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Stock Market & Financial Investment News

News Breaks
July 23, 2014
08:34 EDTMOSMosaic to permanently discontinue production of MOP at Carlsbad facility
Mosaic said in a filing that on July 21 it decided to permanently discontinue production of muriate of potash at its Carlsbad, New Mexico facility. The final date for production is expected to be December 31. The decision is based on the quality of the ore in the Carlsbad basin and the age of the facility's infrastructure. These combined factors make it difficult for the operations to remain competitive in an already challenging global market. The discontinuation of this product at Carlsbad is a further step in our previously announced ongoing asset optimization initiatives. Its larger potash production facilities at Esterhazy, Belle Plaine and Colonsay in Saskatchewan, Canada will continue to produce MOP.Mosaicís plan for the immediate future is to transition the Carlsbad facility to the exclusive production of its highly valued K-Mag product line. K-Mag is a premium potash product that currently represents approximately 70% of production at the Carlsbad facility and is a long-term strategic asset for us.We currently estimate that the discontinued production will result in total pre-tax charges in the range of $135M-$160M. The third quarter pre-tax charges are estimated to be in the range of $55M-$77M with the majority of the remainder expected to be recorded in the fourth quarter.
News For MOS From The Last 14 Days
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September 11, 2014
12:03 EDTMOSUSDA raises U.S. corn yield forecast to record
In its monthly World Agricultural Supply and Demand Estimates, or WASDE, report, the U.S. Department of Agriculture's corn yield forecast is raised 4.3 bushels per acre to a record 171.7 bushels. Corn production for 2014/15 is forecast 363 million bushels higher at a record 14,395 million bushels. Total 2014/15 corn usage is projected at 13,605 million bushels, up 170 million from last month. Although a record, usage is expected up just 5 million bushels from 2013/14 as export prospects remain constrained by large foreign carryin stocks, the USDA wrote. Publicly traded companies in the agriculture space include Agrium (AGU), Andersons (ANDE), Archer Daniels (ADM), Bunge (BG), CF Industries (CF), Compass Minerals (CMP), DuPont (DD), Intrepid Potash (IPI), Monsanto (MON), Mosaic (MOS), Potash (POT) and Syngenta (SYT).
September 9, 2014
10:10 EDTMOSOn the Fly: Analyst Downgrade Summary
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08:52 EDTMOSFertilizer estimates lowered at Cowen
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08:20 EDTMOSMosaic downgraded at RBC Capital
As noted earlier, RBC Capital downgraded Mosaic to Sector Perform from Outperform. The firm downgraded the stock based on higher phosphate input costs and concerns about potash market fundamentals. Target to $51 from $55.
06:34 EDTMOSMosaic downgraded to Sector Perform from Outperform at RBC Capital
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September 4, 2014
11:49 EDTMOSMosaic initiated with a Buy at Societe Generale
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