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Those following along with T-Mobile US, Inc. (NASDAQ:TMUS) will no doubt be intrigued by the recent purchase of shares...
(Bloomberg) -- SoftBank Group Corp. shares just reached a new high this year, propelled by a series of buybacks that have seen the stock recoup the losses suffered during the coronavirus market rout.The stock rose 2.6% on Friday to 5,778 yen ($54), the highest since July 2019. That’s more than double the level of a March low.The recovery is something of a vindication for CEO Masayoshi Son, who unveiled plans to sell 4.5 trillion yen of assets to reduce debt and bankroll record share buybacks. Son has frequently complained that SoftBank’s shares, even at their peak, trade at less than the value of its portfolio of investments.SoftBank has also had a series of wins over the same period, finally solving the puzzle of Sprint Corp. and T-Mobile Inc. with their merger completed in April, and seeing a welcome return to successful investment bets as online home-insurance provider Lemonade Inc. surged as much as 86% in its U.S. IPO. Thursday.“The steps being taken to improve its balance sheet, such as repurchase of its debt, are being recognized,” said Tomoaki Kawasaki, a senior analyst at Iwaicosmo Securities Co.SoftBank shares have had a volatile run over the past year as portfolio companies such as WeWork ran into trouble and the coronavirus hammered many of its businesses. That triggered a record 1.36 trillion yen operating loss for the last fiscal year. Optimists believe the worst is over for the company.“After the trillion-yen level writedowns last quarter, it’s not possible that it’ll be worse than that,” said Kawasaki.Citigroup Global Markets analyst Mitsunobu Tsuruo raised his price target for the stock by 100 yen to 7,200 yen on Wednesday, lifting his expectations for the company’s forthcoming first-quarter earnings and noting that there is “still plenty of room for the shares to advance” given the buybacks and steps to clean up its balance sheet.SoftBank has already repurchased 500 billion yen of shares based on a resolution adopted March 13, separate to its 2 trillion yen pledge. Under that larger program, it has already formally announced plans to buy 1 trillion yen of buybacks through next March, with Son indicating he hoped to carry out the full amount. Investors can “feel confident” in buying and holding SoftBank shares until the buybacks are 90% done, according to Atul Goyal, senior analyst at Jefferies Group. Whether the shares can continue their increase depends on future catalysts, Iwaicosmo’s Kawasaki said.“The shares will need another catalyst that boosts shareholder value, such as the second Vision Fund,” he added.Son said in May that SoftBank will use its own cash for the second Vision Fund for now, until an improved investment performance attracts outside partners.(Adds Jefferies comment in fourth-last paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
By John Jannarone goPuff’s delivery volume rose 400% in the first half of 2020, according to sources goPuff now reaches 500 cities through over 200 distribution facilities Raised $1 billion from investors including Accel and SoftBank Vertical integration provides better customer experience and margins goPuff’s rapid expansion gives it head start and wide moat versus […]
The Zacks Analyst Blog Highlights: Ciena, United States Cellular, T-Mobile US and Nokia
T-Mobile (TMUS) fulfills a major commitment made to the Department of Justice and the Federal Communications Commission as part of the merger.
Constellation Brands (STZ) saw a big move last session, as its shares jumped more than 6% on the day, amid huge volumes.
A handful of corporate behemoths has skyrocketed YTD. Some of these stocks carry a favorable Zacks Rank and have rallied more than 20% YTD.
Delivery Hero stock climbed to record highs on Friday, as the German online takeout food company said orders had almost doubled amid the coronavirus pandemic.
We at Insider Monkey have gone over 821 13F filings that hedge funds and prominent investors are required to file by the SEC The 13F filings show the funds' and investors' portfolio positions as of March 31st, near the height of the coronavirus market crash. We are almost done with the second quarter. Investors decided […]
Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC ("KSF") are investigating the proposed sale of Grubhub Inc. (NYSE: GRUB) to Just Eat Takeaway.com N.V. (AMS: TKWY, LSE: JET) ("Just Eat"). Under the terms of the proposed transaction, shareholders of Grubhub will receive only 0.6710 shares of Just Eat for each share of Grubhub that they own. KSF is seeking to determine whether this consideration and the process that led to it are adequate, or whether the consideration undervalues the Company.
KALISPELL, Mont., July 01, 2020 -- Glacier Bancorp, Inc. (Nasdaq GS: GBCI) will report second quarter financial results after the market closes on July 23, 2020. A conference.
Bidding for the division will likely continue until mid month, CNBC's David Faber said Wednesday. Now, Prosus is redirecting those funds to eBay’s Classifieds business, according to Bloomberg’s latest report on the process. Although Ebay backed off the new high and was up just 0.5% at $52.70 in afternoon trading, the company has been a winner amid the coronavirus crisis.
T-Mobile (TMUS) has an impressive earnings surprise history and currently possesses the right combination of the two key ingredients for a likely beat in its next quarterly report.
The contrasting characteristics highlight the vagaries of the market and the turbulent economic conditions that appear to be the "new normal" post the virus outbreak.
T-Mobile US Inc. (NASDAQ: TMUS) announced today that as the supercharged Un-carrier continues its post-merger close efforts to build America’s best 5G network and bring the value of new T-Mobile to consumers across the United States, it has completed its previously announced divestiture of Sprint’s prepaid wireless business to DISH Network Corporation (NASDAQ: DISH). The divestiture fulfills a commitment that T-Mobile and Sprint made to the Department of Justice and to the Federal Communications Commission as part of their merger process.
