Buybacks

LyondellBasell Announces it Will Buyback 10% of Shares Outstanding; Will Increase Dividend by 25% to $0.50

Eddie Staley — Wed, 22 May 2013 20:01:14 +0000

LyondellBasell Industries N.V. (NYSE: LYB) today announced that at its Annual General Meeting, shareholders approved a proposal to authorize the company to repurchase up to 10 percent of the company's outstanding stock. As a result, the Supervisory Board has approved a share repurchase program of up to 10 percent of the company's shares over the next 12 months. The repurchases will be executed from time to time through open market or privately negotiated transactions.

The Supervisory Board also authorized the company's Management Board to declare an interim dividend of $0.50 per share, representing an increase of 25 percent to the company's first quarter 2013 interim dividend. The increased interim dividend will be paid June 24, 2013 to shareholders of record on June 3, 2013, subject to the adoption of a resolution by the Management Board, which is expected to occur June 3.

"The 10 percent share repurchase program and the significant increase in the regular interim dividend is reflective of our outlook, capital growth ...

Stocks To Watch For May 22, 2013

Monica Gerson — Wed, 22 May 2013 08:25:32 +0000

Some of the stocks that may grab investor focus today are:

Wall Street expects Lowe's Companies (NYSE: LOW) to report its Q1 earnings at $0.51 per share on revenue of $13.46 billion. Lowe's shares rose 0.47% to $42.65 in after-hours trading.

Saks (NYSE: SKS) has hired Goldman Sachs to explore strategic alternatives including a sale, the New York Post reported. Saks shares jumped 19.39% to $16.32 in the after-hours trading session.

Analysts are expecting Staples (NASDAQ:

Mid-Morning Market Update: Markets Open Higher, Home Depot Profit Beats Estimates

Jake L'Ecuyer — Tue, 21 May 2013 15:00:53 +0000

Following the market opening Tuesday, the Dow traded up 0.36 percent to 15,390.13, while the NASDAQ rose 0.17 percent to 3,502.38. The S&P was also up, gaining 0.30 percent to 1,671.30.

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Home Depot (NYSE: HD) reported an 18.5% increase in its Q1 earnings and lifted its 2013 earnings forecast.

Home Depot's quarterly profit surged to $1.2 billion, or $0.83 per share, versus $1 billion, or $0.68 per share, in the year-ago quarter.

Its net sales climbed 7.4% to $19.1 billion from $17.8 billion, while comparable-store sales rose 4.3%. However, analysts were estimating earnings of $0.76 per share on revenue of $18.53 billion. Home Depot now projects 2013 EPS to rise around 17% to $3.52.

Equities Trading UP
Yingli Green Energy Holding Co (NYSE: YGE) shot up, gaining 42.90 percent to $4.43, after the company announced preliminary Q1 financial ...

The Top 10 Notable Quotes from Apple's Senate Statement

Tim Parker — Tue, 21 May 2013 12:35:53 +0000

On Tuesday, Apple (NASDAQ: AAPL) CEO Tim Cook will testify before a Senate subcommittee.

According to Reuters, on Monday, the subcommittee released a 40 page memorandum that claims to have identified three Irish subsidiaries that have no tax residency in Ireland and have paid no corporate income taxes in the last five years.

In it’s prepared statement that will be read at the hearing on Tuesday, Apple CEO Tim Cook will address this and other accusations and make the case that Apple follows US tax laws, has created more than a half of a million jobs, and would pay more in US corporate taxes if US corporate tax law were to be simplified and updated.

Here are some of the notable quotes that you will hear in Cook’s testimony.

“Apple complies fully with both the laws and spirit of the laws. And Apple pays all its required taxes, both in this country and abroad.”
“Apple welcomes an objective examination of the US corporate tax system, which has not kept pace with the advent of the digital age and the rapidly changing global economy.”
“Apple ...

General Cable Announces Initiation of Regular Quarterly Dividend of $0.18 per Share. Extends $125M Buyback Through End of 2013

Eddie Staley — Mon, 20 May 2013 20:17:19 +0000

General Cable Corporation (NYSE: BGC) today announced that its Board of Directors has authorized the payment of a regular quarterly dividend. The Board declared an initial quarterly dividend of $0.18 per share, payable on June 28, 2013 to all common shareholders of record as of June 10, 2013. The quarterly dividend is the first for General Cable since 2002. In addition, the Board extended the Company's existing $125 million, one-year share repurchase program originally adopted in October 2012. The 2012 repurchase program authorization will now continue through the end of 2013. This program has not been utilized by the Company principally due to restrictions implemented while the Company restated its financial statements at the end of 2012 and into the early part of 2013.

Gregory B. Kenny, President ...

