New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
February 28, 2013
07:42 EDTITT, TWIN, XYL, CR, NPO, ROP, WTSGabelli to hold a conference
23rd Annual Pump, Valve, & Energy Infrastructure Conference is being held in New York on February 28.
News For ITT;NPO;XYL;WTS;CR;TWIN;ROP From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
July 2, 2015
16:37 EDTXYLStocks end holiday shortened week lower after Greece defaults
Stocks on Wall Street began with a slide on Monday, but not as precipitous a drop as may have been feared, after Greece shut down its banks and announced it will put the concession deal offered by its creditors, and essentially its continued inclusion in the eurozone, up for a popular vote. The major averages regained a bit of their losses in the next two sessions as news regarding the Greek situation continued to dominate the headlines. U.S. markets are closed on Friday in observance of Independence Day, but investors will be returning to big news, for better or worse, following the referendum that is scheduled to occur on July 5. MACRO NEWS: In the U.S., the monthly nonfarm payrolls report showed the addition of 223,000 jobs, versus expectations for 233,000 jobs to have been added last month. The unemployment rate fell to 5.3% from the prior month’s 5.5% rate. Factory orders fell 1.0% in May, which was larger than the expected 0.5% decline. The Conference Board's consumer confidence index rose to 101.4 in June from a revised 94.6 reading for May, beating expectations for a reading of 97.4. Markit's manufacturing purchasing managers' index for June came in at 53.6, narrowly above the 53.4 forecast. ISM's manufacturing index rose to 53.5 in June, topping May's 52.8 reading and the 53.2 consensus forecast. Construction spending rose 0.8% in May, versus the expected growth of 0.5%. Additionally, Puerto Rico's Governor Alejandro Garcia Padilla, in an interview published by the New York Times, warned that the commonwealth's "debt is not payable" and a report warned that the territory's crisis was even worse than previously thought... In Europe, Greek Prime Minister Alexis Tsipras called a surprise referendum on the terms put forth by the country’s creditors in exchange for additional rescue funds and the country shut down its banks until after this Sunday's vote. Standard & Poor's Ratings lowered its sovereign credit ratings on Greece, stating that the probability of the country exiting the eurozone is now about 50%, in its view. Greece officially missed its $1.7B payment to the International Monetary Fund, as expected. Greece's government requested a third bailout from the eurozone, but the request was dismissed by European officials. Eurogroup president Jeroen Dijsselbloem said Wednesday that he saw no need for further talks on Greece at that point as he awaits the result of its referendum... In China, the People’s Bank cut the one-year lending rate by 25 basis points to 4.85% and lowered the amount of reserves certain banks are required to hold by 50 basis points, but the same day the Shanghai Composite entered bear market territory, meaning the index was down more than 20% from its peak in mid-June. Chinese manufacturing PMIs came in short of expectations, as the HSBC/Markit PMI slipped to a final 49.4 in June from the flash reading of 49.6, while the government's official manufacturing PMI fell to 50.1 in June from 50.9 in May. COMPANY NEWS: Shares of BP (BP) advanced after the oil major announced it has reached agreements in principle to settle all U.S. federal and state claims arising from the Deepwater Horizon accident and spill in 2010. BP said it will pay up to $18.7B to settle the claims and that the expected impact of its agreements would be to increase the cumulative pre-tax charge associated with the accident and spill by around $10B from $43.8B at the end of the first quarter... In a blockbuster deal in the insurance industry, ACE Limited (ACE) agreed to acquire Chubb (CB) in a cash and stock transaction valued at over $28B. The combination will create the number one global Property and Casualty insurance company by P&C underwriting income and the number two U.S. public P&C insurer by market cap. Elsewhere on the M&A front, managed healthcare company Centene (CNC) announced a definitive agreement to acquire managed health care services rival Health Net (HNT) in a cash and stock deal valued at approximately $6.8B, including the assumption of approximately $500M of debt. Additionally, Willis Group (WSH) agreed to combine in an all-stock merger of equals