News For CBE From The Last 14 Days Check below for free stories on CBE the last two weeks.
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May 23, 2012
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| 07:37 EDT |  | CBE |
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May 22, 2012
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| 07:28 EDT |  | CBE |
| | 06:18 EDT |  | CBE |
| theflyonthewall.com: | Cooper Industries downgraded to Market Perform from Outperform at FBR Capital |
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| | 06:09 EDT |  | CBE |
| | 06:01 EDT | | CBE |
| theflyonthewall.com: | Cooper Industries downgraded to Market Perform from Outperform at JMP Securities |
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| | 04:48 EDT |  | CBE |
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May 21, 2012
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| 16:16 EDT |  | CBE |
| theflyonthewall.com: | On The Fly: Closing Wrap | | Stocks on Wall Street were higher in spite of Facebook (FB) breaking its IPO pricing. Stock futures were higher throughout the premarket trading session as the market got ready to bounce from its two week tailspin. There was little reaction to the better than expected Chicago Fed National Activity Index but the futures action led to a higher open for the broader market. The averages began the day slightly higher but moved firmly into the green shortly after midmorning. The market then moved in a narrow range for most of the session, but with an upward trend, as the market finally broke its losing streak... ECONOMIC EVENTS: Domestically, the Chicago Fed National Activity Index rose to +0.11 for the month of April from -0.29 in March... COMPANY NEWS: Facebook shares fell below their $38 issue price in premarket trading and continued to slide as much as 13.7% before finding a level near $33. In its second day of trading the stock closed down $4.20, or 10.99%, at $34.03... Yahoo! (YHOO) agreed to sell half of its 40% stake in Chinese e-commerce group Alibaba for about $7.1B and laid out a joint agreement for a plan to dispose of the remainder of its stake over time. Yahoo did not give exact plans for what it will do with the proceeds, expected to be about $4.2B after taxes, but did increase its share repurchase authorization by $5B concurrently with the transaction... JP Morgan (JPM) slid close to another 3% as the company's CEO Jamie Dimon announced at an investor conference that the bank is suspending its share repurchase program for the time being as it works to strengthen its capitalization ahead of new regulations... MAJOR MOVERS: Among the notable gainers were Cooper Industries (CBE), up $14.04, or 25.14%, to $69.88, after agreeing to be acquired by Eaton Corporation (ETN) in a cash and stock deal valued at $72.00 per share, and Krispy Kreme (KKD), up 61c, or 10.15%, to $6.62, following its report of better than expected earnings. Also higher were shares of Westport Innovations (WPRT), up $2.83, or 11.93%, to $26.56, as Craig-Hallum said in a note to investors that the firm sees more catalysts heading into Westport's analyst day later this week and continues to recommend the stock as the shift towards natural gas in trucking is hitting a tipping point. Noteworthy losers included Lowe's (LOW), down $2.88, or 10.11%, to $25.60, after its sales and profits beat estimates but its yearly earnings guidance came in below consensus, and BlackRock (BLK), down $4.18, or 2.43%, to $167.73, as Barclays (BCS) announced plans to sell its entire 19.6% stake in the alternative investment manager... INDICES: The Dow gained 135.10, or 1.09%, to 12,504.48; the Nasdaq rose 68.42, or 2.46%, to 2,847.21; and the S&P 500 added 20.77, or 1.60%, to 1,315.99. :theflyonthewall.com |
| | 13:37 EDT | | CBE |
| theflyonthewall.com: | Piper expects further sector consolidation following Cooper deal | | Piper Jaffray expects consolidation in the electrical and industrial components sector to continue after Eaton (ETN) acquired Cooper Industries (CBE). The firm views Quanta Services (PWR), Acuity Brands (AYI) and Elster (ELT) as attractive potential takeover targets within its coverage universe. :theflyonthewall.com |
| | 13:31 EDT | | CBE |
| | 12:21 EDT | | CBE |
| | 12:00 EDT |  | CBE |
| | 10:01 EDT | | CBE |
| | 10:00 EDT | | CBE |
| theflyonthewall.com: | Cooper Industries rises 24.9% | | Cooper Industries is up 24.9%, or $13.88, to $69.72 :theflyonthewall.com |
| | 09:48 EDT | | CBE |
| | 09:44 EDT | | CBE |
| | 09:11 EDT | | CBE |
| theflyonthewall.com: | Eaton sees Cooper acquisition accretive to EPS by 35c in 2014 | | The acquisition is expected to be accretive to operating earnings per share by 35c in 2014 and by 45c in 2015. Excluding the non-cash expense related to the amortization of intangibles arising from purchase accounting, the acquisition is expected to be accretive to operating earnings per share by 65c in 2014 and by 75c in 2015. The acquisition will be financed with a mixture of cash, debt, and equity. Eaton has secured a $6.75B fully underwritten bridge financing commitment from Morgan Stanley Bank, N.A., Morgan Stanley Senior Funding, Inc. and Citibank, N.A. to finance the cash portion of the Acquisition. Eaton plans to later refinance these bridge borrowings through a new term debt issuance, use of cash on hand, and the possible sale of assets. :theflyonthewall.com |
| | 09:09 EDT | | CBE |
| theflyonthewall.com: | Eaton to buy Cooper Industries for cash and stock valued at $72 | | Eaton Corporation (ETN) and Cooper Industries plc (CBE) announced they have entered into a definitive agreement under which Eaton will acquire Cooper in a transaction that will significantly increase the capabilities and geographic breadth of the combined company’s power management portfolio and electrical business. At the close of the transaction, which is expected in the second half of 2012, Eaton and Cooper will be combined under a new company incorporated in Ireland, where Cooper is incorporated today. The newly created company, which is expected to be called Eaton Global Corporation Plc or a variant thereof, will be led by Alexander M. Cutler, Eaton’s current chairman and CEO. Under the terms of the Transaction Agreement, Cooper Shareholders will receive $39.15 in cash and 0.77479 shares of New Eaton for each Cooper share. Based on the Closing Price for Eaton common stock on Friday May 18, Cooper Shareholders will receive cash and shares valued at $72.00 per share, representing a premium of 29% and a total transaction equity value of approximately $11.8B. Eaton Shareholders will receive one share of the new company for each share of Eaton that they own upon closing. The transaction will be taxable, for U.S. federal income tax purposes, to both the Eaton Shareholders and the Cooper Shareholders. Eaton Shareholders are expected to own approximately 73% of the combined company while legacy Cooper Shareholders are expected to own approximately 27%. Shares of New Eaton will be registered with the U.S. SEC and are expected to trade on the New York Stock Exchange under the ticker symbol ETN. :theflyonthewall.com |
| | 09:06 EDT | | CBE |
| theflyonthewall.com: | Eaton to buy Cooper Industries for cash and stock valued at $72 | | :theflyonthewall.com |
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