News Breaks |
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| January 2, 2013 |
| 08:16 EDT |  | IR, DE, CAT, ITW, CMI, OSK, ETN, CNH | Machinery Sector upgraded at ISI Group
ISI Group upgraded the Machinery Sector following channel checks that indicate an inventory reduction has started. The firm did lower estimates further below consensus but expects a bottom in 1H 2013 as inventories are reduced. As part of the sector change, the analyst upgraded Caterpillar (CAT), CNH Global (CNH), Cummins (CUM), Deere (DE), Eaton (ETN), Illinois Tool Works (ITW), Ingersoll-Rand (IR), and Oshkosh (OSK) to Buy from Neutral. The firm adds that Caterpillar was a notable laggard in 2012 and could be among the best performers in 1H 2012 as investors take on more risk. |
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News For CAT;CNH;CMI;DE;ETN;ITW;IR;OSK From The Last 14 Days Check below for free stories on CAT;CNH;CMI;DE;ETN;ITW;IR;OSK the last two weeks. |
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| June 18, 2013 |
| 06:43 EDT |  | DE, CNH | White House says president would veto House farm bill, Politico reports
The White House warned yesterday that President Obama would veto the farm bill that the House is considering, according to Politico. The White House objects to cuts in food stamps in the bill, and wants to cut crop insurance subsidies instead, the website stated. Reference Link |
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| 06:23 EDT |  | IR | Ingersoll-Rand to host conference call
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| June 17, 2013 |
| 16:13 EDT |  | IR | Ingersoll-Rand spinoff Allegion to name CEO later this year, names 5 directors
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| 16:08 EDT | | IR | Ingersoll-Rand announces filing of Form 10 registration statement for spinoff
Ingersoll-Rand (IR) announced that Allegion plc filed a Form 10 Registration Statement with the U.S. SEC in connection with Ingersoll Rand’s previously announced plan to spin off its commercial and residential security businesses. The filing provides details about the independent global provider of security products and solutions. As previously announced, Ingersoll Rand expects the spinoff, which is intended to be tax free to shareholders, to occur prior to year-end. Allegion is the name of the new $2.05B security company. The name represents the collaborative, long-term relationships the company forges with customers. It embodies the company’s team of experts and their relentless commitment to safeguarding people and property. |
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| 09:58 EDT | | DE | Deere FY14 EPS estimate lowered below Street at Cleveland Research
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| 09:43 EDT | | IR | Ingersoll-Rand sees IRS proposing $400M-$700M owed in tax on debt
Ingersoll-Rand disclosed in a regulatory filing that recently an Internal Revenue Service examination team informally advised the company of its position with respect to interest payments on intercompany debt issued in connection with reincorporation in Bermuda. Ingersoll-Rand stated, "The IRS has informed us that it intends to continue to take the position on this intercompany debt, which was retired at the end of 2011, that it previously took for our 2002 tax year. In that audit the IRS proposed to impose 30% withholding tax on a portion of the interest payments on that intercompany debt as if they were made directly to a company that was not eligible for reduced U.S. withholding tax under a U.S. income tax treaty...The IRS also indicated that it may propose to extend its position further and treat some or all of the interest income from the intercompany debt as “earned” by Ingersoll-Rand Company Limited and, as a result, recharacterize some or all of the distributions made by Ingersoll-Rand Company Limited during the 2003-2006 tax years as taxable dividends instead of as a return of capital...Although we expect it to do so, the IRS has not yet proposed any similar adjustments for years subsequent to 2006, as the federal income tax audits for those years are still in process or have not yet begun...Based on the limited information available to us we believe the IRS will propose that we owe between $400 million and $700 million of additional withholding and income taxes with respect to these issues for 2003-2006, plus penalties. Interest would also be owed on any unpaid amounts...We have vigorously contested all of these proposed adjustments and intend to continue to do so. Although the outcome of these matters cannot be predicted with certainty, based upon an analysis of the merits of our position we believe that we are adequately reserved under the applicable accounting standards for these matters and do not expect that the ultimate resolution will have a material adverse impact on our future results of operations, financial condition, or cash flows. As we move forward to resolve these matters with the IRS, the reserves established may be adjusted. Although we continue to contest the IRS's position, there can be no assurance that we will be successful. If the IRS's position with respect to the 2002-2006 tax years is ultimately sustained it will have a material adverse impact on our future results of operations, financial condition and cash flows." |
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| June 12, 2013 |
| 12:27 EDT |  | CAT | On The Fly: Midday Wrap
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| 11:42 EDT | | CAT | Caterpillar raises dividend 15% to 60c from 52c per share
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| 11:41 EDT | | CAT | Caterpillar raises dividend 15%
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| 07:52 EDT | | DE | Deere says May utility tractor sales flat, row crop sales up over 18%
Industry utility tractor sale were up 6% in May, though Deere sales were flat in the month, the company said. May sales of row crop tractors were up 18% for the industry and Deere sales were up more than the industry in the category, the company said. Industry sales of four-wheel drive tractors were down 9% for May, while Deere sales in the category were down "low double digits." |
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| 07:25 EDT | | ETN | Deutsche Bank to host a conference
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| June 11, 2013 |
| 07:06 EDT | | CAT | Hudbay Minerals receives $130M commitment for equipment financing facility
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| 07:05 EDT | | DE, CNH | Senate passes farm bill, Politico reports
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| June 10, 2013 |
| 13:27 EDT |  | ETN | Eaton initiated with a Buy at Deutsche Bank (pre-open)
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| 13:26 EDT | | ETN | Wells Fargo skeptical about report of Eaton unit sale
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| 11:44 EDT | | ETN | Eaton weighing sale of unit valued at $1B, Bloomberg says
Eaton is looking deeper into a sale of its auto-parts unit, valued at $1B, according to Bloomberg, citing two people with knowledge of the situation. The sources said that Eaton expects the business unit to attract potential bidders due to the increase of car sales and its growth potential. Reference Link |
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| 11:07 EDT | | ETN | Eaton weighing sale of auto-parts unit, Bloomberg says
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| 07:19 EDT | | DE | PTC to host conference
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| 06:13 EDT | | CAT | Barloworld expects Caterpillar unit sales growth in Africa, Bloomberg reports
Caterpillar (CAT) South African equipment distributor Barloworld (BRRAW) sees spending by mining companies and governments on infrastructure to increase Africa sales of the machinery by more than 10% a year, reports Bloomberg. Barloworld has exclusive distribution rights with Caterpillar in Russia and eight African countries, including Zambia and Mozambique. Reference Link |
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| June 5, 2013 |
| 11:01 EDT | | CAT | Caterpillar says biggest misconception about company is that its just 'mining'
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