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March 19, 2014
11:50 EDTTHS, GS, TSNTreeHouse Foods weighs bid for Michael Foods, Reuters says
TreeHouse Foods (THS) is weighing a bid for Michael Foods Group, an egg and dairy products maker that is owned by Goldman Sachs Group (GS) private equity unit, says Reuters. TreeHouse Foods is competing with larger rival Tyson Foods (TSN) and other suitors in pursuit of Michael Foods in a deal which may be valued at around $2B to $2.5B, added Reuters. Reference Link
News For THS;TSN;GS From The Last 14 Days
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November 23, 2015
12:08 EDTTSNOn The Fly: Top stock stories at midday
Stocks on Wall Street were slightly higher at midday but have moved in a very narrow trading range throughout the morning. The market, coming off one of its best weeks of the year, appears to be consolidating its gains amid the increased caution that prevails worldwide, highlighted by the ongoing lockdown of Brussels due to its assessment of a "serious and imminent" terrorist threat. There was little help from the day's economic data, as reports on manufacturing and existing home sales both came in below expectations. ECONOMIC EVENTS: In the U.S., Markit's flash manufacturing PMI for November fell 1.5 points to 52.6, missing expectations for a 54.0 reading. Existing home sales dropped 3.4% to a 5.36M rate in October, lower than the forecast for a 5.4M rate. The Chicago Fed National Activity Index showed a reading of -0.04, versus the expected +0.05 reading. In Europe, Markit's composite services and manufacturing PMI rose to 54.4 in October from a prior reading of 53.9. That reading marks the euro-area's highest level since May 2011. COMPANY NEWS: As telegraphed in recent media reports, Pfizer (PFE) and Allergan (AGN) announced plans to combine, creating the world's largest drugmaker. The companies have entered into a definitive merger agreement under which they will combine in a stock transaction valued at $363.63 per Allergan share, for a total enterprise value of approximately $160B, based on the closing price of Pfizer common stock on November 20. Amid concerns that regulators may try to block the huge deal, or make rule changes that will make it less lucrative, Pfizer shares declined more than 2.5% while Allergan saw a similar percentage slide... Alcoa (AA) jumped more than 5% higher after activist investor Elliott Management revealed a 6.4% stake, saying it seeks to engage in a "constructive dialogue" regarding the company's recently spin-off transaction as well as a number of added opportunities it sees to maximize shareholder value. In other activist investor news, Carl Icahn said in an open letter that his talks with AIG (AIG) CEO Peter Hancock make it "abundantly clear" that he is not willing to take the bold steps that Icahn has pushed for, including the suggestion that the insurer separate into three public companies to shrink below the threshold for systemically important financial institutions. Icahn added that he intends to commence shortly a consent solicitation that will enable shareholders to express their views directly to the board, which may include a proposal to add a new director who would agree in advance to succeed Hancock as CEO if asked by the board to do so. MAJOR MOVERS: Among the noteworthy gainers was Tyson Foods (TSN), which rallied 9% after reporting quarterly results and guiding for fiscal 2016. Also higher was Chipotle (CMG), which rebounded 5% after several analysts opined on the company's outlook after shares pulled back Friday as the company confirmed that six new cases of E. coli linked to its restaurants had been identified in four additional states. In addition, SunEdison was up 9% after the company announced that CFO Brian Wuebbels will take over as the president and CEO at its two "YieldCos." Among the notable losers was GameStop (GME), which fell 7.5% after reporting weaker than expected Q3 results. Electronic Arts (EA) and Activision Blizzard (ATVI), whose games are sold at GameStop, slipped nearly 6% and 0.5%, respectively, after the retailer's report. Also lower was Diebold (DBD), which dropped 8% after it announced that it will acquire Wincor Nixdorf in a cash and stock deal valued at $1.8B. INDEXES: Near midday, the Dow was up 7.52, or 0.04%, to 17,831.33, the Nasdaq was up 14.78, or 0.29%, to 5,119.70, and the S&P 500 was up 4.64, or 0.22%, to 2,093.81.
09:23 EDTTSNTyson Foods raises quarterly dividend to 15c
On November 19, 2015, the board increased the quarterly dividend previously declared on July 30, 2015, to 15c per share on our Class A common stock and 13.5c per share on our Class B common stock. The increased quarterly dividend is payable on December 15, 2015, to shareholders of record at the close of business on December 1, 2015.
09:21 EDTTSNTyson Foods sees FY16 CapEx $900M, effective tax rate 35%
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09:21 EDTTSNTyson Foods says beef unit affected by live cattle drop at Q4-end
The company said it will buy up to 10% of chicken to process on open market. Comments taken from Q4 earnings conference call.
09:18 EDTTSNOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Tyson Foods (TSN), up 2.4%... Mallinckrodt (MNK), up 7.4%. ALSO HIGHER: Novocure (NVCR), up 16.8% after announcing new Phase 3 data from Optune study... CTI BioPharma (CTIC), up 12.7% after the initiation of its rolling new drug application to the FDA for pacritinib... Peabody Energy (BTU), up 14.8% after announcing an asset sale... Sarepta Therapeutics (SRPT), up 5.2% following a positive mention in Barron's. DOWN AFTER EARNINGS: Trina Solar (TSL), down 5.6%. ALSO LOWER: Par Pacific (PARR), down 13.2% after pricing its 3.4M registered direct offering at $22.00... Lions Gate (LGF), down 2.9% after the "Hunger Games" finale opens below the series average.
