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Stock Market & Financial Investment News

News Breaks
November 29, 2012
07:57 EDTGE, MMM, DOW, AKZOY, MT, DD, TX, LYB, SI, EMNEU groups warn on rising gap in energy costs with U.S. rivals, FT says
Two leading European business groups, Orgalime and Ceemet, say the EUís focus on driving renewable energy use has led to sharp increases in energy costs in Europe, while the U.S. has benefited from the shale gas revolution, driving a growing gap in energy costs that endangers all EU industries, according to Financial Times. Reference Link
News For DOW;SI;DD;MMM;LYB;MT;GE;TX;AKZOY;EMN From The Last 14 Days
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August 19, 2015
13:30 EDTEMNOn The Fly: Top stock stories at midday
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13:30 EDTDDOptions with increasing put volume;
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12:45 EDTEMNRayonier Advanced Materials says legal position 'correct one and will be upheld'
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12:24 EDTEMNRayonier Advanced Materials downgraded to Hold at Vertical Research (earlier)
Vertical Research analyst Chip Dillon earlier today downgraded Rayonier Advanced Materials (RYAM) to Hold from Buy with a $12 price target. Dillon sees increased uncertainty as the company battles its top customer Eastman Chemical (EMN) in court over a contract. Shares of Rayonier Advanced Materials are halted for news pending after declining 55% to $6.12.
12:20 EDTEMNRayonier Advanced sinks amid court battle with top customer Eastman
Rayonier Advanced Materials (RYAM) disclosed earlier today that on August 13, it filed a declaratory judgment action against Eastman Chemical (EMN) in the Superior Court of Gwinnett County, Georgia regarding the company's chemical cellulose specialty products contract with Eastman. Eastman was served with this action on August 14. The company's filing asks the court to confirm the meaning of certain "meet or release" pricing and volume provisions in the agreement that require the company, under certain circumstances, to respond to offers made to Eastman by other suppliers. Rayonier Advanced Materials seeks a declaration that these provisions apply to a maximum of 7,500 metric tons of product per year. In addition, the company has asked the court to confirm the meaning of certain contract provisions relating to pricing in future contract years. On the evening of August 12, the company learned that Eastman had filed a similar declaratory judgment action on August 4 in the Chancery Court for Sullivan County, Tennessee, concerning the same contract "meet or release" provisions. Eastman's filing seeks a declaration that all of its contracted volume is subject to the meet or release provision or, in the absence of such interpretation, that the contract is invalid. Rayonier Advanced Materials was served with that action on August 13. It believes that the "contract is valid and enforceable in accordance with its terms as to both price and volume requirements, and that the meet or release provisions should be enforced in accordance with the Company's position." Rayonier Advanced Materials sank 55%, or $7.51, to $6.12 in today's trading before being halted for news pending.
08:05 EDTGEGE Capital unit selected by Bush Hog for financing solutions
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August 18, 2015
09:32 EDTGEGE unveils $100M-plus washer investment in Louisville plant
GE announced an investment of $100M-plus in a new top load washer design and expanded manufacturing capability at its laundry plant in Louisville. This marks the largest laundry launch for GE in 20 years and is another example of the company's continued commitment to U.S. manufacturing.
09:02 EDTLYBLyondellBasell announces sale of Argentina-based Petroken
LyondellBasell announced that YPF S.A. and Grupo Inversor Petroquimica S.L. have accepted an offer to purchase LyondellBasell's Argentina-based, wholly-owned subsidiary Petroken Petroquimica Ensenada S.A. The sale is expected to close in late 2015 following Brazilian antitrust authority approval. The transaction is valued at $145M on a debt and cash free basis. Based on working capital estimates as of June 30, 2015, expected cash proceeds are $162M. Petroken operates a 180 kiloton polypropylene plant in Ensenada and is a leading polypropylene producer in Argentina.
