Boston, MA 03/24/2014 (wallstreetpr) – Penn Virginia Corporation (NYSE:PVA) retreated from its huge rally on Friday, which was sparked following a revealation by the billionaire George Soros that he has increased his stake to 9.2% in the company. The shares of the company rallied by nearly 22% after the disclosure. With the increased stake, the Soros Fund Management LLC also encouraged the rally through its statement that the fund will discuss options to increase value with the board and can even look forward for strategic alternatives. According to the SunTrust Banks Inc., the selling proposition of the company is enticing for buyers like Devon Energy Corp and Newfield Exploration Co. Moreover, the deal, if fixed, could fetch $25 per share to the company.
Analysts from BMO Capital have raised their price target for First Republic Bank (NYSE:FRC) to $58 and have assigned a ‘market perform’ rating to the stock. The revised valuations by the research firm comes on account of advantage seen with a 100 basis points increase in the interest rate. The shares of the bank were trading $0.09 higher on Friday.
The battle between Brown-Forman Corporation (NYSE:BF.A) and Diageo is getting fierce over Brown-Forman’s Tennessee whiskey, Jack Daniel’s. Presently, the Tennessee whiskey law is considered to be the one favoring Brown-Forman’s Jack Daniel’s recipe of stipulated 51% corn, sour mash, charring in new oak barrels, followed by mellowing in charcoal and then storing in Tennessee. As a result, the smaller competitors find it difficult to differentiate their own product. Resultantly, Diageo emerged out as one to drive for a new legislation relating to Tennessee law. If, the legislation is passed then Diageo will stand to benefit the most as it already has its own Tennessee whisky, George Dicker. It is to be noted that the changes demanded in the new law is that to allow distillers to make the whiskey mature in reused oak barrels with an option to store it other than Tennessee.