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Stock Market & Financial Investment News

News Breaks
June 23, 2014
08:02 EDTCBICB&I announces $800M award for plant services
CB&I announced it has been awarded a five-year contract by Exelon Generation Company valued at $800M for long-term maintenance, modification and construction services for five additional nuclear power units located in New York and Maryland. The contract is an expansion of CB&I's existing scope of work for 17 other Exelon nuclear power units. Under the terms of the agreement, CB&I will also provide temporary staffing, painting and insulation services at all of the Exelon-owned and operated nuclear power units bringing the total number of units under contract to 22.
News For CBI From The Last 14 Days
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January 30, 2015
13:33 EDTCBIChicago Bridge & Iron shares oversold on Vogtle news, says Sterne Agee
Sterne Agee said Chicago Bridge weakness today due to delays at the Vogtle nuclear power plant is overdone. The firm believes the shares discount over $2B in market cap, which is excessive given normal liability allocation scenarios. Shares are Buy rated with a $75 price target.
10:57 EDTCBIChicago Bridge & Iron sinks after construction delay disclosed
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10:10 EDTCBIVogtle delay negative for Chicago Bridge & Iron, says Deutsche Bank
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10:05 EDTCBIChicago Bridge & Iron likely responsible for some delay costs, says Macquarie
Macquarie says Chicago Bridge & Iron (CBI) will likely be held responsible for some of the costs associated with the Vogtle Units project delay. It notes Southern Company (SO) and Georgia Power think the contractor consortium is responsible for around $1.2B in overages. Macquarie thinks that while CB&I indicated it will not be held responsible, it finds that "highly unlikely." The firm has an Underperform rating on Chicago Bridge & Iron with a $30 price target. The stock is down 11% in early trading to $34.10.
09:59 EDTCBIChicago Bridge & Iron sinks after Plant Vogtle delay
Georgia Power disclosed last night that it has been notified by Westinghouse Electric and Chicago Bridge & Iron (CBI) / Stone & Webster of the contractor’s revised forecast for completion of Plant Vogtle Units 3 and 4, which would incrementally delay the previously disclosed estimated in-service dates by 18 months from Q4 of 2017 to Q2 of 2019 for Unit 3 and from Q4 of 2018 to the Q2 of 2020 for Unit 4. Georgia Power said it has not agreed to any changes to the guaranteed completion dates and does not believe that the contractor’s revised forecast reflects "all efforts that may be possible to mitigate" the delay. In addition, Georgia Power believes the contractor is responsible for the contractor’s costs related to the delay. It believes the co-owners are entitled to recover liquidated damages for the delay beyond the guaranteed substantial completion dates of April 2016 and April 2017 for Plant Vogtle Units 3 and 4, respectively. Shares of contractor Chicago Bridge & Iron are down 10% following the news.
January 27, 2015
10:24 EDTCBIDeutsche Bank warns E&C companies could be hit hard by low oil
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06:51 EDTCBIChicago Bridge & Iron price target lowered to $51 from $80 at Deutsche Bank
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January 26, 2015
08:05 EDTCBIChicago Bridge & Iron awarded $65M contract renewal
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January 22, 2015
10:03 EDTCBIOn the Fly: Analyst Initiation Summary
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06:28 EDTCBIChicago Bridge & Iron initiated with an Underperform at BofA/Merrill
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