Why Viacom, E*TRADE, ConocoPhillips, and More Are Trending Thursday

SUPERVALU Expands Wholesale Business

SUPERVALU INC. (NYSE:SVU) announced that it has entered into a definitive agreement to buy 22 Food Lion grocery stores that are being divested in connection with a merger between Delhaize and Ahold. The 22 acquired stores will be converted into the company’s Shop ‘N Save format and are expected to benefit from SUPERVALU’s brand and marketing strategies. The deal is expected to close within the next 105 days, per FTC approval. Of the 766 active funds that we track, 28 funds owned $328 million in SUPERVALU INC. (NYSE:SVU) holdings on March 31, which accounted for 21.40% of the float.

Nexstar Announces Offering of Senior Notes

Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) is being watched today after the company announced the offering of $900 million of senior notes due 2024. The TV broadcaster will use the proceeds of the proposed offering, along with other resources, to fund its proposed acquisition of Media General Inc (NYSE:MEG) and to repay existing credit facilities. Traders hope management can unlock substantial synergies from the $4.6 billion Media General purchase. 47 funds in our system owned shares of Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) at the end of the first quarter.

A Major Energy Company Sells an Asset

ConocoPhillips (NYSE:COP) has agreed to sell its 35% interest in three exploration blocks in offshore Senegal to Australia’s Woodside Petroleum Ltd for $350 million plus net customary adjustments of around $80 million. The divestment of the offshore assets furthers ConocoPhillips retreat from deep-water exploration in West Africa. The deal is expected to close by the end of 2016. ConocoPhillips carried the three offshore exploration blocks on its balance sheet with a net asset value of $250 million as of May 31. 45 funds that we follow owned shares of ConocoPhillips (NYSE:COP) at the end of March, up by 14 funds from the end of December.

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