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Stock Market & Financial Investment News

News Breaks
July 7, 2014
08:03 EDTCBICB&I awarded sphere storage contract worth $60M by Petrofac
CB&I announced that it has been awarded a contract valued in excess of $60M by Petrofac Saudi Arabia Co. The project scope includes the engineering, procurement and construction of product storage spheres at a grassroots refinery being constructed in Saudi Arabia.
News For CBI From The Last 14 Days
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April 20, 2015
15:16 EDTCBIGreenlight starts new GM long position, rolls Lorillard short bet to Reynolds
David Einhorn's Greenlight Capital hedge fund said in its latest quarterly letter to investors that it had established new long positions in General Motors (GM), Chicago Bridge & Iron (CBI) and AerCap Holdings (AER) last quarter. WHAT'S NEW: Greenlight believes GM should benefit from low gas prices, low raw material costs, and its decision to launch share buybacks, Greenlight stated. GM has an excellent chance of beating 2015 EPS expectations, added the firm. Einhorn's group said they found the valuation of Chicago Bridge and Iron, an engineering and construction company with significant exposure to energy, attractive following the stock's decline. Although energy prices may stay low for some time, the company has a significant backlog that should support its earnings for several years, Greenlight stated. Additionally, the market is overestimating how much of the cost overruns for two nuclear energy projects with be shouldered by the company, Greenlight contended. AerCap, the largest publicly traded aircraft leasing company, bought AIG's (AIG) aircraft leasing business last year at a bargain price, Greenlight stated. The combined business will benefit from AerCap's low tax rate, as well as efficiencies, the hedge fund believes. WHAT'S NOTABLE: Greenlight exited its short position in Lorillard (LO). Greenlight noted that it has rolled its short bet on Lorillard into a fresh position in Reynolds American (RAI), since it still believes that the FDA is gearing up to do "something major" in terms of regulation of menthol cigarettes, but is moving "slowly and deliberately" because it anticipates an extremely aggressive industry response. The firm also exited two other short positions because the companies agreed to takeovers: Safeway (SWY) and Freescale Semiconductor (FSL), which has agreed to sell itself to NXP Semicondictors (NXPI).
14:16 EDTCBIEinhorn lists AerCap, CBI, GM as new longs, Bloomberg reports
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08:03 EDTCBIChicago Bridge & Iron awarded contract by NefteGazIndustriya
CB&I announced it has been awarded a contract by NefteGazIndustriya through project developer MAVEG, to provide engineering and procurement services for the Afipsky Oil Refinery in Krasnodar, Russia. CB&I's project scope includes early detail engineering and procurement services for multiple new process units, including a 2.5M ton per annum hydrocracker unit.

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