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Stock Market & Financial Investment News

News Breaks
April 28, 2014
08:57 EDTDOW, GLWCorning sees Q2 LCD glass market up mid single digits sequentially
Sees FY effective tax rate 20%. Sees FY Display volume growth in line with worldwide market growth, sees worldwide share remaining stable vs. last year. Sees pricing for Gorilla Glass returning to moderate declines in Q2. Says has seen stabilization in polysilicon market. Says on track to reach $1.5B in CapEx for FY14. Says hedged all expected foreign currency translation exposure for 2013 and 2014 in February 2013, says has taken actions to protect company from potential adverse translation. Says no changes in expectations for overall LCD retail and glass markets for FY14; sees retail market up in the mid to high single digits. Believes ultra high definition TV sets has opportunity to be a major demand driver in the future, sees about 10M of these TV sets shipped in 2014. Sees Q2 LCD glass market up mid single digits sequentially, sees glass volume up high single digits sequentially. Sees LCD glass price declines in Q2 significantly less than Q1. Sees Q2 Optical Communications sales up mid to high single digits vs. last year. Sees Q2 Environmental sales up in the low to mid teens y/y. Sees Specialty Materials sales up 20%-25% in Q2 vs. Q1. Sees Gorilla Glass consumption up 24% this year. Sees Q2 Life Sciences sales consistent with last year. Sees Hemlock sales up 20% over 2013. Sees Q2 equity earnings from Dow Corning approximately $40M. Sees polysilicon sales picking up until Q4. Sees Q2 gross margin 46%. Comments made on the Q1 earnings conference call.
News For GLW;DOW From The Last 14 Days
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December 17, 2014
16:40 EDTGLWCorning: Dow Corning reduces Implant Liability, abandons Hemlock facility
In a filing Corning said: "During Q414, Dow Corning, with the assistance of a third-party advisor, developed an estimate of the future Implant Liability based on evidence that the actual funding required for the Settlement Facility is expected to be lower than the full funding cap set forth in the Plan. On December 12, Dow Corning reduced its Implant Liability by approximately $1.3B. Previously, the Implant Liability was based on the full funding cap set forth in the Plan. The revised Implant Liability reflects Dow Corning’s best estimate of its remaining obligations under the Plan. Should events or circumstances occur in the future which change Dow Corning’s estimate of the remaining funding obligations, the Implant Liability will be revised. This adjustment does not affect Dow Corning’s commitment or ability to fulfill its obligations under the settlement, and all claims that qualify under the settlement will be paid according to the terms of the Plan. On December 15, Dow Corning determined its Hemlock Semiconductor facility in Clarksville, Tennessee, would not be economically viable and made the decision to permanently abandon the assets. This decision was made after review of sustained adverse market conditions and continued oversupply, the cost of operating the facility, and the ongoing impact of tariffs on polycrystalline silicon imported into China. Dow Corning expects to record a pre-tax charge of approximately $1.5B to $1.6Bn related to the decision to permanently cease use of these assets. Corning’s fourth quarter equity earnings will reflect the company’s 50% share of: (1) Dow Corning's after-tax gain related to the decrease in its Implant liability in the amount of approximately $400M; and (2) Dow Corning’s after-tax charge against the Clarksville facility in the amount of approximately $500M."
December 16, 2014
09:59 EDTDOWOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: BB&T (BBT) initiated with a Neutral at Guggenheim... Bank of America (BAC) initiated with a Buy at Guggenheim... Ciena (CIEN) initiated with a Neutral at Wedbush... Cimarex Energy (XEC) initiated with a Perform at Oppenheimer... Citigroup (C) initiated with a Neutral at Guggenheim... Extended Stay America (STAY) initiated with a Market Perform at JMP Securities... Infinera (INFN) initiated with a Neutral at Wedbush... JPMorgan (JPM) initiated with a Neutral at Guggenheim... Morgan Stanley (MS) initiated with a Buy at Guggenheim... Newfield Exploration (NFX) initiated with an Outperform at Oppenheimer... Nike (NKE) initiated with a Market Perform at Cowen... PNC Financial (PNC) initiated with a Neutral at Guggenheim... Peak Resorts (SKIS) initiated with an Outperform at FBR Capital... Peak Resorts initiated with an Outperform at Oppenheimer... Ralph Lauren (RL) initiated with an Outperform at Cowen... U.S. Bancorp (USB) initiated with a Neutral at Guggenheim... Under Armour (UA) initiated with an Outperform at Cowen... Wells Fargo (WFC) initiated with a Neutral at Guggenheim... Whiting Petroleum (WLL) initiated with an Outperform at Oppenheimer... Lowe's (LOW) initiated with a Neutral at Nomura... Home Depot (HD) initiated with a Neutral at Nomura... Estee Lauder (EL) initiated with a Buy at KeyBanc... Huntsman (HUN) initiated with a Buy at Nomura... Dow Chemical (DOW) initiated with a Buy at Nomura.
08:18 EDTDOWDow Chemical initiated with a Buy at Nomura
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December 15, 2014
08:43 EDTGLWCorning to acquire TR Manufacturing, terms not disclosed
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December 11, 2014
11:42 EDTDOWStocks with call strike movement; DOW F
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11:14 EDTGLWCorning management to meet with Jefferies
Meeting to be held in Boston on December 18 hosted by Jefferies.
December 10, 2014
16:00 EDTDOWOptions Update; December 10, 2014
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07:56 EDTDOWUBS to hold a conference
Agriculture Investor Day is being held in Chicago on December 10.
December 9, 2014
16:00 EDTDOWOptions Update; December 9, 2014
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08:35 EDTGLWCorning Gorilla Glass 4 chosen for Samsung Galaxy ALPHA
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December 5, 2014
08:31 EDTDOWDow Chemical to sell global Sodium Borohydride business to Vertellus
The Dow Chemical Company has signed definitive agreements to sell its global Sodium Borohydride business to Vertellus Specialty Materials LLC and its polyolefin films plant in Findlay, Ohio to Valfilm North America, a wholly-owned subsidiary of VALGROUP Packaging Solutions. Both transactions are expected to close in the first quarter of 2015 pending regulatory approvals. Combined proceeds from the transactions total approximately $225M. Dow had previously announced its intent to divest its Sodium Borohydride business on Oct. 2, 2014, as part of the Company’s ongoing focus to maximize value across its integrated portfolio by reducing exposure to non-strategic businesses and assets. Both transactions are part of Dow’s ongoing drive to deliver $7B-$8.5B in gross proceeds by mid-2016. The divestiture of Sodium Borohydride includes a manufacturing facility located in Elma, Washington, the associated business, inventory, customer contracts and lists, process technology, business know-how and certain intellectual property. Approximately 75 employees globally are expected to transition employment status to Vertellus as part of the transaction. Under the terms of the purchase agreement, Vertellus will honor customer and supplier contracts and related agreements. The sale of the Findlay plant includes assets and technology that produce a wide-variety of polyolefin films. In September 2014, Dow decided to close the facility at the end of January 2015, impacting approximately 70 employees. Valfilm intends to restart the facility in February 2015. The transaction is dependent on the final approval for all incentives by the State of Ohio.
December 4, 2014
16:00 EDTDOWOptions Update; December 4, 2014
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December 3, 2014
13:17 EDTGLWCorning raises quarterly dividend 20%, announces $1.5B share repurchase plan
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13:15 EDTGLWCorning raises quarterly dividend 20%, announces $1.5B share repurchase plan
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