Breaking News Instant updates and real-time market news.

MCC

Medley Capital

$3.39

(0.00%)

, MDLY

Medley Management

$3.45

0.05 (1.47%)

18:26
08/09/18
08/09
18:26
08/09/18
18:26

Sierra, Medley Capital, Medley Management announce merger agreement

Sierra Income, Medley Capital (MCC), and Medley Management (MDLY) have entered into definitive agreements for Sierra to acquire MCC and MDLY. MCC will merge with and into Sierra, with Sierra as the surviving company. Simultaneously, Sierra will acquire MDLY, and MDLY's existing asset management business will operate as a wholly-owned subsidiary of Sierra. The Boards of Directors of Sierra, MCC and MDLY unanimously approved the transactions based on recommendations of independently advised special committees of independent directors at each company, respectively. Transaction Highlights: The combined company will have over $5B of assets under management, including $2B of internally managed assets Sierra is expected to be the second largest internally managed Business Development Company and the seventh largest publicly traded BDC. Expected to be accretive to net investment income per share for both Sierra and MCC. Expected to increase liquidity for shareholders of Sierra, MCC and MDLY. The transaction is expected to add scale to the BDC platform, increase operational efficiencies, create a stronger balance sheet and improve portfolio diversification. In addition, growth of MDLY's existing asset management business would add to NII and NAV over time. The senior leadership and the investment management teams will remain intact as part of this transaction. The board of Sierra following the transaction will consist of the current independent directors from Sierra, one interested director from Sierra and two independent directors from MCC. MCC shareholders will receive 0.8050 shares of Sierra Common Stock for each share of MCC Common Stock. MDLY Class A shareholders will receive 0.3836 shares of Sierra Common Stock for each Medley Class A share, $3.44 per share of cash consideration and $0.65 per share of special cash dividends. Medley LLC Unitholders have agreed to convert their units into MDLY Class A Common Stock, and will receive 0.3836 shares of Sierra Common Stock for each MDLY Class A share, $3.44 per share of cash consideration and a $0.35 per share special cash dividend. As part of the transaction, Medley LLC Unitholders have agreed to forgo all payments that would be due to them under the existing Tax Receivable Agreement with Medley for the benefit of the combined company. At close, current Sierra shareholders will continue to own shares of Sierra Common Stock. As a condition to closing the transactions, Sierra's common stock will be listed to trade on the New York Stock Exchange and Sierra will remain a BDC. There are no expected changes to the current dividend policies of the respective entities prior to the closing of the transaction, except that MCC will be promptly terminating any feature of its dividend reinvestment plan. In addition, Sierra will be promptly suspending any share repurchase program or offers to repurchase. It is anticipated that Sierra will continue with its current dividend policy after the close of the transaction. The mergers are cross conditioned upon each other and are subject to approval by Sierra, MCC and MDLY shareholders, regulatory review, other customary closing conditions and third party consents. The transaction is expected to close in the fourth quarter of 2018 or early in 2019.

MCC

Medley Capital

$3.39

(0.00%)

MDLY

Medley Management

$3.45

0.05 (1.47%)

  • 10

    Aug

MCC Medley Capital
$3.39

(0.00%)

MDLY Medley Management
$3.45

0.05 (1.47%)

05/09/18
COMP
05/09/18
DOWNGRADE
COMP
Neutral
Medley Management downgraded to Neutral from Buy at Compass Point

TODAY'S FREE FLY STORIES

AMZN

Amazon.com

$1,478.00

-33.67 (-2.23%)

10:38
11/20/18
11/20
10:38
11/20/18
10:38
Technical Analysis
Technical Take: Amazon.com breaks back above $1500 »

The stock saw a deep low…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 28

    Nov

  • 04

    Dec

BBY

Best Buy

$63.02

0.83 (1.33%)

10:31
11/20/18
11/20
10:31
11/20/18
10:31
Hot Stocks
Best Buy expects calendar shift to have positive impact of approx. 50bps in Q4 »

