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News Breaks
January 8, 2013
07:55 EDTCUB, TSYSRaymond James to host a summit
12th Annual Government Services & Technology Summit is being held in Washington, D.C. on January 8.
News For TSYS;CUB From The Last 14 Days
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November 25, 2015
10:00 EDTCUBOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Actelion (ALIOY) upgraded to Neutral from Sell at Citi... Alliance Data (ADS) assumed with an Overweight from Neutral at Piper Jaffray... BG Group (BRGYY) upgraded to Outperform from Sector Perform at RBC Capital... Cubic (CUB) upgraded to Buy from Hold at Benchmark... Frontline (FRO) upgraded to Neutral from Underperform at Credit Suisse... Hormel Foods (HRL) upgraded to Overweight at Stephens... ImmunoGen (IMGN) assumed with a Buy from Hold at Jefferies... Metro (MTTRY) upgraded to Buy from Hold at Jefferies... Palo Alto (PANW) upgraded to Buy from Hold at Argus... Pfizer (PFE) upgraded to Neutral from Reduce at SunTrust... Tech Data (TECD) upgraded to Market Perform from Underperform at Raymond James.
09:21 EDTCUBCubic reported solid results, says BB&T
BB&T believes that Cubic reported solid results, and the firm thinks that the company's outlook for fiscal 2016 is improving. The firm thinks that potential catalysts, including opportunities involving the Department of Defense and NY mass transit, can drive the stock higher. It raised its price target on the name to $56 from $48 and keeps a Buy rating.
07:39 EDTCUBCubic upgraded to Buy from Hold at Benchmark
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November 24, 2015
10:00 EDTTSYSOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Advanced Drainage (WMS) downgraded to Hold from Buy at Deutsche Bank... Atlas Resource Partners (ARP) downgraded to Market Perform at FBR Capital... Brocade (BRCD) downgraded to Neutral from Overweight at JPMorgan... Burberry (BURBY) downgraded to Neutral from Buy at Nomura... CNX Coal Resources (CNXC) downgraded to Neutral from Buy at BofA/Merrill... GameStop (GME) downgraded to Neutral from Buy at BofA/Merrill... Hatteras Financial (HTS) downgraded to Neutral from Buy at Nomura... Infoblox (BLOX) downgraded to Hold from Buy at Needham... Intrepid Potash (IPI) downgraded to Hold from Buy at Vertical Research... Navios Maritime (NM) downgraded on cash burn, weak cash flow at Stifel... Norfolk Southern (NSC) downgraded on valuation at BMO Capital... Pep Boys (PBY) downgraded to Sell from Hold at Argus... Redwood Trust (RWT) downgraded to Neutral from Buy at Nomura... Rex Energy (REXX) downgraded to In-Line from Outperform at Imperial Capital... Swatch Group (SWGAY) downgraded to Neutral from Buy at Nomura... TeleCommunication Systems (TSYS) downgraded to Market Perform at Northland.
06:56 EDTTSYSTeleCommunication Systems downgraded to Market Perform at Northland
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November 23, 2015
16:19 EDTCUBCubic reports Q4 EPS 74c, consensus 96c
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16:15 EDTCUBCubic reports total backlog of $2.976B as of September 30
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16:14 EDTCUBCubic sees FY16 EPS $1.30-$1.55, may not compare to consensus $2.49
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15:28 EDTCUBNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include Palo Alto (PANW), consensus 32c... Copart (CPRT), consensus 43c... Brocade (BRCD), consensus 24c... Post Holdings (POST), consensus 29c... YY (YY), consensus 82c... Dycom (DY), consensus $1.01... Cubic (CUB), consensus 96c... Enanta (ENTA), consensus 15c.
09:58 EDTTSYSTeleCommunication Systems downgraded to Neutral from Buy at Ladenburg
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08:04 EDTTSYSComtech CEO: TCS combination 'beneficial' to investors of both companies
08:03 EDTTSYSComtech sees TeleCommunication Systems deal accretive in first year
08:02 EDTTSYSComtech to acquire TeleCommunication Systems for $430.8M
Comtech Telecommunications Corp. (CMTL) and TeleCommunication Systems, Inc. (TSYS) jointly announced the signing of a definitive merger agreement under which Comtech will purchase TCS in a cash transaction for $5.00 per TCS share, or approximately a $430.8 million enterprise value. The $5.00 price per share represents a premium of 13.9% as compared to the last closing trading price of TCS common stock, a premium of 28.6% as compared to the volume-weighted average trading price over the last ninety trading days and a premium of 35.1% as compared to the last closing trading price one day after TCS's July 6, 2015 announcement that its Board had formed a special committee to explore strategic alternatives to enhance stockholder value. The acquisition is expected to be cash accretive in the first year of the acquisition and to result in approximately $12.0 million of synergies in the second year after closing, with approximately $8.0 million achieved in the first year after closing. Synergies are expected to be achieved by reduction of duplicate public company costs, reduced spending on maintaining multiple information technology systems and obtaining increased operating efficiencies throughout the combined company. In connection with the acquisition of TCS, Comtech expects to incur transaction related expenses including certain change-in-control payments, professional fees for financial and legal advisors and debt extinguishment costs. Comtech preliminarily estimates that these expenses will approximate $27.5 million, some of which are expected to be immediately expensed upon closing, some expensed during the first year following the closing and some capitalized in accordance with purchase accounting rules. Pursuant to accounting rules, the acquisition is expected to result in a material increase in annual amortization expense related to intangibles and possible other fair value adjustments. Comtech will provide combined revenue, Adjusted EBITDA and diluted earnings per share guidance in a future announcement. All TCS debt of approximately $143.6 million is anticipated to be repaid upon the closing of the transaction. The acquisition has a transaction equity value of approximately $339.7 million and an enterprise value of approximately $430.8 million. The purchase price of $430.8 million represents an implied transaction multiple of approximately 8.9x based on the last trailing twelve months of reported TCS Adjusted EBITDA plus approximately $8.0 million of first year identified synergies. On a pro forma basis, at the time of close, the combined company is expected to have total leverage of about 3.9x trailing twelve months combined pro forma Adjusted EBITDA. This is expected to decrease over time, based on cash flows generated from the combined businesses. The transaction is subject to customary closing conditions, including the tender of at least a majority by vote of outstanding shares of TCS common stock and expiration of the applicable waiting period under the Hart-Scott Rodino Antitrust Improvements Act of 1976, and the transaction is expected to close no later than March 2016. Maurice B. Tose, Chairman, CEO and President of TCS and Jon B. Kutler, Founder of Admiralty Partners, Inc. and a director of TCS, each a significant stockholder of TCS, have entered into support agreements pursuant to which they have agreed to tender their shares, subject to terms and conditions, to demonstrate their strong support of the proposed transaction.
08:01 EDTTSYSComtech to acquire TeleCommunication Systems for $430.8M
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07:57 EDTTSYSTeleCommunication Systems trading halted, pending news

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