July 5, 2014 |
Money-losing Sun Bancorp Inc. of Mount Laurel, under pressure to please investors and government regulators and boost its sagging share price, plans to sell or shut a string of its Sun National Bank branches and lay off more than 200 of the company's 600-plus workers, new chief executive officer Thomas O'Brien said in a statement Thursday. "The layoffs are part of an overall restructuring plan to bring the bank's revenue and expense model, and overall efficiency ratio, in line with our peers," said spokesman Mike Dineen.
March 9, 2014 |
The share price of UIL Holdings Corp. appeared to have found a basement Friday after declining 11.7 percent since an initial report that the Connecticut company had agreed to buy Philadelphia Gas Works. UIL's shares on the New York Stock Exchange closed up 22 cents at $34.84 on Friday, the first positive showing since the company's interest in PGW was disclosed Feb. 28, when its stock price stood at $39.45. It has lost $260 million in market value since then. UIL on Monday announced it agreed to buy the city's gas utility for $1.86 billion.
January 18, 2014 |
Comcast Corp. is weighing its options for Time Warner Cable Inc., the nation's second-largest publicly traded cable-TV company, amid Charter Communications Inc.'s continued attempts to make the acquisition. Charter's latest offer, formally presented in a letter Monday and then quickly panned by New York's Time Warner Cable as "grossly inadequate," was for $132.50 a share - $82.54 a share in cash and $49.96 a share in Charter stock. Charter, based in Stamford, Conn., approached Comcast after the rejection to participate in a revised deal, according to media reports and industry sources.
January 13, 2014 |
Dramatic market moves and a wave of initial stock offerings bring three new company names to the Philly50 for 2014, while three others have been edged off the list. Rising stock prices put all 50 companies on the list above $1 billion in market capitalization - at least for now. The newcomers are: Aramark Holdings Corp. , which introduced its ticker symbol, ARMK, to the New York Stock Exchange in December, when the company went public for the third time since its founding in Philadelphia in 1959.
November 16, 2013 |
More signs that the stock market isn't quite science: J.G. Wentworth & Co. , the Radnor firm that buys accident victims' long-term insurance settlements for up-front cash (ad slogan: "It's my money and I want it now!"), had planned to raise $200 million by selling shares to investors at $22 in its New York Stock Exchange initial public offering last week. But the stock peddlers, led by Barclays Capital and Credit Suisse Securities , couldn't find buyers at that price. So they cut it, and cut it again.
August 26, 2013 |
At Five Below's busy store in the Gallery in Center City, a grad student stocked up on items for her apartment in Camden - a $2 spatula and a $5 daisy-shaped scarf holder topped her pile of purchases. It's back-to-school season, and the discount teen-oriented store was loaded with $5 backpacks in purple, pink, and glitter, Hello Kitty pencil cases and notebooks in every hue. A year ago, on July 19, 2012, the Philadelphia-based company, founded by the creator of Encore Books and Zany Brainy, held a different kind of sale - an initial public offering, selling 11.06 million shares at $17 apiece.
February 16, 2013 |
PITTSBURGH - Before the stock markets opened Thursday, Pittsburgh's world-famous ketchup maker, H.J. Heinz Co., announced that it had agreed to be acquired for $28 billion in cash and debt by an investment partnership between Warren Buffett's Berkshire Hathaway and 3G Capital, owner of such well-known brands as Burger King and Budweiser. Heinz had been the subject of takeover rumors for years, as many thought it was a small enough and tempting enough player in the food business to be swallowed by another company.
January 29, 2013
BIG BLUE-CHIP companies, such as General Electric and Corning, are exciting not just because of their businesses, but also because of their dividends. If you buy into a healthy company when its dividend yield (annual dividend divided by share price) is 3 percent, you are likely to get that payout every year, regardless of what happens to the stock price. (And today, such a yield easily tops many alternatives, such as bank accounts or CDs.) Imagine that you bought 10 shares of Wanton Punctuation (ticker: ?
August 10, 2012
Lincoln Financial Group, the Philadelphia-based insurer, increased its stock repurchase program by $760 million, to reach a $1 billion total. The new total represents about 15 percent of Lincoln's market capitalization, which stood at about $6.5 billion Thursday. With the program, the company directors can decide to buy back stock from shareholders. If used to the fullest, the program could drive up share price and earnings per share by a similar amount. The stock price went up 3.2 percent after the news was released.
May 31, 2012 |
Facebook Inc. shares fell to a new low, extending losses from the worst-performing large initial public offering during the last decade to more than 24 percent. The stock fell 9.6 percent Tuesday to $28.84, below the prior low of $30.94 on May 22. Facebook debuted May 18 after underwriters sold shares at $38. About $25 billion in market value has been erased from Facebook as bearish sentiment built in stock and options markets after the social networking site went public while U.S. equities headed for the biggest monthly decline since September.