The deal is a potential lifeline for a slimmed-down Rite Aid that saw its negotiating power for generic drugs weaken when it sold nearly half of its stores to larger rival Walgreens. Rite Aid shares rose were up about 25 percent at $2.66 in premarket trading. Depending on whether Rite Aid shareholders chose to be paid in cash and Albertsons stock or only stock, the deal values Rite Aid at between $1.30 and $2.65 per share, Evercore ISI analyst Ross Muken said.
Go big or go home. That’s the motto of one mysterious investor who put his chips on the table, buying close to $400 million of the No.1 digital currency, bitcoin. The purchase comes as cryptocurrencies are making a comeback after a dreadful start to 2018. Major digital currencies lost as much as 50% to start the year as growing regulation and security fears crippled the market, seeing traders bail on their positions. However, the tide has turned. The price of bitcoin BTCUSD, +1.61% has increased more than 60% since trading under $6,000 on February 6, pushing back above $10,000, helped by signs of growing recognition of digital currencies from officials in Washington. “Not sure who that big buyer
Buffett and Munger have been critics of fees charged to investors by fund managers. Warren Buffett’s right-hand man, Charlie Munger, the vice chairman of Berkshire Hathaway (BRK-A, BRK-B), said they had an “easier world” than the young investors of today face. “I don’t think you’re going to get the kind of results we got by just doing what we did,” Munger, 94, said at the Daily Journal’s (DJCO) annual meeting in Los Angeles last week.
Venezuela will launch a pre-sale of its commodity-backed "petro" cryptocurrency on Tuesday. President Nicolas Maduro hopes the country's own digital currency will help it to make financial transactions and get around Western sanctions. Both the United States and the European Union have imposed economic sanctions on Venezuela over their opposition to its autocratic government. Last year, the Economist Intelligence Unit's Democracy Index downgraded Venezuela from a "hybrid regime" to an "authoritarian regime" due to its "continued slide towards dictatorship." Venezuela's petro token will be backed by its oil, gas, gold and diamond reserves, according to the government. The country's cryptocurrency
For decades, Saudi Arabia was the voice of moderation within OPEC, pushing back against the urging of members like Venezuela and Iran for higher oil prices. That role seems to be shifting. Thanks to OPEC-led production cuts, crude prices are double their level two years ago and bloated oil stockpiles are almost back to normal. Yet Saudi Energy Minister Khalid Al-Falih wants to go further. Producers should keep cutting for the whole year, even if it causes a small supply shortage, Al-Falih said. “If we have to overbalance the market a little bit, then so be it,” he told reporters in Riyadh last week. Source: IEA Saudi Arabia faces unprecedented pressures as Crown Prince Mohammed Bin Salman embarks
Qatar Airways CEO Akbar Al-Baker speaks about its launch of the aircraft, as well as his company's upcoming earnings report.
Shares of Alaska Air Group, Inc. ALK have declined more than 2% ever since it released its traffic results for January 2018, last week. In the first month of 2018, the company’s consolidated traffic (measured in revenue passenger miles or RPMS) increased
Chip giant Broadcom (AVGO) a short while ago issued a statement slamming Qualcomm’s (QCOM) announcement this morning it would raise its bid for NXP Semiconductors (NXPI), saying Qualcomm is transferring value from its own shareholders to those of NXP. Broadcom stock has turned around from earlier losses, now up $4.19, or 1.7%, at $253.08, Qualcomm stock is down $2.60, or 4%, at $62.25, and NXP stock is up $7.35, or 6%, at $125.85. It’s been a busy morning for Broadcom and Qualcomm, who are locked in an M&A battle, with Qualcomm trying to buy NXP, and Broadcom conducting a hostile takeover effort to get Qualcomm. Qualcomm said this morning it agreed with NXP’s board to raise its bid to $127.50
In addition, Zacks Equity Research provides analysis on Facebook FB and Twitter TWTR. With analysts raising NVDA's EPS estimates for the coming year from a consensus $3.95 to $4.67 after their November quarterly report -- and several high end projections near $5.00 -- NVDA shares around $200 were trading about 40 times the most optimistic forward estimates.
Billionaire David Tepper, the head of Appaloosa Management, recently filed his quarterly 13F report. According to the SEC filings, Appaloosa's value increase by almost 50% in the last quarter of 2017. As of the start of 2018, Appaloosa Management's largest holdings were Micron Technology Inc. (MU), Facebook Inc. (FB), and Powershares QQQ Trust (QQQ). $10.5 Billion Portfolio Stocks in Appaloosa's portfolio which were represented on the 13F filings totaled $10.5 billion as of December 31, 2017. The list value for those stocks was up an astonishing 47.5% as compared with the previous quarter, according to Value Walk. By comparison, the S&P 500 was up just over 6% over the same period. At a time
Trading Nation: These investors are buying into the chip rip 3:10 PM ET Fri, 16 Feb 2018 | 02:43 Chip stocks are ripping higher, and one market watcher says the semiconductor space could be in for an even bigger rally. The SMH semiconductor ETF last week posted its best week in more than two years. The rally, led by Applied Materials, Lam Research and Micron, comes as the group has fallen roughly 5 percent from highs late last month. Despite that sell-off, SMH is still up about 34 percent in the last year. Applied Materials and Lam Research are the "two 800 pound gorillas in the space. They both reported and are positive on industry spending in 2018," Mike Binger, portfolio manager at Gradient
He’s an executive recruiting guru and best-selling author of “Lose the Resume, Land the Job,” Korn Ferry International CEO George Burnison says you are job hunting all wrong. From key resume tips to the best way to interview, Burnison lays out some must-hear advice for job seekers.
