Breaking News Instant updates and real-time market news.

GOOD

Gladstone

$10.71 /

+1.13 (+11.80%)

16:36
03/24/20
03/24
16:36
03/24/20
16:36

Gladstone issues corporate update in shareholder letter

Gladstone announced that its executive leadership has issued the following letter to shareholders: "We wanted to provide you with a corporate update surrounding the COVID-19 pandemic, which has weighed on global financial markets and heavily impacted businesses. Our investment process has yielded a high-quality, diversified portfolio of properties. As of today, Gladstone Commercial's investment portfolio consists of 122 properties leased to 108 different tenants in 19 different industries. Our investment teams have invested over $1 billion of capital utilizing a credit-based approach that has resulted in a current occupancy of 98%. Since our IPO in 2003, our occupancy has never been below 96%. Over 84% of our annual rental revenue is derived from tenants that each represent on average less than 1% of our revenue. The remaining 16% of our annual rental revenue is derived from investment grade or investment grade equivalent tenants, or subsidiaries of investment grade companies. Our tenants in the Hospitality, Airlines and Oil & Gas industries comprise approximately 2.6% of our annual rental revenue. Gladstone Commercial has had only one tenant default in our history, an average annual default rate of less than 0.02% inclusive of the Great Financial Crisis of 2008-2010... As of today, we have received calls from two tenants representing approximately 2% of annual rental revenue stating that the COVID-19 pandemic may have a potential impact on their ability to meet their contractual obligations to us. We will continue to update our investors as events warrant. Our balance sheet has been structured conservatively. Gladstone has de-levered its balance sheet while maintaining substantial liquidity. From 2012 through 2019 we reduced our book leverage from 63% to 46% and currently have approximately $25 million of liquidity undrawn on our credit facility. Gladstone concluded 2019 with approximately $30 million in cash and an unused capacity on our committed line of credit. Our capital structure has minimal near-term debt exposure. In 2019 we proactively amended, extended and upsized our credit facility by increasing our term loan from $75 million to $160 million, inclusive of a delayed draw component, and increased our revolver from $85 million to $100 million, while extending the maturity date of our term loan for five years and extending the maturity date of our revolver for four years. We also added tier one banks such as Goldman Sachs and Wells Fargo to the Company's credit facility. This execution provided incremental likelihood of our ability to fund our business through recessionary uncertainty without significant disruption. Further, we extended the maturity date on $13 million of variable rate mortgage debt for a weighted average 2.4 years. Near term loan maturities are minimal with only $20 million and $27 million maturing in 2020 and 2021, respectively. Our recent Equity Capital Markets initiatives have reduced our recessionary liquidity risk... We also executed a refresh of our GOOD Common Stock and Series E Perpetual Preferred Stock's At-The-Market ("ATM") program with Goldman Sachs, Stifel and Baird as new active co-agents. In advance of the economic downturn, we raised $52 million in net proceeds via the GOOD Common Stock ATM program commencing in Q4 2019 through Q1 2020 to fund the equity component of acquisitions in tandem with previously raised equity and to maintain liquidity. We are positioned for growth, even contemplating current conditions. Our acquisition guidance for 2020 has been $125-$150 million, net of expected asset sales. While we anticipate limiting our investment activity in the short term, Q1 2020 acquisition volume was robust through March 9, 2020 having acquired $70 million of new investments at a 7.3% GAAP cap rate. The past four months acquisition volume through mid-March 2020 is $133 million at a 7.3% GAAP cap rate inclusive of $63 million of new investments from November 14th through December 31st, 2019 at a 7.4% GAAP cap rate. All our acquisitions in 2019-2020 are industrial properties. Acquisitions were concentrated at year end, having limited contribution to 2019 performance, but representing an excellent start to 2020. We at Gladstone have been closely monitoring the evolving situation of COVID-19 and are actively responding to the current conditions. Our Team is focused on staying connected to our clients and business partners as we collectively address the challenges before us with an expectation of succeeding together.

