Rite Aid stock rose in after-hour trading yesterday after Moody’s Corporation reiterated its credit ratings for the company’s senior secured and unsecured debt, following the refinancing news
By: Bob Cramer
Published: Jan 15, 2015 at 8:02 am EST
The credit rating agency Moody's Corporation (NYSE:MCO) has reaffirmed its rating on Rite Aid Corporation (NYSE:RAD) stock, following the company’s announcement to refinance the long-term debt. The news caused the drug retailer’s stock to tick up 0.13% to $7.56. The stock had dropped 0.26% in regular trading hours preceding the reaffirmation of rating.
Moody’s has reaffirmed its earlier rating of Ba3 for the senior secured debt of the company, while maintaining a stable outlook on the company. Moody’s has a rating of Caa1 for the company’s senior unsecured debt and a rating of WR for the subordinated debts of the company.
Rite Aid announced yesterday that it has refinanced its senior long-term debt that was set to mature in 2020 by paying $1.147 billion. The amount is exclusive of the fees and expenses incurred in the transaction.
The company used services of some of the renowned financial intermediaries to assist through the process. The biggest part in the deal was played by Wells Fargo Capital Finance, which served as a syndicate agent apart from its role as joint book-runner and lead arranger. Other prominent financial institutions include, Merrill Lynch, Pierce, GE Capital Markets, Inc., Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC, all of whom acted as joint lead arrangers and joint book-runners.
The refinancing is expected to push down the annual interest expense for the drug retailer by $20 million. The savings will be even higher when the company has fully repaid its senior secured notes due in 2020. After the remaining debt is refinanced, the borrowing capa
one hour and 20 minutes.
I guess his speculation could be true, but he isn't the greatest analyst of INTEL and doesn't know what they will have available at the coming time.
CAMP HILL, Pa., Jan 06, 2015 (BUSINESS WIRE) -- Rite Aid Corporation RAD, -2.82% announced today that John Standley, chairman, and chief executive officer; Darren Karst, executive vice president and chief financial officer and Matt Schroeder, group vice president, strategy, investor relations and treasurer, will address the 33rd Annual J.P. Morgan Healthcare Conference on Wednesday, January 14, in San Francisco. Rite Aid’s presentation is scheduled for 11:00 a.m. PT.
A link to the live webcast of the presentation will be available at: http://jpmorgan.metameetings.com/confbook/healthcare15/directlink?p=17081 for all interested parties. Slides from the broadcast will also be available in the Investor Information section of the Rite Aid website at: http://www.riteaid.com/company/investors/presentations.jsf.
Rite Aid Corporation is one of the nation's leading drugstore chains with nearly 4,600 stores in 31 states and the District of Columbia and fiscal 2014 annual revenues of $25.5 billion. Information about Rite Aid, including corporate background and press releases, is available through the company's website at www.riteaid.com.
SOURCE: Rite Aid Corporation
Rite Aid Corporation
Matt Schroeder, 717-214-8867
Fitch has upgraded the following rating for Rite Aid:
--Guaranteed senior unsecured notes to 'B+/RR3' from 'B/RR4'.
RAD has been in overbought condition for a very long time. This will be a relief. I am buying this dip as small as it is.
INTEL didn't warn, so my guess it has more to do with Sandisk singularly
Kopach got greedy. There will be more chances for him. He should close his position with a win and not stay too long celebrating.
On Friday, equity research firm RBC Capital Markets reduced 2015 earnings estimates for chipmakers Intel (NASDAQ:INTC) and SanDisk (NASDAQ:SNDK). RBC also raised its estimates for Freescale Semiconductor (NYSE:FSL).
RBC reduced Intel's estimates for Q4 earnings per share minus items to 65 cents from 67 cents, and cut the estimate for Q1 to 46 cents from 52 cents.
Analysts polled by Thomson Reuters expect Q4 EPS ex items of 66 cents, up 29% from the year-earlier quarter, and Q1 EPS ex items of 51 cents, up 34%.
RBC lowered its 2015 revenue guidance for Intel to $56.7 billion from $58.5 billion and its EPS ex items estimate to $2.28 from $2.44.
RBC analyst Doug Freedman, who maintains a sector perform rating and 40 price target for Intel stock, said in a research report Friday that, based on a trip to Asia, "we think that the revenue line could prove challenging in Q4/Q1."
"In Taiwan, we met with several suppliers into the PC (personal computer) supply chain, each citing seasonal demand patterns," Freedman said. "We averaged the commentary to conclude that desktop builds in Q4 2014 are down 6% to 7% quarter over quarter. Notebook production appears slightly stronger at down 3% to 4% quarter over quarter. With no expedites or cancellations, 1Q is shaping up to be down seasonally 5% to 10% for both notebook and desktops."
Freedman said that the server market appears slightly stronger but is forecast to fall in the "low single digits" in 1Q. He said that while Intel's push into the Internet of Things has been a focus of its public relations and in news reports, "we really don't think that it becomes a material revenue driver in 2015 or moves the stock. We currently project IoT growing 16.3% year-over-year for 2014, and we note that Intel 'expects uptick in growth' in 2015. (17% year-over-year growth means a $2.5 billion IoT business for Intel in 2015.)"
Intel stock was up a fraction in afternoon trading in the stock market today, near 37.
Read More At Investor's Business Daily: http://news.investors.com/technology/010915-734018-intel-sandisk-revenue-estimates-reduced-by-rbc-capital-freescale-boosted.htm#ixzz3OLtgthPM
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You must have made millions on your long position so far. Always buying "another 10K" so many times. lol
Moving Average Convergence/Divergence (MACD) indicates a Bearish Trend.
Chart pattern indicates a Weak Upward Trend.
Relative Strength is Bullish.
Up/Down volume pattern indicates that the stock is under Accumulation.
The 50 day Moving Average is rising which is Bullish.
The 200 day Moving Average is rising which is Bullish.
Price is Under Support of 37.14 which is Bearish.
Watch for Resistance at 37.65
That was an article.
yes, not much pressure there. Lots of profit taking. Glad I bought more at great prices when it dropped.
I don't mean to imply that it will get to 36.5, but there will be some pressure toward the number.
That is where Max Pain is as well.