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Stock Market & Financial Investment News

News Breaks
December 27, 2012
16:15 EDTTM, JCP, DIOD, QCOR, BCDS, VVUSOn The Fly: Closing Wrap
Stocks on Wall Street spent almost the entire session in negative territory but the averages recovered most of their losses in the last hour of trading. Headlines from Washington late in the trading day indicated the House of Representatives plans a session for Sunday evening to discuss the fiscal cliff. After opening lower the averages fell to their worst levels just after midday and were trading near those levels before moving sharply higher, and eventually erasing almost all of their losses, during the final 90 minutes of trading... ECONOMIC EVENTS: In the U.S., weekly jobless claims fell 12,000 to 350,000, compared to expectations for claims to remain relatively flat with the prior week. Sales of new homes rose 4.4% in November from October to a seasonally adjusted annual rate of 377,000, beating expectations. Consumer confidence fell to its lowest level since August with a 65.1 reading for December, versus expectations for a 70.0 figure. This morning, Senate Majority Leader Harry Reid warned that there may not be enough time left to reach a budget deal and that the U.S. appears destined to head over the fiscal cliff. However, late day optimism took hold based on plans for the House to reconvene this weekend... COMPANY NEWS: U.S. listed shares of Toyota Motor (TM) gained $2.18, or 2.41%, to $92.54 after the company agreed to a settlement valued over $1B related to previous recalls over claims of accelerator pedal problems... MAJOR MOVERS: Among the notable gainers was BCD Semiconductor (BCDS), which rose $3.43, or 86.18%, to $7.41 after agreeing to be acquired by Diodes (DIOD) for $8.00 per U.S. listed share. Shares of Diodes also gained 23c, or 1.36%, to $17.14. Also higher were shares of VIVUS (VVUS), up 51c, or 3.88%, to $13.67 after the company's CEO was quoted by Financial Times as saying he foresees the potential for using direct-to-consumer advertising and a larger scale sales force to market its Qsymia weight-loss drug. Among the noteworthy losers was Questcor Pharmaceuticals (QCOR), down $2.12, or 7.09%, to $27.78 after the circulation of a Blue Cross/Blue Shield of Michigan document related to coverage of the company's Acthar Gel. Also lower were shares of and J.C. Penney (JCP), down $1.23, or 5.93%, to $19.52 after being mentioned by The Wall Street Journal as a retailer that may face a particularly challenging and important year in 2013... INDICES: The Dow was down 18.28, or 0.14%, to 13,096.31; the Nasdaq was down 4.25, or 0.14%, to 2,985.91; and the S&P 500 was down 1.74, or 0.12%, to 1,418.09.
News For TM;BCDS;DIOD;VVUS;QCOR;JCP From The Last 14 Days
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November 25, 2015
09:06 EDTDIODDiodes completes $413M Pericom acquisition
Diodes (DIOD) announced that it has completed its acquisition of Pericom Semiconductor (PSEM). The merger agreement was initially announced on September 3, 2015, and Pericom shareholders approved the transaction at a Special Meeting of Shareholders held on November 20, 2015. The transaction closed and became effective today, with each share of Pericom being converted into the right to receive $17.75 in cash, without interest. The aggregate consideration will be approximately $413M, including the value of Pericom equity awards paid out or converted to Diodes equity awards. As a result of the transaction's close, the common stock of Pericom will no longer be listed for trading on the NASDAQ stock exchange as of the close of market today.
08:37 EDTTMToyota to recall Takata air bag inflators previously ruled safe, NY Times says
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06:29 EDTTMTakata manipulated air bag testing data as early as 2000, NY Times reports
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05:58 EDTTMToyota recalls 1.6M cars after Nissan air bag injury, Bloomberg reports
Toyota (TM) reissued a recall for 1.6M cars in Japan over Takata air bags, reports Bloomberg. The recall comes after a component that was deemed safe in a Nissan (NSANY) vehicle ended up injuring a passenger last month. Reference Link
November 24, 2015
06:20 EDTJCPRetailers hunt for new breaches after warning on malware, Reuters says
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November 23, 2015
18:42 EDTDIODS&P announces changes to the S&P 400, 500, 600 indices
S&P Dow Jones Indices will make the following changes to the S&P 500, S&P MidCap 400 and S&P SmallCap 600 indices: CSRA (CSRA) will be added to the S&P 500 after the close of trading on Friday, November 27, replacing Computer Sciences (CSC), which will be removed from the S&P 500 after the close of trading on Monday, November 30. CSRA will be added to the S&P 500 on a zero price basis reflecting its spin-off from Computer Sciences. Following the spin-off, the Computer Sciences stub will replace Apollo Education Group (APOL) in the S&P MidCap 400. Computer Sciences' post spin market capitalization will be more representative of the mid-cap market space. Apollo Education is ranked at the bottom of the S&P MidCap 400 Phibro Animal Health (PAHC) will replace Pericom Semiconductor (PSEM) in the S&P SmallCap 600 after the close of trading on Wednesday, November 25. S&P SmallCap 600 constituent Diodes (DIOD) is acquiring Pericom Semiconductor in a deal expected to be completed soon pending final conditions.
