Golfer Phil Mickelson has been named as a defendant in an insider dealing case filed by US authorities May 19, 2016 Golfer Phil Mickelson has been charged as part of an insider dealing case filed by the US Securities and Exchange Commission (SEC). According to the authorities, Mickelson used an alleged tip he received from a gambler, William “Billy” Walters, who got information from a former chairman of Dean Foods, Thomas Davis. Davis allegedly passed information [...]
199 problems and a glitch is one: NYSE is having technical problems May 18, 2016 The New York Stock Exchange suffered a technical glitch in early trading on Wednesday resulting in trades for nearly 200 ticker symbols being cancelled. The unspecified glitch first occurred at 9.27am in New York. Things were back up and running by 10.09am, however the latest update at 10.26am indicated the problem had returned. Nearly an hour [...]
London Stock Exchange expects shareholder vote on Deutsche Boerse merger after the EU referendum May 18, 2016 The London Stock Exchange expects its shareholders to vote on the proposed merger with Deutsche Boerse after the EU referendum. The company said in a statement this morning that shareholder documents are expected to be published in June. And its shareholders are then expected to be asked to vote at a meeting in July. Read [...]
Flipping good (sort of): Shake Shack shares up – after plummeting 60 per cent in a year – with expectation-beating results May 12, 2016 Shake Shack’s share price rose nearly four per cent in after-hours trading with the fast food company beating analysts’ expectations. The figures Shake Shack’s quarterly revenue was up 43.3 per cent to $54.2m (£37.5m), above an estimate of $52.06m, according to Street Insider. Meanwhile, earnings per share (EPS) in the first quarter hit $0.08, above expectations of [...]
Saudi Aramco targets London, New York, and Hong Kong for international listing May 9, 2016 The public listing of what could become the world's most valuable company, Saudi Arabian oil company Aramco, looks on course to happen in London. London – previously reported by City A.M. as a leading contender for the state-run company's IPO – has been named as part of a potential three-way foreign listing, along with rival global financial centres Hong Kong and New York. Shares [...]
Jack Dorsey’s Square posts $379m revenue for first quarter as losses narrow May 5, 2016 Payment processing firm Square, started by Twitter founder Jack Dorsey, has reported revenue of $379m (£262m), a 51 per cent increase year-on-year, beating analysts' expectations. Analysts had been expecting the company to report $344m in revenue. The mobile payment firm reported sales of $374.4m in the previous quarter. Transaction revenue was $300m, while Starbucks transaction revenue was the next [...]
Exchange wars: London Stock Exchange shares plunge after American rival rules out bid to disrupt Deutsche Boerse merger May 4, 2016 The Intercontinental Exchange (ICE) traded blows with the London Stock Exchange (LSE) today as it ended plans to bid for its UK rival. ICE, which owns the New York Stock Exchange, blamed LSE executives for showing a “disappointing level of engagement”. But the LSE hit back with a statement indicating it had played by the [...]
London Stock Exchange and Deutsche Boerse undecided on whether shareholders will be asked to vote on merger before EU referendum as Intercontinental Exchange bides time May 2, 2016 The London Stock Exchange (LSE) and Deutsche Boerse have yet to decide whether shareholders will be asked to vote on their proposed merger before the EU referendum. City A.M. understands shareholders will be presented with a prospectus containing details of when the merger will be voted on before 23 June. But the stock exchanges are [...]
Deutsche Boerse forced to retract and clarify executive statements on London Stock Exchange merger, Intercontinental Exchange and Brexit April 30, 2016 Deutsche Boerse has been forced to clarify and retract comments made by executives in relation to its proposed merger with the London Stock Exchange (LSE). The German exchange has taken action after the Takeover Panel took issue with statements on the Intercontinental Exchange (ICE), Brexit and the benefits of the LSE merger. The LSE also [...]
Investment banks in talks over possible merger with energy-focused boutique April 26, 2016 Investment banks Perella Weinberg and Tudor, Pickering, Holt and Co are understood to be in talks over a possible merger. New York-based Perella, which recently advised Deutsche Boerse on its proposed merger with the London Stock Exchange, is the bigger of the two banks. Tudor, Pickering, Holt and Co is an energy-focused boutique bank based in Houston, Texas. [...]