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News Breaks
March 28, 2013
07:34 EDTTRW, HAR, JCI, DLPH, AXLAuto Stocks near-term upside limited, says Credit Suisse
Credits Suisse believes Auto Stocks are pricing in 2013 consensus estimates and that there is risk of a pull-back. The firm is more cautious on American Axle (AXL) and Johnson Controls (JCI) near-term and more constructive on TRW Automotive (TRW), Delphi Automotive (DLPH), Harman (HAR).
News For AXL;JCI;TRW;DLPH;HAR From The Last 14 Days
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November 26, 2014
16:16 EDTTRWTRW Automotive transfers about $4B of pension liabilities to L&G
TRW Automotive disclosed in a filing that on November 24 the trustee of the TRW Pension Scheme in the U.K., with respect to which a wholly-owned subsidiary of TRW Automotive Holdings is the principal employer, entered into a group annuity contract with Legal & General Assurance Society Limited in the U.K., a subsidiary of Legal & General Group, that requires L&G to pay and administer future annuity payments to certain of the U.K. Scheme’s members. Under the agreement, approximately $4B of pension liabilities under the U.K. Scheme were transferred to L&G in a partial buyout that was funded predominantly with U.K. Scheme assets, although a subsidiary of the company will make additional contributions as part of the company’s overall abatement plans described below. This transaction is part of the company’s overall plan to permanently abate a significant portion of its pension liabilities in the U.K., as well as certain of its pension liabilities in the U.S. and Canada, as previously outlined in the company’s Quarterly Report on Form 10-Q for the quarter ended September 26. The company expects these abatement actions to be substantially complete by December 31, 2014. In connection with the abatement actions, the company expects certain of its subsidiaries to make additional pension contributions in the fourth quarter of approximately $225M to $250M. The company further anticipates accounting for the abatement actions as a settlement of pension obligations under U.S. generally accepted accounting principles, and to incur pre-tax curtailment charges in the fourth quarter in the range of $875M to $925M.
November 25, 2014
05:51 EDTJCIJohnson Controls to host financial analyst meeting
Strategic Review & 2015 Outlook Financial Analyst Meeting to be held in New York on December 2 at 8 am. Webcast Link
November 20, 2014
06:04 EDTTRWTRW Automotive stockholders approve acquisition by ZF Friedrichshafen
TRW Automotive's stockholders approved the acquisition of TRW by ZF Friedrichshafen AG. At a special meeting of TRW's stockholders held yesterday, stockholders representing 79% of TRW's shares outstanding voted in favor of adopting the proposed merger agreement. Overall, 81% of TRW's stockholders participated in the vote. Under the terms of the merger agreement, ZF will acquire TRW in an all-cash transaction valued at approximately $12.4B based on equity value. TRW stockholders will receive $105.60 in cash for each share of TRW stock. ZF and TRW continue to expect the transaction to be completed in 1H15.
November 19, 2014
11:58 EDTJCIJohnson Controls boosts quarterly dividend 18% to 26c
Johnson Controls said its board increased its regular quarterly dividend to 26c per share of common stock, an increase of 18%. The quarterly dividend will be paid on Jan. 5, 2015 to shareholders of record as of the close of business on Dec. 12.
10:00 EDTAXLOn The Fly: Analyst Initiation Summary
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07:35 EDTAXLBarclays to hold a conference
Global Automotive Conference is being held in New York on November 19-20.
06:16 EDTAXLAmerican Axle initiated with a Market Perform at FBR Capital
Target $18.

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