10:37 EDTTMFord no longer using Takata air bag inflators in future cars, AP reports
Ford (F) will stop using air bag inflators manufactured by Takata (TKTDY) in future vehicles, the Associated Press reports. The company joins Honda (HMC), Toyota (TM), and Nissan (NSANY) in choosing not to put the inflators in vehicles currently under development, the report says. Reference Link
November 20, 2015
14:18 EDTDIODPericom shareholders approve merger with Diodes
Pericom (PSEM) announced that, based on a preliminary count of the votes cast at the company's Special Meeting of Shareholders held this morning, Pericom shareholders have approved the previously announced Agreement and Plan of Merger between Diodes (DIOD) and Pericom. Pursuant to the terms of the Agreement and pending final certification of the voting results, Diodes will acquire Pericom for the agreed-upon purchase price of $17.75 per share. As the transaction is not subject to regulatory approval, it is expected to close shortly after the certification by the independent inspector of elections of the final results of today's voting at the Special Meeting. Pericom expects final results to be announced early next week.
05:21 EDTDIODPericom reiterates support for Diodes transaction
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November 19, 2015
18:31 EDTDIODMontage says willing to commence cash tender offer for Pericom transaction
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November 18, 2015
17:13 EDTDIODMontage urges Pericom holders to vote AGAINST Diodes acquisition of Pericom
Montage Technology issued the following statement in response to Pericom Semiconductor's (PSEM) rejection of Montage's increased offer to acquire all of the outstanding shares of Pericom for $19.00 per share in cash: "We are shocked that Pericom's board would act so quickly to deny its shareholders the opportunity to receive a full $1.25 more per share than they would receive in the inferior transaction with Diodes Incorporated (DIOD). The Pericom board continues to employ scare tactics and fear mongering, despite the fact that a Montage-Pericom transaction is indisputably superior to the Diodes-Pericom transaction. A Montage-Pericom transaction: Would not be subject to any financing or regulatory approval conditions; Has committed financing, and would provide Pericom shareholders with payment promptly following closing of the transaction; and can close quickly and likely in December, if Pericom would only stop denying the Pericom shareholders from receiving greater value per share. We urge Pericom shareholders to protect their right to receive the highest available cash price, now $19.00 per share, for their investment by voting against the inferior Diodes transaction."
15:33 EDTDIODPericom rejects revised $19 per share offer from Montage Technology
Pericom Semiconductor (PSEM) announced that its board of directors, after consultation with its independent financial advisors and outside legal counsel, has unanimously rejected the unsolicited revised acquisition offer that Pericom received from Montage Technology Group on November 18, which revised offer increased the per share purchase price for a Pericom-Montage transaction to $19.00 per share from $18.50 per share. The board consulted with its independent financial advisors and outside legal counsel and unanimously determined that Montage's revised offer still suffers from the fundamental flaws and significant risks that plagued its previous offers, including financing, regulatory and other risks that make Montage's ability to close a transaction substantially uncertain and significantly less likely than the closing of the transactions contemplated by Pericom's previously announced merger agreement with Diodes (DIOD). The Pericom board unanimously reaffirmed its recommendation that shareholders vote for the Diodes agreement, noting that Diodes' $17.75 per share all-cash offer is backed by a fully-funded credit agreement and term loan from Bank of America.
