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Stock Market & Financial Investment News

News Breaks
June 19, 2014
10:48 EDTFLR, CBI, JEC, KBRKBR declines after 'disappointing' unexpected quarterly losses
Shares of engineering, construction and services company KBR (KBR) are falling after the firm reported that it will undertake a strategic review of its business following "disappointing" first quarter losses. WHAT'S NEW: KBR reported a Q1 loss per share of (29c), while analysts had forecast earnings per share of 38c. The company's Q1 revenue of $1.6B missed the consensus estimate of $1.77B. KBR's recently appointed CEO, Stuart Bradie, called the overall results for the quarter "disappointing" and said that they were impacted by losses at its Service segment's pipe fabrication and module assembly facility in Canada and on two U.S. construction projects, as well as underperformance in its IGP business. Bradie said its Hydrocarbons, and especially the firm's Gas Monetization segments, continued their strong performance during the quarter. KBR is set to undergo an in-depth strategic review of its businesses to evaluate how the company can best address the markets it serves. Once completed, KBR will provide an update to the market and expects to resume its previous practice of providing earnings guidance. Looking forward, Bradie explained that the firm's market position "remains strong" with a good pipeline of early stage front end engineering design and engineering procurement and construction opportunities throughout the world. WHAT'S NOTABLE: On April 9, KBR appointed Bradie president and CEO of the company effective June 2. Bradie succeeded William Utt, who retired. On May 30, KBR announced that it has completed the previously announced restatement of its financial statements for the year ended December 31, 2013. KBR announced at that time that it was amending its unaudited financial statements as of September 30, 2013, and its unaudited quarterly data for the quarter ended December 31, 2013. OTHERS TO WATCH: Other companies in the engineering and construction sector include Chicago Bridge & Iron (CBI), Fluor (FLR), and Jacobs Engineering (JEC). PRICE ACTION: During morning trading, KBR fell $2.63, or 10%, to $23.69.
News For KBR;CBI;FLR;JEC From The Last 14 Days
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January 30, 2015
09:26 EDTJECJacobs Engineering should be bought at current levels, says Sterne Agee
Sterne Agee believes that Jacobs reported good Q1 results, due to its diversified portfolio and solid resource management.. The firm thinks the company's comments were upbeat.
08:09 EDTKBRKBR selected as global upstream partner for BG Group
KBR (KBR) announced that it has been selected by BG Group (BRGYY) as their Global Upstream Alliance Partner. The six-year contract, includes an option for two two-year extensions, and will provide capability support, services and project management services across all of BG Group's Global Upstream Portfolio. The single partner alliance will focus on BG Group's global portfolio of projects, enhancing BG Group's capacity to deliver major upstream oil and gas projects around the world. This integrated approach will capitalize on KBR's high caliber of people, knowledge and expertise and will be central to BG Group's overall delivery. KBR is a pioneer in project alliances and has delivered many successful projects in the North Sea using the alliancing model.
January 29, 2015
11:41 EDTJECJacobs Engineering sees backlog to grow over next three quarters
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05:28 EDTJECJacobs Engineering reports Q1 EPS 77c, consensus 78c
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January 28, 2015
15:37 EDTJECNotable companies reporting after market close
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January 27, 2015
10:24 EDTCBI, KBR, FLRDeutsche Bank warns E&C companies could be hit hard by low oil
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10:00 EDTKBR, FLROn the Fly: Analyst Downgrade Summary
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07:49 EDTJECJacobs Engineering receives contract from Novus International
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06:51 EDTCBIChicago Bridge & Iron price target lowered to $51 from $80 at Deutsche Bank
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06:49 EDTKBRKBR downgraded to Hold from Buy at Deutsche Bank
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06:48 EDTFLRFluor downgraded to Hold from Buy at Deutsche Bank
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January 26, 2015
08:05 EDTCBIChicago Bridge & Iron awarded $65M contract renewal
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January 22, 2015
10:03 EDTKBR, CBIOn the Fly: Analyst Initiation Summary
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10:03 EDTFLROn the Fly: Analyst Downgrade Summary
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07:48 EDTFLRFluor downgraded to Underperform from Buy at BofA/Merrill
As previously reported, BofA/Merrill assumed coverage on Fluor with an Underperform rating from a Buy rating. The firm sees better value elsewhere in the sector and expects double-digit backlog decline and peak earnings in 2015. Price target is $51.
07:45 EDTJECJacobs Engineering coverage assumed with a Neutral at BofA/Merrill
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07:42 EDTKBRKBR initiated with an Underperform at BofA/Merrill
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07:05 EDTFLRFluor downgraded to Underperform from Buy at BofA/Merrill
06:28 EDTCBIChicago Bridge & Iron initiated with an Underperform at BofA/Merrill
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January 20, 2015
10:17 EDTKBRHalliburton, KBR appeals won't be heard by Supreme Court, Reuters reports
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