MARKET CURRENTS
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MARKET CURRENTS
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Today - Thursday, February 23, 2012
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8:28 AM Onvia (ONVI) +35.3% after rejecting an unsolicited takeover proposal from PE firm Symphony Technology Group, calling the $4.25/share bid inadequate. Onvia, which helps businesses secure government contracts and agencies find suppliers online, is in the midst of a turnaround plan to reduce costs and focus on a smaller, targeted market. [Tech, M&A, On the Move] Comment!
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8:23 AM White Mountains Insurance (WTM) says it has repurchased all 89,729 shares of its common stock held by Berkshire Hathaway at a purchase price of $500 per share. The company also says it will run a self-tender offer to purchase up to 1M share at the same $500 price level. Shares closed at $481.76 yesterday. [Financials] Comment!
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8:22 AM Checkpoint Systms (CKP): Q4 EPS of -$0.09 may not be comparable to consensus of -$0.03. Revenue of $251.6M (+8.4% Y/Y) beats by $4M. Shares -3.6% premarket. (PR) [Earnings, On the Move] Comment!
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8:20 AM Nomura pokes a small hole in the recent improvement in jobless claims, noting seasonal distortions are skewing the read. In recent years, claims have peaked in late August/early September and bottomed in February as Labor Department statisticians may be off in their adjustments. [U.S. Economy] Comment!
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8:18 AM Media General (MEG) +4.8% premarket after it says it is exploring a sale of its loss-making newspaper operations and has received inquiries from several third parties regarding the potential purchase of some print assets. MEG had a long-term debt of $665M on its books as of Sept. 25, 2011, and has posted a loss in seven of its last eight quarters. [Tech, On the Move] Comment!
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8:11 AM Liberty Global (LBTYA) is reportedly considering a bid for Dutch cable firm Ziggo, estimated to be worth €8B ($10.6B). According to Dutch daily De Telegraaf, Liberty Global is the only company capable of buying Ziggo, which is too expensive for strategic buyers because of its advanced network. [Tech, M&A] Comment!
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8:07 AM Citigroup (C) plans to raise up to $2.1B by selling its entire stake in India's Housing Development Finance Corp tomorrow, sources say. Citigroup holds 145M shares, or around a 9.9% stake, and is apparently selling the stake to bolster its capital in light of new banking rules. [Financials] Comment!
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8:05 AM Investor sentiment is little changed from last week, according to the AAII survey, with about 2% getting off the neutral fence - half going to the bulls and half to the bears. Bullish sentiment is at 43.7% against the long-term average of 39%. Bearish, 27.5% against the long-term average of 30%. Comment!
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8:03 AM More on Kohl's (KSS) Q4: Comparable store sales -2.1% Y/Y. E-commerce business crossed $1B mark for full year. Sees EPS of $4.75 in FY12, based on a total sales increase of 4.5% and a comparable store sales increase of 2%. Shares -2.4% premarket. (PR) [Earnings, On the Move] Comment!
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