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Thursday, October 23, 2014

TAKEOVERCHATTER-As ETF M&A heats up, industry wonders who is next, (NYSE: BLK), (NYSE: JNS)

When it comes to expanding in the $1.9 trillion exchange-traded fund market, which some forecasts say will pass the traditional mutual fund industry in size within 10 years, some companies have concluded it's better to purchase than to build.ETFs are baskets of securities, like mutual funds, but trade on exchanges, like individual securities. They are cheaper than mutual funds and allow investors to trade throughout the day, with simultaneous pricing, unlike mutual funds, which price at the end of the day.They are also profitable: In the third quarter, BlackRock Inc, the biggest provider of the funds, made $850 million in fees from its iShares ETFs, 30 percent of the $2.8 billion in revenue it reported.Facing shrinking margins from their traditional businesses, asset managers are under pressure to offer ETFs. Last week, Janus Capital Group announced the acquisition of exchange-traded fund provider VelocityShares and Reuters exclusively reported last week that Goldman Sachs in talks to buy IndexIQ, another ETF firm. Now, industry executives wonder who will be next.

BlackRock, Inc. (BlackRock) is an investment management firm. Shares of BLK fell by 1.03% or $-3.28/share to $315.88. In the past year, the shares have traded as low as $284.78 and as high as $337.65. On average, 603375 shares of BLK exchange hands on a given day and today's volume is recorded at 716359.

Janus Capital Group Inc., and its subsidiaries (JCG) provide investment management, administration, distribution and related services to financial advisors, individuals and institutional clients through mutual funds, other pooled investment vehicles, separate accounts and sub advised relationships (collectively referred to as investment products) in both domestic and international markets. Shares of JNS fell by 2.79% or $-0.41/share to $14.27. In the past year, the shares have traded as low as $9.12 and as high as $15.95. On average, 6778600 shares of JNS exchange hands on a given day and today's volume is recorded at 5780698.



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Wednesday, October 22, 2014

BGC launches formal $675 million offer for rival broker GFI, (NASDAQ: BGCP), (NYSE: GFIG)

Interdealer broker BGC Partners Inc went ahead with the formal launch of its hostile $675 million bid for rival GFI Group Inc on Wednesday after talks between the two companies reached a deadlock.Interdealer brokers match wholesale buyers and sellers of currencies, bonds and other instruments but analysts have long expected the industry to consolidate since new regulations forced their traditional investment banking clients to reduce risky trading activities.The industry has also faced challenges as regulators have pushed more derivatives trading onto electronic platforms in a bid to make the market more open and safer. Low interest rates also have dampened market volatility, adding to brokers' woes.BGC said on Wednesday it had commenced an all-cash tender offer of $5.25 per share for the 86.5 percent of GFI that it does not already own.

BGC Partners, Inc. (BGC) is a global brokerage company primarily servicing the wholesale financial markets, specializing in the brokering of a range of products, including fixed income securities, interest rate swaps, foreign exchange, equities, equity derivatives, credit derivatives, commercial real estate, property derivatives, commodities, futures and structured products. Shares of BGCP traded higher by 1.34% or $0.1/share to $7.59. In the past year, the shares have traded as low as $5.20 and as high as $8.01. On average, 970262 shares of BGCP exchange hands on a given day and today's volume is recorded at 904612.

GFI Group Inc. (GFI) is a provider of wholesale brokerage services, clearing services and electronic execution and trading support products for global financial markets. Shares of GFIG traded higher by 0.97% or $0.05/share to $5.18. In the past year, the shares have traded as low as $2.98 and as high as $6.18. On average, 1153820 shares of GFIG exchange hands on a given day and today's volume is recorded at 275726.



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Abbott, Mylan silent on why changing tax-inversion terms, (NYSE: ABT), (NASDAQ: MYL)

Drugmakers Abbott Laboratories and Mylan Inc on Wednesday declined to explain in detail why they changed the terms of a $5.3 billion deal in which Mylan will purchase part of Abbott's overseas generics business and reincorporate for tax purposes in the Netherlands.Analysts and banking experts said the changes were almost certainly aimed at protecting tax gains from the so-called "inversion" deal, one of several to surface in recent months in which U.S. companies seek to shift their tax domiciles abroad.The altered contract for the deal came a month after the Treasury Department made changes to U.S. tax rules aimed at discouraging inversion deals, which the Obama administration sees as a threat to the U.S. corporate tax base."The (tax law) changes from Treasury are making people re-look at deal terms, and deals are not as favorable now," said Edward Jones analyst Jeff Windau. "That's what happened here, there had to be some tweaks" in the Abbott/Mylan contract.

Abbott Laboratories (Abbott) is engaged in the discovery, development, manufacture, and sale of a portfolio of science-based health care products. Shares of ABT fell by 1.89% or $-0.8/share to $41.59. In the past year, the shares have traded as low as $35.65 and as high as $44.20. On average, 4594200 shares of ABT exchange hands on a given day and today's volume is recorded at 6986485.

Mylan Inc. (Mylan) is a fully integrated global pharmaceutical company that develops, licenses, manufactures, markets and distributes generic, branded generic and specialty pharmaceuticals. Shares of MYL fell by 3.24% or $-1.685/share to $50.36. In the past year, the shares have traded as low as $36.97 and as high as $57.52. On average, 4954920 shares of MYL exchange hands on a given day and today's volume is recorded at 6964559.