GOOD Gladstone
$10.71 /

+1.13 (+11.80%)

11/11/19
Fly Intel: Top five analyst initiations
11/11/19 National Securities
Gladstone initiated with a Buy at National Securities
05/21/19 Ladenburg
Gladstone's long-term strategy already reflected in valuation, says Ladenburg

TODAY'S FREE FLY STORIES

Conference/Events
Upland Software participates in a conference call with Jefferies » 17:02
03/28/20
03/28
17:02
03/28/20
17:02
UPLD

Upland Software

$24.51 /

-1.81 (-6.88%)

Software & Internet…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return in 9 minutes

Get Free Trial

ShowHide Related Items >><<
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

Conference/Events
Jefferies software/Internet analyst to hold an analyst/industry conference call » 16:55
03/28/20
03/28
16:55
03/28/20
16:55

Software and Internet…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return tomorrow

Get Free Trial

Conference/Events
Teck Resources to host conference call » 16:46
03/28/20
03/28
16:46
03/28/20
16:46
TECK

Teck Resources

$6.51 /

-1.025 (-13.61%)

Conference call to…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return in 9 minutes

Get Free Trial

ShowHide Related Items >><<
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

Conference/Events
Sintx Technologies to host business news update conference call » 16:34
03/28/20
03/28
16:34
03/28/20
16:34
SINT

Sintx Technologies

$0.43 /

+0.0922 (+27.29%)

Business news update…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return tomorrow

Get Free Trial

ShowHide Related Items >><<
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

Conference/Events
Neonode to host conference call » 16:30
03/28/20
03/28
16:30
03/28/20
16:30
NEON

Neonode

$1.57 /

-0.08 (-4.85%)

Management to hold a…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return in 9 minutes

Get Free Trial

Conference/Events
Sanderson Farms to host conference call » 16:21
03/28/20
03/28
16:21
03/28/20
16:21
SAFM

Sanderson Farms

$119.18 /

-5.08 (-4.09%)

Conference call to…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return tomorrow

Get Free Trial

ShowHide Related Items >><<
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

Periodicals
GM agrees to $120M settlement to resolve ignition lawsuits, Bloomberg says » 12:42
03/28/20
03/28
12:42
03/28/20
12:42
GM

General Motors

$21.37 /

-1.17 (-5.19%)

General Motors agreed to…

General Motors agreed to a $120M settlement over faulty ignition switches that allegedly caused cars to stall and air bags to deploy, in some cases triggering fatal accidents, Bloomberg's Robert Burnson reports. The deal, which must be approved by a judge, would resolve hundreds of lawsuits filed before the automaker sought bankruptcy protection in 2009, the author notes. Reference Link

ShowHide Related Items >><<
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

Periodicals
SoftBank's OneWeb files for bankruptcy, Bloomberg reports » 12:40
03/28/20
03/28
12:40
03/28/20
12:40
SFTBY

SoftBank

$0.00 /

+ (+0.00%)

OneWeb filed for…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return tomorrow

Get Free Trial

ShowHide Related Items >><<
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

Periodicals
Ocado buys 100,000 coronavirus testing kits from staff, Telegraph says » 10:59
03/28/20
03/28
10:59
03/28/20
10:59
OCDGF

Ocado Group

$0.00 /

+ (+0.00%)

Ocado has bought 100,000…

Ocado has bought 100,000 coronavirus testing kits to keep as many employees as possible in warehouses and on the road delivering food, The Telegraph's Phoebe Southworth, Tony Diver, Charles Hymas and Jack Hardy report. Reference Link

ShowHide Related Items >><<
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

Hot Stocks
Amgen announces results from Phase 3B study of Repatha » 10:17
03/28/20
03/28
10:17
03/28/20
10:17
AMGN

Amgen

$198.49 /

+ (+0.00%)

Amgen announced positive…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return tomorrow

Get Free Trial

ShowHide Related Items >><<
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

Hot Stocks
Edwards Lifesciences pauses enrollments in pivotal Mitral, Tricuspid trials » 10:14
03/28/20
03/28
10:14
03/28/20
10:14
EW

Edwards Lifesciences

$198.40 /

-1.49 (-0.75%)

Edwards Lifesciences…

Edwards Lifesciences announced it will temporarily pause new enrollments in its active pivotal clinical trials of transcatheter mitral and tricuspid therapies, in response to the urgent COVID-19 response around the globe. Edwards is coordinating with the trials' clinical investigators, and the decision to resume enrollments in the trials will be made in consultation with each investigator and hospital at the time when their clinicians' and patients' needs can be better served.

