MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Monday, May 20, 2013
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4:17 PM The Fresh Market (TFM) names Jeffrey Ackerman, most recently the CFO of mattress maker Sealy, its new CFO, effective June 3. Former CFO Lisa Klinger resigned last November to become the CFO of private apparel firm Kellwood. COO Sean Crane has been serving as interim CFO since then. (PR) Comment!
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4:03 PM TiVo (TIVO): Q1 EPS of -$0.13 beats by $0.02. Revenue of $82.5M beats by $20.62M. (PR) 3 Comments
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8:13 AM Yahoo (YHOO) confirms its deal to acquire Tumblr for $1.1B in cash. "Per the agreement and our promise not to screw it up, Tumblr will be independently operated as a separate business. David Karp will remain CEO." Yahoo expects the combination to grow its audience by 50% and grow traffic by 20%. Up earlier, Yahoo now off 1% premarket. (PR) 4 Comments
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7:16 AM Stopping asset purchases at once would be too disruptive, says Dallas Fed chief Richard Fisher, appearing on CNBC. The hawk instead calls for the program to be tapered, beginning imminently. "We've made people richer ... the question is what have we done for working men and women in this country." 3 Comments
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Sunday, May 19, 2013
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12:25 PM Yahoo's (YHOO) board has approved a $1.1B all-cash deal to acquire Tumblr, the WSJ reports. (previous) 24 Comments
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Friday, May 17, 2013
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8:08 PM Yahoo (YHOO) update: The board will meet Sunday night to decide on a $1.1B all-cash deal for Tumblr, according to AllThingsD. (earlier) 3 Comments
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12:18 PM Marketo's (MKTO) IPO is nearly as good as Tableau's. Shares opened at $20 and are currently moving at $20.24, up 55.7% from an IPO price of $13. That gives the cloud marketing automation software vendor and occasional subject of Salesforce buyout speculation a valuation of $722M, or 12x 2012 sales. (S-1) Comment!
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11:33 AM U.S. Cellular (USM +5.5%) spikes higher after announcing a $5.75/share special dividend that will be paid on June 25 to shareholders on record as of June 11. The announcement comes as USM states it has closed its $480M deal to transfer spectrum and 420K customers to Sprint. Comment!
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