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Stock Market & Financial Investment News

News Breaks
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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April 17, 2014
09:29 EDTALBAlbemarle says sale of assets to SI Group was due to a need to consolidate
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April 16, 2014
17:16 EDTALBAlbemarle reports Q1 adjusted EPS 96c, consensus 95c
Reports Q1 revenue $656.68M, consensus $655.87M.
16:05 EDTALBAlbemarle agrees to sell antioxidant, ibuprofen and propofol businesses
Albemarle Corporation announced that it has signed a definitive agreement to sell certain assets to SI Group. Included in the transaction are Albemarle's antioxidants and FDA-regulated ibuprofen and propofol businesses and assets, with manufacturing sites in Orangeburg, South Carolina and Jinshan, China; and Albemarle's antioxidant product lines. Certain applications and technical support capabilities in Shanghai, China and Baton Rouge, Louisiana will also be included in the transaction. Terms of the transaction, which is subject to customary closing conditions and is expected to close later in 2014, were not disclosed.

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