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Stock Market & Financial Investment News

News Breaks
February 27, 2013
11:49 EDTTCK, JOY, CLF, WLT, VALE, BTUJoy Global CEO cites 'significant destocking of commodities in key markets'
On the Q1 earnings conference call , Mike Sutherlin, President and CEO of Joy Global noted a significant destocking of commodities in key markets. The resurgence of steel production in China dropped iron ore inventories from over a 90 million-ton run rate to just 74 million tons by year-end while imports reached record levels and metallurgical coal inventories at the mills dropped from 31 to just 19 days over the same period.
News For JOY;BTU;WLT;TCK;VALE;CLF From The Last 14 Days
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April 21, 2014
10:00 EDTWLTWalter Energy falls 9.4%
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06:14 EDTBTUPeabody Q1 results likely above consensus, says Deutsche Bank
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06:14 EDTWLTWalter Energy downgraded to Sell from Neutral at Goldman
Goldman downgraded Walter Energy due to an increased PRB coal price outlook, potential liquidity issues, and believes the $250M asset sale goal will be difficult to achieve. Price target lowered to $5 from $9.
April 17, 2014
03:35 EDTWLTStocks with implied volatility movement; WLT ZNGA
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April 15, 2014
15:12 EDTWLTWalter idling step in right direction but industry needs more cuts, says UBS
UBS believes Walter Energy's decision to idle its Canadian operations should lower the company's pace of cash burn and is "a step in the right direction" for the coal industry, but the firm still thinks more production cuts are needed for met coal prices to rebound. The firm thinks it will be hard for Walter to reach its asset sale target and maintains its Sell rating on the stock.
11:37 EDTWLTWalter Energy asset sales in Canada would be difficult, says Brean Capital
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09:35 EDTWLTActive equity options trading on open
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09:09 EDTWLTWalter Energy to idle Canadian operations, temporarily lay off employees, staff
Walter Energy will begin idling its Canadian operations, including the Wolverine and Brazion coal mines in British Columbia, in April. The company will place its Wolverine mine on idle status effective immediately. Brazion will continue to operate the Brule mine but expects to idle the mine by July. The company will continue to operate its preparation plants at these mines to complete processing of coal that already has been mined and is in inventory. For 2013, coal production from Wolverine, which produces mid-volatile hard coking coal, was 1.6M metric tons, while the Brazion mines produced approximately 1.9M metric tons of low-vol PCI and 0.1M metric tons of hard coking coal. As of December 31, 2013, Walter Energy had approximately 1.1M metric tons of coal in inventory in Canada. Employment impacts include temporary layoffs of approximately 415 employees at the Wolverine mine, approximately 280 employees at Brazion, and other administrative support staff. A limited number of employees will remain at each site to operate the preparation plants and, once coal processing is complete, to perform ongoing equipment maintenance and provide ongoing security for the sites during the idle period.
April 11, 2014
16:26 EDTJOYJoy Global acquires certain assets of Mining Technologies International
Joy Global announced that it entered into a definitive agreement to purchase certain assets of Mining Technologies International for $51M Canadian dollars. MTI is a Canadian manufacturer of underground hard rock mining equipment serving the North American markets and a world leading supplier of raise bore drilling consumables. The company is acquiring substantially all of the assets associated with MTIís hard rock drilling, loaders, dump trucks, shaft sinking, and raise bore product lines. MTI's fiscal 2013 revenues associated with these product lines were approximately $90M U.S. dollars. Excluding the impact of transaction costs and excess purchase accounting charges, the company expects the transaction to be accretive to earnings in 2015. Completion of the transaction is subject to customary closing conditions and is expected to occur within 90 days.
April 10, 2014
08:22 EDTCLFCliffs Natural mentioned cautiously by Seeking Alpha contributor
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07:26 EDTVALECommittee recommends Vale be stripped of Simandou license, WSJ says
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April 9, 2014
16:23 EDTWLTOn The Fly: Closing Wrap
Stocks on Wall Street were higher after the minutes of the latest FOMC meeting struck a particularly dovish note. The averages, which were higher for the second straight session ahead of the minutes release, climbed to their highs over the final two hours of trade. Each index posted gains of over 1%, with the tech-heavy Nasdaq again the biggest winner. ECONOMIC EVENTS: The minutes for the March 18-19 FOMC showed that some committee members were concerned that its future interest rate projections could be misconstrued by the market as advocating tighter monetary policies. The minutes also showed that committee members expect to continue tapering the Fed's asset purchases if the economy performs as expected going forward. Wholesale inventories rose 0.5% in February, matching economists' forecast. COMPANY NEWS: Several auto majors were in the news, notably General Motors (GM), which fell 91c, or 2.64%, to $33.62 as the National Highway Traffic Safety Administration yesterday announced that it fined the automaker for failing to respond to the administration's inquiry into its recall related to faulty ignition switches in a timely manner. Analysts at Morgan Stanley also downgraded the stock to Underweight from Equal Weight. U.S.-listed shares of Toyota Motor (TM) fell $1.37, or 1.26%, to $107.73 after the company announced the recall of over 6M vehicles worldwide. A report from Automotive News said that Volkswagen (VLKAY) issued a stop-sale order on some of it newer-model cars, but U.S.-listed shares of the German automaker, which were upgraded earlier in the session by Bernstein to Outperform, were unfazed and gained $2.91, or 5.72%, to $53.78... Two notable initial public offerings took place today, with hotel chain operator La Quinta (LQ) gaining 12c, or 0.71%, to $17.12 and Chinese medical exam and screening center operator iKang Healthcare (KANG) gaining $1.20, or 8.57%, to $15.20, in their first day of trade. MAJOR MOVERS: Among the notable gainers was marketing software and solutions provider Constant Contact (CTCT), up $6.30, or 28.74%, to $28.22 after the company's preliminary first quarter revenue exceeded analysts' projection. Also higher was social media giant Facebook (FB), up $4.22, or 7.25%, to $62.41 after analysts at Susquehanna and SunTrust published positive commentary on the company. Among the noteworthy losers was Intuitive Surgical (ISRG), down $33.20, or 6.78%, to $456.64 after last night saying it expects first quarter revenue to come in well below expectations, though the stock was defended by no fewer than three analyst firms following the announcement. Also lower were a number of coal producers, including Alpha Natural Resources (ANR) and Walter Energy (WLT), which each lost more than 6%, and Arch Coal (ACI), which fell over 3%, after all three stocks were downgraded to Sell at UBS. INDEXES: The Dow was up 181.04, or 1.11%, to 16,437.18, the Nasdaq was up 70.91, or 1.72%, to 4,183.90, and the S&P 500 was up 20.22, or 1.09%, to 1,872.18.
16:00 EDTWLTOptions Update; April 9, 2014
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12:18 EDTWLTOn The Fly: Midday Wrap
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12:00 EDTWLTWalter Energy falls 7.2%
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10:20 EDTTCKHigh option volume stocks: CZR STZ TCK GIMO NCR
10:06 EDTWLTOn The Fly: Analyst Downgrade Summary
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09:33 EDTJOYBofA/Merrill's industrial/mining analysts hold analyst/industry conference call
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07:48 EDTCLFBofA/Merrill's steel analysts hold an analyst/industry conference call
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06:40 EDTWLTWalter Energy downgraded to Sell from Neutral at UBS
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