TheChek News Flow

- Reminder: In November Crescendo Partners Sends Letter to Board, Urges Sale of the Company; and in January of 2014 reports were that ARO was measuring potential takeover interest as activist investors apply pressure

Hearing strength in Iron Mountain and Lamar Advertising attributed circulation of reports that the IRS's private letter rulings on REIT conversions could be issued this week

- Lamar Advertising is actively considering an election to convert to real estate investment trust (REIT) status. In conjunction with that review, the Company submitted a private letter ruling request to the U.S. Internal Revenue Service (the IRS) in November, 2012 regarding a potential REIT election.

- On November 14th, 2013 the IRS informed the Iron Mountain that it would resume issuing rulings regarding the definition of 'real estate' for purposes of the REIT provisions of the code.

***Reminder: Back in June 2013, the IRS formed an internal working group to study the current legal standards the IRS uses to define for purposes of REIT provision. In mid November, the IRS indicated it will resume rulings on REIT conversions.

Apple Inc Icahn: Disappointed with ISS recommendation to vote against his share buyback plan, but sees no reason to continue with his buyback proposal

- As Tim Cook describes them, these recent actions taken by the company to repurchase shares have been both opportunistic and aggressive and we are supportive. In light of these actions, and ISSs recommendation, we see no reason to persist with our non-binding proposal, especially when the company is already so close to fulfilling our requested repurchase target.

- Link: {http://www.shareholderssquaretable.com/our-letter-to-apple-shareholders/ }

AAPL -0.30% Pre-Market

In reaction to disappointing earnings/guidance: BWP -25.3%, CYOU -11.5%, SOHU -3.5%, ACIW -3.5%, CCJ -1.9%, HAS -1%, .

Brazil names lower: SID -2.6%, SAN -2.4%, BRFS -1.9%, TSU -1.7%, BBVA -1.7%, TEF -1.4%, BSBR -1.4%

Other news: MDCO -12.6% (following FDA Briefing documents), PRAN -9.3% (still checking), MT -4.5% (may consider purchase of part of Italy's Ilva, according to reports), FENG -4.3% (still checking), NOK -3.4% (Nokia and HTC sign a patent and technology collaboration agreement), ADHD -2.1% ( founders planning IPO of BioBlast Pharma, according to reports ), MCHP -1.7% (Microchip Technology Announces Acquisition of Supertex), BHP -1% and BP -0.9% (still checking), LO -0.8% (NYPost details news that many small e cigarette start ups may be acquired by larger rivals ), TWTR -0.6% (modestly lower following cautious Barron's mention), TWC -0.3% (late weakness on WSJ.com story out indicating CHTR board nominations and unlikely raised bid for TWC).

Analyst comments: MWW -2.6% (downgraded to Mkt Perform at FBR Capital ), FTI -0.8% (downgraded to Mkt Perform from Outperform at William Blair, upgraded at Raymond James), AFL -0.3% (removed from short-term buy list at Deutsche Bank )

In reaction to strong earnings/guidance: KRG +10.6% (also announces $2.1 bln stock for stock merger with Diversified Real Estate Trust; KRG reports FFO in-line, beats on revs; guides FY14 FFO in-line), CNA +8.4%, (ticking higher), SFUN +8%, DKS +6.7%, SXT +3.7%, (ticking higher), MPAA +2.4%, MCD +0.3% .

M&A news: SUPX +36.2% (Supertex to be acquired by MCHP for $33 per share in cash), AMAP +31.8% (Alibaba files amended 13D indicating Alibaba submitted a non-binding proposal for a going private transaction for $21 per ADS), HWG +26.9% (Hallwood Group announces $3.00 per share increase in merger consideration and settlement of related class action), ANEN +0.5% (shareholders approve merger agreement with affiliate of Veritas Capital ), ATI +0.4% (has acquired Dynamic Flowform Corp; financial terms not disclosed).

Select metals/mining stocks trading higher: AZC +18.4% (Augusta Resource responds to announcement by Hudbay Minerals), AUY +2%, NEM +2%, AU +1.8% (AngloGold Ashanti enters into agreement to sell Navachab mine; The agreement provides for an upfront consideration based on an enterprise value of US$110 mln ), EGO +1.6%, GDX +1.6%, HL +1.6%, SLV +1.2%, PAAS +1.1%, CLF +1% ( positive mention on Mad Money), GOLD +0.8%, GLD +0.7%, SUPX +36.2%, .

Other news: JRCC +20.3% (announces exploration of strategic alternatives and amendment to its revolving credit facility ), PLUG +12.9% (receives multi-site GenKey order; first site is expected to be operational in the second quarter of 2014 ), KNDI +7.4% (China plans to extend electric car subsidies until after 2015, according to reports ), YELP +5.1% (Yelp to partner with Yahoo (YHOO) on local search results, according to reports), MONT +4.3% (responds to allegations in Gravity Research Report -- defends sales model and revenue reporting), NBG +3.8% (still checking), BEBE +3.3% ( has hired advisers on possible sale, according to reports ), ARNA +3.3% (reports coverage for BELVIQ CIV now greater than 50% of insured commercial lives ), RSH +3.3% (mentioned positively in CNBC story), TTM +2.4% (still checking), ECOM +1.6% ( positive mention on Mad Money), BCS +1.4% ( plans to examine data theft from 27K customers, according to reports), SNY +1.2% (still checking), SNPS +1.1% (acquires Target Compiler Technologies), ACI +1% (has sold ADDCAR Systems, L.L.C. to UGM Holdings Pty. Ltd. for a total of $21 million), AAL +0.6% (reports January RPMs were up 3.8% y/y).

Analyst comments: STJ +2.1% (upgraded to Buy at Stifel; upgraded to Outperform from Mkt Perform at William Blair ), LH +2% ( upgraded to Buy from Hold at Deutsche Bank), TXRH +1.7% (Texas Roadhouse upgraded to Strong Buy from Outperform at Raymond James ), CNK +1.4% (upgraded to Overweight from Neutral at JP Morgan), ICPT +1% (tgt to $493 from $449 at Wedbush), AXP +0.7% (upgraded to Overweight from Equal-Weight at Morgan Stanley), BIN +0.7% ( upgraded to Buy from Hold at Canaccord Genuity), WFM +0.6% (Whole Foods upgraded to Buy from Hold at BB&T)