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Stock Market & Financial Investment News

News Breaks
April 22, 2013
13:07 EDTGE, KMTUY, IR, CMI, CAT, TXTCaterpillar guidance weighing on Industrial names
A number of industrial stocks are declining after one of the companies in the sector, Caterpillar (CAT), reported weaker than expected first quarter results and lowered its fiscal 2013 revenue guidance. WHAT'S NEW: Caterpillar explained that its expectations for its mining unit have dropped significantly. The company now expects sales of the mining machines it has traditionally sold to drop about 50% this year. It predicts that sales of machines made by Bucyrus, a mining equipment maker it acquired, to drop 15% this year. Caterpillar added that its expectations for its Construction Industries and Power Systems units remain similar to its previous outlook. Nevertheless, the industrial company reduced its fiscal 2013 revenue guidance to $57B-$61B, from its previous outlook of $60B-$68B. Analysts' consensus estimate was $62.74B. Caterpillar estimated that its earnings per share would be $7 if its revenue comes in at the midpoint of its guidance. It had previously provided FY13 EPS guidance of $7-$9. On a positive note, Caterpillar said that it would resume purchasing its own stock this quarter, and expects to buy back about $1B of its shares. ANALYST REACTION: In a note to clients, Wells Fargo analyst Andrew Casey predicted that Caterpillar's profitability would continue to be constrained by weak spending by its mining customers, as demand for mining equipment is likely to be anemic for the "foreseeable future" unless the global economy rebounds sharply, he believes. Casey believes that Caterpillar's results bode badly for mining equipment companies and engine makers such as Cummins (CMI) in the short term. He maintained a Market Perform rating on Caterpillar. TODAY'S PRICE ACTION: In early afternoon trading, GE (GE) fell 2% to $21.30, while the ADR shares of Caterpillar's Japanese competitor, Komatsu (KMTUY) fell 1% to $25.20, and European industrial conglomerate Ingersoll Rand (IR) fell 1% to $53.50. Caterpillar rose 2.8% to $82.70.
News For GE;KMTUY;IR;CMI;CAT;TXT From The Last 14 Days
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August 19, 2014
10:13 EDTIROn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: CNOOC (CEO) downgraded to Hold from Buy at Jefferies... Guess (GES) downgraded to Neutral from Overweight at Piper Jaffray... Ingersoll-Rand (IR) downgraded at RW Baird... Lehigh Gas (LGP) downgraded to Neutral from Buy at Ladenburg... Lexicon (LXRX) downgraded to Hold from Buy at Gabelli... Monster Beverage (MNST) downgraded to Neutral from Buy at SunTrust... Nobel Biocare (NBHGY) downgraded to Hold from Buy at Berenberg... Saint Joe Co. (JOE) downgraded to Market Perform from Outperform at Raymond James... SolarCity (SCTY) downgraded at RW Baird.
07:52 EDTIRIngersoll-Rand downgraded at RW Baird
As reported previously, Baird downgraded Ingersoll Rand to Neutral from Outperform. The firm downgraded shares to reflect increased earnings risk as the company shifts towards M&A and away from buybacks and sees tougher comps and slow Institutional end markets in 2015. Price target lowered to $65 from $68.
07:36 EDTIRIngersoll-Rand downgraded to Neutral from Outperform at RW Baird
06:22 EDTGEGeneral Electric in talks with Electrolux to sell appliance business, WSJ says
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August 18, 2014
12:19 EDTIRIngersoll-Rand rises after agreeing to buy Cameron unit for $850M
Shares of Ingersoll-Rand (IR), which makes heating and air conditioning systems, are up after it announced an agreement to acquire the assets of Cameron International Corporation's (CAM) Centrifugal Compression division for $850M. WHAT'S NEW: Ingersoll-Rand this morning entered into an agreement to acquire Cameron's Centrifugal Compression division for $850M. The acquisition is expected to close before the end of the year, subject to regulatory approval. The Cameron unit generated sales of approximately $400M in 2013, has approximately 850 employees and operates from 12 global locations. The results of operations of the Centrifugal Compression business will be reported as discontinued operations for Cameron beginning in the third quarter. Ingersoll Rand plans to fund the acquisition through a combination of cash on hand and debt. WHAT'S NOTABLE: Ingersoll-Rand said it expects the acquisition to be accretive to EBITDA margins, EPS, and ROIC in 2015 and beyond. The company expects the acquisition to add 8c-10c per share to its earnings in 2015. The company anticipates moderate incremental debt, supported by additional earnings from Cameron and core earnings growth. Ingersoll adds that it foresees refinancing of $500M of 2015 debt, and continues to expect a 2014 share repurchase of $1.38B. Cameron said it is selling the unit to focus on its core markets. The company expects after-tax proceeds of about $600M from the sale, part of which it planned to use to support share buybacks. ANALYST REACTION: Following the announcement, Wells Fargo analysts estimated that the acquisition will be approximately 10c-15c accretive excluding impact from synergies and approximately 20c-25c with anticipated synergies. PRICE ACTION: Ingersoll-Rand jumped $1.49, or 2.46%, to $62.03 in intra-day trading, while Cameron is trading down 0.6% to $72.21.
