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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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November 25, 2015
12:58 EDTCBIOman finalizes contract negotiations with Chicago Bridge & Iron, Mitsui, others
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November 24, 2015
07:34 EDTJECJacobs Engineering revenue, margins expected to improve in 2016, says UBS
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06:57 EDTKBRKBR awarded contract by G2 LNG
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November 23, 2015
11:34 EDTJECJacobs Engineering sees Q1 as most challenging quarter of year
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11:24 EDTJECJacobs Engineering sees increases in pharma-bio capex, M&A activity
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10:17 EDTJECHigh option volume stocks
High option volume stocks: TRQ SIG XRT NXST NGD PSTG GME ONTY ADI JEC
08:01 EDTCBIChicago Bridge & Iron announces EPC award for Liwa Plastics Project
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07:47 EDTJECJacobs Engineering sees FY16 EPS $2.80-$3.30, consensus $3.33
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07:46 EDTJECJacobs Engineering reports Q4 adjusted EPS 80c, consensus 77c
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November 20, 2015
15:48 EDTJECJacobs Engineering to host analyst meeting
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November 19, 2015
07:46 EDTJECJacobs announces dedicated field services business unit for North America
Jacobs Engineering announced the consolidation and creation of a dedicated Field Services business unit in North America, with enhanced capability across multiple industries, including sustaining services operations and pure construction delivery. The new direct hire Field Services business unit integrates some 12,000 field services craft personnel from across U.S. and Canada, positioning Jacobs as one of the largest providers of field services in North America.
November 18, 2015
08:42 EDTFLRICA Fluor awarded Miguel Hidalgo refinery upgrade contract in Mexico
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08:29 EDTFLRICA Fluor awarded Miguel Hidalgo refinery upgrade contract valued at $1.1B
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November 17, 2015
10:13 EDTFLRFluor management to meet with Sterne Agee
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November 16, 2015
07:36 EDTCBIBerkshire Hathaway discloses new AT&T stake in quarterly update
Berkshire Hathaway gave a quarterly update on its stakes in a filing this morning. NEW STAKES: AT&T (T), Kraft Heinz (KHC), Liberty Lilac Group (LILA). INCREASED STAKES: Phillips 66 (PSX), Charter (CHTR), Liberty Media (LMCK), Suncor (SU), General Motors (GM). DECREASED STAKES: Goldman Sachs (GS), Wal-Mart (WMT), Deere (DE), Chicago Bridge & Iron (CBI), WABCO (WBC). LIQUIDATED STAKES: Viacom (VIAB).
06:52 EDTKBRKBR signs engineering, procurement & construction contract for Magnolia project
KBR announced the signing of a major engineering, procurement and construction contract by Magnolia LNG for a liquefied natural gas facility at the Port of Lake Charles, Louisiana, USA. KBR will lead the KSJV joint venture with SK Engineering & Construction for execution of the project. The EPC contract covers the detailed engineering, procurement and construction of four LNG production trains each with design capacity of 2 million tonnes per annum, two 160,000 m3 full containment LNG storage tanks, LNG marine and ship loading facilities, and supporting infrastructure. The project will rely on innovative technology involving ammonia pre-cooling for the core liquefaction process, Optimized Single Mixed Refrigerant, developed by MLNG's parent company, LNG Limited, to achieve a lower cost, more efficient and more environmentally friendly plant. KSJV engineering and procurement services will commence immediately and subject to final regulatory approval, construction mobilization on the project is expected to begin the first quarter of 2016. Work on detailed design and early construction planning will proceed immediately under a Limited Notice to Proceed with final release expected in 2016.

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