Liberty Media (LMCA, LMCB) said Friday it would create two new tracking stocks where it would assign its holdings, and was taking its offer for total ownership of Sirius XM (SIRI) off the table. The diversified media group is hoping the new structure will unlock more value in its disparate assets. The new Liberty Broadband group will consist of Liberty’s investments in Charter Communications (CHTR), Time Warner Cable and True Position Technologies. The new Liberty Media group will house the company’s 53% interest in Sirius, and its investments in Live Nation Entertainment (LYV)and the Atlanta Braves. Record holders of Liberty’s…
Author: Ryan Wallace
GSV Capital (GSVC) reported 4Q financial results with lower net investment loss over the year ago period, and 18% growth in net asset value (NAV) per share. The publicly traded investment fund, with 49 portfolio companies including Twitter (TWTR) in its stable, said NAV per share rose to $14.91 in 4Q vs. $13.07 last year, and net investment loss amounted to $0.05 per share vs. $0.14 in the year ago period. GSV said total investment income was $24 million in 4Q vs. $5.9 million last year, and net investment loss was $907,000 vs. $2.8 million. GSV said it expects to…
Ocean Rig UDW Inc. (ORIG), a Marshall Islands-registered international offshore drilling contractor, said it intends to offer $500 million in aggregate principal amount of senior notes due 2019 in a private offering. Ocean Rig said it intends to use the net proceeds from the offering of the Notes, together with other available funds, to fund the repurchase or redemption of its 9.5% Senior Unsecured Notes due 2016, for which it is conducting a concurrent tender offer, and to pay related fees and expenses. RIG closed down 0.9% at $16.92, trading in a 52-week range of $14.91 to $20.97. Suggested Reading:…
Huntington Bancshares (HBAN) were inching higher in late Friday trading after the bank holding company’s asset management subsidiary sold $421 million in fixed-income assets to Federated Investors Inc. (FII). FII intends to reorganize the acquired assets from five HBAN-managed mutual funds into five funds it operates with similar investment objectives. A Q2 closing is expected. HBAN shares were up 0.1% at $9.58 apiece, climbing a penny in after-hours trading after finishing today’s regular session with a 0.4% decline. FII shares were down a penny in tonight’s after-market at $26.91 a share. Suggested Reading: Top 8 Destinations for 2014
Cohen & Steers, Inc. (CNS) declared a cash dividend for Q1 2014 in the amount of $0.22 per share of common stock, increasing the dividend by $0.02 per share from the prior quarter’s dividend. The dividend will be payable on April 11, 2014 to stockholders of record at the close of business on March 28, 2014. Cohen & Steers is a global investment management firm focused on global real estate securities, global listed infrastructure, real assets, large cap value stocks, and preferred securities. CNS closed down 0.8% at $37.14 Friday. Suggested Reading: Best Travel Places for Honeymoon
Ballard Power Systems (BLDP,BLD.TO) is steady in after-hours trading and the fuel-cell vehicle conversion company tonight saying Anglo American Platinum Ltd (AAL.L) has converted a $4 million, non-interest bearing promissory note into common shares, acquiring a 0.6% stake in the company based on its current share price and BLDP’s 110 million in outstanding shares. Platinum is key component in the hydrogen fuel cells and Anglo American is a BLDP supplier. Separately, BLDP said it expects to deploy a prototype methanol-fueled electricity generator in South Africa during the upcoming quarter beginning April 1 as part of a 12-month field trial intended…
Yelp (YELP) gains Wednesday after Yahoo (YHOO) says it will include the site and app’s listings, reviews, and other information in the Web portal’s search results. YHOO shares slip in a choppy day for tech stocks. Yahoo senior director Anand Chandrasekaran made the announcement in a blog post on the firm’s site, adding that in addition to the reviews and information, a photo-viewing experience will be included. Yahoo CEO Marissa Mayer has said her firm is “long in search,” indicating it wants to beef up its search function in a market dominated by Google (GOOG) and that it will use…
BG Medicine (BGMD) is up 9% after it says it welcomes the positive results from La Jolla Pharmaceutical’s (LJPC) Phase 2 Clinical Trial targeting Galectin-3 in Chronic Kidney Disease announced Monday. The trial met specifically targeted endpoints at the effective therapeutic dosage as measured using BGMD’s BGM Galectin-3 Test. These positive results include meeting the primary efficacy endpoint of improved kidney function and key secondary endpoints including reducing galectin-3 circulating levels. The diagnostic healthcare company is recently at $1.37 per share, up 8.8% on 4.8 million shares, more than twice average daily volume. BGMD shares trade near the middle of…
Depomed, Inc. (DEPO) gains Wednesday, getting a milestone payment after the FDA approved Mallinckrodt plc’s New Drug Application (NDA) for its pain drug XARTEMIS XR (oxycodone hydrochloride and acetaminophen) Extended-Release Tablets (CII). The drug, previously known as MNK-795, is intended for the management of acute pain severe enough to require opioid treatment and in patients for whom alternative treatment options (e.g., non-opioid analgesics) are ineffective, not tolerated or would otherwise be inadequate. The drug includes Depomed’s advanced Acuform drug delivery technology and the NDA approval triggers a $10 million milestone payment to Depomed under Depomed’s license agreement with Mallinckrodt. Depomed…
Vail Resorts, Inc. (MTN) reported fiscal Q2 results below Street expectations, lowers guidance, but did raise its dividend Wednesday. Net income attributable to Vail Resorts, Inc. was $59.3 million for Q2, down 2.1% compared to the same period in the prior year. EPS were $1.60, down from $1.65, and below the Capital IQ consensus for $1.88. Total revenue was $452.7 million, up from $422.45 million. The Street expected $473 million. The company revised its fiscal 2014 guidance range downward to reflect the challenging Tahoe results. Resort Reported EBITDA is now expected to be between $255 million and $265 million. The…
Tyson Foods Inc. (TSN) repeated its estimate of 2014 earnings of at least $2.78 per share. Dennis Leatherby, the company’s executive vice president and CFO, reiterated the forecast at the Goldman Sachs Agribusiness Conference in New York, according to a statement. Analysts surveyed by Capital IQ estimate the company will earn $2.89 a share. The company acknowledged that the PED virus is hurting hog producers and will likely result in reduced hog supplies and higher prices. Executives reminded investors that Tyson Foods is a buyer of hogs, not a producer, and would have to pass along any increased input costs…
Stocks markets managed to recover from a huge sell-off and closed mixed amid worries over the global impact from a slowing Chinese economy reduced the demand for risky assets, and attracted investors to buy much safer U.S. government bonds. Amont other stocks, a particular noticeable underperformance could be noticed among blue chips, which fell on the back of a decline of Boeing (BA) and some losses in the financial sector. Nevertheless, the Nasdaq Composite managed to post a very small gain, finally breaking a four-day losing streak. In addition, the S&P 500 closed in green. The recent Chinese default send…