New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
May 20, 2014
04:55 EDTSEE, SEE, DOW, DOW, BCC, BCC, ARG, ARG, TAM, TAM, WLK, WLK, ECL, ECL, EMN, EMN, LYB, LYB, HUN, HUNGoldman to hold a conference
Global Basic Materials Conference to be held in New York on May 20-21.
News For HUN;LYB;EMN;ECL;WLK;TAM;ARG;BCC;DOW;SEE From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
1 | 2 | 3 >>
February 1, 2016
10:00 EDTEMNOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Air Products (APD) upgraded to Buy from Neutral at UBS... American Airlines (AAL) upgraded to Outperform from Market Perform at Cowen... Axiall (AXLL) upgraded to Overweight from Neutral at JPMorgan... BASF (BASFY) upgraded to Buy from Hold at Societe Generale... CNH Industrial (CNHI) upgraded to Neutral from Underperform at BofA/Merrill... CU Bancorp (CUNB) upgraded to Outperform from Market Perform at Fig Partners... CaixaBank (CAIXY) upgraded to Hold from Sell at Societe Generale... Chipotle (CMG) upgraded to Neutral from Underperform at BofA/Merrill... Concho Resources (CXO) upgraded to Buy from Neutral at SunTrust... Continental Building (CBPX) upgraded to Buy from Hold at BB&T... Eastman Chemical (EMN) upgraded to Buy from Outperform at CLSA... Extreme Networks (EXTR) upgraded to Buy from Hold at Needham... Glacier Bancorp (GBCI) upgraded to Outperform from Market Perform at Fig Partners... IBERIABANK (IBKC) upgraded to Strong Buy from Outperform at Raymond James... Infineon (IFNNY) upgraded to Buy from Neutral at UBS... Jarden (JAH) upgraded to Outperform from Market Perform at Raymond James... Joy Global (JOY) upgraded to Overweight from Equal Weight at Barclays... KT Corporation (KT) upgraded to Overweight from Neutral at JPMorgan... Kennametal (KMT) upgraded to Neutral from Underperform at BofA/Merrill... L-3 Communications (LLL) upgraded to Buy on valuation at BofA/Merrill... Maximus (MMS) upgraded to Outperform from Market Perform at Raymond James... Micron (MU) upgraded to Neutral from Sell at Goldman... Monster Beverage (MNST) upgraded to Outperform from Market Perform at Wells Fargo... Newell Rubbermaid (NWL) upgraded to Outperform from Market Perform at Raymond James... Northrop Grumman (NOC) upgraded to Buy from Neutral at BofA/Merrill... PTC (PTC) upgraded to Buy from Neutral at Sterne Agee CRT... Peoples Bancorp (PEBO) upgraded to Outperform from Neutral at Boenning & Scattergood... Praxair (PX) upgraded to Buy from Neutral at UBS... Proofpoint (PFPT) upgraded to Outperform from In-Line at Imperial Capital... Seagate (STX) upgraded to Hold from Sell at Benchmark... Siemens (SIEGY) upgraded to Buy from Neutral at Nomura... Superior Drilling (SDPI) upgraded to Buy from Hold at Wunderlich... Vertex (VRTX) upgraded to Buy from Hold at Jefferies... Werner (WERN) upgraded to Strong Buy from Outperform at Raymond James... ZAIS Financial (ZFC) upgraded to Overweight from Equal Weight at Barclays.
09:33 EDTEMNEastman Chemical downgraded at SunTrust
As noted earlier, SunTrust downgraded Eastman Chemical to Neutral from Buy. The firm expects the company's EPS to drop 5% this year, driven partly by weaker commodity prices and lower petrochemical prices. Target $66.
09:25 EDTEMNEastman Chemical downgraded to Neutral from Buy at SunTrust
Subscribe for More Information
07:08 EDTEMNEastman Chemical management to meet with Deutsche Bank
Meeting to be held in New York on February 1 hosted by Deutsche Bank.
06:53 EDTEMN, EMNEastman Chemical upgraded to Buy from Outperform at CLSA
06:44 EDTWLKAxiall upgraded to Overweight from Neutral at JPMorgan
JPMorgan analyst Jeffrey Zekauskas upgraded Axiall (AXLL) to Overweight saying the company would fit well with Westlake Chemical (WLK). It is reasonable to think that Westlake will raise its bid for Axiall, Zekauskas tells investors in a research note after the company's $20 per share offer got rejected. The possibility of Westlake proposing a management slate in a proxy filing could provide incentives for negotiation, he contends. Zekauskas raised his price target for Axiall to $25 from $20. Citi this morning downgraded the stock to Neutral.
