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News Breaks
June 13, 2014
06:12 EDTMDP, TIMETime Inc. initiated with a Buy at Citigroup
Citigroup expects the magazine industry to undergo a consolidation period with Meredith (MDP) acquiring Time Inc. (TIME) in Q4 of 2015. The firm initiated shares of Time with a Buy rating and $28 price target.
News For TIME;MDP From The Last 14 Days
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October 6, 2015
09:56 EDTMDPOppenheimer not supporting Media General, Meredith deal, NY Post reports
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October 2, 2015
16:46 EDTMDPStocks end week higher after Friday reversal following disappointing jobs data
U.S. markets fell sharply following a weaker than expected nonfarm payrolls report on Friday morning, but rallied back to finish the day, and the week, slightly higher. MACRO NEWS: In the U.S., 142,000 nonfarm jobs were added last month, missing expectations for 201,000 job additions. Average hourly earnings were flat month-over-month, compared to expectations for them to rise 0.2% in September. The unemployment rate held at 5.1%, as expected. Factory orders fell 1.7% in August, versus expectations for them to drop 1.2%. Personal income grew 0.3% in August, versus expectations for it to rise 0.4%. Personal spending rose 0.4% last month, versus expectations for growth of 0.3%. Consumer confidence unexpectedly rose in September, as a confidence reading strengthened to 103.0. Markit's manufacturing purchasing managers' index inched up to 53.1 in the final September reading, compared to the preliminary September figure of 53.0. ISM's manufacturing index fell to 50.2 in September, versus expectations for a reading of 50.6... Chinese markets will be closed for "Golden Week" from October 1 to October 7, but monthly manufacturing data was still released. The government's official manufacturing PMI ticked up to 49.8, beating expectations for a 49.6 reading, while the final Caixin/Markit PMI fell to 47.2 in September, though that was slightly improved from an earlier flash estimate of 47. In Japan, the central bank's quarterly tankan survey of large manufacturers for the September quarter came in at positive 12, compared with expectations for a positive 13 reading. Elsewhere in Asia, the Reserve Bank of India made a larger than expected cut to its interest rates, lowering its benchmark policy rate to 6.75% from 7.25%... In Europe, Markit's final Eurozone manufacturing PMI for September came in at 52.0, down from August's final 52.3 reading but still in expansion territory. COMPANY NEWS: Apple (AAPL) reported that it set a record by selling more than 13M new iPhone 6s and iPhone 6s Plus models in the first three days after launch of the devices. However, shares of the tech giant slid following the announcement... Biotech stocks continued recent declines, with Valeant (VRX) dropping after a group of Democratic congressmen urged additional scrutiny of the company's "price hike" business model... Re/code's Kara Swisher and Kurt Wagner reported, citing sources, that Twitter (TWTR) founder and interim CEO Jack Dorsey was set to be named permanent Chief Executive, possibly as soon as Thursday, but no announcement had been made by the company by the end of the week. Shares of Gap (GPS) and Ralph Lauren (RL) moved in opposite directions after an executive for one left to take over for an icon at the other. At least three research firms downgraded Gap shares to sell or equivalent ratings and the stock fell after Stefan Larsson stepped down as global president of Old Navy in order to become the new Chief Executive Officer of Ralph Lauren, while the latter company's shares were upgraded and traded higher in the wake of the executive shake-up... On the M&A front, Reynolds American (RAI) announced that the international rights to the Natural American Spirit brand name and associated trademarks will be sold to the Japan Tobacco Group in an all-cash transaction with a value of about $5B. Nexstar (NXST) proposed to acquire Media General (MEG) for a combination of cash and shares that was valued at $14.50 per Media General share before the proposal was made public on September 28. Media General, which previously announced an agreement to buy Meredith Corporation (MDP), said it would "carefully review and consider the proposal" with the help of its advisors. Shares of Rentrak (RENT) and comScore (SCOR) both advanced after the companies announced a stock-for-stock merger agreement... General Motors (GM) reported its U.S. sales grew 12% in September compared to the same month of last year. Additionally, the auto giant hosted a global business update event, where it announced two new car- and ride-sharing projects and confirmed its plans to jointly develop a commercially viable fuel cell vehicle with Honda (HMC) in the 2020 timeframe. Meanwhile, Ford (F) said its U.S. sales rose 23% in September and Fiat Chrysler's (FCAU) U.S. sales increased 14% last month... FXCM (FXCM) disclosed that it was the victim of a cybersecurity attack involving "a small number of unauthorized wire transfers from customer accounts" and Experian (EXPGY) announced that one of its units experienced an attack by hackers that exposed data from its client T-Mobile (TMUS)... Wynn Resorts (WYNN), Las Vegas Sands (LVS), MGM Resorts (MGM) and Melco Crown (MPEL) all advanced at the end of the week following reports that the Chinese government may provide economic support to the gaming center Macau, where the companies operate casinos. INDEXES: The Dow gained about 0.96% to close at 16,472.37, the S&P 500 rose about 1.02% to close at 1,951.36, and the Nasdaq advanced about 0.43% to close at 4,707.77.