Northrop Grumman Announces Additional $4B Share Repurchase Authorization - Plans to Retire 25 Percent of Outstanding Shares

Paul Quintaro — Thu, 16 May 2013 21:01:17 +0000

Northrop Grumman Corporation (NYSE: NOC) announced today that its board of directors has authorized an additional $4 billion for the repurchase of the company's common stock. With today's authorization, the company's outstanding share repurchase authorizations total approximately $5 billion. Northrop Grumman currently plans to repurchase shares with the goal of retiring approximately 25 percent of its shares outstanding by the end of 2015, market conditions permitting. Share purchases will take place from time to time, subject to market conditions and management's discretion, in the open market or in privately negotiated transactions. As of March 31, 2013, Northrop Grumman had approximately 235 million shares outstanding.

The company will use available cash balances and free cash flow to fund the repurchases. ...

AmeriServ Financial Announces 384K Share Common Stock Repurchase Program

Paul Quintaro — Thu, 16 May 2013 20:00:47 +0000

AmeriServ Financial, Inc. (NASDAQ: ASRV) announced that its Board of Directors approved a new stock repurchase program which calls for AmeriServ Financial, Inc. to buy back up to 2% or approximately 384,000 shares of its outstanding common stock. The shares may be purchased from time to time in open market, privately negotiated, or block transactions. This common stock repurchase program does not obligate the Company to acquire any specific number of shares and may be modified, suspended or discontinued at any time. As of March 31, 2013, the Company had approximately 19.2 million shares of its common stock outstanding.

Glenn L. Wilson, President and Chief Executive Officer, commented on the common stock repurchase program, "We are again pleased to return of a portion of our strong capital to our shareholders through ...

Benzinga Market Primer: Thursday, May 16: J.C. Penney Earnings In Focus

Matthew Kanterman — Thu, 16 May 2013 10:47:30 +0000

Futures Flat After Strong Japanese GDP

U.S. equity futures traded just near unchanged in early pre-market trade following a stronger than expected GDP report from Japan. Japan reported first quarter GDP rose 3.5 percent on an annualized basis, better than the 2.7 percent expected growth rate. Notably, the GDP deflator, a measure of inflation, fell to -1.2 percent from -0.9 percent expected, showing continued deflation in Japan.

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In other news around the markets:

The World Gold Council announced that global gold demand fell 13 percent in the first quarter with gold investment declining by nearly one half. However, they also said that supply constraints of gold bars were increasing as production slows.
Foreign Direct Investment into China fell once again in April to 1.21 percent annualized growth from 1.42 percent growth in the previous month, showing continued caution on investment in emerging markets.
Inflation in the eurozone continued to run below trend in April as core CPI inflation rose 1.0 percent vs. a year ago, in line with expectations and below March's 1.0 percent.
S&P 500 futures fell 1.1 points to 1,653.20.
The EUR/USD was lower at 1.2875.
Spanish 10-year government bond yields fell 2 basis points to 4.32 percent.
Italian 10-year government bond yields fell 2 basis points to 4.00 percent.
Gold fell 1.7 percent to $1,372.50 per ounce.

Asian Markets

Asian shares were mixed overnight as Japanese shares sold off following the news that deflation persisted into the first quarter The Japanese Nikkei Index fell 0.39 percent while the Shanghai Composite Index gained 1.22 percent and the Hang Seng Index rose 0.17 percent. Also, the Korean Kospi gained 0.79 percent and Australian shares fell 0.5 percent.

European Markets

European shares were ...

Nvidia Partners up with Goldman to Repurchase $750 Million Worth of its Shares

Paul Quintaro — Tue, 14 May 2013 12:49:23 +0000

Nvidia (NASDAQ: NVDA) has announced that it has set up an accelerated share repurchase agreement with Goldman Sachs, allowing it ...

Tim Hortons Announces Purchase of Up to 1.27M Shares Under Share Buyback

Paul Quintaro — Tue, 14 May 2013 11:36:03 +0000

Tim Hortons Inc. (NYSE: THI) today announced that it will purchase for cancellation up to 1.27 million of its common shares pursuant to a private agreement with an arm's length third-party seller. The common shares so purchased will count towards the 15,239,531 common shares that Tim Hortons is entitled to repurchase for cancellation (subject to ...

Repurchase Program and Refinancing of Revolving Credit Facility

Eddie Staley — Mon, 13 May 2013 20:39:48 +0000

IDEXX Laboratories (NASDAQ: IDXX) today announced that its Board of Directors has authorized the repurchase by the Company of up to an additional 4.0 million shares of its common stock under its ongoing share repurchase program. Repurchases may be made in the open market (including through Rule 10b5-1 plans) or in negotiated transactions. These shares are in addition to the 2,226,420 shares remaining under the Company's share repurchase program as of March 31, 2013, pursuant to previous Board authorization. The timing and amount of any repurchases will be ...

