New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
August 18, 2014
12:19 EDTCAM, IRIngersoll-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.
News For IR;CAM From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
1 | 2 >>
August 28, 2015
10:13 EDTIRHigh option volume stocks
Subscribe for More Information
10:02 EDTCAMOn The Fly: Analyst Downgrade Summary
Subscribe for More Information
07:32 EDTCAMCameron downgraded to Hold from Buy at Societe Generale
Cameron (CAM) is being acquired by Schlumberger (SLB) in a $14.8B cash and stock deal.
August 27, 2015
10:19 EDTCAMOptions with decreasing implied volatility
Subscribe for More Information
10:00 EDTCAMOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Cameron (CAM) downgraded to Hold from Buy at Gabelli... Just Energy (JE) downgraded to Sector Perform from Outperform at RBC Capital... TerraForm (TERP) downgraded to Neutral at Baird... Williams-Sonoma (WSM) downgraded to Neutral from Buy at BofA/Merrill.
10:00 EDTCAMOn The Fly: Analyst Upgrade Summary
Subscribe for More Information
09:27 EDTCAMCameron downgraded to Neutral from Buy at Global Hunter
Subscribe for More Information
08:58 EDTCAMCameron downgraded to Sector Perform from Outperform at Scotia Howard Weil
Subscribe for More Information
08:44 EDTCAMCameron downgraded to Hold from Buy at Gabelli
Subscribe for More Information
06:46 EDTCAMCameron upgraded to Hold from Reduce at HSBC
Cameron (CAM) is being acquired by Schlumberger (SLB) in a $14.8B cash and stock deal.
August 26, 2015
16:26 EDTCAMOn The Fly: Top stock stories for Wednesday
Subscribe for More Information
12:47 EDTCAMOn The Fly: Top stock stories at midday
Subscribe for More Information
09:25 EDTCAMOn The Fly: Pre-market Movers
UP AFTER EARNINGS: Abercrombie & Fitch (ANF), down 15.1%... Express (EXPR), up 9.8%... Frontline (FRO), up 10.4%... Chico's FAS (CHS), up 9.3%. ALSO HIGHER: Oshkosh (OSK), up 11.9% after being awarded a $6.7B contract by the U.S. Army... EMC Corporation (EMC), up 5.8% after Re/code reported that the board is considering a VMware (VMW) downstream merger proposal... Google (GOOG), up 4.6% after being upgraded to Conviction Buy from Neutral at Goldman... Ford (F), up 2.4% after Bloomberg reported that the company is considering returning production of Bronco and Ranger to the U.S. NOTABLE: Cameron International (CAM), up 45.4% after announcing that it will be acquired by Schlumberger (SLB). Schlumberger is down 1.9%. LOWER: WisdomTree (WETF), down 3.6% after being downgraded to Sell from Buy at Citi... Transocean (RIG), down 3.4% after proposing to cancel Q3 and Q4 dividends.
09:12 EDTCAMSchlumberger says no plans to divest anything from Cameron
Subscribe for More Information
08:47 EDTCAMSchlumberger says the acquisition could increase sales base by 20%
Subscribe for More Information
07:00 EDTCAMSchlumberger volatility elevated into acquiring Cameron in a $14.8B deal
Subscribe for More Information
06:21 EDTCAMSchlumberger to host conference call
Subscribe for More Information
06:11 EDTCAMCameron volatility elevated into Schlumberger agrees to acquire in $14.8B deal
Subscribe for More Information
06:04 EDTCAMSchlumberger agrees to acquire Cameron in deal valued at $14.8B
Schlumberger Limited (SLB) and Cameron (CAM) jointly announced a definitive merger agreement in which the companies will combine in a stock and cash transaction. The agreement was unanimously approved by the boards of both companies. Under the terms of the agreement, Cameron shareholders will receive 0.716 shares of Schlumberger common stock and a cash payment of $14.44 in exchange for each Cameron share. Based on the closing stock prices of both companies on August 25, the agreement places a value of $66.36 per Cameron share, representing a 37.0% premium to Cameron's 20-day volume weighted average price of $48.45 per share, and a 56.3% premium to Cameron's most recent closing stock price of $42.47 per share. Upon closing, Cameron shareholders will own approximately 10% of Schlumberger's outstanding shares of common stock. The total transaction has a value of $14.8B as of August 25. Schlumberger expects to realize pretax synergies of approximately $300M-$600M in the first and second year, respectively. Initially, the synergies are primarily related to reducing operating costs, streamlining supply chains, and improving manufacturing processes, with a growing component of revenue synergies in the second year and beyond. Schlumberger also expects the combination to be accretive to EPS by the end of the first year after closing. The transaction combines two complementary technology portfolios into a "pore-to-pipeline" products and services offering to the global oil and gas industry. On a pro forma basis, the combined company had 2014 revenues of $59B. The transaction is subject to Cameron shareholders' approval, regulatory approvals and other customary closing conditions. It is anticipated that the closing of the transaction will occur in Q1 of 2016.
06:01 EDTCAMSchlumberger agrees to acquire Cameron in deal valued at $14.8B
Subscribe for More Information
1 | 2 >>

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