07:07 EDTGEGeneral Electric reinstated with an Outperform at Credit Suisse
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06:33 EDTIRIngersoll-Rand to host conference call
Conference call to discuss agreement to acquire Cameron International Corporationís centrifugal compression division will be held on August 18 at 9:30 am. Webcast Link
06:32 EDTIRCameron sells Centrifugal Compression business to Ingersoll-Rand for $850M
Cameron (CAM) has announced that it has entered into a definitive agreement to sell its Centrifugal Compression business to Ingersoll Rand (IR) for cash consideration of approximately $850M, subject to closing adjustments. The decision to divest the Centrifugal Compression division was made after a careful review of Cameron's long-term business strategy to increase its focus on its core markets. The company's goal has been to identify a buyer that is more closely aligned with Centrifugal Compression's broad and global markets. Cameron expects to complete the sale of its Centrifugal Compression business prior to year end, subject to regulatory approval. The company estimates after tax proceeds from the sale to be approximately $600 million, and expects the net proceeds to support stock repurchases. In 2013, the Centrifugal Compression division had revenues of $396M. The results of operations of the Centrifugal Compression business will be reported as discontinued operations beginning in Q3.
06:31 EDTIRCameron sells Centrifugal Compression business to Ingersoll-Rand for $850M
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06:27 EDTIRIngersoll Rand to acquire Cameron's centrifugal compressional division for $850M
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August 14, 2014
17:20 EDTIRTrian Fund gives quarterly update on stakes
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13:26 EDTGEGE evaluating 'wide range' of options for appliances unit, Bloomberg reports
General Electric (GE) says it is evaluating a "wide range" of options for its home appliance business, Bloomberg reports. According to a GE spokesperson, the company is holding discussions with Electrolux (ELUXY) and other parties. Consumer development startup Quirky is also said to be interested in the GE unit. Reference Link
12:25 EDTGEGE says evaluating 'range' of options for Appliances, Bloomberg reports
General Electric confirmed in an interview that its in talks with Electrolux AB (ELUXY) regarding the potential sale of its Appliances unit, Bloomberg reports. GE added its evaluating a "wide range of strategic options" for its Appliances unit.
11:22 EDTGEElectrolux confirms in talks to acquire GE Appliances
Electrolux (ELUXY) confirmed that it is in discussions regarding a possible acquisition of the appliances business of GE (GE). "No agreement has been reached, and there can be no assurances that an agreement will be reached. Any further announcements will be made in due course," Electrolux stated.
08:11 EDTGEGE Healthcare to use RTI Connext Middleware
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August 13, 2014
20:04 EDTGEGE appliance unit drawing interest from Electrolux, Quirky, Bloomberg says
General Electric's home appliance unit has drawn interest from Electrolux and Quirky, according to Bloomberg, citing two people with knowledge of the matter. General Electric's appliance unit is said to be worth about $2B, the sources added. Reference Link
19:35 EDTGEGE appliance unit drawing interest from Electrolux, Quirky, Bloomberg says
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August 12, 2014
08:18 EDTGEAs MetLife awaits SIFI decision, other non-banks get tough scrutiny, FT says
The Federal Reserve's scrutiny of AIG (AIG) and GE Capital (GE) since those non-banks were designated as systemic risks shows they are being regarded in the same manner as large banks, according Financial Times, citing people familiar with the process. Insurer Prudential Financial (PRU) was deemed a systemic risk last September and rival MetLife (MET) is waiting to see if it will be designated this year, the report noted. Reference Link
August 11, 2014
17:44 EDTGEGeneral Electric awarded $311.49M government contract modification
General Electric is being awarded a $311.49M modification to a previously awarded firm-fixed-price contract for the procurement of 75 Lot 14 F/A-18E/F F414-GE-400 engines and associated devices for U.S. Navy and for the government of Australia. In addition, this modification provides for the procurement of after burner modules, fan modules, high pressure combustor modules, combustor modules, and high and low pressure turbine modules for the U.S. Navy and the government of Australia. Work will be performed in Lynn, Massachusetts; Hooksett, New Hampshire; Rutland, Vermont; and Madisonville, Kentucky, and is expected to be completed in September 2016. This modification combines purchases for the U.S. Navy and the government of Australia under the Foreign Military Sales Program. The Naval Air Systems Command, Patuxent River, Maryland, is the contracting activity.
07:15 EDTCMICummins and Allison Transmission remain well positioned says Barclays
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