MARKET CURRENTS
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MARKET CURRENTS
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Thursday, May 24
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7:21 PM 3D Systems (DDD) acquires Bespoke Innovations, a startup based in San Francisco, California that develops proprietary, integrated scan, design and print technology designed to deliver custom fit prosthetics, orthotics and orthopedic devices, for an undisclosed sum. The company also reafirms its forecast, saying the acquisition will not be material to its revenue for the remainder of 2012. Shares -3% AH. Comment!
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6:16 PM Lehman Brothers (LEHMQ.PK) strikes a deal to buy the 26.5% stake it doesn't already own in apartment giant Archstone from BofA (BAC) and Barclays (BCS) for $1.58B, WSJ reports, ending the high-stakes chess game between Lehman and Sam Zell's Equity Residential (EQR). But Zell won't walk away empty handed, as his firm will get $150M in the deal. 7 Comments
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6:15 PM Facebook (FB) paid over $80M to buy social gifting app developer Karma, sources tell Bloomberg Businessweek. Karma, whose purchase was announced on IPO day, could help Facebook finally turn e-commerce into a meaningful revenue stream, courtesy of affiliate fees on recommended purchases. Given the challenges Facebook's ad business is dealing with, many are hoping e-commerce turns into major a growth opportunity. Comment!
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5:53 PM Relational Investors, owner of a 6.6% stake in aerospace manufacturer Esterline (ESL +3.9%), plans to push for a sale of the company, an SEC filing says. Relational objects to ESL's poor use of capital, overpaying for acquisitions, and “inadequate disclosure and communications with analysts and institutional investors." Comment!
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5:27 PM Following the guidance-driven bloodletting seen today, BMO thinks NetApp (NTAP -12.3%) could be a buyout target. The networked storage giant is now worth just ~$6.5B and trades at just ~5x free cash flow after backing out net cash. FBN, which is upgrading NetApp, feels the same way, and believes gross margin improvement and layoffs could result in guidance being conservative. (more on NTAP) (transcript) Comment!
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4:58 PM Comcast's (CMCSA) NBCUniversal subsidiary is in "serious negotiations" to buy Microsoft's (MSFT) stake in MSNBC.com, and could gain full control of the site by this summer, multiple sources tell Adweek. Such a deal could be another example of Microsoft's efforts to reduce the giant losses posted by its Online Services division. 2 Comments
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4:50 PM Bazaarvoice (BV) is acquiring rival PowerReviews for $128M ($31M in cash and $97M in stock) up-front and 1.6M shares worth of options. PowerReviews provides customer review, Q&A, and social media engagement/analytics solutions for 1,100+ retailers. Along with the move, which follows Oracle's purchase of rival Vitrue, Bazaarvoice is guiding for FQ4 revenue of $31M-$31.5M, above a $28.3M consensus. With PowerReviews in tow, it expects FQ1 revenue of $32.5M-$33M and FY13 revenue of $137M-$139M. Comment!
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4:37 PM Delphi Automotive (DLPH) agrees to acquire the motorized vehicles division of FCI Group in a transaction valued at ~$972M. DLPH expects the acquisition to be accretive to 2013 EPS by $0.24. Comment!
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2:36 PM Deutsche Telekom (DTEGY.PK) CEO Rene Obermann says his company is open to merging struggling T-Mobile USA with a rival, but rules out a complete sale. T-Mobile, whose planned sale to AT&T was thwarted by regulators, was recently rumored to have discussed a merger with MetroPCS (PCS). Some think a deal with Sprint (S) is a possibility in spite of 3G network compatibility issues. Comment!
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12:12 PM As Kinder Morgan (KMI -1.6%) completes its acquisition of El Paso, it now expects to see cost savings of $400M/year from the deal, up from its previous estimates of $350M in savings. KMI also expects to declare dividends of at least $1.40/share for 2012, up from its previous plan of $1.35. Comment!
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3:50 AM BBVA (BBVA) is considering the sale of its pension businesses in Latin America, calling it an attractive but non-core unit. BBVA is slow-boating it, saying the strategic review will take several quarters and a decision is unlikely to be made this year. Comment!
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3:27 AM Shell (RDS.A) extends its $1.8B offer to acquire Cove Energy (CNVGF.PK) to June 13, after Thailand's PTT Exploration came in with a higher $1.9B bid yesterday, sending Cove shares +11.2% in London to 249p, above PTT's 240p/share bid. Some expect Shell to pony up as much as $2.5B; Shell plays coy - it's "considering its options and will make a further announcement if appropriate." (previously) Comment!
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