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Stock Market & Financial Investment News

News Breaks
June 19, 2014
10:48 EDTKBR, CBI, FLR, JECKBR 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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July 24, 2014
08:21 EDTCBIChicago Bridge & Iron and Versalis sign agreement for new technology
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July 23, 2014
17:33 EDTFLRFluor awarded 3-year contract by DOE valued at about $420M
Fluor was chosen by the U.S. Department of Energy, or DOE, for the next phase of cleanup at the Paducah Gaseous Diffusion Plant, or GDP, in Paducah, Kentucky. Fluor is the prime contractor for the management, integration and execution of the deactivation and post-GDP shutdown remediation activities at the Paducah site. It is anticipated that the new contract will help reduce environmental risks and create local job opportunities. The estimated value of the contract, which Fluor booked in Q3, is approximately $420M over three years.
10:02 EDTJEC, CBIOn The Fly: Analyst Initiation Summary
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07:00 EDTCBIChicago Bridge & Iron initiated with a Market Perform at Wells Fargo
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06:59 EDTJECJacobs Engineering initiated with an Outperform at Wells Fargo
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06:58 EDTFLRFluor initiated with an Outperform at Wells Fargo
Price target range $103-$105.
July 22, 2014
08:07 EDTCBICB&I and Clariant announce its new plant will begin production in 2015
CB&I and Clariant announced its new Ziegler-Natta polypropylene catalyst production plant in Louisville, Kentucky, is on schedule to begin production in 2015. The plant is part of a long-term strategic partnership between Clariant's Catalysts business unit and CB&I's Lummus Novolen Technology business.
07:46 EDTJECJacobs awarded contract as sole provider to United Utilities
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July 18, 2014
08:02 EDTCBICB&I awarded $50M contract by Daelim-Petrofac JV
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July 17, 2014
08:06 EDTCBIChicago Bridge & Iron announces $100M contract orders
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06:53 EDTCBIChicago Bridge & Iron accounting concerns overdone, says William Blair
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July 16, 2014
08:06 EDTCBIChicago Bridge & Iron partners with China Nuclear Corp.
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08:04 EDTCBIChicago Bridge & Iron awarded additional technology contracts in Oman
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July 15, 2014
10:00 EDTCBIFollow-up: Chicago Bridge & Iron upgraded to Focus List at Johnson Rice
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10:00 EDTCBIOn The Fly: Analyst Upgrade Summary
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09:31 EDTCBIChicago Bridge & Iron upgraded to Focus List from Overweight at Johnson Rice
08:15 EDTFLRFluor wins LNG terminal contract in Rotterdam
Fluor Corporation was awarded a contract by Gate Terminal BV, a subsidiary of Dutch Vopak and Gasunie, to design and build a liquefied natural gas break bulk terminal in Rotterdam, the Netherlands. Fluor booked the contract for an undisclosed value in 2Q14. Fluor will provide engineering, procurement and construction management services for the jetty, loading facilities, boil-off gas compressors, connection to the LNG terminal and other facilities. Fluor’s office in Spain, which has completed LNG projects globally, will be responsible for executing the project. Gate Terminal anticipates the terminal will be ready for operation in 2016.
07:46 EDTJECJacobs receives project services contract from BP
Jacobs (JEC) announced that it was awarded a contract with BP (BP) to provide engineering, design and procurement services for the Coker Heater Replacement Project at its Cherry Point Refinery in Blaine, Washington. Company officials did not disclose the contract value.
07:46 EDTJECJacobs Engineering receives contract from Brighton i360
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July 10, 2014
08:49 EDTKBRKBR wins $113.82M contract for base support in Bahrain
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