Benzinga Market Primer: Friday, May 10

Matthew Kanterman — Fri, 10 May 2013 10:40:09 +0000

Futures Slightly Higher On Yen Weakness

U.S. equity futures rose slightly in early pre-market trade although the story was all about the yen overnight. The yen continued to weaken against the dollar overnight as the USD/JPY rose above 101 on new reports that Japanese citizens are starting to buy foreign assets, a key sign that the yen devaluation is working and is sustainable.

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In other news around the markets:

Germany's trade balance was reported as better than expected at 17.6 billion euros vs. the forecast of 16.5 billion euros in March. However, the data represents a drop from February's upwardly revised 17.7 billion euros.
An investor group led by Carl Icahn and Southeastern Asset Management are offering an alternative buyout solution to Dell's (NASDAQ: DELL) woes. The two are offering $12 per share to current investors with the option for them to also keep their stock.
Bloomberg reported overnight that Yahoo! (NASDAQ: YHOO) is looking to buy Hulu to add video services to its platform.
S&P 500 futures rose 1.7 points to 1,626.30.
The EUR/USD was lower at 1.3012.
Spanish 10-year government bond yields fell 2 basis points to 4.17 percent.
Italian 10-year government bond yields fell 3 basis points to 3.85 percent.
Gold fell 1.37 percent to $1,448.50 per ounce.

Asian Markets

Asian shares were higher led by Japanese stocks as the yen continued to weaken, boosting hopes that Japan's easing efforts will work. The Japanese Nikkei Index rose 2.93 percent and the Shanghai Composite Index rose 0.62 percent while the Hang Seng Index gained 0.47 percent. ...

Thomson Reuters Announces up to 15M Share Buyback

Eddie Staley — Thu, 09 May 2013 21:02:13 +0000

Thomson Reuters (NYSE: TRI), the world's leading source of intelligent information for businesses and professionals, today announced that it has received approval from the Toronto Stock Exchange (TSX) for the annual renewal of its normal course issuer bid (NCIB).

Under the NCIB, up to 15 million common shares (representing less than 2% of the total outstanding shares) may be repurchased between May 22, 2013 and May 21, 2014 in open market transactions on the TSX, the New York Stock Exchange and/or other exchanges and alternative trading systems, if eligible, or by such other means as may be permitted by the TSX. In accordance with TSX rules, any daily repurchases (other than pursuant to a block purchase exception) would be limited to a maximum of 258,936 shares, which represents 25% of the average daily trading volume on the TSX for the six months ended April 30, 2013. On May 8, 2013, there were 829,263,266 Thomson Reuters common shares outstanding. Any shares that are repurchased ...

Ligand Announces $5M Buyback, Q1 Earnings

Eddie Staley — Wed, 08 May 2013 20:14:03 +0000

Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) today reported financial results for the first quarter ended March 31, 2013, and provided an operating forecast and program updates.

“We have had an excellent start to 2013 and are excited about how quickly the company is evolving into a financial growth story,” said John Higgins, CEO and President of Ligand. “Since the beginning of 2013, we signed an important licensing agreement, acquired milestone and royalty rights that significantly expanded our portfolio, and announced research data for pipeline programs. Most notably, royalties from Promacta and Kyprolis continue to perform very well, with Kyprolis exceeding our initial expectations. We are now generating sustainable cash flow, which has allowed us to pay down debt earlier than planned and to announce a share repurchase program today. These initiatives speak to our confidence in the future of our business.”

Highlights for the first quarter include total revenues of $11.7 million, non-GAAP net income of $3.3 million, or $0.16 per diluted share and GAAP net income of $1.5 million, or $0.07 per diluted share. A description of the non-GAAP calculations and reconciliation to comparable GAAP financial measures is provided in the accompanying table titled “Non-GAAP Financial Measures.”

First Quarter Financial Results

Total revenues from continuing operations for the first quarter of 2013 were $11.7 million, compared with $5.6 million for the same period in 2012. Royalty revenues increased by 90% to $5.8 million as compared with $3.1 million for the same period in 2012, primarily due to higher royalties from Promacta® and new royalties from Kyprolis®. License fees and milestones increased $2.4 million compared with the first quarter of 2012, primarily due to the license fee earned from Spectrum Pharmaceuticals for Captisol-Enabled™ Melphalan.

Cost of goods sold was $0.7 million for the first quarter of 2013, compared with $0.2 million for the first quarter of 2012. The increase is primarily due to higher material sales compared with the first quarter of 2012. Other operating costs and expenses from continuing operations in the first quarter of 2013 were $7.1 million, compared with $6.3 million in the first quarter of 2012. Research and development expenses decreased by $0.4 million compared with the first quarter of 2012, primarily due to lower spending on internal development programs. General and administrative expenses increased $1.1 million compared with the same quarter a year ago due primarily to higher non-cash stock-based compensation expense.