07:37 EDTTSNTyson Foods sees FY16 revenue about $41B, consensus $41.1B
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07:37 EDTTSNTyson Foods reports Q4 Chicken revenue $3.02B, up 10.8% y/y
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07:35 EDTTSNTyson Foods reports Q4 adjusted EPS 83c, consensus 88c
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November 20, 2015
07:53 EDTTSNTyson Foods volatility elevated into Q4 and outlook
Tyson Foods Trina Solar December call option implied volatility is at 35, January is at 32; compared to its 52-week range of 18 to 35, suggesting large near term price movement into the expected release of Q4 results on November 23.
November 19, 2015
16:06 EDTTSNTyson Foods to discontinue operations at two prepared foods plants
As part of efforts to improve the overall performance of its prepared foods business, Tyson Foods plans to discontinue operations at two plants, the company announced. The closings will enable Tyson Foods to use available production capacity at some of its other prepared foods facilities. Both the pepperoni plant in Jefferson, Wisconsin and the Chicago, Illinois, facility, which makes prepared foods for the hospitality industry, are expected to cease operations during the second half of the company's fiscal year 2016, which ends October 1, 2016. The decision will affect approximately 880 people, including about 480 at Chicago and about 400 at Jefferson. It's important to note that none of Tyson Foods' other Chicago facilities or offices are affected by this announcement. The planned closures are due to a combination of factors including changing product needs, the age of both facilities and prohibitive cost of renovations, as well as the distance of the Chicago plant from its raw material supply base. Affected workers will be encouraged to apply for openings within the company. Tyson Foods intends to work with state officials to ensure employees are informed about unemployment benefits and any potential re-training opportunities.
November 18, 2015
08:55 EDTGSMorgan Stanley exec sees Q4 not much better than Q3 for banks, DJ reports
Morgan Stanley (MS) Institutional Securities President Colm Kelleher cautioned that fixed-income markets "still seem subdued," according to Dow Jones, citing his comments at an investment conference. Morgan Stanley was among the banks that reported lower revenue from fixed-income, currency and commodities trading during the third quarter and Kelleher said he doesn't think "the fourth quarter is going to be much better," the report noted. Large bank peers to Morgan Stanley include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
06:51 EDTTHSBay Valley Foods plans to close City of Industry, CA facility
Bay Valley Foods, a wholly-owned subsidiary of TreeHouse Foods, announced its intention to close its City of Industry, California facility. The closure of the facility was determined after carefully reviewing the operation and identifying opportunities to lower production costs. Production is expected to cease in Q1 of 2016 with full closure of the facility expected in Q3 of 2016. Total costs to close the facility are expected to be approximately $11.9M, or 17c per fully diluted share, of which approximately $7.7M, or 11c per fully diluted share, is expected to be in cash. Components of the charges include non-cash asset write-offs of approximately $3.7M, employee-related costs of approximately $2.8M and other closure costs of approximately $5.4M. The company expects approximately $1.1M of the charges to be incurred in Q4 of this year and approximately $2.1M, $4.9M and $3.8M in the Q1, Q2, and Q3 of 2016, respectively. Ongoing annual cost savings from the closing are expected to be approximately $1.0M. The City of Industry facility has approximately 62 employees and primarily produces branded liquid non-dairy creamer and refrigerated dressings for the food away from home industry. Production will be moved to other manufacturing facilities within the company's existing network as well as to third-party facilities. The company expects no supply disruptions during the transition.
November 17, 2015
12:56 EDTTSNTyson Foods issues voluntary recall of chicken wings
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November 16, 2015
11:31 EDTGSBlackstone to sell GCA Services Group to Thomas H. Lee Partners and Goldman Sach
Blackstone (BX) announced that private equity funds it manages have agreed to sell GCA Services Group to a consortium of the Merchant Banking Division of Goldman Sachs (GS) and Thomas H. Lee Partners. The transaction is subject to customary closing conditions and is expected to close in the first quarter of 2016.
07:40 EDTGSBuffett says lower stakes in Goldman, Wal-Mart doesn't reflect lower confidence
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07:36 EDTGSBerkshire Hathaway discloses new AT&T stake in quarterly update
Berkshire Hathaway gave a quarterly update on its stakes in a filing this morning. NEW STAKES: AT&T (T), Kraft Heinz (KHC), Liberty Lilac Group (LILA). INCREASED STAKES: Phillips 66 (PSX), Charter (CHTR), Liberty Media (LMCK), Suncor (SU), General Motors (GM). DECREASED STAKES: Goldman Sachs (GS), Wal-Mart (WMT), Deere (DE), Chicago Bridge & Iron (CBI), WABCO (WBC). LIQUIDATED STAKES: Viacom (VIAB).
06:48 EDTGSGoldman, Thomas H. Lee agree to buy GCA Services from Blackstone, Reuters says
According to sources, Reuters reports that the private equity unit of Goldman Sachs (GS) and Thomas H. Lee Partners have agreed to buy GCA Services Group, a facility management company, from Blackstone (BX) for about $1B, including debt. Goldman and Thomas H. Lee will have equal participation in the consortium that will buy GCA. Reference Link
November 12, 2015
07:36 EDTGSGoldman Sachs management to meet with Deutsche Bank
Meeting to be held in Montclair, NJ on November 12 hosted by Deutsche Bank.
06:12 EDTGSMorgan Stanley to offer wealth management clients savings accounts, Reuters says
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November 11, 2015
06:19 EDTGSAppNexus talks to Goldman, other banks about IPO plans, Business Insider reports
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