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Stock Market & Financial Investment News

News Breaks
January 24, 2013
18:03 EDTGRAW.R. Grace to record $365M pre-tax charge in Q4
W.R. Grace & Co. said it will record a smaller-than-expected $365M pre-tax charge in the Q4 related to the specialty chemical company's increased asbestos-related liability. The company said the charge is lower than its November estimates of $375M-$475M and it will have no impact on adjusted earnings. The company is looking to emerge from a bankruptcy process that began in 2001, driven by fear of an onslaught of claims for injuries due to W.R. Grace-made asbestos projects. W.R. Grace said Thursday it is adjusting its recorded asbestos-related liability to $2.07B-$1.7B. The company has noted that the adjustment is necessary to reflect increased estimates of the settlement values of the warrant and deferred payment obligation payable to the asbestos personal injury trust under Grace's reorganization plan. W.R. Grace currently estimates the warrant's value to be $490M, the maximum value under the company's settlement agreement with the asbestos trust. The settlement was approved by the bankruptcy court last month. It estimates the deferred payment obligation's value to be $547 million. The company said the increase in estimated value reflects its improved borrowing costs and expected timing of bankruptcy emergence.
News For GRA From The Last 14 Days
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October 15, 2014
10:02 EDTGRAOn The Fly: Analyst Upgrade Summary
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08:47 EDTGRAW.R. Grace upgraded at Monness Crespi
As previously reported, Monness Crespi upgraded W.R. Grace to Buy from Neutral. The firm upgraded shares based on valuation and views the correction as an overreaction. Price target is $94.
07:34 EDTGRAW.R. Grace upgraded to Buy from Neutral at Monness Crespi
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October 13, 2014
07:45 EDTGRAU.S. chemical company declines an overreaction to macro outlook, says UBS
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