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Stock Market & Financial Investment News

News Breaks
June 2, 2014
04:55 EDTSYY, SYY, BYI, BYI, VAC, VAC, PNK, PNK, OWW, OWW, H, H, CAR, CAR, DIN, DIN, SEAS, SEAS, FUN, FUN, LQ, LQGoldman to hold a conference
Lodging, Gaming, Restaurant and Leisure Conference to be held in New York on June 2-3.
News For SYY;FUN;SEAS;DIN;CAR;H;OWW;PNK;VAC;BYI;LQ From The Last 14 Days
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December 17, 2014
08:39 EDTCARAvis Budget agrees to acquire licensee for Norway, Sweden, Denmark for $50M
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08:38 EDTCARAvis Budget agrees to acquire licensee for Norway, Sweden, Denmark for $50M
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December 16, 2014
17:28 EDTHHyatt Hotels to relocate global headquarters to Chicago’s West Loop neighborhood
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16:50 EDTSEASSeaWorld cuts 300 jobs and announces restructuring charges
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16:44 EDTSEASSeaWorld postpones Q4 dividend
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16:42 EDTSEASSeaWorld to accelerate start date of $250M share repurchase program
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09:17 EDTOWWInternet sector upgraded to Attractive from Neutral at Goldman
Goldman upgraded the Americas Internet sector to Attractive to Neutral based on more reasonable valuations, reduced expectations, and strong sector growth. As part of the sector change, the firm upgraded GrubHub (GRUB) to Buy from Neutral, downgraded Shutterfly (SFLY) to Neutral from Buy, and lowered Priceline (PCLN) to Buy from Conviction Buy.
December 15, 2014
08:46 EDTCARAvis Budget to combine three operating regions into two
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December 12, 2014
10:35 EDTFUN, SEASSeaWorld CEO exit sparks talk of Busch Gardens split
Shares of theme park operator SeaWorld (SEAS) climbed in early trading, but have since given up their gains, following the departure of the company's CEO and president, Jim Atchison. Research firm FBR Capital suggested that the company could be split into two parts. According to the firm, SeaWorld's stock could eventually be worth about double its present value if the company does decide to pursue a break-up. WHAT'S NEW: After SeaWorld announced last night that its current CEO would step down from the position as of January 15 and be replaced on an interim basis by its chairman, FBR Capital analyst Barton Crockett wrote that a split up of the company "looks compelling." Specifically, SeaWorld could split its SeaWorld parks off from the other parks it owns, including Busch Gardens and Sesame Place, the analyst stated. In such a scenario, the other parks could be seen as an eventual takeover target for theme park operators Six Flags (SIX) and Cedar Fair (FUN), although an acquisition would not take place for two years due to tax issues, Crockett stated. Following a split, truncated SeaWorld should be valued at $4 per share, while the other parks could trade at $12 per share, the analyst stated. However, the spun off SeaWorld shares could eventually rebound to $17 if its initiatives to revitalize its weak attendance bear fruit or if it turns itself into a REIT, Crockett stated. Under the scenario outlined by Crockett, SeaWorld's stock, currently trading at about $16.60, could be worth $29. Additionally, split off SeaWorld could be taken private a few years later at a 30% premium, Crockett believes. While the analyst does not think the board wants to split the company, he says that the CEO vacancy could spark greater interest in the idea among investors, or CEO candidates could embrace the concept. Crockett kept a $20 price target and Outperform rating on SeaWorld. WHAT'S NOTABLE: SeaWorld's CEO change is likely to be viewed positively by investors, given the challenges faced by the company, Wells Fargo analyst Timothy Conder wrote in his own note to investors today. However, the analyst thinks the company lacks fundamental catalysts through the first half of next year and is facing difficult comparisons. He kept a Market Perform rating on the shares. PRICE ACTION: In early trading, SeaWorld fell 4c, or 0.25%, to $16.06.
08:41 EDTSEASSeaWorld CEO change could drive split interest, says FBR Capital
FBR Capital believes shares of SeaWorld could be worth up to $29 if the company were to spin off Busch Gardens into a separate public entity. FBR says the potential upside looks "compelling," but admits it does not think the board wants to split. However, it believes the CEO transition could spark greater investor interest in the idea. FBR keeps an Outperform rating on SeaWorld after the company announced that Jim Atchison is stepping down as CEO. It has a $20 price target for shares.
06:03 EDTSEASSeaWorld says new restructuring program to include job cuts
SeaWorld said last night that it continues to advance its previously announced company-wide cost initiative, including its plan to deliver approximately $50M of annual cost savings by the end of 2015. As part of that plan, the company announced a restructuring program across its entire 11-park enterprise. "This effort will centralize some operations, reduce duplication of functions and increase efficiencies and accelerate execution. The restructuring will result in the loss of some positions, and the Company will offer severance benefits to those impacted," SeaWorld said.
December 11, 2014
19:16 EDTHHyatt Hotels increases share repurchase authorization by $400M
Hyatt Hotels Corporation announced that the company's board authorized the repurchase of up to an additional $400M of the company's common stock. As of December 11, the company had approximately $465M available under its share repurchase authorization, including the $400M authorized on December 11.
18:14 EDTSEASOn The Fly: After Hours Movers
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16:05 EDTSEASSeaWorld names David D'Alessandro as Interim CEO
SeaWorld announced that, effective January 15, 2015, Chairman David F. D'Alessandro will serve as the company's interim CEO until the board selects a permanent successor to current CEO and president, Jim Atchison, who will become vice chairman of the board. D'Alessandro, who has been chairman of the company's board since 2010, will continue in that position. In addition, Atchison will serve as a consultant to the company with respect to international expansion and the company's conservation initiatives. The company will also nominate Atchison to serve as the chairman of the board of the not-for-profit, independent SeaWorld & Busch Gardens Conservation Fund. The board, which expects to complete the search in six to nine months, has engaged an executive search firm to assist in the search for Atchison's successor.
12:08 EDTSYYSysco near completion of US Foods buyout, NY Post reports
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10:31 EDTCARAvis Budget, Inspirato sign exclusive partnership agreement
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09:17 EDTSEASSeaWorld valuation compelling, says Credit Suisse
Credit Suisse said it remains comfortable with its Buy rating and $23 price target ton SeaWorld following a visit to Orlando. The analyst expects management cost cutting efforts to be implemented near-term and for the company to benefit from an improving consumer backdrop and rising industry fundamentals.
December 9, 2014
05:11 EDTHHyatt enters franchise agreement to open Hyatt Regency Naha, Okinawa
Hyatt Hotels announced that a Hyatt affiliate has entered into a franchise agreement with PHR Okinawa Hotel Management, a subsidiary of Ken Corporation, for a Hyatt Regency hotel in Naha, Okinawa. Expected to open in late 2015, Hyatt Regency Naha, Okinawa will mark the first Hyatt-branded hotel on the island of Okinawa, Japan.
December 8, 2014
08:23 EDTVAC, SEASCredit Suisse to hold a field trip
Timeshare & Theme Park Trip travels throughout Orlando, Florida on December 8.
December 5, 2014
10:18 EDTCARAvis Budget and Hertz November data positive, says MKM Partners
MKM Partners said Manheim data for November was 123.3, above expectations and October's reading of 12.8. The firm said Manheim and other data is supportive of positive trends in the car rental industry.
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