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Tuesday, September 30, 2014

Brookfield bids for Atlantic City's Revel Casino - WSJ, (NYSE: BAM)

An affiliate of Brookfield Asset Management has topped Florida real estate developer Glenn Straub's $90 million bid for the bankrupt Revel Casino Hotel in Atlantic City, the Wall Street Journal reported, citing sources. The auction started on Wednesday with Straub's all-cash bid, but was adjourned until Tuesday for the Jewish Rosh Hashanah holiday.Brookfield, which owns the Hard Rock Hotel and Casino Las Vegas, could not immediately be reached for comment.If Straub loses the auction, he will collect a $3 million breakup fee for serving as the lead bidder, the newspaper said. (on.wsj.com/1vtHPml)Straub said on Monday that he would challenge the results if he lost the auction because the process lacked transparency.

Brookfield Asset Management Inc. (Brookfield) is a global alternative asset manager. Shares of BAM fell by 0.64% or $-0.29/share to $45.10. In the past year, the shares have traded as low as $36.47 and as high as $48.45. On average, 455898 shares of BAM exchange hands on a given day and today's volume is recorded at 425479.



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Hedge fund Third Point joined Icahn in pressuring eBay-source, (NYSE: BID), (NASDAQ: EBAY)

Third Point LLC, the hedge fund run by Daniel Loeb that is known for pushing companies to perform better, has taken a "significant" stake in eBay Inc and has had discussions with its chief executive officer, a source familiar with the matter said on Tuesday.Third Point's $17 billion stake and its involvement comes on the same day that eBay, under pressure from billionaire activist Carl Icahn, said it will spin off its PayPal payments unit into a separate, publicly traded company. EBay's share price rose 8 percent.Third Point, a closely watched hedge fund, occasionally pushes companies in which it invests to make management or operational changes. Those companies have included Yahoo Inc and Sotheby's.At eBay, Loeb pushed the company months after Icahn began loudly calling for eBay to spin off PayPal.

Sotheby?s is a global auctioneer of authenticated fine art, decorative art, and jewelry. Shares of BID traded higher by 0.39% or $0.14/share to $36.14. In the past year, the shares have traded as low as $35.00 and as high as $54.00. On average, 973570 shares of BID exchange hands on a given day and today's volume is recorded at 332492.

eBay Inc., is a global technology company. The Company enables commerce through three reportable segments: Marketplaces, Payments, and GSI. Shares of EBAY traded higher by 8.15% or $4.29/share to $56.95. In the past year, the shares have traded as low as $48.06 and as high as $59.70. On average, 12375400 shares of EBAY exchange hands on a given day and today's volume is recorded at 60694380.



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Third Point hedge fund has big EBay stake, talked with CEO-source, (NASDAQ: EBAY)

Hedge fund manager Daniel Loeb's Third Point LLC has taken a "significant" stake in online marketplace EBay Inc and had discussions with its chief executive officer, a source familiar with the matter said on Tuesday. The company announced earlier on Tuesday that it agreed to spin off its PayPal unit. Activist investor Carl Icahn had pushed to company to take this step months ago.

eBay Inc., is a global technology company. The Company enables commerce through three reportable segments: Marketplaces, Payments, and GSI. Shares of EBAY traded higher by 7.21% or $3.795/share to $56.46. In the past year, the shares have traded as low as $48.06 and as high as $59.70. On average, 12375400 shares of EBAY exchange hands on a given day and today's volume is recorded at 48686280.



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News Corp to purchase real estate website operator Move for $950 mln, (NASDAQ: MOVE), (NASDAQ: NWSA), (NYSE: TRLA), (NASDAQ: Z)

Rupert Murdoch's News Corp will purchase Move Inc, the owner of property websites such as realtor.com, for about $950 million to expand its digital marketing business as advertising revenue from its print business dwindles.The deal is the second large acquisition in the online real estate market this year as property website operators struggle to turn rising revenue into consistent profitability.Top U.S. real estate website operator Zillow Inc bought smaller rival Trulia Inc for $3.5 billion in July.CRT Capital analyst Neil Doshi said the online real estate market remained largely fragmented and there was room for more consolidation.

Move, Inc. (Move) is a real estate information marketplace connecting consumers with the information and needs to make informed home buying, selling, financing and renting decisions. Shares of MOVE traded higher by 36.85% or $5.635/share to $20.92. In the past year, the shares have traded as low as $9.47 and as high as $18.36. On average, 537098 shares of MOVE exchange hands on a given day and today's volume is recorded at 9805725.

News Corporation is a diversified media and information services company. Shares of NWSA fell by 0.77% or $-0.13/share to $16.67. In the past year, the shares have traded as low as $15.44 and as high as $18.53. On average, 3023550 shares of NWSA exchange hands on a given day and today's volume is recorded at 2484047.

Trulia, Inc. is a real estate search engine company. Shares of TRLA fell by 3.12% or $-1.56/share to $48.38. In the past year, the shares have traded as low as $26.35 and as high as $67.50. On average, 1500160 shares of TRLA exchange hands on a given day and today's volume is recorded at 518190.

Zillow, Inc. (Zillow), provides real estate and home-related information. Shares of Z fell by 3.82% or $-4.561/share to $114.77. In the past year, the shares have traded as low as $70.28 and as high as $164.90. On average, 1521140 shares of Z exchange hands on a given day and today's volume is recorded at 1298663.



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Johnson & Johnson to purchase private drug developer for $1.75 bln, (NYSE: JNJ)

Johnson & Johnson agreed to pay $1.75 billion in cash to purchase privately held Alios BioPharma Inc, which is developing a drug for a respiratory viral infection for which there is no approved treatment.J&J, whose shares were marginally higher at $106.71 in morning trading, said Alios would also give it access to a portfolio of drugs targeting other viral infections.J&J has been increasing its focus on treatments for infectious diseases, having signed two other deals earlier this year - one for the maintenance treatment of people with HIV and the second to treat influenza.Alios's experimental drug, AL-8176, to treat infants with respiratory syncytial virus (RSV) is currently in mid-stage trails. In July, the company reported positive results from a similar study in adults.

Johnson & Johnson is a holding company. The Company is engaged in the research and development, manufacture and sale of a broad range of products in the health care field. Shares of JNJ traded higher by 0.4% or $0.43/share to $106.97. In the past year, the shares have traded as low as $85.50 and as high as $108.77. On average, 6244570 shares of JNJ exchange hands on a given day and today's volume is recorded at 1046817.



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EBay follows Icahn's advice, plans PayPal spinoff in 2015, (NASDAQ: EBAY)

EBay Inc said it would spin off PayPal, its fast-growing payments business, into a publicly traded company in the second half of 2015, marking an about-face for the company.The news of the tax-free spinoff to shareholders sent eBay's shares up 10 percent to $58.15 in premarket trading.EBay Chief Executive John Donahoe had previously resisted demands by activist investor Carl Icahn to hive off the service, saying PayPal was integral to eBay's business, and vice versa.Icahn, eBay's sixth-largest shareholder with a 2.48 percent stake as of June 30, backed off from his demand in April. He also withdrew his two nominees to eBay's board, but in a concession, the company added a 10th independent director.

eBay Inc., is a global technology company. The Company enables commerce through three reportable segments: Marketplaces, Payments, and GSI. Shares of EBAY traded higher by 6.82% or $3.59/share to $56.25. In the past year, the shares have traded as low as $48.06 and as high as $59.70. On average, 12375400 shares of EBAY exchange hands on a given day and today's volume is recorded at 36173512.



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