09:32 EDTTMThe House Oversight & Government Reform Committee to hold a hearing
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08:41 EDTDIODPericom urges holders to vote FOR merger agreement with Diodes
Pericom Semiconductor (PSEM) announced that its board issued an open letter to Pericom shareholders urging them to take advantage of the opportunity to lock in a substantial and near-certain premium by voting the WHITE proxy card "FOR" the Agreement and Plan of Merger between Diodes (DIOD) and Pericom, dated September 2, as amended November 5. The company's Special Meeting of Shareholders is scheduled for November 20.
06:32 EDTTMToyota's Mirai gaining traction in California, Reuters says
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November 17, 2015
11:51 EDTDIODDiodes management to meet with Sterne Agee CRT
Meeting to be held in London on November 18 hosted by Sterne Agee CRT.
10:13 EDTJCPJ.C. Penney management to meet with Buckingham
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November 16, 2015
16:29 EDTJCPJ.C. Penney announces plans to retire $500M asset-based term loan
J. C. Penney Company announced that it has received $500M of incremental bank commitments to increase the size of the Revolving Line of Credit under its existing Senior Secured Asset-Based Credit Facility to $2.35B from $1.85B. In connection with upsizing the revolving credit facility, the Company also intends to prepay and retire the outstanding principal amount of its $500M Term Loan previously issued under the ABL, which is scheduled to mature in June 2019. The Company expects to close these transactions in December.The Company expects that retirement of the ABL Term Loan will reduce interest expense by approximately $20M annually, beginning in 2016. The $2.35B ABL revolving line of credit, which will also mature in June 2019, will remain available for seasonal working capital needs and general corporate purposes. Marvin Ellison, chief executive officer, said, "We proactively pursued this transaction to reduce our long-term debt and ongoing interest expense and to further enhance our financial flexibility while maintaining our strong liquidity position as we continue to make progress on our goal of $1.2B in EBITDA by 2017."
11:35 EDTJCPDillard's sinks to 52-week low after joining chorus of 'disappointed' retailers
Shares of Dillard's (DDS), a retailer of fashion apparel, cosmetics and home furnishing, are falling to their worst level in a year after the company became the latest in its industry to report lower than expected third quarter results. WHAT'S NEW: This morning, Dillard's reported Q3 earnings per share of $1.19 and revenue of $1.435B, narrowly missing analysts' consensus estimates of $1.20 and $1.49B, respectively. Same-store sales for the quarter fell 4%. Total merchandise sales decreased 3% for the 13-week period ended October 31. Weaker performing categories were men's apparel and accessories and ladies' accessories and lingerie with notable weakness in home and furniture the company explained. Dillard's Chief Executive Officer, William T. Dillard, II, stated, "We are disappointed with our third quarter sales performance and in the resulting decline in profit. Share buyback remained a high priority, and we repurchased $175 million of stock under our share repurchase program." WHAT'S NOTABLE: Gross margin from retail operations improved 11 basis points of sales for the 13 weeks ended October 31 compared to the prior year third quarter. Consolidated gross margin for the 13 weeks ended October 31 declined 30 basis points of sales compared to the prior year third quarter. The disparity between retail and consolidated gross margin performance is attributable to increased revenue at CDI, which is a substantially lower margin business. Inventory increased 6% at October 31 compared to November 1, 2014. For FY15, the company expects capital expenditures of $150M. PRICE ACTION: In late morning trading, Dillard's fell $5.81, or 7.5%, to $71.79 on more than three times its average daily trading volume. Earlier in the session, the stock hit a fresh 52-week low of $68.05. Including today's pull back, the shares have lost about 36% over the past 12 months. OTHERS TO WATCH: Other apparel, cosmetics and home furnishing retailers include Macy's (M), Kohl's (KSS), JC Penny (JCP), Sears (SHLD) and Nordstrom (JWN).
08:35 EDTDIODPericom urges holders to vote FOR merger with Diodes
Pericom Semiconductor (PSEM) announced that its board issued an open letter to Pericom shareholders urging them to vote the WHITE proxy card "FOR" the Agreement and Plan of Merger between Diodes Incorporated (DIOD) and Pericom, dated September 2, as amended November 5, at the company's Special Meeting of Shareholders scheduled for November 20. In addition, Pericom announced that Proxy Mosaic, a leading independent proxy advisory firm, joined Institutional Shareholder Services, or ISS, and Glass Lewis in recommending that Pericom shareholders vote in favor of the Diodes Merger Agreement.

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