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Stock Market & Financial Investment News

News Breaks
March 9, 2014
19:56 EDTURIUnited Rentals to acquire National Pump, GulfCo for $780M
United Rentals announced that it has entered into a definitive asset purchase agreement to acquire National Pump. Under the terms of the agreement, United Rentals will also acquire GulfCo, a two branch general rental business also based in Texas. The combined purchase price for the assets is approximately $780M. The Board of Directors of United Rentals and the partners of National Pump unanimously approved the proposed transaction...Under the terms of the asset purchase agreement, United Rentals will acquire National Pump for a purchase price of $780M comprised of $765M in cash and $15M in stock. The transaction structure also provides for additional cash consideration based on achievement of certain financial targets. The maximum payouts for these periods is $75M if LTM adjusted EBITDA reaches $134M twelve months post-closing and an additional $50M if LTM adjusted EBITDA reaches $161M eighteen months post-closing. United Rentals expects to receive a cash tax benefit with a net present value of approximately $110M as a result of the acquisition. The purchase price represents a multiple of 7.6x LTM adjusted EBITDA on a gross basis and 6.5x LTM adjusted EBITDA net of the tax benefit. The deal is expected to be accretive to United Rentalsí free cash flow and earnings per share in 2014. The ROIC of National Pump is expected to exceed URIís cost of capital within 18 months, and exceed its 10% hurdle rate in 2016. The transaction will be funded by existing cash and new debt.
News For URI From The Last 14 Days
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January 22, 2015
09:16 EDTURIOn The Fly: Pre-market Movers
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08:10 EDTURIUnited Rentals guidance should bring relief rally, says Jefferies
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07:10 EDTURIUnited Rentals shares oversold, says RBC Capital
RBC Capital believes that United Rentals' 25% tumble since late November is overdone. The firm thinks the company's Q4 results and guidance were favorable, and it recommends buying the shares.
January 21, 2015
18:27 EDTURIOn The Fly: After Hours Movers
UP AFTER EARNINGS: eBay (EBAY), up 2.9%... United Rentals (URI), up 1.5%. ALSO HIGHER: Minerva (NERV), up 16.1% after reporting positive Phase 1 data with MIN-202... Endo (ENDP), up 3.1% after it was announced that Endo will replace Covidien in S&P 500 as of 1/26 close... Covidien (COV) is up 1%. DOWN AFTER EARNINGS: F5 Networks (FFIV), down 15.8%... Xilinx (XLNX), down 6.1%... Discover Financial Services (DFS), down 3.3%... American Express (AXP), down 2.2%. ALSO LOWER: BioMarin (BMRN), down 2.5% after filing to sell 7.25M shares of common stock... Kinder Morgan (KMI), down 1.9% after announcing that it will acquire Hiland Partners for approximately $3B and reporting fourth quarter results... Cisco (CSCO), down 1.4% after Bloomberg reported that Oracle's (ORCL) Ellison said that Oracle's new Virtual Compute Appliance is cheaper than Cisco's product.
16:13 EDTURIUnited Rentals sees FY15 adjusted EBITDA $2.95B-$3.05B, consensus $8.20
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16:11 EDTURIUnited Rentals reports Q4 adjusted EPS $2.19, consensus $2.07
Reports Q4 revenue $1.564B, consensus $1.52B.
15:27 EDTURINotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include American Express (AXP), consensus $1.38; Kinder Morgan (KMI), consensus 34c; eBay (EBAY), consensus 89c; Discover Financial Services (DFS), consensus $1.30; Crown Castle (CCI), consensus $1.05; Crown Castle (SNDK), consensus $1.27; Xilinx (XLNX), consensus 61c; F5 Networks (FFIV), consensus $1.49; United Rentals (URI), consensus $2.07; Plexus (PLXS), consensus 72c; Boston Private Financial Holdings (BPFH), consensus 22c; Dolby Laboratories (DLB), consensus 38c; SLM (SLM), consensus 5c; East West Bancorp (EWBC), consensus 65c; Raymond James Financial (RJF), consensus 86c; BancorpSouth (BXS), consensus 32c.
11:28 EDTURIUnited Rentals January weekly volatility elevated into Q4 and outlook
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07:44 EDTURIUnited Rentals price target lowered to $110 from $132 at UBS
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