MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Friday, May 24, 2013
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5:42 PM Starz (STRZA) +3.2% AH after an SEC filing reveals Berkshire Hathaway (BRK.A, BRK.B) acquired ~5.62M shares, or a 5% stake, in the company. 3 Comments
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5:37 PM Galena Biopharma (GALE) files a primary offering to sell up to 10,771,184 shares of common stock tied to the exercise of its warrants. Shares -2.3% AH. Comment!
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4:26 PM After rising nearly 13% at the open following better than expected Q1 revenues with a jump in subscribers to its premium service, Pandora (P -4.2%) shares moved too far too fast before falling amid questions about the quality of its results. "Pandora needs to show further monetization gains in order to reach sustainable profitabilty," Dougherty's Steven Frankel says. "The mission is far from complete." 13 Comments
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4:17 PM DA Davidson chimes in on HEICO (HEI +1.2%) today after the company posted a solid FQ2, raising its price target from $44 to $48 and reiterating its Buy rating. The firm says the raised guidance by the company indicates strong organic growth, while the benefits from its Reinhold acquisition also appear to be gaining traction as well. Credit Suisse also upped its price target on the shares as well on the strong quarter from $43 to $50. Comment!
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4:04 PM Otelco (OTT +25%) finished higher today after the company said it has emerged from its "prepackaged" Chapter 11 bankruptcy and completed its balance sheet restructuring process, including an extension of its senior credit facility. The restructuring reduces its total debt burden by more than 50% and extends its senior credit facility through April 2016. Comment!
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3:16 PM There's no bounce today for Facebook (FB -3.5%) whose slide today takes the stock to a new YTD low. The only news of note is Google's (GOOG) rumored entry into the Waze bidding amid reports Waze isn't interested in Facebook's desire to have part of the team move to Silicon Valley. Adding Waze would make Google Maps an even more robust product while keeping Facebook off of its territory. 6 Comments
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2:51 PM Callaway Golf (ELY +6.8%) enjoys a strong session after earnings and revenue top estimates. More from the report: Strength in existing product lines (X Hot and Versa putters) fuels a 12% Y/Y increase in net sales (this excludes brands that were divested in 2012), and improvements in gross margins as well as lower operating expenses help the company post a 27% rise in GAAP EPS. Outlook: FY13 revenue guidance lowered to $830M from $850M, FY13 EPS guidance is reiterated at -$0.04 after accounting for a preferred dividend (consensus is $832M and -$0.05). (PR, CC transcript) 1 Comment
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2:34 PM Cooper Companies (COO +2.1%) moves up in the slipstream created from reports that its rival Bausch & Lomb is near a deal to be acquired by Valeant (VRX) for $9 billion. Comment!
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2:31 PM Feltl & Co. downgrades Hibbett Sports (HIBB -3.9%) to Hold from Buy (price target $60) on the heels of the company's earnings miss (previous). Comment!
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2:20 PM Gleacher (GLCH +1.5%) says it's CEO, Thomas J. Hughes, and COO, John Griff, have been fired. The announcement comes after shareholders yesterday backed a slate of five directors nominated by MatlinPatterson Global Advisers, the beleaguered advisory firm's biggest outside investor. 1 Comment
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2:14 PM USEC (USU +4.7%) says it will begin stopping uranium enrichment at the end of this month after failing to conclude a deal with the U.S. Department of Energy for an extension of enrichment at the Paducah Gaseous Diffusion Plant in Kentucky. The plant is the only U.S.-owned and operated uranium enrichment facility in the U.S. 2 Comments
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2:01 PM Polypore International (PPO -2%) slips on a tepid initiation at Ascendiant Capital with a Neutral and a $45.50 price target. The firm says the stock is trading a premium to its peers, and appears fairly valued based on current metrics. Also adding to the weakness in the shares today could be the plunge in Exide (XIDE -43%). Comment!
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1:50 PM More on Bausch & Lomb/ Valeant (VRX +12.8%): Warburg Pincus may agree to terms with VRX as early as next week, but sources tell WSJ the deal could still fall apart. If the deal fails to come to fruition, Warburg may opt for an IPO of Bausch & Lomb instead, something the private-equity firm has mulled since early this year. Comment!
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1:39 PM Hydrogenics (HYGS +14%) adds to yesterday's gains for a two-day rally of ~28% as SA Pro author Joe Springer's article comes out of embargo. (previous) 4 Comments
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1:37 PM Shares of Exide Technologies (XIDE -43%) collapse to a nine year low on a report that it's hired Lazard and Akin Gump Strauss Hauer & Feld to advise on a restructuring, including a possible Chapter 11 filing. The company had initially engaged Deutsche Bank last year to lead a global refinancing, but the effort failed, and management is now pursuing more aggressive restructuring alternatives amid a looming September maturity on its convertible notes. 5 Comments
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1:27 PM American Superconductor (AMSC -2.2%) slides after saying earlier that China's Supreme People's Court has scheduled a hearing for May 29 to review the jurisdiction of the company's software copyright infringement cases against Sinovel Wind Group and Guotong Electric. These are just two of the four legal cases that AMSC filed against Sinovel regarding its alleged contractual breaches and alleged discovery of intellectual property theft by Sinovel. AMSC is seeking a cease and desist order and damages totaling $6M. Comment!
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