Buoyed by strong first-quarter fiscal 2013 results, shares of Tiffany & Company ( TIF ) recorded a new 52-week high of $81.25 yesterday, before closing at $79.22, and rising approximately 35% year to date. Based on the current price, Tiffany is 7.5% above the Zacks Consensus average analyst price target of $73.71. […]
Wednesday, May 29, 2013 Stocks wavered a bit last week as questions about the Fed’s bond purchases took center stage. But investors’ confidence seemed to have been restored by the long weekend, with the stock market making a fresh record close on Tuesday. Strong housing and consumer confidence data provided the reassurance that the economy had enough underlying momentum to push it along. […]
BBK Advises Detroit Technologies, Inc. on Acquisition of Formed Fiber Technologies, Inc. […]
Crest Financial Sends Letter to FCC Objecting to SoftBank’s Pre-Merger Coordination with Sprint PR Newswire HOUSTON, May 29, 2013 HOUSTON , May 29, 2013 /PRNewswire-USNewswire/ — Crest Financial Limited, the largest of the independent minority stockholders of Clearwire Corporation (NASDAQ: CLWR), yesterday sent a letter to the Federal Communications Commission urging the Commission to investigate the “gun-jumping” implications of SoftBank’s and Sprint’s “apparent indifference to the Commission’s public interest inquiry.” Although the FCC’s review is ongoing and SoftBank is in a bidding war with DISH Network for control of Sprint, “SoftBank has been directing and manipulating Sprint’s critical business decisions as if its merger with Sprint were already approved,” Crest wrote. Crest stated that the FCC could decide to “deny SoftBank’s attempted merger with Sprint for being contrary to the public interest or posing a risk to national security” or “hold its decision in abeyance until the Sprint Board of Directors determines whether to pursue a deal with DISH.” As a result, Crest said the “uncertainty makes it all the more inappropriate that SoftBank continues to control Sprint from the shadows before the Commission completes its public interest review.” Crest noted that this “sort of pre-merger coordination is not tolerated by other federal regulators charged with protecting the public interest.” Crest asked the FCC not to tolerate it either. In the antitrust context, Crest stated, “Merging companies are prohibited from coordinating business activities while the merger is subject to the Hart-Scott-Rodino Act waiting period.” Merging companies improperly “jump the gun,” according to Crest, “when they collaborate to further the merger process and start combining their day-to-day operations before the end of the [Hart-Scott-Rodino Act] waiting period.” Department of Justice officials have explained that “gun-jumping is a serious matter” and that the Department “will proceed against parties who fail to respect the law with regard to preconsummation conduct.” Gun-jumping charges have led to settlements in excess of a million dollars […]
[marketwatch 47F7E13D-5C28-49FA-A1F1-C0DBCF685AE6] Chinese Firm to Buy Smithfield Foods, and More […]
Skowhegan Savings to Purchase Five Branches in Franklin County from Camden National Bank PR Newswire SKOWHEGAN and CAMDEN, Maine, May 29, 2013 SKOWHEGAN and CAMDEN, Maine , May 29, 2013 /PRNewswire/ — Skowhegan Savings and Camden National Bank, a subsidiary of Camden National Corporation (NASDAQ: CAC), jointly announced that the two banks have entered into a definitive agreement for Skowhegan Savings to purchase Camden National’s Farmington , Kingfield , Phillips , Rangeley and Stratton branches. Also included in the transaction are the branch deposits, business loans and certain consumer loans. […]
GFI Software Makes Strategic Online Backup Technology Acquisition PR Newswire CARY, N.C., May 29, 2013 CARY, N.C. , May 29, 2013 /PRNewswire/ — GFI Software today announced that it has made a strategic technology acquisition, purchasing the online backup software company IASO. […]
Specialty foods distributor, United Natural Foods, Inc. ( UNFI ) delivered third quarter fiscal 2013 earnings of 64 cents per share, which beat the Zacks Consensus Estimate of 63 cents by 1.6%. Earnings also increased 8.5% year on year from 59 cents, driven by top-line growth. […]
