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Stock Market & Financial Investment News

News Breaks
December 21, 2012
09:01 EDTTYCTyco proposes increase to annual dividend
The proposed 64c annual dividend represents an approximate 7% increase over the post-separation annualized dividend of 60c approved by shareholders at the special general meeting in September.
News For TYC From The Last 14 Days
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January 26, 2016
07:09 EDTTYCJohnson Controls acquisition of Tyco makes sense, says RBC Capital
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06:24 EDTTYCJohnson Controls-Tyco merger should let Johnson reduce tax rate, WSJ says
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January 25, 2016
18:33 EDTTYCHillary Clinton: Tyco, Johnson Controls attempting to 'shirk' taxes with merger
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16:14 EDTTYCOn The Fly: Top stock stories for Monday
Stocks began the session in negative territory and remained there throughout the day. The market has yet to de-couple from oil prices, as stocks continue to move in the direction of the commodity. The averages almost made it back to positive ground in the early afternoon, but with oil down more than 4% the sellers emerged and pushed the market toward session lows. The market continued to lose ground as oil fell further, giving up nearly 6% by the close on the New York Mercantile Exchange, bringing stocks' two day win streak to an end. ECONOMIC EVENTS: In the U.S., the economic calendar was light. The Dallas Fed manufacturing survey, the lone report of note, came in at -34.6, below the revised prior reading of -21.6 and short of the consensus -14.5 forecast. West Texas Intermediate for March delivery fell $1.85, or 5.8%, to close at $30.34 a barrel on the NYMEX. COMPANY NEWS: Shares of McDonald's (MCD) advanced 0.7% to $119.20 after the fast food giant reported better than expected earnings and comparable sales growth for the fourth quarter, powered by the launch of All Day Breakfast in the U.S... Twitter (TWTR) fell 4.6% to $17.02 after CEO Jack Dorsey confirmed on Sunday night the departure of four company executives, leading research firm Stifel to downgrade the shares... Tyco (TYC) jumped 11.6% to $34.15 after reaching a merger agreement with Johnson Controls (JCI) which will see Johnson shareholders owning 56% of the combined company's equity. Johnson Controls fell 3.9% to $34.21 following the merger announcement. MAJOR MOVERS: Among the notable gainers was Valeant (VRX), which rose 4.55% to $92.63 after hospitalized CEO Michael Pearson said he is "on the road to recovery" after a bout of pneumonia. The news was followed by announcements that Valeant has sold three of its skincare brands and received FDA acceptance of its biologics license application for psoriasis drug Brodalumab. Also higher was SunEdison (SUNE), which advanced 2.6% to $2.72 after the Wall Street Journal reported that the company is set to give David Einhorn's Greenlight Capital a seat on its board. Meanwhile, energy savings firm EnerNOC (ENOC) jumped 69.5% to $7.05 after the Supreme Court ruled in favor of FERC's so-called "demand response" rule, sending energy generators Dynegy (DYN) and Talen Energy (TLN) down a respective 11.6% and 6.2%. Among the noteworthy losers was OncoMed (OMED), which plunged 42.9% to $10.04 after its Phase 2 trial of tarextumab in pancreatic cancer showed futility in an interim analysis. Also lower were containerboard and paper makers KapStone (KS), WestRock (WRK) and Packaging Corp (PKG), which dropped about 21%, 15% and 13%, respectively, after an industry publication reported that prices in the sector had declined. Additionally, Caterpillar (CAT) was the Dow's biggest decliner Monday, sinking 5% to $57.90 after being downgraded to Sell at Goldman Sachs. INDEXES: The Dow fell 208.29, or 1.29%, to 15,885.22, the Nasdaq lost 72.69, or 1.58%, to 4,518.49, and the S&P 500 declined 29.82, or 1.56%, to 1,877.08.