October 1, 2015
07:38 EDTMDPAcquisition of Meredith unlikely to close 'in current form,' says Wells Fargo
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07:29 EDTMDPNexstar bid more accretive than Meredith deal, says Wells Fargo
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September 28, 2015
12:13 EDTMDPOn The Fly: Top stock stories at midday
Stocks on Wall Street were lower at midday after more weak data from China and a warning from noted investor Carl Icahn gave the already-shaky market some additional worries at the outset of a new week. ECONOMIC EVENTS: In the U.S., personal income grew 0.3% in August, versus expectations for it to rise 0.4%. Personal spending rose 0.4% last month, versus expectations for growth of 0.3%. The pending home sales index fell 1.4% in August, missing expectations for it to have risen 0.4%. The Dallas Fed manufacturing outlook survey for September had a reading of -9.5, versus expectations for a reading of -10.0. In China, industrial profits plunged 8.8% in August, adding to the recent string of weak data from the Asian giant. COMPANY NEWS: Apple (AAPL) announced that it set a record by selling more than 13M new iPhone 6s and iPhone 6s Plus models in the first three days after launch of the devices. Piper Jaffray analyst Gene Munster said Apple's report, paired with the firm's read on sell-through, makes him think the 6S cycle is off to a good start, but shares of the tech giant slid about 1.5% near noon... Alcoa (AA) shares advanced about 3% after the company announced that its board has unanimously approved a plan to separate into two independent, publicly-traded companies - an Upstream company that will operate under the Alcoa name and a new "Value-Add company" that will provide high-performance, multi-material products whose name will be announced at a later date. MAJOR MOVERS: Among the notable gainers was Media General (MEG), which jumped 24% after Nexstar (NXST) proposed to acquire the company for cash and Nexstar shares currently valued at $14.50 per Media General share. Media General (MEG), which previously agreed to acquire Meredith (MDP) in a cash and stock transaction that was valued at approximately $2.4B when it was announced about three weeks ago, said it will "carefully review and consider" Nexstar's proposal. Also higher was Knowles (KN), which gained 8% after FBR Capital analyst Christopher Rolland upgraded it shares to Market Perform, saying Chipworks identified a fourth mic made by the company in Apple's iPhone 6S, up from three in the previous version of the smartphone. Among the noteworthy losers was Verastem (VSTM), which plunged 68% after the biopharmaceutical company said it would stop enrollment in a Phase 2 study of VS-6063 for patients with mesothelioma. Also lower were shares of both Energy Transfer Equity (ETE) and Williams (WMB), which fell 9% and 9.5%, respectively, after they announced a business combination transaction valued at approximately $37.7B, including the assumption of debt and other liabilities. Under the terms of their deal, an affiliate of ETE will acquire Williams at an implied current price of $43.50 per Williams share, the companies said. INDEXES: Near midday, the Dow was down 241.02, or 1.48%, to 16,073.65, the Nasdaq was down 105.73, or 2.26%, to 4,580.77, and the S&P 500 was down 37.17, or 1.92%, to 1,894.17.
09:10 EDTMDPMedia General confirms receipt of unsolicited proposal from Nexstar
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06:35 EDTMDPNexstar Broadcasting offers to buy Media General for $14.50 per share, WSJ says
Nexstar Broadcasting (NXST) Chairman and CEO Perry Sook has sent a letter to the board of Media General (MEG) offering to buy the local-television station owner for $14.50 per share, The Wall Street Journal reports. According to the letter, which was seen by the publication, includes $10.50 in cash and 0.0898 Nexstar shares for each Media General share. Media General previously announced a deal to buy Meredith Corp (MDP). Reference Link
September 24, 2015
10:02 EDTTIMETime Inc. expands video programming with launch of 'Sports Illustrated Films'
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