BlackBerry Ditches Buyer Bid, Aviv Shells Out $42M, and 3 More Hot Stocks
BlackBerry (NASDAQ:BBRY): BlackBerry shares are off sharply after it was revealed that the company is abandoning its hunt for a buyer and is instead replacing its incumbent CEO, Thorsten Heins. Rather than a sale to another party, Fairfax Financial and other institutional investors will be investing $1 billion in BlackBerry by means of a convertible debt featuring a 6 percent yield and a $10 per share conversion price.
Aviv REIT (NYSE:AVIV): Aviv has closed $42 million worth of transactions after it inked agreements to buy five post-acute and long-term care skilled nursing facilities in Ohio and Arkansas (in two separate transactions), four triple-net leases to new Aviv operator Peregrine Health Services, and one to existing Aviv operator Concepts Management. The lease with Concepts has an initial cash yield of 11 percent, an initial term of 10 years, and annual escalators based on the CPI; the Peregrine deal has an initial cash yield of 9.9 percent, an initial term of 10 years, and fixed annual escalators, Seeking Alpha reports.
Harvard Bioscience (NASDAQ:HBIO): Harvard shares are trading down some 19-plus percent after the company completed the spinoff of its regenerative medicine device subsidiary, now known as Harvard Apparatus Regenerative Technology, which now trades on the Nasdaq under the ticker HART.
American International Group (NYSE:AIG): Shares are recovering ever so slightly after Friday’s selloff in the wake of AIG’s third-quarter miss, even as Goldman Sachs’s Michael Nannizzi notes that the underperformance amounted to a “core miss”; poor life and property and casualty results were only offset by mark-to-market gains and a lower effective tax rate. BMO Capital, although positive on AIG in the long run, added that it might take some time for those catalysts to play out.
Swift Energy Co. (NYSE:SFY): Swift Energy shares are up more than 10 percent as Jim Cramer gave the stock his blessing on a recent episode of “Mad Money.” Though Swift has lost some 15 percent year to date, given that it has been slower than its peers to move away from natural gas into crude oil, Cramer thinks it’s not too late and admires the “extremely high quality real estate” that Swift holds in the Eagle Ford shale location.