New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
June 13, 2014
13:21 EDTSYYSysco volatility elevated on uncertainty of US Foods deal
Sysco Corporation June and July call option implied volatility is at 22, August is at 17; compared to its 26-week average of 17 according to Track Data, suggesting large near term price risk on the uncertainty of the purchase of US Foods.
News For SYY From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
1 | 2 | all recent SYY news | >>
June 30, 2015
07:20 EDTSYYSysco downgraded to Hold at Deutsche Bank after terminating US Foods deal
As previously reported, Deutsche Bank analyst Karen Short downgraded Sysco to Hold from Buy after the company announced yesterday that it has terminated its merger agreement with rival US Foods. Short said the company's buyback in place of the merger is less meaningful than she had hoped for, that future cost savings could be smaller than expected and that competition may increase in the near-term. The analyst cut her price target on Sysco to $40 from $50.
06:18 EDTSYYSysco downgraded to Hold from Buy at Deutsche Bank
Subscribe for More Information
June 29, 2015
10:02 EDTSYYSysco falls after terminating US Foods bid, levels to watch
Subscribe for More Information
09:18 EDTSYYOn The Fly: Pre-market Movers
Subscribe for More Information
08:05 EDTSYYSysco announces $3B share repurchase authorization
Sysco's board has authorized the company to spend an additional $3B to buy back shares over the next two years. The share repurchases will be in addition to the amount normally purchased to offset benefit plans and stock option dilution. The company intends to fund these purchases from new borrowings and cash flow from operations. The intent is to repurchase approximately $1.5B in shares in each of the next two years and, as part of the first year's purchases, the company expects to put in place an accelerated share repurchase program. Sysco will continue to assess the merits of repurchasing shares over time.
08:03 EDTSYYSysco terminates merger agreement with US Foods
Subscribe for More Information
08:02 EDTSYYSysco terminates merger agreement with US Foods, announces $3B buyback
June 28, 2015
19:37 EDTSYYU.S. District Court publishes ruling on US Foods-Sysco injunction
Subscribe for More Information
June 25, 2015
14:05 EDTSYYStaples, Office Depot shares head lower as analyst highlights merger pitfalls
Shares of Staples (SPLS) and Office Depot (ODP) are in negative territory following a Citi research note identifying significant downside potential if their proposed merger is blocked. The note follows news on June 23 that a U.S. District Court has approved the preliminary injunction of the US Foods-Sysco (SYY) merger. WHAT'S NEW: In the wake of the FTC's preliminary injunction of the US Foods-Sysco deal, Citi's Kate McShane issued a note on the proposed merger of Staples and Office Depot. The FTC is expected to release a public version of its Sysco ruling this Friday, and McShane said details of the injunction could shed light on whether the Staples-Office Depot merger is likely to follow a similar path. The analyst sees a 40% and 49% downside scenario for Staples and Office Depot, respectively, were the merger to fail, versus a 20% upside for Office Depot shares if a successful outcome is reached. WHAT'S NOTABLE: The FTC stated on June 23 that the Sysco-US Foods merger "would lead to higher prices and diminished service," and U.S. District Judge Amit Mehta cited the probability of "substantially" reduced competition. Building on those pieces of information, Kate McShane notes that a merged Staples-Office Depot may only capture 15%-25% of the addressable market, in contrast to the 75% market share of a Sysco and US Foods combination. McShane cautioned that if she limits her analysis to just Fortune 100 companies, the 15%-25% figure would likely be higher, but refrains from stronger speculation on the probability of the deal closing. On June 24, the New York Post cited sources calling the merger "unlikely" after the Sysco injunction. As noted by Citi, if regulator sentiment swings against the office supply companies, shares could head sharply lower. PRICE ACTION: Staples is down 0.4% in afternoon trading, while Office Depot is down 0.3%.
08:50 EDTSYYStaples has 20% upside if Office Depot deal closes, says Citi
Subscribe for More Information
June 24, 2015
08:45 EDTSYYSysco risk/reward remains favorable, says Deutsche Bank
Deutsche Bank says the risk/reward is still favorable for Sysco shares after a federal judge ruled against the company's merger with US Foods. The firm believes a "Plan B" could still generate upside for the stock. It lists using the balance sheet to repurchase shares and additional cost savings as alternatives to the merger. Deutsche maintains a Buy rating on Sysco with a $50 price target.
07:23 EDTSYYSysco unlikely to appeal of court ruling, says Jefferies
Subscribe for More Information
07:12 EDTSYYStaples deal unlikely after Sysco-US Foods merger blocked, NY Post reports
Subscribe for More Information
07:09 EDTSYYSysco volatility low into bid for U.S. foods blocked by a federal judge
Subscribe for More Information
06:09 EDTSYYOptions expected to be active
Options expected to be active: NFLX SYY MU MON NKE BBBY LEN NBG GREK
June 23, 2015
19:03 EDTSYYOn The Fly: After Hours Movers
UP AFTER PROVIDING GUIDANCE: MeetMe (MEET), up 18.8%. ALSO HIGHER: Nektar Therapeutics (NKTR), up 4.3% after being added to S&P 600... Quidel (QDEL), up 5% after receiving FDA clearance for new Solana molecular system and assay... Vanda Pharmaceuticals (VNDA), up 4.6% after announcing positive results from REPRIEVE study... Netflix (NFLX), up 3.4% after announcing seven-for-one stock split. LOWER: Alcobra (ADHD), down 2.5% after announcing that it will host a conference call and simultaneous webcast presentation to present results from the Phase II clinical trial of MDX... Sysco (SYY), down 2.6% after bid for U.S. foods blocked was blocked by a federal judge... Boeing (BA), down marginally after announcing CEO transition.
17:37 EDTSYYSysco down 2.63% after bid for U.S. foods blocked by federal judge
Subscribe for More Information
17:35 EDTSYYSysco's $3.5B bid for US Foods blocked by federal judge, Bloomberg says
A federal judge has blocked Syscoís planned $3.5B takeover of US Foods, says Bloomberg. According to the Bloomberg report, the judge said that the merger would most likely reduce competition. The case now goes to the Federal Trade Commissionís administrative court where the regulator will look to block the deal permanently, added Bloomberg. Reference Link
17:25 EDTSYYSysco 'disappointed' FTC granted injunction to block merger with US Foods
Subscribe for More Information
16:58 EDTSYYSysco's $3.5B bid for US Foods blocked by federal judge, Bloomberg says
Subscribe for More Information
1 | 2 | all recent SYY news | >>

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use