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Fly News Breaks for February 14, 2020
Feb 14, 2020 | 10:20 EDT
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Yelp (YELP) downgraded to Underweight from Equal Weight at Barclays and to Sector Perform from Outperform at RBC Capital. 2. AeroVironment (AVAV) downgraded to Market Perform from Outperform at William Blair. 3. BlackRock (BLK) downgraded to Hold from Buy at Deutsche Bank with analyst Brian Bedell saying with the shares approaching his price target, the analyst sees the risk/return as less compelling. 4. Willis Towers downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Michael Phillips citing valuation. 5. Esperion (ESPR) downgraded to Neutral from Buy at Citi with analyst Joel Beatty saying approval around the February 21 FDA action date is now largely priced into the stock. 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 YELP;AVAV;BLK;WLTW;ESPR From the Last 2 Days
Apr 15, 2021 | 06:20 EDT
Laurence Fink, Chairman and CEO said, "BlackRock's deep sense of responsibility to help more and more people experience financial well-being has guided significant investments in our business over time, positioning us to deliver strong results for all of our stakeholders today. By evolving to stay ahead of clients' needs, we've built a platform equipped to provide whole portfolio solutions that include index, active, cash and alternative strategies, sustainable investing capabilities, industry-leading technology and a voice that helps guide our clients as they adapt to a changing world. We generated a record $172 billion of total net inflows in the quarter, our fourth consecutive quarter with over $100 billion of net inflows. Flows represented 8% annualized organic asset and a record 14% annualized organic base fee growth, as clients contributed $59 billion to BlackRock's active platform and demand remained strong for ETFs and cash. Consistently strong results, including 14% organic base fee growth over the last twelve months, reflect the benefits of our investments over time. BlackRock's differentiated platform and our insights on some of the biggest issues society is facing today are resonating with clients. To help them navigate toward a net zero world, we're systematically integrating climate and broader sustainability factors into our portfolio management process. Our recently announced partnership with Temasek to provide funding for decarbonization solutions is the latest of many examples of how we continue to innovate. I am excited by the magnitude of opportunities in front of BlackRock. We remain committed to executing our strategy, evolving our business, strengthening our culture and living our purpose as we invest for the future to deliver value for all of our stakeholders."
Apr 14, 2021 | 14:00 EDT
Notable companies reporting before tomorrow's open, with earnings consensus, include UnitedHealth (UNH), consensus $4.37... Bank of America (BAC), consensus 66c... PepsiCo (PEP), consensus $1.12... Citigroup (C), consensus $2.60... BlackRock (BLK), consensus $7.75... U.S. Bancorp (USB), consensus 96c... Truist Financial (TFC), consensus $1.11... Delta Air Lines (DAL), consensus ($2.92).
Apr 13, 2021 | 14:17 EDT
Aon's (AON) proposed concessions, including an offer to sell assets in five EU countries and acquisition target Willis Towers Watson's (WLTW) reinsurance business may not be enough to assuage EU competition concerns, Reuters' Foo Yun Chee reports, citing people familiar with the matter. The insurance broker is looking to the acquisition to establish the globe's biggest insurance broker ahead of Marsh & McLennan (MMC) as the sector grapples with mounting claims and new challenges from the coronavirus crisis and climate change, the author says. Reference Link
Apr 13, 2021 | 12:42 EDT
Epic Games, the creator of "Fortnite" and owner of Houseparty and the Epic Games store, announced that it completed a $1B round of funding. Epic's equity valuation is now $28.7B. This round includes an additional $200M strategic investment from Sony Group Corporation (SNE). Other investment partners include Appaloosa, Baillie Gifford, Fidelity Management & Research Company LLC, GIC, funds and accounts advised by T. Rowe Price Associates (TROW), Ontario Teachers' Pension Plan Board, funds and accounts managed by BlackRock (BLK), Park West, KKR (KKR), AllianceBernstein, Altimeter, Franklin Templeton (BEN) and Luxor Capital. Epic continues to have only a single class of common stock outstanding and CEO Tim Sweeney remains the controlling shareholder of the company. "We are grateful to our new and existing investors who support our vision for Epic and the Metaverse. Their investment will help accelerate our work around building connected social experiences in Fortnite, Rocket League and Fall Guys, while empowering game developers and creators with Unreal Engine, Epic Online Services and the Epic Games Store," said Tim Sweeney, CEO and Founder, Epic Games. Other investors in Epic include Tencent (TCEHY) and Disney (DIS). Reference Link
Apr 13, 2021 | 06:08 EDT
Grab's journey to becoming a U.S.-listed public company will be facilitated by a definitive business combination agreement between Grab and Altimeter Growth (AGC), a special purpose acquisition company. Pursuant to the proposed transactions, Altimeter Growth and Grab will become wholly-owned subsidiaries of a new holding company. The combined company is expected to have an equity value on a pro-forma basis of approximately $39.6B. At closing, the combined company is expected to receive approximately $4.5B in cash proceeds, including more than $4B from a fully committed PIPE offering that was upsized due to significant investor interest. Furthermore, Altimeter has also committed up to $500M to a contingent investment to be equal to the aggregate dollar amount of redemptions from Altimeter Growth's shareholders. The PIPE was led by funds managed by Altimeter Capital Management, LP which committed $750M, with participation from funds and accounts managed or advised by BlackRock (BLK), Counterpoint Global - Morgan Stanley (MS) Investment Management, and T.Rowe Price Associates (TROW)., as well as Fidelity International, Fidelity Management and Research, Janus Henderson Investors, Mubadala, Nuveen, Permodalan Nasional Berhad and Temasek. Leading family groups from Indonesia including Djarum, the Sariaatmadja family and Sinar Mas also participated in the PIPE. As part of Altimeter's long-term commitment to Grab, Altimeter's sponsor promote shares are subject to a 3-year lock-up period. Altimeter is also donating 10% of its sponsor promote shares to support the GrabForGood fund, which aims to introduce programs with long-term social and environmental impact, including education, financial support for underserved communities and environmental issues. The GrabForGood fund was announced last week with an initial fund size of $275M, including a personal contribution of $25M in Grab shares from Grab Group CEO and co-founder Anthony Tan, together with co-founder Hooi Ling Tan and President Ming Maa.