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January 29, 2013
13:50 EDTASHAshland trading lower after preliminary Q1 profits disappoint
Ashland (ASH) shares are trading lower after the company released preliminary Q1 EPS results that were weaker than analyst estimates. The specialty chemical maker reported preliminary Q1 adjusted ex-items EPS of $1.12, well below the analyst consensus of $1.39, and revenue of $1.9B, which met analyst expectations. Ashland CEO James J. O'Brien noted that Q1 is the company's seasonally weakest period of the year and that Q1 results reflect soft demand in some key markets and regions. He added that the results included $31M in losses on straight guar, primarily reflecting a discrete write-down of inventory to current market value as contributing to the Q1 disappointment. Ashland shares are trading down $5.98, or 6.99%, to $79.55 in early afternoon trading.
News For ASH From The Last 14 Days
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September 22, 2015
16:36 EDTASHOn The Fly: Top stock stories for Tuesday
Stocks on Wall Street began the session sharply lower and remained that way throughout the session. There was little in the way of buying as each of the major equity indexes slid over 1% and the market internals were decidedly negative. The auto industry and biotech sector were both notably weak, after the French government called for an investigation into the entire auto industry in the wake of the Volkswagen (VLKAY) emissions scandal and Democratic Presidential hopeful Hillary Clinton presented a plan to limit the cost of drugs for consumers. ECONOMIC EVENTS: In the U.S., the FHFA home price index rose 0.6% to 224.5 in July, which was better than the 0.4% rise that was expected. The Richmond Fed factory index fell to -5 in September, versus the reading of 2 that was expected. In Asia, the Asian Development Bank cut its growth forecast for the region, citing a weaker outlook for China and India and a delayed recovery in the world's advanced economies. The bank now sees the Chinese economy growing 6.8% this year and 6.7% next year, down from its previous forecasts of 7.2% and 7%, respectively. COMPANY NEWS: Lloyd Blankfein, Goldman Sachs (GS) Chairman and CEO, disclosed that he was diagnosed with lymphoma. "Fortunately, my form of lymphoma is highly curable and my doctors' and my own expectation is that I will be cured," Blankfein stated in an open letter that was shared by the bank... Bank of America (BAC) shareholders approved a proposal to ratify the 2014 amendments to the company's bylaws that permitted the board of directors to determine its leadership structure, meaning Brian Moynihan can retain his dual role as both Chairman and CEO... Shares of several fertilizer companies slid after Mosaic (MOS) announced it will reduce its potash production in response to current crop nutrient market conditions, primarily related to delayed fertilizer purchases in Brazil and North America. Shares of Mosaic finished the day down 7% at $33.87 following last night's announcement, while Potash (POT) fell 6.5% and Agrium (AGU) dropped 3.5%. MAJOR MOVERS: Among the notable gainers was Ashland (ASH), which advanced $2.78, or 2.6%, to $108.50 after announcing it will proceed with a plan to separate into two independent, publicly traded companies. Also higher was Weatherford (WFT), which gained 90c, or 10.7%, to $9.31 after cancelling plans for a public share offering, after which research firms Jefferies and Iberia both reiterated Buy-equivalent ratings on the stock. Among the noteworthy losers were Office Depot (ODP) and Staples (SPLS), which declined a respective 4% and 5.8% after the New York Post quoted a source as saying the FTC may move to block their merger plan. Also lower was Groupon (GRPN), which slipped 2.2% to $4.08 after announcing plans to cut 1,100 jobs related primarily to its international operations. ConAgra (CAG), Carnival (CCL), and CarMax (KMX) fell 7%, 5.5%, and 4.65%, respectively, following their quarterly earnings reports. INDEXES: The Dow fell 179.72, or 1.09%, to 16,330.47, the Nasdaq lost 72.23, or 1.5%, to 4,756.72, and the S&P 500 dropped 24.23, or 1.23%, to 1,942.74.
09:20 EDTASHOn The Fly: Pre-market Movers
HIGHER: Ashland (ASH), up 4% after announcing that its board has approved proceeding with a plan to separate Ashland into two independent, publicly traded companies: the new Ashland, a provider of specialty chemical solutions, and Valvoline, which will focus on building the world's leading engine and automotive maintenance business... Solera Holdings (SLH), up 3% after Bloomberg reported that IHS (IHS) is considering besting Vista Equity Partners' $55.85 per share offer for Solera. Shares of IHS are up xxx% following the report... Weatherford (WFT), up 11% after stating that it has decided not to pursue its previously announced concurrent public offerings of ordinary shares of the company and mandatorily exchangeable subordinated notes. DOWN AFTER EARNINGS: Carnival (CCL), down 3.7%. ALSO LOWER: Groupon (GRPN), down 0.7% after announcing plans to cut 1,100 jobs relating primarily to the company's international operations... New Mountain Finance (NMFC), down 4% after its 5M share spot secondary priced at $14.14 per share... Memorial Resource Development (MRD), down 4% after announcing it acquired additional acreage in North Louisiana and pricing its 12M share spot secondary at $17.60 per share.
07:58 EDTASHAshland October volatility elevated, separating into two independent companies
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07:44 EDTASHAshland to host conference call
Conference call to discuss plan to separate into two independent, publicly traded companies will be held on September 22 at 9 am. Webcast Link
07:33 EDTASHAshland to separate into two independent, publicly traded companies
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