CFO Corie Barry says…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 20

    Nov

  • 05

    Dec

BAC

Bank of America

$26.99

-0.77 (-2.77%)

10:30
11/20/18
11/20
10:30
11/20/18
10:30
Options
Far downside puts opened in BofA »

Far downside puts opened…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 12

    Feb

NVDA

Nvidia

$142.45

-2.21 (-1.53%)

10:23
11/20/18
11/20
10:23
11/20/18
10:23
Hot Stocks
Nvidia turns positive as Citron sees opportunity to buy »

Shares of Nvidia, which…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 26

    Nov

  • 10

    Dec

WMT

Walmart

$94.27

-2.53 (-2.61%)

10:23
11/20/18
11/20
10:23
11/20/18
10:23
Downgrade
Walmart rating change  »

Walmart downgraded to…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

BBY

Best Buy

$64.10

1.91 (3.07%)

10:21
11/20/18
11/20
10:21
11/20/18
10:21
Hot Stocks
Best Buy sees opportunities in connected health space »

CEO Hubert Joly says…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 20

    Nov

  • 05

    Dec

FXI

iShares China Large-Cap ETF

$40.19

-0.6 (-1.47%)

10:20
11/20/18
11/20
10:20
11/20/18
10:20
Options
Global selloff draws bullish vertical spread in China ETF »

Global selloff draws…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

NVDA

Nvidia

$143.52

-1.14 (-0.79%)

10:20
11/20/18
11/20
10:20
11/20/18
10:20
Periodicals
Citron Research says buying Nvidia »

Citron Research tweeted:…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 26

    Nov

  • 10

    Dec

10:20
11/20/18
11/20
10:20
11/20/18
10:20
General news
U.S. credit ETFs are probing lows again »

U.S. credit ETFs are…

$NSD

NASDAQ Market Internals

$0.00

(0.00%)

10:17
11/20/18
11/20
10:17
11/20/18
10:17
Technical Analysis
NASDAQ market internals summary »

Volume is above average…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

HXL

Hexcel

$57.00

-1.9 (-3.23%)

, CTT

CatchMark Timber

$8.89

-0.26 (-2.84%)

10:16
11/20/18
11/20
10:16
11/20/18
10:16
Initiation
On The Fly: Top five analyst initiations »

Catch up on today's…

HXL

Hexcel

$57.00

-1.9 (-3.23%)

CTT

CatchMark Timber

$8.89

-0.26 (-2.84%)

BBU

Brookfield Business Partners

$36.34

(0.00%)

NVTA

Invitae

$12.12

-0.66 (-5.16%)

MTEM

Molecular Templates

$4.59

(0.00%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 21

    Nov

$NYE

NYSE Market Internals

$0.00

(0.00%)

10:16
11/20/18
11/20
10:16
11/20/18
10:16
Technical Analysis
NYSE market internals summary »

Volume is above average…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

XOM

Exxon Mobil

$77.75

-1.49 (-1.88%)

, SWKS

Skyworks

$69.02

-1.73 (-2.45%)

10:16
11/20/18
11/20
10:16
11/20/18
10:16
Downgrade
On The Fly: Top five analyst downgrades »

Catch up on today's…

XOM

Exxon Mobil

$77.75

-1.49 (-1.88%)

SWKS

Skyworks

$69.02

-1.73 (-2.45%)

MU

Micron

$35.14

-1.68 (-4.56%)

NVDA

Nvidia

$143.68

-0.98 (-0.68%)

WDC

Western Digital

$43.46

-1.66 (-3.68%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 26

    Nov

  • 04

    Dec

  • 04

    Dec

  • 10

    Dec

  • 18

    Dec

LYB

LyondellBasell

$92.75

-0.02 (-0.02%)

, BP

BP

$40.30

-0.62 (-1.52%)

10:16
11/20/18
11/20
10:16
11/20/18
10:16
Upgrade
On The Fly: Top five analyst upgrades »

Catch up on today's…

LYB

LyondellBasell

$92.75

-0.02 (-0.02%)

