Shares of Groupon Inc. (NASDAQ: GRPN) soared on Thursday to clock a new 52 week high after Stifel Nicolaus upgraded the online marketplace stock to a “buy” from a “hold”. The firm has a price target of $16. Ever since Eric Lefkofsky took over the reins of the Company from Andrew Masson, the stock has rebounded after hitting a record low in late 2012. In the research report, Stifel’s research analyst, Jordan Rohan said that although the company hasn’t shown acceleration in growth, it could do it in the near-future and perhaps in this quarter itself.
Beleaguered smartphone maker, Blackberry Ltd. (NASDAQ: BBRY) on Wednesday unveiled its new phone, the Z30, aimed at taking on the challenge from rivals Apple Inc.’s iPhone 5S and Samsung Electronics Galaxy S4, at time when its future looks uncertain. While unveiling the new device, Blackberry said that “(Z3) is the company’s) biggest, fastest and most advanced smartphone”. The device will hit the shelves in parts of the Middle East and the U.K as early as next week. The device will be available in some of the other regions of the world in the remainder of the year, Blackberry said.
Restaurant operator, Cracker Barrel Old Country Store Inc. (NASDAQ: CBRL) said on Wednesday that fiscal fourth quarter income fell 1.1% as revenue dipped due to one less week for sales compared to same period of last year, offsetting better-than-expected growth in comparable-store-sales. Both earnings and revenue edged past analysts’ expectation; however, shares fell sharply as the outlook for the current quarter disappointed investors. The Company expects earnings of $1.05 to $1.15 a share while analysts’ surveyed by Thomson Reuters had forecasted $1.32 a share. The Company said that higher food prices, costs associated to staff-training and some other expenses linked to the introduction of low-calorie items will put pressure on margins.
Microsoft Corporation (NASDAQ: MSFT) announced a new $40 billion stock buyback plan on Tuesday. Shares gained following the announcement. The Company’s previous share repurchase program will expire on Sept. 30. Separately, the tech giant lifted its quarterly dividend by 22% to 28 cents. The dividend will be payable on November 21, the company said. Commenting over the share repurchase program, Microsoft’s Chief financial officer, Amy Hood said in a statement, “These actions reflect a continued commitment to returning cash to our shareholders.”
Beauty products and fragrances maker, Coty Inc. (NYSE: COTY) reported its first quarterly results after becoming a publicly traded company on Tuesday. Earnings topped analysts’ expectation as the bottom line was bolstered by higher sales of branded perfumes such as Chloe and Marc Jacobs in Asia. However, shares edged lower. The Company expects revenue in the current quarter will fall marginally due to weakening market growth in Europe and the U.S. Overall revenue in the fiscal fourth quarter rose 3.9% to $1.06 billion, driven by 11% sales growth in Asia.
August turned out to be a disappointing month for equities as all three benchmark indexes fell. The losses in U.S. equity market were mainly due to concerns over Federal Reserve’s bond purchase program. There is growing speculation that the Fed might start easing its $85 billion a month bond purchases soon. Continue reading Top Buys by Insiders for the Month of August 2013
Hedge fund and mutual funds have begun filing their 13Fs for the second quarter of 2013 with the Securities and Exchange Commission. The second quarter of 2013 was a volatile one for equity markets as concerns over an early end to the Federal Reserve’s bond buying program weighed down sentiment. Still, all three major indexes managed to finish higher for the quarter. While the improved U.S. economic outlook has boosted equities, some analysts say that a correction could be on its way, given that the Dow Jones and the S&P 500 are hovering around all-time high levels. Therefore, it is important that investors keep an eye on what the smart money is doing. So here is a look at what some major funds bought and sold during the second quarter of 2013 as per the most recent 13F filings with the SEC. Continue reading Major Buys and Sells by Top Funds for 2nd Quarter 2013
Tencent Holdings Ltd. said on Monday that it has bought a minority stake in China’s third largest search engine by traffic, Sogou for $448 million. Sogou search engine is owned by Sohu.com Inc. (NASDAQ: SOHU). The deal underpins that how large Chinese internet companies are aggressively expanding their product offerings amid intensifying competition. The deal will give Tencent a 36.5% stake in Sogou. According to research firm, CNZZ, Tencent’s aim was to prevent other big internet companies such as Qihoo 360 Technology Co. Ltd. (NYSE: QIHU) and Baidu Inc (NASDAQ: BIDU) from getting their hands on the search engine.
Packaging Corp of America (NYSE: PKG) has agreed to acquire its rival packaging and paper products company, Boise Inc. (NYSE: BZ) in deal estimated at $1.28 billion. According to the terms of the agreement, Packaging Corp will offer $12.55 a share, which represents a premium of 26% to Boise’s Friday closing stock price. Shares of both companies soared after the announcement. Packaging Corp, which is the fourth largest containerboard and corrugated packaging products maker in the U.S., said that the deal also assumes Boise’s debt, estimated at $714 million. Packaging Corp said that the acquisition will immediately boost its earnings and increasing its containerboard capacity by 42% to 3.7 million tons.
Umpqua Holdings Corp. (NASDAQ: UMPQ) has agreed to acquire regional bank Sterling Financial Corp. (NASDAQ: STSA) in a cash-and-stock deal valued at $2 billion. The announcement was made after the market close on Wednesday. Under the merger agreement, shareholders of Sterling Financial will receive 1.671 share and $2.18 in cash for each common share held. This translates to about $30.52. Sterling Financial closed at $16.96 on Wednesday. After the merger, combined assets will worth $22 billion. Besides, Umpqua will have $16 billion in deposits and $15 billion in loans. |
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