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Stock Market & Financial Investment News

News Breaks
March 24, 2014
10:22 EDTSPGSimon Property names more executives for Washington Prime spinoff
Simon announced that the following individuals will join Washington Prime Group's management team once the spin-off is completed: Myles Minton will become COO. Minton previously served as President of the Community Center business for Simon since 2007. Robert P. Demchak will be joining as General Counsel and Corporate Secretary. Michael J. Gaffney will hold the position of SVP, Head of Capital Markets. The spin-off transaction is subject to certain conditions, including, among others, declaration by the Securities and Exchange Commission that Washington Prime Group's registration statement is effective, filing and approval of Washington Prime Group's listing application, customary third party consents, and formal approval and declaration of the distribution by Simon's Board of Directors. Simon may, at any time and for any reason until the proposed spin-off transaction has been consummated, abandon the separation, modify or otherwise change its terms.
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September 16, 2014
12:18 EDTSPGOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday, with some attributing the move to noted Fed watcher Jon Hilsenrath of The Wall Street Journal giving the opinion that he does not believe the central bank will drop the language that interest rates will "remain low for an extended period of time" when it issues its latest policy statement tomorrow. The averages began the session in negative territory and appeared to be heading for another listless day of trading. The market drifted lower during the opening hour but the Dow and S&P crossed into positive ground and the Nasdaq eventually followed. ECONOMIC EVENTS: In the U.S., the Producer Price Index was unchanged in August, as expected. The core reading, which excludes food and energy, increased 0.1%, also matching expectations. Of note, the Fed's FOMC rate setting group kicked off its two-day policy meeting. COMPANY NEWS: Shares of Apple (AAPL) slid over 1% after Chinese-language 21st Century Business Herald reportedly said the company might not get the necessary approval to launch its new iPhone 6 models throughout China until next year after failing to come to an agreement with a regulator in the nation. Shares of China Mobile (CHL), which is buy far the largest phone carrier in China, slipped 2% after the report... Glimcher Realty Trust (GRT) surged 29% after it agreed to sell itself to fellow REIT Washington Prime Group (WPG) for $14.20 per share. Washington has agreed to buy Glimcher for about $4.3B in a cash and stock deal. Glimcher shareholders will receive $10.40 in cash and 0.1989 of a share of Washington stock upon the closing of the transaction, the companies stated. As part of the deal, Simon Property Group (SPG), which completed its separation of Washington Prime Group this May, agreed to buy two shopping malls owned by Glimcher for $1.09B in cash. Shares of fellow mall owning REITs CBL & Associates (CBL), Rouse Properties (RSE) and Pennsylvania REIT (PEI) rose following the deal announcement. MAJOR MOVERS: Among the notable gainers was Bill Barrett (BBG), which rose 12% after selling natural gas, oil and natural gas liquids assets in the Piceance Basin in Colorado for $525M to Vanguard Natural (VNR). Vanguard Natural also gained 1% following the deal announcement. Among the noteworthy losers was VirnetX (VHC), which plunged nearly 50% after an appeals court vacated a jury’s damages award in its patent case with Apple. Also lower were shares of Atlantic Power (AT), which dropped 32% after announcing that it concluded a sale or merger of the company is not in the best interests of the company or its stakeholders and the company cut its annual dividend. INDEXES: Near midday, the Dow was up 88.18, or 0.52%, to 17,119.32, the Nasdaq was up 16.11, or 0.36%, to 4,535.01, and the S&P 500 was up 11.94, or 0.6%, to 1,996.07.
10:36 EDTSPGGlimcher surges after agreeing to acquisition, REIT peers rise
Shares of Glimcher Realty Trust (GRT) are jumping after it announced earlier today that it had agreed to sell itself to Washington Prime Group (WPG) for $14.20 per share. Glimcher and Washington Prime are a real estate investment trusts, or REITs, that invests in shopping malls and community shopping centers. WHAT'S NEW: Washington has agreed to buy Glimcher for about $4.3B in a cash and stock deal. Glimcher shareholders will receive $10.40 in cash and 0.1989 of a share of Washington stock upon the closing of the transaction, the companies stated. Meanwhile, another REIT, Simon Property Group (SPG), agreed to buy two shopping malls owned by Glimcher - Jersey Gardens in Elizabeth, New Jersey and University Park Village in Fort Worth, Texas - for $1.09B in cash. WHAT'S NOTABLE: In a note to investors today, Wells Fargo upgraded another REIT, CBL & Associates (CBL), to Market Perform from Underperform. In the note, the firm stated that the Glimcher acquisition and Simon Property's purchase of two of Glimcher's malls support its belief that "B" mall asset prices are strong enough to justify a low $20 per share valuation for CBL. PRICE ACTION: In early trading, Glimcher jumped 30% to $13.80, CBL rallied 5% to $18.57, and Washington Prime fell 7% to $17.13. Meanwhile, the shares of two other mall owners, Rouse Properties (RSE) and Pennsylvania REIT (PEI), increased 3% and 5.5%, respectively. Simon Property Group, which completed its separation of Washington Prime Group this May, was up 0.5% following the news.

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