12:17 EDTTYCOn The Fly: Top stock stories at midday
Stocks on Wall Street were lower at midday as oil prices resumed their slide, giving up some of the surge the commodity saw to close out last week. The stock market, which has been highly correlated with oil lately, continues to be led around by energy prices once again today. ECONOMIC EVENTS: In the U.S., the economic calendar was light with the Dallas Fed manufacturing survey the lone report of note. The survey came in at -34.6, below the revised prior reading of -21.6 and short of the consensus -14.5 forecast. WTI crude oil dropped about 5% to trade near $30.50 per barrel near midday. COMPANY NEWS: Shares of McDonald's (MCD) advanced a bit over 1% after the fast food giant reported better than expected earnings and comparable sales growth for the fourth quarter, powered by the launch of All Day Breakfast in the U.S. On the other side of the Dow was Caterpillar (CAT), which fell nearly 4% to lead the bluechip index on the down side after its stock was downgraded to Sell at Goldman Sachs... Twitter (TWTR) fell about 4% after CEO Jack Dorsey confirmed on Sunday night the departure of four company executives, leading research firm Stifel to downgrade the shares. MAJOR MOVERS: Among the notable gainers was Tyco (TYC), which rallied 10.8% after it announced that it entered into a definitive merger agreement with Johnson Controls (JCI). Johnson shares fell 2% after the deal announcement. Also higher was Williams Partners (WPZ), which gained 7% after it lowered its estimate of its 2016 growth capital funding needs to $2B, 32% lower than its previous plans. Among the noteworthy losers was OncoMed (OMED), which fell 46% after the company said its Phase 2 ALPINE clinical trial showed futility on an interim analysis. Also lower were KapStone (KS), WestRock (WRK), and Packaging Corp (PKG), which dropped 20%, 13%, and 11%, respectively, after an industry publication reported that prices in the sector had declined. INDEXES: Near midday, the Dow was down 78.00, or 0.48%, to 16,015.51, the Nasdaq was down 23.34, or 0.51%, to 4,567.84, and the S&P 500 was down 11.89, or 0.62%, to 1,895.01.
09:34 EDTTYCTyco CEO says FY tracking as expected
Tyco (TYC) CEO George Oliver said that the company will provide further details of the company's results and guidance at Tyco's earnings conference call but the fiscal year is tracking as expected. Guidance provided during the Tyco and Johnson Controls (JCI) merger conference call.
09:31 EDTTYCTyco, Johnson Controls merger 'highly complimentary'
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09:03 EDTTYCOn The Fly: Pre-market Movers
HIGHER: Tyco (TYC) and Johnson Controls (JCI), up 9% and 1%, respectively, after announcing a definitive merger agreement. Johnson Controls shareholders will own approximately 56% of the equity of the combined company, while current Tyco shareholders will own approximately 44%... SunEdison (SUNE), up 10% after the Wall Street Journal reported that the company is set to give David Einhorn's Greenlight Capital a seat on its board... Affimed Therapeutics (AFMD), up 26% after entering a clinical research collaboration in immuno-oncology with Merck (MRK). UP AFTER EARNINGS: McDonald's (MCD), up 3%... LOWER: Twitter (TWTR), down 5% after its CEO Jack Dorsey confirmed in a tweet last night that several executives are departing the company. Media reports also indicate that, as part of its shake-up, Twitter intends to bring in two new members to its board as soon as this week... OncoMed (OMED), down 38% after an independent data safety monitoring board remarked on several findings regarding futility of the company's Phase 2 ALPINE clinical trial... Medivation (MDVN), down 7% after FDA places investigational new drug application for MDV9300 on partial clinical hold... International Paper (IP), down 4.8%, Packaging Corp. (PKG), down 4.8%, WestRock (WRK), down 6%, after Pulp & Paper Week reduced January kraftliner and corrugated medium prices... Caterpillar (CAT), down 4% after Goldman cuts rating to sell... Regeneron (REGN), down 3% after downgraded at Chardan to sell. DOWN AFTER EARNINGS: Kimberly-Clark (KMB), down 2.5%.
