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Stock Market & Financial Investment News

News Breaks
June 4, 2014
04:55 EDTPRIM, PRIM, DY, DY, HIL, HIL, BWC, BWC, TPC, TPC, UNTK, UNTK, FLR, FLR, WG, WG, JEC, JEC, MDR, MDR, KBR, KBRCredit Suisse to hold a conference
2014 Engineering and Construction Conference to be held in New York on June 4-5.
News For KBR;MDR;JEC;WG;FLR;UNTK;TPC;BWC;HIL;DY;PRIM From The Last 14 Days
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March 31, 2015
18:05 EDTWGWillbros Group reports Q4 EPS (72c) with items, consensus 6c
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17:03 EDTWGWillbros Group sees $40M-$45M in net proceeds from sale of Premier Services
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March 30, 2015
17:43 EDTMDRMcDermott awarded Chevron subsea installation contract
McDermott International (MDR) announced that it has been awarded a sizeable contract to transport and install subsea umbilicals, manifolds, jumpers and flying leads for Chevron (CVX) to support the brownfield expansion of the Jack and St. Malo fields in the U.S. Gulf of Mexico. The value of the award is included in McDermott’s first quarter backlog. McDermott’s subsea construction vessel, North Ocean 102, is expected to transport and install 30 miles of umbilicals and associated flying leads. The final jumper assembly is scheduled to be completed at McDermott’s Gulfport Spoolbase in Mississippi prior to installation by McDermott’s Derrick Barge 50 utilizing its deepwater lowering system. The installation campaign is expected to commence in the second quarter.
11:21 EDTHILHill receives contract from ZADCO to manage infrastructure improvements
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07:31 EDTPRIMPrimoris announces water award valued at $16M
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March 27, 2015
16:25 EDTKBRKBR, SOCAR announce new engineering JV in Azerbaijan
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March 25, 2015
08:31 EDTBWCBabcock & Wilcox says awarded $40.3M contract by Colorado Springs Utilities
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March 24, 2015
12:19 EDTMDRMcDermott sees $50M cash savings in 2015
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07:47 EDTJECJacobs Engineering awarded contract for Network Rail link to Heathrow
Jacobs Engineering Group announced that it was awarded a contract by Network Rail to support its proposed new rail link from the west of England to London Heathrow airport, United Kingdom. The proposed Western Rail Access to Heathrow includes a new direct, double track link between the Great Western main line at Langley in Berkshire into Terminal 5 at Heathrow airport. Company officials did not disclose the contract value, but noted that the work is being executed over the next 12 months from Jacobs’ offices in the UK. Under the terms of the contract, Jacobs is producing a design for Network Rail’s Development Consent Order, which is expected to be submitted in early 2016. Jacobs’ scope of work includes topographical surveys and geotechnical investigations, tunneling design for the new 3.1 mile route, and railway systems designs for track and overhead line equipment. Network Rail’s Signaling Design Group is producing the signaling design for system integration by Jacobs as lead designer. Jacobs is also providing environmental surveys and impact assessment to inform optimization of the tunnel route and location and design of surface structures. Jacobs delivered pre-feasibility and feasibility studies in the early planning stage of the project which identified significant potential cost savings. Currently in public consultation, if the Western Rail Access plans are approved, it is expected that the new service would be in operation by 2021.
March 23, 2015
18:03 EDTFLRFluor awarded engineering contract for new Chinese polysilicon plant
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08:06 EDTDYDycom price target raised to $65 from $55 at FBR Capital
FBR Capital raised its price target for Dycom to $65 saying the FCC's Connect America Fund is an upcoming catalyst that is not yet appreciated. FBR expects the FCC over the next few months to begin shifting $9B over five years from rural subsidies in the Universal Services Fund to the Connect America Fund and its awardees. It believes the Phase II of the fund could add organic revenue growth to Dycom of approximately 5% per year starting in 2016 and develop into a multi-hundred-million-dollar opportunity annually through 2020. It keeps an Outperform rating on the stock.