Net income for the first quarter of 2013 was $1.5 million, or $0.07 per diluted share, compared with $1.1 million, or $0.06 per diluted share, in the first quarter of 2012. Excluding an increase in contingent liabilities for the first quarter of 2013 of $1.8 million, or $0.09 per diluted share, and a decrease in contingent liabilities for the first quarter of 2012 of $0.5 million, or ($0.03) per diluted share, net income for the first quarter of 2013 was $3.3 million, or $0.16 per diluted share, compared with net income for the first quarter of 2012 of $0.6 million, or $0.03 per diluted share.

As of March 31, 2013, Ligand had cash, cash equivalents, short-term investments and restricted investments of approximately $9.0 million. During the first quarter of 2013, Ligand used $7.0 million of cash to prepay a portion of its outstanding debt.

Corporate Share Repurchase

Ligand's Board of Directors has authorized a share repurchase program of up to $5.0 million to be used over the next 12 months. With this authorization, the Company may repurchase stock from time to time in the open market. The Company also expects to repay in full its remaining $18.0 million in debt by August 2014 per the existing repayment schedule. The Company believes it will be able to pay down its debt and implement a share repurchase program based on its operating outlook and expectations for rising cash flow from operations.

2013 Financial Forecast

Affirming its previous 2013 financial forecast, the Company expects total revenues to be between $43 million and $46 million, and earnings per diluted share to be between $0.47 and $0.51. For the second quarter of 2013, Ligand estimates revenues to be between $9.0 million and $9.5 million, and earnings per diluted share to be between $0.03 and $0.05. Earnings per share guidance does not include the effects of any increase or decrease in contingent liabilities.

First Quarter and Recent Business Highlights

Ligand acquired financial rights to potential future milestones and royalties for more than 15 biologic development programs from Selexis SA. Each acquired program is fully funded by a development partner. Selexis is a privately held global life science company based in Switzerland focused on drug discovery for lead identification and cell line development for scale-up and manufacturing of therapeutic protein drugs. Ligand entered into an international license agreement and a supply agreement with Spectrum Pharmaceuticals for the development and commercialization of Ligand's Captisol-enabled, propylene glycol-free melphalan. Under the terms of the license agreement, Ligand received a $3 million license fee and is eligible to receive milestone payments and royalties on future net sales of Captisol-enabled melphalan. Ligand received a $1.4 million milestone payment from Retrophin, Inc. related to a license agreement signed in February 2012 for the development of RE-021 for the treatment of focal segmental glomerulosclerosis (FSGS). Ligand is entitled to receive milestone payments and royalties on successful future development and commercialization of RE-021 under this agreement. Retrophin is preparing to initiate a Phase 2 trial for RE-021 in FSGS in 2013. Ligand presented positive preclinical data on its HepDirect™ liver-targeting technology platform at the 2013 International Liver Congress (EASL) Annual Meeting in Amsterdam. Ligand paid $7.0 million of principal earlier than planned on its outstanding debt under its Loan and Security Agreement with Oxford Finance Corporation. Ligand's new principal debt balance is $18.0 million, which is expected to be fully paid by August 2014. Investigators reported clinical data on Captisol-enabled IV-Topiramate that was featured in the May 2013 issue of the journal Epilepsia. Non-GAAP Financial Measures

The adjusted non-GAAP (U.S. Generally Accepted Accounting Principles) financial measures discussed above for the quarters ended March 31, 2013 and 2012 exclude expenses related to the increase or decrease in liability for contingent liabilities.

Management has presented net income, net income per share, income from continuing operations and income from continuing operations per share in accordance with GAAP and on an “adjusted” basis for the quarters ended March 31, 2013 and 2012. Ligand believes that the presentation of non-GAAP financial measures provides useful supplementary information to ...

Foot Locker to Buy Runners Point Group for $94M, Says Will Restart Buyback Plan in Q2

Paul Quintaro — Wed, 08 May 2013 15:20:08 +0000

Foot Locker, Inc. (NYSE: FL), the New York-based specialty athletic retailer, announced today that it has signed a definitive agreement to acquire Runners Point Warenhandelsges. mbH ("RPG"), a specialty athletic store and online retailer based in Recklinghausen, Germany, for total cash consideration of 72 million euros (approximately $94 million). RPG is currently majority owned by the private equity firm HANNOVER Finanz. The Company's Chief Executive Office, Otto Hurler, and Chief Financial Officer, Harald Wittig own the balance of the Company. Both Mr. Hurler and Mr. Wittig, along with other members of senior management, will remain with the Company post-acquisition. The transaction is subject to review by merger control authorities in Germany.

RPG has a leading position in the German athletic retail ...