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Fly News Breaks for May 19, 2017
May 19, 2017 | 10:23 EDT
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Macquarie analyst Amy Yong downgraded Pandora (P) to Neutral from Outperform and trimmed her price target to $11 saying potential M&A is to "tough to call" and fundamentals are "choppy." The analyst believes Pandora could sell Ticketfly which would free up financial capacity and help management focus on the core business, but said if neither a sale or M&A materializes, its standalone strategy will be the focus. 2. Wells Fargo analyst Jeff Farmer downgraded Bloomin' Brands (BLMN) to Market Perform saying Street estimates could prove aggressive due to labor costs while share repurchases are decelerating. 3. Deutsche Bank analyst Tiffany Kanaga downgraded The Buckle (BKE) to Sell, citing a lack of near-term support post the Q1 report and continued long-term concerns. 4. HSBC analyst Steve McGarry downgraded Shire (SHPG) to Reduce, saying that while the hereditary angioedema data are positive, investors should avoid the "hemophilia risk." 5. RBC Capital analyst Matthew Hedberg downgraded Symantec (SYMC) to Sector Perform from Outperform, citing valuation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
News For P;BLMN;BKE;SHPG;SYMC From the Last 2 Days
Sep 22, 2017 | 13:17 EDT
SiriusXM (SIRI) and Pandora (P) announced that SiriusXM has purchased $307.5M of Series A preferred stock in Pandora, completing the $480M strategic investment announced on June 9. Under the terms of the agreement, a subsidiary of SiriusXM purchased $172.5M of Series A preferred stock upon execution of the agreement on June 9 and purchased an additional $307.5M of the Series A preferred stock. The Series A preferred stock is convertible into common stock at a purchase price of $10.50 per share. The Series A preferred stock bears a 6% cumulative dividend, payable in cash, accretion of the Series A preferred stock or a combination thereof. The Series A preferred stock represents a stake of 19% of Pandora's currently outstanding common stock, and a 16% interest on an as-converted basis. Upon the closing of this second investment, Gregory Maffei, the chairman of SiriusXM, James Meyer, the CEO of SiriusXM, and David Frear, the eenior EVP and CFO of SiriusXM, were named to the Pandora Board of Directors. Maffei was also named chairman of Pandora. With these additions, Elizabeth Nelson concluded her tenure on Pandora's board, effective immediately. Nelson has served on Pandora's board since 2013. The Pandora Board now consists of nine directors.SiriusXM may require Pandora to redeem the Series A preferred stock beginning on September 22, 2022, the fifth anniversary of the closing, for an amount equal to its liquidation preference plus all accrued and unpaid dividends. Pandora may also redeem the Series A preferred stock at any time after September 22, 2020, the third anniversary of the closing, if the daily volume weighted average price of Pandora's common stock is greater than or equal to 175% of the then applicable conversion price for a period of at least 20 days during a 30 day trading window prior to the notice of redemption.
Sep 21, 2017 | 06:31 EDT
In the U.S., revenue from recorded music grew 17% in the first half of 2017 as more consumers paid for subscription streaming services, The Wall Street Journal reports. Reference Link
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