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Stock Market & Financial Investment News

News For BP;DOW From The Last 14 Days
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May 5, 2015
07:53 EDTDOWWells Fargo to hold a conference
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May 4, 2015
13:17 EDTDOWOn The Fly: Top stock stories at midday
Stocks on Wall Street were higher at midday after having opened in positive territory and showing little movement in the early half of the day. ECONOMIC EVENTS: In the U.S., factory orders climbed 2.1% in March, which was roughly in-line with expectations. The New York ISM current business conditions index jumped to 58.1 in April from a prior reading of 50. In China, the final Purchasing Managers’ Index from HSBC and Markit for April came in at 48.9, which was below the preliminary reading of 49.2 and missed the consensus forecast of 49.4. In Europe, Markit's purchasing managers index for the eurozone’s manufacturing sector fell to 52.0 in April from 52.2 in March. COMPANY NEWS: Dow Chemical (DOW) announced it will cut approximately 1,500-1,750 positions, or approximately 3% of its global workforce, as part of streamlining the organization ahead of the company’s pending separation of a significant portion of its chlorine value chain... McDonald's shares declined fractionally after the company revealed details about the initial steps of the company's turnaround plan. The company said it will restructure its business into four new segments, accelerate the pace of its refranchising and reach the top end of its 3-year $18B-$20B cash return to shareholders target by the end of 2016... Cisco (CSCO) announced that Chuck Robbins will take over as CEO and that John Chambers will assume the role of executive chairman on July 26... Disney (DIS) moved up its second quarter earnings release and conference call following the sudden death of David Goldberg, the CEO of SurveyMonkey and husband of Facebook (FB) COO and Disney Board member Sheryl Sandberg. MAJOR MOVERS: Among the notable gainers was Array BioPharma (ARRY), which rose more than 15% after the company reported on its quarterly results and provided pipeline updates for binimetinib and encorafenib. Also higher after its earnings report was BroadSoft (BSFT), which gained almost 15%. Among the noteworthy losers was Spark Therapeutics (ONCE), which fell 4% after the New England Journal of Medicine published a study that found gene therapy created by another company that previously helped restore sight in patients with a rare form of childhood blindness peaked one to three years after treatment and had diminished by six years. Also lower were shares of Pioneer Natural Resources (PXD), which were down about 3% in afternoon trading after David Einhorn of Greenlight Capital spoke cautiously about the company and the fracking space in general while presenting at the Ira Sohn investor conference. INDEXES: Near midday, the Dow was up 64.48, or 0.36%, to 18,088.54, the Nasdaq was up 19.74, or 0.39%, to 5,025.13, and the S&P 500 was up 7.62, or 0.36%, to 2,115.91.
08:05 EDTDOWDow Chemical cutting approx. 1,500-1,750 positions from global workforce
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08:04 EDTDOWDow Chemical: Productivity efforts centering on cost-out actions
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08:04 EDTDOWDow Chemical announces actions to streamline, remove stranded costs
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08:03 EDTDOWDow Chemical to cut approx. 3% of global workforce
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07:19 EDTBPCredit Suisse to hold a conference tour
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April 30, 2015
09:01 EDTBPExxon begins oil production ahead of schedule at Kizomba Satellites Phase 2
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08:23 EDTDOWDow Chemical to sell AgroFresh to Boulevard Acquisition
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08:12 EDTDOWDow Chemical announces divestment of AgroFresh to Boulevard Acquisition
The Dow Chemical Company has signed a definitive agreement under which AgroFresh, its post-harvest specialty chemical business, will be acquired by Boulevard Acquisition Corp., a public investment vehicle, formed by Avenue Capital Group, for $860 million, or 9.2x EBITDA multiple based on 2014 earnings. The transaction has been unanimously approved by the boards of directors of both companies, and is expected to close in the third quarter of 2015, subject to approval by Boulevard’s shareholders and other closing conditions, including regulatory filings and local employment law and governance obligations in Europe. An affiliate of Avenue has provided incremental capital commitments and Boulevard expects to take certain steps to help ensure both the successful closing and the future growth of AgroFresh. Upon closing, AgroFresh will become a subsidiary of Boulevard, a stand-alone public company in which Dow will retain a non-consolidated minority ownership position. It will be positioned to grow both through its existing innovative processes and through future investments and acquisitions. Thomas Macphee, vice president and corporate director for Dow, who had formerly been responsible for AgroFresh in the Company’s early development, has been named CEO of AgroFresh, pending official closure of the transaction. Dow had previously announced its intent to divest AgroFresh on Oct. 2, 2014. The signing of this transaction represents yet another milestone against the Company’s stated target of $7 billion to $8.5 billion in proceeds from divestitures by mid-2016. Since 2013, the Company has signed or completed transactions that are expected to exceed $12 billion in pre-tax proceeds.