August 17, 2015
08:02 EDTGEGE Healthcare wins FDA approval for low dose CT lung cancer screening
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August 16, 2015
17:54 EDTMTUnited Steelworkers union prepares for week of strike action
The United Steelworkers union said it is preparing for a "busy week of events" at U.S. Steel (X), ArcelorMittal (MT), and Cliffs Natural (CLF), as the union's steelworkers prepare for various strike actions and rallies from August 19-21. USW notes that contract negotiations with the companies "continue to proceed slowly," though it reassured that the union committee "continues to meet both internally and with management as the process continues." Reference Link
August 14, 2015
16:44 EDTDOWThird Point gives quarterly update on stakes
NEW STAKES: Baxter (BAX), T-Mobile (TMUS), Sealed Air (SEE), Devon (DVN), and Perrigo (PRGO). INCREASED STAKES: SunEdison (SUNE), Dow Chemical (DOW), Mohawk (MHK), Yum! Brands (YUM), and IAC/InterActiveCorp (IACI). DECREASED STAKES: Ally Financial (ALLY), Amgen (AMGN), Sensata (ST), Masco (MAS), and Delta (DAL). LIQUIDATED STAKES: Dollar General (DG), McKesson (MCK), Edgewell Personal Care (EPC), Maxim (MXIM), and FleetCor (FLT).
16:13 EDTGEOn The Fly: Top stock stories for Friday
Stocks began the session with modest losses despite a calm overnight trading session for the Chinese yuan. The U.S. economic data that was released prior to the open were generally in-line with expectations leaving little for investors to key in on during the market hours. As a result, the averages drifted several times across the flat line until finally moving higher in the afternoon. Even the price of crude was fairly stale throughout the session, but it still closed toward its low of the day. The market received a slight boost toward the end of the session when headlines out of Europe said the area's finance ministers agreed to implement the Greek bailout with a couple of additional measures. ECONOMIC EVENTS: In the U.S., both industrial production and PPI beat estimates, with industrial production increasing 0.6% and PPI increasing 0.2%. Consumer sentiment for August fell to 92.9 in the preliminary report from the University of Michigan survey, after slipping to 93.1 in July from 96.1 in June. Meanwhile, Euro-area GDP rose 0.3% last quarter. Germany's economy grew 0.4%, Italy's 0.2%, while France stagnated. The Baker Hughes North American rig count report was unchanged from last week at 884 rigs. COMPANY NEWS: Nelson Peltz's Trian Fund Management disclosed a new 7.08% stake in food distributor Sysco Corporation (SYY), and is engaged in discussions with the company including board representation for Trian. Sysco rose 7.4% to $41.38 after the disclosure of the Trian stake... General Electric (GE) announced an agreement to sell GE Capital Bank's U.S. online deposit platform along with all deposits of GE Capital Bank, including online savings accounts, online CDs and brokered CDs, to Goldman Sachs Bank USA (GS). Under this agreement approximately $16B of deposits will be transferred to GS Bank. Additionally, Reuters reported that General Electric was expected to win EU antitrust approval for its proposed EUR12.4B acquisition of Alstom's (ALSMY) power unit, according to two people familiar with the matter. GE rose 1.1% to $26.08 on the day. MAJOR MOVERS: Among the notable gainers following their earnings reports were department store retailers Nordstrom (JWN) and J.C. Penney (JCP), which gained 4.3% and 5.6%, respectively. Also higher was WuXi PharmaTech (WX), up 6.15%, which reported earnings and entered into an agreement to be acquired by a management buyout group for around $3.3B. Among the noteworthy losers was El Pollo Loco (LOCO), which dropped 20.7% after its Q2 revenue fell short of analysts' estimates. Also lower were shares of King Digital (KING), which declined nearly 20.7% after reporting quarterly earnings and forecasting gross bookings for the third quarter $460M-$485M, citing "recent trends." INDEXES: The Dow rose 69.15, or 0.4%, to 17,477.40, the Nasdaq gained 14.68, or 0.29%, to 5,048.23, and the S&P 500 advanced 8.15, or 0.39%, to 2,091.54.