ShowHide Related Items >><<
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

Hot Stocks
Merck presents results from VICTORIA trial evaluating vericiguat » 10:11
03/28/20
03/28
10:11
03/28/20
10:11
MRK

Merck

$71.62 /

-1.77 (-2.41%)

, BAYRY

Bayer

$0.00 /

+ (+0.00%)

Merck (MRK) announced the…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return tomorrow

Get Free Trial

ShowHide Related Items >><<
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

Hot Stocks
AstraZeneca presents new data from sub-analysis of Phase III DAPA-HF trial » 10:08
03/28/20
03/28
10:08
03/28/20
10:08
AZN

AstraZeneca

$42.56 /

+0.26 (+0.61%)

New data from a…

New data from a sub-analysis of the landmark Phase III DAPA-HF trial showed that AstraZeneca's FARXIGA reduced the incidence of the primary composite endpoint of heart failure worsening or cardiovascular death compared to placebo, in patients with heart failure with reduced ejection fraction, irrespective of their background therapy. FARXIGA was evaluated in patients who were receiving a broad range of pharmacological treatments, device therapies and cardiac resynchronization therapy for HFrEF. A consistent reduction in the primary outcome was observed across all these treatment subgroups. FARXIGA is indicated as an adjunct to diet and exercise to improve glycemic control in adults with T2D. In the US it is also approved to reduce the risk of hospitalization for HF in patients with T2D and established CV disease or multiple CV risk factors. In January 2020, the Food and Drug Administration accepted a supplemental New Drug Application and granted Priority Review for FARXIGA to reduce the risk of CV death or the worsening of HF in adults with HFrEF with and without T2D. The Prescription Drug User Fee Act date, the FDA action date for this supplemental application, is scheduled for the second quarter of 2020.

ShowHide Related Items >><<
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

Hot Stocks
Esperion announces data presentations of NEXLETOL, NEXLIZET Tablet » 09:56
03/28/20
03/28
09:56
03/28/20
09:56
ESPR

Esperion

$35.28 /

-2.07 (-5.54%)

Esperion announced that…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return tomorrow

Get Free Trial

ShowHide Related Items >><<
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

Upgrade
Orica upgraded to Buy from Sell at Goldman Sachs » 09:51
03/28/20
03/28
09:51
03/28/20
09:51
OCLDY

Orica

$0.00 /

+ (+0.00%)

Goldman Sachs analyst…

Goldman Sachs analyst Alex Karpos double upgraded Orica to Buy from Sell with a A$20.10 price target. The analyst is more positive on mine production versus "capex-tied earnings" in the current environment and views the recent selloff in the stock as an attractive entry point.

ShowHide Related Items >><<
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

Upgrade
Goldman adds Austal to ANZ Conviction List with 31% potential upside » 09:48
03/28/20
03/28
09:48
03/28/20
09:48
AUTLF

Austal

$0.00 /

+ (+0.00%)

Goldman Sachs analyst…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return tomorrow

Get Free Trial

ShowHide Related Items >><<
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

Hot Stocks
Redwood Trust delays payment for previously declared 32c dividend » 08:03
03/28/20
03/28
08:03
03/28/20
08:03
RWT

Redwood Trust

$6.22 /

+0.05 (+0.81%)

Redwood Trust announced…

Redwood Trust announced that it has delayed the payment date for its previously declared 32c per share common stock dividend for the first quarter of 2020. The first quarter 2020 dividend is now scheduled to be paid on June 12, 2020. As previously announced on February 27, 2020, the first quarter 2020 dividend will continue to be payable to stockholders of record on March 16, 2020. Christopher Abate, Chief Executive Officer of Redwood Trust, explained, "We remain focused on paying the first quarter dividend. While the decision to delay the payment of this dividend was difficult to make, we believe it is in the best interests of Redwood during this period of near-term uncertainty and volatility caused by the COVID-19 pandemic."