06:02 EDTLYB, WLKAxiall downgraded to Neutral from Buy at Citi
Subscribe for More Information
January 29, 2016
17:12 EDTWLKOn The Fly: Top stock stories for Friday
Stocks began the session in positive territory and remained there throughout the day. The early strength was attributed to the surprise cut in interest rates by the Bank of Japan that put the country in a negative interest rate scenario. The market gained strength throughout the day and put in gains of almost 2.5% in what was a broad based advance for the major averages. January closed out with two winning weeks, but the month was still a very bad one for stocks, as the S&P lost over 5% even after today's strong showing. ECONOMIC EVENTS: In the U.S., the Commerce Department's first read on fourth quarter gross domestic product came in at 0.7% annualized growth, below the already anemic 0.8% growth forecast. The Chicago PMI business barometer bounced to 55.6 in January, topping forecasts for a 45.3 reading. The University of Michigan consumer sentiment index slipped to 92.0 in the final January print, missing the 93.0 reading that was forecast. In a surprise move in Asia, the Bank of Japan introduced a rate of minus 0.1% on certain excess holdings of cash while maintaining the pace of its asset purchases. Japan also reported data pointing to a softening economy, as total CPI grew 0.2% year-over-year in December, core CPI rose at only a 0.1% pace and industrial production fell a preliminary 1.4% month-over-month in December. COMPANY NEWS: Shares of Amazon (AMZN) declined 7.6% to $587 after the company's fourth quarter results came in below expectations. Meanwhile, Microsoft (MSFT), which reported better than expected earnings after last night's closing bell, gained 5.8% to $55.09... Confirming a news report that broke late in the day yesterday, Xerox (XRX) announced plans to separate into two independent publicly-traded companies: one focused on Document Technology and another Business Process Outsourcing company. Xerox also announced an agreement related to the governance of the Business Process Outsourcing company under which six directors of the new company will be selected by Xerox and three will be selected by current Xerox shareholder Carl Icahn... Chevron (CVX) reported a quarterly loss due to taking impairments and other charges of $1.1B. The company, which also reported that its average sales price per barrel of crude oil and natural gas liquids in the U.S. was $35 in fourth quarter, down from $66 a year ago, edged up 0.7% to $86.44. MAJOR MOVERS: Among the notable gainers was Axiall (AXLL), which jumped 83% to $17.94 after it came to light that the company received, and rejected, an unsolicited proposal from Westlake Chemical (WLK) offering to acquire the company for $20 per share in cash and stock. Also higher were Visa (V) and Mastercard (MA), which gained 7% and 6.4%, respectively, after reporting quarterly earnings. Among the notable losers was Gilead (GILD), which fell 5.5% to $82.70 after rival Merck (MRK) received FDA approval for its own hepatitis C drug. Also potentially weighing on Gilead shares was the fact that competitor AbbVie (ABBV) announced financial results for the fourth quarter, including sales of Viekira Pak, its own hep C treatment, that fell short of estimates. AbbVie fell 2.3% to $54.58 following its quarterly report. INDEXES: The Dow rose 396.66, or 2.47%, to 16,466.30, the Nasdaq gained 107.28, or 2.38%, to 4,613.95, and the S&P 500 added 46.88, or 2.48%, to 1,940.24.
14:07 EDTDOWDow Chemical volatility elevated into Q4 and outlook
Subscribe for More Information
13:26 EDTWLKAxiall rejects unsolicited proposal from Westlake Chemical
Axiall (AXLL) confirmed that it has rejected an unsolicited and conditional proposal from Westlake Chemical (WLK) to acquire all of the outstanding common shares of Axiall for a consideration of $20.00 per share in the form of $11.00 in cash and 0.1967 shares of Westlake stock. Axiall noted that Westlake's proposal was delivered to the company on Monday, Jan. 25, 2016, four days before Westlake's decision to publicly release the proposal. The Axiall Board of Directors, with the assistance of its financial and legal advisors, reviewed, considered and unanimously rejected the proposal within the timeframe requested by Westlake. "We believe that Westlake's proposal is an opportunistic attempt to take advantage of challenging public equity market conditions and significantly undervalues Axiall's assets and its long-term prospects," commented Timothy Mann, president and CEO. "The price of Axiall stock was at $20.18 as recently as Dec. 1, 2015. We remain committed to achieving our $100 million run rate cost reduction and productivity target by the end of 2016, as well as our investment in the LACC ethane cracker project with our joint venture partner Lotte Chemical. In addition, we are continuing to evaluate our entire portfolio of businesses and assets to identify opportunities to enhance shareholder value, including our sales process for the Building Products business."