07:31 EDTPRIMPrimoris announces three-year, $45M master service agreement
Primoris Services announced a new three year Master Service Agreement from a major utility customer with an anticipated value of $45M. The contract was secured by the ARB Underground division, part of the West Construction Services segment. The MSA will commence in April. The award is for gas distribution work in four regions, ranging from central California up to the Oregon border. This MSA represents incremental revenue to ARB’s historic work for the client. The work covered by the agreement includes the replacement of Aldyl-A low pressure distribution mains and services and restoration of public streets, sidewalks and private property to their original condition. Primoris anticipates that the MSA will generate approximately $15M per year, and it is likely that the contract will be extended beyond the initial three years. While the agreement does not obligate the customer to award Primoris a specific dollar amount, its discussions and history with the customer form the basis for its anticipated value.
March 19, 2015
16:32 EDTWGWillbros Group sells UtilX to Novinium for $35M-$40M
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March 18, 2015
16:26 EDTWGOn The Fly: Closing Wrap
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12:38 EDTWGOn The Fly: Midday Wrap
Stocks on Wall Street were lower at midday ahead of the conclusion of the Federal Reserve's latest rate setting meeting and the central bank's accompanying announcements. The averages began the session in negative territory and have been range-bound throughout the morning. The Dow was down triple digits once again, making 8 consecutive days that the blue chip index has seen a triple digit move. ECONOMIC EVENTS: In the U.S., the DOE petroleum inventory reports showed a 9.6M barrel rise in crude stocks in the week of March 13, versus expectations for a 4.4M build. The day's big economic news is yet to come, with the Fed's FOMC meeting announcement due at 2:00 pm EDT and Fed Chair Yellen holding a press conference a half hour later. Elsewhere, Prime Minister Benjamin Netanyahu unexpectedly defeated his main challenger in Israel’s election and his Likud party appears set to capture more parliament seats. COMPANY NEWS: Shares of FedEx (FDX) slid 2.5% after the shipping giant reported earnings that beat estimates, but revenue that fell short of the consensus forecast, for its third fiscal quarter. FedEx noted that it expects to deliver "record" yearly earnings for the current fiscal year and next fiscal year as well... Oracle (ORCL) shares rose 2.5% after the company's third quarter profits matched expectations and it raised its quarterly dividend 25%. MAJOR MOVERS: Among the notable gainers was Vitesse Semiconductor (VTSS), which jumped 37% after the company agreed to be acquired for $5.28 per share in cash by Microsemi (MSCC). Also higher was Retrophin (RTRX), which rose 28% after the company said it will exercise its right to purchase from Asklepion Pharmaceuticals all worldwide rights, titles, and ownership of Cholbam after the FDA approved the drug for the treatment of pediatric and adult patients with bile acid synthesis disorders due to single enzyme defects and for patients with peroxisomal disorders. Among the noteworthy losers was Willbros Group (WG), which dropped 55% and was downgraded to Underperform at DA Davidson after announcing its earnings report will be delayed and the company is in potential non-compliance with debt covenants. Also lower following their earnings reports were Nektar Therapeutics (NKTR), which fell 15% after the company's Phase III BEACON metastatic breast cancer study missed its primary endpoint. INDEXES: Near midday, the Dow was down 105.02, or 0.59%, to 17,744.06, the Nasdaq was down 12.45, or 0.25%, to 4,924.99, and the S&P 500 was down 7.69, or 0.37%, to 2,066.59.
10:00 EDTWGOn The Fly: Analyst Downgrade Summary
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09:51 EDTWGWillbros Group halted for volatility after dropping 65% to $1.93
09:23 EDTWGOn The Fly: Pre-market Movers
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08:07 EDTWGWillbros Group downgraded to Underperform from Neutral at DA Davidson
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07:02 EDTFLRFluor selected as contractor by State Oil Company of Azerbaijan
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