Mon, Oct. 3, 12:45 PM
Mon, Oct. 3, 9:22 AM
Mon, Oct. 3, 8:31 AM
- Bass Pro Shops acquires Cabela's (NYSE:CAB) for $65.50 per share.
- The $5.5B deal is expected to close in the first half of 2017.
- Bass Pro Shops Founder and CEO Johnny Morris will continue as CEO and majority shareholder of the new entity.
- Previously: Reuters: Two groups to bid for Cabela's this week (Sept. 29)
- Previously: Cabela's on the move as investor group steps in front (Oct. 3)
- CAB +14.69% premarket to $63.00.
Mon, Oct. 3, 7:49 AM
- A consortium of investors has emerged as the leading bidder for Cabela's (NYSE:CAB), sources tell Reuters.
- The group includes Bass Pro Shops, the PE arm of Goldman Sachs (NYSE:GS), and Capital One Financial (NYSE:COF).
- Speculation on a Cabela's buyout has gone on for almost a year after the company opened itself up to considering strategic alternatives.
- CAB +5.59% premarket to $58.00. Shares of the retailer are up 24.5% over the last 52 weeks.
Thu, Sep. 29, 4:19 PM
- Privately-held Bass Pro Shops is partnering with the private-equity arm of Goldman Sachs (NYSE:GS), and they're working on a bid with Capital One (NYSE:COF), which is interested in Cabela's (NYSE:CAB) credit card business, according to Reuters' sources.
- Then there's P-E outfit Sycamore Partners which is pairing with Synchrony Financial (NYSE:SYF) to make an offer.
- Binding bids are due this week.
- Cabela's credit card business is called World's Foremost Bank, and it had nearly 2M accounts, $5B in loans, and $502M in revenue last year.
- Cabela's closed the session higher by 2.3%, with all of that gain coming in the last few minutes as this report hit the wires.
Mon, Aug. 29, 3:48 PM
- Shares of Cabela's (CAB -0.1%) have broken higher from their session low amid some chatter that the company is now in talks with a PE consortium.
- Last month, reports indicated that Bass Pro Shops was on the verge of a deal to buy out Cabela's.
- Cabela's trades about 10% below its high from earlier in the summer.
- Previously: Bass Pro Shops seen reeling in Cabela's (July 14)
Fri, Aug. 5, 3:44 AM
- The latest figures from the FBI show that July 2016 was the 15th consecutive month of record background checks for gun sales.
- The previous July record was set in 2015, when there were 1,600,832 checks, but last month there were 2,197,169.
- Each person may buy multiple firearms once passing a background check, so the amount of guns sold at retail may be even higher than then number of background checks performed.
- Related tickers: SWHC, RGR, CAB, VSTO
Thu, Jul. 28, 11:00 AM
- Cabela's (NYSE:CAB) is lower after same-store sales came in at 1.5%, below the 1.9% pace expected by analysts. Strong demand for firearms helped push same-store sales into positive territory for the first time in several years.
- Merchandise gross margin fell 290 bps to 32.9%.
- The company didn't issue any details on the strategic review underway.
- Shares of Cabela's are down 3.73% to cut into the gains piled up over the last month.
- Previously: Cabela's misses by $0.02, beats on revenue (July 28)
Thu, Jul. 28, 6:32 AM
Wed, Jul. 27, 5:30 PM
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Thu, Jul. 14, 12:55 PM
- Bass Pro Shops is the only bidder still around in the hunt for Cabela's (NYSE:CAB), reports New York Post.
- Sources indicate that Apax Partners and TPG Capital are out of the race for the sporting goods chain.
- An official announcement is expected within days.
- Shares of Cabela's are up 3.19% to $54.33 after setting a 52-week high of $54.84 earlier.
Wed, Jul. 13, 10:59 AM
- Sequoia Capital says it exited its position in Cabela's (CAB -0.9%) during Q2 due to the limited appeal of the current share price if a buyout fails to occur.
- "This is a management team that has struggled with the basics of retailing: the stores are expensive to build and operate and the merchandise, while compelling, is not competitively priced," notes Sequoia in its update.
- Cabela's trades close to its 52-week high with a takeover premium very firmly in play.
- Sequoia Capital letter to shareholders (.pdf)
Wed, Jul. 13, 12:01 AM
- In a letter to shareholders, Sequoia Fund -- the second-biggest shareholder in Valeant (NYSE:VRX) -- says it exited that position completely by mid-June.
- The Fund notes that after longtime CEO and co-manager Robert Goldfarb retired in March, "new leadership elected to sell our position." Valeant once made up 30% of Sequoia's portfolio; the company "was our largest position to start the year and its 80% decline through June 30 badly penalized our results."
- The Fund also said it exited its position in Idexx Laboratories (NASDAQ:IDXX), "a wonderful stock for us over the past 13 years"; and got out of smaller positions, in Allergan (NYSE:AGN) and Cabela's (NYSE:CAB).
- Meanwhile, it bought Carmax (NYSE:KMX), Chipotle Mexican Grill (NYSE:CMG), Charles Schwab (NYSE:SCHW), and Wells Fargo (NYSE:WFC).
Wed, Jul. 6, 12:40 PM
- Firearm background checks spiked during June, according to data from the NICS. The Orlando terrorist attack on June 12 was a significant factor.
- The number of checks rose 39% Y/Y and 14% M/M to 2.131M.
- YTD background checks are up over 13.8M now.
- Despite the strong sales trend, the percentage of U.S. households owning a gun in actually in decline as prior owners continue to stockpile.
- FBI background check data (.pdf)
- Related stocks: SWHC, RGR, VSTO, CAB.
Mon, Jun. 13, 2:27 AM
- At least 50 people are dead and more than 50 others wounded after a gunman opened fire and took hostages at a gay club early Sunday morning in Orlando.
- The shooter, identified as Omar Mateen, was killed in a shootout with law enforcement and pledged loyalty to Islamic State before carrying out the attack.
- Gun stocks will be on watch at the open following the worst mass shooting in U.S. history.
- Related tickers: SWHC +5.1%, RGR +1.8%, CAB flat premarket.
Fri, Apr. 29, 10:54 AM
- MKM Partners dives into sporting goods retailer stocks with some new coverage out today.
- The investment firm initiates Dick's Sporting Goods (DKS -0.8%) with a Buy rating and $56 price target. MKM thinks Dick's will continue to expand its e-commerce lead over peers.
- Hibbett Sports (HIBB +0.5%) is started off at Neutral.
- The sector is having an active month with a strategic review ongoing at Cabela's (CAB +0.7%) and Sports Authority prepping to sell assets through a bankruptcy auction. Despite some gloomy long-term forecasts on the future of sporting goods chains, shares have been on a roll this year - Dick's +32% YTD, Big Five Sporting Goods (NASDAQ:BGFV) +24%, Hibbett +20%, Cabela's +11%.