13:25 EDTWLKAxiall rejects unsolicited proposal from Westlake Chemical
Subscribe for More Information
12:12 EDTWLKLargest Axiall holder wants negotiation with Westlake, Bloomberg says
Axiall's (AXLL) largest shareholder, Shapiro Capital Management, wants the company to negotiate with Westlake Chemical (WLK) and views Westlake's $20 per share offer as too low, Bloomberg reports, citing an interview with the fund's Chairman Sam Shapiro.
11:47 EDTWLKAxiall downgraded to Market Perform from Outperform at Wells Fargo
Subscribe for More Information
08:21 EDTWLKWestlake Chemical says Axiall rejects $20 per share proposal
In a letter to the board of Axiall, Westlake Chemical disclosed that it proposed to acquire Axiall for $20 per share in cash and stock. In the letter, Westlake commented, "Less than three days after we provided our written proposal, your management informed us that you remain committed to the continued implementation of your current standalone strategic plan. The market reaction to your plan does not suggest investors believe it will deliver anywhere near the value and upside of our proposal. In this challenging environment, we believe your unwillingness to even discuss our compelling proposal exposes your shareholders to significant risk and uncertainty. The combination of Westlake and Axiall would create a more efficient, diversified and competitive company, far better positioned to succeed and grow in this challenging environment. With Westlake's Olefins business and a combined Westlake/Axiall Vinyls business, there would be an immediate opportunity to backward integrate into the ethylene market. The combined company would also benefit from Westlake's European vinyls business, which is a global leader in vinyl technology and specialty PVC resins. The combined company would also have a stronger financial profile than Axiall, providing it with significant financial and operational flexibility, a greater ability to serve its customers, and improved ability to capitalize on future investment opportunities. Based on our proposed consideration mix and strong track record, we believe that the combined company will maintain an investment grade credit rating."
08:17 EDTWLKWestlake Chemical discloses proposal to acquire Axiall for $20 per share
Westlake Chemical (WLK) announced that it has submitted a proposal to acquire all of the outstanding shares of Axiall (AXLL) for $20.00 per share, comprised of $11.00 in cash and 0.1967 of a Westlake share. The proposal, which has been summarily rejected by the Axiall Board, represented a significant premium of 108% to Axiall's closing price of $9.60 on January 22, 2016. The total value of the proposed transaction is approximately $2.9 billion, including the assumption of certain Axiall liabilities, which include approximately $1.5 billion of debt outstanding as of September 30, 2015. Westlake CEO Albert Chao commented, "We are surprised and disappointed by Axiall's summary rejection of our proposal, which provides Axiall shareholders with a significant premium and upside potential via their participation in the increased scale and synergies of the combined company. The combined company would be more diversified and have a stronger financial profile than Axiall, providing it with significant financial and operational flexibility, a greater ability to serve its customers, and improved ability to capitalize on future investment opportunities."
08:16 EDTWLKWestlake Chemical discloses proposal to acquire Axiall for $20 per share
Subscribe for More Information
January 28, 2016
16:56 EDTEMNEastman Chemical says targeting 2016 EPS that approach 2015 levels
Subscribe for More Information
16:54 EDTEMNEastman Chemical reports Q4 adjusted EPS $1.59, consensus $1.55
Reports Q4 revenue $2.23B, consensus $2.41B.
07:33 EDTARGAirgas exec: Air Liquide deal 'very compelling' for shareholders
Subscribe for More Information
07:31 EDTARGAirgas reports Q3 adjusted EPS $1.19, consensus $1.18
Subscribe for More Information
1 | 2 | 3 >>

Sign up for a free trial to see the rest of the stories you've been missing.
I agree to the theflyonthewall.com disclaimer & terms of use