07:50 EDTTYCJohnson Controls and Tyco host conference call
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07:08 EDTTYCTyco sees Q1 EPS ex-items 42c vs. previous 40c view
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07:08 EDTTYCJohnson Controls-Tyco company to have 11 directors
Following closing of the transaction, the board of the combined company is expected to have 11 directors, consisting of six directors from Johnson Controls and five directors from Tyco. Alex Molinaroli will be the Chairman and CEO of the combined company. George Oliver will serve as President and COO and serve as a director on the new board, with responsibility for the operating businesses and leading the integration. Molinaroli will serve as Chairman and CEO for a term of 18 months after the closing. At that time, Oliver will become CEO and Molinaroli will become executive chair for one year, after which Oliver will become chairman and CEO.
07:06 EDTTYCTyco to effect a reverse stock split prior to merger
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07:06 EDTTYCJohnson Controls-Tyco company to deliver at least $500M in synergies
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07:04 EDTTYCJohnson Controls and Tyco enter into definitive merger agreement
Johnson Controls (JCI) and Tyco (TYC) announced that they have entered into a definitive merger agreement under which Johnson Controls will combine with Tyco to create the leader in building products and technology, integrated solutions and energy storage. Under the terms of the agreement, which has been unanimously approved by both companies' boards, Johnson Controls shareholders will own approximately 56% of the equity of the combined company and receive aggregate cash consideration of approximately $3.9B. Current Tyco shareholders will own approximately 44% of the equity of the combined company. Under the terms of the proposed transaction, the businesses of Johnson Controls and Tyco will be combined under Tyco International plc, which will be renamed "Johnson Controls plc." The companies expect that shares of the combined company will be listed on the New York Stock Exchange and trade under the "JCI" ticker. Upon the closing of the transaction, the combined company is expected to maintain Tyco's Irish legal domicile and global headquarters in Cork, Ireland. The primary operational headquarters in North America for the combined company will be in Milwaukee, where Johnson Controls has been based. Pro forma for the transaction and separation of Adient, Johnson Controls is expected to have approximately $32 billion of revenue in fiscal year 2016 and $4.5 billion of EBITDA before synergies. Adient is expected to have approximately $16.6 billion of revenue in fiscal year 2016 and $1.6 billion of EBITDA. In addition, Adient is expected to distribute between $2.5 to $3.5 billion to Johnson Controls in conjunction with the spin-off.
07:02 EDTTYCJohnson Controls and Tyco enter into definitive merger agreement
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06:52 EDTTYCOther bidders could emerge for Tyco, says JPMorgan
After the Wall Street Journal reported that Johnson Controls (JCI) is in advanced talks to acquire with Tyco (TYC), JPMorgan analyst Stephen Tusa says other bidders could emerge. United Technologies (UTX) may have interest in Tyco and could likely extract more value than Johnson from the lower tax rate, Tusa tells investors in a research note. The analyst has an Overweight rating on Tyco with a $42 price target. The stock closed Friday up 61c to $30.60.
06:10 EDTTYCJohnson Controls volatility flat into report in merger talks to acquire Tyco
Johnson Controls (JCI) February call option implied volatility is at 36, March is at 32; compared to its 52-week average of 18 to 49, suggesting non-directional price movement into the WSJ reporting its in advanced talks to acquire Tyco International (TYC) for as much as $20B.
05:51 EDTTYCOptions expected to be active: TYC JCI TWTR SUNE AAPL PG HAL AMZN FB
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January 24, 2016
20:21 EDTTYCOn The Fly: Top five weekend stock stories
Catch up on the weekend's top five stories with this list compiled by The Fly: 1. Twitter (TWTR) could announce a significant executive upheaval Monday, with several product heads said to depart and a new Chief Marketing Officer reportedly stepping in. 2. Johnson Controls (JCI) and Tyco (TYC) are in advanced merger talks, according to the Wall Street Journal. 3. Airbus (EADSY) and Boeing (BA) saw mentions on the heels of Iran's aviation summit as the country eyes big orders to modernize its aging fleet after a lifting of sanctions. 4. SunEdison (SUNE) is set to give David Einhorn's Greenlight Capital a seat on its board, the Wall Street Journal reported. 5. International Paper (IP), Newell (NWL) and Houghton Mifflin (HMHC) were discussed positively by Barron's this weekend, while Chipotle (CMG) was warned against.
13:17 EDTTYCJohnson Controls in advanced talks to combine with Tyco, WSJ says
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