April 29, 2015
08:30 EDTDOWDow Corning reports Q1 sales $1.36B, down 11% vs. 1Q14
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07:38 EDTDOWOlin Corp. price target raised to $33-$35 from $30-$32 at Wells Fargo
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April 28, 2015
09:36 EDTDOWActive equity options trading on open
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08:46 EDTBPOn The Fly: Pre-market Movers
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06:27 EDTBPBP sees Q2 production lower than Q1, refining margins similar
BP said, "Looking ahead, we expect second-quarter 2015 reported production to be lower than the first quarter, reflecting significant seasonal turnaround and maintenance activity, primarily in the Gulf of Mexico, and PSA entitlement impacts." It added, "In the second quarter we expect refining margins to be similar to the first quarter and a significantly higher level of turnaround activity."
06:23 EDTBPBP reports Q1 replacement cost profit $2.58B vs. $3.23B last year
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April 27, 2015
15:04 EDTBPNotable companies reporting before tomorrow's open
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11:52 EDTDOWDow Chemical management to meet with Jefferies
Meeting to be held in Chicago on May 1 hosted by Jefferies.
06:25 EDTBPBritish government would oppose any takeover of BP, FT reports
The British government has told BP (BP) that it wants the company to remain a "British industrial champion" and it would oppose any takeover of the the company, The Financial Times reports. British officials have said the government would be "skeptical" about any takeover, even if it involves Royal Dutch Shell (RDS.A) because it wants the country to have two big global oil companies. Analysts have previously named ExxonMobil (XOM) as possible suitor for BP. Reference Link
April 26, 2015
12:50 EDTDOWApple, Celgene, others are 'top picks' for spring, Barron's says
In a survey of U.S. money managers, shares of Apple (AAPL), Dow Chemical (DOW), American Airlines (AAL), Celgene (CELG), General Motors (GM), and McDermott (MDR) were identified as top picks for this spring, Barron's contends in its cover story. Reference Link
April 23, 2015
14:29 EDTBPBP sells North Sea gas pipeline system stake, Telegraph says
BP has agreed to sell a stake in the Central Area Transmission System, a North Sea gas pipeline system, for GBP324M, according to The Telegraph. Reference Link
09:15 EDTDOWDow Chemical targets long-term annual EPS growth of 10%
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09:14 EDTDOWDow Chemical says deal to merge chlor-alkali to close at the end of 2015
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09:12 EDTDOWDow Chemical says Agricultural Sciences to see margin improvement in Q2
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09:09 EDTDOWDow Chemical sees FY15 production program of $300M to offset inflation
Sees FY15 pension expense to be greater than $100M. Sees FY15 currency impact on EBITDA to be 15%-30% of revenue. Sees FY15 CapEx to be approximately $3.9B. Sees FY15 tax rate to be in 25%-28% range.
09:00 EDTDOWDow Chemical expects Q2 growth in demand in most businesses
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07:54 EDTDOWDow Chemical sees divestiture transactions to exceed $11B
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07:06 EDTDOWDow Chemical projects oil market to be more favorable
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07:05 EDTDOWDow Chemical reports sales down 14% driven primarily by price declines
Sales were $12.4B, down 14% driven primarily by price declines, due to changes in crude oil values and currency devaluations versus the dollar. Demand for Dow products grew across all geographic regions. Volume increased in Performance Plastics, up 6%, and Performance Materials & Chemicals and Consumer Solutions, both up 5%. Overall, growth was led by emerging geographies, up 5%, with particular strength in Greater China, up 10%.
07:03 EDTDOWDow Chemical reports Q1 operating EPS 84c, consensus 76c
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April 22, 2015
15:59 EDTDOWDow Chemical rises after Cooperman's Omega reveals new stake
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15:55 EDTDOWDow Chemical a new long for Cooperman, Valuewalk says
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15:50 EDTDOWNotable companies reporting before tomorrow's open
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12:49 EDTDOWEU proposes new law that allows states to ban biotech crops, WSJ reports
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06:10 EDTBPBP CEO says has no appetite for megamerger, FT reports
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April 21, 2015
19:20 EDTBPBP looks to sell $2B in U.S. pipelines, storage terminals, Bloomberg says
BP has solicited potential buyers for four pipelines and one gas plant in the Gulf of Mexico, as well as 15 storage terminals along the East Coast and Midwest, reports Bloomberg, citing people familiar with the matter. The sources believe the assets could sell for as much as $2B. Bloomberg notes that the company may be pursuing a sale in order to fund drilling projects. Reference Link
15:44 EDTBPBP CEO says company has not been approached to be bought
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15:43 EDTBPBP CEO sees low oil prices for longer period of time
Commnents made during a CNBC interview.
12:59 EDTBPExxon Mobil CEO sees continued pressure on oil prices, WSJ says
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07:26 EDTBPBP preparing to defend against opportunistic takeover bids, Bloomberg says
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