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January 24, 2013
10:26 EDTALBAlbermarle falls after analysts slash ratings
Chemicals maker Albemarle (ALB) is retreating after multiple research firms downgraded the stock in notes to investors earlier today. JPMorgan downgraded the stock to Neutral from Overweight. The firm believes that the company's earnings per share are likely to decline in the first half of 2013, and it noted that the company's stocks has risen 19% since mid-September, beating the overall market by a wide margin. However, JPMorgan increased its price target on the shares to $67 from $62. Meanwhile, Citigroup analyst P.J. Juvekar downgraded Albemarle to Neutral from Buy. Albemarle's electronics business faces challenges due to weak LCD TV demand and a potential further shift away from PCs, Juvekar believes. Both TVs and PCs use Albemarle's flame retardants, but tablets don't use them, the analyst explained. Moreover, many of Albemarle's refinery customers will have shutdowns in the first half of 2013, and the company's share of profits from a joint venture in Japan is slated to drop to 60% from 70% this year, added Juvekar, who lowered his target on the stock to $71 from $74. Deutsche Bank and Macquarie also lowered their ratings on the stock this morning. Yesterday morning, Albermarle stated that it expected its performance in the first half of 2013 to be weaker than in either half of 2012. In mid-morning trading, Albemarle fell $1.52, or 2.35%, to $63.15.
News For ALB From The Last 14 Days
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July 15, 2014
16:40 EDTALBOn The Fly: Closing Wrap
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14:43 EDTALBRockwood reported to have recently approached strategic buyers, Bloomberg says
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13:53 EDTALBRockwood shares should push higher, says Credit Suisse
Credit Suisse believes shares of Rockwood (ROC) will move higher as Albemarle (ALB) investors get more comfortable with Rockwood's high growth and high free cash flow platform, and sees the potential for other bidders given the relatively low premium.
13:11 EDTALBAlbemarle downgraded to Underperform from Perform at Oppenheimer
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13:08 EDTALBAlbemarle downgraded to Underperform from Perform at Oppenheimer
10:28 EDTALBHigh option volume stocks
High option volume stocks: TRGT ALB UUP ADHD ROC WWW CTRL KERX IMGN NI
09:21 EDTALBOn The Fly: Pre-market Movers
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08:56 EDTALBAlbemarle says suspending share repurchase program
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08:54 EDTALBAlbemarle says Rockwood merge to be accretive to cash earnings in first year
Albemarle (ALB) says it views its merge with Rockwood (ROC) as a "decisive move." Says transactions accelerates growth, enhances earnings profile and doubles Albemarle's size. Expects revenue growth to be well above GDP. Says "well positioned" for core earnings growth drivers to drive business. Says the transaction will generate "strong" free cash flow to allow for the company to continually invest in key growth drivers. Says transaction will enable to Albemarle to have more consistent and predictable earnings growth to drive long-term value creation going forward. Expects transaction to be accretive to cash earnings in the first year and adjusted EPS in the second year. Says combined company will create $500M in cash flow on a pro forma basis in first year, rising substantially going forward as the company grows. Expects the transaction to generate cost synergies of $100M to be fully realized in 2016. Comments made during the conference call in which Albemarle and Rockwood discussed their merger.
06:53 EDTALBRockwood Holdings volatility expected to move on Albemarle acquisition
Rockwood Holdings (ROC) volatility is expected to move on Albemarle (ALB) acquiring all outstanding shares of Rockwood in a cash and stock transaction valued at approximately $6.2B. Overall option implied volatility of 27 is at its 26-week average according to Track Data, suggesting non-directional price movement.
06:46 EDTALBAlbemarle to host conference call
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06:17 EDTALBAlbemarle sees Q2 EPS ex-items $1.08-$1.11, consensus 99c
Sees Q2 revenue of approximately $605M, consensus $646.75M. Albemarle's president and CEO Luke Kissam stated, "Stronger Catalyst Solutions trends drove higher than expected Q2 results, attributable to a combination of modest improvements in end market demand during the period and a shift in certain orders from Q3 into Q2." The company also announced that it will release second Q2 earnings results one week later than previously announced, after the NYSE closes on Wednesday, July 30.
06:05 EDTALBAlbemarle, Rockwood to merge in transaction valued at about $6.2B
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06:04 EDTALBAlbemarle, Rockwood to merge in transaction valued at about $6.2B
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