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Stockwinners Market Radar for November 26, 2020 - Earnings, Upgrades downgrades, option trades, Best Stock Advisory Service |
| ASNA | Hot Stocks09:43 EST Ascena sells Ann Taylor, LOFT brands to Sycamore for $540M - Ascena Retail Group (ASNAQ) announced that it has entered into an asset purchase agreement with Premium Apparel, an affiliate of Sycamore Partners, to sell Ascena's Ann Taylor, LOFT, Lane Bryant and Lou & Grey brands. Premium Apparel will acquire the brand assets for a purchase price of $540M, on a cash-free and debt-free basis, subject to certain adjustments, and the assumption of certain liabilities. Premium Apparel has committed to retaining a substantial portion of the retail stores and associates affiliated with these brands. The transaction is expected to be completed by mid-December.
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| TRQ RIO | Hot Stocks09:40 EST Turquoise Hill says Odey letter to Rio contains 'false assumptions' - Turquoise Hill Resources (TRQ) issued a statement regarding the published letter to Rio Tinto (RIO) from Odey Asset Management. The statement reads in part: "Odey's letter to Rio Tinto contains a number of false assumptions and misinformation about Turquoise Hill and its funding plan. While Odey has a clear financial motive to depress Turquoise Hill's share price, the Company is focused on executing its funding plan and maximizing value for shareholders. Turquoise Hill's management team and independent directors have previously announced a funding plan that seeks to maximize debt at the Oyu Tolgoi LLC level and minimize (or possibly even avoid) a rights offering, for the benefit of Turquoise Hill shareholders. We are pursuing tangible measures to execute on that plan, including engaging with Rio Tinto and our minority shareholders, market-testing debt and hybrid financing alternatives and initiating arbitration to clarify Rio Tinto's obligations to Turquoise Hill. The funding Memorandum Of Understanding between Rio Tinto and TRQ remains in place and continues to reflect the understandings between the parties as to funding-related matters. Work is ongoing to implement the funding MOU in full. Neither TRQ nor Oyu Tolgoi LLC has any intention or plan to prepay or refinance Oyu Tolgoi LLC's existing US$4.4 billion project finance facilities (with proceeds of a rights offering or otherwise). This facility is expected to remain in place until its maturity. Contrary to Odey's misleading assertions, Rio Tinto has no right to require the prepayment, refinancing or removal' of Oyu Tolgoi LLC's existing project finance facilities."
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| DIS | Hot Stocks08:43 EST Disney to lay off 32,000 parks employees in first half of 2021 - Disney disclosed last night in a regulatory filing: "Due to the current climate, including COVID-19 impacts, and changing environment in which we are operating, the Company has generated efficiencies in its staffing, including limiting hiring to critical business roles, furloughs and reductions-in-force. As part of these actions, the employment of approximately 32,000 employees primarily at Parks, Experiences and Products will terminate in the first half of fiscal 2021. Additionally, as of October 3, 2020, approximately 37,000 employees who are not scheduled for employment termination were on furlough as a result of COVID-19's impact on our businesses."
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