TOP NEWS
MARKET CURRENTS
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5:00 PM On the hour: S&P -0.1%. 10-yr -0.14%. Euro -0.72% vs. dollar. Crude +0.09% to $98.12. Gold +0.01% to $1350.35. Comment!
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4:57 PM It seems likely that KeyBanc would view today's post-earnings sell-off in shares of La-Z-Boy (LZB) as a buying opportunity. Analyst Bradley Thomas has quite a few good things to say about the company including a positive take on revenue growth, market share gains, and margin expansion. In fact, the "under-appreciated" stock is one of the bank's "top picks for the year." Comment! [Consumer]
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4:56 PM Zynga (ZNGA) strengthens its real-money and "social" gambling push by acquiring Spooky Cool Labs, a 40-person startup containing a number of online gambling industry vets. In spite of its pedigree, Spooky recently shifted its attention to developing Facebook and iOS games based on The Wizard of Oz. Its Chicago team will collaborate with Zynga's San Francisco social gaming team, which is responsible for Zynga Poker. (earlier) (Zynga layoffs) Comment! [Tech, M&A]
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4:50 PM PetroQuest Energy (PQ) agrees to acquire shallow water Gulf of Mexico producing properties from an unnamed seller for ~$193M. Average daily net production from the acquired assets in May was ~1,100 barrels of oil and 19K cu. ft. of natural gas. Also, PQ sees overall 2013 production of 105M-110M cfe/day and capex of $95M-$110M. Comment! [Energy]
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4:48 PM Pfizer (PFE) the final exchange ratio for the exchange its common stock for shares of its Zoetis (ZTS) spinoff. For each share of PFE common tendered, the shareholder will receive 0.9898 shares of Zoetis common stock, subject to proration if the exchange offer is oversubscribed. Based on the final exchange ratio and full subscription, PFE will accept for exchange 405,117,195 shares of its common stock. Shares +0.6% AH. Comment! [Healthcare]
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4:45 PM Bristol-Myers Squibb (BMY) declares $0.35/share quarterly dividend, in line with previous. Forward yield 3.04%. For shareholders of record August 9. Payable September 3. Ex-div date August 7. (PR) Comment! [Dividends]
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4:45 PM ChinaEdu (CEDU): Q1 EPS of $0.186 beats by $0.01. Revenue of $19.2M misses by $0.04M. (PR) Comment! [Earnings, Breaking News]
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4:43 PM First Internet Bancorp (INBK) declares quarterly dividend of $0.06/share (post three for two split), 50% increase from prior dividend of $0.06. Forward yield 6.00%. For shareholders of record July 01. Payable July 15. Ex-div date June 27. (PR) Comment! [Dividends]
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4:41 PM Ashford Hospitality Trust (AHT) commences a secondary of 11M shares with proceeds to be used for the planned spinoff of Ashford Hospitality Prime announced Wednesday. Shares -0.75% AH. (PR) Comment! [Financials, Breaking News]
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4:41 PM Stratasys (SSYS) is acquiring desktop 3D printing upstart Makerbot in an all-stock deal that has an initial value of $403M (based on Stratasys' Wednesday close), but which could reach $604M via performance incentives. Makerbot, which has sold 22K+ printers since '09 (11K Replicator 2 units in the last 9 months) and had Q1 revenue of $11.5M, will operate as an independent unit. The deal is expected to be slightly dilutive to 2013 EPS, and accretive by the end of 2014. The companies estimate 35K-40K desktop 3D printers were sold in 2012, and see the market doubling this year. CC at 7AM ET tomorrow (webcast). SSYS +1.7% AH. (previous) Comment! [Tech, M&A, On the Move, Breaking News]
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TOP ARTICLES5:03 PM ET WEDNESDAY JUN 19
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