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News Breaks
July 15, 2013
19:11 EDTMPC, CTAS, BERY, HSII, NQ, ANR, JOEZ, BROOn The Fly: After Hours Movers
HIGHER: Brown & Brown (BRO), up 1.8% after its second quarter earnings beat estimates... NQ Mobile (NQ), up 7.3% after saying it sees second quarter revenue exceeding $40M against estimates for $38.61M, and acquiring the remaining 45% stake in its Beijing NationSky subsidiary for $25.2M. DOWN AFTER EARNINGS: Cintas (CTAS), down 4%... Stanley Furniture (STLY), down 6.2%... Joe's Jeans (JOEZ), down 13.4% after earnings miss estimates and the company announces plans to buy Hudson Clothing for $97.6M. ALSO LOWER: Heidrick & Struggles (HSII), down 12.8% after the it's CEO will step down as the company announced it will pursue a standalone strategy after exploring strategic alternatives. The company also said it expects second quarter revenue to come in at the high end of its guidance range... Marathon Petroleum (MPC), down 3.4% after the company said it sees second quarter earnings below current estimates... Alpha Natural Resources (ANR), down 3.2% after the company's subsidiary Cumberland Coal suspended mine production due to adverse geological conditions... Berry Plastics (BERY), down 3.6% after the company gave a third quarter revenue view below estimates and filed to sell 15M shares of common stock for holders.
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July 1, 2015
16:35 EDTANRAlpha Natural announces consolidation of Marcellus Shale JV ownership
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11:21 EDTBERYMontagu Private Equity preparing sale of Centor unit, Reuters reports
According to two sources, Reuters reports that Montagu Private Equity has hired Morgan Stanley to launch a sale of Centor, its healthcare packaging group. The sources believe Berry Plastics or Gerresheimer could have interest in Centor, which makes prescription containers for medication dispensing, as well as buyout firms. A deal for Centor could be worth up to $700M, the report says. Reference Link
09:41 EDTNQRosenblatt sees increased likelihood of asset sales for NQ Mobile
June 30, 2015
13:31 EDTANRAlpha Natural creditors prepping for restructuring talks, WSJ reporter says
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07:15 EDTHSIIExecutives' Club of Chicago to hold a discussion
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June 29, 2015
10:41 EDTANRSupreme court rules EPA unlawful with power plant pollution rules, Reuters says
Publicly traded companies in the coal space include Alliance Resource Partners (ARLP), Alpha Natural (ANR), Arch Coal (ACI), CONSOL (CNX), Cloud Peak (CLD), Peabody (BTU) and Walter Energy (WLT).
June 26, 2015
11:08 EDTANRPeabody plunges after Moody's lowers credit rating
Shares of coal miner Peabody (BTU) are lower in late morning trading after Moody's Investors Service downgraded the company's credit rating last night. WHAT'S NEW: Moody's Investors Service downgraded the ratings of Peabody, including the corporate family rating, to B3 from B2, probability of default rating to B3-PD from B2-PD. The firm noted that the outlook is negative. Moody's said that the downgrade "reflects our expectation of continued deterioration in the company's credit metrics, more precipitous than we had forecasted previously, due to the ongoing decline in the seaborne metallurgical coal markets." The firm expects that the company's Debt/EBITDA, as adjusted, will approach 9x in 2015. Moody's said that although it anticipates some recovery in 2016, it sees the leverage remaining elevated at around 7x. Absent asset sales, the company will generate negative free cash flows in 2015 and 2016, Moody's said in the report. WHAT'S NOTABLE: Moody's said that a further downgrade would be considered if liquidity deteriorated, free cash flows were repeatedly negative and/or Debt/EBITDA exceeded 8x on a sustained basis. PRICE ACTION: Shares of Peabody are down over 9.5% to $2.08 in late morning trading, rebounding from an earlier low of $1.92. OTHERS TO WATCH: Other companies in the coal mining space include Alpha Natural Resources (ANR), Arch Coal (ACI) and CONSOL Energy (CNX).
June 25, 2015
09:29 EDTJOEZJoe's Jeans in talks to be acquired by private equity firm, DJ reports
Private equity firm Tengram Capital Partners is in talks to buy Joe's Jeans, reported Dow Jones, citing people familiar with the matter who said the deal could be valued at less than $100M and that the firm is also in talks with lenders about financing for the deal. Joe's previously disclosed that it hired Carl Marks Advisory to explore options, including a potential sale or restructuring, after it defaulted on its roughly $90M in debt, the report noted.
08:02 EDTJOEZJoe's Jeans in talks to be acquired by Tengram Capital, DJ reports

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