Posts Tagged ‘NYSE’

Eastman Kodak (EK) surges after bigwigs boost share holdings

Wednesday, May 18th, 2011

Eastman Kodak Co. (NYSE: EK) shares rose 17% to $3.65 after a regulatory filings available late Tuesday showed the photography icon’s CEO and chief financial officer purchased 36,532 shares on May 13.

Kodak’s Chief Executive Officer Antonio Perez told employees that recent Kodak stock purchases reflect management’s faith in the photography pioneer’s future.

Some analysts suspect, however, that the stock price surge reflects Kodak’s recent preliminary triumphs over smartphone giant Apple Inc. (Nasdaq: AAPL) in their patent-litigation battle before the U.S. International Trade Commission, a federal agency that oversees trade disputes.

Regulatory filings late Tuesday revealed that Perez and Richard Braddock, the presiding director of Kodak’s board, each purchased shares valued at around $200,000. Chief Financial Officer Antoinette McCorvey bought shares worth about $36,000.

Perez told employees on an internal website that the purchases “reflect our confidence in the company’s future and our belief in the potential of the Kodak transformation” into a digital photography and printing powerhouse.

Silver Bull Resources Inc. (SVBL) leaps on outside investment

Wednesday, May 18th, 2011

Silver Bull Resources Inc. (Amex: SVBL) shares rocketed higher 10.3% to 75 cents after announcing that Coeur d’Alene Mines Corporation (NYSE: CDE) has executed a term sheet to make a $5-million U.S. investment in Silver Bull. Volume for Silver Bull was 172,100 shares, compared to an all-day average 675,232.

Coeur d’Alene intends to purchase 7,352,941 shares of Silver Bull common stock at $0.68 per share in a private placement transaction. Closing of the transaction is subject to the execution of a definitive agreement, and approval of the NYSE Amex Stock Exchange and the Toronto Stock Exchange.

Silver Bull Tim Barry said, “We are extremely pleased to have a company with the reputation and stature of Coeur d’Alene invest in Silver Bull and this financing will allow us to complete our planned 2011 exploration program at Sierra Mojada.

“We feel this investment is a solid endorsement of the work we have completed to date, and of the potential at the Sierra Mojada project.”

Based in Vancouver, British Columbia, Silver Bull is focused on the acquisition, exploration and potential development of mineral properties. Silver Bull currently owns mineral concessions in the municipality of Sierra Mojada, Coahuila, Mexico and holds exploration licenses in Gabon, Africa.

Takeover target Primedia Inc. (PRM) climbs Monday

Monday, May 16th, 2011

Primedia Inc. (NYSE: PRM) shares surged 60.2% to $7.01, after the provider of rental and other consumer directories said it would be acquired for $7.10 a share, or about $525 million, by affiliates of TPG Capital. Volume for the stock Monday morning was 2.7 million shares, dwarfing an all-day average of just over 60,000.

Under the terms of the agreement, holders of the outstanding common shares of PRIMEDIA will receive $7.10 per share in cash, representing a transaction enterprise value of approximately $525 million. The agreement was unanimously approved by the Board of Directors of PRIMEDIA and the independent directors of the Board.

Primedia CEO Charles Stubbs, said, “I am pleased to announce this agreement as it delivers significant value to our shareholders. In addition, it is a clear endorsement of PRIMEDIA and of the hard work and commitment of each and every one of our employees.

“TPG is a premier private investment firm,” Stubbs added, “and has a strong understanding and appreciation for our marketplace, our business model, our business strategies and the potential opportunities that lie ahead. We are very excited about this transaction.”

Primedia helps millions of consumers nationwide find apartments, houses for rent or new homes for sale through its innovative Internet, mobile and print solutions.

Systemax (SYX) strong bottom line sends shares to the max

Wednesday, May 11th, 2011

Systemax Inc. (NYSE: SYX) shares climbed 11.6% to $14.62 a day after the electronics retailer reported first-quarter income that beat analysts’ expectations. Volume for the stock was just shy of 151,000, better than triple its daily average.

Sales for the quarter ending March 31, 2011 totaled $929.9 million, or 2% better than its prior-year figure of $915.2 million. Operating income was down, however, to $18.6 million from $20.4 million in the first quarter of fiscal 2010. Diluted earnings per share (EPS) were $0.36.

Systemax CEO Richard Leeds said, “We had a solid start to 2011 that underscores the channel, product and geographic diversity that define Systemax. Our Technology Products business to business operations continue to perform well, particularly in Europe as the business climates in most of our locations appear to have stabilized.”

Leeds concluded, “In addition, the Industrial Products group had another outstanding quarter, delivering strong double digit growth from product expansion and other growth initiatives.”

Systemax sells personal computers, computer components and supplies, consumer electronics and industrial products through a system of branded e-Commerce web sites, retail stores, relationship marketers and direct mail catalogs in North America and Europe. The primary brands are TigerDirect, CompUSA, Circuit City, MISCO, WStore and Global Industrial.

Dollar Thrifty Automotive Group (DTG) stock price higher on bidding war

Monday, May 9th, 2011

Dollar Thrifty Automotive Group Inc. (NYSE: DTG) shares added 12% Monday morning to $78.03, after Hertz Global Holdings Inc. (NYSE: HTZ) raised its offer to buy the rival car-rental company, hoping to outbid Avis Budget Group Inc. Volume for the stock was 1.27 million well before noon ET Monday.

It was Monday that Hertz offered Dollar Thrifty shareholders $72.00 per share (based on Hertz’s closing stock price on May 6), consisting of $57.60 in cash and 0.8546 shares of Hertz. The offer represents: a 26% premium and 18% premium to Dollar Thrifty’s 90-day and 60-day average share price, respectively; and a 24% premium to the value of the entirely hypothetical price announced by Avis over seven months ago.
Hertz’s offer is not subject to any financing condition or contingency

Commenting on the offer, Hertz CEO Mark P. Frissora said: “We believe that the acquisition of Dollar Thrifty by Hertz would be in the best interests of both companies’ shareholders and of rental car consumers, and that it will accelerate Hertz’s growth opportunities by leveraging the combined brand portfolio and unparalleled value and service reputations of both companies. To this end, we have today made a superior bid.”

Dollar Thrifty CEO Scott Thompson was not available for comment.