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News Breaks
December 4, 2012
18:02 EDTCHMT, CATChemtura announces joint development agreement with Caterpillar
Chemtura Corporation (CHMT) announced it has entered into a joint development agreement with Caterpillar (CAT) for novel applications of Chemtura's Duracast hot-cast urethane pre-polymer technology for construction and mining equipment. The joint development agreement focuses on novel applications in construction and mining equipment where urethanes have not previously been used. Initial products to be jointly developed include non-pneumatic tires for certain Cat machines. Prototype development is under way with field evaluation expected to begin by early 2013. Under the agreement, other potential applications of Duracast technology may include debris guards for use behind tires, ground engagement accessories and wear reduction coatings.
News For CHMT;CAT From The Last 14 Days
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November 21, 2014
16:20 EDTCATOn The Fly: Closing Wrap
Stocks on Wall Street gained after China's central bank cut interest rates for the first time in over two years to bolster its economy. Additionally, the head of Europe's central bank said he was determined to do what is needed to ensure the area's economy does not once again fall into crisis. ECONOMIC EVENTS: In the U.S., the Kansas City Fed manufacturing index for November had a reading of 7, compared to the consensus forecast for a reading of 6. In Asia, the People's Bank of China unexpectedly cut interest rates, slashing the one-year lending rate by 40 basis points and the one-year deposit rate by 25 basis points. The move, which was the central bank's first interest rate cut since 2012, surprised markets around the globe. In Europe, European Central Bank President Mario Draghi said indicators have been declining to levels he would deem "excessively low" and that he is determined to use more aggressive measures, such as large scale asset purchases, as needed. COMPANY NEWS: Microsoft (MSFT) was the worst performer on the Dow after Jefferies initiated coverage of the stock with an Underperform rating. Microsoft's stock has rallied 30% in the last year, but the company is still facing the same fundamental problems as in previous years, Jefferies analyst John DiFucci wrote. He set a $40 price target on the shares, which slipped 74c, or 1.5%, to $47.97. MAJOR MOVERS: Among the notable gainers was Ross Stores (ROST), which advanced $6.06, or 7.28%, to $89.27 after the company reported stronger than expected Q3 results. Also higher were shares of Caterpillar (CAT), which rose $4.36, or 4.27%, to $106.45 amid the quantitative easing actions taken abroad and after research firm Stifel initiated coverage of the stock with a Buy rating. Among the noteworthy losers was GameStop (GME), which sunk $5.68, or 13.05%, to $37.86 after the video game retailer's third quarter results, as well as its fourth quarter and full year profit forecasts, trailed consensus estimates. Also lower were shares of The Gap (GPS), which dropped $1.68, or 4.19%, to $38.46 after the owner of Banana Republic, Old Navy and its namesake clothing brand lowered its fiscal year profit outlook. INDEXES: The Dow rose 91.06, or 0.5%, to 17,810.06, the Nasdaq gained 11.10, or 0.24%, to 4,712.97, and the S&P 500 added 10.75, or 0.52%, to 2,063.50.
12:10 EDTCATCaterpillar jumps after Stifel puts Buy rating on shares
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10:01 EDTCATOn The Fly: Analyst Initiation Summary
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05:59 EDTCATCaterpillar initiated with a Buy at Stifel
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November 20, 2014
09:20 EDTCATCaterpillar reports retail machines sales down 9% in three months end October
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November 19, 2014
10:56 EDTCHMTChemtura downgraded to Hold from Buy at Topeka
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November 14, 2014
16:52 EDTCHMTGreenlight Capital gives quarterly update on stakes
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November 13, 2014
08:29 EDTCHMTChemtura announces restructuring, cost reduction plan
Chemtura announced a restructuring plan to reduce manufacturing conversion costs by approximately $50M, or about 10% annually, eliminate approximately $15M of annual stranded costs arising from the previously announced sale of the Chemtura AgroSolutions business, and reduce selling, general and administrative costs by at least $12M annually. Despite the success of many of Chemtura's improvement initiatives, the Company faces continuing weak demand conditions in some of the market applications it serves, as well as excess capacity in bromine and certain organometallics. While the company expects the bromine industry and electronics market to recover and grow to new heights, that growth may not occur in the coming year. The company expects to incur approximately $37M in cash costs to implement the restructuring plan, recording the majority of this expense in 4Q14 and 1Q15. The cash expenditures associated with these actions will continue into 3Q15. The company anticipates that the full run rate of the manufacturing and SG&A savings will be embedded in its performance by the third quarter of 2015, with annual savings of approximately $50M for the calendar year of 2015. Of the $15M of annual stranded costs, the company anticipates having eliminated them by 2Q15 with approximately $3M being incurred in the 1Q15.
November 12, 2014
09:54 EDTCATCaterpillar reaffirms 2014 EPS outlook about $6.50, consensus $6.56
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