Credit card processors are mostly responsible for data transmission and security when you use your card at a store or online to make a purchase. Below, we've outlined the major players in credit card processing and described their major strengths.
“There are allegedly 6 million jobs available,” Gary Burnison, CEO of Korn Ferry, told FOX Business.“This is the time to be proactive. “If that’s all you’re doing, you might as well go to 7-Eleven and a buy a lottery ticket, scratch it off and see if you win,” he said.
Albertsons will buy chunk of Rite Aid: U.S. grocery chain operator Albertsons Companies Inc. plans to buy the part of Rite Aid Corp. (RAD) that is not being bought by Walgreens Boots Alliance Inc. (WBA), the Wall Street Journal reported on Tuesday. The drug store operator and Albertsons together are valued at around $24 billion, including debt, WSJ said.
Chesapeake Energy Corporation CHK is slated to report fourth-quarter 2017 results on Feb 22, before the opening bell.In the trailing three months, the company reported a positive earnings surprise of 20.00%. Chesapeake beat the Zacks Consensus Estimate
U.S. stock futures were trading lower on Monday, reversing Friday’s mostly upbeat action, though analysts warned against reading too much into the moves, given traders are off for Presidents Day. American stock markets and the bond market are closed for the holiday, and there are no economic releases expected, as federal agencies are shuttered. Check out: Which markets are closed on Presidents Day? What are the main benchmarks doing? Dow Jones Industrial Average futures YMH8, -0.52% shed 133 points, or 0.5%, to 25,103, while S&P 500 futures ESH8, -0.46% gave up 12.50 points, or 0.5%, to 2,722.50. Nasdaq-100 futures NQH8, -0.29% fell by 19.75 points, or 0.3%, to 6,767. Last week, the Dow DJIA,
Latvia's anti-corruption agency says it suspects the nation's central bank chief of demanding and receiving bribes of at least 100,000 euros ($125,000) and has started a criminal investigation against him. The agency said Monday that no formal charges have so far been filed against Ilmars Rimsevics, who is also on the top policymaking council of the European Central Bank. Prime Minister Maris Kucinskis said after an extraordinary Cabinet meeting Monday that the central banker will face "restrictions" to be announced later.
(Note: The author of this fundamental analysis is a financial writer and portfolio manager.) Shares of Chipotle Mexican Grill, Inc. (CMG) rocketed higher last week after the company announced Brian Niccol would become the new CEO, replacing the former CEO and Founder Steve Ells. Brian Niccol previously served as the CEO of Yum! Brands, Inc. (YUM) Taco Bell division. Shares of the company jumped by over 20% following the news. But the good times might not last, at least not according to the options market which shows a significant amount of bets that shares of the fast-casual restaurant will decline by perhaps more than 20% by year-end. (For more, see also: Chipotle: Rise and Fall of a Wall Street
Matthew Staver | Bloomberg | Getty Images Grocery chain Albertsons announced plans Tuesday to acquire Rite Aid, as the traditional grocery industry continues to look for growth by broadening offerings, not just store base. A combined Albertsons and Rite Aid would have a value of roughly $24 billion, including debt. When the deal closes, Albertsons shares will trade on the New York Stock Exchange. Albertsons in 2015 filed for a now nixed IPO it had hoped would value it at as much as $24 billion, including debt. Rite Aid will own a 28 percent to 29.6 percent stake in the combined company and current Albertsons shareholders will own a 70.4 percent to 72.0 percent, on a fully diluted basis. The two
Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include Boeing BA, Lockheed Martin LMT, Huntington Ingalls HII, General Dynamics GD and Raytheon RTN. On Feb 12, the Pentagon unveiled the fiscal 2019 budget proposal outlined by President Trump, intended at rebuilding the U.S. military into a more capable, lethal, and geared up Joint Force.
Hasbro (HAS) has made bank off Star Wars toys over the last few years. But, sales came under pressure during the holiday season as the latest film installment, Star Wars Ep. VIII: The Last Jedi, didn't live up to some fans expectations. The rare sales miss for Hasbro from a bread and butter franchise raised some concerns on Wall Street of movie toy fatigue. Hasbro CEO Brian Goldner told TheStreet he remains bullish on the franchise. Editors' Pick: Originally published on February 19, 2018.
Asian markets mostly rose on Monday after the U.S.'s S&P 500 extended its winning streak on Friday to six days. Markets in the Greater China region remain closed for the Lunar New Year holiday. Japan's Nikkei 225 rose 428.96 points, or 1.97 percent, to 22,149.21, while the Topix index added 37.78 points, or 2.17 percent, to 1,775.15. South Korea's Kospi index added 20.99 points, or 0.87 percent, to 2,442.82. Meanwhile, Australia's ASX 200 reversed early losses to finish up 37.6 points, or 0.64 percent, at 5,941.6. The heavily weighted financial subindex rose 0.56 percent, while the energy sector fell 1.26 percent and the materials subindex reversed losses to climb 0.23 percent. Oil stocks in
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Sony Corp. is jumping into the ride-hailing fray. The Japanese electronics maker plans to form a joint venture with six taxi operators in Japan this spring, according to a statement on Tuesday. The alliance comes as Uber Technologies Inc., the world’s biggest ride-hailing startup, is in talks with another cab company as it tries to build its presence in the country. After years of little action, Japan’s lackluster ride-hailing industry is suddenly seeing a lot of activity. Uber Chief Executive Officer Dara Khosrowshahi is visiting the country to underscore the importance of its 1.7 trillion yen ($16 billion) taxi market. The San Francisco-based company, which has failed to gain much ground since