Overall market traded higher as positive economic data released in the day offset the news of World Bank lowering its growth outlook for global economy.
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Top Gainers 13/06/2013:
Gannett (GCI) (+34%)
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- Why: Newspaper conglomerate GCI acquired Belop Corp. a broadcast TV station operator, doubling GCI’s TV revenue and immediately earnings accretive.
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- Background: Gannett's acquisition values Belo at a multiple of 9.4 times earnings before interest, taxes, depreciation and amortization (EBITDA), the deal comes at just a 5.4x EBITDA multiple when assuming the projected synergy.
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- Fundamental: After the transaction GCI is now US$6bn. Its P/BV is 2.56x and its P/CF is 42.6x
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- Technical: Avg. vol is 2.5mn. No notable price action and no option action.
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- Insider: No notable insider purchase
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Top Losers 13/06/2013:
Dynavax Technology Corporation (DVAX) (-13.04%)
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- Why: Negative FDA response to its license application
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- Background: A clinical stage biopharma company that focuses on infectious and autoimmune disease
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- Fundamental: DVAX has a market cap of US$219mn. Its P/BV is 2.26x ad P/CF is 2.08x. Its net net capital is US$86mn.
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- Technical: Avg. Vol is about 2.4mn. No notable price action before the sharp drop
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- Insider: Director sold US$26mn in Oct 12. The largest sale ever in its history.
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