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Stock Market & Financial Investment News

News Breaks
May 8, 2014
06:41 EDTFSYSFuel Systems reports Q1 EPS (10c), consensus (5c)
Reports Q1 revenue $81.30M, consensus $82.16M; Automotive revenue decreased $12.3M to $54.4M primarily reflecting lower DOEM and OEM volumes and the impact of the competitive aftermarket pressure partially offset by growth in the compressor business. Industrial revenue decreased $5M to $26.9M primarily reflecting increased competition and the previously announced loss of a large customer.
News For FSYS From The Last 14 Days
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September 1, 2015
16:26 EDTFSYSOn The Fly: Top stock stories for Tuesday
Stocks began the session deep in negative territory and remained there throughout the session. The weakness was attributed to the release of poor economic data out of China that confirms the world's second largest economy is slowing. There was little help from the day's domestic economic reports, as the construction spending and ISM manufacturing data came out roughly in-line with expectations. The market pared its losses slightly just before the lunch hour, but then the sellers regained control and pushed the averages down further with no sign of a rally prior to the close. ECONOMIC EVENTS: In China, the government's official manufacturing purchasing manager's index fell to 49.7 in August, indicating contraction and marking its worst PMI reading in three years. In the U.S., the Institute for Supply Management's manufacturing index for August came in at 51.1, below the consensus forecast for a reading of 52.5. Markit's manufacturing PMI for last month came in at 53.0 in its final reading, slightly beating expectations for a 52.9 reading. Construction spending rose 0.7% in July, beating/missing expectations for spending to have grown 0.6% in the month. In Europe, the final Eurozone manufacturing PMI for August came in at 52.3, which was a tick down from the flash reading of 52.4 and from July's final 52.4 reading. The EU's statistics agency said the eurozone's unemployment rate fell to 10.9% during July, marking the area's lowest unemployment figure since February 2012. COMPANY NEWS: Ford (F) reported August U.S. sales that it said were its best in nine years, growing its sales by 5% to 234,237 vehicles last month, but its shares slipped 1.08% to $13.72 amid the broader market weakness. General Motors (GM) fell 2.75% to $28.63 after the company reported its U.S. sales slipped 0.7% to 270,480 vehicles in August, while Fiat Chrysler (FCAU) shares slid 3.4% to $13.65 after the company reported its U.S. sales increased 1.7% last month to 201,672 units... Shares of streaming video giant Netflix (NFLX) fell $9.39, or 8.16%, to $105.64 after Variety reported that Apple (AAPL) is exploring an entry into the original programming business and Amazon (AMZN) announced it expanded Prime Video downloads to the iOS and Android platforms. MAJOR MOVERS: Among the notable gainers was drugmaker Trevena (TRVN), which surged 51% to $9.06 after reporting that its study of post-surgery painkiller TRV130 met its primary endpoint. Also higher was Internap (INAP), which gained 12% to $8.93 after disclosing that it is exploring strategic alternatives. Among the noteworthy losers was Penn West (PWE), which declined about 16.5% to 64c after suspending its dividend and announcing plans to cut its global workforce by 35% amid the weak commodity price environment. Also lower were both Westport (WPRT) and Fuel Systems (FSYS), which lost a respective 5.93% and 4.23%, after agreeing to merge and reiterating current revenue outlooks for both companies. Additionally, Dollar Tree (DLTR) fell 9.2% to $69.22 after its pre-market earnings report. Note that in a regulatory filing last night, the company disclosed that it does not plan to pay a dividend following its combination with Family Dollar. INDEXES: The Dow dropped 469.68, or 2.84%, to 16,058.35, the Nasdaq lost 140.40, or 2.94%, to 4,636.10, and the S&P 500 fell 58.33, or 2.96%, to 1,913.85.
10:21 EDTFSYSWestport, Fuel Systems resume trading after merger announcement
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09:53 EDTFSYSWestport and Fuel Systems reiterate respective revenue outlooks
Westport expects consolidated revenue to be between $110 million and $125 million for the year vs. consensus $113.95M. Fuel Systems expects consolidated revenue to be in the range of $270 to $280 million for the year vs. consensus of $271.63M. This results in a combined range from $380 to $405 million projected for the year ended December 31, 2015. The companies expect the transaction to be accretive to the combined company's adjusted EBITDA and earnings in 2016, excluding one-time costs, through approximately $30 million of annual pre-tax savings and merger synergies fully realized by calendar year 2018. Included in the $30 million per year is $15 million in annualized benefits expected to be generated by Fuel Systems' restructuring program in 2016 and beyond and Westport's initiatives to reach positive adjusted EBITDA by mid-2016 and through a combination of reductions in corporate management costs, manufacturing costs, and operating expenses as a result of the merger. Westport has a publicly stated goal of reaching break even by the middle of 2016 and the merger would only strengthen the company's ability to meet this goal. The combined company will also benefit from a strengthened balance sheet and enhanced liquidity and will be positioned for continued investment and long-term financial stability. The combined companies reported approximately $117 million in cash and short term investments as of June 30, 2015.
09:51 EDTFSYSWestport and Fuel Systems announce intention to merge
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09:50 EDTFSYSWestport and Fuel Systems announce intention to merge

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