In a bid to expand its personal care business, Domtar Corporation ( UFS ) recently signed a deal to acquire Associated Hygienic Products (AHP) from DSG International for $272 million. The deal is expected to close by second quarter 2013. AHP manufactures infant diapers in the U.S. […]
[marketwatch 283ADB5C-F955-4BA9-A17E-C0EB0DB6A385] Wednesday, May 29: Smithfield Among Stocks to Watch […]
[marketwatch 770A6AF0-9249-48F7-8503-82703079E201] Euro-Zone Worries Hit U.S. Futures […]
Wet Seal Inc. ( WTSL ) reported its first-quarter fiscal 2013 adjusted earnings of 1 cent per share compared to adjusted earnings of 2 cents per share in the year-ago quarter. Profits declined due to lower sales during the quarter […]
A currency exchange rate is one of the many factors to determine a country’s economic standing on an international level. Inflation, Gross Domestic Product (GDP), monetary policy and balance of payments affect currencies the most. The Federal Reserve’s monetary stimulus has not only helped the U.S […]
On May 28, 2013, shares of Fidelity National Financial, Inc . ( FNF ) hit a 52-week high of $27.17. The momentum was driven by the announcement to acquire Lender Processing Services, Inc […]
On Tuesday, May 28, 2013, U.S. energy behemoth Chevron Corporation ( CVX ) saw its shares rise to a new 52-week high of $127.40 – above its previous level of $126.98 – attributable to several positive developments. The closing price of the shares of the company as of the said date was $126.43, representing an impressive year-to-date return of 14.53%. […]
Agricultural products supplier Agrium Inc. ( AGU ) will issue and sell debentures worth $1 billion, comprising $500 million aggregate principal amount of 3.5% debentures due Jun 1, 2023, and $500 million aggregate principal amount of 4.9% debentures due Jun 1, 2043. […]
[marketwatch E0C6752F-79EE-4CA4-AEDA-1DCC05632A31] Switzerland Moves Toward U.S. Tax Deal […]
Cheniere Partners Completes Financing and Commences Construction on Sabine Pass Liquefaction Trains 3 and 4, Purchases Creole Trail Pipeline – Notice to Proceed issued to Bechtel to commence construction on Trains 3 and 4 – Financings complete for the first four trains of the Sabine Pass Liquefaction Project – Cheniere Partners purchases Creole Trail Pipeline as previously contemplated PR Newswire HOUSTON, May 29, 2013 HOUSTON , May 29, 2013 /PRNewswire/ — Cheniere Energy Partners, L.P. (“Cheniere Partners”) (NYSE MKT: CQP) announced today that its Board of Directors has made a positive final investment decision for the development and construction of Trains 3 and 4 of the Sabine Pass Liquefaction Project being developed adjacent to the Sabine Pass LNG terminal (the “Liquefaction Project”). Cheniere Partners has issued a full notice to proceed with construction of Trains 3 and 4 to Bechtel Oil, Gas and Chemicals, Inc. […]
PAE Enters Into Definitive Agreement to Acquire CSC Applied Technology Division PR Newswire ARLINGTON, Va., May 29, 2013 ARLINGTON, Va. , May 29, 2013 /PRNewswire/ — PAE, a leading provider of global mission services, today announced that it has entered into a definitive stock purchase agreement with Computer Sciences Corporation (NYSE: CSC), to purchase its Applied Technology Division. […]
Wingspan Acquires Dimont & Associates Insurance Claims Management Diversified servicer’s second major purchase of the year puts Wingspan among national leaders in mortgage and hazard insurance resolution for lenders PR Newswire DALLAS, May 29, 2013 DALLAS , May 29, 2013 /PRNewswire/ — Wingspan Portfolio Advisors , a Dallas -based diversified component and special mortgage servicer, announces it has acquired Dimont & Associates , the nation’s leading hazard insurance claims management company, with offices in San Diego, California and Dallas, Texas . This acquisition significantly expands Wingspan’s capabilities and increases the size of the company to approximately 2,000 employees. To view the multimedia assets associated with this release, please click http://www.prnewswire.com/news-releases/wingspan-acquires-dimont–associates-insurance-claims-management-209270231.html It is the second large transaction for Wingspan in 2013 […]
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