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Stock Market & Financial Investment News

News Breaks
June 5, 2014
08:05 EDTTMUS, SFXESFX Entertainment, T-Mobile announce extension of marketing alignment
SFX Entertainment (SFXE) and T-Mobile US, Inc. (TMUS) announced an extension of their marketing alignment with an 18-month program focused on building a deep cultural connection with the millennial audience through investments in festivals, media and custom events. As part of the new marketing program, T-Mobile will become the exclusive mobile partner to SFX in the USA. Further, T-Mobile will partner across SFX integrated media assets as well as partnering with Beatport on its upcoming Beatport Evolution Radio Show, which is a partnership with Clear Channel. SFX and T-Mobile will also partner to create original event concepts within the electronic music category. The program extends through to the end of 2015.
News For SFXE;TMUS From The Last 14 Days
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February 12, 2016
12:06 EDTTMUSHSBC says sell Sprint with competitive pressure mounting
Sprint (S) shares rallied in morning trading after an HSBC analyst recommended investors sell the stock due to mounting competitive pressure. Separately, the company announced yesterday that it was extending its 50% offer to customers switching from its rivals a day after majority shareholder SoftBank (SFTBF) made positive comments about the wireless carrier's turnaround, according to Bloomberg. HSBC DOWNGRADE: HSBC analyst Sunil Rajgopal this morning downgraded Sprint to Reduce from Hold and cut his price target for the stock to $1.60 from $5, saying that the carrier's competitors may challenge its turnaround efforts. Rajgopal said that pricing and packaging changes at rivals AT&T (T), Verizon (VZ) and T-Mobile (TMUS) over the past two months have forced Sprint to respond with a more aggressive offering, otherwise it may have to be content with its churn rates inching up. The analyst also lowered his long-term revenue and EBITDA forecasts for Sprint, cutting long-term EBITDA margin estimates to 31.8% from 35.4% and changing his 2016-2025 revenue CAGR to down 1.1% from up 40%. The analyst added that the company needs to show a significant improvement in its profitability or consider monetizing some of its unused or excess spectrum in order to address leverage concerns. Notably, Rajgopal also downgraded Sprint on November 6 to Hold from Buy and cut his price target to $5 from $6.20. Rajgopal said at the time that the company's second quarter results were mixed with a turnaround in postpaid net addition but a rise in prepaid churn. The analyst said that he was concerned that Sprint would continue to be highly leveraged in the medium-term and that increasing competition would lead to an increase in marketing efforts. RECENT NEWS: Yesterday, Sprint announced that it was extending its 50% offer to customers from AT&T, Verizon and T-Mobile who wished to switch to its network, adding that it will pay switching fees up to $650 per line for customers switching from competitors. Marcelo Claure, the company's chief executive officer, recently said that customer demand for the 50% offer was "strong." Separately, Bloomberg reported on Wednesday that Masayoshi Son, the chairman of Sprint stakeholder SoftBank, told reporters in Tokyo that the wireless carrier is "showing definitive signs of a turnaround" and that there are "more opportunities for cost cutting at Sprint." PRICE ACTION: Near midday, Sprint rallied 7.25% to $2.73. OTHERS TO WATCH: Verizon gained 1.48%, T-Mobile was up 2.23% and AT&T was up 0.55%higher in midday trading.
08:44 EDTTMUSHSBC cuts Sprint to sell, says competitors may make turnaround difficult
As previously reported, HSBC analyst Sunil Rajgopal downgraded Sprint (S) to Reduce, the firm's equivalent of a sell rating, from Hold, saying he has turned more cautious regarding its turnaround efforts in light of moves by AT&T (T), Verizon (VZ) and T-Mobile (TMUS). The analyst, who said Sprint's high-leverage is a key concern in addition to its operational challenges, lowered his long-term revenue and EBITDA estimates and cut his price target for the stock to $1.60 from $5.
February 11, 2016
10:21 EDTTMUSSprint says extending 50% offer to customers from AT&T, T-Mobile, Verizon
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February 3, 2016
12:28 EDTSFXESFX Entertainment CEO to resign within 60 days, Reuters says
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February 2, 2016
08:04 EDTTMUSForum Global to hold a conference
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February 1, 2016
05:37 EDTSFXESFX Entertainment enters into RSA, files for Chapter 11
SFX Entertainment announced that it has reached an agreement with an ad hoc group of bondholders to significantly restructure the company's outstanding debt. SFX and the ad hoc group have entered into a Restructuring Support Agreement, or RSA, that will eliminate more than $300M in debt from its balance sheet, provide significant working capital and convert the majority of the bondholder group debt into equity in a newly strengthened private company. In order to facilitate the restructuring, SFX Entertainment, Inc. has today filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The company's international operating subsidiaries are not included and will not be impacted by the filing. Moreover, the company will continue to prepare for, plan and produce all of its festivals and events around the world and in the United States without interruption. SFX anticipates moving expeditiously through this process. The RSA includes a commitment from the ad hoc group to provide up to $115M in DIP, or debtor-in-possession, financing. This financing, which is subject to court approval, will be used to pay ongoing, normal course of business, obligations including artists, venues, sponsors, partners, vendors and suppliers. All scheduled and planned events and festivals will take place without interruption providing SFX's millions of fans an uninterrupted season of spectacular experiences. The company and the ad hoc group have agreed to the principal terms of a Chapter 11 Plan of Reorganization, which will be subject to approval by the Bankruptcy Court. Moreover, upon emergence, the DIP loan will convert to provide a fully funded exit from Chapter 11.

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