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News For V;MA;AXP;ACN;XRX;PAY;DFS;VNTV;IFX;WMT;BAC;WFC;TI From The Last 14 Days Check below for free stories on V;MA;AXP;ACN;XRX;PAY;DFS;VNTV;IFX;WMT;BAC;WFC;TI the last two weeks. |
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| May 7, 2013 | | 10:20 EDT |  | BAC | Banks accused of restraining swaps market competition, Bloomberg says
A sheet metal workers union in Cleveland claimed in federal court that Goldman Sachs Group (GS), Citigroup (C) and 10 other banks have restrained market competition" for credit default swaps, violating U.S antitrust law, says Bloomberg. Other banks named in the complaint include Bank of America (BAC), Deutsche Bank (DB), and UBS (UBS), added Bloomberg. Reference Link | | | 10:03 EDT |  | WFC | Prudential Retirement partners with Wells Fargo
 Subscribe for More Information | | | 09:38 EDT |  | BAC | Active equity option families trading
Subscribe for More Information | | | 09:17 EDT | | BAC | On The Fly: Pre-market Movers
Subscribe for More Information | | | 09:05 EDT | | AXP | American Express says to begin CFO transition
Subscribe for More Information | | | 07:31 EDT |  | DFS, PAY, MA, AXP, V | Susquehanna to host a conference
Subscribe for More Information | | | 07:23 EDT | | MA | Jefferies to host a conference
Subscribe for More Information | | | 05:50 EDT | | BAC, WFC | Mortgage lenders ease standards for 'prime' borrowers, WSJ reports
Subscribe for More Information | | | 05:45 EDT | | V | Visa looks abroad for growth, WSJ reports
Subscribe for More Information | | | May 6, 2013 | | 19:05 EDT | | WMT | Senate passes bill allowing states to tax Internet purchases, AP reports
Subscribe for More Information | | | | 16:58 EDT | | VNTV | Vantiv enters share repurchase agreement with underwriters
In addition, Vantiv announced that it has entered into a share repurchase agreement with the underwriters of the Offering, subject to the completion of the Offering and the Debt Refinancing, pursuant to which it intends to repurchase 17.78M of the 38.6M shares of its Class A common stock that are being sold by the Selling Stockholders in the offering at a price per share equal to the price per share being paid by the underwriters to the Selling Stockholders in the Offering, provided that to the extent the aggregate purchase price for the shares to be repurchased by Vantiv from the underwriters exceeds $400M, such number of shares to be repurchased will be reduced accordingly. Vantiv expects to fund the share repurchase with borrowings under new senior secured credit facilities with increased term loan capacity, which it expects to enter into concurrently with the closing of the Offering. Vantiv expects to incur additional debt of approximately $650M after the Debt Refinancing, including $400M to fund the share repurchase. A special committee of Vantiv's board of directors comprised of independent, disinterested directors has authorized the share repurchase subject to the terms and conditions set forth in the share repurchase agreement, including borrowings under the new senior secured credit facilities. The share repurchase is subject to a number of conditions, and there can be no assurance that such approval will occur or that the share repurchase will be completed on the contemplated terms or at all. The consummation of the share repurchase, the Debt Refinancing and the Offering are all contingent on each other. Assuming the share repurchase is completed at the anticipated amounts and after giving effect to the anticipated impact on Vantiv's interest expense as a result of the Debt Refinancing, Vantiv expects that the share repurchase will result in accretion of approximately 7c-9c in pro forma adjusted net income per share in 2013. In addition, Vantiv expects to incur a non-cash write-off of deferred charges of approximately $18M on a pre-tax basis as a result of the Debt Refinancing. J.P. Morgan Securities, Credit Suisse Securities, Goldman, Sachs & Co., Morgan Stanley & Co., Deutsche Bank Securities, Citigroup Global Markets and Wells Fargo Securities, are acting as joint book-running managers for the Offering. SunTrust Robinson Humphrey, Inc., Robert W. Baird & Co. Incorporated and Raymond James & Associates, Inc. are acting as co-managers of the Offering. | | | 16:54 EDT |  | VNTV | Vantiv to offer 38.6M shares of Class A common stock for holders
Subscribe for More Information | | | 16:47 EDT | | VNTV | Vantiv files automatic common stock shelf for holders
Subscribe for More Information | | | 16:42 EDT |  | VNTV | Vantiv reports Q1 adjusted EPS 31c, consensus 30c
Subscribe for More Information | | | 16:39 EDT |  | BAC | On The Fly: Closing Wrap
The Wall Street averages were mixed as a light news flow and light volume did little to catalyze a further advance. Still, with its positive close, the S&P 500 managed to set a new all-time closing high. ECONOMIC EVENTS: In the U.S., no major economic data was reported. COMPANY NEWS: Bank of America (BAC) and MBIA (MBI) announced a comprehensive settlement to resolve all claims between the two companies. As part of the settlement, Bank of America will pay MBIA $1.6B in cash, receive warrants to purchase a 4.9% equity stake in MBIA and provide a $500M credit facility to the bond insurer. Bank of America also said it would take $1.3B in Q1 charges related to the settlement and that its first quarter earnings would be negatively impacted by 10c per share. Shares of MBIA, which spiked higher near noon after Dow Jones first reported the settlement, closed up $4.46, or 45.37%, to $14.29. Bank of America shares added 64c, or 5.23%, to $12.88... A team of private-equity firms led by Bain Capital and Golden Gate Capital agreed to buy BMC Software (BMC) for $46.25 per share in cash, or $6.9B. BMC shares, which have added more than 14% year-to-date amidst reports of negotiations for the deal, closed unchanged at $45.42. MAJOR MOVERS: Among notable gainers was Arkansas Best (ABFS), up $4.18, or 39.62%, to $14.73 after reaching a tentative labor agreement with the Teamsters union. Also higher was Tesla (TSLA), up $4.95, or 9.07%, to an all-time closing high of $59.50 after Barclays raised its price target on shares to $56 from $38 and the company named Aston Martin's lead vehicle engineer as VP of vehicle engineering. Among the noteworthy losers were LINN Energy (LINE), down $1.97, or 5.21%, to $35.75, and its spin-off LinnCo (LNCO), down $2.59, or 6.2%, to $39.24, following a cautious mention in this weekend's Barron's magazine. Also lower were shares of Tyson Foods (TSN), down 83c, or 3.33%, to $24.10 after its earnings report. INDICES: The Dow was down 5.07, or 0.03%, to 14,968.89; the Nasdaq was up 14.34, or 0.42%, to 3,392.97; and the S&P 500 was up 3.08, or 0.19%, to 1,617.50. | | | 15:48 EDT | | BAC | MBIA to receive $1.7B net payment in settlement with Bank of America
Subscribe for More Information | | | 15:44 EDT | | BAC | BofA receives warrants for 9.94M shares of MBIA stock as part of settlement
| | | 15:42 EDT | | BAC | MBIA to receive $1.7B net payment in settlement with Bank of America
Subscribe for More Information | | | 15:35 EDT | | BAC | BofA confirms settlement with MBIA, lowers Q1 EPS by 10c
Subscribe for More Information | | | 15:35 EDT | | VNTV | Notable companies reporting after market close
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