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Comstock Homebuilding Companies (CHCI) stock builds on new strategic alliance

Wednesday, July 13th, 2011

Comstock Homebuilding Companies (Nasdaq: CHCI) shares raced ahead 27.2% to $1.45, on word of a new strategic alliance with SunBridge Capital Management, LLC. Volume for the stock topped 393,000 shares, or more than 13 times its normal daily average.

The purpose of the strategic alliance is to facilitate Comstock’s and SunBridge’s ongoing pursuit of certain homebuilding and multi-family rental projects in the Washington, D.C. market.

The strategic alliance calls for project funding of up to $25 million from each party to capitalize agreed-upon potential investments. Further demonstrating its commitment to its relationship with Comstock, SunBridge will also provide up to $20 million of senior secured financing thereby strengthening Comstock’s ability to pursue new real estate investment and development opportunities.

In a news release out Wednesday, July 13, Comstock CEO Christopher Clemente, “We are delighted to team with SunBridge. This is a significant alliance for Comstock as we continue to uncover and execute against opportunities within the best real estate market in the nation.

Clemente concluded, “This new relationship provides additional capital and allows us to pursue our strategic objective of disciplined growth supported by a conservative capital structure as we focus on enhancing shareholder value.”

Based in Reston, Va. Comstock is a multi-faceted real estate development and services company, boasting substantial experience in building a diverse range of products including multi-family, single-family homes, townhouses, mid-rise condominiums, high-rise condominiums and mixed-use (residential and commercial) developments has positioned Comstock as a prominent real estate developer and homebuilder in the Washington, D.C. market.

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APAC Customer Services (APAC) jumps on buyout

Thursday, July 7th, 2011

APAC Customer Services (Nasdaq: APAC) shares rose 55.1% to $8.44 Thursday, after APAC agreed to be acquired by OneEquity Partners for $8.55 cash a share. Volume for the stock was 22.4 million shares, towering over a daily average of 150,000.

In a Thursday statement, OneEquity, an investment arm of J.P. Morgan Chase & Co., and APAC, valued the deal overall at $470 million. The deal price is a 57% premium to APAC’s closing price Wednesday of $5.44 a share.

Theodore G. Schwartz and his affiliated entities, representing approximately 39% of APAC’s outstanding shares, have entered into a voting agreement to vote in favor of the transaction.

The transaction is expected to close in the fourth quarter of 2011, subject to the satisfaction of customary closing conditions, including Hart-Scott-Rodino clearance and approval of APAC’s shareholders.

In the July 7 news release announcing the deal, Kevin Keleghan, APAC’s President and CEO, commented, “We are thrilled to be entering into a new chapter in APAC’s history. My management team and I look forward to working with One Equity Partners to build a world-class enterprise dedicated to enhancing the customer experience.

Keleghan concluded, “We believe that a partnership with NCO will create new opportunities for our company, our clients, and our people.”

APAC Customer Services, Inc., based in Bannockburn, Ill., is a leading provider of quality customer care services and solutions to market leaders in healthcare, business services, communications, media & publishing, travel & entertainment, financial services and technology industries.

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Payday lender Ezcorp Inc. (EZPW) rises on stock upgrade

Monday, June 27th, 2011

Pawn-shop operator and payday-loan chain Ezcorp Inc. (Nasdaq: EZPW) shares rose 7.1% late Monday to $34.33, after Sterne Agee analysts raised the stock to buy from neutral. Volume for the stock of 802,000 more than doubled its daily average.

According to a story Monday on Forbes.com, Sterne Agee Analyst Henry J. Coffey Jr. raised his rating on Ezcorp to “Buy” from “Neutral,” and boosted his forecast for the company’s 2012 earnings per share to $3 from $2.75. He also estimates Ezcorp will post earnings of $3.55 per share in 2013.

The site goes on to say that, despite the heightened scrutiny on payday lending, Ezcorp has seen continued growth in the U.S. and elsewhere, Coffey wrote in a research note Monday.

In March, the company announced a joint venture with Cash Converters that will push loans, pawn lending and other services in several international markets. In April, Ezcorp acquired the Canadian Cash Converters franchise. It also plans to reposition its Cash Max stores as Cash Converters and build out about 20 Cash Converter stores per year.

Based in Austin, Texas, EZCORP is a leading provider of specialty consumer financial services. It provides collateralized non-recourse loans, commonly known as pawn loans, and a variety of short-term consumer loans, including payday loans, installment loans and auto title loans, or fee-based credit services to customers seeking loans. At its pawn stores, the company also sells merchandise, primarily collateral forfeited from its pawn lending operations.

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Loopnet Inc. (LOOP) stock price vaults on acquisition news

Thursday, April 28th, 2011

Loopnet Inc. (Nasdaq: LOOP) shares surged 28.5% to $18.46 a day after CoStar Group Inc. (Nasdaq: CSGP) said it would buy the online commercial real-estate service for about $860 million in cash and stock. CoStar shares gained 6.4% to $65.32. Volume for LoopNet was 9.6 million shares, dwarfing an average daily volume of just around 150,000.

In connection with the merger agreement, LoopNet shareholders will receive $16.50 in cash and 0.03702 shares of CoStar Group common stock for each share of LoopNet common stock, representing a total equity value of approximately $860 million and an enterprise value of $762 million. The boards of directors of both companies have unanimously approved the transaction which is expected to close by the end of 2011.

Also released Wednesday, LoopNet’s revenue for the first quarter of 2011 was $20.7 million, compared to $20.0 million in the fourth quarter of 2010, and $18.8 million in the first quarter of 2010. Net income applicable to common stockholders for the first quarter of 2011 was $1.8 million or $0.04 per diluted share, compared to $2.3 million or $0.05 per diluted share in the first quarter of 2010.

LoopNet CEO Rich Boyle said, “CoStar and LoopNet have been at the cutting edge of innovation in their respective businesses and we believe the two companies will be even stronger together.”

Boyle concluded, “This transaction combines the capabilities and best practices of two successful and very complementary companies. We are excited about the possibilities that can be created together.”

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TradeStation Group Inc. (TRAD) surges on purchase by Japanese broker

Thursday, April 21st, 2011

TradeStation Group Inc. (Nasdaq: TRAD) stock rose 30.5% to $9.67, after Japanese online brokerage Monex Group Inc. said it would acquire the Florida-based platform operator for about $411 million.

Volume for TradeStation had topped 18 million shares by late morning Thursday, overwhelming its daily average of 236,000, as the price charged near its previous 52-week high of $9.70.

Under the terms of the agreement, which has been unanimously approved by TradeStation and Monex’s respective Boards of Directors, TradeStation’s shareholders will receive $9.75 in cash for each outstanding share of TradeStation common stock they own, which represents a 39% premium to TradeStation’s share price on March 21, and a 32% premium to TradeStation’s closing stock price on April 20, the last full trading day before today’s announcement.

“We are pleased to announce this transaction, as it delivers significant value to our shareholders,” said TradeStation Chairman/CEO Salomon Sredni. “Monex is a leader in Japan’s online brokerage market, and we believe it will be a great partner as we go forward as part of the Monex family.”

TradeStation is an electronic trading platform that offers state-of-the-art electronic order placement and execution and enables clients to scan the markets and design, test, optimize, monitor and automate their own custom Equities, Options, Futures and Forex trading strategies.

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