surprised" if Icahn becomes a large shareholder... MAJOR MOVERS: Among the notable gainers was Groupon (GRPN), up $1.84, or 18.54%, to $11.73, ahead of its earnings report after the bell and up another 11% in the after market when its earnings and revenue beat expectations. Also higher were shares of Francesca's (FRAN), up $1.58, or 6.60%, to $25.60, after the company raised its earnings and same store sales guidance for its upcoming report and terminated its CFO for improper communication via social media. Noteworthy losers included Ancestry.com (ACOM), down $3.59, or 13.72%, to $22.57, following NBC's cancellation of the show "Who Do You Think You Are?", which featured the company's technology and services, and InterOil (IOC), down $3.88, or 6.73%, to $53.73, after the company said it received a notice that Papua New Guinea's government will cancel a liquefied natural gas project in the country... INDICES: The Dow lost 125.25, or 0.98%, to 12,695.35; the Nasdaq fell 31.24, or 1.06%, to 2,902.58; and the S&P 500 dropped 15.04, or 1.11%, to 1,338.35. :theflyonthewall.com |
| | 13:51 EDT | | CS, DB |
| theflyonthewall.com: | Venizelos says President asked to call new meeting tomorrow, Bloomberg says | | :theflyonthewall.com |
| | 13:47 EDT | | DB, CS |
| | 13:45 EDT | | DB, CS |
| | 12:54 EDT | | MFG |
| | 12:18 EDT | | YHOO |
| | 12:18 EDT | | YHOO |
| theflyonthewall.com: | On The Fly: Midday Wrap | | Stocks on Wall Street were lower at midday, as investors worried about Europe and China. Stocks began the day sharply lower on the heels of a sell off in the European markets. The weakness overseas was attributed to concern over Greece’s inability to form a coalition government, putting its continued participation in the euro zone in greater doubt. The weakness spread to the U.S., where the financial sector remains in turmoil following JP Morgan’s (JPM) trading loss. The market opened lower but the selling intensified before finding a level where it began to recapture some of its losses. The market has essentially drifted off its lows to cut its losses in half... ECONOMIC EVENTS: In the U.S., there was little on the economic calendar to distract investors from worries about Europe and China. In Europe, the yields on 10-year Greek, Spanish and Italian bonds all climbed while German bond yields declined to historically low levels as fear continues to mount about the potential exit of Greece from the euro currency. Stock markets across Europe plunged as well. In China, the central bank took action over the weekend to stimulate slowing growth, as it announced plans to cut its bank reserve requirement by 0.5 percentage points the day after economic readings showed inflation, industrial production growth, spending and lending had all slowed... COMPANY NEWS: Yahoo! (YHOO) shares gained almost 3% after its CEO Scott Thompson relented to pressure and stepped down following a firestorm over a computer science degree he never received. The company also reached a deal with activist shareholder Dan Loeb of Third Point, who had initially disclosed Thompson's resume problems, as the company agreed to allow Loeb and two other Third Point nominees to join its board... Another recently embattled company, Chesapeake Energy (CHK), jumped 7% after the company said it had arranged for a $3B unsecured loan to aid its financial flexibility as it continues to sell off assets. Also, the Wall Street Journal reported that activist investor Carl Icahn will likely reveal he once again has increased his stake in Chesapeake, and the company said on its call to discuss its financing that it "wouldn't be surprised" if Icahn becomes a large shareholder... JPMorgan Chase (JPM) continues to deal with the fallout of its $2B trading loss, as the bank announced that its Chief Investment Officer Ina Drew will retire, to be replaced by Matt Zames, and the bank's stock fell another 2%... Best Buy (BBY) Chairman Richard Schulze will step down when his term ends after the company's investigation into its former CEO Brian Dunn found that Dunn violated policy by engaging in an inappropriate personal relationship with a female employee and Schulze failed to bring the matter to the board's audit committee when he first learned of the allegations... MAJOR MOVERS: Among the notable gainers were Golfsmith (GOLF), up 28%, after agreeing to be acquired by Canada's Golf Town for $6.10 per share in cash, and Citizens South Banking (CSBC), up 24%, following its announcement that it will merge with Park Sterling Corporation (PSTB). Also higher were shares of Avon (AVP), up more than 4%, after the company responded to the latest $24.75 per share buyout offer from Coty, but asked for another week to make a decision on the bid... Noteworthy losers included Ancestry.com (ACOM), down 13%, following NBC's decision not to renew the TV show "Who Do You Think You Are?", and InterOil (IOC), down 9%, after the company got notice from Papua New Guinea of the state's intention to cancel an LNG project agreement... INDICES: Near noon, the Dow was down 82.07, or 0.64%, to 12,738.53; the Nasdaq was down 16.01, or 0.55%, to 2,917.81; and the S&P 500 was down 9.14, or 0.68%, to 1,344.25. :theflyonthewall.com |
| | 10:53 EDT | | CS, DB |
| theflyonthewall.com: | German Finance Minister Schaeuble says 'no easy way for Greece', Bloomberg says |
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| | 08:49 EDT | | YHOO |
| | 08:34 EDT | | DB |
| | 08:13 EDT | | YHOO |
| | 07:23 EDT | | DB, CS |
| theflyonthewall.com: | Not just U.S. but global regulators likely to react to JPMorgan events, FT says |
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| | 07:10 EDT | | CS |
| | 07:09 EDT | | DB |
| theflyonthewall.com: | Deutsche Bank volatility flat as shares trend lower | | Deutsche Bank June put option implied volatility of 48, July is at 49, October is at 54, is above its 26-week average of 50. :theflyonthewall.com |
| | 06:43 EDT | | YHOO |
| | 06:37 EDT | | YHOO |
| | 05:59 EDT | | YHOO |
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May 13, 2012
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| 20:21 EDT | | DB, CS |
| | 20:01 EDT | | CS, DB |
| | 18:34 EDT | | CS, DB |
| | 16:22 EDT | | YHOO |
| theflyonthewall.com: | Yahoo! reaches agreement with Third Point to settle its pending proxy contest |
Subscribe for More Information :theflyonthewall.com |
| | 16:18 EDT | | YHOO |
| | 16:16 EDT | | YHOO |
| | 10:20 EDT | | CS, DB |
| theflyonthewall.com: | Greece's efforts to form coalition hit a snag, Reuters reports | | Talks between Greece's party leaders and Greek President Karolos Papoulias to form a coalition and avert a repeat election hit a snag over the EU/IMF rescue plan, Reuters says. Reference Link :theflyonthewall.com |
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