with Towers Watson (TW) and Chambers Street Properties (CSG) announced a merger agreement with Gramercy Property Trust (GPT)... U.S. airline stocks dropped after the Associated Press reported that the Justice Department is investigating potential "unlawful coordination" between companies attempting to artificially limit growth to keep fares high... Juno Therapeutics (JUNO) advanced after the company announced a ten-year global collaboration for the development and commercialization of immunotherapies with Celgene (CELG). As part of the deal, Celgene will make an initial payment of approximately $1B, which includes the purchase of approximately 9.1M shares of Juno stock at $93 per share... Pentair (PNR) gained after Nelson Peltz's Trian Group confirmed it has taken a 7.24% stake. Trian urged the company to consider acquisitions and other industrial parts makers, including SPX Corp. (SPW), Flowserve (FLS), Xylem (XYL) and Colfax (CFX), also advanced following the activist's disclosure of its position... In a ruling with implications for coal miners and electric utilities, the Supreme Court overturned the EPA's Mercury Admissions and Toxic Standard, or MATS, rule, stating that the regulator did not properly take into account the costs to utilities and others in the sector in implementing a national standard for the reduction of power plant emissions of mercury and other air toxins... General Motors (GM) reported its U.S. sales fell 3% in June compared to the same month of last year, while Ford (F) said its sales grew 1.6% last month compared to last year. FCA US, the parent of the Chrysler and Jeep brands, reported U.S. sales increased 8% compared with sales in June 2014... Bond insurers MBIA (MBI) and Assured Guaranty (AGO) declined amid the worries about the debt situation in Puerto Rico. INDEXES: The Dow fell about 1.25% to close at 17,730.11, the Nasdaq declined about 1.43% to close at 5,009.21, and the S&P 500 dropped about 1.22% to close at 2,076.78.
July 1, 2015
09:01 EDTNPOEnPro acquires Veyance North American Spring Business from Continental AG
EnPro (NPO) Industries announced it has completed its acquisition of the Veyance North American air springs business from Continental AG (CTTAY). The acquisition agreement was previously announced on June 3, 2015, subject to certain regulatory approvals that have been cleared. The air springs business unit is the manufacturer of Goodyear air springs that are used in suspension systems, cabs and seats of commercial vehicles. Previously part of Veyance Technologies, Inc., which Continental AG acquired in January 2015, the business will become part of EnPro’s Stemco division. Stemco is a leader in the technology and manufacture of commercial vehicle wheel end, braking, and suspension components, as well as innovative tire and mileage solutions. The air spring business unit manufactures Goodyear air springs products in its facility in San Luis Potosi, Mexico with a commercial organization in the U.S., Canada, and Mexico, and engineering, testing, and administrative resources in Fairlawn, Ohio. The addition of the air springs business unit significantly expands Stemco’s presence and scale in the commercial vehicle suspension market. The business generates approximately $100M in revenue with a fairly even split between OEM and aftermarket sales. EnPro paid approximately $20M for the business, which equates to approximately 4.1x EBITDA including estimated integration costs. The business brings a highly-skilled workforce of approximately 530 employees. EnPro will provide additional detail about the acquisition during its Q2 earnings call on July 31, 2015.
June 30, 2015
12:09 EDTITTPentair peers advance after Peltz urges company to look for acquisitions
Subscribe for More Information
June 26, 2015
16:32 EDTTWINTwin Disc names Jeffrey Knutson as CFO, effective June 22
Twin Disc announced that the Board of Directors has elected Jeffrey Knutson to the position of CFO and Treasurer effective June 22, in addition to his current roles as Vice President of Finance, Corporate Controller and Secretary. Knutson joined Twin Disc in February 2005 as the Controller of Twin Disc’s North American manufacturing operation and became Corporate Controller in October of that year. Prior to his employment at Twin Disc, Knutson was employed by Tower Automotive - Milwaukee Division as Controller and also held various financial positions at several divisions of Invensys, Bucyrus International and PricewaterhouseCoopers.

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