12:50 EDTGEGE likely to gain EU approval for Alstom unit buy, Reuters reports
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12:37 EDTGEOn The Fly: Top stock stories at midday
Stocks began the session with modest losses, despite a stabilization in the Chinese yuan overnight. Relatively in line data on producer prices and industrial production did not hurt the situation, but there was also the lack of a catalyst. As a result, the market has drifted throughout the morning session moving up as much as 0.4% before paring its gains. The market is now struggling to hold onto its meager gains. ECONOMIC EVENTS: In the U.S., both industrial production and PPI beat estimates, with industrial production increasing 0.6% and PPI increasing 0.2%. Consumer sentiment for August fell to 92.9 in the preliminary report from the University of Michigan survey, after slipping to 93.1 in July from 96.1 in June. Meanwhile, Euro-area GDP rose 0.3% last quarter. Germany's economy grew 0.4%, Italy's 0.2%, while France stagnated. The Baker Hughes North American rig count report is out at 1 p.m. ET. COMPANY NEWS: General Electric (GE) announced an agreement to sell GE Capital Bank's U.S. online deposit platform along with all deposits of GE Capital Bank, including online savings accounts, online CDs and brokered CDs, to Goldman Sachs Bank USA (GS). Under this agreement approximately $16B of deposits will be transferred to GS Bank. Separately, Goldman Sachs is selling its Colombia coal mining division to privately held Murray Energy. General Motors (GM) is boosting production of its larger SUVs and trucks, according to Reuters. The automaker could make as many as 60,000 additional vehicles for the 2016 model year to capitalize on rising demand. Meanwhile, GM is recalling 73,424 small cars because improper wiring could prevent the roof-mounted driver's side air bag from deploying after a crash, the Associated Press reported. SunTrust analyst Robert Peck said he believes Twitter (TWTR) could announce a permanent CEO as early as next week. Peck continues to think Twitter is likely to unveil a "Triumvirate of leadership" with Jack Dorsey as CEO, Adam Bain as COO and Evan Williams with more board influence, possibly Chairman. Tesla's (TSLA) secondary offering of 2.7 million common shares was priced at $242 each, according to an SEC filing. That represents an increase from the 2.1 million shares Tesla had previously announced for the offering. MAJOR MOVERS: Among the notable gainers following their earnings reports were department store retailers Nordstrom (JWN) and J.C. Penney (JCP), which gained 5.35% and 5.95%, respectively. Also higher was WuXi PharmaTech (WX), up 5.45%, which reported earnings and entered into an agreement to be acquired by a management buyout group for around $3.3B. Cyberark Software (CYBR) also gained 1.8% after being upgraded to Outperform from Market Perform at Wells Fargo. Among the noteworthy losers was El Pollo Loco (LOCO), which dropped 18% after its Q2 revenue fell short of analysts' estimates. Also lower were shares of King Digital (KING), which declined nearly 12% after reporting quarterly earnings and forecasting gross bookings for the third quarter $460M-$485M, citing "recent trends." The company said fourth quarter gross bookings would be "fairly consistent sequentially." JPMorgan downgraded King Digital this morning to Neutral from Overweight citing an elevated risk profile following the results. INDEXES: Near midday, the Dow was up 42.43, or 0.24%, to 17,450.68, the Nasdaq was fractionally lower by 2.96, or 0.06%, to 5,030.59, and the S&P 500 was up 3.46, or 0.17%, to 2,086.89.
12:33 EDTGEGeneral Electric likely to gain EU approval for Alstom unit buy, Reuters says
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10:02 EDTDDOn The Fly: Analyst Upgrade Summary
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05:35 EDTDDDuPont upgraded to Overweight from Neutral at JPMorgan
JPMorgan analyst Jeffrey Zekauskas upgraded DuPont to Overweight citing a positive risk/reward with the stock down 24% year-to-date versus a 1% rise for the S&P 500 Index. The shares at current levels offer a free cash flow yield of about 7% for 2016, Zekauskas tells investors in a research note. The chemical company also plans to repurchase $4B in shares over the coming 18 months, which could help move the stock higher, or at a minimum provide stability, the analyst argues. He raised his price target for the stock to $60 from $58. DuPont closed yesterday down 25c to $53.03.
August 13, 2015
16:24 EDTGEGeneral Electric to sell online deposit platform to Goldman Sachs Bank USA
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16:23 EDTGEGeneral Electric to sell online deposit platform to Goldman Sachs Bank USA
08:56 EDTGECapital One upgraded at Argus
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