July 18, 2015 |
A Doylestown lawyer was indicted Thursday for allegedly using advance knowledge about his clients' activities to make illegal stock purchases in 2011, netting him about $75,000 in profit, according to the U.S. Attorney's Office. Herbert Sudfeld, 64, listed as a partner at the Bucks County law firm Curtin & Heefner, was charged with one count of insider trading for allegedly buying stock in a company he represented the day before a merger, then selling those shares for an 85 percent return a day later, once the deal was announced, according to the indictment.
June 27, 2015 |
Penn Virginia Corp., the embattled Radnor oil- and gas-exploration company whose stock price soared by nearly 23 percent Thursday amid takeover rumors, issued a press release Thursday announcing that "it did not issue a press release earlier today. " Some British media reported Thursday that Penn Virginia, whose earnings have been battered by low prices and which is under pressure from activist investor George Soros, had turned down an $8-a-share takeover offer from oil giant BP. Penn Virginia's stock price, which opened Thursday at $4.46 on the New York Stock Exchange, jumped as high as $5.58 before settling down to under $5 following its press release announcing that it had no comment on market rumors.
October 3, 2014 |
A former eBay executive was sentenced Wednesday to 15 months in federal prison for insider trading tied to the Internet auction site's 2011 acquisition of a King of Prussia-based e-commerce firm. Christopher Saridakis, 45, of Wilmington, pleaded guilty in May, admitting he tipped off friends and relatives to a pending $2.4 billion deal between San Jose, Calif.-based eBay and GSI Commerce, where he worked as a marketing director. Saridakis was named a senior vice president at eBay after GSI's purchase.
June 2, 2014 |
DFC Global Corp. had been a stalwart member of the Philly50 until September, when its stock slumped 38 percent, dragging down the value of the publicly traded company. That value loss looms large this week, as stockholders in the Berwyn-based payday and pawnshop lender consider a proposed sale to Lone Star Funds, a Dallas-based private-equity firm. The company's management contends that DFC Global's declining fortunes argue for the sale, which would see stockholders receiving $9.50 per share, or a total of about $367 million.
May 29, 2014 |
Stung by a negative reaction from Institutional Shareholder Services, DFC Global Corp., a payday and pawnshop lender based in Berwyn, defended its proposed sale to a Dallas private-equity firm Tuesday. DFC, in a release, contended the $9.50-per-share offer from Lone Star represented a fair price given that DFC Global has cut its predicted cash earnings this year from as much as $240 million in August to $156 million now. "The true premium of the offer is dramatically understated because it was announced concurrent with the company's third downward revision in the last 12 months," DFC said.
May 11, 2014 |
A former eBay executive faces up to 20 years in prison and $5 million in fines after pleading guilty Friday to insider-trading violations tied to the auction website's 2011 acquisition of a King of Prussia-based e-commerce firm. Christopher Saridakis, 45, of Greenville, Del., then head of marketing solutions at GSI Commerce, tipped off two friends and two relatives to the pending $2.4 billion deal and urged them to buy stock in advance of the sale. When the acquisition was announced in June 2011, GSI's stock price jumped more than 50 percent, leading to more than $300,000 in illegal profits for the traders.
March 27, 2014 |
The stock market has been hitting record highs - again - but which sectors are overpriced and which still represent opportunity? We checked in with Chris Millard, investment specialist at J.P. Morgan Private Bank in Philadelphia. Overall, he is advising clients that "equities are not cheap anymore, they're probably at fair value. But some sectors are more overvalued and some are still undervalued. " Among those overvalued sectors are real estate investment trusts (REITs) and utilities, Millard said, as well as conservative stocks with high dividend yields.
March 3, 2014 |
The people at Dorman Products Inc., in Colmar, Montgomery County, would like you to hold off buying a new car - for about 12 years. They are also fans of potholes. Dorman is in the business of designing and distributing aftermarket auto parts. The "after" in aftermarket is after you hit the pothole, your car is damaged in a dozen ways and needs to be repaired. The "after" is after your car's warranty has expired and your mechanic convinces you that spending $700 to fix something will let you drive the 10-year-old junker 10,000 more miles, just as he did three months earlier.
January 10, 2014 |
A local bidding war has erupted, with Teva Pharmaceutical Industries trying to trump a December offer by Endo Health Solutions to buy NuPathe Inc. Endo offered $105 million up front in December. Teva offered $149 million up front Monday. Teva, like Endo, is slightly desperate to find ways to generate cash right away to satisfy stockholders and Wall Street. But neither is as desperate as NuPathe, which is close to turning out the lights. All three companies have big local operations.
June 28, 2013 |
NEW YORK - Better news on jobs and consumer spending pushed stocks higher Thursday. The Dow Jones industrial average and the Standard & Poor's 500 index rose for a third straight day. Bond yields fell for a second day, easing worries that a sudden spike in interest rates could hurt the economy. The Dow closed up 114.35 points, or 0.8 percent, to 15,024.49. The S&P 500 index climbed 9.94 points, or 0.6 percent, to 1,613.20. The Nasdaq composite rose 25.64 points, or 0.8 percent, to 3,401.86.