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CHEF

Chefs' Warehouse

$5.57 /

+0.82 (+17.26%)

08:50
03/23/20
03/23
08:50
03/23/20
08:50

Chefs' Warehouse adopts limited duration stockholder rights agreement

The Chefs' Warehouse announced that it has adopted a 364-day duration stockholder rights agreement, effective March 22, 2020. The Rights Agreement is similar to stockholder rights plans adopted by other public companies, and is intended to promote the fair and equal treatment of all Company stockholders and ensure that no person or group can gain control of the Company through open market accumulation or other tactics potentially disadvantaging the interests of all stockholders without paying an appropriate control premium to deliver sufficient value for all Company stockholders. The Company's Board of Directors has taken note in particular that, in light of the COVID-19 pandemic and recent market events, the closing price of the Company's common stock on March 20, 2020 was more than 80% below the price just over a month ago. The Rights Agreement will also position the Board to fulfill its fiduciary duties on behalf of all stockholders by ensuring that the Board has sufficient time to make informed judgments that are in the best long-term interests of the Company and its stockholders. The Rights Agreement is not intended to deter offers that are fair and otherwise in the best interest of the Company's stockholders. Under the Rights Agreement, the Rights will become exercisable if a person or group becomes the beneficial owner of 10% or more of the Company's outstanding Common Stock. In the event that the Rights become exercisable due to the triggering ownership threshold being crossed, each Right will entitle its holder to purchase, at the Right's exercise price, a number of units of Series A Preferred Stock or equivalent securities having a market value at that time of twice the Right's exercise price. Rights held by the triggering entity will become void and will not be exercisable to purchase units at the reduced purchase price. The Board may, rather than permitting the exercise of the Rights, exchange each Right for one or more units of Series A Preferred Stock per Right, subject to adjustment and as further described in the Rights Agreement. The Board will, prior to the Rights becoming exercisable, generally be entitled to amend the Rights Agreement or to redeem the Rights for $0.01 per Right.

CHEF Chefs' Warehouse
$5.57 /

+0.82 (+17.26%)

02/27/20
Fly Intel: Top five analyst initiations
02/27/20 National Securities
Chefs' Warehouse initiated with a Buy at National Securities
12/12/19 Piper Sandler
Piper Jaffray starts Chefs' Warehouse with Overweight, $41 price target
12/11/19 Piper Sandler
Chefs' Warehouse initiated with an Overweight at Piper Jaffray

TODAY'S FREE FLY STORIES

Conference/Events
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Periodicals
Airlines must wait at least another week for federal aid, Bloomberg says » 15:50
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Options
Royal Dutch Shell call volume above normal and directionally bullish » 15:45
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Bullish option flow…

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Conference/Events
Satsuma Pharmaceuticals participates in a conference call with Mizuho » 15:44
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Satsuma Pharmaceuticals

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+0.88 (+5.10%)

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Conference/Events
AGNC Investment participates in a conference call with Mizuho » 15:43
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AGNC Investment

$11.97 /

+0.69 (+6.12%)

Conference call with…

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Recommendations
London Stock Exchange price target lowered to 7,400 GBp at Deutsche Bank » 15:41
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London Stock Exchange

$0.00 /

+ (+0.00%)

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Periodicals
Caterpillar in talks with banks over $3B loan, Bloomberg reports » 15:40
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, C

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Recommendations
Assa Abloy price target lowered to SEK 175 from SEK 180 at Deutsche Bank » 15:38
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Assa Abloy

$0.00 /

+ (+0.00%)

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On The Fly
Starbucks sees Q2 earnings cut roughly in half amid COVID-19 pandemic » 15:37
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$73.30 /

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Shares of Starbucks…

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Conference/Events
BTIG energy/oil analysts to hold an analyst/industry conference call » 15:35
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Recommendations
Straumann price target lowered to CHF 920 from CHF 1,150 at Deutsche Bank » 15:35
04/09/20
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SAUHY