ShowHide Related Items >><<
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

Periodicals
Merck, Intel among stocks multifactor-screened for extra safety, Barron's says » 07:23
03/28/20
03/28
07:23
03/28/20
07:23
CAT

Caterpillar

$105.20 /

-5.49 (-4.96%)

, MRK

Merck

$71.62 /

-1.77 (-2.41%)

, UNH

UnitedHealth

$241.80 /

-12.62 (-4.96%)

, INTC

Intel

$52.35 /

-3.26 (-5.86%)

, HON

Honeywell

$131.13 /

-6.095 (-4.44%)

, BBY

Best Buy

$62.36 /

-0.69 (-1.09%)

, GWW

Grainger

$246.57 /

+1.17 (+0.48%)

, DHI

D.R. Horton

$36.79 /

-2.58 (-6.55%)

, QCOM

Qualcomm

$66.50 /

-2.48 (-3.60%)

, AKAM

Akamai

$90.45 /

-4.05 (-4.29%)

, LMT

Lockheed Martin

$348.48 /

-1.96 (-0.56%)

, BLK

BlackRock

$434.59 /

-17.24 (-3.82%)

The financial markets are…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return tomorrow

Get Free Trial

ShowHide Related Items >><<
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

Periodicals
Still value in Softbank stock, Barron's says » 07:07
03/28/20
03/28
07:07
03/28/20
07:07
SFTBY

SoftBank

$0.00 /

+ (+0.00%)

The coronavirus pandemic…

The coronavirus pandemic has further complicated matters for Softbank, pushing its market cap 70% below its asset value, and the company announced a plan to sell $41B of assets over the next 12 months and use $18B of the proceeds to buy back stock, on top of its existing $4.8B buyback, Eric Savitz writes in this week's edition of Barron's. At $35, Softbank's stock still sits at a 66% discount to its assets, the author notes, adding that the company has holdings worth almost triple its current stock price. Reference Link

ShowHide Related Items >><<
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

Periodicals
Apple, Amazon to come out of downturn strong, Barron's says » 07:02
03/28/20
03/28
07:02
03/28/20
07:02
GOOG

Alphabet

$1,110.80 /

-50.63 (-4.36%)

, GOOGL

Alphabet Class A

$1,109.46 /

-53.25 (-4.58%)

, AMZN

Amazon.com

$1,900.79 /

-52.4 (-2.68%)

, AAPL

Apple

$247.74 /

-10.74 (-4.16%)

, MSFT

Microsoft

$149.66 /

-6.35 (-4.07%)

Microsoft (MSFT), Apple…

Story temporarily locked.
To read stories as they happen please subscribe, Login above, or return tomorrow

Get Free Trial

ShowHide Related Items >><<
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

On The Fly
Week in Review: How Trump's policies moved stocks » 06:30
03/28/20
03/28
06:30
03/28/20
06:30
GM

General Motors

$21.37 /

-1.17 (-5.19%)

, F

Ford

$5.19 /

-0.07 (-1.33%)

, AAPL

Apple

$247.74 /

-10.74 (-4.16%)

, ADM

Archer Daniels

$33.52 /

-0.975 (-2.83%)

, GPP

Green Plains Partners

$7.10 /

+1.7 (+31.48%)

, BG

Bunge

$36.21 /

-1.59 (-4.21%)

, PEIX

Pacific Ethanol

$0.28 /

-0.0728 (-20.63%)

Catch up on the top…

Open Full Text

ShowHide Related Items >><<
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

Periodicals
Morgan Stanley wins antitrust approval for E-Trade acquisition, Bloomberg says » 18:54
03/27/20
03/27
18:54
03/27/20
18:54
MS

