Fortress Investment Group (FIG) was falling in Wednesday’s after-market, with share sliding nearly 3% after the asset manager announced plans to sell 23.2 million shares of its Class A shares in an underwritten public offering. FIG principals – including Peter Briger Jr., Wesley Edens, Randal Nardone and Michael Novogratz – will also sell another 5.08 million shares as part of the upcoming offering, according to a preliminary prospectus for the deal. The selling shareholders also will issue options to purchase up to 4.242 million shares to cover possible overallotments. FIG expects to use net proceeds from its portion of the…
Author: Ryan Wallace
Addus Homecare (ADUS) moved lower than scratched back to even after hours after the company reported better-than-expected financial results for Q4. The provider of home and community based services reported Q4 earnings of $0.28 per share, compared with the prior-year period’s $0.32 per share. Excluding one-time costs associated with M&A efforts, changes to the billing process and other special items, the adjusted EPS would have been $0.32. The Capital IQ consensus estimate, which typically excludes one-time items, is for $0.26 EPS. Revenue was $69.9 million, up 9.6% from $63.8 million in the same quarter last year. Analysts were expecting revenue…
Depomed (DEPO) shares were up 8% after hours after it reported quarterly results that surpassed the Street view and guided ahead of expectations. The pharmaceutical company reported net income for Q4 2013 was $0.72 per share, compared to a net loss of $0.07 per share for Q4 2012. Q4 2013 revenue of $40.6 million, up from $26.6 million a year prior. The Street expected revenue of $20 million and a loss of $0.20 per share, according to Capital IQ’s consensus. For 2014, the company expects non-GAAP earnings of breakeven to $0.16 per share and revenue of approximately $200 million to…
Williams-Sonoma (WSM) is higher in late trading after the company reported financial results for Q4 topped analysts’ expectations, issued mixed guidance, and raised its dividend. Shares are up 6.51% at $62.81, and is on track to surpass its 52-week high of $61.56. The multi-channel specialty retailer reported Q4 earnings of $1.38 per share, compared with the prior-year period’s $1.34 per share. Revenue was $1.47 billion, up from $1.41 billion in the same quarter last year. Comparable brand revenue growth was 10.4% for the quarter. Analysts polled by Capital IQ were expecting EPS of $1.35 on revenues of $1.42 billion. The…
Neuralstem (CUR) is firmer Monday after the company reported mixed financial results for fiscal 2013. Shares are up 2.73% at $3.64 near midday, with a 52-week range of $1.00 – $3.84. The development-stage drug company said for fiscal 2013, net loss was $19.83 million or $0.27 per share, compared to a loss of $10.12 million or $0.17 per share in fiscal 2012. The Capital IQ consensus estimate is for a loss of $0.18 per share. Revenue was $0.11 million, down from $0.41 million in the same quarter last year. Analysts were expecting revenues of $0.11 million. Suggested Reading: Highest Grossing…
Media and publishing firm The McClatchy Company (MNI) was 17% higher Monday on news of the possible sale of auto sales website Cars.com, in which it has a sizable stake. MNI has a 25.6% stake in Classified Ventures LLC, the newspaper consortium owner of Cars.com and Apartments.com. McClatchy, along with Gannett Co (GCI), Tribune Co (TRBAA-OTC), The Washington Post and A.H. Belo (AHC), could benefit from a sale of Cars.com as the market continues to price these successful online brands at attractive levels, reports The Wall Street Journal. Cars.com, the big auto shopping and research site owned by a consortium…
Mineral Technologies (MTX) said it agreed to buy rival AMCOL International (ACO) for $1.7 billion in cash, or $45.75 per share. The two mineral companies, global producers of precipitated calcium carbonate (PCC) and bentonite, said the deal was approved unanimously by both boards of directors. AMCOL said it was terminating its previous merger agreement, for $45.25 per share, with French mineral company IMERYS. The termination fee paid to IMERYS is expected to be $39 million, according to Mineral Technologies. Minerals Technologies said the transaction is expected to be immediately accretive to earnings upon closing, excluding acquisition-related costs and charges. In…
In the afternoon trade, the healthcare stocks were mixed, with the NYSE Healthcare Sector Index trading 0.2% in red and most shares of healthcare companies from the S&P 500 gaining 0.1% as a group. Among particular companies, Northwest Biotherapeutics (NWBO) gained ground on Monday following the oncology care company announcing that it has received some regulatory approvals from German authorities for its DCVax-L treatment for glioma brain cancer. The Paul Ehrlich Institute accepted a “Hospital Exemption” early access program for Northwest, under Section 4b of German Drug Law, which allows the company to provide the experimental drug for the treatment of…
Investors have pulled $18 billion from the SPDR S&P 500 ETF (SPY) this year, more than the $16 billion invested in the fund in all of 2013, despite new highs in U.S. stocks, the Financial Times reported. The FT said the divergence could be interpreted as a disconnect between the recent stock market highs and investor sentiment. The SPY ETF, the largest ETF with about $159 billion in assets, seeks to track the performance of the S&P 500 Index, a U.S. benchmark gauge of 500 large stocks. The S&P 500 is up about 1.5% this year. In afternoon trade, SPY…
U.S. Treasury prices edged a bit higher late Monday, recovering some ground from early pressure as equities slide. The fact that Ukraine remains in the headlines is bringing in some safety bids, helping temper any selling ahead of the week’s government auctions. The mid-curve is leading in light-volume trade, but prices remain near unchanged with little news to spark action. The five-year has been ticking near the 1.62% yield, while the 10-year is stalled between about 2.775% and 2.78%. Traders are looking out to supply, with the run of Treasury offerings which start Tuesday with $30 billion three-year notes. Treasury…
Ares Capital (ARCC) gains modestly Monday, subject of a broader feature on finding yield in this week’s edition of Barron’s. The article addressed business development companies (BDCs), including Ares, as one of the last frontiers for higher yields in the current market climate. ARCC, an industry bellwether, trades at 11 times this year’s earnings estimate and yields 8.9%, the article notes. The stock traded up to $17.96 on Monday, nearing a test of its all-time high of $18.64, hit about three weeks ago. Suggested Reading: World’s Top 10 Ski Resorts
The contest of words between Herbalife (HLF), the embattled nutritional supplements maker, and noted short-seller Bill Ackman heated up, with Herbalife characterizing Ackman’s efforts as putting pressure on lawmakers and regulators to destroy the firm. The Herbalife statement followed a story in The New York Times that concluded Ackman, head of the Pershing Square hedge fund, has “leveraged the corridors of power” for his hedge fund’s profit after making a $1 billion bet against the stock. “Ackman’s unprecedented campaign to destroy Herbalife has now been exposed for what it is: a cynical self-serving attempt to manipulate the market by buying…