Straumann

$0.00 /

+ (+0.00%)

Deutsche Bank analyst…

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Hot Stocks
Mersana Therapeutics' Mott acquires 538,599 common shares » 15:35
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MRSN

Mersana Therapeutics

$9.45 /

+0.08 (+0.85%)

In a regulatory filing,…

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Options
Heavy put buying in NatGas servicer ONEOK » 15:30
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OKE

Oneok

$28.30 /

+1.83 (+6.91%)

Heavy put buying in…

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Recommendations
IAG price target lowered to 400 GBp from 685 GBp at Deutsche Bank » 15:29
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ICAGY

IAG

$0.00 /

+ (+0.00%)

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Technical Analysis
On The Fly: ETF fund flow highlights » 15:29
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HYG

iShares iBoxx $ High Yield Corporate Bond

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, TIP

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, SPY

SPDR S&P 500 ETF Trust

$277.64 /

+3.54 (+1.29%)

For the holiday shortened…

For the holiday shortened week, creations bested redemptions by a factor of 2.5 to 1 per data from ETF.com. The primary beneficiaries of inflows were S&P 500 ETFs and S&P 500 sector ETFs. The SPDR S&P 500 ETF Trust (SPY), iShares Core S&P 500 ETF (IVV), Energy Select Sector SPDR Fund (XLE), and ProShares Short S&P500 (SH) accounted for over 60% of creations. The Invesco QQQ Trust (QQQ) and SPDR Gold Trust (GLD) also saw notable flows. On the redemptions side the skew in ETFs was less pronounced. The iShares MSCI EAFE ETF (EFA) and iShares Russell 2000 ETF (IWM) were the two largest funds seeing outflows. Bond ETFs accounted for over 15% of redemptions in the form of the iShares TIPS Bond ETF (TIP) and iShares iBoxx USD High Yield Corporate Bond ETF (HYG).

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Conference/Events
Goldman Sachs medical tech analysts to hold an analyst/industry conference call » 15:29
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U.S. Medical Technology…

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Recommendations
Deutsche Post price target raised to EUR 32 from EUR 26 at Deutsche Bank » 15:27
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15:27
04/09/20
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DPSGY

Deutsche Post

$0.00 /

+ (+0.00%)

Deutsche Bank analyst…

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Periodicals
Airlines must wait at least another week for federal aid, Bloomberg says » 15:27
04/09/20
04/09
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ALK

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+1.33 (+10.62%)

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$12.21 /

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Treasury officials have…

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Recommendations
Bunzl price target lowered to 1,920 GBp from 2,300 GBp at Deutsche Bank » 15:25
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04/09
15:25
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15:25
BZLFY

Bunzl

$0.00 /

+ (+0.00%)

Deutsche Bank analyst Tom…

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Conference/Events
BTIG healthcare analysts to hold an analyst/industry conference call » 15:25
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04/09
15:25
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Analysts discuss digital…

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Conference/Events
Gap participates in a conference call with Baird » 15:25
04/09/20
04/09
15:25
04/09/20
15:25
GPS

Gap

$8.86 /

+1 (+12.72%)

Conference call with CFO…

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Recommendations
Aixtron price target lowered to EUR 12.50 from EUR 13 at Deutsche Bank » 15:24
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04/09
15:24
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15:24
AIXXF

Aixtron

$0.00 /

+ (+0.00%)

Deutsche Bank analyst Uwe…

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Recommendations
Edenred price target lowered to EUR 39.60 from EUR 51 at Deutsche Bank » 15:22
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15:22
04/09/20
15:22
EDNMY

Edenred

$0.00 /

+ (+0.00%)

Deutsche Bank analyst…

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Recommendations
Siemens price target lowered to EUR 100 from EUR 105 at Deutsche Bank » 15:21
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04/09
15:21
04/09/20
15:21
SIEGY

Siemens

$0.00 /

+ (+0.00%)

Deutsche Bank analyst…

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