Morgan Stanley

$34.01 /

-1.67 (-4.68%)

, ETFC

E-Trade

$34.00 /

-1.77 (-4.95%)

Morgan Stanley (MS) won…

Morgan Stanley (MS) won U.S. antitrust approval for its $13B acquisition of E*Trade (ETFC), Bloomberg's David McLaughlin reports, citing a person familiar with the matter. The Justice Department's antitrust division has signed off on the takeover without requiring any changes, said the person, who asked not to be identified because the decision hasn't been made public. A Morgan Stanley spokesman declined to comment, the report added. Reference Link

ShowHide Related Items >><<
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

Hot Stocks
AG Mortgage disputes RBC's notices of events of default » 18:48
03/27/20
03/27
18:48
03/27/20
18:48
MITT

AG Mortgage

$4.02 /

-0.06 (-1.47%)

, RY

Royal Bank of Canada

$58.75 /

-2.72 (-4.42%)

On March 24, the company…

On March 24, the company received written notices from certain affiliates of Royal Bank of Canada alleging that events of default had occurred with respect to various financing agreements. The company disputes RBC's notices of events of default and filed a suit in federal district court in New York describing the wrongful conduct by RBC and seeking both to enjoin RBC from selling the company's collateral securities as well as damages. The company has also received notifications from several additional financing counterparties of alleged events of default under their financing agreements, and of certain of those counterparties' intentions to accelerate the company's and such subsidiaries' performance obligations under the relevant agreements. Under the terms of the applicable financing arrangements, if the company fails to deliver additional collateral or otherwise meet margin calls when due, the financing counterparties may demand immediate payment by the company of the aggregate outstanding financing obligations owed to such counterparties, and if such financing obligations are not paid, may sell the securities and apply the proceeds to the company's financing obligations and/or take ownership of the securities securing the company's financing obligations. The company may also be liable for a shortfall if the proceeds from such sale or value of such securities is less than the relevant financing obligation.

ShowHide Related Items >><<
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

Hot Stocks
AG Mortgage continues discussions with counterparties on forbearance agreements » 18:44
03/27/20
03/27
18:44
03/27/20
18:44
MITT

AG Mortgage

$4.02 /

-0.06 (-1.47%)

Since March 23, the…

Since March 23, the company and several of its subsidiaries have received notifications from several financing counterparties of alleged events of default under their financing agreements, and of certain of those counterparties' intentions to accelerate the company's and such subsidiaries' performance obligations under the relevant agreements. The company and its subsidiaries have disputed certain of those notices. However, in the event of a default under one or more of those agreements, financial and other obligations under such agreements, and in some cases the company's obligations as a guarantor, may be accelerated and the counterparties may take ownership of the securities pledged to secure the financing obligations by the company or its subsidiaries. Certain counterparties have informed the company that they have sold the securities pledged to secure the financing obligations. The company and its subsidiaries also may be subject to penalties under those agreements and may suffer cross-default claims from its other lenders. The company continues to engage in discussions with its financing counterparties with regard to entering into forbearance agreements pursuant to which each counterparty would agree to forbear from exercising its rights and remedies with respect to an event of default under the applicable financing arrangement for an agreed-upon period. The company cannot predict whether its financing counterparties will enter into a forbearance agreement, the timing of any such agreement, or the terms thereof.

Hot Stocks
AG Mortgage suspends dividends » 18:41
03/27/20
03/27
18:41
03/27/20
18:41
MITT

AG Mortgage

$4.02 /

-0.06 (-1.47%)

On March 27, the company…

On March 27, the company announced that the Board has approved a suspension of the company's quarterly dividends on the company's common stock, the company's 8.25% Series A Cumulative Redeemable Preferred Stock, the company's 8.00% Series B Cumulative Redeemable Preferred Stock, and the company's 8.000% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, beginning with the common dividends that normally would have been declared in March and the preferred dividends that would have been declared in May. The Board's decision reflects the company's continuing focus on conserving capital and improving its liquidity position during the current market volatility.

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.