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Stock Market & Financial Investment News

News Breaks
June 9, 2014
08:13 EDTSFXESFX Entertainment says Rscoff to step aside from COO position
SFX Entertainment announced the formation of a new executive management structure, which puts firm emphasis on the importance of the integration of media, creative, e-commerce and event assets across the globe. The company also announced that all ten incumbent directors have been reelected to serve an additional term by the stockholders of the company at the annual meeting held on June 5. Ritty van Straalen, COO, Timothy J. Crowhurst, President, Chris Stephenson, CMO, and Richard Rosenstein, CFO and CAO, will head up the newly formed executive management group reporting to Robert F.X. Sillerman, Chairman and CEO. In the revised structure, Joseph F. Rascoff will take on the role of Chairman of Live Entertainment as well as Vice Chairman of the Board of Directors, stepping aside from his position as COO. The new structure creates a five-territory global operations team, which will be helmed by new COO, Ritty van Straalen. The global divisions are: North America, South America, Australia, Asia and Europe. Timothy J. Crowhurst continues in his role as President. Chris Stephenson will continue in the role of Chief Marketing Officer. Richard Rosenstein adds to his role as EVP and CFO the title of Chief Administrative Officer.
News For SFXE From The Last 14 Days
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February 26, 2015
09:53 EDTSFXEAnalysts critical of SFX Entertainment CEO bid price, NY Post says
SFX Entertainment (SFXE) CEO Robert Sillerman's recent stock bid for his company provoked negative reactions from some analysts, reports the New York Post. Albert Fried analyst Rich Tullo currently has an SFX price target of $7.00, has called the $4.75 offered price per share "an insult," and encouraged the company to solicit bids from AEG, Live Nation (LYV), and MSG Entertainment (MSG). Maglan Capital CIO Steven Azarbad said "it's definitely worth more than $10 a share" and highlighted the $12 target from Stifel's Ben Mogil. Reference Link
February 25, 2015
16:38 EDTSFXEOn The Fly: Closing Wrap
The Wall Street averages had a relatively quiet open and remained in a tight range for most of the session. The market moved to the high end of its range by mid-afternoon, which pushed the Dow and S&P to new highs and the Nasdaq ever closer to its 5,000 level. There was little momentum behind the move and the averages eventually faded, closing nearly unchanged for the session. ECONOMIC EVENTS: In the U.S., new home sales slipped 0.2% to a 481K annual pace in January, which was better than the expected 2.3% decline to a 471K rate. The DOE petroleum inventory report showed crude stockpiles grew by 8.4M barrels in the week of February 20, versus expectations for a 4M barrel increase. In China, HSBC and Markit's flash purchasing managers' index for February came in at 50.1, which was above the consensus outlook of 49.7 and represented a four month high. COMPANY NEWS: Shares of Hewlett-Packard (HPQ) dropped $3.82, or 9.92%, to $34.67 after the PC, printer and server maker reported lower than expected Q1 revenue and cut its FY15 EPS view and free cash flow outlook, citing separation costs and foreign exchange headwinds. However, analysts at Citigroup, Bernstein, and Brean Capital all recommended buying the stock on weakness in separate notes to investors today. Later in the day, Bloomberg reported, citing sources, that HP is in talks to make its biggest acquisition in several years by potentially acquiring Aruba Networks (ARUN), sending shares of the WiFi equipment maker up $3.86, or 21.0%, to $22.24. Shares of Aruba competitor Ruckus Wireless (RKUS) also gained 66c, or 5.89%, to $11.86 after Bloomberg's report on potential M&A in their space... Chesapeake Energy (CHK) slid $1.90, or 9.56%, to $17.98 after reporting worse than expected earnings amid the recent plunge in energy prices and announcing lower capital spending plans for 2015. MAJOR MOVERS: Among the notable gainers was Benefitfocus (BNFT), which jumped $10.85, or 47.24%, to $33.82 after reporting Q4 earnings and disclosing that Marsh & McLennan (MMC) subsidiary Mercer took a 9.9% stake in the company. Also higher was SFX Entertainment (SFXE), which gained $1.09, or 29.46%, to $4.79 after the company’s Chairman and CEO, Robert Sillerman, offered to acquire all of the outstanding shares of common stock of the company not already owned by him for $4.75 per share in cash. SFX Entertainment confirmed that it received the proposal and established a special committee to review and negotiate the nonbinding offer. Among the noteworthy losers was Lumber Liquidators (LL), which plunged $18.15, or 26.39%, to $50.63 after reporting Q4 earnings per share and revenue that missed consensus expectations, warning on its associated call that an upcoming "60 Minutes" piece may cast the company in an unfavorable light, and disclosing in its annual report that the Department of Justice indicated in recent communications that it is contemplating seeking criminal charges under the Lacey Act. Also lower following their earnings reports were shares of Republic Airways (RJET), which fell $2.17, or 14.49%, to $12.81, and LendingClub (LC), which dropped $3.14, or 13.28%, to $20.51. INDEXES: The Dow added 15.38, or 0.08%, to 18,224.57, the Nasdaq slipped 0.98, or 0.02%, to 4,967.14, and the S&P 500 dropped 1.62, or 0.08%, to 2,113.86.
13:33 EDTSFXESFX Entertainment creates special committee to consider 'going private' proposal
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09:08 EDTSFXEOn The Fly: Pre-market Movers
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08:03 EDTSFXESFX Entertainment CEO Robert Sillerman proposes going-private transaction
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February 24, 2015
18:22 EDTSFXESFX Entertainment announces T-Mobile as Beatport charter partner
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