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REFILE-US FCC pauses clock on AT&T-DirecTV, Comcast-TWC merger reviews, (NASDAQ: FOXA), (NYSE: T), (NYSE: TWC), (NYSE: TWX)

The U.S. Federal Communications Commission on Wednesday paused its informal "shot clock" deadline on the reviews of the proposed mergers of AT&T Inc and DirecTV and of Comcast Corp and Time Warner Cable Inc over the issue of confidential programming agreements.The FCC, which will determine whether the deals are in the public interest, said it will pause its self-imposed, 180-day shot-clock deadline to decide how to handle highly confidential documents related to agreements with media companies.The FCC's review of the $48.5 billion merger of wireless carrier AT&T and satellite TV provider DirecTV on Wednesday was in day 76 of the 180-day deadline. The review of the $45 billion Comcast-Time Warner Cable deal earlier had been stopped at day 85.The FCC is weighing how to resolve a hitch in collecting and reviewing agreements that pay-TV companies have signed with media companies, such as CBS Corp and Twenty-First Century Fox Inc, to offer their content to subscribers.

Twenty-First Century Fox, Inc., formerly News Corporation, is a diversified global media and entertainment company with operations in cable network programming; television; filmed entertainment; direct broadcast satellite television, and other, corporate and eliminations. Shares of FOXA fell by 2.73% or $-0.92/share to $32.75. In the past year, the shares have traded as low as $30.67 and as high as $36.56. On average, 15250200 shares of FOXA exchange hands on a given day and today's volume is recorded at 18324692.

AT&T Inc. (AT&T), is a holding company. The Company is a provider of telecommunications services. Shares of T fell by 0.35% or $-0.12/share to $34.50. In the past year, the shares have traded as low as $31.74 and as high as $37.48. On average, 21038400 shares of T exchange hands on a given day and today's volume is recorded at 24581908.

Time Warner Cable Inc. (TWC) is a provider of video, high-speed data and voice services in the United States with systems located in five geographic areas: New York State, the Carolinas, Ohio, Southern California and Texas. Shares of TWC fell by 2.42% or $-3.38/share to $136.05. In the past year, the shares have traded as low as $115.62 and as high as $155.32. On average, 1994840 shares of TWC exchange hands on a given day and today's volume is recorded at 3632875.

Time Warner Inc. (Time Warner) is a media and entertainment company. Shares of TWX fell by 0.84% or $-0.65/share to $76.57. In the past year, the shares have traded as low as $58.22 and as high as $88.13. On average, 6638500 shares of TWX exchange hands on a given day and today's volume is recorded at 4194114.



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Delphi Automotive looking to sell thermal unit for $1 billion - Bloomberg, (NYSE: DLPH)

Auto parts maker Delphi Automotive Plc is looking to sell its business that makes heating and cooling systems for cars, and will seek as much as $1 billion, Bloomberg reported, citing people with knowledge of the matter.Delphi has approached companies including French automotive supplier Valeo SA and South Korea's Halla Holdings Corp and is planning to meet with possible buyers this week, Bloomberg reported. (bloom.bg/1vNB2o6)Delphi, which is working with a financial adviser on the sale, could use the sale proceeds to bolster its core areas including electronics, safety systems or engines and transmission technologies, Bloomberg reported.Delphi spokeswoman Claudia Tapia said the company did not comment on speculation or rumors.

Delphi Automotive PLC (Delphi) is a global vehicle components manufacturer and provides electrical and electronic, powertrain, safety and thermal technology solutions to the global automotive and commercial vehicle markets. Shares of DLPH fell by 0.31% or $-0.2/share to $64.75. In the past year, the shares have traded as low as $53.40 and as high as $71.96. On average, 2109130 shares of DLPH exchange hands on a given day and today's volume is recorded at 2154074.



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Humana looks to sell urgent care subsidiary Concentra -sources, (NYSE: GS), (NYSE: HUM)

Health insurer Humana Inc is exploring a sale of its urgent care subsidiary Concentra in a deal that could value it at around $1 billion, according to three people familiar with the matter.The effort to sell Concentra comes less than four years after the unit was acquired. It indicates that Humana, one of the largest providers of Medicare plans for the elderly in the United States, has faced challenges in trying to run healthcare centers itself in order to better manage medical costs.Humana has hired investment bank Goldman Sachs Group Inc to advise on the sale process, the people said on Wednesday, declining to be named because the matter is not public. Humana, based in Louisville, Kentucky, could not be reached for comment. Goldman Sachs declined to comment.Humana shares were down 1.5 percent at $131.3 in afternoon trading in New York.

The Goldman Sachs Group, Inc. (Goldman Sachs), is a global investment banking, securities and investment management firm that provides a range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Shares of GS fell by 1.25% or $-2.25/share to $177.93. In the past year, the shares have traded as low as $151.65 and as high as $189.50. On average, 2767780 shares of GS exchange hands on a given day and today's volume is recorded at 1712953.

Humana Inc. (Humana) is a health care company. Humana operates in three segments: Retail, Employer Group, and Health and Well-Being Services. Shares of HUM fell by 1.19% or $-1.585/share to $131.68. In the past year, the shares have traded as low as $90.70 and as high as $135.86. On average, 1169750 shares of HUM exchange hands on a given day and today's volume is recorded at 1043500.



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