BP

BP

$40.30

-0.62 (-1.52%)

CME

CME Group

$193.00

-2.61 (-1.33%)

AVD

American Vanguard

$17.13

0.29 (1.72%)

EQT

EQT Corporation

$16.74

-0.32 (-1.88%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 29

    Nov

IYT

iShares Transportation Average

$185.10

-4.81 (-2.53%)

10:10
11/20/18
11/20
10:10
11/20/18
10:10
Options
Defensive option play opened in iShares Transport Fund as shares drop 2.1% »

Defensive option play…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

OKTA

Okta

$45.81

-2.83 (-5.82%)

10:05
11/20/18
11/20
10:05
11/20/18
10:05
Options
Okta call volume above normal and directionally bullish »

Bullish option flow…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 05

    Dec

  • 09

    Jan

10:05
11/20/18
11/20
10:05
11/20/18
10:05
General news
FX Action: USD-CAD »

FX Action: USD-CAD has…

10:05
11/20/18
11/20
10:05
11/20/18
10:05
General news
Euro$ interest rate futures are lower »

Euro$ interest rate…

DLNG

Dynagas LNG

$5.33

-0.72 (-11.90%)

10:00
11/20/18
11/20
10:00
11/20/18
10:00
Hot Stocks
Dynagas LNG falls -12.0% »

Dynagas LNG is down…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

JT

Jianpu Technology

$5.23

-0.21 (-3.86%)

10:00
11/20/18
11/20
10:00
11/20/18
10:00
Hot Stocks
Jianpu Technology falls -10.0% »

Jianpu Technology is down…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

LB

L Brands

$29.44

-5.09 (-14.74%)

10:00
11/20/18
11/20
10:00
11/20/18
10:00
Hot Stocks
L Brands falls -14.4% »

L Brands is down -14.4%,…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 20

    Nov

DWT

Britannia Bulk

$10.90

0.67 (6.55%)

10:00
11/20/18
11/20
10:00
11/20/18
10:00
Hot Stocks
Britannia Bulk rises 6.5% »

Britannia Bulk is up…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

UVXY

ProShares Trust Ultra VIX Short Term Futures ETF

$63.20

4.42 (7.52%)

10:00
11/20/18
11/20
10:00
11/20/18
10:00
Hot Stocks
ProShares Trust Ultra VIX Short Term Futures ETF rises 7.0% »

ProShares Trust Ultra VIX…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

NOAH

Noah Holdings

$45.00

4.2 (10.29%)

10:00
11/20/18
11/20
10:00
11/20/18
10:00
Hot Stocks
Noah Holdings rises 11.5% »

Noah Holdings is up…

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

DIS

Disney

$114.24

-1.16 (-1.01%)

, FOXA

21st Century Fox

$48.72

-0.2 (-0.41%)

09:57
11/20/18
11/20
09:57
11/20/18
09:57
Periodicals
Amazon among bidders for Disney's regional sports networks, CNBC says »

Bidding has begun for the…

DIS

Disney

$114.24

-1.16 (-1.01%)

FOXA

21st Century Fox

$48.72

-0.2 (-0.41%)

FOX

21st Century Fox

$48.36

-0.2 (-0.41%)

AMZN

Amazon.com

$1,473.15

-38.52 (-2.55%)

BX

Blackstone

$30.89

-0.89 (-2.80%)

03/08/13
Wedge Partners
03/08/13
Credit Suisse
03/06/13
Citigroup
03/06/13
Barclays

See Street Research during your Free Trial

  • 28

    Nov

  • 29

    Nov

  • 04

    Dec

Get Full Fly Access

Breaking market intelligence sent straight to you
Our team of experts analyze every news story and filter out the noise to deliver real-time market moving news.
Up-to-date information on important industry events
Get real-time updates on events that are moving the market—from conferences and calls to syndicate announcements.
News focused on the companies in your portfolio
Create up to 12 portfolios with 150 stocks each, and see how active they are in market news.