Bob's Discount Furniture changes P-E hands, going to Bain Capital from Apax Partners.
A deal for the furniture store chain is believed to be in the neighborhood of $350M.
The company is in an aggressive expansion mode and in some markets competes with La-Z-Boy (LZB +0.7%), Tempur Sealy (TPX +0.4%), Bassett Furniture (BSET -0.2%), Ethan Allen (ETH -0.3%), and Pier 1 Imports (PIR -0.3%).
Intrexon (XON) +4.8% AH after David Einhorn's Greenlight Capital reveals it opened a ~2.1M-share position in the biotech company that went public in August. (13F)
Greenlight also started positions in NVR and Tempur Sealy (TPX), and added large stakes in WPX Energy (WPX) and Spirit AeroSystems (SPR); it closed positions on Oaktree Capital (OAK), State Bank Financial (STBZ) and Capital Bank Financial (CBF), while selling 20% of its shares in Rite Aid (RAD).
Its biggest positions are still in Apple (AAPL), 21.1% of the portfolio; GM, 11.3%; and Marvell Technology (MRVL), 9.4%.
The Adivsor Shares ETF, HDGE, which seeks capital appreciation through short sales of U.S. equities, is placing a bet on the decline of Harley Davidson (HOG).
The actively managed fund is citing the build up of inventories in dealerships, tapering of motorcycle registrations, and premium price of Harley motorcycles as solid signals for an approaching price decline.
Current top short positions in HDGE's actively managed portfolio include Caterpillar CAT, Consolidated Communications CNSL, and Tempur Sealy International TPX.
Tempur Sealy International (TPX) shares soar 13.4% AH after the company beat expectations in Q3. Short covering may have something to do with the outsized reaction, with short interest at 18.9% of the float as of Oct. 15.
An 111.4% increase in net sales to $735.5M was fueled in large part to acquired Sealy's contribution of $389.9M.
Tempur North America sales grew 0.6% to $242.4M in Q3, driven by a 4.8% increase in Other products revenue to $20.8M. Tempur International sales fell 3.6% to $103.2M.
Gross margin fell to 40.6% from 49.2% in Q3 2012 due to the lower margins on Sealy mattresses.
EBITDA of $115.5M was up 66.7% Y/Y.
The company reaffirms 2013 guidance: revenue of $2.425B-$2.45B (vs. consensus of $2.44B), EBITDA of $370M-$385M, and EPS of $2.25-$2.40 ($2.32).
Tempur Sealy International (TPX -4.1%) trades weaker after the company's Investor Day presentation doesn't quite dazzle traders.
Projected 2013 EPS is $2.33 which falls in the mid-point of previous guidance.
Long-term sales projections are less rosy than previous forecasts, but the company says it expects to save +$100M annually in the long term through integration measures in warehouse, sourcing, and manufacturing.