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Stock Market & Financial Investment News

News Breaks
March 25, 2014
10:39 EDTSPR, PBF, FUEL, AUY, FIOHigh option volume stocks: FIO FUEL SPR AUY PBF
News For FIO;FUEL;SPR;AUY;PBF From The Last 14 Days
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June 18, 2015
13:33 EDTPBFPBF Energy acquisition positive for PBF Logistics, says Wells Fargo
After PBF Energy (PBF) announced a deal to acquire the Chalmette Refinery and associated midstream logistics assets, Wells Fargo said the transaction should be positive for PBF Logistics (PBFX) since it increases the parent company's potential drop-down inventory. The firm reiterated its Outperform rating on PBF Logistics.
12:34 EDTPBFOn The Fly: Top stock stories at midday
Stocks on Wall Street opened in positive territory and continued to tack on gains throughout the morning. The move has been broad based, with each of the major averages gaining at least 1%. The move may be reflecting investors feeling a sense of relief following yesterday’s FOMC meeting, after which the central bank repeated its promise to be gradual in raising rates, without specifying when rate "lift-off" will commence. ECONOMIC EVENTS: In the U.S., the consumer prices index rose 0.4% in the month of May, versus expectations for a 0.5% increase. The core reading, which removes food and energy prices, rose 0.1%, versus the expected increase of 0.2%. Initial jobless claims dipped 12,000 to 267,000 in the week ended June 13, versus expectations for 277,000 first-time claims. The Philadelphia Fed manufacturing survey climbed 8.5 points to 15.2 in June, topping expectations for a reading of 8. The leading indicators rose 0.7% to 123.1 in May, topping expectations for a rise of 0.4%. In Europe, International Monetary Fund chief Christine Lagarde reportedly said Greece won’t be given a grace period if it fails to make its scheduled payment to the fund on June 30. Meanwhile, finance ministers of euro area member states are set to meet today, but expectations for progress on Greece are low. Also, the Norwegian central bank cut interest rates to a record low, while the Swiss National Bank kept its deposit rate at record lows as well. In Asia, the Shanghai composite index tumbled 3.7% overnight, doubling its weekly decline to 7.4% and increasing fears that a bubble in the nation's stock market may be preparing to burst. COMPANY NEWS: Shares of enterprise software, hardware and IT services provider Oracle (ORCL) dropped 7% after the company reported lower than expected fourth quarter earnings per share and gave a lower than expected forecast for profit in its new quarter. Analysts at several firms, including Susquehanna, Wells Fargo and Cantor, suggested the post-earnings drop may be a buying opportunity, citing progress in the company's cloud efforts... Fitness tracker maker Fitbit (FIT) surged nearly 50% in its first day of public trading. The company priced its initial public offering at $20 per share, topping expectations, then opened at $30.40 per share, giving it a market value near $6.3B in early trading. Near noon, the stock had pulled back a bit to trade just below $30 per share. MAJOR MOVERS: Among the notable gainers was PBF Energy (PBF), which gained 18% after announcing that its subsidiary has signed a definitive agreement to purchase Chalmette Refining, a joint venture between affiliates of Petroleos de Venezuela and ExxonMobil (XOM). Also higher was BioMarin (BMRN), which rose 13% after the company reported results from a study of BMN-111 in dwarfism and several analysts hiked their price targets on the stock to reflect the increased probability of success for the drug. Among the noteworthy losers following their earnings reports were Bankrate (RATE), which fell 18%, and Jabil Circuit (JBL), which dropped 7%. INDEXES: Near midday, the Dow was up 218.44, or 1.22%, to 18,154.18, the Nasdaq was up 74.96, or 1.48%, to 5,139.84, and the S&P 500 was up 23.57, or 1.12%, to 2,124.01.
11:47 EDTPBFExxon Mobil to sell 50% interest in Chalmette Refining to PBF Energy
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11:36 EDTPBFPBF Energy to acquire Chamlette refinery, related logistics assets for $322M
PBF Energy (PBF) announced that its subsidiary has signed a definitive agreement to purchase Chalmette Refining, LLC, consisting of the 189,000 barrel per day Chalmette Refinery and related logistics assets, from ExxonMobil (XOM) and PDV Chalmette, LLC. With the acquisition PBF will increase its total throughput capacity to over 725,000 barrels per day. The purchase price for the assets is $322M, plus working capital including inventory to be valued at closing. PBF Energy does not expect to issue equity to finance any portion of this transaction. The transaction is expected to be approximately 20% accretive to 2016 consensus earnings in the first year of operation and is expected to close prior to year-end 2015, subject to customary closing conditions and regulatory approvals. The Chalmette Refinery, located outside of New Orleans, Louisiana, is a 189,000 barrel per day, dual-train coking refinery with a Nelson Complexity of 12.7 and is capable of processing both light and heavy crude oil. The facility is strategically positioned on the Gulf Coast with strong logistics connectivity that offers flexible raw material sourcing and product distribution opportunities, including the potential to export products. In addition to refining assets, the transaction includes 100% ownership of the MOEM Pipeline, providing access to the Empire Terminal, as well as the CAM Connection Pipeline, providing access to the LOOP facility through a third party pipeline. The transaction also includes 80% ownership in each of the Collins Pipeline Company and T&M Terminal Company, both located in Collins, Mississippi, which provide a significant clean products outlet for the refinery via the Plantation and Colonial Pipelines. Also included in the transaction are a marine terminal capable of importing waterborne feedstocks and loading or exporting finished products; a clean products truck rack which provides access to local markets; and a crude and product storage facility with approximately 7.5 million barrels of shell capacity. PBF estimates the acquired MLP-qualifying pre-tax earnings from the logistics assets of Chalmette Refining, LLC, to be at least $30M.
11:35 EDTPBFPBF Energy to acquire Chamlette refinery, related logistics assets
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11:34 EDTPBFPBF Energy trading halted, pending news
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June 17, 2015
15:23 EDTAUYMega Precious Metals shareholders approve merger with Yamana Gold
Mega Precious Metals announced that, at its annual and special meeting of shareholders held Wednesday, shareholders of Mega approved the previously announced plan of arrangement with Yamana Gold. Under the arrangement, Yamana will acquire all of the outstanding shares of Mega for consideration of 0.02092 of a Yamana share and C$0.001 in cash per Mega share. The arrangement was approved by approximately 91% of the votes cast at the meeting. Mega will be applying for the final court approval of the arrangement on June 19. It is anticipated that the closing of the deal will occur on June 22.

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