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Stock Market & Financial Investment News

News Breaks
August 15, 2014
08:16 EDTCTBCooper Tire, Chengshan Group enter CCT option agreement
Cooper Tire & Rubber Company announced it has entered into an option agreement with Chengshan Group Company Ltd. that affirms and provides additional details regarding the previously announced put and call process to resolve the future ownership of Cooper Chengshan, or CCT, as contemplated by the January 29 agreement among the two companies and the CCT labor union. In addition, the new option agreement extends the option commencement deadline, which is the deadline for the independent valuation firm to deliver its fair market valuation of CCT, to August 24. The process for determining the future ownership of CCT begins with an independent valuation of the fair market value of CCT. Once the valuation is delivered, Chengshan has the first option, within 45 days, to elect to purchase Cooper’s 65% interest, to sell its 35% interest to Cooper, or not to exercise either of these options. If Chengshan determines not to exercise either of the options, Cooper has the right to purchase Chengshan’s 35% interest. In the event that neither party elects to purchase the others’ interest, the joint venture continues as currently structured. Further, should Chengshan purchase Cooper’s stake in the joint venture, Cooper will continue to have offtake rights with CCT agreeing to produce Cooper-brand products, including Truck and Bus Radial tires, for a minimum of three years.
News For CTB From The Last 14 Days
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09:12 EDTCTBOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Ocwen Financial (OCN), up 13.7%... Century Aluminum (CENX), Expedia (EXPE), up 6.1%... FireEye (FEYE), up 5.6%... Agnico Eagle Mines (AEM), up 3%... Gilead Sciences (GILD), up 2.9%... CVS Health (CVS), up 1.4%. ALSO HIGHER: EnerNOC (ENOC), up 26.5% after announcing collaboration with Tesla (TSLA)... Tesla up 1.2% after announcing Tesla Energy and partnerships... Cyberark (CYBR), up 2.9% after FireEye reported quarterly results... Cyberark (CY), up 2.5% after being upgraded to Strong Buy from Buy at Needham. DOWN AFTER EARNINGS: LinkedIn (LNKD), down 19.2%... Pixelworks (PXLW), down 7.5%... Cooper Tire (CTB), down 6.2%... JDS Uniphase (JDSU), down 3.2%... First Solar (FSLR), down 2.4%. ALSO LOWER: Tetralogic (TLOG), down 10.3% after 6.25M share Spot Secondary priced at $4.00.
07:03 EDTCTBCooper Tire sees Q2 raw material costs will be down slightly from Q1
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07:01 EDTCTBCooper Tire reports Q1 EPS 69c, consensus 77c
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