| Friday | ||||
Carl Icahn's Icahn… Carl Icahn's Icahn Capital disclosed in an SEC filing its holdings as of December 31, 2019. The fund increased its stake in two holdings during the quarter, namely Hertz (HTZ) and Icahn Enterprises LP (IEP). Icahn decreased its stake in two holdings, namely Occidental (OXY) and Freeport-McMoRan (FCX). The fund's told holdings as of December 31, in order of size, were Icahn Enterprises, CVR Energy (CVR), Herbalife Nutrition (HLF), Caesars Entertainment (CZR), and HP Inc. (HPQ). | ||||
| Thursday | ||||
Medical Design &… Medical Design & Manufacturing West 2020 will be held in Anaheim, CA on February 11-13. | ||||
| Wednesday | ||||
Medical Design &… Medical Design & Manufacturing West 2020 will be held in Anaheim, CA on February 11-13. | ||||
| Over a week ago | ||||
Medical Design &… Medical Design & Manufacturing West 2020 will be held in Anaheim, CA on February 11-13. | ||||
Stocks rose in the U.S.… | ||||
Stocks are rising in the… | |
Wells Fargo analyst Aaron… Wells Fargo analyst Aaron Rakers thinks that Xerox's (XRX) increased cash and stock offer of $24 per share for HP Inc. (HPQ) will likely force HP management to seriously consider allowing Xerox's request for three weeks of due diligence, raising the likelihood of a combination of the companies. As he's previously written, Rakers believes that a takeover of HP would require a bid of over $25 per share and he views Xerox's run-rate synergy target of $2B by year three as "ambitious." Rakers maintains an Equal Weight rating on HP Inc. shares with a $22 price target. | |
Notable gainers among… Notable gainers among liquid option names this morning include Macerich (MAC) $24.86 +1.50, McKesson (MCK) $162.24 +5.92, Loews (L) $55.21 +1.96, HP Inc. (HPQ) $22.33 +0.60, and PG&E (PCG) $17.80 +0.45. | |
HIGHER: Tesla (TSLA), up… HIGHER: Tesla (TSLA), up 7% after Reuters reports the company's Shanghai factory will resume production with Chinese government assistance to help it cope with the coronavirus outbreak... Taubman Centers (TCO), up 52% after Simon Property Group (SPG) announced a deal to acquire an 80% ownership interest in The Taubman Realty Group. Simon, through its operating partnership, Simon Property Group, L.P., will acquire all of Taubman common stock for $52.50 per share in cash and the Taubman family will sell approximately one-third of its ownership interest at the transaction price and remain a 20% partner in TRG... vTv Therapeutics (VTVT), up 82% after announcing results from Part 2 of the Phase 2 Simplici-T1 trial assessing TTP399 as an oral adjunctive therapy to insulin in adults with type 1 diabetes.The trial successfully achieved its primary objective... HP inc. (HPQ), up 4% after Xerox (XRX) announced its intention to launch a tender offer on or around March 2 for all of the outstanding shares of HP at an increased price of $24.00 per share, which will be comprised of $18.40 in cash and 0.149 Xerox shares for each HP share. UP AFTER EARNINGS: Restaurant Brands (QSR), up 4%... Diamond Offshore (DO), up 4%... Invacare (IVC), up 9%... Avaya (AVYA), up 6%... DOWN AFTER EARNINGS: Ceragon Networks (CRNT), down 10%. ALSO LOWER: Eli Lilly (LLY), down 4% after solanezumab failed to meet the primary endpoint of the Dominantly Inherited Alzheimer Network Trials Unit, or DIAN-TU, study. At this time, Lilly does not plan to pursue a submission for solanezumab in people with dominantly inherited Alzheimer's disease... Biogen (BIIB), down 2% following Eli Lilly's disappointing Alzheimer's drug trial results... Xerox (XRX), down 1% after announcing its raised bid for HP Inc. shares... WWE (WWE), down 3% after Wells Fargo analyst Steven Cahall double downgraded shares to Underweight from Overweight with a price target of $36, down from $80... NIO Inc. (NIO), down 5% after announcing it delivered 1,598 vehicles in January, 11.5% lower than the same month last year. | |
Xerox (XRX) announced its… Xerox (XRX) announced its intention to launch a tender offer on or around March 2 for all of the outstanding shares of common stock of HP Inc. (HPQ) at a price of $24.00 per share, which will be comprised of $18.40 in cash and 0.149 Xerox shares for each HP share. The tender offer will not be subject to any conditions related to financing or due diligence. Xerox has met, in some cases multiple times, with many of HP's largest stockholders. These stockholders consistently state that they want the enhanced returns, improved growth prospects and best-in-class human capital that will result from a combination of Xerox and HP. The tender offer announced today will enable these stockholders to accept Xerox's compelling offer despite HP's consistent refusal to pursue the opportunity. The value created by the synergies realized in a combination of Xerox and HP is incremental to any value that HP can create by revising its strategic plan or dramatically changing its capital allocation policy to incorporate additional share repurchases. Xerox's offer provides HP stockholders with both significant, immediate cash value, and meaningful upside via equity ownership in the combined company. The headline offer price of $24.00 per share represents a 41% premium to HP's unaffected 30-day volume weighted average trading price of $17.00. The implied offer value of ~$33 per share2 represents a 94% premium to HP's unaffected 30-day volume weighted average trading price of $17.00. |