Just four months from its release, Corona Hard Seltzer has already established a foothold in the competitive market for alcoholic seltzer drinks. Constellation Brands (NYSE: STZ) on Wednesday announced sales results for the young brand as part of its fiscal first-quarter earnings release.
Last November, Uber (NYSE: UBER) CEO Dara Khosrowshahi outlined the company's strategy for its food delivery business, Uber Eats. What was left unspoken in that message was that Uber would also pull out of markets where it didn't believe it could be one of the top two players, as it seeks to bring the historically unprofitable food delivery business out of the red. Since last October, Uber Eats has exited South Korea, India, Czech Republic, Egypt, Honduras, Romania, Saudi Arabia, Uruguay, and Ukraine, as it's eyed a pre-pandemic goal of reaching profitability on an adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) basis by the end of this year, which it since pushed back to 2021.
Constellation Brands inks a splashy deal with a well known, up and coming wine brand. Yahoo Finance speaks to the two people behind the transaction.
(Bloomberg) -- E-commerce group Prosus NV is in talks to increase its stake in iFood, Latin America’s biggest food delivery startup, amid a wave of consolidation in the industry, people with knowledge of the matter said.The Amsterdam-listed company has approached Just Eat Takeaway.com NV about buying part or all of its 33% holding in iFood, the people said, asking not to be identified because the information is private. Just Eat’s stake in the Brazilian company could fetch about $750 million to $1 billion in a sale, according to Bloomberg Intelligence analyst John Davies.Prosus, which is controlled by South African media and internet group Naspers Ltd., already has about a 55% interest in iFood, according to the investor’s 2019 annual report.“We love that business, and it’s run by a great team,” Prosus Chief Executive Officer Bob van Dijk said in an interview this week. “Just Eat Takeaway.com has said that they want to sell their shares, and obviously at the right price, we will certainly consider increasing our stake.”A representative for Prosus declined to comment further. A spokesperson for Just Eat Takeaway declined to comment, while a representative for iFood didn’t immediately respond to a request for comment outside regular business hours in Brazil. There’s no certainty the negotiations will lead to a transaction, and other suitors could emerge for the iFood stake, the people said.Food delivery deals have been heating up, with takeover battles emerging in recent months for Britain’s Just Eat Plc and Grubhub Inc. in the U.S. It’s also been one of the few sectors to benefit from the coronavirus pandemic, as customers stuck at home have turned to smartphone apps to order food from restaurants banned from offering table service.Just Eat Takeaway has pledged to explore exiting its iFood stake and said it would return about half the net proceeds to its shareholders. The group was formed earlier this year from Takeaway.com NV’s acquisition of Just Eat.Prosus also owns a stake in Indian delivery startup Swiggy and is the biggest shareholder of Germany’s Delivery Hero SE.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Glacier Bancorp, Inc. (NASDAQ:GBCI) shareholders have seen the share price descend 15% over the month. But the silver...
(Bloomberg) -- Prosus NV is hoping EBay Inc. classifieds won’t be the auction that got away.Having lost an $8 billion battle to buy Just Eat Plc to Takeaway.com NV in January, the e-commerce group is the party to beat in a hotly-contested auction process for the EBay business, according to people familiar with the matter.By pursuing the EBay unit, potentially valued at as much as $10 billion, Prosus is looking to seal its biggest purchase since spinning off from South African technology giant Naspers Ltd. last year. Prosus holds assets including a stake in Chinese Internet giant Tencent Holdings Ltd., as well as businesses from Brazil to Germany in industries such as online food delivery and classified advertising.Naspers opted to separate Prosus -- in which it retains a majority holding -- in the hopes shareholders would assign more value to its investments around the world. While the listing in Amsterdam was a chance for Prosus to begin an aggressive acquisition spree, a big deal has yet to materialize.It also missed an opportunity to expand in the U.S. after the combined Just Eat Takeaway.com NV agreed to acquire Grubhub Inc. for $7.3 billion in June.With about $7 billion in cash and ample liquidity from a long-list of lenders, Prosus has the financial power to pursue large mergers and acquisitions and is on the lookout for opportunities, according to Chief Executive Officer Bob van Dijk.“I am excited about the deals that might happen because it would really reinforce the business we have,” he said in a phone interview this week. “The pipeline is looking quite healthy.”Prosus is competing with two bidders for EBay’s classified-advertising unit, according to people familiar with the matter. One is a consortium comprising buyout groups Blackstone Group Inc., Permira and Hellman & Friedman LLC and the other is Oslo-based online marketplace Adevinta ASA. Even some backers of these rival bids view Prosus as the heavy favorite, the people said.Representatives for EBay and Prosus declined to comment.EBay is seeking a sale of the unit at a time when market turmoil has hampered financing for leveraged buyouts, forcing companies to put a number of bidding processes on hold. The sale process is advanced and a decision on a winner is likely to happen in July, the people said.Prosus’s strong financial position and backing by Naspers will give it an edge in a tough environment for dealmaking. Winning the EBay bid could just be the fillip it needs for more M&A. Prosus’s shares declined 0.7% to 82.20 euros as of 12:01 p.m. Wednesday in Amsterdam.(Updates share price in final paragraph. A previous version of this story corrected the wording on timing of decision in penultimate paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.